威訊通訊 (VZ) 2022 Q1 法說會逐字稿

Good morning, and welcome to the Verizon First Quarter 2022 Earnings Conference Call. (Operator Instructions) Today's conference is being recorded. If you have any objections, you may disconnect at this time.

早上好，歡迎參加 Verizon 2022 年第一季度收益電話會議。 （操作員說明）今天的會議正在錄製中。如果您有任何異議，您可以在此時斷開連接。

It is now my pleasure to turn over the call 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, Angela. Good morning, and welcome to our first quarter earnings conference call. This is Brady Connor, and I'm here with our Chairman and Chief Executive Officer, Hans Vestberg; and Matt Ellis, our Chief Financial Officer.

謝謝，安吉拉。早上好，歡迎參加我們的第一季度收益電話會議。我是 Brady Connor，我和我們的董事長兼首席執行官 Hans Vestberg 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. A replay and transcript of this call will also be made available on our 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。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. Discussion of factors that may affect future results is contained in Verizon's filings with the SEC, which are available on our website.

在我們開始之前，我想提請您注意我們在幻燈片 2 上的安全港聲明。本演示文稿中的信息包含有關預期未來事件和財務結果的前瞻性聲明，並受風險和不確定性影響。 Verizon 向美國證券交易委員會提交的文件中包含對可能影響未來結果的因素的討論，這些文件可在我們的網站上找到。

This presentation contains certain non-GAAP financial measures. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are included in the financial materials posted on our website. Now let's take a look at consolidated earnings for the first quarter.

本演示文稿包含某些非公認會計原則財務措施。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。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 $1.09 per share on a GAAP basis. Reported first quarter earnings include a pretax loss from special items of approximately $1.5 billion. This includes a pretax loss of approximately $1.2 billion from early debt redemption costs. In addition, the impact of amortization of intangible assets related to TracFone and other acquisitions was $238 million. Excluding the effects of these special items, adjusted earnings per share was $1.35 in the first quarter.

在第一季度，我們報告按公認會計原則計算的每股收益為 1.09 美元。報告的第一季度收益包括約 15 億美元的特殊項目的稅前虧損。這包括約 12 億美元的早期債務贖回成本的稅前損失。此外，與 TracFone 和其他收購相關的無形資產攤銷的影響為 2.38 億美元。排除這些特殊項目的影響，第一季度調整後的每股收益為 1.35 美元。

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

有了這個，我現在把電話轉給漢斯，讓我們回顧一下第一季度。

Thank you, Brady. Good morning, and thanks for joining us for this earnings call. It was great to see so many of you at our Investor Day earlier in March.

謝謝你，布雷迪。早上好，感謝您加入我們的財報電話會議。很高興在 3 月初的投資者日見到這麼多人。

During the first quarter, the team stayed focused and continued to execute on our Network-as-a-Service strategy. This strategy underpins our 5 vectors of growth and a diverse path to revenue growth that set us apart and sets up for today and tomorrow. To that end, I'm pleased with the progress we have made across our 5 vectors during the first quarter. We continued to make headway towards our long-term targets and delivered a solid start to the year, even in the face of competitive and macroeconomic pressures. Matt will go deeper on these topics later on.

在第一季度，團隊保持專注並繼續執行我們的網絡即服務戰略。這一戰略支撐著我們的 5 個增長方向和多樣化的收入增長路徑，使我們與眾不同，並為今天和明天做好準備。為此，我對第一季度在 5 個向量方面取得的進展感到滿意。即使面對競爭和宏觀經濟壓力，我們仍繼續朝著我們的長期目標邁進，並在今年取得了良好的開端。 Matt 稍後將深入探討這些主題。

With that, let's get into the results at the high level. Our first quarter adjusted EPS results of $1.35 proves our ability to execute and deliver profitability. This demonstrates our unique position of having both a focused strategy and strong execution capabilities to meet the needs of our 4 stakeholders in the growing 5G economy.

有了這個，讓我們進入高層次的結果。我們第一季度調整後的每股收益為 1.35 美元，證明了我們執行和實現盈利的能力。這表明了我們在不斷發展的 5G 經濟中擁有專注的戰略和強大的執行能力來滿足我們 4 個利益相關者的需求的獨特地位。

It all starts with our network expansion and execution. As you've heard me say many, many times, mobility, broadband and cloud are the essential pieces of the 21st century's infrastructure. We're already taking advantage of this infrastructure and capitalizing on an addressable market that is growing as consumers and businesses adopt 5G. We saw this growth in our wireless sales, our customer loyalty and the rapid expansion of our fixed wireless business in this quarter.

這一切都始於我們的網絡擴展和執行。正如您多次聽到我所說，移動性、寬帶和雲是 21 世紀基礎設施的重要組成部分。我們已經在利用這種基礎設施並利用隨著消費者和企業採用 5G 而增長的潛在市場。我們在本季度看到了無線銷售、客戶忠誠度和固定無線業務快速擴張的增長。

Across the business, our wireless activations were up 11% year-over-year, and we delivered our best Q1 phone net add performance since 2018. Additionally, our fixed wireless started to benefit from the launch of C-Band during the quarter, helping to amplify our national broadband strategy and deliver our highest broadband net adds in over a decade.

在整個業務中，我們的無線激活量同比增長 11%，並且我們實現了自 2018 年以來最好的第一季度電話淨增性能。此外，我們的固定無線開始受益於本季度推出的 C-Band，有助於擴大我們的國家寬帶戰略並提供十多年來我們最高的寬帶網絡。

We continue to deploy C-Band rapidly, enabling more and more of our customers to enjoy our Ultra Wideband experience, while also accelerating and amplifying our 5G revenue opportunities. A strategic pillar in our network expansion is our C-Band build-out, which, combined with our continued millimeter wave rollout, further establishes and strengthens our network leadership, with RootMetrics ranking us again as the most reliable 5G network in the United States, and we have just started with the C-Band deployment.

我們繼續快速部署 C-Band，讓越來越多的客戶享受我們的超寬帶體驗，同時加速和擴大我們的 5G 收入機會。我們網絡擴展的一個戰略支柱是我們的 C 波段建設，結合我們持續的毫米波部署，進一步確立和加強我們的網絡領導地位，RootMetrics 再次將我們評為美國最可靠的 5G 網絡，我們剛剛開始部署 C 波段。

At the Super Bowl, we demonstrated the power of 5G to deliver new in-stadium and home experiences. For example, fans streaming the halftime show had access to multiple camera angles over our network to fully immerse in the entertainment experience, only something that can be done with 5G Ultra. This is just a taste of the new customer experience we and our partners are beginning to build on 5G Ultra.

在超級碗上，我們展示了 5G 提供新的體育場內和家庭體驗的力量。例如，直播中場秀的粉絲可以通過我們的網絡訪問多個攝像機角度，以完全沉浸在娛樂體驗中，這只有 5G Ultra 才能做到。這只是我們和我們的合作夥伴開始在 5G Ultra 上構建的新客戶體驗的一種體驗。

This is all based on a strong belief in giving our customers maximum optionality like mix and match, multi-cloud partners that allow our business customer choice for the digital transformation on 5G mobile edge compute, choice on premium experience with Verizon Up and choices of streaming services with exclusive deals only on Verizon.

這一切都基於我們的堅定信念，即為我們的客戶提供最大的選擇權，例如混合搭配、多雲合作夥伴，讓我們的企業客戶可以選擇 5G 移動邊緣計算的數字化轉型、Verizon Up 的優質體驗以及流媒體的選擇僅在 Verizon 上提供獨家優惠的服務。

Just this week, we announced HBO Max will be offered on our +play platform. We're empowering our customers to choose the services they need and we're delivering on it. Our disciplined focus is reflected in our first quarter results as we saw continued momentum with step-ups and elevated device upgrades from our customers.

就在本週，我們宣布將在我們的 +play 平台上提供 HBO Max。我們正在授權我們的客戶選擇他們需要的服務，並且我們正在提供這些服務。我們的紀律性重點反映在我們的第一季度業績中，因為我們看到客戶不斷升級和提升設備升級的勢頭。

As we previously mentioned, as technology megatrends further shift how we will work and live, 2022 is a year for Verizon to scale execution. The world continues to transition toward increased connectivity and the telecommunications industry's role in building our future has never been more vital. Through our key investments across our portfolio of assets, we will continue to build on our unique competitive position in the industry and drive growth across all of our 5 vectors.

正如我們之前提到的，隨著技術大趨勢進一步改變我們的工作和生活方式，2022 年是 Verizon 擴大執行規模的一年。世界繼續向連接性增強的方向轉變，電信行業在建設我們未來方面的作用從未如此重要。通過我們對資產組合的關鍵投資，我們將繼續鞏固我們在行業中的獨特競爭地位，並推動我們所有 5 個載體的增長。

As we said before, 5G adoption is already much faster than what we saw when we changed from 3G to 4G. A year after 4G launched, less than 10% of the users had a compatible device. A year after the launch of 5G dynamic spectrum sharing, about 24% of our customers were on 5G devices. 5G device penetration is significant, and we expect it will reach 60% of our wireless consumers by the end of 2023, up from 40% at the end of the first quarter.

正如我們之前所說，5G 的採用已經比我們從 3G 切換到 4G 時看到的要快得多。 4G 推出一年後，只有不到 10% 的用戶擁有兼容設備。在 5G 動態頻譜共享推出一年後，我們約有 24% 的客戶使用 5G 設備。 5G 設備的普及率很高，我們預計到 2023 年底它將覆蓋我們 60% 的無線消費者，高於第一季度末的 40%。

Let me now talk about the momentum in our business group. Verizon Business Group continues to have a very strong momentum in wireless. I'm proud to report that Tami and her team delivered the best quarterly phone net adds since we formed Verizon Business Group and they are just getting started.

現在讓我談談我們業務組的勢頭。 Verizon 業務集團在無線領域繼續保持強勁勢頭。我很自豪地報告，自我們成立 Verizon 業務集團以來，Tami 和她的團隊提供了最好的季度電話網絡增長，而他們才剛剛起步。

We're also rapidly building our 5G mobile edge compute and private 5G networks. Verizon was first in the industry to offer MEC services. This quarter, we partnered with Cisco to deliver the low-latency connectivity necessary for autonomous vehicles. As a partner of choice across all categories, we also made our first 5G agreement with a premium global automaker, and we will bring 5G connectivity to the next generation of Audi models starting with their 2024 vehicles.

我們還在快速構建我們的 5G 移動邊緣計算和私有 5G 網絡。 Verizon 在業內率先提供 MEC 服務。本季度，我們與思科合作，提供自動駕駛汽車所需的低延遲連接。作為所有類別的首選合作夥伴，我們還與一家全球高端汽車製造商達成了首個 5G 協議，我們將從 2024 年開始為下一代奧迪車型帶來 5G 連接。

This IoT momentum expands across all our verticals with another strong net add performance this quarter. We're also seeing very promising progress in our private 5G network capabilities, offering small, mid-market and large enterprise clients, turnkey plug-and-play services. I'm also pleased to share that our C-Band launch and aggressive execution, generating nationwide customer enthusiasm for our broadband offerings.

這種物聯網勢頭在我們所有的垂直領域都得到了擴展，本季度又一次強勁的淨增加表現。我們還看到我們的私有 5G 網絡功能取得了非常有希望的進展，為小型、中型市場和大型企業客戶提供交鑰匙即插即用服務。我也很高興分享我們的 C-Band 推出和積極的執行，激發了全國客戶對我們寬帶產品的熱情。

Total new broadband customers were the highest in over a decade, with 229,000 net adds driven by a strong increase of 194,000 fixed wireless access net adds. And this is not a one-off. You can see from the current broadband trends that the demand for fixed wireless is extremely high and growing.

