威訊通訊 (VZ) 2022 Q2 法說會逐字稿

Good morning, and welcome to the Verizon Second 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 年第二季度收益電話會議。 （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 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. Good morning, and welcome to our second quarter earnings conference call. This is Brady Connor, and I'm here with our Chairman and Chief Executive Officer, Hans Vestberg; and Matt Ellis, our Chief Financial Officer.

謝謝，布拉德。早上好，歡迎參加我們的第二季度收益電話會議。我是 Brady Connor，我和我們的董事長兼首席執行官 Hans Vestberg 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. Discussions of factors that may affect future results is contained in Verizon's filings with the SEC, which are available on our website.

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

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。

Now let's take a look at consolidated earnings for the second quarter. In the second quarter, we reported earnings of $1.24 per share on a GAAP basis. Reported second quarter earnings include a pretax loss from special items of approximately $435 million, including a net pretax charge of approximately $198 million related to a mark-to-market adjustment for our pension liabilities.

現在讓我們看一下第二季度的綜合收益。在第二季度，我們報告了按公認會計原則計算的每股收益 1.24 美元。報告的第二季度收益包括約 4.35 億美元的特殊項目的稅前虧損，其中包括與我們的養老金負債按市值調整相關的約 1.98 億美元的稅前淨費用。

In addition, the impact of amortization of intangible assets related to TracFone and other acquisitions was $237 million. Excluding the effects of these special items, adjusted earnings per share was $1.31 in the second quarter.

此外，與 TracFone 和其他收購相關的無形資產攤銷的影響為 2.37 億美元。排除這些特殊項目的影響，第二季度調整後的每股收益為 1.31 美元。

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

有了這個，我現在把電話轉給漢斯，讓我們回顧一下第二季度。

Good morning, everyone, and thank you for joining us today. Our second quarter was not a good barometer for where Verizon has been or where it's going. While we are not satisfied with our performance, we know what the issues are, and we're already executing to reaccelerate in the second half of the year.

大家早上好，感謝您今天加入我們。我們的第二季度並不是 Verizon 的發展方向或未來發展方向的晴雨表。雖然我們對自己的表現不滿意，但我們知道問題出在哪裡，並且我們已經在執行以在下半年重新加速。

As I said in our first quarter earnings call and reiterated since, we're seeing weaker consumer wireless volumes. The inflationary environment is clearly impacting consumer behavior, and we also saw intensified competition for consumer attention. The result was a significant impact on our gross adds.

正如我在第一季度財報電話會議中所說並重申的那樣，我們看到消費者無線業務量疲軟。通脹環境顯然正在影響消費者行為，我們也看到了對消費者註意力的激烈競爭。結果對我們的總增加量產生了重大影響。

Based on our performance this quarter and analysis of the landscape, we're updating our financial guidance by lowering our expectation for service and other revenue, adjusted EBITDA and adjusted earnings per share. Matt will provide more detail in a few minutes.

根據我們本季度的表現和對形勢的分析，我們正在通過降低對服務和其他收入、調整後 EBITDA 和調整後每股收益的預期來更新我們的財務指導。 Matt 將在幾分鐘內提供更多詳細信息。

As you know, we have already responded. Last week, we launched our Welcome Unlimited plan for Consumer wireless that will meet the needs of budget-conscious consumers without providing device subsidies. In addition to these new plans, we took pricing actions in both of our business units to mitigate inflationary pressures.

如您所知，我們已經做出了回應。上週，我們推出了面向消費者無線產品的 Welcome Unlimited 計劃，該計劃將滿足精打細算的消費者的需求，而無需提供設備補貼。除了這些新計劃外，我們還在兩個業務部門採取了定價措施來緩解通脹壓力。

In Consumer, we also adjusted prices for some legacy metered plans, increasing revenue per plan while motivating step-ups to our Unlimited offerings. All of these actions position us for improved performance in the second half of 2022 and into 2023.

在消費者方面，我們還調整了一些傳統計量計劃的價格，增加了每個計劃的收入，同時激勵我們的無限產品升級。所有這些行動使我們能夠在 2022 年下半年和 2023 年改善業績。

More than ever, our leadership team is focused on executing our strategy through operational and customer-focused solutions. While I'm confident that we have the right strategy in place, we will continue to refine our approach as the consumer market evolves.

我們的領導團隊比以往任何時候都更專注於通過運營和以客戶為中心的解決方案來執行我們的戰略。雖然我相信我們制定了正確的戰略，但隨著消費市場的發展，我們將繼續改進我們的方法。

Looking further into our business, we continue to see momentum that gives us confidence in our ability to improve performance over the long term. In our Consumer Group, we have consistently pursued a disciplined strategy of offering high-quality services at the competitive prices. We know the economic pressures that our customers are facing and are carefully bringing new offers to meet their needs.

進一步研究我們的業務，我們繼續看到勢頭，使我們對我們長期提高業績的能力充滿信心。在我們的消費者群體中，我們一直奉行嚴格的戰略，以具有競爭力的價格提供高質量的服務。我們了解我們的客戶所面臨的經濟壓力，並且正在謹慎地提供新的報價以滿足他們的需求。

I'm personally working with the Consumer group to define our disciplined approach to the market while also looking closely at how we operate and do business. This is reflected in the plans and promotions we introduced in May, June and July.

我親自與消費者小組合作，定義我們對市場的嚴格方法，同時密切關注我們如何運營和開展業務。這反映在我們在 5 月、6 月和 7 月推出的計劃和促銷活動中。

Mix and Match continues to drive premium plan adoption, with 78% of our consumer base on Unlimited plans and 39% on Premium Unlimited. We have seen healthy step-ups for 5 consecutive quarters, which continues to drive ARPA growth, and there is room for more.

Mix and Match 繼續推動高級計劃的採用，我們 78% 的消費者使用 Unlimited 計劃，39% 使用 Premium Unlimited。我們已經看到連續 5 個季度的健康增長，這繼續推動 ARPA 增長，並且還有更多空間。

While consumer budgets are becoming strained, we continue to find ways of delivering new valuable services while recognizing that the handset subsidies we're seeing in our industry are not sustainable long term. Our new Welcome Unlimited plan is a great example of this.

雖然消費者預算變得緊張，但我們繼續尋找提供新的有價值服務的方法，同時認識到我們在行業中看到的手機補貼是不可持續的長期。我們新的 Welcome Unlimited 計劃就是一個很好的例子。

We have tailored offers for the full range of Consumer segment from premium to value across postpaid and prepaid to meet all consumer needs in this challenging market condition. In the prepaid value segment, our integration of TracFone is on schedule and provide us with another suite of offerings to bring consumers onto our network.

我們為從優質到超值的後付費和預付費的全方位消費者細分市場量身定制了優惠，以滿足這一充滿挑戰的市場條件下的所有消費者需求。在預付費價值領域，我們對 TracFone 的整合如期進行，並為我們提供了另一套產品，將消費者帶入我們的網絡。

Our fixed wireless access solution continues to bring us new connections. Across Consumer and Business, we increased fixed wireless net adds by 32% over the first quarter, driven by a 50% increase from our Consumer group.

我們的固定無線接入解決方案繼續為我們帶來新的連接。在消費者和企業領域，我們在第一季度增加了 32% 的固定無線網絡，這得益於我們的消費者群體增長了 50%。

In our Business group, we again delivered excellent wireless volumes, with 430,000 net adds, including 227,000 postpaid phone net adds in the quarter. This marks our third consecutive quarter exceeding 200,000 wireless phone net adds.

在我們的業務組中，我們再次交付了出色的無線業務量，淨增加 430,000 個，其中包括本季度 227,000 個後付費電話淨增加。這標誌著我們連續第三個季度無線電話網新增數超過 200,000。

In the Global Enterprise market, businesses, government agencies and other institutions continue to recognize the power of Verizon's network and the importance of digitalization. This week, we announced an over $400 million project with FPI to help the Bureau meet its global bandwidth demands. We will provide direct access to their development team, and we'll advise on system enhancements like cloud computing, video and imaging transmission and data applications.

在全球企業市場，企業、政府機構和其他機構繼續認識到 Verizon 網絡的力量和數字化的重要性。本週，我們宣布了一項與 FPI 合作的超過 4 億美元的項目，以幫助該局滿足其全球帶寬需求。我們將提供與他們的開發團隊的直接聯繫，並就雲計算、視頻和圖像傳輸以及數據應用程序等系統增強提供建議。

We'll also offer private 5G solutions to optimize complex organizations. We recently partnered with the Virginia International Terminals to build a Private 5G network across its Seaports campus. This network is scalable to replace Wi-Fi with more secure connectivity.

我們還將提供私有 5G 解決方案來優化複雜的組織。我們最近與弗吉尼亞國際碼頭合作，在其海港園區建立了一個私有 5G 網絡。該網絡具有可擴展性，可以用更安全的連接取代 Wi-Fi。

We're seeing new opportunities and increased demand for these network solutions from enterprises and other organizations. Verizon is uniquely positioned to take advantage of the moment and provide the highest-quality private networks to these customers.

我們看到企業和其他組織對這些網絡解決方案的新機遇和需求增加。 Verizon 具有獨特的優勢，可以利用這一時機為這些客戶提供最高質量的專用網絡。

Private networks are the gateway to mobile edge compute, which can deliver game-changing customer outcomes, including revenue growth, new customer experience and cost savings. During the second quarter, we expanded our MEC ecosystem by bringing AWS Wavelength zones to Nashville and Tampa and now reached 19 metro areas. This means that 75% of the U.S. population is now within 150 miles of Verizon's 5G Edge.

專用網絡是移動邊緣計算的門戶，它可以提供改變遊戲規則的客戶成果，包括收入增長、新的客戶體驗和成本節約。在第二季度，我們通過將 AWS Wavelength 區域引入納什維爾和坦帕來擴展了我們的 MEC 生態系統，現在已經覆蓋了 19 個都會區。這意味著 75% 的美國人口現在距離 Verizon 的 5G Edge 不到 150 英里。

In partnership with Truist, we supported the launch of the 10,000-square foot (sic) [100,000-square foot] Innovation Technology Center in Charlotte, North Carolina. As a founding member of the Innovators in Residence program, we will help create a global hub for the development of 5G and MEC application in the Financial Service segment. This trend will continue to create growth opportunity for us across a range of industries, as we are a market leader in 5G private networks and in mobile edge compute.

通過與 Truist 合作，我們支持在北卡羅來納州夏洛特啟動 10,000 平方英尺 (原文如此) [100,000 平方英尺] 的創新技術中心。作為 Innovators in Residence 計劃的創始成員，我們將幫助創建一個全球中心，以開發金融服務領域的 5G 和 MEC 應用程序。這一趨勢將繼續為我們在各行各業創造增長機會，因為我們是 5G 專用網絡和移動邊緣計算領域的市場領導者。

The momentum in Verizon Business is a fitting send-off for Group CEO, Tami Erwin, who is ending her amazing 35-year career at Verizon. We promoted Sampath at the Verizon's Business CEO on July 1. Sampath brings over 2 decades of experience in digital networks, critical infrastructure protection and a deep understanding on how networks play a role in enterprise growth and global security. He has been part of the Verizon team for more than 8 years, and I know that he is the right leader to take Verizon Business forward.

