威訊通訊 (VZ) 2022 Q3 法說會逐字稿

Good morning and welcome to the Verizon Third 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 年第三季度收益電話會議。 （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 third 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，歡迎參加我們的第三季度收益電話會議。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 third quarter. In the third quarter, we reported earnings of $1.17 per share on a GAAP basis. Reported third quarter earnings include a pretax loss from special items of approximately $881 million. This includes a net pretax charge of approximately $645 million, primarily related to a mark-to-market adjustment for our pension liabilities and the impacts of amortization of intangible assets related to TracFone and other acquisitions of $236 million. Excluding the effects of these special items, adjusted earnings per share was $1.32 in the third quarter.

現在讓我們來看看第三季度的綜合收益。在第三季度，我們報告按公認會計原則計算的每股收益為 1.17 美元。報告的第三季度收益包括約 8.81 億美元的特殊項目的稅前虧損。這包括約 6.45 億美元的稅前淨費用，主要與我們的養老金負債的按市值計價調整以及與 TracFone 和其他 2.36 億美元收購相關的無形資產攤銷的影響有關。排除這些特殊項目的影響，第三季度調整後每股收益為 1.32 美元。

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

有了這個，我現在把電話轉給漢斯，讓我們回顧一下第三季度。

Thank you, Brady, and good morning, everyone, and thank you for joining us. Last quarter, we told you we would take actions. Today, I'm here to share the results those actions have delivered.

謝謝你，布雷迪，大家早上好，謝謝你加入我們。上個季度，我們告訴過你我們會採取行動。今天，我在這里分享這些行動所取得的成果。

We ended the third quarter with wireless service revenue growth up 10% year-over-year and 2% sequentially. And adjusted EBITDA grew sequentially by almost 3% to $12.2 billion. We had total phone gross adds of nearly 2.6 million and about 5% year-over-year increase. This includes an increase in Consumer of 1.3%, a significant improvement from minus 11% in the second quarter.

我們在第三季度結束時無線服務收入同比增長 10%，環比增長 2%。調整後的 EBITDA 環比增長近 3%，達到 122 億美元。我們的電話總增加量接近 260 萬部，同比增長約 5%。這包括消費者增長 1.3%，與第二季度的負 11% 相比有了顯著改善。

These results are early indicators that the actions we are taking across our businesses to build momentum are gaining traction. Of course, we're not done yet. I continue to work with my team to take actions to grow revenue and to take cost out of our business to unlock the full potential of Verizon. I'm glad to see sequential improvements based on our efforts, but there is more to do. Based on our momentum and plans, our financial guidance for 2022 remains unchanged.

這些結果是我們為建立勢頭而在整個業務中採取的行動正在獲得牽引力的早期指標。當然，我們還沒有完成。我將繼續與我的團隊合作，採取行動增加收入並降低業務成本，以釋放 Verizon 的全部潛力。我很高興看到基於我們的努力的連續改進，但還有更多工作要做。根據我們的勢頭和計劃，我們對 2022 年的財務指導保持不變。

Throughout the call, you'll hear the actions we took and the impact they've had on our business to position Verizon for growth. Our pricing actions in the second quarter in both our Consumer and Business groups helped increase our wireless service revenue. Postpaid phone net adds came in 8,000 for the quarter with a loss from Consumer offset by gains in Verizon Business. Matt will share more details with you later in the call.

在整個通話過程中，您將聽到我們採取的行動以及它們對我們的業務產生的影響，以幫助 Verizon 實現增長。我們在第二季度的消費者和業務部門的定價行動幫助增加了我們的無線服務收入。本季度後付費電話淨增加 8,000 部，消費者的損失被 Verizon Business 的收益所抵消。 Matt 將在稍後的電話會議中與您分享更多詳細信息。

Let me turn to some of our group results. In Consumer, we have started to gain traction with customers reacting positively to our new offerings, and as a result, increased store traffic. Our Welcome plan improved customers' pricing perception and contributed to consumer phone gross adds being up year-over-year.

讓我談談我們小組的一些結果。在消費者方面，我們已經開始吸引對我們的新產品做出積極反應的客戶，從而增加了商店流量。我們的 Welcome 計劃改善了客戶的定價認知，並促進了消費者電話總量的同比增長。

With the launch of the iPhone 14, we delivered a first-of-its-kind Apple 1 Unlimited bundle. Verizon customers now have access to Apple services all under one subscription. Apple remains a unique and trusted partner of Verizon because they recognize our network quality and high-value customers.

隨著 iPhone 14 的推出，我們推出了首個 Apple 1 Unlimited 捆綁包。 Verizon 客戶現在可以通過一次訂閱訪問 Apple 服務。 Apple 仍然是 Verizon 獨一無二且值得信賴的合作夥伴，因為他們認可我們的網絡質量和高價值客戶。

In the value segment, we launched Total By Verizon, redefining no contract wireless service, a key step in our continued integration of TracFone. And just this week, we introduced a prepaid wireless home Internet service on our Straight Talk brand. We continue to expand our offerings in the value segment, and customers are taking notice. This helped also generate positive prepaid net adds for the quarter, our first positive quarter since second quarter 2021.

在價值領域，我們推出了 Total By Verizon，重新定義了無合約無線服務，這是我們繼續整合 TracFone 的關鍵一步。就在本週，我們在 Straight Talk 品牌上推出了預付費無線家庭互聯網服務。我們繼續在價值領域擴展我們的產品，客戶正在註意到這一點。這也有助於本季度產生積極的預付費淨增加，這是我們自 2021 年第二季度以來的第一個積極季度。

For postpaid, we're focused on attracting and retaining high-quality consumers in a disciplined and measured approach. As we see areas of opportunity, we will address them in a surgical manner just like we have done with some of our recent actions. There is more progress to make. Our premium strategy is working.

對於後付費，我們專注於以有紀律和有節制的方式吸引和留住高質量的消費者。當我們看到機會領域時，我們將以外科手術的方式解決它們，就像我們最近採取的一些行動一樣。還有更多的進展要做。我們的優質戰略正在奏效。

We ended the third quarter with 53% of our customers having a 5G phone, and 81% of our base is on Unlimited plans. With a 42% uptake on premium unlimited, there's a great opportunity for step-ups. And we see that demand with approximately 60% of our new customers choosing Premium Unlimited right from the start. It is clear we have a high-quality customer base, so we will continue to focus on retention and winning these comers.

我們在第三季度結束時，有 53% 的客戶擁有 5G 手機，我們 81% 的客戶使用無限套餐。 Premium Unlimited 的使用率為 42%，這是升級的絕佳機會。我們看到了這種需求，大約 60% 的新客戶從一開始就選擇了 Premium Unlimited。很明顯，我們擁有高質量的客戶群，因此我們將繼續專注於保留和贏得這些客戶。

Moving to Verizon Business. We see a continued very good momentum in both fixed wireless access and mobility. And I'm encouraged also by the large 5G infrastructure deals we made in the quarter. These include digital transformation projects with Astellas Pharmaceuticals, Fujifilm and our continued work with the Department of Defense.

轉移到 Verizon 業務。我們看到固定無線接入和移動性的持續良好勢頭。我們在本季度達成的大型 5G 基礎設施交易也讓我感到鼓舞。其中包括與 Astellas Pharmaceuticals、Fujifilm 的數字化轉型項目以及我們與國防部的持續合作。

And this is just a start. We recently announced an important agreement with the U.S. Department of State to modernize its communications infrastructure across embassies and other locations around the world. I'm proud that we are part of choice for these global enterprises and public sector clients.

而這只是一個開始。我們最近宣布與美國國務院達成一項重要協議，以實現其在世界各地大使館和其他地點的通信基礎設施的現代化。我很自豪我們是這些全球企業和公共部門客戶的首選。

In broadband, our fixed wireless access and fire service continued to see strong demand. Total broadband net adds were 377,000, a sequential growth of over 40%. All of these services are built to deliver on top of our world-class network. We have a premium network and experience that our customers value and that demand's premium pricing.

在寬帶方面，我們的固定無線接入和消防服務需求繼續強勁。寬帶網總新增37.7萬戶，環比增長40%以上。所有這些服務都建立在我們世界一流的網絡之上。我們擁有客戶重視的優質網絡和體驗，並且需要優質的定價。

Our network is a core value proposition. America relies on us, and we deliver. This was evident before, during and in the aftermath of Hurricane Ian. Our team did what we always do: we ran to the crisis, quickly restoring our network as needed and using our technology solution to protect impacted areas. Bottom line, our network infrastructure was resilient, and our people delivered in the way that you have come to expect from us.

我們的網絡是核心價值主張。美國依賴我們，我們提供。這在颶風伊恩之前、期間和之後都很明顯。我們的團隊做了我們一直在做的事情：我們應對危機，根據需要迅速恢復我們的網絡，並使用我們的技術解決方案來保護受影響的地區。最重要的是，我們的網絡基礎設施具有彈性，我們的員工以您對我們的期望的方式交付。

Our mission has always been to build and operate the best, most reliable, highest-performing network. Our use of advanced technologies, our spectrum portfolio and our expansive own fiber footprint are critical to achieving that goal. Where we deploy our C-band, we see direct correlation to customer growth on both mobility and fixed wireless access. We are currently covering over 160 million POPs with C-band and on track to deliver 200 million within the first quarter of 2023.

我們的使命始終是建立和運營最好、最可靠、性能最高的網絡。我們對先進技術的使用、我們的頻譜組合和我們廣泛的自有光纖足跡對於實現這一目標至關重要。在我們部署 C 波段的地方，我們看到與移動和固定無線接入的客戶增長直接相關。我們目前使用 C 波段覆蓋超過 1.6 億個 POP，並有望在 2023 年第一季度交付 2 億個。

C-band usage is up 170% quarter-over-quarter, and fixed wireless access now covers more than 40 million households. Right now, more than 48% of our cell sites are connected by Verizon's own fiber. We're expecting to be about 50% by year-end with the majority of our 5G sites already on our own fiber. This not only improves network performance but also improves our owners' economics.

C 波段使用量環比增長 170%，固定無線接入現在覆蓋了超過 4000 萬戶家庭。目前，我們超過 48% 的蜂窩基站通過 Verizon 自己的光纖連接。我們預計到年底將達到 50% 左右，我們的大多數 5G 站點已經在我們自己的光纖上。這不僅提高了網絡性能，還提高了我們所有者的經濟性。

At the same time, we're making efforts to take cost out of our business. We're constantly thinking about how we run our enterprise every day to enhance our performance while delivering on our strategy. In this period, we have designed a company-wide cost-savings program that we expect will save between $2 billion to $3 billion annually by 2025. A first step in these efforts is the creation of a global service organization under the leadership of Craig Silliman. This is one part of our larger program to leverage cross-functional opportunities across the business.

與此同時，我們正在努力降低業務成本。我們每天都在思考如何運營我們的企業，以提高我們的績效，同時實現我們的戰略。在此期間，我們設計了一個全公司範圍的成本節約計劃，預計到 2025 年每年將節省 20 億至 30 億美元。這些努力的第一步是在 Craig Silliman 的領導下創建一個全球服務組織.這是我們更大的計劃的一部分，旨在利用整個業務的跨職能機會。

Over the past 2 years, under unprecedented circumstances, we have learned a lot about how we deliver our services to customers. Verizon Global Services will help unlock significant efficiencies and reduce cost across the business. Keeping in line with our company values and strategy, we continue to practice financial discipline even in a competitive market and delivered solid financial performance quarter-over-quarter.