新增寬帶用戶總數創 10 多年來最高，在 194,000 個固定無線接入網絡新增用戶的強勁增長推動下，新增寬帶用戶達到 229,000 個。這不是一次性的。從當前的寬帶趨勢可以看出，對固定無線的需求非常高並且還在增長。

In the consumer business, we grew postpaid average revenue per account by 2.6% as our users upgraded new 5G packages. ARPA growth is a major part of the strategy that we presented at the Investor Day. In the value market, the TracFone integration continues to unlock an addressable consumer market that we have only just scratched the surface on. We now have the ability to service customers in all segments regardless of the macroeconomic outlook. Manon and I are very encouraged by this opportunity and see tremendous value in the customer base Eduardo and his team have cultivated under the TracFone umbrella.

在消費者業務中，隨著我們的用戶升級了新的 5G 套餐，我們每個賬戶的後付費平均收入增長了 2.6%。 ARPA 增長是我們在投資者日提出的戰略的重要組成部分。在價值市場中，TracFone 集成繼續打開一個我們剛剛觸及表面的可尋址消費市場。無論宏觀經濟前景如何，我們現在都有能力為所有細分市場的客戶提供服務。 Manon 和我對這個機會感到非常鼓舞，並看到了 Eduardo 和他的團隊在 TracFone 保護傘下培養的客戶群的巨大價值。

The migration of TracFone subscribers from other networks continues according to plan. In addition to the result in 5G mobility, nationwide broadband, MEC and business-to-business and the value segment, we also see ongoing momentum in the fifth vector, network monetization, with growth in volumes driving incremental revenues. Of course, all of this opportunity is built on top of the best network in the industry and the deployment of our 5G Ultra Wideband technology. Kyle and team now have more than 35,000 millimeter wave sites on air and approximately 113 million POPs covered at quarter end with C-Band.

TracFone 用戶從其他網絡的遷移繼續按計劃進行。除了 5G 移動性、全國寬帶、MEC 和 B2B 以及價值細分市場的結果外，我們還看到第五個向量網絡貨幣化的持續勢頭，數量的增長推動了收入的增加。當然，所有這些機會都建立在業界最好的網絡和我們 5G 超寬帶技術的部署之上。 Kyle 和他的團隊現在擁有超過 35,000 個毫米波廣播站點，並且在季度末用 C 波段覆蓋了大約 1.13 億個 POP。

As deployment continues and device penetration ramps, traffic on our Ultra Wideband is increasing rapidly. At the end of the first quarter, 14% of all traffic in urban areas was on 5G Ultra, the result of our combined millimeter wave and mid-band spectrum. We saw a 35% increase in millimeter wave traffic between Q4 2021 and Q1 2022. C-Band traffic grew 155% from the end of February to the end of March. Where C-Band is deployed, 30% of our wireless traffic uses that spectrum.

隨著部署的繼續和設備滲透率的提高，我們超寬帶上的流量正在迅速增加。第一季度末，城市地區 14% 的流量使用 5G Ultra，這是我們結合毫米波和中頻頻譜的結果。 2021 年第四季度到 2022 年第一季度，毫米波流量增長了 35%。從 2 月底到 3 月底，C 波段流量增長了 155%。在部署 C 波段的地方，我們 30% 的無線流量使用該頻譜。

We have achieved this network evolution in the face of ongoing supply chain disruption. As I mentioned in previous quarters, our supply chain management is world-class. And we have planned and executed extremely well to anticipate and meet the needs of our customers. We continue to work with our partners with a focus on our deployment targets.

面對持續的供應鏈中斷，我們已經實現了這種網絡演進。正如我在前幾個季度提到的，我們的供應鏈管理是世界一流的。我們計劃和執行得非常好，以預測和滿足客戶的需求。我們將繼續與合作夥伴合作，重點關注我們的部署目標。

We remain diligent in managing a complex global supply chain and count on our expertise to help us to deal with the unexpected. As you come to expect from our technology team, progress is being made throughout our network. In March, we announced a major milestone in the advancement of our 5G network as we work with 2 satellite companies to secure early clearing of an additional 100 megahertz of C-Band spectrum in 30 additional markets. Rolling out our C-Band service on this spectrum will expand our 5G market by 40 million potential customers, a full year ahead of schedule. We expect to reach at least 175 million POPs by the end of 2022 on C-Band.

我們仍然努力管理複雜的全球供應鏈，並依靠我們的專業知識來幫助我們應對意外情況。正如您對我們的技術團隊所期望的那樣，我們的網絡正在取得進展。 3 月，我們宣布了 5G 網絡發展的一個重要里程碑，我們與 2 家衛星公司合作，以確保在另外 30 個市場中提前清理額外的 100 兆赫 C 波段頻譜。在該頻譜上推出我們的 C 波段服務將使我們的 5G 市場擴大 4000 萬潛在客戶，比計劃提前一年。我們預計到 2022 年底，C 波段的 POP 數量將至少達到 1.75 億。

Early spectrum clearance gives us the speed to market and accelerates the return on capital for our network investments. Having early access to these 30 major markets will support our entire business. It adds consumers and business to our addressable market. And we know from experience that we see customer interest for fixed wireless access as soon as it is available.

早期的頻譜清理讓我們加快了上市速度，並加快了我們網絡投資的資本回報。儘早進入這 30 個主要市場將支持我們的整個業務。它為我們的目標市場增加了消費者和業務。我們從經驗中得知，一旦固定無線接入可用，我們就會看到客戶對它的興趣。

Our network expansion also supports our mission of digital inclusion, which is key to how we serve our 4 stakeholders and execute our strategy according to responsible business practices.

我們的網絡擴展還支持我們的數字包容使命，這是我們如何為我們的 4 個利益相關者服務並根據負責任的商業慣例執行我們的戰略的關鍵。

Let me spend a minute on our progress in this area. Today, we released our detailed environmental, social and governance report for 2021, and we are proud of our progress. The report covers our ESG strategy in detail and reflects how responsible business practices drive our business. During the first quarter, we completed allocating proceeds from our third green bond offering and issued our fourth $1 billion green bond, which is expected to be allocated towards renewable energy. We also continue to pursue our long-term carbon footprint goals, as described in previous quarters and in our ESG report.

讓我花一點時間談談我們在這方面的進展。今天，我們發布了詳細的 2021 年環境、社會和治理報告，我們為我們的進步感到自豪。該報告詳細介紹了我們的 ESG 戰略，並反映了負責任的商業實踐如何推動我們的業務發展。在第一季度，我們完成了第三次綠色債券發行的收益分配，並發行了第四次 10 億美元的綠色債券，預計將分配給可再生能源。如前幾個季度和我們的 ESG 報告所述，我們還將繼續追求我們的長期碳足跡目標。

Third parties have taken notice. We continue to be recognized for our sustainability efforts. During the quarter, MSCI raised our ESG rating to AA, our highest rating to date. And Sustainalytics ranked us strong in ESG risk management and low in overall ESG risk, putting us above our U.S. telecom competitors.

第三方已經註意到了。我們的可持續發展努力繼續得到認可。在本季度，MSCI 將我們的 ESG 評級提高至 AA，這是我們迄今為止的最高評級。 Sustainalytics 認為我們在 ESG 風險管理方面表現出色，整體 ESG 風險較低，使我們高於美國電信競爭對手。

As always, what it means to be a responsible business depends on global conditions. I'm proud of Verizon's relief efforts to support Ukraine, including extending free calling to and from Ukraine since the start of the war.

與往常一樣，成為一家負責任的企業意味著什麼取決於全球條件。我為 Verizon 為支持烏克蘭而開展的救援工作感到自豪，包括自戰爭開始以來向和來自烏克蘭的免費電話提供服務。

Taken together, Verizon remains well positioned to compete this year. Our first quarter performance puts us on track for this pivotal investment year and we remain well positioned to achieve our long-term growth targets.

綜上所述，Verizon 在今年的競爭中仍然處於有利地位。我們第一季度的表現使我們在這個關鍵的投資年步入正軌，我們仍然處於實現長期增長目標的有利位置。

Now I will hand the call over to Matt to address our results in detail as well as some updates on the 2022 guidance.

現在，我將把電話交給馬特，詳細說明我們的結果以及 2022 年指南的一些更新。

Thank you, Hans, and good morning, everyone. At our Investor Day last month, we talked about 2022 as a critical year for scaling the business and making investments to position Verizon for the long term. And this quarter, we made progress along that path.

謝謝你，漢斯，大家早上好。在上個月的投資者日，我們談到 2022 年是擴大業務規模和進行投資以長期定位 Verizon 的關鍵一年。本季度，我們沿著這條道路取得了進展。

At that event, we said we expect to generate an incremental $14 billion of service and other revenue from the business by 2025, and we expect to get there through leveraging our unique collection of assets against our 5 growth vectors. We expect over 75% of our growth over the next 4 years will come from 5G mobility and nationwide broadband, and our performance in the first quarter gives us confidence in our growth prospects.

在那次活動中，我們表示我們預計到 2025 年，我們將從業務中產生 140 億美元的增量服務和其他收入，我們希望通過利用我們獨特的資產集合與我們的 5 個增長向量來實現這一目標。我們預計未來 4 年超過 75% 的增長將來自 5G 移動和全國寬帶，第一季度的表現讓我們對增長前景充滿信心。

Our Consumer and Business units will measure success in mobility by how we perform in the areas of ARPA, premium unlimited penetration and subscribers and accounts. We've talked about our plans for increasing the value of our existing base of wireless customers through step-ups to higher-value data plans. The first quarter saw us achieve an increase in consumer postpaid ARPA of 2.6% year-over-year, positioning us for high-quality revenue and earnings growth going forward. 64% of new accounts selected premium unlimited, and together with continued step-up momentum, drove our premium penetration up to 36%.

我們的消費者和業務部門將通過我們在 ARPA、高級無限滲透以及訂戶和帳戶領域的表現來衡量移動性的成功。我們已經討論了通過升級到更高價值的數據計劃來增加現有無線客戶群價值的計劃。第一季度，我們實現了消費者後付費 ARPA 同比增長 2.6%，為我們未來的高質量收入和盈利增長奠定了基礎。 64% 的新賬戶選擇保費無限，再加上持續的增長勢頭，將我們的保費滲透率推高至 36%。

With respect to subscribers and new accounts, for the first quarter we reported postpaid phone net losses of 36,000, which represents an improvement of 142,000 or 80% from a year ago and our best first quarter performance since 2018. The performance was driven by our Business team, which contributed a record 256,000 phone net adds, the highest from the unit since Verizon 2.0 reporting began. These results were driven by strength in the 3 wireless customer groups as SMB, enterprise and public sector each delivered double-digit phone gross add growth and extended the momentum built in the second half of last year. We expect this strong performance to continue as we approach something closer to a pre-pandemic environment.