Verizon Business 的發展勢頭對集團首席執行官 Tami Erwin 來說是一個合適的告別，她即將結束在 Verizon 的 35 年職業生涯。 7 月 1 日，我們在 Verizon 的業務 CEO 中推廣了 Sampath。Sampath 帶來了 2 多年在數字網絡、關鍵基礎設施保護方面的經驗，以及對網絡如何在企業增長和全球安全中發揮作用的深刻理解。他已經成為 Verizon 團隊的一員超過 8 年，我知道他是推動 Verizon Business 前進的正確領導者。

The power of our network gives us the flexibility to meet the needs of our customers across Consumer and Business. The continued and speedy expansion of our network and capabilities creates agility and optionality within our larger strategy.

我們網絡的力量使我們能夠靈活地滿足消費者和企業客戶的需求。我們網絡和能力的持續快速擴展在我們更大的戰略中創造了敏捷性和可選性。

We ended the quarter with 135 million POPs covered by C-Band and remain on track to reach at least 175 million POPs by the end of the year. With the early clearance that we announced in March, we're expanding service into an additional 30 markets and have started deploying 100 megahertz of C-Band spectrum in many markets across the U.S., almost doubling the spectrum available for 5G.

本季度結束時，C 波段覆蓋了 1.35 億個 POP，並且有望在年底前達到至少 1.75 億個 POP。隨著我們在 3 月宣布的早期批准，我們正在將服務擴展到另外 30 個市場，並已開始在美國的許多市場部署 100 兆赫的 C 波段頻譜，使 5G 可用的頻譜幾乎翻了一番。

We're seeing the phenomenal performance we expected. Network usage is growing quickly, with C-Band users up 233% since the end of the first quarter and millimeter wave traffic up 49% year-to-date. Where C-Band is deployed, it accounts for more than 1/3 of our wireless traffic on average. Consumers are also equipped with the devices they need to use 5G. Currently, 47% of our consumer base has a 5G phone, and we expect that number to reach nearly 60% by year-end.

我們看到了我們預期的驚人表現。網絡使用量正在快速增長，C-Band 用戶自第一季度末以來增長了 233%，毫米波流量今年迄今增長了 49%。在部署 C-Band 的地方，它平均占我們無線流量的 1/3 以上。消費者還配備了使用 5G 所需的設備。目前，我們 47% 的消費者群體擁有 5G 手機，我們預計到年底這一數字將達到近 60%。

Our already-best wireless network continues to earn recognition for its performance and dependability. This month, J.D. Power gave us the highest number of awards for network quality for the 29th time in a row. And RootMetrics recognized us for having the best overall network performance in the country for the 18th time in 9 years.

我們已經最好的無線網絡繼續因其性能和可靠性而獲得認可。本月，J.D. Power 連續第 29 次為我們頒發了最高數量的網絡質量獎項。 RootMetrics 9 年來第 18 次表彰我們在該國擁有最佳的整體網絡性能。

Turning to the second half of the year. We will continue to listen to our customers and give them reason to sign up, stay and upgrade with us. This month, we also added, on top of our yearly business transformation, a multiyear program to enhance our efficiency measures and actuate the cost benefits delivered. This will ensure that our balance sheet remains strong for the market ahead.

轉眼到下半年。我們將繼續傾聽客戶的意見，並讓他們有理由註冊、入住和升級。本月，除了年度業務轉型之外，我們還增加了一項多年計劃，以提高我們的效率措施並實現所交付的成本效益。這將確保我們的資產負債表在未來市場中保持強勁。

We are on the horizon with the goal of growing our business and controlling costs. We will never shy away from investing a portion of our cost savings in our growth initiatives. We are confident in our ability to deliver both efficiency and growth while creating long-term value for our shareholders.

我們的目標是發展我們的業務和控製成本。我們絕不會迴避將部分成本節約投資於我們的增長計劃。我們對在為股東創造長期價值的同時實現效率和增長的能力充滿信心。

Before I turn it over to Matt to give you more details on our results and our outlook for the second half of the year, I want to mention that we reached a tentative deal with our unions to extend our collective bargaining agreement. This extension will provide us with labor stability focused on our customers and opportunities to grow our business over the next 4 years.

在我將其交給馬特向您提供有關我們的結果和下半年展望的更多詳細信息之前，我想提一下，我們與工會達成了一項臨時協議，以延長我們的集體談判協議。此次延期將為我們提供以客戶為中心的勞動力穩定性，並為我們在未來 4 年內發展業務提供機會。

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. As Hans said, this was a challenging quarter, and our results did not meet the expectations we have set for ourselves. We have implemented multiple actions to better position Verizon for the future. At the same time, we expect the market environment to continue to be very competitive for the remainder of 2022.

謝謝你，漢斯。大家早上好。正如漢斯所說，這是一個充滿挑戰的季度，我們的業績沒有達到我們為自己設定的預期。我們已經實施了多項行動來更好地定位 Verizon 的未來。同時，我們預計市場環境在 2022 年剩餘時間內將繼續保持競爭激烈。

Before discussing our expectations for the remainder of the year, let's walk through results from the second quarter, beginning with an overview of our postpaid mobility results on Slide 7. Our runway for mobility growth is predicated on driving our customer base into higher-value data plans, and we continue to make good progress in the second quarter.

在討論我們對今年剩餘時間的預期之前，讓我們回顧一下第二季度的結果，首先在幻燈片 7 上概述我們的後付費移動結果。我們的移動增長跑道基於將我們的客戶群推向更高價值的數據計劃，我們在第二季度繼續取得良好進展。

Premium penetration within our consumer base increased to 39% at quarter-end, and 57% of new accounts in the quarter selected Premium Unlimited. And step-ups within our existing base remained healthy. This activity helped drive a 2.4% year-over-year increase in Consumer postpaid ARPA.

季度末，我們消費者群中的保費滲透率增加到 39%，本季度 57% 的新賬戶選擇了 Premium Unlimited。我們現有基地內的升級仍然健康。這項活動幫助推動消費者後付費 ARPA 同比增長 2.4%。

Our recent administrative fee increase and economic adjustment charge began to show on customers' bills in the last few days of the second quarter. And we expect close to a full quarter's benefit to revenue and ARPA trends in the third quarter while our metered price changes will be phased-in throughout the third quarter, which will provide an additional uplift.

我們最近的行政費用增加和經濟調整費用在第二季度的最後幾天開始出現在客戶的賬單上。我們預計第三季度將接近整個季度的收入和 ARPA 趨勢，而我們的計量價格變化將在整個第三季度逐步實施，這將提供額外的提升。

We reported postpaid phone net adds of 12,000 in the second quarter as strong Business results more than offset softer Consumer performance. Business delivered 227,000 postpaid phone net adds in the quarter. We continue to see strong demand across all lines of the Business group as phone gross adds were up nearly 30% from the same period a year ago, and we expect this strong performance to continue.

我們報告第二季度後付費電話淨增加 12,000 部，因為強勁的業務業績抵消了疲軟的消費者表現。業務在本季度交付了 227,000 個後付費電話網絡。我們繼續看到業務集團所有業務線的強勁需求，因為電話總增加量比去年同期增長了近 30%，我們預計這種強勁的表現將持續下去。

On the Consumer side, postpaid phone net losses were 215,000 in the quarter and stemmed from 2 main drivers. First, churn increased by 10 basis points compared to the same period last year. Higher involuntary churn contributed roughly half of the increase due to the expiration of state consumer protection policies and less stimulus funding. This was coupled with an 11% decline in phone gross adds from the prior year, driven by the competitive offerings in the marketplace.

在消費者方面，本季度後付費電話淨損失為 215,000 部，主要由 2 個驅動因素造成。首先，客戶流失率比去年同期增加了 10 個基點。由於國家消費者保護政策到期和刺激資金減少，較高的非自願流失貢獻了大約一半的增長。此外，受市場競爭產品的推動，手機總增長量較上年下降了 11%。

As Hans indicated, we recently introduced a Welcome plan in order to drive demand for more price-conscious consumers, particularly as they make spending adjustments due to the effects of higher inflation. This new plan is well positioned to attract new customers, especially for those who bring their own device.

正如漢斯所說，我們最近推出了一項歡迎計劃，以推動對價格敏感的消費者的需求，尤其是在他們因通脹上升而進行支出調整時。這項新計劃可以很好地吸引新客戶，尤其是那些自帶設備的客戶。

It is our most basic Unlimited offering with no device promotions or many of the other features available in Mix and Match Unlimited 2.0 plans. We reserve our most generous acquisition and retention offers for consumers willing to select our Premium Unlimited plans, and we believe that opportunities exist to better serve these high-value customers.

這是我們最基本的 Unlimited 產品，沒有設備促銷或 Mix and Match Unlimited 2.0 計劃中提供的許多其他功能。我們為願意選擇我們的 Premium Unlimited 計劃的消費者保留最慷慨的收購和保留優惠，我們相信存在更好地為這些高價值客戶服務的機會。

Upgrade activity remained elevated throughout the quarter, reflecting loyalty within our core customer base while also serving to drive greater premium adoption. As a result, total postpaid phone activations across Consumer and Business were up 8% from the same period last year.

整個季度的升級活動保持活躍，反映了我們核心客戶群的忠誠度，同時也有助於推動更高的高端採用率。因此，消費者和企業的後付費電話激活總數比去年同期增長了 8%。

Let's now discuss broadband performance on Slide 8. During the second quarter, we continued to scale and grow our nationwide broadband opportunity with additional expansion of fixed wireless households and businesses covered. In addition, we expanded Fios availability to an additional 150,000 homes during the quarter and are on track to achieve our target of 550,000 incremental homes open for sale in 2022.

現在讓我們在幻燈片 8 上討論寬帶性能。在第二季度，我們繼續擴大和擴大我們在全國范圍內的寬帶機會，並進一步擴大了覆蓋的固定無線家庭和企業。此外，我們在本季度將 Fios 的可用性擴大到了 150,000 套房屋，並有望實現我們在 2022 年增加 550,000 套待售房屋的目標。

Total broadband net adds were 268,000 in the quarter, an increase of 39,000 sequentially in what is traditionally a seasonally softer quarter. Fixed wireless momentum accelerated as we added 256,000 subscribers in the quarter, up from 194,000 in 1Q. Fixed wireless net adds have increased every month throughout 2022, and we expect to continue that trend in the third quarter.

本季度寬帶淨增加總量為 268,000，比傳統上季節性疲軟的季度環比增加 39,000。隨著我們在本季度增加了 256,000 名用戶，高於第一季度的 194,000 名，固定無線業務的發展勢頭加快。整個 2022 年，固定無線網絡增加量每月都在增加，我們預計第三季度將繼續這一趨勢。

We also added 36,000 Fios Internet net adds during the second quarter. While Fios Internet churn remains well below pre-pandemic levels, we are seeing softer gross adds due to lower-than-expected switching activity from moves and fewer new home purchases. We recently introduced Fios Mix and Match 3.0 that aligns our Fios and fixed wireless pricing and better positions us to grow joint account penetration.