在過去的兩年裡，在前所未有的情況下，我們學到了很多關於如何為客戶提供服務的知識。 Verizon Global Services 將幫助提高整個企業的效率並降低成本。與我們公司的價值觀和戰略保持一致，即使在競爭激烈的市場中，我們也會繼續踐行財務紀律，並按季度提供穩健的財務業績。

Verizon is in a strong position, no matter economical environment with our high-quality customer base, diversified go-to-market options, including our value offering, the benefits from strengthening our organization through our cost-savings program and the best network that just keeps getting better.

無論經濟環境如何，Verizon 都處於強勢地位，我們擁有高質量的客戶群、多樣化的市場選擇（包括我們的價值產品）、通過我們的成本節約計劃加強我們的組織所帶來的好處以及剛剛推出的最佳網絡不斷好轉。

I will now hand it over to Matt to go deeper into our results.

我現在將把它交給馬特來更深入地研究我們的結果。

Thank you, Hans, and good morning, everyone. Our results from the third quarter were not yet where we would like them to be. But as you heard from Hans, the actions we've taken in the past 2 quarters are gaining traction in the marketplace. As a result, we saw positive developments in store traffic and consumer phone gross adds, further gains in broadband and a sequential improvement in our financial results. We anticipate that we'll be able to build on this momentum as we head into the fourth quarter.

謝謝你，漢斯，大家早上好。我們第三季度的業績尚未達到我們希望的水平。但正如您從 Hans 那裡聽到的，我們在過去兩個季度採取的行動正在市場上獲得關注。因此，我們看到商店客流量和消費者電話總增加量的積極發展，寬帶的進一步增長以及我們的財務業績的連續改善。我們預計，隨著我們進入第四季度，我們將能夠在這一勢頭的基礎上再接再厲。

Let's now walk through results from the third quarter, beginning with an overview of our postpaid mobility results on Slide 7. Our strategy for mobility growth is to drive revenue growth by attracting and retaining high-quality customers and migrating them into premium tiers. Premium penetration in the consumer segment increased to approximately 42% at quarter end, a sequential increase in line with prior quarters even with the introduction of the Welcome plan and the current economic backdrop.

現在讓我們來看看第三季度的結果，首先在幻燈片 7 上概述我們的後付費移動結果。我們的移動增長戰略是通過吸引和留住高質量客戶並將他們遷移到優質客戶來推動收入增長。消費者細分市場的保費滲透率在季度末增加到約 42%，即使在引入 Welcome 計劃和當前經濟背景的情況下，與前幾個季度的連續增長也是如此。

As a result of the continued increase in premium plan penetration, combined with the benefit from our admin fee increase and the impact from metered price-ups, consumer postpaid ARPA increased 3.8% year-over-year. Overall phone gross adds were up approximately 5% year-over-year, reflecting continued strength in business as well as the improvement in consumer gross adds.

由於保費計劃滲透率的持續增加，加上我們的管理費增加和計量價格上漲的影響，消費者後付費 ARPA 同比增長 3.8%。總體電話總增加量同比增長約 5%，反映出業務持續強勁以及消費者總增加量的改善。

With the impact of 3Q churn, which increased as expected as a result of our recent pricing actions, phone net adds were 8,000 for the quarter.

由於我們最近的定價行動，第三季度客戶流失率按預期增加，該季度電話淨增加量為 8,000。

Business delivered 197,000 postpaid phone net adds in the quarter, their fifth consecutive quarter exceeding 150,000. The results were again balanced across the 3 customer groups with enterprise delivering their best-ever phone net add performance and SMB and public sector both seeing double-digit phone gross add growth.

業務在本季度交付了 197,000 個後付費電話網絡，連續第五個季度超過 150,000 個。結果在 3 個客戶群中再次保持平衡，企業提供了有史以來最好的電話淨增加性能，而中小企業和公共部門的電話總增加量均實現了兩位數的增長。

On the Consumer side, postpaid phone gross adds were up 1.3% year-over-year, a notable sequential improvement from an 11% decline in Q2. The launch of the Welcome plan and the Apple One Unlimited plan helped to generate more store traffic while providing another avenue to compete outside of promotional spend. We have now seen year-over-year improvement in phone gross add performance for 4 consecutive months through September and anticipate another low single-digit year-over-year growth performance in the fourth quarter.

在消費者方面，後付費電話總量同比增長 1.3%，較第二季度下降 11% 有顯著改善。 Welcome 計劃和 Apple One Unlimited 計劃的推出有助於產生更多的商店流量，同時為促銷支出之外的競爭提供了另一種途徑。截至 9 月，我們現在已經連續 4 個月看到手機總增加量的同比增長，並預計第四季度的同比增長將再次出現低個位數。

As expected, the pricing actions we took around administrative fees and metered plans led to an increase in disconnects. With certain price-ups being phased in throughout the third quarter, we would anticipate some disconnect pressure to carry over into Q4. Taken together, we currently expect the gross add and disconnect performance to result in positive consumer phone net adds in the fourth quarter.

正如預期的那樣，我們圍繞管理費和計量計劃採取的定價行動導致了斷開連接的增加。隨著整個第三季度逐步出現某些價格上漲，我們預計一些脫節壓力將延續到第四季度。綜上所述，我們目前預計總增加和斷開性能將導致第四季度的消費者電話淨增加。

Let's now discuss broadband performance on Slide 8. Total broadband net adds were 377,000 in the quarter, reflecting a strong demand for reliable and high-value broadband offerings. Fixed wireless access momentum continued throughout the third quarter. We added 342,000 net adds, up from 256,000 in 2Q, reflecting increased demand across business and consumers. More than 75% of our consumer net adds are coming from urban and suburban locations with data usage that continues to mirror our first customers. We anticipate further share gains in this space as we continue to expand our household coverage and begin to realize benefits from our offering in the prepaid segment.

現在讓我們在幻燈片 8 上討論寬帶性能。本季度寬帶淨增加量為 377,000，反映了對可靠和高價值寬帶產品的強勁需求。固定無線接入勢頭在整個第三季度持續。我們增加了 342,000 人，高於第二季度的 256,000 人，反映出企業和消費者的需求增加。我們超過 75% 的消費者淨增加來自城市和郊區，其數據使用量繼續反映我們的第一批客戶。隨著我們繼續擴大家庭覆蓋範圍並開始從我們在預付費領域的產品中受益，我們預計該領域的份額將進一步增長。

We also added 61,000 Fios Internet net adds during the third quarter, reflecting improved gross outperformance from Q2 as well as continued strong retention levels. Our ability to grow Fios in spite of some secular headwinds due to lower move activity shows that the quality, value and reliability that Fios offers continues to resonate strongly with customers.

我們還在第三季度增加了 61,000 個 Fios Internet 淨增加量，這反映了第二季度總體表現的改善以及持續強勁的保留水平。儘管由於搬家活動減少而面臨一些長期不利因素，我們發展 Fios 的能力表明，Fios 提供的質量、價值和可靠性繼續引起客戶的強烈共鳴。

We further expanded our nationwide broadband opportunity by adding more fixed wireless households and businesses covered as well as growing our Fios open for sale within our ILEC footprint. Total fixed wireless household coverage surpassed 40 million in the quarter, including over 30 million covered by 5G Ultra Wideband. Fios open for sale is now at 16.9 million, a year-to-date increase of 410,000, and we remain on track to hit our full year target of 550,000.

我們通過增加覆蓋的更多固定無線家庭和企業以及在我們的 ILEC 足跡內增加 Fios 的開放銷售，進一步擴大了我們的全國寬帶機會。本季度固定無線家庭總覆蓋率超過 4,000 萬戶，其中 5G 超寬帶覆蓋超過 3,000 萬戶。 Fios 現已開售 1,690 萬輛，較年初至今增加 410,000 輛，我們仍有望實現全年 550,000 輛的目標。

Now let's talk about the value market on Slide 9. Our work to integrate TracFone continues, highlighted by the launch of our new prepaid brand, Total By Verizon, late in the quarter as well as the launch of fixed wireless for our prepaid customers earlier this month. For the quarter, we delivered positive prepaid net adds of 39,000, which excludes a base adjustment of 102,000 primarily relating to a competitor's 3G network shutdown. We saw significant improvement in TracFone's performance, which had positive net adds for the first time since Q1 2021.

現在讓我們談談幻燈片 9 上的價值市場。我們整合 TracFone 的工作仍在繼續，突出體現在本季度末我們推出的新預付費品牌 Total By Verizon 以及本月初為我們的預付費客戶推出的固定無線月。本季度，我們實現了 39,000 的正預付費淨增加，其中不包括主要與競爭對手的 3G 網絡關閉有關的 102,000 的基數調整。我們看到 TracFone 的業績有了顯著改善，自 2021 年第一季度以來首次出現正淨增長。

With our current momentum, combined with the launch of our new brand and fixed wireless, we're excited about our positioning and ability to further grow in the value market, bringing more connectivity and benefits to customers in this space.

憑藉我們目前的勢頭，再加上我們新品牌和固定無線網絡的推出，我們對我們在價值市場中的定位和進一步發展的能力感到興奮，為該領域的客戶帶來更多的連接性和利益。

Now let's move to the consolidated financial results on Slide 10. On a consolidated basis, total revenue was up 4.0% year-over-year as wireless service revenue growth and higher wireless equipment revenue more than offset wireline declines and the net impact of last year's M&A activity. As a reminder, the third quarter last year only had 2 months of Verizon Media activity before its divestiture.

現在讓我們來看一下幻燈片 10 的合併財務業績。在合併的基礎上，總收入同比增長 4.0%，因為無線服務收入增長和無線設備收入增加抵消了有線下降和去年的淨影響。併購活動。提醒一下，去年第三季度在剝離之前只有 2 個月的 Verizon Media 活動。

Total wireless service revenue growth was up 10.0% from the prior year, primarily driven by our ownership of TracFone, continued effectiveness of our Premium Unlimited strategy and business volumes. The core business is strong as wireless service revenue, excluding all TracFone activities, grew above 3%.

無線服務總收入同比增長 10.0%，這主要得益於我們對 TracFone 的所有權、我們的 Premium Unlimited 戰略的持續有效性和業務量。核心業務強勁，無線服務收入（不包括所有 TracFone 活動）增長超過 3%。

Additionally, we saw a benefit from the pricing actions taken earlier in the year, which we previously said would generate roughly $1 billion across Q3 and Q4. These actions helped to generate a sequential increase of $494 million in wireless service and other revenue and an increase of $345 million of adjusted EBITDA as total adjusted EBITDA came in at $12.2 billion for the quarter.