在用戶和新賬戶方面，第一季度我們報告後付費電話淨虧損 36,000 部，比一年前增加 142,000 部或 80%，是自 2018 年以來我們最好的第一季度業績。業績由我們的業務推動團隊貢獻了創紀錄的 256,000 個電話網絡添加，這是自 Verizon 2.0 報告開始以來該單位的最高水平。這些結果是由 3 個無線客戶群的實力推動的，因為中小型企業、企業和公共部門均實現了兩位數的電話總增量增長，並延續了去年下半年建立的勢頭。隨著我們接近大流行前的環境，我們預計這種強勁的表現將繼續下去。

On the Consumer side, phone net losses were 292,000 in the quarter. While churn was steady, we saw a decline in phone gross adds of 2% from the prior year. This gross add trend was more pronounced in March and is continuing into April. We will continue to take appropriate measures to be competitive in the market. We are pleased with the quality of the business that we are writing and are confident in the value of the postpaid phone gross adds we are attracting. Our retail postpaid accounts at the end of Q1 across Consumer and Business are up 40,000 from last year.

在消費者方面，本季度電話淨損失為 292,000 部。雖然流失率穩定，但我們看到手機總增長量比去年下降了 2%。這種總增加趨勢在 3 月份更為明顯，並一直持續到 4 月份。我們將繼續採取適當措施以在市場上具有競爭力。我們對我們正在撰寫的業務質量感到滿意，並對我們吸引的後付費電話總收入的價值充滿信心。我們在第一季度末的消費者和企業零售後付費賬戶比去年增加了 40,000 個。

Consumer and Business segment performance in the nationwide broadband vector was strong and demonstrates the opportunity to scale this business. We measure our success against this vector by households and businesses covered by broadband, and the total subscribers on our networks. As Hans mentioned, the early clearance spectrum announcement is a major milestone for Verizon. Our network team is now able to deploy this spectrum a full year sooner than expected, unlocking another 40 million of addressable population. We feel confident that our C-Band network will cover at least 175 million POPs by the end of this year, and will cover 50 million households and 14 million businesses with fixed wireless access by the end of 2025.

全國寬帶領域的消費者和商業部門表現強勁，展示了擴大該業務的機會。我們通過寬帶覆蓋的家庭和企業以及我們網絡上的總用戶來衡量我們在這個向量上的成功。正如漢斯所提到的，早期清除頻譜公告是 Verizon 的一個重要里程碑。我們的網絡團隊現在能夠比預期提前一整年部署該頻譜，從而釋放另外 4000 萬可尋址人口。我們有信心，到今年年底，我們的 C-Band 網絡將覆蓋至少 1.75 億個 POP，到 2025 年底將覆蓋 5000 萬戶家庭和 1400 萬家固定無線接入企業。

The addressable opportunity expansion continues in Fios as well, with 115,000 incremental open for sale in the quarter. We are seeing strong uptake in our broadband offers, and we expect increasing momentum as more and more people get access to our 5G Ultra Wideband and Fios service throughout the year. We had 194,000 fixed wireless access net adds across the portfolio, which is 2.5x our 4Q '21 performance. Consumers continue to see the benefit of the speed, reliability and simplicity of installation of the FWA product, and businesses continue to recognize that FWA can be a primary broadband access solution for all of their needs.

Fios 的可尋址機會擴張也在繼續，本季度有 115,000 個增量可供銷售。我們看到我們的寬帶產品得到了強勁的吸收，隨著越來越多的人全年使用我們的 5G 超寬帶和 Fios 服務，我們預計勢頭會越來越大。我們在整個產品組合中增加了 194,000 個固定無線接入網，是我們 21 年第四季度性能的 2.5 倍。消費者繼續看到 FWA 產品安裝的速度、可靠性和簡單性所帶來的好處，而企業繼續認識到 FWA 可以成為滿足其所有需求的主要寬帶接入解決方案。

For total broadband, we registered 229,000 net adds, representing our highest net adds in over a decade. Fios Internet contributed 60,000 net adds within the quarter driven by record low levels of churn.

對於總寬帶，我們註冊了 229,000 個淨增加量，是十多年來我們的最高淨增加量。在創紀錄的低流失率的推動下，Fios Internet 在本季度貢獻了 60,000 次淨增加。

Now let's move on to the MEC and B2B solutions sector. Tami and the team continued to make great progress in this space. Within IoT, the team delivered another strong quarter of connection growth. We're seeing success across our verticals, working with our customers to deliver the solutions that they need. As we mentioned during our Investor Day, we anticipate that connections will continue to grow at a double-digit pace.

現在讓我們繼續討論 MEC 和 B2B 解決方案領域。 Tami 和團隊繼續在這個領域取得長足的進步。在物聯網中，該團隊實現了又一個強勁的季度連接增長。我們在垂直領域看到了成功，與我們的客戶合作提供他們需要的解決方案。正如我們在投資者日期間提到的，我們預計連接將繼續以兩位數的速度增長。

With our investments in key partnerships, we continue to expand the ecosystem for MEC as well as advance our deployments in private wireless and private MEC. Our market differentiation is unmatched in terms of scale and capabilities and we are well positioned to accelerate our long-term revenue growth within this space.

通過對關鍵合作夥伴的投資，我們將繼續擴展 MEC 的生態系統，並推進我們在私有無線和私有 MEC 中的部署。我們的市場差異化在規模和能力方面是無與倫比的，我們有能力在這個領域加速我們的長期收入增長。

Now let's talk about the value market. Q1 marks the first full quarter of TracFone included in our Consumer results. Our integration of TracFone is going as planned, and we are pleased with the progress we are making. We measure our success in the value market based on prepaid ARPU, prepaid subscribers and prepaid revenue. Prepaid ARPU in the quarter was $30.89 across all of our prepaid brands. This declined in part because TracFone ARPU is lower than our legacy Verizon prepaid ARPU. Additionally, we saw quarter-over-quarter pressure, specifically in the TracFone brands, in part due to the transition from the Emergency Broadband Benefit Program to the Affordable Connectivity Program, which negatively impacted ARPU as benefits dropped from $50 to $30. Going forward, we expect prepaid ARPU to stabilize and subsequently grow as we execute on our strategy to bring additional value to this space.

現在讓我們談談價值市場。第一季度標誌著 TracFone 的第一個完整季度包含在我們的消費者業績中。我們對 TracFone 的集成正在按計劃進行，我們對所取得的進展感到滿意。我們根據預付費 ARPU、預付費用戶和預付費收入來衡量我們在價值市場上的成功。本季度我們所有預付費品牌的預付費 ARPU 為 30.89 美元。這部分下降是因為 TracFone ARPU 低於我們傳統的 Verizon 預付費 ARPU。此外，我們看到了環比壓力，特別是在 TracFone 品牌中，部分原因是從緊急寬帶福利計劃過渡到負擔得起的連接計劃，這對 ARPU 產生了負面影響，因為福利從 50 美元降至 30 美元。展望未來，我們預計預付費 ARPU 會隨著我們執行為該領域帶來額外價值的戰略而穩定並隨後增長。

While we experienced certain device inventory pressure throughout the quarter, especially in January, the team finished strong and delivered first quarter volumes from TracFone that compared favorably to prior years excluding 2021 activity, which benefited from stimulus programs. Our TracFone brands had net prepaid losses of 77,000, while total Verizon prepaid net losses in the quarter were 80,000.

儘管我們在整個季度（尤其是在 1 月份）都經歷了一定的設備庫存壓力，但該團隊完成了強勁的業績，並從 TracFone 交付了第一季度的銷量，與前幾年相比（不包括受益於刺激計劃的 2021 年活動）而言是有利的。我們的 TracFone 品牌的淨預付虧損為 77,000，而本季度 Verizon 預付的淨虧損總額為 80,000。

Next, let's move to the consolidated financial results on Slide 14. On a consolidated basis, Verizon delivered strong wireless service revenue growth in a highly competitive environment in the first quarter. Total wireless service revenue growth was 9.5%, reflecting the first full quarter of TracFone ownership as well as continued execution of our Network-as-a-Service strategy and contributions from our 5 vectors of growth.

接下來，讓我們轉到幻燈片 14 上的合併財務結果。在合併的基礎上，Verizon 在第一季度競爭激烈的環境中實現了強勁的無線服務收入增長。無線服務總收入增長 9.5%，反映了 TracFone 所有權的第一個完整季度以及我們網絡即服務戰略的持續執行以及我們 5 個增長向量的貢獻。

Service and other revenue was down 2.5% in the quarter as the revenues lost from Verizon Media more than offset net incremental revenue from TracFone. Excluding the impact of the sale of Verizon Media, service and other revenue was up 4.2% from the prior year.

本季度服務和其他收入下降 2.5%，因為 Verizon Media 的收入損失超過了 TracFone 的淨增量收入。排除出售 Verizon Media 的影響，服務和其他收入比上年增長 4.2%。

Adjusted EBITDA was $12.0 billion for the quarter, down year-over-year by 1.1% due in part to elevated marketing expenses. We introduced our 5G Ultra campaign at the beginning of the year to support our C-Band launch and FWA expansion. Combined with lower spending on the first quarter of 2021 driven by COVID-related impacts on our operations, marketing expenses represented a year-over-year drag on first quarter EBITDA growth. Other items impacting Q1 EBITDA included the disposition of Verizon Media, which had EBITDA levels above those that TracFone added in the quarter, especially considering the investment we're starting to put into the TracFone brands. We expect marketing expenses to return to more normal levels in Q2, and we will begin to lap the prior year ramp-up in tower expenses which also represented a year-over-year pressure in Q1.

本季度調整後的 EBITDA 為 120 億美元，同比下降 1.1%，部分原因是營銷費用增加。我們在年初推出了 5G Ultra 活動，以支持我們的 C-Band 發布和 FWA 擴展。再加上 COVID 對我們運營的相關影響導致 2021 年第一季度支出減少，營銷費用對第一季度 EBITDA 增長造成了同比拖累。影響第一季度 EBITDA 的其他項目包括 Verizon Media 的處置，其 EBITDA 水平高於 TracFone 在本季度增加的水平，特別是考慮到我們開始對 TracFone 品牌進行的投資。我們預計營銷費用將在第二季度恢復到更正常的水平，並且我們將開始重複上一年的塔架費用增長，這也代表了第一季度的同比壓力。

As Brady and Hans highlighted, adjusted EPS for the first quarter was $1.35, relatively in line with prior year. The bottom line performance shows the strength of our core business to deliver profitability even in a period of significant investment as well as other headwinds.

正如布雷迪和漢斯強調的那樣，第一季度調整後的每股收益為 1.35 美元，與去年同期基本持平。底線表現顯示了我們核心業務的實力，即使在重大投資和其他逆風期間也能實現盈利。

Now let's take a look at our Consumer financial results in Q1. Total consumer revenue for the quarter grew 10.9% year-over-year, driven by the first full quarter of TracFone inclusion, higher equipment revenue and strong core wireless service revenue growth. Wireless service revenue was up 11.2% year-over-year. These results were driven by the inclusion of TracFone as well as our increase in postpaid ARPA, which was driven by the strong step-up momentum I discussed earlier; and growth within our non-connectivity products and services.

現在讓我們來看看我們在第一季度的消費者財務業績。本季度消費者總收入同比增長 10.9%，這得益於 TracFone 第一個完整季度的納入、更高的設備收入和強勁的核心無線服務收入增長。無線服務收入同比增長 11.2%。這些結果是由 TracFone 的加入以及我們在後付費 ARPA 中的增長推動的，這是由我之前討論的強勁增長勢頭推動的；我們的非連接產品和服務的增長。

Moving to Fios services, we continued to see volume and rate gains with broadband offsetting pressures from video and voice as total Fios revenue grew 1.8%. Consumer EBITDA was $10.5 billion, up year-over-year by 1.0%. This growth is a result of the inclusion of TracFone as well as ARPA and customer volume gains, partially offset by the items mentioned earlier such as higher marketing expenses, investments in TracFone and higher bad debt, driven mainly by higher sales volumes in the quarter.