我們還在第二季度增加了 36,000 個 Fios Internet 網絡。儘管 Fios 互聯網流失率仍遠低於大流行前的水平，但由於搬家的轉換活動低於預期以及新房購買量減少，我們看到總增長量有所放緩。我們最近推出了 Fios Mix and Match 3.0，它使我們的 Fios 和固定無線定價保持一致，並更好地幫助我們提高聯合賬戶滲透率。

Now let's talk about the value market on Slide 9. Our integration of TracFone is on track, and the team remains focused on enhancing the customer value proposition and delivering cost synergies through migrating off-net customers onto the Verizon network.

現在讓我們在幻燈片 9 上談談價值市場。我們對 TracFone 的整合正在進行中，團隊仍然專注於通過將網外客戶遷移到 Verizon 網絡來增強客戶價值主張和提供成本協同效應。

Our TracFone brands had net prepaid losses of 227,000 in the second quarter, and total Verizon prepaid net losses were 229,000. These results exclude a base adjustment of 402,000 related to a competitor's 3G shutdown. Our prepaid volumes were impacted by aggressive postpaid promotions. As we made progress on our TracFone integration initiatives, we will be better positioned to serve those customers wanting to migrate to postpaid offerings.

我們的 TracFone 品牌第二季度預付淨虧損 227,000 美元，Verizon 預付淨虧損總額為 229,000 美元。這些結果不包括與競爭對手關閉 3G 相關的 402,000 的基數調整。我們的預付費量受到激進的後付費促銷活動的影響。隨著我們在 TracFone 集成計劃上取得進展，我們將更好地為那些希望遷移到後付費產品的客戶提供服務。

Our business case had anticipated subscriber losses during the early phase of the integration period, which we expect to continue into the second half of the year. However, should customer preferences shift to the value market and make recessionary concerns, we would expect to see some benefits. Prepaid ARPU was $31.26 in the quarter, up modestly on a sequential basis, and we expect it to remain stable going forward.

我們的商業案例預計在整合期的早期階段會有用戶流失，我們預計這種情況將持續到今年下半年。然而，如果客戶偏好轉向價值市場並引發衰退擔憂，我們預計會看到一些好處。本季度預付 ARPU 為 31.26 美元，環比小幅增長，我們預計未來將保持穩定。

Now let's move to the consolidated financial results on Slide 10. On a consolidated basis, total revenue was relatively flat year-over-year as wireless service revenue growth and higher wireless equipment revenue were offset primarily by wireline declines and the net impacts of last year's M&A activity. Total wireless service revenue growth was 9.1%, primarily driven by our ownership of TracFone, further progress on our Premium Unlimited strategy and strong Business volumes.

現在讓我們來看幻燈片 10 的合併財務結果。在合併的基礎上，總收入與去年同期相比相對持平，因為無線服務收入增長和更高的無線設備收入主要被有線下降和去年的淨影響所抵消併購活動。無線服務總收入增長 9.1%，主要得益於我們對 TracFone 的所有權、我們的 Premium Unlimited 戰略的進一步進展和強勁的業務量。

Service and other revenue was down 3.9% for the quarter as the revenues lost from Verizon Media more than offset net incremental revenue from TracFone. Adjusted EBITDA was $11.9 billion for the quarter, down 2.6% year-over-year due to the divestiture of Verizon Media, higher device subsidies and promotional spending associated with the increased wireless activations, wireline revenue declines and inflationary cost pressures.

本季度服務和其他收入下降了 3.9%，因為 Verizon Media 的收入損失超過了 TracFone 的淨增量收入。本季度調整後的 EBITDA 為 119 億美元，同比下降 2.6%，原因是 Verizon Media 的剝離、更高的設備補貼和與無線激活增加相關的促銷支出、有線收入下降和通脹成本壓力。

Regarding inflation, we are seeing the pressures within our cost structure, most notably on labor costs, utilities and transportation and logistics expenses. We expect these pressures to accelerate in the second half of the year and have an impact on profitability and earnings.

關於通貨膨脹，我們看到成本結構中的壓力，尤其是勞動力成本、公用事業以及運輸和物流費用。我們預計這些壓力將在下半年加速，並對盈利能力和收益產生影響。

As Brady and Hans highlighted, adjusted EPS for the second quarter was $1.31, down 5.8% from the prior year. This primarily reflects the impact of our adjusted EBITDA results and higher D&A related to our C-Band rollout.

正如布雷迪和漢斯強調的那樣，第二季度調整後的每股收益為 1.31 美元，比去年同期下降 5.8%。這主要反映了我們調整後的 EBITDA 結果和與我們的 C 波段推出相關的更高 D&A 的影響。

Now let's take a look at our second quarter Consumer financial results. Total Consumer revenue for the quarter grew 9.1% year-over-year, driven by the inclusion of TracFone, higher equipment revenue and core wireless service revenue growth. Wireless service revenue was up 10.5% year-over-year, also driven by the inclusion of TracFone and postpaid ARPU growth.

現在讓我們來看看我們第二季度的消費者財務業績。本季度消費者總收入同比增長 9.1%，這得益於 TracFone 的加入、更高的設備收入和核心無線服務收入的增長。無線服務收入同比增長 10.5%，這也受到 TracFone 和後付費 ARPU 增長的推動。

Total Fios revenue was flat versus the same period a year ago as Internet growth was offset by video and voice declines. Consumer EBITDA was $10.4 billion, down 0.3% compared to the same period last year. A higher contribution from TracFone was more than offset primarily by higher promotional activity. Consumer EBITDA margin was 40.5% in the quarter.

由於互聯網的增長被視頻和語音的下降所抵消，Fios 的總收入與去年同期持平。消費者 EBITDA 為 104 億美元，與去年同期相比下降 0.3%。 TracFone 的較高貢獻主要被較高的促銷活動所抵消。本季度消費者 EBITDA 利潤率為 40.5%。

Now let's take a close look at the Business financial results on Slide 12. The Business segment's wireless results remained strong in 2Q, while wireline service declines continued amid a softening economy and ongoing secular headwinds. Wireless service revenue growth of 3.0% was up from 2.1% last quarter.

現在讓我們仔細看看幻燈片 12 上的業務財務業績。業務部門的無線業績在第二季度保持強勁，而在經濟疲軟和持續的長期逆風中，有線服務繼續下滑。無線服務收入增長 3.0%，高於上一季度的 2.1%。

Small and Medium Business continued its strong momentum, accelerating growth for the second consecutive quarter, while Global Enterprise had its best performance since the first quarter of 2020. Business wireline declines were elevated this quarter, in part due to foreign currency and federal USF, which together impacted growth by more than 300 basis points year-over-year. The secular pressures from technology migration continued to weigh on legacy voice and data services, and we expect this trend to continue.

中小企業繼續保持強勁勢頭，連續第二個季度加速增長，而 Global Enterprise 則創下 2020 年第一季度以來的最佳表現。本季度商業有線業務下降幅度有所上升，部分原因是外彙和聯邦 USF，同比增長超過 300 個基點。技術遷移帶來的長期壓力繼續對傳統語音和數據服務造成壓力，我們預計這一趨勢將持續下去。

Business EBITDA was $1.7 billion for the quarter, down 6.5% from the prior year. In addition to wireline revenue declines, we experienced elevated device subsidies related to the 15% year-over-year increase in wireless activations in the quarter. EBITDA margin was 22.9% in the second quarter.

本季度的商業 EBITDA 為 17 億美元，比去年同期下降 6.5%。除了有線收入下降外，我們還經歷了與本季度無線激活同比增長 15% 相關的設備補貼增加。第二季度 EBITDA 利潤率為 22.9%。

Moving on to Slide 13 and the cash flow summary. Cash flow from operating activities for the first half of 2022 totaled $17.7 billion compared with $20.4 billion in the prior year period. The reduction was primarily due to working capital impacts from higher device activations and increased inventory levels as part of our supply chain management in the current environment.

轉到幻燈片 13 和現金流摘要。 2022 年上半年經營活動產生的現金流總額為 177 億美元，而去年同期為 204 億美元。減少的主要原因是作為我們在當前環境下供應鏈管理的一部分，更高的設備激活和增加的庫存水平對營運資金的影響。

Capital spending for the first half of the year totaled $10.5 billion, an increase of $1.8 billion compared to last year, driven by C-Band spending of $2.8 billion. The net result of cash flow from operations and capital spending is free cash flow of $7.2 billion for the first half of the year.

今年上半年的資本支出總額為 105 億美元，比去年增加了 18 億美元，其中 C-Band 支出為 28 億美元。來自運營和資本支出的現金流的淨結果是今年上半年的自由現金流為 72 億美元。

We exited the quarter with $130.6 billion of net unsecured debt, a sequential improvement of $5 billion resulting in a net unsecured debt-to-adjusted EBITDA ratio of 2.7x. In a period of rising interest rates, our balance sheet is in a strong position, with less than $2 billion of unsecured bonds maturing in the next 18 months.

我們以 1,306 億美元的淨無擔保債務退出本季度，環比增加 50 億美元，導致淨無擔保債務與調整後 EBITDA 的比率為 2.7 倍。在利率上升的時期，我們的資產負債表處於強勢地位，未來 18 個月到期的無擔保債券不到 20 億美元。

Lastly, let's move to an update on guidance for the remainder of the year. Based on our current expectations, we are updating our guidance for the year. We now expect wireless service revenue growth to be in the range of 8.5% to 9.5%, down from the prior 9% to 10% range. The pricing actions already implemented are expected to contribute approximately $1 billion in the second half of 2022.

最後，讓我們來看看今年剩餘時間的指導更新。根據我們目前的預期，我們正在更新我們的年度指導。我們現在預計無線服務收入增長將在 8.5% 至 9.5% 的範圍內，低於之前的 9% 至 10% 的範圍。已經實施的定價行動預計將在 2022 年下半年貢獻約 10 億美元。

However, this benefit is expected to be offset by the accounting impact of promotional activity and the impact of lower net adds. As a result of the reduction in wireless service revenue expectations and anticipated ongoing wireline pressures, we now expect service and other revenue growth to be in the range of minus 1% to flat.

然而，預計這一收益將被促銷活動的會計影響和較低淨增加的影響所抵消。由於無線服務收入預期下降和預期的持續有線壓力，我們現在預計服務和其他收入增長將在負 1% 的範圍內持平。

We are lowering our adjusted EBITDA growth expectations for the full year to a range of minus 1.5% to flat versus our prior range of 2% to 3%. This revised outlook accounts for higher levels of activations, driven by our promotional activity, inflation-driven costs that we discussed previously, the reduction in wireless service revenue and Business wireline revenue headwinds.