此外，我們從今年早些時候採取的定價行動中看到了好處，我們之前說過這將在第三季度和第四季度產生大約 10 億美元的收益。這些行動幫助無線服務和其他收入連續增加 4.94 億美元，調整後 EBITDA 增加 3.45 億美元，本季度調整後 EBITDA 總額為 122 億美元。

We continue to feel the pressures of higher device subsidies and promotional spending despite taking steps throughout Q3 to be disciplined, including the launch of the Welcome plan, which comes with our device subsidy. Inflationary pressures remain elevated both from a year-over-year and sequential point of view with the increase from Q2 primarily coming from higher electricity rates. Expectations for full year 2022 impacts of inflation remain consistent with comments during our Q2 earnings call.

儘管我們在整個第三季度採取了一些措施來遵守紀律，包括推出與我們的設備補貼一起推出的歡迎計劃，但我們仍然感受到更高的設備補貼和促銷支出的壓力。從同比和環比的角度來看，通脹壓力仍然較高，第二季度的增長主要來自較高的電費。對 2022 年全年通脹影響的預期與我們在第二季度財報電話會議上的評論保持一致。

To further mitigate inflation impacts, we have started a new cost-savings program that we expect will provide a reduction in annual cost of $2 billion to $3 billion by 2025. This program will be focused on several areas within the business, including digitalization efforts to enhance the customer experience and streamlining internal operations through automation and process enhancements. While part of this will benefit the bottom line, a portion of these savings will be reinvested into the business to help accelerate opportunities.

為了進一步減輕通貨膨脹的影響，我們啟動了一項新的成本節約計劃，預計到 2025 年，該計劃將每年減少 20 億至 30 億美元的成本。該計劃將專注於業務內的多個領域，包括數字化努力通過自動化和流程增強來增強客戶體驗並簡化內部運營。雖然其中一部分將有利於底線，但這些節省的一部分將重新投資於業務，以幫助加速機會。

As Brady noted, adjusted EPS for the third quarter was $1.32. In addition to the impact from EBITDA, this reflects sequential pressures in interest expense due to rate increases and a reduction in other income associated with noncash changes to pension and OPEB.

正如布雷迪所說，第三季度調整後的每股收益為 1.32 美元。除了 EBITDA 的影響外，這還反映了利率上升以及與養老金和 OPEB 的非現金變化相關的其他收入減少導致的利息支出的連續壓力。

Based on year-to-date interest rate increases and market expectations for additional Federal Reserve actions this year, we now estimate cash interest expense for 2022 to be about $400 million higher than our expectation coming into the year. We anticipate this pressure will continue into next year given the full year impact from interest rate increases, providing an EPS headwind in 2023. Likewise, the impact from noncash pension costs due to higher interest rates and lower return on assets this year is expected to put additional pressure on below-the-line items for 2023.

根據年初至今的加息和市場對今年美聯儲額外行動的預期，我們現在估計 2022 年的現金利息支出將比我們今年的預期高出約 4 億美元。鑑於加息對全年的影響，我們預計這種壓力將持續到明年，這將在 2023 年帶來每股收益逆風。同樣，由於今年利率上升和資產回報率下降，非現金養老金成本的影響預計將2023 年線下項目的額外壓力。

Now let's take a look at our third quarter Consumer financial results. Total Consumer revenue for the quarter grew 10.8% year-over-year driven by wireless service revenue growth of 11.0% as well as higher equipment revenue. Wireless service revenue increases were the result of the inclusion of TracFone, core wireless service revenue growth and the impact of the pricing actions.

現在讓我們來看看我們第三季度的消費者財務業績。在無線服務收入增長 11.0% 以及設備收入增加的推動下，本季度消費者總收入同比增長 10.8%。無線服務收入增長是 TracFone、核心無線服務收入增長和定價行動影響的結果。

Total Fios revenue was up versus the same period a year ago by 0.3% as growth from our Internet base offset the revenue impact of a 9% year-over-year decline in video subscribers. Fios content costs have also dropped, resulting in an improved margin profile that we expect will continue to benefit from further shifts away from video.

Fios 總收入與去年同期相比增長了 0.3%，因為我們互聯網基礎的增長抵消了視頻用戶同比下降 9% 的收入影響。 Fios 內容成本也有所下降，從而提高了利潤率，我們預計這將繼續受益於進一步遠離視頻的轉變。

Consumer EBITDA was $10.6 billion, up 0.7% compared to the same period last year. The pricing actions as well as the full inclusion of TracFone results more than offset the pressures from higher promotional activity and the impact of inflation.

消費者 EBITDA 為 106 億美元，與去年同期相比增長 0.7%。定價行動以及完全納入 TracFone 結果足以抵消更高促銷活動的壓力和通貨膨脹的影響。

Next, let's take a closer look at the Business financial results on Slide 12. The Business segment's wireless results remained strong in 3Q, though wireline service revenue declines continued due to ongoing secular headwinds. Wireless service revenue growth of 5.7% was up from 3.0% last quarter, aided by pricing actions as well as continued growth in our customer base. Wireline revenue declined by 6.7% versus prior year. Operating trends are consistent with prior quarters though in Q3, we saw a sequential increase in USF revenue due to higher rates. Business EBITDA was $1.8 billion for the quarter, down 6.7% from the prior year. In addition to pressure from wireline, we experienced higher growth-related costs as wireless sales volumes were up by 15% from the prior year.

接下來，讓我們仔細看看幻燈片 12 上的業務財務業績。業務部門的無線業務在第三季度保持強勁，儘管由於持續的長期不利因素，有線服務收入繼續下降。得益於定價行動以及我們客戶群的持續增長，無線服務收入增長 5.7%，高於上一季度的 3.0%。有線收入與去年相比下降了 6.7%。運營趨勢與前幾個季度一致，儘管在第三季度，由於費率上漲，我們看到 USF 收入連續增長。本季度商業 EBITDA 為 18 億美元，比去年同期下降 6.7%。除了來自有線的壓力外，我們還經歷了更高的增長相關成本，因為無線銷量比去年增長了 15%。

Now let's move on to Slide 13 and the cash flow summary. Cash flow from operating activities for the first 3 quarters of 2022 totaled $28.2 billion compared with $31.2 billion in the prior year period as working capital impacts from higher device activations and increased inventory levels continue, as we expected. Capital spending for the first 3 quarters of the year totaled $15.8 billion, an increase of $2.0 billion compared to last year.

現在讓我們轉到幻燈片 13 和現金流摘要。正如我們預期的那樣，由於設備激活增加和庫存水平增加對營運資金的影響繼續存在，2022 年前三個季度的經營活動現金流總額為 282 億美元，而去年同期為 312 億美元。今年前三季度的資本支出總額為 158 億美元，比去年增加了 20 億美元。

C-band spending was $4.5 billion for the first 9 months of the year. The net result of cash flow from operations and capital spending is free cash flow of $12.4 billion for the first 3 quarters of the year. We exited the quarter with $129.3 billion of net unsecured debt, a sequential improvement of $1.3 billion, resulting in a net unsecured debt-to-adjusted EBITDA ratio of 2.7x.

今年前 9 個月的 C 波段支出為 45 億美元。來自運營和資本支出的現金流的淨結果是今年前三個季度的自由現金流為 124 億美元。我們以 1,293 億美元的淨無擔保債務退出本季度，環比增加 13 億美元，淨無擔保債務與調整後 EBITDA 的比率為 2.7 倍。

As Hans mentioned earlier, our low unsecured bond maturities over the remainder of this year and next and strong operational cash flow generation puts our balance sheet in a strong position. Payment trends remain at or better than pre-COVID levels, and the quality of our postpaid base has never been better as evidenced by recent asset-backed securities prospectus filings.

正如漢斯之前提到的，我們在今年剩餘時間和明年剩餘時間的無擔保債券到期日低，以及強勁的運營現金流產生使我們的資產負債表處於強勢地位。支付趨勢保持在或優於 COVID 之前的水平，我們的後付費基礎質量從未像最近的資產支持證券招股說明書文件所證明的那樣好。

As we look at Q3 results, we delivered the sequential revenue and EBITDA growth that we had anticipated from the actions taken in 2Q. Our guidance for 2022 remains unchanged. We are building momentum and remain confident that our strategy will deliver strong cash flow growth into the future. It is this confidence, combined with the health of our balance sheet, that enabled us to recently increase our dividend for the 16th consecutive year. We recognize the importance of the dividend to our shareholders, and we intend to continue to put the Board in a position to approve annual increases.

當我們查看第三季度的業績時，我們實現了我們從第二季度採取的行動中預期的連續收入和 EBITDA 增長。我們對 2022 年的指導保持不變。我們正在建立勢頭，並仍然相信我們的戰略將在未來帶來強勁的現金流增長。正是這種信心，加上我們資產負債表的健康狀況，使我們最近連續第 16 年增加了股息。我們認識到股息對股東的重要性，我們打算繼續讓董事會能夠批准年度增長。

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. The actions we have taken are showing progress, but there's more work to be done. Our priorities through the end of the year and into 2023 are straightforward: continue our traction in Consumer wireless through the holiday season and into 2023; maintain and grow our momentum in fixed wireless access and Business wireless; implement the initial framework of a cross-functional efficiency program and improve our working capital efficiencies; and finally, continue our measured and strategic approach to the market with financial discipline and increased momentum for the quarters to come.

謝謝你，馬特。我們採取的行動正在顯示進展，但還有更多工作要做。從今年年底到 2023 年，我們的優先事項很簡單：在假日季節和 2023 年繼續我們在消費者無線領域的牽引力；保持和發展我們在固定無線接入和商務無線方面的發展勢頭；實施跨職能效率計劃的初始框架並提高我們的營運資金效率；最後，通過財務紀律和未來幾個季度的增長勢頭，繼續我們對市場的衡量和戰略方法。

While there's work to be done, I'm confident that we are well-positioned to deliver. So thank you. Now we're ready for your questions. Brady, back to you.

雖然還有很多工作要做，但我相信我們已經做好了交付的準備。所以謝謝。現在我們準備好回答你的問題了。布雷迪，回到你身邊。

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

謝謝，漢斯。布拉德，我們準備好回答問題了。

(Operator Instructions) Our first question will come from John Hodulik of UBS.

（操作員說明）我們的第一個問題將來自 UBS 的 John Hodulik。

Two quick ones, if I can. First, I know you guys don't -- you often hold off on giving guidance until the fourth quarter call, but it sounds like you got a number of sort of below-the-line headwinds to growth next year. But what's the prognosis for EBITDA growth in '23 given all the moving parts and all the cost savings you have coming through?

兩個快的，如果可以的話。首先，我知道你們不會——你們經常推遲到第四季度電話會議之前提供指導，但聽起來你們明年的增長面臨一些低於線的阻力。但是，考慮到所有活動部件和您所節省的所有成本，23 年 EBITDA 增長的預測是什麼？

And then secondly, on postpaid phone churn, it ticked up. And just looking for clarifications on Matt's comments that it's going to stay elevated. How do you expect that to progress as we move through '23? And what do you think is really driving? It sounds like you obviously -- you had the price increase. But just fundamentally, are the prices at Verizon just too high at this point given what we're seeing from a macro environment and given the -- something approaching network parity that we have in the market today?