轉向 Fios 服務，隨著 Fios 總收入增長 1.8%，寬帶抵消了來自視頻和語音的壓力，我們繼續看到數量和費率的增長。消費者 EBITDA 為 105 億美元，同比增長 1.0%。這一增長是由於 TracFone 以及 ARPA 和客戶數量的增長，部分被前面提到的項目所抵消，例如更高的營銷費用、對 TracFone 的投資和更高的壞賬，主要是由於本季度銷量增加。

Similarly, the higher sales activity resulted in elevated equipment revenue, pressuring EBITDA margins, which were 41.4% in the quarter. Margins were additionally pressured by the inclusion of the results of TracFone, which is a business that has historically operated with margins below the legacy Consumer business.

同樣，較高的銷售活動導致設備收入增加，從而對本季度 41.4% 的 EBITDA 利潤率造成壓力。 TracFone 的業績也給利潤率帶來了壓力，TracFone 是一家歷史上以低於傳統消費者業務的利潤率運營的業務。

Now let's take a closer look at the Business financial results on Slide 16. The Verizon Business Group continues to see strong wireless sales and service momentum within the Business space alongside the ongoing wireline service declines. Wireless service revenue growth of 2.1% was led by momentum in our SMB group, which continues to see strong post-pandemic recovery. The rate of growth is an improvement from last quarter's 1.5%. And with 1Q last year representing the peak for distance learning devices, we expect business wireless service revenue growth to expand over the rest of 2022.

現在讓我們仔細看看幻燈片 16 上的商業財務業績。Verizon 商業集團繼續看到商業領域內強勁的無線銷售和服務勢頭，同時有線服務持續下降。無線服務收入增長 2.1% 是由我們的 SMB 集團的勢頭帶動的，該集團在大流行後繼續強勁復甦。增長率較上一季度的 1.5% 有所改善。去年第一季度是遠程學習設備的頂峰，我們預計商業無線服務收入增長將在 2022 年剩餘時間內擴大。

Business EBITDA was $1.7 billion for the quarter, down 9.3% from the prior year. The decline in EBITDA was driven in part by the ongoing reduction in high-margin wireline revenue. Additionally, we experienced elevated levels of subsidy related to the strong wireless Q1 sales volume, which were up 20% year-over-year. EBITDA margin was 22.5%, similarly impacted by wireline service trends and wireless sales volumes.

本季度的商業 EBITDA 為 17 億美元，比去年同期下降 9.3%。 EBITDA 下降的部分原因是高利潤有線收入的持續減少。此外，我們經歷了與強勁的無線第一季度銷量相關的補貼水平上升，同比增長 20%。 EBITDA 利潤率為 22.5%，同樣受到有線服務趨勢和無線銷售量的影響。

Let's move to Slide 17, the cash flow summary. Cash flow from operating activities for the quarter totaled $6.8 billion compared with $9.7 billion from the prior year. The reduction was primarily due to working capital impacts as the increase in activation volumes to more normal levels impacted receivables and inventory increased as part of our supply chain management in the current environment.

讓我們轉到幻燈片 17，即現金流摘要。本季度經營活動產生的現金流總額為 68 億美元，而去年同期為 97 億美元。減少的主要原因是營運資金的影響，因為激活量增加到更正常的水平會影響應收賬款和庫存增加，這是我們在當前環境下供應鏈管理的一部分。

Capital spending for the first quarter totaled $5.8 billion, an increase of $1.3 billion compared to last year driven by C-Band spending of $1.5 billion.

第一季度的資本支出總額為 58 億美元，在 C-Band 支出 15 億美元的推動下，與去年相比增加了 13 億美元。

The continued build-out of One Fiber and our investment to support growth of traffic on our 4G LTE network while expanding the reach and capacity of our 5G Ultra Wideband network greatly extends our opportunity to effectively compete in all of our businesses. The net result of cash flow from operations and capital spending is free cash flow for the quarter of $1.0 billion.

One Fiber 的持續建設以及我們為支持 4G LTE 網絡流量增長而進行的投資，同時擴大了 5G 超寬帶網絡的覆蓋範圍和容量，極大地擴展了我們在所有業務中有效競爭的機會。來自運營和資本支出的現金流的淨結果是本季度的自由現金流為 10 億美元。

We exited the quarter with $135.6 billion of net unsecured debt, an increase of $1.9 billion sequentially as we issued our fourth green bond with the net proceeds expected to be allocated to renewable energy. In addition, we completed a number of other transactions during the quarter, the proceeds of which were used as consideration in an over $5 billion tender offer to retire some higher cost long-term debt.

本季度末，我們的無擔保債務淨額為 1,356 億美元，環比增加 19 億美元，因為我們發行了第四隻綠色債券，淨收益預計將分配給可再生能源。此外，我們在本季度完成了許多其他交易，其收益被用作超過 50 億美元的要約收購對價，以償還一些成本較高的長期債務。

We ended the quarter with a net unsecured debt-to-adjusted EBITDA ratio of approximately 2.8x, flat on a sequential basis as expected.

我們在本季度末的淨無擔保債務與調整後 EBITDA 的比率約為 2.8 倍，與預期的環比持平。

Lastly, let's move to guidance for the remainder of the year. I want to provide some additional detail around our view of the macro environment in which we operate and give context around our guidance for 2022. We saw inflationary pressures building towards the end of the first quarter and expect those to continue given the current environment. The major areas of exposure for us are energy-related costs for our network operations and transportation as well as labor-related costs, including both our direct workforce and third parties.

最後，讓我們轉向今年剩餘時間的指導。我想就我們對經營所在的宏觀環境的看法提供一些額外的細節，並提供我們對 2022 年指導的背景。我們看到通脹壓力在第一季度末逐漸增加，並預計在當前環境下這些壓力將繼續存在。我們面臨的主要風險領域是我們網絡運營和運輸的能源相關成本以及勞動力相關成本，包括我們的直接勞動力和第三方。

While these items have not had a significant impact on our overall results to date, they represent a meaningful portion of our direct cost structure and have the potential to drive additional expense pressures throughout the rest of the year. We also believe that the inflation we have seen throughout the economy may alter both the consumer and business landscape in which we compete. It is too early to predict how this changed landscape may impact our near-term results or how long it will last, but we are confident that the strategy we have put in place will allow us to achieve our long-term growth plans.

雖然這些項目迄今為止對我們的整體業績沒有產生重大影響，但它們代表了我們直接成本結構的重要部分，並有可能在今年剩餘時間內帶來額外的費用壓力。我們還認為，我們在整個經濟中看到的通貨膨脹可能會改變我們競爭的消費者和商業環境。現在預測這種變化的格局將如何影響我們的近期業績或將持續多長時間還為時過早，但我們相信我們實施的戰略將使我們能夠實現我們的長期增長計劃。

There has also been a significant increase in treasury yields recently. But as a reminder, the vast majority of our debt, approximately 75% to 80%, is fixed rate. The team has kept near-term maturities in the next 12 to 24 months at manageable levels, which also helps minimize near-term interest rate exposure. If the present forecast of Fed rate hikes are accurate, we anticipate an incremental cash interest impact for the year above our earlier expectations of $150 million to $200 million.

近期國債收益率也大幅上升。但提醒一下，我們的絕大多數債務，大約 75% 到 80%，是固定利率的。該團隊將未來 12 至 24 個月的短期到期日保持在可控水平，這也有助於最大限度地減少短期利率風險。如果目前對美聯儲加息的預測是準確的，我們預計今年的現金利息影響將超過我們之前預期的 1.5 億至 2 億美元。

Based on our current expectations, we are updating our guidance for the year. On the revenue side, we now anticipate service and other revenue to be approximately flat to 2021. Significant items affecting our service and other revenue include USF rate reductions which are pressuring year-over-year revenue by several hundred million dollars and softness in wireline sales.

根據我們目前的預期，我們正在更新我們的年度指導。在收入方面，我們現在預計到 2021 年服務和其他收入將大致持平。影響我們服務和其他收入的重要項目包括 USF 費率降低，這導致同比收入增加數億美元，以及有線銷售疲軟.

We are keeping the guidance ranges of wireless service revenue, adjusted EBITDA and adjusted EPS. Based upon our expectations around service and other revenue as well as the macroeconomic pressures, we now expect to come in towards the lower end of our prior guidance ranges for these items. For CapEx, we are reiterating prior guidance of $16.5 billion to $17.5 billion for business-as-usual capital and $5 billion to $6 billion for C-band-related spending. We will continue to invest in the business and remain confident in the long-term growth opportunities discussed during our Investor Day.

我們保持無線服務收入、調整後 EBITDA 和調整後每股收益的指導範圍。基於我們對服務和其他收入的預期以及宏觀經濟壓力，我們現在預計這些項目將接近我們先前指導範圍的下限。對於資本支出，我們重申先前的指導，即 165 億美元至 175 億美元的業務照常資本和 50 億美元至 60 億美元的 C 波段相關支出。我們將繼續投資該業務，並對投資者日期間討論的長期增長機會保持信心。

With that, I'll turn it over to Hans to close out our 2022 priorities.

有了這個，我會把它交給漢斯來完成我們 2022 年的優先事項。

Thank you, Matt. Our priority for 2022 is to continue to execute on our Network-as-a-Service strategy and to drive growth across all our 5 vectors. This is a critical year for scaling on our strategic investment as we work to capture all of the promise that 5G offers, both from a customer experience perspective and for our future revenue growth.

謝謝你，馬特。我們 2022 年的首要任務是繼續執行我們的網絡即服務戰略，並推動我們所有 5 個向量的增長。這是擴大我們戰略投資的關鍵一年，因為我們致力於從客戶體驗的角度和未來的收入增長中把握 5G 提供的所有承諾。

We made good progress in this quarter and continue to execute on our long-term plans. Our core business and our strategy showed strength, and we have a solid momentum going into the second quarter, all built on the strong confidence in our strategy.

我們在本季度取得了良好進展，並繼續執行我們的長期計劃。我們的核心業務和戰略顯示出實力，進入第二季度的勢頭強勁，這一切都建立在對我們戰略的強烈信心之上。

Now we're ready to take your questions. Back to you, Brady.

現在我們準備好回答你的問題了。回到你身邊，布雷迪。

Thanks, Hans. Angela, we're ready for questions.

謝謝，漢斯。安吉拉，我們已經準備好提問了。

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

（操作員說明）第一個問題來自 UBS 的 John Hodulik。

I guess 2 quick follow-ups to all the data you guys provided. First off on the EBB reimbursements. Is the impact to ARPU that we saw, the $5 change, does that fully reflect the changes in reimbursements? And is there any impact from a customer standpoint?

我想對你們提供的所有數據進行 2 次快速跟進。首先是 EBB 報銷。我們看到的對 ARPU 的影響，即 5 美元的變化，是否完全反映了報銷的變化？從客戶的角度來看有什麼影響嗎？

And then on Consumer margins, they were down 400 basis points. Is that -- can you separate out the impact from TracFone had and sort of underlying trends and what was driving that? And just your outlook for how that should trend through the year.

然後在消費者利潤率方面，他們下降了 400 個基點。是嗎——你能把 TracFone 的影響和潛在的趨勢分開嗎？是什麼推動了這一點？以及您對全年趨勢的展望。

John, thanks for the questions. On the EBB messaging there, there's certainly -- we're seeing that change in the programs as we go forward here, but no major impact on customer volumes related to that.