我們將調整後的全年 EBITDA 增長預期下調至負 1.5% 至持平，而之前的區間為 2% 至 3%。這一修訂後的前景說明了更高水平的激活，這是由我們之前討論的促銷活動、通貨膨脹驅動的成本、無線服務收入的減少和商業有線收入的不利因素推動的。

Our guidance assumes Consumer EBITDA margin in 3Q to be similar to margins seen in the first half, with typical seasonality in 4Q. Business EBITDA margins in the second half of 2022 are expected to be in line with those reported in the first half of the year.

我們的指引假設第三季度消費者 EBITDA 利潤率與上半年相似，第四季度具有典型的季節性。預計 2022 年下半年的業務 EBITDA 利潤率將與上半年報告的一致。

Finally, we are lowering our full year adjusted EPS guidance to a range of $5.10 to $5.25 versus the prior $5.40 to $5.55 range. This view reflects the reduction in adjusted EBITDA as well as incremental cash interest expense versus our expectations at the beginning of the year of about $300 million for the full year compared with the $150 million to $200 million we estimated last quarter due to updated market expectations for additional Fed fund rate increases.

最後，我們將調整後的全年每股收益指引下調至 5.10 美元至 5.25 美元的區間，而之前的區間為 5.40 美元至 5.55 美元。這一觀點反映了調整後的 EBITDA 以及現金利息支出的增加與我們年初的預期相比減少了約 3 億美元，而我們上季度估計為 1.5 億至 2 億美元，原因是市場對額外的聯邦基金利率上調。

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 of C-Band-related spending. In closing, we are confident in our strategy and believe that our assets position us well to generate long-term shareholder value.

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-Band 相關支出。最後，我們對我們的戰略充滿信心，並相信我們的資產能夠很好地為我們創造長期股東價值。

I will now turn the call back to Hans for concluding comments before we open up to questions. Thank you.

在我們提出問題之前，我現在將電話轉回給 Hans 以徵求結論性意見。謝謝你。

Thank you, Matt. In summary, we view this quarter and second half challenges as short term. We have a strong and resilient business model that is well suited to deliver favorable financial results, even in uncertain economic times.

謝謝你，馬特。總之，我們認為本季度和下半年的挑戰是短期的。我們擁有強大而有彈性的商業模式，即使在不確定的經濟時期，也非常適合提供良好的財務業績。

In this environment, we remain disciplined and focused on delivering long-term shareholder value through improved revenue and profitability, with healthy cash generation that supports our network investments and dividend policy as well as a strong balance sheet. We also have the best team in the industry, and I know they are ready to deliver.

在這種環境下，我們保持自律，專注於通過提高收入和盈利能力，以支持我們的網絡投資和股息政策以及強大的資產負債表的健康現金產生來提供長期股東價值。我們還擁有業內最好的團隊，我知道他們已經準備好交付。

The actions we have taken in our Consumer business creates an opportunity to solidify Consumer performance. Those actions include new postpaid plans and our continued integration of TracFone. Fixed wireless access for both Consumer and Business has proven to be a powerful connectivity solution. We expect our nationwide broadband presence and our fixed wireless subscriber base to grow well into the future. We will continue to drive Business wireless subscription and expand our MEC ecosystem.

我們在消費者業務中採取的行動為鞏固消費者績效創造了機會。這些行動包括新的後付費計劃和我們對 TracFone 的持續整合。事實證明，面向消費者和企業的固定無線接入是一種強大的連接解決方案。我們預計我們在全國范圍內的寬帶業務和我們的固定無線用戶群將在未來增長良好。我們將繼續推動商業無線訂閱並擴展我們的 MEC 生態系統。

Taken together, and combined with our accelerated efficiency work, our actions during the quarter address our competitive challenges. And we'll continue to listen to our customers and thoughtfully respond in the marketplace. Our second quarter initiatives are designed to strengthen our Network-as-a-Service capacity, which uses the power of our network to drive results from our 5 vectors of growth.

總而言之，結合我們加快效率的工作，我們在本季度的行動解決了我們的競爭挑戰。我們將繼續傾聽客戶的心聲，並在市場上做出深思熟慮的回應。我們第二季度的舉措旨在加強我們的網絡即服務能力，該能力利用我們網絡的力量來推動我們 5 個增長向量的結果。

Thank you for all, and we're ready to take your questions. Brady, back to you.

謝謝大家，我們已準備好回答您的問題。布雷迪，回到你身邊。

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

謝謝，漢斯。布拉德，我們已經準備好提問了。

(Operator Instructions) Your first question comes from Brett Feldman of Goldman Sachs.

（操作員說明）您的第一個問題來自高盛的 Brett Feldman。

And 2 questions, if you don't mind. Yesterday, AT&T cited that they were seeing a delay in the collections of payments, specifically from their consumer customer base. So I was curious, have you seen any stretching out of DSOs or bad debt expense? And really, what's embedded in your outlook, especially if you're anticipating that the macro remains a bit tougher?

還有2個問題，如果你不介意的話。昨天，AT&T 表示，他們發現收款出現延遲，特別是來自消費者客戶群的收款。所以我很好奇，你有沒有看到 DSO 或壞賬費用的延伸？真的，你的前景中包含什麼，特別是如果你預計宏觀仍然會更加艱難？

And then the second question is, you outlined some of the steps you've taken from a price plan standpoint to sort of better position your Consumer Wireless business. Is there anything else you think you need to do at this point? Or is it mostly execution-driven? And all in, do you think the steps you have taken so far are sufficient to get back to positive Consumer postpaid phone net adds in the third quarter or at some point in the second half of the year?

然後第二個問題是，您從價格計劃的角度概述了您為更好地定位您的消費者無線業務而採取的一些步驟。您認為此時您還需要做些什麼嗎？或者它主要是執行驅動的？總而言之，您認為您迄今為止採取的措施是否足以讓消費者後付費電話網絡在第三季度或下半年的某個時候恢復到積極的增長？

Thank you, Brett. I can start with the second part of it. As you said, I mean, we have taken several actions in the quarter, aggressive all the way from the new Unlimited plan with bring your own device and no subsidy. And then, of course, we also have done our increases on the pricing actions we have taken.

謝謝你，布雷特。我可以從它的第二部分開始。正如你所說，我的意思是，我們在本季度採取了幾項行動，從新的無限計劃一直積極進取，自帶設備且沒有補貼。然後，當然，我們也增加了我們所採取的定價行動。

So we've taken that, but we constantly now evaluate if we need to do something more. But we will be very conscious about discipline in the market because I don't think that it's sustainable long term to continue with the subsidized model. So we will pulse in and pulse out, of course. It's a holiday season, of course, that will be there. So we will work with that one. But clearly, that will do.

所以我們接受了這一點，但我們現在不斷評估是否需要做更多的事情。但是我們會非常注意市場的紀律，因為我認為繼續採用補貼模式是不可持續的。所以我們當然會跳進跳出。當然，這是一個假期。所以我們將與那個合作。但很明顯，這將是可行的。

But remember, also, if you look at our value -- our premium segment, this is in the high end, we're doing really well. We have high-quality cost to customers. You see the step-ups continuing. So what we are addressing right now is the metered and low-end Unlimited, which are more price conscious right now. And that's what we're addressing with it.

但請記住，如果你看看我們的價值——我們的高端細分市場，這是高端的，我們做得很好。我們對客戶有高質量的成本。您會看到升級仍在繼續。因此，我們現在要解決的是計量和低端 Unlimited，它們現在更具價格意識。這就是我們要解決的問題。

So we are more surgical than just making any blanket decisions here. So that's very good. And on top of that, we feel good about TracFone. Of course, if the market would turn even worse, I mean, we have TracFone. And then we can play in all segments and meet all the demand from different customers. But clearly, we're staying extremely close.

因此，我們比在這裡做出任何籠統的決定更具外科性。所以這很好。最重要的是，我們對 TracFone 感覺良好。當然，如果市場變得更糟，我的意思是，我們有 TracFone。然後我們可以在所有細分市場中發揮作用，滿足不同客戶的所有需求。但很明顯，我們非常接近。

With Matt and I and Manon and her team, we work weekly to see where the market is going, if we need to adjust. But we will always think about how we -- our financial discipline and how we preserve cash. Because we always need to think 2x before we bring in customers. We want high-quality customers.

與馬特和我以及曼農和她的團隊一起，我們每週工作一次，看看市場走向，如果我們需要調整。但我們將始終考慮我們如何——我們的財務紀律以及我們如何保存現金。因為在吸引客戶之前，我們總是需要思考 2 倍。我們需要高質量的客戶。

Matt, maybe you can comment on the customer base.

馬特，也許你可以評論一下客戶群。

Yes. Thanks, Hans. And thanks for the question, Brett. So -- and actually building on your last comment there, Hans, about high-quality customers. Brett, that shows up in the payment patterns we're seeing. We haven't seen any noticeable change in the payment patterns from customers, continues to be very good, very much in line with what we were seeing pre-COVID, in fact, slightly better than that time period.

是的。謝謝，漢斯。謝謝你的問題，布雷特。所以——實際上是基於你最後的評論，漢斯，關於高質量客戶。布雷特，這顯示在我們看到的支付模式中。我們沒有看到客戶的支付方式有任何明顯的變化，仍然非常好，非常符合我們在 COVID 之前看到的情況，實際上比那個時間段要好一些。

And when you look at the quality of the business we're writing, the FICO scores in our DPP portfolio has never been higher. So at this point in time, we're continuing to see the type of strong payment patterns that you would expect from the high-quality customer base that we have.

當您查看我們正在撰寫的業務質量時，我們的 DPP 投資組合中的 FICO 分數從未如此高。因此，在這個時間點，我們將繼續看到您期望從我們擁有的高質量客戶群中獲得的強大支付模式類型。

Yes. Great. Thanks, Brett.

是的。偉大的。謝謝，布雷特。

The next question is from Simon Flannery of Morgan Stanley.

下一個問題來自摩根士丹利的 Simon Flannery。

You noted a few times some of the pricing actions that you've recently taken, both the price increases but also the recent Unlimited Welcome offer at $30. Could you give us a little bit of early reads in the marketplace, your ability for customers to digest these price increases, maybe move to other plans as well as any incremental traffic that you're seeing from the new Unlimited plans? And are those customers taking that offer? Or is this really driving door swings to maybe trade up to one of the higher offers as well?

您多次注意到您最近採取的一些定價措施，包括價格上漲以及最近 30 美元的 Unlimited Welcome 優惠。您能否向我們介紹一下市場上的早期信息，您讓客戶消化這些價格上漲的能力，可能會轉向其他計劃以及您從新的 Unlimited 計劃中看到的任何增量流量？那些客戶是否接受了這個提議？或者這是否真的推動了門擺動，可能也交易到更高的報價之一？

And then secondly, last quarter, you did talk about store traffic deteriorating in the later part of the quarter around the war, et cetera. Be great to get a sense of how store traffic has trended through 2Q and into Q3. Is it pretty consistent with those levels you saw? Or has it deteriorated further?