其次，在後付費電話流失中，它開始上升。並且只是在尋找對馬特評論的澄清，即它將保持高位。隨著我們進入 23 年，您預計這將如何取得進展？你認為真正驅動的是什麼？聽起來你很明顯——你的價格上漲了。但從根本上說，鑑於我們從宏觀環境中看到的情況以及我們今天在市場上擁有的接近網絡平價的東西，此時 Verizon 的價格是否太高了？

Thank you, John. I can start and Matt will fill in. I mean when it comes to the quarter and the gross adds and the churn, I think what happened is that we came out from the second quarter where the soft quarter on the Consumer side when it comes to gross adds. We added a couple of new products all the way from the Welcome plan to the price adjustments. And of course, the outcome we were expecting was that we continue to grow both ARPA but also our wireless service revenue. And as you heard, we grew the service revenue with 3.5% if we exclude TracFone, but then with TracFone. So that clearly is working for us, and we will continue to do that.

謝謝你，約翰。我可以開始，馬特會填補。我的意思是，當涉及到本季度以及總增加和流失時，我認為發生的事情是我們從第二季度出來，消費者方面的季度疲軟總增加。從歡迎計劃到價格調整，我們一直在添加一些新產品。當然，我們所期待的結果是，我們的 ARPA 和無線服務收入都將繼續增長。正如你所聽到的，如果我們排除 TracFone，我們的服務收入增長了 3.5%，然後是 TracFone。所以這顯然對我們有用，我們將繼續這樣做。

But we will do it in certain segments where we see weakness. I mean we also saw a very strong continuation in our premium segments, where we continue to have now more than 81% of consumers on unlimited and 42% on Unlimited Premium. So we -- that area is going well. So we just need to find those areas, and we will continue to do that. But I think that we have a very competitive pricing in the market.

但我們會在我們看到弱點的某些領域這樣做。我的意思是，我們還看到了我們的高端細分市場非常強勁的延續，我們現在繼續擁有超過 81% 的無限制消費者和 42% 的無限制高端消費者。所以我們——那個領域進展順利。所以我們只需要找到這些領域，我們將繼續這樣做。但我認為我們在市場上有一個非常有競爭力的價格。

We add that with values like the One plan with Apple right now, Apple One Unlimited, et cetera, and we have more to come. So it's -- for us it's a grind it to see that we do the right in the segment. And of course, we have the largest consumer base in the market. So we just need to see that we're doing this in the right way. And ultimately, our goal is to continue to grow our EBITDA. And you saw this quarter, we grew our EBITDA with almost 3%. And that's what we're doing, and we keep our guidance for the full year.

我們將其添加到現在與 Apple 的 One 計劃、Apple One Unlimited 等價值觀，我們還會推出更多。因此，對我們來說，看到我們在該細分市場中做得正確是一件很痛苦的事情。當然，我們擁有市場上最大的消費者群。所以我們只需要看看我們以正確的方式做這件事。最終，我們的目標是繼續增長我們的 EBITDA。你看到本季度，我們的 EBITDA 增長了近 3%。這就是我們正在做的事情，我們全年保持指導。

So we -- that's our job. And then on top of that, we take out costs. So I think all in all, that's what we're working with constantly here. And it's a big ship we're moving. I think that this quarter, we saw all the actions we took in the second quarter having impact -- positive impact. That doesn't mean we're done. We think we can do more and we have more to do. So that's sort of the summary of where I think we are and how we're executing, and then we'll continue to execute this in this quarter and the quarters to come.

所以我們——這是我們的工作。然後最重要的是，我們會扣除成本。所以我認為總而言之，這就是我們在這裡不斷努力的方向。這是我們正在移動的一艘大船。我認為本季度，我們看到我們在第二季度採取的所有行動都產生了影響——積極的影響。這並不意味著我們已經完成了。我們認為我們可以做得更多，我們還有更多工作要做。所以這就是我認為我們在哪里以及我們如何執行的總結，然後我們將在本季度和未來幾個季度繼續執行此操作。

Yes. Thanks, Hans. And John, so maybe the second part of your question first around churn and is our pricing in the right place. I'd point you to the fact that our gross adds were up almost 5% on a year-over-year basis in 3Q. So obviously, our offerings continue to resonate with customers, obviously, built on having the best network, and consumers continue to see the value of that. So continue to believe that the gross add traffic will be there, and we'll get our fair share.

是的。謝謝，漢斯。約翰，所以也許你問題的第二部分首先是關於流失的，我們的定價是正確的。我要指出一個事實，即我們的總增加在第三季度同比增長了近 5%。顯然，我們的產品繼續與客戶產生共鳴，顯然，建立在擁有最好的網絡的基礎上，消費者繼續看到它的價值。所以繼續相信總的添加流量會在那裡，我們會得到公平的份額。

On the churn side, just to put it in perspective, the pricing actions we took across both the metered plans and the fees touch more than 75 million phone customers. And so the uptick in churn that we saw in the quarter was highly expected. We kind of mentioned that 90 days ago that we expected it to happen. But the financial benefits came through as well, which was exactly as we expected and was the right approach to take.

在客戶流失方面，我們在計量計劃和費用方面採取的定價措施觸及超過 7500 萬電話客戶。因此，我們在本季度看到的客戶流失率上升是高度預期的。我們在 90 天前提到過，我們預計它會發生。但經濟利益也隨之而來，這完全符合我們的預期，也是正確的做法。

So obviously, the impact of those changes will mitigate as we go forward here, and we'll continue to make sure that our churn is where it needs to be to ensure the right results. In terms of the first part of your question, you're right, we'll speak to you more specifically about 2023 on the next call. We're obviously in the middle of our planning cycle right now. But you should certainly expect us to build on the momentum that you saw us deliver in the third quarter.

所以很明顯，隨著我們在這裡的推進，這些變化的影響將會減輕，我們將繼續確保我們的流失是確保正確結果所需的地方。關於你問題的第一部分，你是對的，我們將在下一次電話會議上更具體地與你討論 2023 年。我們現在顯然正處於計劃週期的中間。但是您當然應該期望我們在您看到我們在第三季度交付的勢頭的基礎上再接再厲。

You saw that wireless service revenue up sequentially 2%. As Hans mentioned, EBITDA up sequentially about 3%. That gives us a good platform to build on here in 4Q and then as we head into '23. And then you mentioned below-the-line, there will be some pressures next year. I'm not going to quantify those now. But as you think about the specifics of those, some of those we've spoken to all of you about before. When we came out of the C-band auction. We said that we would expect depreciation to increase and capitalized interest to reduce as we've deployed C-band sites and put them on there, and really having kind of significant year-over-year impacts in '23 and '24. So that's in line with what we've been talking about for a while.

您看到無線服務收入環比增長 2%。正如漢斯所說，EBITDA 環比增長約 3%。這為我們提供了一個很好的平台，可以在第 4 季度和 23 年繼續發展。然後你提到線下，明年會有一些壓力。我現在不打算量化這些。但是，當您考慮這些細節時，我們之前曾與你們所有人談過其中的一些內容。當我們退出 C 波段拍賣時。我們說，隨著我們部署 C 波段站點並將其放置在那裡，我們預計折舊會增加，資本化利息會減少，並且在 23 和 24 年確實會產生重大的同比影響。因此，這與我們一段時間以來一直在談論的內容一致。

And then you layer on top of that, obviously, interest rates are higher, and we'll have a full year impact of that next year. And that impacts both the interest expense line, but also other noncash below-the-line items around pension and OPEB, where the imputed interest cost will be higher with the higher macro rates and then also starting the year with lower assets because of the performance this year.

然後在此之上，顯然，利率更高，我們將在明年產生全年的影響。這不僅會影響利息支出線，還會影響養老金和 OPEB 周圍的其他非現金線下項目，其中，隨著宏觀利率的提高，推算的利息成本會更高，然後由於業績表現，年初的資產也會減少今年。

So we'll obviously quantify those things. But as we think about '23, we had good momentum coming out of 3Q on a sequential basis, look to build on that in 4Q, continue to generate significant amounts of cash flow that puts us in a position to be successful going forward.

所以我們顯然會量化這些事情。但是當我們考慮到 23 年時，我們在第三季度連續出現了良好的勢頭，希望在第四季度的基礎上再接再厲，繼續產生大量現金流，使我們能夠在未來取得成功。

The next question comes from Brett Feldman of Goldman Sachs.

下一個問題來自高盛的布雷特費爾德曼。

It's about your sort of emerging nationwide broadband strategy. So I think you mentioned that you can now offer the fixed wireless product to over 40 million potential customers. I think from your Analyst Day last year, the ultimate target is 64 million with 50 million of that being residential and the rest being business.

這是關於你的那種新興的全國寬帶戰略。所以我想你提到你現在可以向超過 4000 萬潛在客戶提供固定無線產品。我認為從去年的分析師日來看，最終目標是 6400 萬，其中 5000 萬是住宅，其餘的是商業。

You're also -- and you made a point about this, you're deploying a lot of fiber, primarily just to put your mobile network on a national basis. And so the real question is, now that you have seen the fixed wireless product perform and what it does on the network side of things, how are you thinking about that target of eventually reaching 64 million homes? You think it could potentially be greater?

您還 - 您對此提出了觀點，您正在部署大量光纖，主要只是為了將您的移動網絡建立在全國范圍內。所以真正的問題是，既然您已經看到了固定無線產品的表現以及它在網絡方面的作用，那麼您如何看待最終達到 6400 萬戶家庭的目標？你認為它可能會更大嗎？

And then yesterday, AT&T talked about evaluating opportunities to do more of a fiber-to-the-home strategy out of region. I imagine leveraging some of the fiber they're deploying in their wireless network. Considering how expansive your national fiber footprint is becoming, is that something you're evaluating as well?

然後昨天，AT&T 談到了評估在區域外實施更多光纖到戶戰略的機會。我想利用他們在無線網絡中部署的一些光纖。考慮到您的國家光纖足跡正在變得多麼廣泛，您是否也在評估這一點？

Thank you, Brett. When it comes to our national broadband strategy, first of all, I think it's working really good for us. You saw in the quarter adding 377,000. The Fios footprint continue to be extremely high-quality customers and continue to grow. We will continue to expand that footprint.

謝謝你，布雷特。談到我們的國家寬帶戰略，首先，我認為它對我們非常有效。您在本季度看到增加了 377,000。 Fios 的足跡繼續成為極高質量的客戶並繼續增長。我們將繼續擴大這一足跡。

Outside that, we, of course, have a very high focus on fixed wireless access because the speed to market, because the demand in the market right now is high for broadband. And of course, we have a very disruptive model where it takes low single digits minutes to actually get broadband at home. It's a total different product when it comes to fixed wireless access. So we capture the market as soon as we can right now, and you see on our growth rates that is happening both for Consumer as for Business.

除此之外，我們當然非常關注固定無線接入，因為上市速度很快，因為目前市場對寬帶的需求很高。當然，我們有一個非常具有破壞性的模型，在這個模型中，實際上在家中獲得寬帶需要低個位數的分鐘數。就固定無線接入而言，這是一個完全不同的產品。因此，我們現在會盡快佔領市場，您會看到我們的增長率在消費者和企業方面都在發生。

But as you rightfully said, we are deploying the network as we speak, and we are just into certain markets given on the C-band, we will have more and more markets. And as we stated in the remarks, I mean, we are now covering 40 million households with our fixed wireless access. So we will continue to expand that, and we have plans and execution. It's working well. The quality is improving. The customer satisfaction is really high on fixed wireless access. And of course, there are the competition in these areas are, of course, not equally good customer satisfaction.