約翰，謝謝你的問題。在那裡的 EBB 消息傳遞中，肯定有 - 我們在前進的過程中看到了項目的變化，但對與此相關的客戶量沒有重大影響。

I think your bigger question on Verizon Consumer Group and the margins we saw in the quarter. So a couple of major things in there, certainly some onetime increases in costs as we look at the quarter. We were very, very strong on our marketing spend this quarter with the launch of C-Band, new price plans, launch of fixed wireless on C-Band as well and everything around that. So that's in the quarter. We would expect that to be returned to more normal levels as we head here into second quarter and go forward.

我認為您對 Verizon 消費者集團和我們在本季度看到的利潤率的更大問題。因此，其中有幾件重要的事情，當我們查看本季度時，肯定會一次性增加成本。隨著 C-Band 的推出、新的價格計劃、C-Band 上固定無線的推出以及與此相關的一切，我們本季度的營銷支出非常非常強勁。所以這是在這個季度。我們預計隨著我們進入第二季度並繼續前進，這將恢復到更正常的水平。

And then of course, you saw the volumes up year-over-year, that has some impact in there. And then Trac, I mentioned in my prepared remarks, that has an impact. Initially, that's going to be in the 100 to 200 basis point range impact as you bring Trac into the overall VCG mix. And then as we work through the integration and bring all of the customers in Trac onto our network, that impact will lessen as we complete the integration over the next 12 to 24 months.

然後，當然，您看到交易量逐年增加，這對其產生了一些影響。然後是我在準備好的發言中提到的 Trac，它會產生影響。最初，當您將 Trac 納入整個 VCG 組合時，這將產生 100 到 200 個基點的影響。然後，當我們完成整合併將 Trac 中的所有客戶引入我們的網絡時，隨著我們在未來 12 到 24 個月內完成整合，這種影響將會減少。

So a combination of things in there. But certainly we'd expect to see a little bit of a slight uptick as we head into the rest of the year here on the Consumer margin.

所以那裡的東西組合在一起。但是，隨著我們進入今年剩餘時間，消費者利潤率肯定會略有上升。

Our next question comes from Brett Feldman from Goldman Sachs.

我們的下一個問題來自高盛的 Brett Feldman。

So during your prepared remarks, I think you had noted that postpaid phone gross adds had started to soften towards the end of the quarter, and that had continued into 2Q. I was hoping you could let us know what insights you've gained into what's behind that? In other words, to what extent do you think it has to do with lower market volumes, or perhaps a shift in porting ratios and some of the steps that you're going to be implementing to sort of stabilize that?

因此，在您準備好的講話中，我認為您已經註意到後付費電話的總增加量在本季度末開始放緩，並且一直持續到第二季度。我希望你能讓我們知道你對這背後的原因有什麼見解？換句話說，您認為這在多大程度上與較低的市場量有關，或者可能是移植比率的變化以及您將要實施的一些穩定措施？

And then just on the cash flow. Matt, to what extent was the higher working capital use in the first quarter really a timing issue? Obviously, pre-buying inventory to manage the supply chain seems like a timing factor. But I guess with regards to just the elevated volumes, do you expect to ultimately have that offset either by selling off the receivables or just collecting the payments? Or was any of that actually associated with maybe a little bit more of a device promotion profile in the first quarter?

然後就現金流而言。馬特，第一季度較高的營運資金使用在多大程度上真的是一個時間問題？顯然，預購庫存以管理供應鏈似乎是一個時間因素。但我想就增加的交易量而言，您是否希望最終通過出售應收賬款或僅收取款項來抵消？還是其中任何一個實際上與第一季度的設備推廣資料有關？

I'll start, Brett, and then Matt will support later on here.

Brett，我先開始，然後Matt 稍後會在這裡提供支持。

First of all, I mean, if you look at the quarter, we had a very good wireless net add quarter of course, because if you look at the combination, our Business side was very strong. Consumer also had a good quarter, but a little bit slowness as we said in the prepared remarks in March.

首先，我的意思是，如果你看這個季度，我們當然有一個非常好的無線網絡添加季度，因為如果你看這個組合，我們的業務方面非常強大。消費者也有一個不錯的季度，但正如我們在 3 月份準備好的評論中所說的那樣有點緩慢。

However, if you think about it, it's logical. I mean, the competition is higher as we have seen now for a while because we're coming into the second phase of the 5G era and the acquisition of 5G customers are sort of an important piece in the market. And what we see is, of course, a really good traction for us.

但是，如果您考慮一下，這是合乎邏輯的。我的意思是，正如我們現在所看到的那樣，競爭更加激烈，因為我們正在進入 5G 時代的第二階段，而獲得 5G 客戶是市場上的一個重要部分。當然，我們所看到的對我們來說是一個非常好的牽引力。

I mean our churn levels are still very low. We're doing well. We're doing upgrades and step-ups all the time. So -- and that's our focus. Then, of course, as we always say, we look into the market, and we will take measured actions if it's needed that we have done all the time, and being very financially disciplined when we come into the market with new offerings and see if there is something we need to do.

我的意思是我們的客戶流失率仍然很低。我們做得很好。我們一直在進行升級和升級。所以——這就是我們的重點。然後，當然，正如我們常說的那樣，我們會研究市場，如果需要，我們會採取謹慎的行動，我們一直都在這樣做，當我們帶著新產品進入市場時，我們會在財務上非常自律，看看是否我們需要做一些事情。

But right now, I feel really good where we are. We're actually -- with our launch of our Ultra in the beginning of the year, it's really kept -- made us in a total different situation because our network is just fantastic. And that's what we see from our customers, both on fixed wireless access and both on Consumer and Business.

但現在，我在我們所處的位置感覺非常好。實際上，隨著我們在年初推出 Ultra，它確實被保留了下來，這讓我們處於完全不同的境地，因為我們的網絡非常棒。這就是我們從客戶那裡看到的，無論是在固定無線接入方面，還是在消費者和企業方面。

And this was the whole strategy we laid out and when we met in the beginning of March when it comes to our overall long-term strategy. So now I'm pleased with what I see then is going to that would be a competitive market, but that's how it is. And I think it's very logical. And partly, we are sort of coming out with some strong offerings, mix and match and all of that. So the market is responding to it. So yes, I feel good about the strategy.

這就是我們制定的整個戰略，當我們在 3 月初會面時談到我們的整體長期戰略。所以現在我對我所看到的將成為一個競爭激烈的市場感到滿意，但事實就是如此。我認為這是非常合乎邏輯的。在某種程度上，我們正在推出一些強大的產品，混合搭配等等。所以市場正在對此做出反應。所以是的，我對這個策略感覺很好。

Yes. And Brett, your question on cash flows, you -- in your question, you used a phrase a timing factor in here, and I think absolutely, that's part of what we're seeing.

是的。布雷特，你關於現金流的問題，你 - 在你的問題中，你在這裡使用了一個時間因素這個短語，我認為絕對是我們所看到的一部分。

So a couple of things on the receivables side. With the last couple of years, we actually had some tailwinds associated with some of the impacts of the lower volumes that came through as we went through the pandemic. And now we're seeing those volumes return to more normal levels, which creates a temporary headwind. But it's really just getting back to where we were.

所以在應收賬款方面有幾件事。在過去的幾年裡，我們實際上遇到了一些順風，這與我們經歷大流行時出現的交易量減少的一些影響有關。現在我們看到這些交易量恢復到更正常的水平，這造成了暫時的逆風。但這真的只是回到我們原來的位置。

You think about device payment levels. Those are certainly up year-over-year. As we said, activations were up in the quarter, 11%. Therefore, we have more device loans on the balance sheet, but it's really getting back to those pre-pandemic levels rather than anything else. We saw an actual benefit in core customer payments that helped the year ago number with all the subsidy money out there. That was a onetime benefit that we're lapping. Customer payments continue to be incredibly strong, so we're very pleased with that.

您考慮設備支付水平。這些肯定是逐年上升的。正如我們所說，本季度的激活量增加了 11%。因此，我們的資產負債表上有更多的設備貸款，但它確實回到了大流行前的水平，而不是其他任何東西。我們看到了核心客戶付款的實際好處，這有助於一年前的所有補貼資金到位。這是我們正在研究的一次性利益。客戶付款仍然非常強勁，因此我們對此感到非常滿意。

And then the inventory side, as we've managed through some of the disruptions that we've seen there, we've taken advantage of the balance sheet strength we have to run at higher-than-normal inventory levels. But obviously, I would be looking to have us return to more normal levels on that over time here.

然後是庫存方面，因為我們已經通過我們在那裡看到的一些中斷進行了管理，我們已經利用了我們必須在高於正常庫存水平的情況下運行的資產負債表優勢。但顯然，我希望我們能隨著時間的推移在這裡恢復到更正常的水平。

So I expect those to be just timing factors, as you said in your question, and continues to be very confident in the overall strength of the cash flows that this business produces.

因此，正如您在問題中所說，我希望這些只是時間因素，並且繼續對該業務產生的現金流的整體實力非常有信心。

Can I just have a quick follow-up question on the building up the inventory levels? I guess I just assumed that, that was mobile devices. I'm curious if that's correct. And just in general, how much extra lead time have you given yourself based on the current inventory levels versus what you would typically manage towards?

我可以對建立庫存水平有一個快速的後續問題嗎？我想我只是假設那是移動設備。我很好奇這是否正確。總的來說，根據當前的庫存水平與您通常管理的目標相比，您給自己多留了多少交貨時間？

Yes. There's certainly a little bit of an increase, and it is largely what you see in the inventory side of the balance sheet there coming from handsets and so on. So there is a little bit more cushion in there in the system, so to speak, which we think is appropriate given the environment that everyone is operating in.

是的。肯定會有一點增長，這主要是您在資產負債表的庫存方面看到的來自手機等的情況。所以系統中有一點緩衝，可以這麼說，考慮到每個人都在其中工作的環境，我們認為這是合適的。

But it's certainly something that we think gives us a good position in the marketplace. And as supply chains become more predictable again, going forward, we'll adjust that accordingly.

但這肯定是我們認為讓我們在市場上處於有利地位的東西。隨著供應鏈再次變得更加可預測，我們將相應地進行調整。

The next question comes from Phil Cusick of JPMorgan.

下一個問題來自摩根大通的 Phil Cusick。

Sorry, I want to follow up on the last question around the sort of wireless industry and gross add softness in March and April. So you've ramped up your wireless promotions for consumer, which looks more like addressing a churn issue, which I don't think is what you're calling out. Do you think that softer gross adds is a share issue or is that an industry slowdown issue?

抱歉，我想跟進關於無線行業的最後一個問題，並在 3 月和 4 月大幅增加疲軟。因此，您已經加大了針對消費者的無線促銷力度，這看起來更像是解決客戶流失問題，我認為這不是您所呼籲的。您認為較弱的總增長是股票問題還是行業放緩問題？

And then second, sort of related, how does that impact your thoughts on inflation? And it sounds like AT&T is trying to signal prices higher. How do you think about the potential of this industry to be raising prices at the margin for consumers if we do see inflation starting to creep up?

其次，有點相關，這如何影響你對通貨膨脹的看法？聽起來 AT&T 正試圖發出更高的價格信號。如果我們確實看到通貨膨脹開始攀升，您如何看待這個行業為消費者提高價格的潛力？

Thanks, Phil. I'll start with the overall macro, and maybe Matt will fill in a little bit about the gross adds, the other question you had.