其次，上個季度，您確實談到了在戰爭期間的季度後期商店客流量惡化等等。很高興了解商店客流量在第二季度和第三季度的趨勢。它與您看到的那些水平非常一致嗎？還是進一步惡化？

On the prices, let me start, and Matt will add in there. Of course, the pricing actions we took with price increases and on the metered plan and adjustments, that, we will see coming into play in the second half of this year. So that we will, of course, expect some of it. There might be some consumers that are cost conscious that will do disconnects and that we're calculating with.

關於價格，讓我開始吧，馬特會在那裡補充。當然，我們隨著價格上漲以及計量計劃和調整採取的定價行動，我們將在今年下半年看到發揮作用。因此，我們當然會期待其中的一些。可能有一些具有成本意識的消費者會斷開連接並且我們正在與之計算。

On the Welcome Unlimited, which is a segmentation of the Unlimited market, it's a little bit too early to say. It's only been in the market for, I think, 7 or 8 days. So it's a little bit early to say. We think we're addressing the markets -- a part of the market where we had some outflows in the second quarter, and we have taken that action aggressively with this plan. But clearly, we also see opportunities for having step-ups in that plan as well from our customers.

Welcome Unlimited 是 Unlimited 市場的細分市場，現在說還為時過早。我想它只在市場上出現了 7 或 8 天。所以說有點早。我們認為我們正在解決市場問題——我們在第二季度有一些資金外流的市場的一部分，我們已經通過這個計劃積極地採取了這一行動。但顯然，我們也從客戶那裡看到了在該計劃中升級的機會。

Matt, anything more?

馬特，還有什麼？

No. Just one thing I'd add to Hans' response, Simon. Certainly, we expect to see significant benefit in the second half of the year from the actions we've taken. I mentioned that in my comments. That's probably about $1 billion of incremental revenue sequentially in the second half versus the first half.

不，我只想在漢斯的回答中添加一件事，西蒙。當然，我們預計下半年會從我們所採取的行動中看到顯著的收益。我在評論中提到了這一點。與上半年相比，下半年的連續收入增長可能約為 10 億美元。

I would expect, and we have assumed in our forward view, that we'll see a small bubble in churn here in the third quarter as a result of customers as they get those price increases or meet their plans or whatever else. But apart from that, we expect to see significant benefit from the actions we've taken.

我預計，並且我們在我們的前瞻性觀點中假設，由於客戶獲得這些價格上漲或滿足他們的計劃或其他任何事情，我們將在第三季度看到一個小的客戶流失泡沫。但除此之外，我們希望從我們所採取的行動中看到顯著的好處。

And maybe -- sorry, I didn't answer on the store traffic there, I realized that. So as we said in the first quarter and through the second quarter, we had a little bit less of traffic in our stores in April and May and the latter part of March. We saw some pickup in June, but still a little bit below earlier trends. But that might be just the market and how it's working right now. But other than that, nothing special.

也許——對不起，我沒有回答那裡的商店流量，我意識到了這一點。因此，正如我們在第一季度和第二季度所說的那樣，我們的商店在 4 月和 5 月以及 3 月下旬的客流量有所減少。我們在 6 月看到了一些回升，但仍略低於早期趨勢。但這可能只是市場及其目前的運作方式。但除此之外，沒有什麼特別的。

Thanks, Simon.

謝謝，西蒙。

The next question is from Phil Cusick of JPMorgan.

下一個問題來自摩根大通的 Phil Cusick。

First, a follow-up, if I can, and I don't mean this to sound disrespectful. But on one hand, you're raising prices with fees. On the other hand, you're bringing in lower-priced discounted offers. And I know you're offering loyalty credits to customers who call and complain about pricing. And it seems like you're out of the market.

首先，如果可以的話，進行跟進，我並不是說這聽起來不尊重。但一方面，你正在通過收費提高價格。另一方面，您帶來的是低價折扣優惠。而且我知道您正在向打電話抱怨定價的客戶提供忠誠度積分。看起來你已經退出市場了。

So do you think that your network is going to return to its dominance, and you can sort of get through this period? Or do you think you need to really readdress your competitive position in order to maintain share? I'm sorry to return to something you've talked about a few times already, but I'm really having a hard time with it.

那麼，您認為您的網絡會恢復其主導地位，並且您可以度過這段時期嗎？還是您認為您需要真正重新定位您的競爭地位以保持份額？很抱歉回到你已經談過幾次的話題，但我真的很難接受。

Thank you, Phil. First of all, we feel really good about our network and the quality of the network. It's actually better than ever and as you hear us talking as well. We are just in the midst of the C-Band rollout, which is extremely strong and the performance we see on it. And we just are passing over 130-plus million POPs on it, and by year-end, at least 175 million. So we're going to have many more customers getting the benefit of the C-Band.

謝謝你，菲爾。首先，我們對我們的網絡和網絡質量感覺非常好。它實際上比以往任何時候都好，你也聽到我們說話。我們正處於 C-Band 的推出階段，它非常強大，而且我們看到了它的性能。我們剛剛通過了超過 1.3 億個 POPs，到年底，至少有 1.75 億個。因此，我們將有更多的客戶受益於 C 波段。

So now we feel good about that. I mean, you saw the RootMetrics, you saw the -- both of the J.D. Power as well having us as the Best Network. So we don't feel that is a difference.

所以現在我們對此感覺良好。我的意思是，您看到了 RootMetrics，您看到了 - J.D. Power 以及我們作為最佳網絡。所以我們不覺得這有什麼不同。

What we're doing right now, I think that's -- we have to be clear -- very clear, Phil. We are segmenting the market. So where we now have the Welcome plan, that's a segment of the Unlimited and metered plan. On the high end, we have -- as Matt said, we have really good sort of loyalty. We see step-ups, exactly as we outlined in our plans. That's what we're see being continued. And that's why we saw the ARPA increase in this quarter, and we see continuous step-up.

我們現在正在做什麼，我認為這是 - 我們必須清楚 - 非常清楚，菲爾。我們正在細分市場。所以我們現在有歡迎計劃，這是無限和計量計劃的一部分。在高端，我們有——正如馬特所說，我們有很好的忠誠度。我們看到了升級，正如我們在計劃中概述的那樣。這就是我們看到的繼續。這就是為什麼我們看到本季度的 ARPA 有所增加，並且我們看到了持續的增長。

So I think, not only think, I'm confident our strategy is working. We're just addressing a segment in this economical time. So I feel really good about the strategy and how we do it. And we will continue to be very focused on cash flow and getting the right type of customers because we believe high-quality customers are important. And that means loyalty, it means also a very good base to build on. So we feel good about the strategy. I understand your question, but I feel really good about it.

所以我認為，不僅認為，我相信我們的戰略正在奏效。我們只是在這個經濟時期解決一個細分市場。所以我對這個策略以及我們如何做到這一點感覺非常好。我們將繼續非常關注現金流和獲得正確類型的客戶，因為我們相信高質量的客戶很重要。這意味著忠誠，也意味著建立一個非常好的基礎。所以我們對這個策略感覺很好。我理解你的問題，但我感覺很好。

Matt, anything else?

馬特，還有什麼？

Yes. Hans, maybe the only other thing I'd add on is, Phil, one of the things we've done during the current quarter, we mentioned last time that we've reached an agreement with some of the satellite companies to get early clearing on outside the initial 46 C-Band markets. And in those markets, we're not turning on 60 megahertz, but 100 megahertz of the C-Band.

是的。漢斯，也許我唯一要補充的另一件事是，菲爾，我們在本季度所做的事情之一，我們上次提到我們已經與一些衛星公司達成協議，以儘早清理在最初的 46 個 C 波段市場之外。在這些市場中，我們不會開啟 60 兆赫，而是 100 兆赫的 C 波段。

And the difference in the speeds that we're seeing with 100 megahertz versus 60 is exactly in line with what we'd expect. But it tells us that we have a path to a very, very strong network performance. We really like what we're seeing on C-Band today. But when we get the full amount deployed, it's going to be an uptick even further. So we absolutely believe that a network-driven strategy will allow us to continue to perform very well.

我們看到的 100 兆赫與 60 兆赫的速度差異完全符合我們的預期。但它告訴我們，我們有一條通往非常非常強大的網絡性能的道路。我們真的很喜歡我們今天在 C-Band 上看到的東西。但是當我們得到全部部署時，它將進一步上升。因此，我們絕對相信網絡驅動的戰略將使我們能夠繼續表現出色。

The next question is from John Hodulik of UBS.

下一個問題來自瑞銀的 John Hodulik。

This is Batya for John. Can you talk a little bit about how you expect fixed wireless trends to trend from here? Is there an opportunity to expand maybe the addressable market as you build C-Band further? And maybe an update of what percent of that fixed wireless base is new to Verizon.

這是約翰的巴特亞。您能談談您對固定無線趨勢的預期趨勢嗎？隨著您進一步構建 C-Band，是否有機會擴大潛在市場？並且也許更新了 Verizon 新的固定無線基地的百分比。

Great question. No, first of all, we feel really good about our 5 vectors of growth. And in one of the vectors, of course, we have national broadband. This was exactly what we envisioned when we rolled out the Verizon Intelligent Edge Network in 2017, that we can have multiple opportunities to address the market. And fixed wireless actually is just timing for us, I mean, 32% growth, 50% growth in the Consumer Group. This is all about us deploying the network.

好問題。不，首先，我們對我們的 5 個增長向量感覺非常好。當然，在其中一個載體中，我們有國家寬帶。這正是我們在 2017 年推出 Verizon 智能邊緣網絡時所設想的，我們可以有多種機會來應對市場。固定無線實際上對我們來說只是時機，我的意思是，消費群增長 32%，增長 50%。這就是我們部署網絡的全部內容。

Of course, we have millimeter wave and we have 4G in the fixed wireless access, but the C-Band, both, they gave a coverage and an enormous, good performance as well. So as we roll out and hitting more households, we are going to -- we can grow even faster. So our expectation that's in mind is, of course, we will continue to have that opportunity to grow right now from the base we have as we're opening most households. But remember, from the open household to (inaudible) (00:47:09), et cetera, is a little bit time lag because the direct marketing and all of that is working through, but we feel really good about.

當然，我們有毫米波，我們有固定無線接入的 4G，但是 C 波段，它們都提供了覆蓋範圍和巨大的良好性能。因此，隨著我們推出並惠及更多家庭，我們將——我們可以增長得更快。因此，我們的期望當然是，隨著我們開放大多數家庭，我們將繼續有機會從我們現有的基礎上發展。但請記住，從開放式家庭到（聽不清）（00:47:09）等等，有一點時間滯後，因為直銷和所有這一切都在進行中，但我們感覺非常好。

We feel also good about our Fios, even though it was a little bit less of net adds on Fios because less movements, I guess, in this environment, nothing strange. But really good performance on Fios when it comes to the network and our customer base and your churn. So all in all, the national broadband is playing really good for us. And this was a strategy from the beginning. I have high expectations. Matt has high expectation on it as well. Our teams are executing from the network to our commercials.