但正如你所說的那樣，我們正在部署網絡，我們只是進入 C 波段的某些市場，我們將擁有越來越多的市場。正如我們在評論中所說，我的意思是，我們現在用我們的固定無線接入覆蓋了 4000 萬個家庭。所以我們將繼續擴大它，我們有計劃和執行。它運作良好。質量正在提高。客戶對固定無線接入的滿意度非常高。當然，還有這些領域的競爭者，當然客戶滿意度也不盡相同。

So no, I think -- we think -- we are confident that this is a good strategy for us. Then when it comes to our fiber, you're absolutely right. We have done enormous investment in fiber. We want owners' economics on our network, and we are getting that because with the majority of all the 5G sites have our own fiber, and we're now passing 50% by year-end on all our sites.

所以不，我認為——我們認為——我們相信這對我們來說是一個很好的策略。那麼當談到我們的纖維時，你是絕對正確的。我們在纖維方面進行了大量投資。我們希望我們的網絡擁有所有者的經濟性，我們得到了這一點，因為所有 5G 站點中的大多數都有我們自己的光纖，到年底我們所有站點的傳輸率都超過了 50%。

Some sites will never need fiber. So it's not like 100% is the end goal. But in order to have a good experience for our customers, that's what we're doing. Then we want to see opportunities, especially for the Business side to use that fiber footprint outside. I'd like to see that some customers can get a better or we can substitute third-party fiber that we are getting from others. But clearly, focus on fiber in the Fios footprint, fixed wireless access going as fast as we can outside that.

有些站點永遠不需要光纖。因此，100% 並不是最終目標。但為了給我們的客戶帶來良好的體驗，這就是我們正在做的事情。然後我們希望看到機會，特別是對於業務方面來說，在外部使用光纖足跡。我希望看到一些客戶可以獲得更好的，或者我們可以替代我們從其他人那裡獲得的第三方光纖。但顯然，關注 Fios 足跡中的光纖，固定無線接入在此之外盡可能快。

So yes, we are confident about the strategy and it's working. We have talked about for several years. We come out with new products that's going to be multi-spectrum. That's going to handle everything from 4G, C-band, millimeter wave. So the resilience and the performance and quality of the products is even getting better. So yes, that's where we are. Matt?

所以，是的，我們對該戰略充滿信心，而且它正在發揮作用。我們已經談了好幾年了。我們推出了多光譜的新產品。這將處理從 4G、C 波段、毫米波的所有內容。因此，產品的彈性和性能和質量也越來越好。所以是的，這就是我們所在的地方。馬特?

Brad, I'll just add one thing. You mentioned fiber to the home. Of course, our Fios team had another good quarter here, 61,000 net adds despite a low-mover environment. So as Hans said, we're very focused on doing broadband through fixed wireless access, but our Fios business continues to perform very strongly and add customers to that network.

布拉德，我只補充一件事。你提到了光纖到戶。當然，我們的 Fios 團隊在這裡又取得了一個不錯的季度，儘管環境低迷，但淨增加了 61,000 個。所以正如漢斯所說，我們非常專注於通過固定無線接入提供寬帶，但我們的 Fios 業務繼續表現強勁，並將客戶添加到該網絡。

And we continue to build more open for sale in our Fios footprint. And just as a point to note, 3Q was a milestone for Fios in terms of going over 7 million connections with -- for that business. So it continues to perform very strongly. And then we supplement it with fixed wireless access around the rest of the country.

我們繼續在我們的 Fios 足跡中建立更多的開放銷售。值得一提的是，第三季度對於 Fios 來說是一個里程碑，它與該業務的連接超過 700 萬。所以它繼續表現非常強勁。然後我們用全國其他地區的固定無線接入來補充它。

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。

Matt, a quick one for you. Any changes to the 2023 CapEx guidance you gave out for that significant drop from this year? And then more broadly, back in March, you talked about a clear path to 4%-plus revenue growth in 2024 and beyond. Could you maybe update us on how that looks, how the kind of things like mobile edge compute, B2B applications are scaling? And what you can do to get there and give us more visibility around that.

馬特，給你一個快速的。您針對今年的大幅下降給出的 2023 年資本支出指南有何變化？然後更廣泛地說，早在 3 月份，您就談到了在 2024 年及以後實現 4% 以上收入增長的明確途徑。您能否向我們介紹一下它的外觀，移動邊緣計算、B2B 應用程序等東西的擴展方式？以及您可以做些什麼來實現這一目標並讓我們對此有更多的了解。

Yes. I can start on the enterprise side with the mobile edge compute, which we -- and the private 5G networks. As I said a couple of times before -- right now, we had 3 different sort of use cases on the edge computing: one was private networks, another was public mobile edge compute, and the third was the private 5G mobile edge compute. We see clearly a very strong demand on the private 5G networks, which is the prelude to go into all others, and the funnel is strong. And we talked about a couple of examples this quarter, which we have gained.

是的。我可以從企業端開始使用我們的移動邊緣計算以及私有 5G 網絡。正如我之前多次說過的——現在，我們在邊緣計算上有 3 種不同類型的用例：一種是私有網絡，另一種是公共移動邊緣計算，第三種是私有 5G 移動邊緣計算。我們清楚地看到對私有 5G 網絡的需求非常強勁，這是進入所有其他網絡的前奏，並且漏斗很強大。我們在本季度談到了幾個例子，我們已經獲得了這些例子。

And it's a normal typical enterprise or B2B cycle, where you start with one proof of concept, then you start deploying it, and then you roll it out. So that's going to continue to happen over the years is, of course, not going to be any significant revenues in the short term. But over time, we're building a totally new opportunity for (inaudible) and his team to be with customers in larger sort of turnkey projects to reform and transform their digital asset for enterprises.

這是一個正常的典型企業或 B2B 週期，您從一個概念證明開始，然後開始部署它，然後將其推出。因此，多年來這種情況將繼續發生，當然，短期內不會有任何可觀的收入。但隨著時間的推移，我們正在為（聽不清）和他的團隊與客戶一起在更大的交鑰匙項目中為企業改革和改造他們的數字資產創造一個全新的機會。

So we are still really confident this is a good strategy for us. And it's -- again, we're building on the same network. We built a network once, and we have several different use cases where the mobility and now the fixed wireless access, both are going in a high speed. And now we're adding the mobile edge compute that's starting to get off to a good start, especially with private 5G networks. And then we move into mobile edge compute. So that's how I see that market continue for us.

所以我們仍然非常有信心這對我們來說是一個很好的策略。它是——再一次，我們建立在同一個網絡上。我們曾經建立了一個網絡，我們有幾個不同的用例，其中移動性和現在的固定無線接入都在高速發展。現在我們正在添加移動邊緣計算，這開始有了一個良好的開端，尤其是在私有 5G 網絡中。然後我們進入移動邊緣計算。所以這就是我認為這個市場對我們來說繼續存在的方式。

Yes. Simon, so your first question around CapEx. Obviously, we'll be more specific on '23 guidance in January, but nothing has changed around our view of CapEx. So very much in line. And that's because of the great work the team has done this year. I mean we said we'd be at 175 million POPs covered by the end of the year. As you heard Hans say earlier, already at more than 160 million through 3Q. Not only will we be ahead of the 175 million, but we'll be at 200 million at some point during the first quarter. So phenomenal speed that the team has built the network there.

是的。西蒙，你的第一個問題是關於資本支出的。顯然，我們將在 1 月份更具體地介紹 '23 指南，但我們對資本支出的看法沒有任何改變。所以非常符合。那是因為團隊今年所做的出色工作。我的意思是我們說到今年年底我們將覆蓋 1.75 億個 POP。正如您之前聽到 Hans 所說，到第三季度已經超過 1.6 億。我們不僅會領先於 1.75 億，而且在第一季度的某個時候我們將達到 2 億。如此驚人的速度，團隊在那裡建立了網絡。

That means a significant chunk of the 10 billion CapEx for C-band will have been covered between last year and this year. So it will just be a small stub piece of that left next year, and then we'll be at those BAU levels that we've spoken to all of you about numerous times.

這意味著從去年到今年，C 波段 100 億資本支出中的很大一部分將被覆蓋。所以它只是明年剩下的一小部分，然後我們將達到我們已經與你們所有人談過無數次的 BAU 水平。

In terms of the longer-term revenue growth. I mean, obviously, we'll come back to that, but certainly encouraged by what we saw in the third quarter. As I mentioned in my prepared remarks, wireless service revenue growth when you -- obviously, the year-over-year 10% number has the noise in there from closing on the TracFone acquisition, November last year. But I mentioned, even if you ignore all of the Trac revenues, up more than 3% year-over-year. So we're building the right momentum there.

就長期收入增長而言。我的意思是，顯然，我們會回到這一點，但肯定會受到我們在第三季度看到的情況的鼓舞。正如我在準備好的發言中提到的那樣，無線服務收入增長——顯然，同比增長 10% 的數字來自於去年 11 月完成對 TracFone 的收購。但我提到，即使你忽略所有 Trac 收入，同比增長超過 3%。所以我們正在那裡建立正確的勢頭。

Obviously, we'll have significantly more customers on FWA that we'll be billing next year than we did this year. Hans mentioned the positive momentum around 5G private networks and MEC. So we'll get '23 plan locked down here, and then we'll be in a position to talk about longer term where we see things as well. But certainly continuing to build on the momentum that we've seen in the last quarter.

顯然，我們明年將在 FWA 上擁有比今年更多的客戶。漢斯提到了圍繞 5G 專網和 MEC 的積極勢頭。因此，我們將在這裡鎖定 '23 計劃，然後我們將能夠談論我們所看到的事情的長期。但肯定會繼續建立我們在上個季度看到的勢頭。

The next question comes from Phil Cusick of JPMorgan.

下一個問題來自摩根大通的 Phil Cusick。

First, a follow-up, please, on John's question. You're still losing accounts in Consumer despite pushing pretty hard this quarter. What did you see an impact from the introduction Unlimited plan? And how did that contribute to your gross adds improvement this quarter?

首先，請跟進約翰的問題。儘管本季度非常努力，但您仍會失去消費者的帳戶。您認為推出 Unlimited 計劃有什麼影響？這對本季度的總增加量有何貢獻？

And then second, can you give us any idea of what's going on in Business? You're seeing really strong adds. AT&T as well and T-Mobile is saying the same thing. Is this second lines being bought by businesses for their employees? What type of usage do you see in those lines? Just give us an idea of what's going on in the industry.

其次，您能否告訴我們商業領域正在發生的事情？你會看到非常強大的添加。 AT&T 和 T-Mobile 也在說同樣的話。企業是否為員工購買了第二條生產線？您在這些行中看到什麼類型的用法？只需讓我們了解行業中正在發生的事情。

I can start on the Business side. We have seen strong business growth on the wireless side for 5 consecutive quarters. So clearly, what we see is that both from the government, from large enterprises, small and medium businesses, they rely on the -- on high-performing networks is extremely important, and that's what we're giving them. And that's why we are growing.