謝謝，菲爾。我將從整體宏觀開始，也許馬特會補充一點關於總添加的信息，這是您遇到的另一個問題。

On the inflation, I mean as Matt said in the prepared remarks, I mean we haven't seen so much impact so far of it. But of course, this is high in 40 years on inflation. So we are planning for all scenarios. We have plans to be prepared for what it takes. So that will, of course, include different type of cost adjustments, but also looking into what we can do with pricing.

關於通貨膨脹，我的意思是，正如馬特在準備好的評論中所說，我的意思是到目前為止我們還沒有看到它產生如此大的影響。但當然，這在通貨膨脹方面是 40 年來的最高水平。因此，我們正在計劃所有場景。我們有計劃為所需要的一切做好準備。當然，這將包括不同類型的成本調整，但也會研究我們可以對定價做些什麼。

But again, we don't know how this will impact us. But clearly, these levels of inflation, we have never seen before in the wireless industry. So of course, that also -- the measurements need to be thought through in a good way. And we are doing that, and we have already plans ready for it. So we're going to see what's going to happen. But clearly, we are in a moment in the economy where we really don't know how this is going to impact finally. But the levels are, of course, very high when it comes to inflation. Matt?

但同樣，我們不知道這將如何影響我們。但很明顯，這些通貨膨脹水平，我們在無線行業從未見過。所以當然，這也是 - 需要以一種好的方式考慮測量。我們正在這樣做，我們已經為此做好了準備。所以我們要看看會發生什麼。但很明顯，我們正處於經濟中的一個時刻，我們真的不知道這最終會產生怎樣的影響。但是，在通貨膨脹方面，水平當然非常高。馬特?

Yes, Phil. So your question around just what we're seeing there. Look, I would tell you that there is nothing that we see in the data that suggests any change in share out there. I certainly believe there has been a bit of a downtick in overall foot traffic, not just in our stores, but up and down the high street. But our share continues to be where we would expect it to be.

是的，菲爾。所以你的問題是關於我們在那裡看到的。看，我會告訴你，我們在數據中沒有看到任何跡象表明那裡的份額發生了任何變化。我當然相信整體人流量有所下降，不僅在我們的商店，而且在大街上上下。但我們的份額繼續保持在我們預期的水平。

Our churn continues to be very strong, and that's always a good indicator of if we are competing effectively. And clearly, with the churn at these levels versus historical levels, we feel very good about that. So overall, continuing to get our fair share, and we expect to continue to do so.

我們的流失繼續非常強勁，這始終是我們是否有效競爭的一個很好的指標。顯然，與歷史水平相比，這些水平的流失率，我們對此感覺非常好。因此，總體而言，繼續獲得我們應得的份額，我們希望繼續這樣做。

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。

I wonder if we could talk about fixed wireless. Earlier in the quarter, you talked about doubling your Q4 numbers, and you came in well ahead of that. I think you talked about wherever you open it up, there's some strong demand. So perhaps just give us some color as -- has the adds been accelerating through the quarter. So is this a good jumping off point for Q2 for the rest of the year?

我想知道我們是否可以談論固定無線。在本季度早些時候，您談到將第四季度的數字增加一倍，而您遠遠領先於此。我想你談到無論你在哪裡打開它，都有一些強烈的需求。所以也許只是給我們一些顏色 - 增加在整個季度加速。那麼這是今年第二季度的一個很好的起點嗎？

And maybe just address, you still got that $25 price point out. How are we thinking about how long that lasts and what the footprint is today and what it's going to be once you light up some of those more markets by the end of the year?

也許只是地址，你仍然得到了 25 美元的價格點。我們如何考慮這種情況會持續多長時間，今天的足跡是什麼，以及一旦你在年底前點亮了更多的市場，它將是什麼？

Thanks, Simon. No, no. This is, of course, one of the 5 vectors of growth that we are very focused on. And clearly, you'll see the momentum growing for us even since we met in the beginning of March. So clearly, as we turn on more and more houses and businesses for sale, we have a good sell-through. And the quarter was, of course, good for us. And we're coming in with the momentum into the next quarter is really good.

謝謝，西蒙。不，不。當然，這是我們非常關注的 5 個增長載體之一。很明顯，即使自 3 月初我們會面以來，你也會看到我們的勢頭在增長。很明顯，隨著我們打開越來越多的房屋和企業待售，我們的銷售量很好。當然，這個季度對我們有好處。我們進入下一季度的勢頭非常好。

Then of course, as we say, we're now deploying sort of the C-Band in urban and suburban. Millimeter wave is in urban, LTE is in rural. So that is really now also where the customers are coming on to. But clearly, our C-Band is coming quicker in here, we're going to have even more opportunities. And as you heard me saying in my prepared remarks there, we now also have an additional 30 markets that we'll have early clearing on this year, which gives us even more frequencies, 100 megahertz.

當然，正如我們所說，我們現在正在城市和郊區部署某種 C 波段。毫米波在城市，LTE 在農村。因此，這實際上也是客戶開始關注的地方。但很明顯，我們的 C 波段來得更快，我們將有更多的機會。正如你聽到我在我準備好的講話中所說的那樣，我們現在還有另外 30 個市場，我們將在今年提前清算，這為我們提供了更多的頻率，100 兆赫茲。

So this is adding all to this momentum we have. And remember, we have been working on this for a while. We know how to do it all the way from in the sort of provisioning of the network, capacity management, billing and propositions. And that comes to the pricing as well. I think we have a good pricing at the moment with a combined offering and also the stand-alone offering, and we see that making a good sort of wave in the market.

所以這增加了我們所擁有的動力。請記住，我們已經為此工作了一段時間。我們知道如何從網絡配置、容量管理、計費和建議等方面一直做到這一點。這也涉及定價。我認為我們目前的組合產品和獨立產品的定價都很好，我們看到這在市場上掀起了一股很好的浪潮。

But as always, we will always look into what is the right price point, which is the right type of value we're giving our customers. I think we are giving a great value, and that's what we see in the numbers. So yes, we have a great momentum coming out from the quarter going into this quarter, and we will continue to hammer this as we're hammering all the 5 vectors of growth constantly to see that we are reaching our long-term ambitions that we outlined in the beginning of this -- in the beginning of March, I think, that was our Investor Day. It was some time ago.

但與往常一樣，我們將始終研究什麼是正確的價格點，這是我們為客戶提供的正確價值類型。我認為我們提供了很大的價值，這就是我們在數字中看到的。所以，是的，從本季度到本季度，我們有一個很好的勢頭，我們將繼續努力，因為我們不斷錘擊所有 5 個增長向量，以確保我們正在實現我們的長期目標在本文開頭概述 - 我認為在 3 月初，那是我們的投資者日。那是前一段時間了。

Yes. So just a couple of things to add on that. So Simon, as you think about the volumes we had in the first quarter, remember, that's not a full quarter of C-Band. That came on in middle of January. And of course, you have that time period where the sales teams are building up the sales motion of selling a new product. So I certainly think that we can continue to see good numbers there as we go through the rest of the year, and we're just getting started with what you saw, the 194,000 in the first quarter.

是的。因此，只需添加幾件事即可。所以西蒙，當你考慮我們在第一季度的數量時，請記住，這不是 C-Band 的完整季度。那是在一月中旬發生的。當然，您有一段時間銷售團隊正在建立銷售新產品的銷售活動。因此，我當然認為，在今年餘下的時間裡，我們可以繼續看到良好的數字，而我們才剛剛開始看到你所看到的第一季度的 194,000 人。

And from a pricing standpoint, as Hans said, it's -- you should think about it that, that price point you mentioned is for a customer who's also taking wireless products from us as well. On a stand-alone basis, it's higher priced. But we'll continue to look at the pricing proposition and maximize both the value for customers, but also the opportunity for us as well.

從定價的角度來看，正如漢斯所說，你應該考慮一下，你提到的那個價格點是針對同樣從我們這裡購買無線產品的客戶。在獨立的基礎上，它的價格更高。但我們將繼續關注定價主張，最大限度地為客戶創造價值，同時也為我們創造機會。

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

下一個問題來自美國銀行的大衛巴登。

I guess my first question would be with respect to fixed wireless access, if we look at your numbers and the numbers that T-Mobile's preannounced, it feels like fixed wireless access is going to be more than half the normal broadband net adds in a quarter in a normal year. And that has to be putting some pressure on the cable industry to respond, unless there's a reason or an escape valve that exists because of maybe the Affordability Connectivity Program or something. So I was wondering if you could kind of talk a little bit about how you think the wireline broadband dynamic is going to evolve with cable and how they respond potentially in the wireless market?

我想我的第一個問題是關於固定無線接入，如果我們看看你的數字和 T-Mobile 預先宣布的數字，感覺固定無線接入將超過四分之一正常寬帶網絡增加的一半在一個正常的年份。這必須給電纜行業施加一些壓力才能做出反應，除非有原因或可能因為負擔能力連接計劃或其他原因而存在逃生閥。所以我想知道你是否可以談談你認為有線寬帶動態將如何隨著電纜而發展，以及它們在無線市場中的潛在反應如何？

And the second would be -- a question, if I could, maybe Hans, there was a time when Verizon had the best network and charged the highest prices and took the most market share. And on these kinds of calls, we would talk about whether -- the question was really whether we wanted to give a little margin or take a little market share. You guys are now a share donor every quarter. And we're celebrating how many 5G phones we have and how many C-Band we're deploying. But it's not obvious that, that's translating into something tangible that investors can celebrate in terms of financial reward. So can we talk a little bit about that too?

第二個問題是——如果可以的話，也許是 Hans，Verizon 曾經擁有最好的網絡，收取最高的價格並佔據最大的市場份額。在這些電話會議上，我們會討論是否——問題是我們是否真的想提供一點利潤或占據一點市場份額。你們現在每個季度都是股票捐贈者。我們正在慶祝我們擁有多少 5G 手機以及我們正在部署多少 C 波段。但這並不明顯，這會轉化為投資者可以在經濟回報方面慶祝的有形的東西。那麼我們也可以談談嗎？

Yes. If we start with the fixed wireless access, I mean, I can talk for ourself, but I'm not sure what the response will be from someone. But this is a high-quality product. The usage of the fixed wireless access is very similar to our Fios users. So this is a primary usage in the vast majority of all the cases when it comes to our fixed wireless access.

是的。如果我們從固定無線接入開始，我的意思是，我可以自己說話，但我不確定某人會做出什麼回應。但這是一個高質量的產品。固定無線接入的使用與我們的 Fios 用戶非常相似。因此，當涉及到我們的固定無線接入時，這是絕大多數情況下的主要用途。

So this is a high-quality product that definitely is going to compete very well in the market. And in our case, as we have said before, this means that we are nationwide with our broadband as we're expanding our C-Band and can address more and more households. That doesn't mean that we lose our focus on our Fios footprint because that is a very strong product in the ILEC we have. And you saw this quarter, again, we're doing well and continue to grow our Fios. And this year, we're going to have more open for sale on the Fios.

所以這是一款高品質的產品，肯定會在市場上很好地競爭。在我們的案例中，正如我們之前所說，這意味著我們在全國范圍內擁有我們的寬帶，因為我們正在擴展我們的 C 波段並且可以覆蓋越來越多的家庭。這並不意味著我們失去了對 Fios 足蹟的關注，因為這是我們擁有的 ILEC 中非常強大的產品。您再次看到本季度，我們做得很好，並繼續發展我們的 Fios。今年，我們將在 Fios 上進行更多銷售。

So for us, is we create optionalities, but we only create high-quality products that we believe that the customer wants and then that we are supporting. So that's why I feel good about our whole national broadband strategy that we laid out in the previous -- in the first quarter. So I'm really pleased with that.