我們對我們的 Fios 感覺也很好，儘管 Fios 上的淨添加量少了一點，因為我想，在這種環境下，移動較少，沒什麼奇怪的。但就網絡、我們的客戶群和您的客戶流失而言，Fios 的表現確實不錯。所以總而言之，國家寬帶對我們來說真的很好。這從一開始就是一個策略。我有很高的期望。馬特也對它寄予厚望。我們的團隊正在執行從網絡到我們的廣告。

Matt?

馬特?

I thought so just one maybe data point for you on fixed wireless. About 30% of our FWA adds, what we would call new, new to Verizon, where we didn't have an existing relationship with them. So obviously, we like the ability of taking an existing Verizon customer and adding a service. But when you bring a completely new customer on the platform, that's pretty exciting as well. So hopefully, that helps your question.

我想只有一個固定無線上的數據點。我們大約 30% 的 FWA 添加了我們稱之為 Verizon 的新的、新的，我們與他們沒有現有的關係。顯然，我們喜歡吸引現有 Verizon 客戶並添加服務的能力。但是，當您在平台上帶來一個全新的客戶時，這也非常令人興奮。因此，希望這對您的問題有所幫助。

Thanks, Batya.

謝謝，巴蒂亞。

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, my first one, Matt. We've thrown out a couple of numbers, $1 billion of top line and incremental benefit from pricing plans, maybe $300 million of incremental interest from presumably floating rate debt. If we talk about some of the other numbers you talked about, we threw out some math around inflation and the impact it could have on the $20 billion of expenses that's exposed to inflation. Kind of what's the inflation headwind dollar number that you're budgeting for? And then when we talked about this equipment and supply chain working capital headwind, what kind of dollar number are we talking about there?

我想，我的第一個，馬特。我們已經拋出了幾個數字，10 億美元的收入和定價計劃帶來的增量收益，可能是浮動利率債務帶來的 3 億美元增量利息。如果我們談論你談到的其他一些數字，我們會拋出一些關於通貨膨脹的數學，以及它可能對暴露於通貨膨脹的 200 億美元支出產生的影響。你預算的通脹逆風美元數字是多少？然後當我們談到這個設備和供應鏈營運資金逆風時，我們在談論什麼樣的美元數字？

And then, Hans, I think you mentioned in passing the CB agreement or agreement in principle that you signed, I think, last week. It seems like a potentially dangerous time with the inflation that we have around us right now to be kind of locking into multiyear collective bargaining agreements. Could you talk about why this is happening and why you feel comfortable doing it now?

然後，漢斯，我想你在通過 CB 協議或原則協議時提到了你上週簽署的協議。現在我們周圍的通貨膨脹似乎是一個潛在的危險時期，它被鎖定在多年的集體談判協議中。你能談談為什麼會發生這種情況以及為什麼你現在覺得這樣做很舒服嗎？

Matt, start.

馬特，開始。

Yes, Dave. So thank you for the question. So look, as you think about the guide at the EBITDA level, as you say, there's about $1 billion of revenue sequential uptick. But then the offset to that, you've got the promotional spend that is certainly running at a higher level than we thought at the beginning of the year based off what we're seeing in the marketplace.

是的，戴夫。所以謝謝你的問題。所以看，當你考慮 EBITDA 水平的指南時，正如你所說，收入連續上升約 10 億美元。但是，與之相抵消的是，根據我們在市場上看到的情況，您的促銷支出肯定比我們在年初認為的要高。

And we're making the assumption that we're going to see that type of level for the balance of the year that's baked in there. Of the reduction in EBITDA growth from the 2% to 3% down to the minus 1.5% to flat, 75 to 100 basis points of that is coming from inflation and our assumption of that for the full year versus our original plans for the year.

我們假設我們將在今年的餘額中看到這種類型的水平。在將 EBITDA 增長率從 2% 降至 3% 降至負 1.5% 至持平的情況下，其中 75 至 100 個基點來自通貨膨脹以及我們對全年的假設與我們當年的原始計劃。

On the working capital side, you've got a couple of things playing in there. One is, over the last couple of years, we've had some artificial working capital headwinds caused by COVID as volumes came down. Transaction volumes came down. That gave us some lower DPP balances that was a favor to working capital. We now, of course, see volumes increasing again. And so you've got that reverting to more normal levels, on top of which, moving to 36-month DPP will increase the amount of outstanding balances versus what we saw pre-COVID.

在營運資金方面，你有幾件事在其中發揮作用。一個是，在過去的幾年裡，隨著交易量的下降，我們遇到了一些由 COVID 造成的人為營運資金逆風。交易量下降。這給了我們一些較低的 DPP 餘額，這有利於營運資金。當然，我們現在看到銷量再次增加。所以你已經恢復到更正常的水平，最重要的是，與我們在 COVID 之前看到的相比，轉向 36 個月的 DPP 將增加未償餘額的數量。

So we'll work through a large chunk of that this year. And I would expect to see less of a working capital headwind half of this year, but that's certainly in the -- you'll see that in the free cash flow right now. We feel very good about the cash flow generation about the business going forward and what we'll achieve as we work through this current period.

因此，我們將在今年完成大部分工作。我預計今年下半年的營運資金逆風會減少，但這肯定是 - 你現在會在自由現金流中看到這一點。我們對未來業務的現金流產生以及我們在當前期間的工作將取得的成就感到非常滿意。

Hans, I'll hand it over to you for the union question.

漢斯，工會問題我會交給你的。

Yes. Thank you. And maybe also a comment on the supply chain because there's a lot of discussion around that. And I have to say that Verizon has done a great job on our supply chain, around the whole supply chain and secure that. I mean, you can see that in our rollout on our C-Band millimeter wave and everything else we're doing in the network that were way ahead of our earlier plans. And that's, of course, how we have secured our supply chain, I really want to say.

是的。謝謝你。也許還有對供應鏈的評論，因為圍繞它的討論很多。我不得不說，Verizon 在我們的供應鏈上做得很好，圍繞整個供應鏈並確保了這一點。我的意思是，您可以在我們推出 C 波段毫米波以及我們在網絡中所做的所有其他事情中看到這一點，這些都遠遠超出了我們之前的計劃。當然，這就是我們如何保護我們的供應鏈，我真的想說。

When it comes to the unions, I mean, we have reached -- as I said in my remarks, we have reached a tentative agreement on the bargaining agreement with them. And we have a great partnership with the unions. So we think this is an important one. You have to see that we secured the workloads we'll have in the future and see that we continue to have a great working relationship with the unions. So that's why we have this tentative agreement.

談到工會，我的意思是，我們已經達成——正如我在講話中所說，我們已經與他們就談判協議達成了初步協議。我們與工會建立了良好的合作關係。所以我們認為這是一個重要的問題。您必須看到我們確保了未來的工作量，並看到我們繼續與工會保持良好的工作關係。所以這就是我們達成這個臨時協議的原因。

Thanks, Dave.

謝謝，戴夫。

The next question is from Michael Rollins of Citigroup.

下一個問題來自花旗集團的邁克爾·羅林斯。

You're discussing the strength of your Business wireless segment, and your competitors are also talking about stronger business wireless performance. I'm just curious if there's something larger afoot within this segment in terms of behavior and the way businesses are buying wireless?

您正在討論您的商務無線部門的實力，而您的競爭對手也在談論更強大的商務無線性能。我只是好奇，在行為和企業購買無線的方式方面，這一領域是否有更大的進展？

Related to that, is that possibly coming out of what was traditionally the Consumer market? So is there some kind of shift that's also happening underneath the industry in terms of where sales are coming into?

與此相關的是，這可能來自傳統的消費市場嗎？那麼，就銷售的來源而言，行業內部是否也發生了某種轉變？

And then just one other. I'm just thinking about what you talked about in terms of the change in guidance for revenue and EBITDA for this year. And I'm curious how this informs the multiyear outlook that the company previously established and the relationship you're seeing longer term between the performance of revenue and profitability.

然後只是另一個。我只是在想你所說的關於今年收入和 EBITDA 指導變化的內容。我很好奇這如何影響公司先前建立的多年前景以及您看到的收入表現和盈利能力之間的長期關係。

Thank you. On the Business wireless, you have seen us now for several quarters having a really good run on it. Our conclusion and our confidence level is high that our mission-critical networks is so important for our customers, and that's why we see such a good traction on it. I think it's normally, there are probably some leakage in between Consumer to Small and Medium, but it's also from Small and Medium -- or Consumer to Small and Medium.

謝謝你。在商務無線方面，您已經看到我們幾個季度以來在它上面運行得非常好。我們的結論和我們的信心水平很高，我們的關鍵任務網絡對我們的客戶如此重要，這就是為什麼我們看到它有如此大的吸引力。我認為這很正常，在消費者與中小型之間可能存在一些洩漏，但它也是從中小型——或消費者與中小型之間的洩漏。

So that, I don't think, is anything different than what I've seen before, but it's always some type of movements in between. So we feel really good about our Business wireless and how they are performing and how our customers like our network.

所以，我認為，這與我以前看到的沒有什麼不同，但它總是介於兩者之間。因此，我們對我們的商務無線、它們的表現以及我們的客戶對我們網絡的喜愛程度感到非常滿意。

On the second question, as I said also before, I mean, we think it's a short-term challenging times right now. Long term, we are confident that this is a great market. We have great assets, and we can execute on our plans.

關於第二個問題，正如我之前所說，我的意思是，我們認為現在是一個短期的挑戰時期。從長遠來看，我們有信心這是一個巨大的市場。我們擁有豐富的資產，我們可以執行我們的計劃。

So I'm -- whatever we have done in the last 5 years here with the network, with our divestments and acquisitions, we have positioned ourselves for a really good long-term strategy in a market where mobility, broadband and cloud are the most important digital assets for consumers and businesses. I couldn't dream to have another position that we have today. So I'm confident about the long term of our business.

所以我——無論過去 5 年我們在網絡方面做了什麼，通過我們的撤資和收購，我們已經將自己定位為一個非常好的長期戰略，在一個移動性、寬帶和雲是最重要的市場消費者和企業的重要數字資產。我做夢也想不到我們今天擁有的另一個職位。所以我對我們業務的長期發展充滿信心。

Matt, anything else?

馬特，還有什麼？

Yes. Hans, maybe just a couple of things. Mike, if you think back pre-COVID, Verizon Business Group had very strong performance. Obviously, COVID was very disruptive to the Business segment. You've seen the recovery in net adds over the past year now be very strong. And you're seeing that show up in the service revenue growth, up to 3% this quarter, up sequentially 2 quarters in a row now, and we do expect that to continue at a strong pace.