我可以從業務方面開始。我們已經連續 5 個季度看到無線方面的強勁業務增長。很明顯，我們看到的是，無論是來自政府、大型企業還是中小型企業，他們都依賴於——高性能網絡非常重要，這就是我們給他們的。這就是我們成長的原因。

I mean we have had a really good run on it, and the team is doing a great job. I mean this quarter was 197,000 net -- phone net adds in the Business segment. And as Matt said, it's across over all the 3 segments: government, enterprise and small and medium businesses. So clearly, we have a good transformation there with our customers. And of course, adding to that, we have a great sales force out there every day with all these accounts because it's about the network, and it's about the go to market. And we are the strongest in both, so we feel really good about that.

我的意思是我們在這方面的表現非常好，團隊做得很好。我的意思是本季度淨額為 197,000 - 電話網在業務部門中增加。正如馬特所說，它涵蓋了所有 3 個部分：政府、企業和中小型企業。很明顯，我們在那裡與客戶進行了良好的轉型。當然，除此之外，我們每天都有一支強大的銷售隊伍，擁有所有這些客戶，因為它與網絡有關，而且與進入市場有關。我們是兩者中最強的，所以我們對此感覺非常好。

Yes. And just building on that maybe a little bit...

是的。只是在此基礎上建立一點點......

I'm sorry, Hans, if I can just...

對不起，漢斯，如果我可以...

Go ahead. Go ahead, Phil.

前進。來吧，菲爾。

I just wanted to follow up on Hans, the question was more what are people using this for, right? So industry penetration is very high. Everybody is looking at around trying to figure out where we're going. Are these -- do you think these are second lines being bought for maybe sort of high security measures? What's the usage look on the growing lines in Business versus maybe the new lines in Consumer? We're just trying to get an idea of what's driving this strength. And it's not just you, it's across the board.

我只是想跟進漢斯，問題更多的是人們用它來做什麼，對吧？所以行業滲透率非常高。每個人都在四處張望，試圖弄清楚我們要去哪裡。這些 - 你認為這些是為了某種高安全措施而購買的第二條線路嗎？業務中不斷增長的產品線與消費者中的新產品線的使用情況如何？我們只是想了解是什麼推動了這種力量。不僅僅是你，它是全面的。

Okay. No, it's the same -- it's normal. We see more, of course, as any company will go in more mobile. It's not like we're seeing secondary lines or something like that. And remember, we -- if it's sort of an IoT line, et cetera, that's outside this. We're talking about phone net adds here. So this is normal lines that is coming into our customers for normal usage. We haven't seen any difference in that compared to previous quarter that is something strange there. No, it's actually normal lines coming in that customers are transforming more to mobility.

好的。不，是一樣的——這很正常。當然，我們看到的更多，因為任何公司都將進入更多移動領域。這不像我們看到輔助線或類似的東西。請記住，我們 - 如果它是一種物聯網線等，那不在此範圍內。我們在這裡談論電話網絡添加。所以這是進入我們客戶正常使用的正常線路。與上一季度相比，我們沒有看到任何奇怪的地方。不，這實際上是正常的線路，客戶正在更多地轉向移動性。

Yes. And Phil, just maybe building on that a little bit. Certainly, the continued strong employment position feeds into this. That's very much the possibility. But look, I think the other thing as you think about Business to think about is the depth of the relationships we have with Business customers over many years from both wireless and our legacy wireline relationships. And the quality of the network continues to matter to our Business customers, and our team have been very effective at selling into those customers.

是的。菲爾，也許只是在此基礎上再建一點。當然，持續強勁的就業狀況也促成了這一點。這種可能性很大。但是看，我認為當您考慮商業時要考慮的另一件事是多年來我們與商業客戶之間的關係深度，無論是無線還是我們的傳統有線關係。網絡的質量對我們的商業客戶來說仍然很重要，我們的團隊在向這些客戶銷售方面非常有效。

But if you're -- if the suggestion from anything that you've been hearing is these are secondary lines with low usage on it, that couldn't be more further from the truth. These are absolutely primary lines. We see it in the usage. Certainly, as businesses continue more and more people in mobile, and we see that. But these are absolutely primary use lines, and we know that from the usage we see on that.

但是，如果您是 - 如果您聽到的任何建議是這些是使用率較低的次要線路，那麼這與事實相去甚遠。這些絕對是主要線路。我們在使用中看到了它。當然，隨著業務的繼續，越來越多的人使用移動設備，我們看到了這一點。但這些絕對是主要的用途線，我們從上面看到的用法中知道這一點。

In terms of on the Consumer side, on accounts, certainly, that trend is something that continued into 3Q. And -- but you also saw the positive momentum from a gross add standpoint, and that feeds through into the account trend also moving in a better line than it was. And as we said in the prepared remarks, we expect 4Q to have positive phone net adds, and that should show up in the trend on the account side as well.

在消費者方面，當然，在賬戶方面，這種趨勢一直持續到第三季度。而且 - 但你也看到了從總增加的角度來看的積極勢頭，這反映到賬戶趨勢中，也比以前更好。正如我們在準備好的評論中所說，我們預計 4Q 將有積極的電話網絡增加，這也應該會出現在賬戶方面的趨勢中。

So look, overall gross adds are up 5%, and they were up on a year-over-year base in Consumer. So there's a lot of good things going on. And then within our base, we just have to keep reminding people of the value. The team is doing an outstanding job there, and they've got more to bring to the market here as we go forward.

所以看，總體總增加量增長了 5%，並且在消費者方面同比增長。所以會有很多好事發生。然後在我們的基地內，我們只需要不斷提醒人們價值。團隊在那裡做得非常出色，隨著我們的前進，他們還有更多的東西要推向市場。

Any idea of what the contribution from Welcome and Unlimited was not?

知道 Welcome and Unlimited 的貢獻不是什麼嗎？

Yes. It's mix. You've got to think about the contribution from Welcome in 2 ways: one, obviously, in terms of the number of adds that people signed up for; but more importantly, the number of additional visits to the stores that it drove. Because certainly, some people who came in to Welcome, but it also gave us the opportunity to talk to more customers coming into the stores about all of our plans.

是的。是混合的。您必須從兩個方面考慮 Welcome 的貢獻：一，顯然，就人們註冊的添加數量而言；但更重要的是，它帶動的商店的額外訪問次數。因為當然，有一些人來歡迎，但這也讓我們有機會與更多進入商店的顧客談論我們的所有計劃。

So we'd have a good number of customers that came in because they seem to Welcome pricing, but then actually purchased one of our Mix & Match price plans as well. So we don't really have a specific breakout there for you, but definitely a contributor to the increase in store traffic and the increase in gross adds.

所以我們會有很多客戶進來，因為他們似乎歡迎定價，但實際上也購買了我們的混合和匹配價格計劃之一。因此，我們並沒有真正為您提供具體的突破，但絕對是商店客流量增加和總增加量增加的一個因素。

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 2, if I could. I'd like to ask a corollary to Phil's question there, which is -- obviously, we had like negative 11% gross adds last quarter, positive 1% in Consumer this quarter. Where are those gross adds coming from? I think you highlighted that you felt there was a hole in the portfolio with respect to BYOD. I would suggest that the BYOD concentrated players, maybe the cable players, are maybe ones that are giving you market share or maybe you've seen something else in the porting ratios that have changed the game. I'd be interested in where you think this SOGA shift is coming from?

我猜2，如果可以的話。我想問菲爾的問題的一個推論，那就是 - 顯然，我們上個季度的總增加量為負 11%，本季度消費者為正的 1%。這些總增加量來自哪裡？我認為您強調您認為 BYOD 的投資組合存在漏洞。我建議 BYOD 集中的玩家，也許是有線電視玩家，也許是那些給你市場份額的人，或者你可能已經在改變遊戲規則的移植比率中看到了其他東西。我很想知道你認為這種 SOGA 轉變來自哪裡？

And then the second piece, Matt, your exposure on the balance sheet to variable rates -- rising rates is not because you have floating rate debt per se but because you took actions in terms of swaps and hedges to create that variable rate exposure. Theoretically, you could buy your way out of that if you felt that was an economic way to go. Arguably, you could maybe take those losses through to your adjusted EPS, and then it could affect your earnings per share trajectory. Is there any part of you that thinks that there's an economic opportunity that might present itself to reverse gear in some of that variable rate exposure?

然後第二部分，馬特，你在資產負債表上對浮動利率的敞口——利率上升並不是因為你本身有浮動利率債務，而是因為你在掉期和對沖方面採取了行動來創造浮動利率敞口。從理論上講，如果您認為這是一種經濟的方式，您可以購買自己的方式。可以說，您可以將這些損失轉化為調整後的每股收益，然後它可能會影響您的每股收益軌跡。你們中是否有人認為在某些可變利率風險敞口中存在可能出現逆轉的經濟機會？

Thank you. A couple of things, what drove the gross adds. I mean, first of all, I think, as Matt said, the Welcome plan drove -- because that was a segment we were softer in the first and the second quarter, and that's why we addressed it. And that was probably the quickest turnaround we have done ever to bring out a new plan dedicated and nationwide. And that should be a reflection of how we plan to work.

謝謝你。有幾件事，是什麼推動了總額的增加。我的意思是，首先，我認為，正如馬特所說，歡迎計劃推動了——因為這是我們在第一季度和第二季度較為疲軟的部分，這就是我們解決這個問題的原因。這可能是我們為推出專門的全國性新計劃所做的最快的轉變。這應該反映我們計劃如何工作。

I mean we will be very agile. We will quickly move into segments where we see softness in our consumer base. And I'm happy with what I've seen so far. But also the marketing work because if you think about the growth we had both in gross adds, but also, as Matt said, when it comes to store visits, that was up more than double digit in the quarter compared to second quarter. So all that together work, and that's what we need to continue to work and see if there are other weaknesses in the Consumer portfolio.

我的意思是我們將非常敏捷。我們將迅速進入我們看到消費者基礎疲軟的細分市場。到目前為止，我對我所看到的感到滿意。還有營銷工作，因為如果你考慮一下我們在總增長方面的增長，而且正如馬特所說，當涉及到商店訪問時，與第二季度相比，該季度增長了兩位數以上。所以所有這些一起工作，這就是我們需要繼續努力，看看消費者組合中是否還有其他弱點。

Remember now, we're going all the way from the premium down to the lowest and most cost-efficient plans on our prepaid. And the work we're doing, we have integrated that in our Consumer group right now. And we're look into that we're doing the right things for every segment and see that we have the right offerings for our customers. That might be that we're aggressive in certain segments and not in others.

現在請記住，我們的預付計劃從保費一直到最低和最具成本效益的計劃。而我們正在做的工作，我們現在已經將其整合到我們的消費者組中。我們正在調查我們正在為每個細分市場做正確的事情，並看到我們為客戶提供正確的產品。這可能是因為我們在某些領域具有侵略性，而在其他領域則不然。

And that's sort of where we come with our size right now, we can do that. And I was happy with seeing what happened in the second quarter -- or in the third quarter with some of the actions we've taken. But we're not finished yet. We need to do more of this. We need to be more surgical. We need to attack the areas where we see weakness. But that was what's growing the gross adds in the quarter, clearly.