所以對我們來說，是我們創造了可選性，但我們只創造了我們相信客戶想要並且我們支持的高質量產品。這就是為什麼我對我們在上一季度製定的整個國家寬帶戰略感到滿意的原因。所以我對此非常滿意。

The second question, I think that when we look at our business, and I think we talked very well about it at our Investor Day. Our focus is to, over time, grow this business with 4%. And that we do with different levers. And of course, based on the best network in the nation, no doubt about that. And our network is just improving. And we have just started our C-Band, so we are super excited over the network we have.

第二個問題，我認為當我們審視我們的業務時，我認為我們在投資者日討論得很好。我們的重點是隨著時間的推移將這項業務增長 4%。我們使用不同的槓桿來做到這一點。當然，基於全國最好的網絡，這一點毫無疑問。我們的網絡正在改善。我們剛剛開始我們的 C 波段，所以我們對我們擁有的網絡感到非常興奮。

And then on top of that, of course, the different type of investments we have done in order to grow, and to grow the 4%. And that, I think, shareholders should be excited over. And that's what you see in this quarter as well. We are actually executing on those levers. We are ahead of plan on certain of the vectors, which is great to see. And that will translate both the top line and the bottom line, as we outlined in our Investor Day.

然後最重要的是，當然，我們為了增長而進行的不同類型的投資，以及增長 4%。我認為，股東們應該對此感到興奮。這也是您在本季度看到的情況。我們實際上是在這些槓桿上執行的。我們在某些向量上領先於計劃，很高興看到。正如我們在投資者日中概述的那樣，這將轉化為頂線和底線。

So that's how I see it. And we will continue to see that we are a premium brand. But remember, nowadays, we can actually play in all fields on the wireless, all the way from the sort of the prepaid to the high-end premium and meet any type of conditions in the market with our portfolio, which is enormous strength. And on top of that, we have a scale of economy on all our offerings because we own our network, we have built our network and all of that.

所以我就是這麼看的。我們將繼續看到我們是一個優質品牌。但是請記住，如今，我們實際上可以在無線的所有領域中發揮作用，從預付費到高端溢價，並通過我們的產品組合滿足市場上的任何類型的條件，這是巨大的實力。最重要的是，我們的所有產品都具有經濟規模，因為我們擁有我們的網絡，我們已經建立了我們的網絡等等。

So I feel really good with all I have to say and where we're going, and we're going to compete well. I mean I just can tell you that, we feel good about it. Matt?

所以我對我要說的所有內容以及我們要去的地方感覺非常好，我們會很好地競爭。我的意思是我只能告訴你，我們對此感覺很好。馬特?

I'd just add one comment on to Hans' last piece there. While certainly, we always want to find a higher gear and never happy with results, think we can do better next year, the phone net adds was 142,000 better in 1Q this year than last year. So you see us continuing to make progress there.

我只想在 Hans 的最後一篇文章中添加一條評論。當然，我們總是想找到更高的檔位，從不滿足於結果，認為我們明年可以做得更好，今年第一季度電話網增加了 142,000 比去年好。所以你看到我們繼續在那裡取得進展。

The next question comes from Michael Rollins of Citi.

下一個問題來自花旗的邁克爾·羅林斯。

Two questions. First, I'm just curious if you're seeing different performance of gross adds, handset upgrades and rate plan mix when you look at your C-Band markets and your non-C-Band markets? And maybe you can unpack some of that difference, if there is any?

兩個問題。首先，我很好奇，當您查看您的 C 波段市場和非 C 波段市場時，您是否看到總增加、手機升級和費率計劃組合的不同表現？也許你可以解開其中的一些差異，如果有的話？

And then secondly, just going back to some of the comments around guidance. You mentioned some of the possible sensitivities to the operating environment. But I was curious if you could be more specific when you describe lower end of the ranges for wireless service revenue growth, EBITDA and EPS, what specifically is in each of those updated levels of guidance commentary?

其次，回到關於指導的一些評論。您提到了對操作環境的一些可能的敏感性。但我很好奇，當您描述無線服務收入增長、EBITDA 和 EPS 範圍的下限時，您是否可以更具體一些，這些更新的指導評論級別具體是什麼？

I can start with the C-Band. Yes, for obvious reasons, we see more excitement in the markets where we are turning on the C-Band and also some more upgrades. But remember, we are just in the beginning of the C-Band and we started with it in the in the midst basically of the quarter. So we're there at the beginning.

我可以從 C 波段開始。是的，出於顯而易見的原因，我們在打開 C 波段以及更多升級的市場中看到了更多的興奮。但是請記住，我們只是在 C 波段的開始階段，我們基本上是在本季度的中間開始使用它。所以我們一開始就在那裡。

But clearly, when our customers and consumers see the C-Band turned on, they see enormous performance on the network, and that's easier to make a big difference all the time. So far, it may be not so much. But clearly, the excitement is out there.

但很明顯，當我們的客戶和消費者看到 C-Band 開啟時，他們會看到網絡上的巨大性能，而這始終更容易產生重大影響。到目前為止，可能還沒有那麼多。但很明顯，興奮就在那裡。

On the guidance, Mike, so as you think through it in terms of the lower end of the range on wireless service revenue, part of that is obviously, as we see the nature of the competitive environment, but it's also the volumes that you see us delivering and some of the impacts of that.

關於指導，邁克，當您考慮無線服務收入範圍的下限時，其中一部分顯然是，因為我們看到了競爭環境的性質，但它也是您看到的數量我們提供了一些影響。

So excited by 11% increase in activations year-over-year, that shows strong interest from our customers. But that, of course, does mean that we see the amortization impact from promo come through the wireless service revenue. And so we'll see that impact there.

激活量同比增長 11% 令我們興奮不已，這表明我們的客戶對此表現出濃厚的興趣。但這當然意味著我們看到促銷的攤銷影響來自無線服務收入。所以我們會在那裡看到這種影響。

That, of course, will also impact the EBITDA guidance. But the EBITDA guidance also has our views on inflation as well as we think about the year as a whole. And certainly, those views have evolved over the past 90 days for everyone as well. And then -- so obviously, EBITDA impacts the EPS guidance, and the EPS also has the interest expense that I commented on in my prepared remarks, that it's probably a low single-digit impact on an EPS basis that we'll see come through as a result of higher Fed hikes than was probably in people's plans at the start of the year.

當然，這也會影響 EBITDA 指引。但 EBITDA 指引也包含我們對通脹的看法以及我們對全年的看法。當然，這些觀點在過去 90 天裡也對每個人都產生了變化。然後 - 很明顯，EBITDA 影響每股收益指引，每股收益也有我在準備好的評論中評論的利息費用，這可能是我們將看到的每股收益基礎上的低個位數影響由於美聯儲的加息幅度可能高於人們年初的計劃。

So a number of factors impacting each of those items. We still feel very confident in the results of the business we will produce this year and the momentum that we're building in the year across the growth vectors to deliver the long-term aspirations that we all have.

因此，有許多因素會影響這些項目中的每一個。我們仍然對我們今年將產生的業務成果以及我們在這一年通過增長向量建立的勢頭充滿信心，以實現我們所有人的長期願望。

Next question comes from Craig Moffett of MoffettNathanson.

下一個問題來自 MoffettNathanson 的 Craig Moffett。

Yes. So if I think about the wireless business as kind of the traditional PxQ, where at the moment, you're not growing either subscribers or ARPU in the traditional sense for a phone. How much is your guidance dependent on revenue growth outside of that PxQ? I'm thinking in particular about private networks and mobile edge compute. You've talked a lot about the new 5G revenue streams. How much are we actually going to see that in the current year? And how much does it contribute to your forecast?

是的。因此，如果我將無線業務視為一種傳統的 PxQ，目前，您並沒有增加手機的傳統意義上的訂戶或 ARPU。您的指導在多大程度上取決於該 PxQ 之外的收入增長？我特別考慮專用網絡和移動邊緣計算。你已經談了很多關於新的 5G 收入來源的話題。今年我們實際上會看到多少？它對您的預測有多大貢獻？

Yes. Thanks, Craig. So as you think about it, so when you look at the PxQ that you mentioned, we got ARPU up 2.6% on the postpaid side. So certainly see a continuation of executing on the strategy we've talked about of stepping customers up, getting more customers on premium plans. The team continues to do a good job there, and you see that in the ARPA side. You also see, as we mentioned, an increase in the number of accounts on wireless year-over-year, 40,000 more accounts this year than at this time a year ago. So the PxQ there works.

是的。謝謝，克雷格。因此，當您考慮它時，當您查看您提到的 PxQ 時，我們在後付費方面使 ARPU 提高了 2.6%。因此，我們肯定會繼續執行我們談到的提升客戶、讓更多客戶參與高級計劃的戰略。團隊繼續在那裡做得很好，你在 ARPA 方面看到了這一點。正如我們所提到的，您還看到無線帳戶數量同比增加，今年比一年前的這個時候增加了 40,000 個帳戶。所以那裡的 PxQ 可以工作。

But this comes back to what we talked about at the Investor Day, having 5 vectors of growth. And really what we talked about there is just one of them. In addition to that, obviously, we've got fixed wireless access kicking in now, 194,000 net adds in the first quarter, over 400,000 in the base. That's exactly in line with what we said you should see with increasing the base this year. And therefore, that having a more meaningful impact on revenue in '23, but we're building that base now in line with what we've said.

但這又回到了我們在投資者日討論的內容，有 5 個增長向量。實際上，我們談論的只是其中之一。除此之外，很明顯，我們現在已經啟動了固定無線接入，第一季度淨增加了 194,000 個，基數超過 400,000 個。這與我們所說的今年增加基數應該看到的完全一致。因此，這對 23 年的收入產生了更有意義的影響，但我們現在正在按照我們所說的那樣建立這個基礎。

And then you laid out the things like MEC and obviously, on the not just within the B2B space, mobile edge compute, but also as we get into the 5G world, the scope of opportunity for IoT and machine-to-machine continues to increase, and we talked about the momentum we have there. And that's just really getting started.

然後你列出了 MEC 之類的東西，顯然，不僅在 B2B 領域，移動邊緣計算，而且隨著我們進入 5G 世界，物聯網和機器對機器的機會範圍繼續增加，我們談到了我們在那裡的勢頭。這才真正開始。

On the prepaid side, we continue to see the integration of TracFone going as expected, and we expect that to add value as we go forward here. And then we continue to see growth in our network monetization vector too. So we still feel very confident that we have the ability to grow across more vectors and other people. That starts with mobility and it extends into the other one. But absolutely, I think you'll see growth across all of those. Hans?

在預付費方面，我們繼續看到 TracFone 的集成按預期進行，並且我們希望在我們向前發展的過程中增加價值。然後我們繼續看到我們的網絡貨幣化向量也在增長。所以我們仍然非常有信心，我們有能力在更多的載體和其他人中成長。從移動性開始，然後延伸到另一個。但絕對，我認為你會看到所有這些方面的增長。漢斯?

No, I think that just adding on the mobile edge compute and we talked a little bit in the prepared remarks. But clearly, we see the market now with the whole ecosystem coming in there, and we, as the pioneer and the leader in the market, definitely have more engagement than we have ever had before.

不，我認為只是添加移動邊緣計算，我們在準備好的評論中談了一點。但很明顯，我們現在看到整個生態系統進入市場，作為市場的先驅和領導者，我們肯定比以往任何時候都擁有更多的參與度。

Pivoting a little bit to private networks in the beginning, 5G private networks, and then you build on the mobile edge compute on that. So now, I see this as a traditional B2B. And not only that, it's definitely clearly a way for us to build new relationship with our enterprise customer.