是的。漢斯，也許只是幾件事。邁克，如果您回想一下 COVID 之前的情況，Verizon 業務集團的表現非常強勁。顯然，COVID 對業務部門非常具有破壞性。你已經看到過去一年的淨增加量現在非常強勁。而且您會看到服務收入增長顯示在本季度高達 3%，現在連續兩個季度連續增長，我們確實預計這種增長將繼續保持強勁勢頭。

And as Hans said, we're not going to comment on multiyear outlook at this point, but certainly feel like the actions that we are taking and have taken and will continue to work on put us on a path to EBITDA growth as we go forward here. So look forward to, obviously, updating you on that as we get into next year.

正如漢斯所說，我們目前不會對多年前景發表評論，但肯定會覺得我們正在採取和已經採取的行動並將繼續努力使我們在前進的過程中走上 EBITDA 增長的道路這裡。因此，很明顯，期待在我們進入明年時更新您的信息。

One just quick follow-up, if I could. With going through the pandemic and kind of where we are today, there's a bigger work-from-home and hybrid working environment. Is that emboldening companies to kind of shift from what felt like, for years, they were trying to get out of like buying devices and services for their employees. And is that involving them to now, because of this different work environment, actually buy wireless communications on behalf of their employees differently than maybe 2 or 3 years ago?

一個只是快速跟進，如果可以的話。隨著大流行和我們今天所處的位置，有一個更大的在家工作和混合工作環境。這是否會鼓勵公司從感覺上轉變，多年來，他們一直試圖擺脫為員工購買設備和服務的方式。到現在，由於這種不同的工作環境，他們是否會以不同於 2 或 3 年前的方式代表他們的員工購買無線通信？

Thanks. I think I actually see both. I mean, we see -- we saw a trend over the years of bring your device from enterprises. But actually, in order to secure a more seamless experience for enterprise customers, we see more now customers actually going back and actually supplying the devices of our customers. It's a little bit dependent on what type of business they're into, I have to say. But we see a little bit of a trend going down the direction right now.

謝謝。我想我實際上都看到了。我的意思是，我們看到了——多年來，我們看到了從企業那裡帶來設備的趨勢。但實際上，為了確保為企業客戶提供更無縫的體驗，我們現在看到更多客戶實際返回並實際提供我們客戶的設備。我不得不說，這有點取決於他們從事的業務類型。但我們現在看到了一點趨勢向下的方向。

Think about building private 5G networks, where you want everybody to have a seamless wireless -- 5G wireless experience inside an office and then going out on the street and having Verizon's commercial network. Then you need to deploy a handset that is actually coming from the company in order to manage it. So we see actually both. I don't think it's an accentuated trend, at least, as I can tell from taking the question on this level.

考慮建立私有 5G 網絡，您希望每個人都擁有無縫的無線網絡——辦公室內的 5G 無線體驗，然後在街上使用 Verizon 的商業網絡。然後，您需要部署實際上來自公司的手機以便對其進行管理。所以我們實際上兩者都看到了。我不認為這是一個突出的趨勢，至少，正如我從這個級別的問題中可以看出的那樣。

On the other thing, I just want to give another data point as well. I mean, remember, I talked a lot about handoffs in the networks during COVID. It was sometimes down 60% in New York City that people didn't move. We are back to the hands off, that means -- handovers. It seems like people are moving equally much right now as we're doing pre-COVID. It's, of course, a different buckets.

另一方面，我也只想提供另一個數據點。我的意思是，請記住，我在 COVID 期間談了很多關於網絡中的切換。在紐約市，人們不動的情況有時會下降 60%。我們又回到了不干涉的問題，這意味著——移交。似乎人們現在的移動速度與我們在 COVID 之前所做的一樣多。當然，這是一個不同的桶。

But on the high level, when we look at the network, handovers are back to normal and actually even a little bit more. That can, of course, depend on that how much more equipment we have deployed in 2 years. But that's what we see.

但在高層次上，當我們查看網絡時，切換已恢復正常，實際上甚至更多。當然，這取決於我們在 2 年內部署了多少設備。但這就是我們所看到的。

Thanks, Mike.

謝謝，邁克。

The next question comes from Craig Moffett of MoffettNathanson.

下一個問題來自 MoffettNathanson 的 Craig Moffett。

Hans, I wonder, as we think about growth, maybe we revisit some of the comments you've made over the past couple of years about 5G. As the market has evolved, what is your latest thinking about the opportunity, both for the industry and for Verizon specifically, as it relates to some of the new revenue opportunities that seem so promising a couple of years back, like mobile edge compute and private networks and that sort of thing?

漢斯，我想知道，當我們考慮增長時，也許我們會重新審視您在過去幾年中對 5G 所做的一些評論。隨著市場的發展，您對這個機會的最新想法是什麼，無論是對於行業還是特別是對於 Verizon，因為它與幾年前看起來很有希望的一些新收入機會有關，比如移動邊緣計算和私有網絡之類的？

Is there -- is it right that I think there's a broad sense among investors that sort of the bloom is off the rose a bit for those opportunities? And they may not be as big and as attractive as we once would have hoped?

有沒有 - 我認為投資者普遍認為這些機會的開花有點過時了，這對嗎？它們可能沒有我們曾經希望的那麼大和那麼有吸引力？

Thank you, Craig. If we take the 3 different business models we deployed in the network for 5G, I mean, fixed wireless access, so if I take that first, that definitely is happening all the way, that everybody was questioning if fixed wireless access is something you can do. We feel really good about it. The capacity in the network is if there's no problem. And as Matt said, we have deployed 60 megahertz of the C-Band. We have, in average, 160. So we have so much more to go. So that one is definitely happening.

謝謝你，克雷格。如果我們採用我們在 5G 網絡中部署的 3 種不同的商業模式，我的意思是，固定無線接入，所以如果我首先採用，那肯定會一直發生，每個人都在質疑固定無線接入是否可以做。我們對此感覺非常好。網絡中的容量是如果沒有問題的話。正如馬特所說，我們已經部署了 60 兆赫的 C 波段。我們平均有 160 個。所以我們還有很多工作要做。所以那肯定正在發生。

On the mobility, 5G mobility, yes, short term is a little bit more challenging. I think that comes from both economical situation in the market. Long term, I see the same. As I said before, the step-ups and going to higher plans is a great opportunity for us. And as you saw in this quarter, our ARPA went up. Our high-end customers continued to do step-ups. So both of those are happening. And 47% of our customers has a 5G phone. And by year-end, we would probably be near at least 60%. So I think those are happening.

在移動性方面，5G 移動性，是的，短期內更具挑戰性。我認為這來自市場的經濟狀況。長期來看，我也看到了。正如我之前所說，升職和邁向更高的計劃對我們來說是一個很好的機會。正如您在本季度所看到的，我們的 ARPA 上升了。我們的高端客戶繼續升級。所以這兩件事都在發生。我們 47% 的客戶擁有 5G 手機。到年底，我們可能會接近至少 60%。所以我認為這些正在發生。

On the contrary, mobile edge compute and IoT, we also have a really good trend on that. It has pivoted a little bit right now and starting with private 5G networks and then it goes over to mobile edge compute when you bring in the cloud experience in it. So you saw that during the quarter, we announced several private 5G networks. We see more and more customers feeling that, that's a good replacement for them in order to have a secure high-capacity network instead of having WiFi in many cases.

相反，移動邊緣計算和物聯網，我們在這方面也有很好的趨勢。它現在已經發生了一點變化，從私有 5G 網絡開始，然後當你在其中引入雲體驗時，它會轉向移動邊緣計算。所以你看到，在本季度，我們宣布了幾個私有 5G 網絡。我們看到越來越多的客戶認為，這是一個很好的替代品，以便擁有一個安全的大容量網絡，而不是在許多情況下擁有 WiFi。

And the reason why it's happening right now is now devices are coming out. And the next couple of years, we're going to see so many more devices and not talking only about smartphones. So I feel that it is the same opportunity that we have talked about all the time. Given the economic environment, there might be always some changes to it. But long term, I see no difference to it, and that's how we build the network.

它現在發生的原因是現在設備正在問世。在接下來的幾年裡，我們將看到更多的設備，而不僅僅是智能手機。所以我覺得這是我們一直在談論的同一個機會。鑑於經濟環境，可能總會有一些變化。但從長遠來看，我認為這沒有什麼不同，這就是我們構建網絡的方式。

And we are the world leader in mobile edge compute and private 5G networks. We feel that, that's a sweet spot for us. We've been all the time been very early with other 5G use cases as well and feel really good where we are. So I understand your question, Craig. But in general, I'm confident that, well, this is a great opportunity for the market.

我們是移動邊緣計算和私有 5G 網絡的全球領導者。我們覺得，這對我們來說是一個甜蜜的地方。我們一直很早就開始使用其他 5G 用例，並且在我們所處的位置感覺非常好。所以我理解你的問題，克雷格。但總的來說，我有信心，這對市場來說是一個很好的機會。

Thanks, Craig.

謝謝，克雷格。

The next question is from Kannan Venkateshwar.

下一個問題來自 Kannan Venkateshwar。

So maybe a couple. I mean, first, from a price increase perspective, when you look at what you've done, it's a bigger part of your base that's absorbing the price increase than to AT&T. And despite that and the growth of wholesale cable revenues, the service revenue growth guidance was down and EBITDA growth was negative.

所以也許是一對。我的意思是，首先，從價格上漲的角度來看，當您查看您所做的事情時，與 AT&T 相比，吸收價格上漲的是您的基礎更大的一部分。儘管如此，以及有線批發收入的增長，服務收入增長指引下降，EBITDA 增長為負。

So in terms of growth, you may need to lean on other levers, I guess, in order to grow margins beyond this year. So if you could just help us understand what those levers are, especially if the macro environment starts getting weaker. I mean, how do you keep your margins intact?

因此，就增長而言，我想你可能需要依靠其他槓桿，以便在今年以後增加利潤率。因此，如果您能幫助我們了解這些槓桿是什麼，尤其是在宏觀環境開始變弱的情況下。我的意思是，你如何保持你的利潤不變？

And then secondly, there seems to be an enormous amount of handset inventory that you've built up over the last 2 or 3 quarters on your balance sheet. It would be great if you could help us understand what the objective there is, and if we should expect some kind of a clearing event around the holidays for those handsets.

其次，您的資產負債表上似乎有大量手機庫存是您在過去 2 或 3 個季度中積累的。如果您能幫助我們了解目標是什麼，以及我們是否應該期待在假期前後為這些手機舉辦某種清算活動，那就太好了。

Yes. Thank you, Kannan. First of all, when it comes to the margin, I mean, there are many levers to run here. Of course, one is, of course, continue to see that we have good opportunity to grow. And remember, we have 5 vectors of growth. And some of them might be more impacted if the economy and environment is turning worse. But many of them actually are playing well in the hands in a market like that, like fixed wireless access, like our value brand with TracFone and all of that. So again, I feel that we have opportunity to expand by having those performing, if it's going to be tougher on some others.