這就是我們現在的尺寸，我們可以做到這一點。我很高興看到第二季度或第三季度發生的事情以及我們採取的一些行動。但我們還沒有完成。我們需要做更多這樣的事情。我們需要更多的外科手術。我們需要攻擊我們認為薄弱的領域。但這顯然是本季度總增長的原因。

Yes. On the question around interest rates. So we've absolutely had a targeted rate of effective variable to fix, and that served us very well, continues to serve us very well over the course of the economic cycle. And we think that creates value over the course of the cycle for the company, and obviously, shareholders as well.

是的。關於利率的問題。因此，我們絕對有一個有效變量的目標率來修復，這對我們非常有用，在整個經濟周期中繼續為我們提供非常好的服務。我們認為這在整個週期中為公司創造價值，顯然也為股東創造價值。

As you mentioned, Dave, obviously, this year has seen significant increase there. And so some of those hedges have obviously moved around in value. I couldn't be happier with the work the treasury team has done, not just this year but over many years now to not just manage the overall debt profile but also the interest rate expense. You see that in the income statement over the past few years, where even as our debt has gone up to pay for the C-band acquisition and so on, our total interest expense cost has actually remained relatively flat.

正如你所提到的，戴夫，顯然，今年那裡的人數顯著增加。因此，其中一些對沖顯然在價值上發生了變化。我對財務團隊所做的工作感到非常滿意，不僅是今年，而且多年來，不僅要管理整體債務狀況，還要管理利率支出。您會在過去幾年的損益表中看到，即使我們的債務增加以支付 C 波段收購等費用，我們的總利息支出成本實際上仍然相對持平。

So we'll continue to manage the balance sheet there. And as you mentioned, if there's opportunities to create incremental value, I think our track record would tell you very strongly that you should expect us to be doing everything taking full advantage of those.

所以我們將繼續在那裡管理資產負債表。正如您所提到的，如果有機會創造增量價值，我認為我們的業績記錄會非常強烈地告訴您，您應該期望我們在做所有事情時都充分利用這些優勢。

The next question comes from Michael Rollins of Citigroup.

下一個問題來自花旗集團的邁克爾·羅林斯。

When you look across the strategic products, postpaid phones for Consumer and Business and Fios broadband, what's the risk that customers trade-down in rate plan tiers, if the U.S. goes into recession?

當您查看戰略產品、面向消費者和企業的後付費電話以及 Fios 寬帶時，如果美國陷入衰退，客戶在費率計劃層級中折價的風險是什麼？

And then pivoting over to the value segment, has Verizon begun to migrate any prepaid customers to the postpaid base? And can you size the future opportunity and timing for this possible migration? And then just one more, if I could, on prepaid. Is there an update on the size and timing of savings, especially for roaming when you think about the TracFone integration?

然後轉向價值部分，Verizon 是否開始將任何預付費客戶遷移到後付費用戶群？您能否確定這種可能遷移的未來機會和時機？如果可以的話，然後再預付一個。是否有關於節省的大小和時間的更新，特別是當您考慮 TracFone 集成時的漫遊？

Okay. Let me start with the first one. As we said earlier, the Welcome plan worked very well for us, and we didn't see many of our customers trading down. Actually, it was more about softness in the marketplace there, and that's where we actually gained success. And then -- but on the other hand, we saw many of our customers coming into the store. And then we -- after a conversation, of course, we saw them actually doing a step-up and then going for another plan.

好的。讓我從第一個開始。正如我們之前所說，Welcome 計劃對我們非常有效，我們沒有看到很多客戶降價。實際上，這更多是關於那里市場的軟弱，這就是我們真正獲得成功的地方。然後 - 但另一方面，我們看到許多客戶進入商店。然後我們——當然，在一次談話之後，我們看到他們實際上在做一個升級，然後製定另一個計劃。

So it actually worked. We didn't see that step-down in the market has happened so far, where I think we're segmenting it up with the values we have in each and every segment. So -- but if they would do it over time, given the economic situation, we will be better prepared than anybody else. And when we are actually addressing all the segments of the market, so we can work with that.

所以它確實奏效了。到目前為止，我們沒有看到市場出現下滑，我認為我們正在根據我們在每個細分市場中擁有的價值對其進行細分。所以——但如果他們願意隨著時間的推移這樣做，考慮到經濟形勢，我們將比其他任何人都做好準備。當我們真正解決市場的所有部分時，我們就可以使用它。

When it comes to the prepaid -- to the postpaid migration, that is, of course, one of the pillars in our strategy to see that our customers can do that and part of our acquisition strategy to see that we can offer the customers. That will take some IT work. And as I said before, that will technically, meaning that you cannot eat more easily work in between prepaid and postpaid. That will take some time before it's finished.

當談到預付費 - 到後付費遷移時，這當然是我們戰略的支柱之一，以確保我們的客戶可以做到這一點，也是我們收購戰略的一部分，以確保我們可以為客戶提供服務。這將需要一些 IT 工作。正如我之前所說，從技術上講，這意味著你不能在預付費和後付費之間更輕鬆地工作。這需要一些時間才能完成。

But already today, of course, we have a collaboration in between our groups as this is sort of under one roof, the whole value and premium segments. So I think that's what we're going to do. But that's, of course, an opportunity for us over time to have more of that. But already right now, we're seeing good sign on our value segment as we start growing in the third quarter.

但是今天，當然，我們在我們的團隊之間進行了合作，因為這是在一個屋簷下，整個價值和高端市場。所以我認為這就是我們要做的。但這當然是我們隨著時間的推移擁有更多這樣的機會。但是現在，隨著我們在第三季度開始增長，我們已經看到我們的價值部門出現了良好的跡象。

And we just added new products, including Total wireless, which is a higher end of the value market as well as adding now fixed wireless access to the -- to some of the brands. So there is much more to do. And we're encouraged what we have seen so far about the potential, and that was the reason we acquired TracFone, because we saw this potential to play in all the Consumer segment and adding products in different ways and scaling sort of our platforms. The more we can scale the platforms, the network and the products, the more efficient we're going to be on the return on capital invested.

我們剛剛添加了新產品，包括 Total wireless，這是價值市場的高端產品，以及現在為一些品牌添加了固定無線接入。所以還有很多事情要做。我們對迄今為止所看到的潛力感到鼓舞，這就是我們收購 TracFone 的原因，因為我們看到了這種潛力，可以在所有消費者領域發揮作用，並以不同的方式添加產品並擴展我們的平台。我們越能擴展平台、網絡和產品，我們的投資回報率就會越高。

Yes. A couple of follow-ups there, Mike. So the risk of trading down, we've obviously seen a number of different economic cycles during the life of the wireless business. And we don't historically see significant amounts of trade-down during a macro downturn. So I don't expect anything different, again, because the value that people place on their connectivity products, whether that's broadband or wireless, is higher than ever. So we'll obviously monitor it closely, but history would suggest the risk of that is not that high.

是的。邁克，那裡有幾個後續行動。因此，降低交易的風險，我們顯然已經在無線業務的生命週期中看到了許多不同的經濟周期。從歷史上看，在宏觀經濟衰退期間，我們並沒有看到大量的降價交易。所以我不希望有什麼不同，因為人們對他們的連接產品的價值，無論是寬帶還是無線，都比以往任何時候都高。所以我們顯然會密切關注它，但歷史表明這種風險並不高。

And then your last question around integration on roaming, we should largely have the roaming integration, all of the customers, over onto the Verizon network during 2023. We haven't quantified the benefit there but obviously significant. But that will be -- that should be in the financials by the end of next year.

然後你關於漫遊集成的最後一個問題，我們應該在 2023 年期間將所有客戶的漫遊集成大部分轉移到 Verizon 網絡上。我們沒有量化那裡的好處，但顯然很重要。但這將是 - 應該在明年年底之前出現在財務報表中。

The next question comes from Tim Horan of Oppenheimer.

下一個問題來自奧本海默的蒂姆霍蘭。

So C-band build-outs going faster and it sounds like better than expected. So Matt, can you talk about when you think you'll largely be done with that spending and maybe just the ultimate -- thinking on the ultimate POPs covered and capacity that you're adding? Any color there would be great.

因此，C 波段的構建速度更快，聽起來比預期的要好。那麼，馬特，您能否談談您認為您將在很大程度上完成這筆支出並且可能只是最終的 - 考慮涵蓋的最終 POP 和您正在添加的容量？任何顏色都會很棒。

Yes. I can start, and Matt will come in there as well. But when it comes to the C-band spending, you remember, we said we're going to do an additional $10 billion on CapEx. The year has not ended, but you have seen more or less where we are guiding. So it's going to be some portion left for the next year on CapEx, but that's a smaller part. And then it's going to be BAU because then we have done all our initial.

是的。我可以開始，馬特也會進來。但是，當談到 C 波段支出時，你記得，我們說過我們將在資本支出上再增加 100 億美元。這一年還沒有結束，但你或多或少地看到了我們正在指導的地方。所以這將是明年資本支出的一部分，但這是一個較小的部分。然後它將是 BAU，因為那時我們已經完成了所有初始設置。

What has happened after that is, of course, we're getting a much more spectrum to the sites and we get some more markets. But then we're down to BAU as we have always been building capacity and network on 4G, 3G. Now we'll do it on 5G with the spectrum we have. So feel good about that situation and how we have been doing it. And this was part of the strategy we laid out for the network already 2017, in order to draw the benefit of a unified network with a strong sort of edge capability with different type of access technologies.

當然，在那之後發生的事情是，我們獲得了更多的網站頻譜，我們獲得了更多的市場。但是接下來我們要考慮 BAU，因為我們一直在 4G、3G 上構建容量和網絡。現在我們將使用我們擁有的頻譜在 5G 上進行。所以對這種情況以及我們的表現感覺很好。這是我們在 2017 年為網絡制定的戰略的一部分，目的是利用具有強大邊緣能力和不同類型接入技術的統一網絡。

And now, of course, with C-band, we're adding that strength. So we're going to pass the 200 million POPs in the first quarter 2023, and then we will just continue to deploy as we're getting more spectrum. I mean still today, we're using mainly 60 megahertz. There are some places where we've started to trial out 100 megahertz. But as you know, we have 161 megahertz nationwide. And in some places, we're 200 megahertz. So we have so much more spectrum and capacity. But the guys have been building smart. So when the spectrum comes, we turn it up. It's not going out to the site again. So we are ready for that.

現在，當然，有了 C 波段，我們正在增加這種力量。因此，我們將在 2023 年第一季度超過 2 億個 POP，然後隨著我們獲得更多頻譜，我們將繼續部署。我的意思是今天，我們主要使用 60 兆赫茲。有些地方我們已經開始試用 100 兆赫茲。但如你所知，我們全國有 161 兆赫。在某些地方，我們是 200 兆赫茲。所以我們有更多的頻譜和容量。但這些傢伙一直在聰明地建設。因此，當頻譜出現時，我們將其調高。它不會再次出現在網站上。所以我們準備好了。

Yes. So Tim, just on the -- exactly what Hans said on the timing. If you think about it, we're still spending on the LTE network today, and that's obviously 10-plus years from when we launched. So that's because the usage on the network continues to grow, the utility people get from it continues to grow. And that's why you see our customer base expanding as a result.