一開始稍微轉向專用網絡，5G 專用網絡，然後在此基礎上構建移動邊緣計算。所以現在，我認為這是一個傳統的 B2B。不僅如此，這顯然是我們與企業客戶建立新關係的一種方式。

But I said before, this year, we are building that funnel. We're making it. And of course, when it comes to meaningful revenue or a little bit higher, that's going to be more next year. So -- but clearly, this year, we're going to talk a lot about and show you what we're doing, the solutions we have.

但我之前說過，今年，我們正在建立這個漏斗。我們正在做。當然，當涉及到有意義的收入或更高的收入時，明年會更多。所以 - 但很明顯，今年，我們將談論很多並向您展示我們正在做什麼，我們擁有的解決方案。

And remember also, we have the smaller solution for SMBs when it comes to private 5G networks. We see so many use cases. And remember, all is built on how we built the network from the beginning where we basically, from the data center to the edge of the network, have one unified network, which is fiberized. And then at the edge of the network, we can do different solutions for different type of customer groups. This is going to pay off big time the next 5 to 10 years. And I feel really good about how we have built the network. And seeing also the importance of mobility, broadband and cloud in our society for businesses and people, I think we're so well placed in this. So I feel good about it.

另請記住，在私有 5G 網絡方面，我們為中小型企業提供了更小的解決方案。我們看到了很多用例。請記住，一切都建立在我們從一開始就構建網絡的基礎上，從數據中心到網絡邊緣，我們擁有一個統一的網絡，即光纖化。然後在網絡的邊緣，我們可以針對不同類型的客戶群體做不同的解決方案。這將在未來 5 到 10 年內獲得巨大回報。我對我們如何建立網絡感覺非常好。並且看到移動性、寬帶和雲在我們社會中對企業和個人的重要性，我認為我們在這方面處於有利地位。所以我對此感覺很好。

The next question comes from Doug Mitchelson of Credit Suisse.

下一個問題來自瑞士信貸的 Doug Mitchelson。

I'm just curious on the long-term ambition to build out C-Band. Your Phase I and Phase II is pretty clear through 230 million POPs. Is there attractive returns building out C-Band beyond that? Is there a Phase III? And what's the time frame for that? Just trying to get a line of sight on the long-term capital intensity.

我只是對建立 C-Band 的長期雄心感到好奇。通過 2.3 億個 POP，您的第一階段和第二階段非常清晰。除此之外，建立 C-Band 是否有可觀的回報？有第三階段嗎？什麼是時間框架？只是試圖了解長期資本密集度。

Yes, it is more ambition to continue. When it comes to our capital intensity, I think we outlined that very clearly that we will have the peak year now, then we're coming down. And then in '24, '25, we will have a BAU that is below 12%, with of course, over a decade, the lowest we've had. But that is coming from the investment levels we have done and prepared the network.

是的，繼續下去更有野心。當談到我們的資本密集度時，我認為我們非常清楚地概述了我們現在將迎來高峰年，然後我們正在下降。然後在 24 和 25 年，我們的 BAU 將低於 12%，當然，十年來，這是我們所擁有的最低水平。但這來自我們已經完成和準備網絡的投資水平。

In there, of course, we have the BAU expansion of C-Band. So that's clear. And already right now, as you know, we have moved up. So now we will have doing at least 175 million POPs covered this year. And then, of course, that means also that other pieces of the network will come earlier. And topping that with so far, we're only using 60 megahertz. Now we're adding 100 megahertz in the next 30 markets. But remember, in average, we are 161 megahertz nationwide. And in many and mostly in the rural areas, we're up to 200 megahertz.

在那裡，當然，我們有 C 波段的 BAU 擴展。所以這很清楚。正如你所知，現在我們已經向上移動了。所以現在我們將在今年覆蓋至少 1.75 億個 POPs。然後，當然，這也意味著網絡的其他部分將更早到來。到目前為止，我們只使用了 60 兆赫茲。現在我們在接下來的 30 個市場中增加了 100 兆赫。但請記住，平均而言，我們在全國范圍內的頻率為 161 兆赫。在許多地區，主要是在農村地區，我們的頻率高達 200 兆赫。

So of course, we invested in this spectrum in order to be extremely competitive and do things that nobody else can do. So we're going to continue to do it, but that doesn't change the profile that Matt and I laid out when it comes to capital intensity, that's included. But clearly, we're going to take advantage of the investments we have done. And the sooner we do it, the better it is.

因此，當然，我們在這個範圍內進行投資是為了具有極強的競爭力並做其他人無法做到的事情。因此，我們將繼續這樣做，但這並不會改變馬特和我在資本密集度方面提出的概況，包括在內。但顯然，我們將利用我們所做的投資。我們越早這樣做，效果就越好。

Yes. Doug, just to add on to that a little bit. If you think about network usage and customers' demand on the network continues to grow year-over-year. That's true across every geography. So you should expect no difference in how we think about C-Band rollout to get 5G Ultra Wideband to all of our customers the same way we did with LTE rollout a decade ago.

是的。道格，只是補充一點。如果您考慮網絡使用情況，那麼客戶對網絡的需求會逐年增長。在每個地區都是如此。因此，您應該期望我們對 C 波段推出的想法沒有什麼不同，以使我們所有的客戶都能使用 5G 超寬帶，就像我們十年前推出 LTE 一樣。

And as you saw with the LTE rollout, as we got out of the initial launch areas to more nationwide, we did that within our overall CapEx envelope. And that's what we've described that you should expect from us as we do the same thing with the C-Band and get the 5G experience to all of our customers as soon as possible here.

正如您在 LTE 部署中看到的那樣，隨著我們從最初的發佈區域擴展到全國范圍內，我們在整個資本支出範圍內做到了這一點。這就是我們所描述的您應該對我們的期望，因為我們對 C 波段做同樣的事情，並在這裡盡快為所有客戶提供 5G 體驗。

Angela, we've got time for one more question.

安吉拉，我們還有時間再問一個問題。

Your last question comes from Bryan Kraft with Deutsche Bank.

您的最後一個問題來自德意志銀行的 Bryan Kraft。

I guess, first, I wanted to ask you if you've seen any change in the composition of your postpaid phone gross add mix over the past few quarters in terms of different segments of the market, both in Consumer and Business.

我想，首先，我想問你，在過去的幾個季度裡，你是否看到你的後付費電話總收入組合在消費者和企業的不同市場細分方面有任何變化。

And then more recently, you talked about the softness in March and April. Are there any pockets of strength or weakness that you would call out underneath that overall pressure you've been seeing in March and April? Or is it pretty broad-based?

然後最近，你談到了 3 月和 4 月的疲軟。在 3 月和 4 月看到的總體壓力下，您是否會發現任何優勢或劣勢？或者它的基礎非常廣泛？

And then separately, I just wanted to ask you a follow-up on Fios. I think you've guided to a 550,000 increase in Fios premises passed this year. Are you giving any consideration to accelerating that pace over the next few years given what seemed to be improving economics for fiber broadband across the industry? Or do you think that fixed wireless is just a better way to approach the vast majority of your ILEC footprint that hasn't been upgraded to Fios?

然後另外，我只是想問你對 Fios 的跟進。我認為您已經指導今年通過的 Fios 場所增加了 550,000 個。鑑於整個行業的光纖寬帶經濟似乎正在改善，您是否考慮在未來幾年加快這一步伐？或者您是否認為固定無線只是一種更好的方式來處理絕大多數尚未升級到 Fios 的 ILEC 足跡？

I can start with the second one, because I remember it, and I will come to the wireless customers.

我可以從第二個開始，因為我記得它，我會來無線客戶。

So on the Fios, you're right, 550,000 open for sale this year, which is an increase from 2021. And we will continue to look for opportunities to expand as our customers are loving the product. So there are no limitation on that. That's, of course, the focus is in the ILEC where we're doing the expansion. Outside that, we're predominantly working with fixed wireless access.

所以在 Fios 上，你是對的，今年有 550,000 台開放銷售，比 2021 年有所增加。隨著我們的客戶喜歡該產品，我們將繼續尋找擴展機會。所以沒有限制。當然，重點是我們正在進行擴展的 ILEC。除此之外，我們主要使用固定無線接入。

So ultimately, we want to give high-quality products on broadband that can be used for everything you need in a home or in a business, and that's what we are catering for, either through fixed wireless access and Fios. So we're going to continue to see if we accelerate depending on customer demand. But clearly, as we're increasing Fios this year compared to last year, we see that happening. And our capture rate on Fios is, of course, magnificent. It's great. We're really strong on it.

因此，最終，我們希望提供高質量的寬帶產品，可用於家庭或企業所需的一切，而這正是我們通過固定無線接入和 Fios 提供的服務。因此，我們將繼續查看我們是否會根據客戶需求進行加速。但很明顯，由於我們今年與去年相比增加了 Fios，我們看到了這種情況。當然，我們在 Fios 上的捕獲率非常高。這很棒。我們真的很強大。

When it comes to the wireless customers, and I guess I don't 100% remember the question, so Matt will probably support me at the end there. But one thing that we need to remember, the strength of SMB, for example, that we have had now for many quarters, that is clearly a segment that is doing well on wireless.

談到無線客戶，我想我不會 100% 記得這個問題，所以最後馬特可能會支持我。但是我們需要記住的一件事，例如，我們現在已經擁有許多季度的 SMB 的實力，這顯然是一個在無線領域表現良好的細分市場。

Then on the same time, as Matt has said, we see our customers continue to do upgrades and step ups, that is part of our strategy. And that we're seeing in our base constantly. So I don't think that is a big difference from previous quarters where we've seen before. But I'm not sure. Maybe, Matt, you have something more on that.

同時，正如馬特所說，我們看到我們的客戶繼續進行升級和升級，這是我們戰略的一部分。我們經常在我們的基地看到這一點。因此，我認為這與我們之前看到的前幾個季度沒有太大區別。但我不確定。也許，馬特，你有更多的東西。

Yes. So on the comments about March and April volumes, those are predominantly on the Consumer side, nothing particular in terms of breaking the Consumer apart there in terms of particular areas. But as Hans said, the VBG side, Verizon Business Group continues to do very strong performance across small business, enterprise, public sector, double-digit growth in gross adds across each of those parts of Tami's business in the first quarter, and that was really fairly even throughout the quarter.

是的。因此，在關於 3 月和 4 月銷量的評論中，這些評論主要是在消費者方面，就特定領域而言，在將消費者分開方面並沒有什麼特別之處。但正如 Hans 所說，在 VBG 方面，Verizon 商業集團繼續在小型企業、企業、公共部門方面取得非常強勁的表現，第一季度 Tami 業務的各個部分的總增長均實現兩位數增長，那是整個季度都非常公平。

So we saw a little lower foot traffic on the Consumer side. But the Business side continues to perform at a very even level throughout the quarter as we head into Q2 here.

因此，我們看到消費者方面的客流量有所減少。但是當我們進入第二季度時，業務方面在整個季度中繼續保持非常平穩的水平。

Yes. Thanks, Bryan. Angela, we're ready to finish the call.

是的。謝謝，布萊恩。安吉拉，我們已經準備好結束通話了。

Ladies and gentlemen, this does conclude the conference call for today. Thank you for your participation and for using Verizon conference services. You may now disconnect.

女士們先生們，今天的電話會議到此結束。感謝您的參與和使用 Verizon 會議服務。您現在可以斷開連接。