是的。謝謝你，坎南。首先，說到邊際，我的意思是，這裡有很多槓桿可以運行。當然，一個是，當然，繼續看到我們有很好的成長機會。請記住，我們有 5 個增長向量。如果經濟和環境惡化，其中一些可能會受到更大的影響。但他們中的許多人實際上在這樣的市場中表現良好，比如固定無線接入，比如我們的價值品牌 TracFone 等等。再說一次，我覺得我們有機會通過讓那些表演來擴大規模，如果這對其他一些人來說會更艱難的話。

And then, of course, cost. I mean, we always work with cost. And as Matt has outlined several times, we work with cost efficiency and programs constantly. And now we're adding efficiency programs or enhancing what we have in order to be prepared for tougher times and being able to invest in the market. So I think we have all the things that we should have. And I'm confident that we have a toolbox that we're working with, and the team is on it every day, and we will continue to be on it.

然後，當然，成本。我的意思是，我們總是與成本合作。正如馬特（Matt）多次概述的那樣，我們不斷致力於成本效率和計劃。現在，我們正在增加效率計劃或增強我們現有的能力，以便為更艱難的時期做好準備並能夠投資於市場。所以我認為我們擁有所有我們應該擁有的東西。我相信我們有一個正在使用的工具箱，團隊每天都在使用它，我們將繼續使用它。

It is an environment that's a little bit complicated, I think, for any company at the moment. But I also feel that we know what we're doing here. We are confident about our strategy. We are confident about our cash generation. And we are confident that we will be financially disciplined through this time.

我認為，對於目前的任何公司來說，這是一個有點複雜的環境。但我也覺得我們知道我們在這裡做什麼。我們對我們的戰略充滿信心。我們對我們的現金產生充滿信心。我們有信心在這段時間內我們將在財務上受到紀律處分。

Matt?

馬特?

Yes, Hans, nothing really to add on the margin side. There are obviously a number of adds forward for us. And we will -- we have high expectations for the results we'll produce.

是的，漢斯，在邊際方面沒有什麼可補充的。顯然，我們有很多補充。我們將——我們對我們將產生的結果寄予厚望。

On the inventory part of your question, we took a decision that, I think, was obviously a smart way of approach in the market, to say. There was more uncertainty around supply chain, both the availability of the physical item and also the supply chain's ability to deliver that item from factory to us in a predictable fashion.

關於您問題的庫存部分，我們做出了一個決定，我認為這顯然是一種明智的市場方法。供應鏈存在更多不確定性，包括實物商品的可用性以及供應鏈以可預測的方式將該商品從工廠交付給我們的能力。

And so we've built some cushion into our supply chain model. And you can see that in the inventory levels. There is certainly scope for us as we feel more comfortable about the predictability of the supply chain to return inventory levels closer to historical levels is once you account for the difference in rates with the price of the product. But certainly, absolutely, I would expect to see inventory levels have the opportunity to reduce.

因此，我們在我們的供應鏈模型中建立了一些緩衝。您可以在庫存水平中看到這一點。一旦考慮到產品價格的費率差異，我們肯定有空間，因為我們對供應鏈的可預測性感到更舒服，以使庫存水平更接近歷史水平。但可以肯定的是，我希望看到庫存水平有機會減少。

Thanks, Kannan.

謝謝，坎南。

The next question comes from Frank Louthan of Raymond James.

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

Can you talk to us a little bit about the business market with government? And any changes you're seeing there? And then at what point can we expect to see the Consumer subs get back to something you're approaching a more positive growth with your current promotion strategy? Is that something more out into next year? I understand the confidence in the network and so forth. But at some point, we'd like to see that kind of show up in the subs. What can -- where can we expect that to start to turn?

你能和我們談談與政府的商業市場嗎？你在那裡看到了什麼變化？然後我們可以期望在什麼時候看到消費者訂閱恢復到您當前的促銷策略正在接近更積極的增長？明年會有更多的事情嗎？我理解對網絡的信心等等。但在某些時候，我們希望看到這種出現在潛艇上。什麼可以——我們可以期待它開始轉向哪裡？

Yes. Thank you, Frank. Let me start with the business -- with the government business. And of course, in government business, a little bit longer contracts. Of course, they come up for renovation now and then. I think what we see much more is the digitalization happens in that segment as well, equally much as we see with enterprises and much more about us supplying the whole -- all business models with digitalization and applications and support them with the ways we're working.

是的。謝謝你，弗蘭克。讓我從業務開始——從政府業務開始。當然，在政府業務中，合同會更長一些。當然，他們時不時會進行翻新。我認為我們看到的更多是數字化也發生在該領域，與我們在企業中看到的一樣多，更多的是關於我們提供整體——所有商業模式的數字化和應用程序，並以我們的方式支持它們在職的。

So that has been good. And as we announced yesterday, one of them, with 1 governmental agency definitely included that. So we see the government going the same ways as an enterprise market going with digitalization, which includes applications, wireless technology, fiber technology in order to see that their employees and their services have the latest technologies. And that, I think, we are playing well into, given the network we have and the confidence that everybody have in our network. So I think that's really what's happening.

所以一直很好。正如我們昨天宣布的那樣，其中一個政府機構肯定包括在內。因此，我們看到政府採取與企業市場相同的方式進行數字化，包括應用程序、無線技術、光纖技術，以確保他們的員工和他們的服務擁有最新的技術。而且，我認為，鑑於我們擁有的網絡以及每個人對我們網絡的信心，我們玩得很好。所以我認為這就是正在發生的事情。

Matt, on the Consumer side?

馬特，在消費者方面？

Yes. So look, obviously, we -- the team continues to work through the competitive marketplace, as I mentioned earlier. I do expect to see a couple in -- a little bit of a problem in churn in the third quarter here because of some customer reaction to the pricing actions we've taken.

是的。所以看，顯然，正如我之前提到的，我們團隊繼續在競爭激烈的市場中工作。由於客戶對我們採取的定價行動的一些反應，我確實希望在第三季度看到一些客戶流失的問題。

We would expect to compete effectively during the holiday season as we get into new device launches in the fourth quarter. So I would expect us to start to show up with obviously different numbers at that time of the year. And then we'll continue to work to be as competitive on a disciplined fashion in the market as we need to be.

隨著我們在第四季度推出新設備，我們預計將在假期期間有效競爭。所以我希望我們在一年中的那個時候開始出現明顯不同的數字。然後，我們將繼續努力，在市場上以紀律嚴明的方式保持競爭力，這是我們需要的。

Thanks, Frank.

謝謝，弗蘭克。

Your final question will come from Doug Mitchelson of Credit Suisse.

您的最後一個問題將來自瑞士信貸的 Doug Mitchelson。

Hans, I think your commentary on handset subsidies is about as strong as we've heard from you. For your premium customers, do you believe then that streaming gives you a much better mileage for your promo dollar than handset subsidies? Or should we expect you to reconsider streaming subsidies as well?

漢斯，我認為您對手機補貼的評論與我們從您那裡聽到的一樣強烈。對於您的高級客戶，您是否認為流媒體為您的促銷美元提供比手機補貼更好的里程？還是我們應該期望您也重新考慮流媒體補貼？

And I'm just thinking, with your new plan on the more price-conscious consumer side, is it just price that's going to swing those customers over to Verizon? Or is other factors like a value offering with bundled 5G home or streaming subsidy is something that might work just as well? Obviously, the value customers have broadband and probably have streaming at home as well. Just curious how you're thinking about evolving the price-sensitive offering.

而且我只是在想，您的新計劃是針對更注重價格的消費者方面的，是否只是價格會使這些客戶轉向Verizon？還是其他因素，如捆綁 5G 家庭或流媒體補貼的價值產品也可能同樣有效？顯然，有價值的客戶擁有寬帶，並且可能在家中也有流媒體。只是好奇您如何考慮發展價格敏感的產品。

Thank you. First of all, on the different type of value services we have in the high end or in the premium segment, if it's Disney+ or others, we think that's very important still. And we see our customers really liking it. And we have been in the forefront of this industry with these type of exclusive deals with the most prominent brands you can ever think about. We will continue to do that for our high-end customers. And that has really turned out well for us and our partners.

謝謝你。首先，對於我們在高端或高端領域擁有的不同類型的價值服務，如果是迪士尼+或其他，我們認為這仍然非常重要。我們看到我們的客戶非常喜歡它。通過與您能想到的最知名品牌的此類獨家交易，我們一直處於該行業的最前沿。我們將繼續為我們的高端客戶做到這一點。這對我們和我們的合作夥伴來說確實很好。

And in -- during the second half of this year as well as we announced at Investor Day, we also want to launch a +play, which is a platform for digital subscription aggregation for our customers. You have seen, basically, I wouldn't say everyone because there's many in the market, but the majority of the important brands has signed up with us. So we will continue to leverage both sort of network and service, but also distribution as a service for our customers and for us in order to have the best return on investment. So we feel good about that.

在今年下半年以及我們在投資者日宣布的情況下，我們還希望推出一個+play，這是一個為我們的客戶提供數字訂閱聚合的平台。您已經看到，基本上，我不會說所有人，因為市場上有很多，但大多數重要品牌都與我們簽約。因此，我們將繼續利用網絡和服務，同時也為我們的客戶和我們提供分銷服務，以獲得最佳的投資回報。所以我們對此感覺很好。

And as you see in the marketplace, I mean, digital subscription services is just popping up direct-to-consumer all over the place, nowhere better to work with than working with Verizon that has the biggest direct-to-consumer distribution in the market. So we have a lot of inbounds. We're going to do it right. We're going to see that our customers and our shareholders are benefiting from it.

正如您在市場上看到的那樣，我的意思是，數字訂閱服務正在各地直接面向消費者湧現，沒有比與擁有市場上最大的直接面向消費者分銷的 Verizon 合作更好的方法了.所以我們有很多入站。我們會做對的。我們將看到我們的客戶和股東從中受益。

When it comes to the question about subsidy and all of that and segmentation, and as clearly articulated, we try to be surgical in our changes, both on prices and on step-ups and all of that. And right now, the team, working diligently, has been on the segment that is hitting low-end Unlimited and metered plan. We're going to see and have opportunities there to bundle in other things.

當談到關於補貼以及所有這些和細分的問題時，正如明確表達的那樣，我們試圖在價格和升級等所有方面做出改變。而現在，該團隊正在努力工作，一直在打低端無限和計量計劃的細分市場。我們將在那裡看到並有機會捆綁其他事情。

We are already working with our fixed wireless access offering for our customers that are wireless customers with good -- very good value proposition. So we will continue that and see if there are other things we need to bundle in. But right now, we have, I think, a very strong positioning. And we are taking aggressive actions in the quarter, some confidence that we will continue to see improvements here over time.

我們已經在為我們的客戶提供固定無線接入產品，這些客戶是具有良好——非常好的價值主張的無線客戶。所以我們將繼續這樣做，看看是否還有其他需要捆綁的東西。但現在，我認為，我們有一個非常強大的定位。我們在本季度採取了積極的行動，相信隨著時間的推移，我們將繼續看到這裡的改善。

Thanks, Doug. Brad, that's all the questions we have for today.

謝謝，道格。布拉德，這就是我們今天要問的所有問題。

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。