是的。所以蒂姆，就 - 正是漢斯在時間上所說的。如果你仔細想想，我們今天仍然在 LTE 網絡上花錢，而這顯然是我們推出時的 10 多年。這是因為網絡上的使用量持續增長，人們從中獲得的效用也在持續增長。這就是為什麼您會看到我們的客戶群因此而擴大。

But as you think about connecting the dots here, as we said, we'll be close to 200 million -- well, we'll cross 200 million POPs in the first quarter of next year. The $10 billion will largely be spent -- we said there'd be a stub left over to next year, so that kind of overlaps there. So think about it from the standpoint, the $10 billion took care of covering the first roughly 200 million POPs.

但是當您考慮將這些點連接起來時，正如我們所說，我們將接近 2 億——嗯，我們將在明年第一季度超過 2 億個 POP。這 100 億美元將大部分用於支出——我們說過會有一個存根留到明年，所以那裡有一些重疊。所以從這個角度想一想，這 100 億美元用於覆蓋最初的大約 2 億個 POP。

Then the rest of it goes into BAU. And you create space in BAU because those 200 million POPs have now got C-band coverage. We said over half of our base has a 5G compatible device in their hands. And so the usage growth in those areas is going on C-band. That means we don't have to continue spending on LTE in those markets.

然後其餘部分進入 BAU。你在 BAU 中創造了空間，因為這 2 億個 POP 現在已經覆蓋了 C 波段。我們說過，我們一半以上的基地都擁有兼容 5G 的設備。因此，這些領域的使用增長正在 C 波段上進行。這意味著我們不必在這些市場繼續在 LTE 上投入資金。

And then combined with other programs that are coming to an end on the peak spend, such as One Fiber, Intelligent Edge Network, that's the space for the C-band continued build, both from a coverage and a capacity standpoint, to be in the BAU-level spend, just like as we continue to expand the LTE network for many years. It was part of the BAU-level spend. So absolutely peak level this year. CapEx comes down next year. And then I'd expect even further in '24 as the $10 billion is completely gone, as we spoke about earlier this year. And that obviously has a positive impact on free cash flow and the decisions we'll be able to have in front of us as a result of that going forward.

然後結合其他即將結束的峰值支出計劃，例如一根光纖、智能邊緣網絡，這就是 C 波段持續建設的空間，無論是從覆蓋範圍還是容量的角度來看，都將在BAU 級別的支出，就像我們多年來不斷擴展 LTE 網絡一樣。這是 BAU 級別支出的一部分。所以絕對是今年的巔峰水平。資本支出明年下降。然後我預計在 24 年會更進一步，因為 100 億美元已經完全消失，正如我們今年早些時候所說的那樣。這顯然對自由現金流以及我們將能夠在我們面前做出的決定產生積極影響。

So couldn't be happier with the pace at which the team has built it out and spent that money, unbelievable work the team has done there. And it puts us in a great place to reduce CapEx going forward.

因此，對團隊建立並花費這筆錢的速度感到非常滿意，團隊在那裡所做的令人難以置信的工作。它使我們處於減少未來資本支出的好地方。

So any updates on the ultimate amount of coverage that you'll have or POPs covered and rough timing on that?

那麼關於您將擁有的最終覆蓋範圍或覆蓋的 POP 以及大致時間的任何更新？

I think Kyle has said pretty clearly that you should expect -- where you get 4G today, you should be expecting to get 5G in the future as we continue to build out.

我認為凱爾已經非常清楚地表示，你應該期待 - 今天你獲得 4G，隨著我們繼續建設，你應該期待在未來獲得 5G。

Yes. Our C-band spectrum is nationwide, every market, every state. So we're just going to complete that and see that we have a similar as the 4G network, as Matt says.

是的。我們的 C 波段頻譜遍布全國、每個市場、每個州。因此，正如馬特所說，我們將完成它並看到我們擁有與 4G 網絡類似的網絡。

The next question comes from Craig Moffett of MoffettNathanson.

下一個問題來自 MoffettNathanson 的 Craig Moffett。

Hans, I wonder if you could talk about convergence a little bit, particularly on the Consumer side of your business. There's certainly a broad sense that the industry is moving towards converged offerings of wireless and home Internet. How do you think about that? And how do you think about it differently in areas where you have Fios and where you have fixed wireless broadband? Is that, in some ways, what's driving the fixed wireless broadband deployment? Or do you see them as still somewhat 2 separate services that are trying to fill 2 separate needs?

漢斯，我想知道您能否談談融合，尤其是在您業務的消費者方面。從廣義上講，該行業正在朝著無線和家庭互聯網的融合產品方向發展。你怎麼看？在擁有 Fios 和擁有固定無線寬帶的地區，您如何看待它？在某些方面，是什麼推動了固定無線寬帶的部署？或者您是否認為它們仍然是 2 個獨立的服務，試圖滿足 2 個獨立的需求？

Craig, I think, first of all, we have seen some early steps of convergence in a market where mobility and home is going together. Of course, ultimately, the customers will define, is that the best model. I think we're in a great position for obvious reasons, where we deploy our fixed -- remember, when we deploy our network on the C-band, we start in urban and suburban. And that's, of course, also where the fixed wireless access opportunity arises.

克雷格，我認為，首先，我們已經看到了移動和家庭融合的市場的一些早期融合步驟。當然，歸根結底，客戶會定義的，是最好的模型。我認為由於顯而易見的原因，我們處於有利位置，我們在哪裡部署我們的固定 - 請記住，當我們在 C 波段上部署我們的網絡時，我們從城市和郊區開始。當然，這也是固定無線接入機會出現的地方。

So then the combination of fixed and home and mobile is emerging there. So we're going to play on that. And as you have seen we have offerings on that in the market and also working with our Fios footprint equally much. We have the optionality. And the customers will decide if that is a good way forward. I think we are in a very strong position. We have owners' economics on all our home broadband and all our mobility and being able to see that we can follow the market.

因此，固定與家庭和移動的結合正在那裡出現。所以我們要玩這個。正如您所看到的，我們在市場上提供了這方面的產品，並且同樣與我們的 Fios 足跡合作。我們有選擇權。客戶將決定這是否是一個好的前進方向。我認為我們處於非常有利的位置。我們在所有家庭寬帶和所有移動性上都有業主經濟學，並且能夠看到我們可以跟隨市場。

And it goes back a little bit to what I said before. We need to be agile and be surgical in different segments. If we see that, for example, convergence is happening in certain segments, we quickly come out with offerings and do that. And that's what the team is working with constantly right now. And if that is a trend going there and it's just accentuated, we're going to be super well-positioned for that. If it's not, we're also super positioned for keeping it separate.

它可以追溯到我之前所說的。我們需要敏捷並在不同的領域進行外科手術。例如，如果我們看到某些領域正在發生融合，我們會很快推出產品並做到這一點。這就是團隊現在一直在努力的事情。如果這是一種趨勢並且它只是被強調了，那麼我們將為此做好準備。如果不是，我們也非常適合將其分開。

We're going to see that the market. We're going to drive the market. We think it's a strength for us that we have owners' economics on both mobility and broadband. So we will drive it where we see a good traction on it. And as you have seen already, we have already our offerings out there, and we'll continue to do so.

我們將看到市場。我們將推動市場。我們認為，我們在移動性和寬帶方面都擁有所有者經濟性，這對我們來說是一種優勢。所以我們將把它開到我們認為它有良好牽引力的地方。正如您已經看到的那樣，我們已經提供了我們的產品，我們將繼續這樣做。

Your last question will come from Frank Louthan of Raymond James.

您的最後一個問題將來自 Raymond James 的 Frank Louthan。

What are the largest factors impacting your churn in your base right now? And kind of after we get through this bump from the pricing action, what do you need to address to get the churn back down? And how soon can we see those tactics begin to work?

目前影響您的基地流失的最大因素是什麼？在我們度過了定價行動帶來的衝擊之後，您需要解決什麼問題才能讓流失率回落？我們多久才能看到這些策略開始奏效？

I think when it comes to the consumer churn, as Matt explained, the vast majority in the third quarter was coming from the price adjustments we did, which was a deliberate decision we took in the second quarter, and it was as expected. That was the larger piece of it in the churn.

我認為，正如馬特解釋的那樣，當談到消費者流失時，第三季度的絕大多數來自我們所做的價格調整，這是我們在第二季度做出的深思熟慮的決定，並且符合預期。那是攪動中較大的一塊。

And as Matt said before, our job right now is to continue to drive this downwards and see that, that is evaporating out there. We have some leakage into the -- into October from it because -- given how the price adjustments come out in the market.

正如馬特之前所說，我們現在的工作是繼續把它往下推，看看它正在消失。我們有一些洩漏到 - 到 10 月，因為 - 考慮到市場價格調整的方式。

Yes. Just, Frank, to build on that a little bit. So absolutely, we expected to see that increase, but it was certainly a good a good trade for us because it drove the gross add increase that we spoke about earlier, also drove a 2% sequential increase in service revenue and 3% in EBITDA. So we'll work through the bubble from that as we go forward. But obviously, the actions produce the type of results that we wanted.

是的。只是，弗蘭克，在此基礎上再做一點。所以絕對是，我們預計會看到這種增長，但這對我們來說無疑是一筆不錯的交易，因為它推動了我們之前談到的總增加額增長，也推動了服務收入連續增長 2% 和 EBITDA 增長 3%。因此，我們將在前進的過程中克服泡沫。但顯然，這些操作會產生我們想要的結果類型。

We'll expect to get back to more normal levels going forward. We constantly have to communicate to our base of customers, the value of being on the Verizon network, and that's something that we've got many years of doing. As we just spoke about a couple of questions ago, the quality of that network with the C-band build-out is expanding rapidly. And we have the opportunity to continue to demonstrate to customers the premium service they get on Verizon.

我們預計未來會恢復到更正常的水平。我們必須不斷地與我們的客戶群溝通，了解 Verizon 網絡的價值，這是我們多年來一直在做的事情。正如我們剛剛談到的幾個問題，具有 C 波段擴展的網絡的質量正在迅速擴大。我們有機會繼續向客戶展示他們在 Verizon 上獲得的優質服務。

And as we do that, I'm very confident that churn will get back to the levels we'd expect it to be. And combined with the improved gross add performance, we'll see that show up in the financials, and more importantly, in strong cash flow from the business. So really happy with the sequential trajectory we have. We need to keep building on that as we go forward here. That's what the team is focused on.

當我們這樣做時，我非常有信心流失率會回到我們預期的水平。再加上總附加值的改善，我們將看到它出現在財務上，更重要的是，它會出現在來自業務的強勁現金流中。對我們擁有的順序軌跡非常滿意。我們需要在此基礎上繼續前進。這就是團隊所關注的。

Brad, that's all the time we have today.

布拉德，這就是我們今天的全部時間。

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。