威訊通訊 (VZ) 2017 Q4 法說會逐字稿

Good morning and welcome to the Verizon fourth-quarter 2017 earnings conference call.

早上好，歡迎來到 Verizon 2017 年第四季度收益電話會議。

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

（操作員說明）正在錄製今天的會議。

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

如果您有異議，此時您可以斷開連接。

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你的東道主，投資者關係高級副總裁布雷迪康納先生。

Thanks, Brad.

謝謝，布拉德。

Good morning and welcome to our fourth-quarter earnings conference call.

早上好，歡迎來到我們的第四季度收益電話會議。

This is Brady Connor and I'm here with our Chairman and Chief Executive Officer, Lowell McAdam, and our Executive Vice President and Chief Financial Officer, Matt Ellis.

我是 Brady Connor，我和我們的董事長兼首席執行官 Lowell McAdam 以及我們的執行副總裁兼首席財務官 Matt Ellis 一起來到這裡。

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

提醒一下，我們的收益發布、財務和運營信息以及演示幻燈片都可以在投資者關係網站上找到。

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

本次通話的重播和文字記錄也將在我們的網站上提供。

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

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

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

Verizon 提交給美國證券交易委員會的文件中包含對可能影響未來結果的因素的討論，這些文件現在可以在我們的網站上找到。

This presentation contains certain non-GAAP financial measures.

本演示文稿包含某些非 GAAP 財務指標。

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

這些非 GAAP 措施與最直接可比的 GAAP 措施的調節包含在我們發佈在我們網站上的財務材料中。

The quarterly growth rates disclosed in our presentation slides and during our formal remarks on a year-over-year basis unless otherwise noted as sequential.

除非另有說明為連續的，否則在我們的演示幻燈片和我們的正式評論中披露的季度增長率是按年計算的。

With that, I will now turn the call over to Lowell.

有了這個，我現在將把電話轉給洛厄爾。

Thank you, Brady, and good morning, everyone.

謝謝你，布雷迪，大家早上好。

I wanted to join today's call to talk about 2017 results, the implications of tax reform to Verizon, and then to talk about our strategic priorities for 2018.

我想加入今天的電話會議，討論 2017 年的業績、稅收改革對 Verizon 的影響，然後討論我們 2018 年的戰略重點。

Let me start off by recapping our impressive performance this year.

首先讓我回顧一下我們今年令人印象深刻的表現。

I'm proud of the focus and the execution from our team in 2017.

我為我們團隊在 2017 年的專注和執行力感到自豪。

We regained positive momentum in the marketplace and delivered strong operational and financial results.

我們在市場上重獲積極勢頭，並取得了強勁的運營和財務業績。

We launched and expanded the most reliable unlimited experience for our customers, executed the world's largest successful 5G precommercial trial, invested in assets and platforms for the future, and gained significant traction in the integration of new businesses.

我們為客戶推出並擴展了最可靠的無限體驗，進行了全球最成功的 5G 預商用試驗，投資了面向未來的資產和平台，並在新業務整合方面獲得了巨大的推動力。

We finished the year with great momentum in the fourth quarter as evidenced by our smartphone net additions and reoccurring levels of outstanding customer loyalty.

我們在第四季度以強勁的勢頭結束了這一年，我們的智能手機淨增加量和再次出現的出色客戶忠誠度證明了這一點。

In addition, the improvement in our wireless service revenue trajectory positions the business for growth moving forward.

此外，我們無線服務收入軌蹟的改善為業務的增長奠定了基礎。

The integration of new businesses is accelerating our mobile-first digital strategy and providing a platform for global reach.

新業務的整合正在加速我們的移動優先數字戰略，並為全球影響力提供平台。

In 2017, we made significant progress with our Oath assets as we build engaging brands around the key pillars of news, sports, finance, and lifestyle and we leverage the Oath capabilities across all of our Verizon properties.

2017 年，隨著我們圍繞新聞、體育、金融和生活方式的關鍵支柱打造引人入勝的品牌，我們在 Oath 資產方面取得了重大進展，並且我們在所有 Verizon 資產中利用了 Oath 功能。

The game-changing content and technology partnerships that we recently announced with the NFL and NBA are great examples of how we are accelerating our digital rights strategy with Yahoo Sports and Verizon's family of digital media brands.

我們最近與 NFL 和 NBA 宣布的改變遊戲規則的內容和技術合作夥伴關係很好地說明了我們如何與雅虎體育和 Verizon 的數字媒體品牌系列加快我們的數字版權戰略。

We are becoming the first screen for fans of live sports and superior partners for advertisers, positioning us to show live action in the engaging ways people want to consume video content.

我們正在成為體育直播粉絲的第一屏和廣告商的高級合作夥伴，使我們能夠以人們想要消費視頻內容的引人入勝的方式展示現場直播。

We are investing for the future while maintaining a well-rounded approach to funding all aspects of our business.

我們正在為未來投資，同時保持全面的方法為我們業務的各個方面提供資金。

We enhanced our financial profile in 2017 with a number of transactions that strengthened the balance sheet, that included lowering our borrowing costs, extending out our debt maturities, and making a significant voluntary contribution to the pension fund.

2017 年，我們通過多項交易改善了我們的財務狀況，這些交易增強了資產負債表，其中包括降低借貸成本、延長債務期限以及向養老基金提供大量自願捐款。

Now let's take a look forward.

現在讓我們向前看。

We ended the year with the President signing tax reform into law, effectively restructuring the tax code for US corporations.

我們以總統簽署稅制改革為法律結束了這一年，有效地重組了美國公司的稅法。

Verizon has long supported corporate tax reform that reduces rates to globally competitive levels and we are very pleased to see this legislation passed.

Verizon 長期以來一直支持將稅率降低到具有全球競爭力的水平的公司稅改革，我們很高興看到這項立法獲得通過。

The new tax law will have a positive impact to Verizon's cash flow and earnings profile.

新稅法將對 Verizon 的現金流和收益狀況產生積極影響。

We expect tax reform to enhance our cash flow from operations in 2018 by approximately $3.5 billion to $4 billion.

我們預計稅制改革將使我們 2018 年的運營現金流增加約 35 億美元至 40 億美元。

We have been disciplined in our approach to capital allocation since the inception of Verizon.

自 Verizon 成立以來，我們的資本配置方法一直受到嚴格約束。

We have always been focused on keeping our network the gold standard and investing in the business for growth while strengthening our balance sheet and maintaining strong dividend performance for our shareholders.

我們一直專注於讓我們的網絡保持黃金標準並投資於業務增長，同時加強我們的資產負債表並為我們的股東保持強勁的股息表現。

This will continue to be the driving force behind the use of cash savings from tax reform, and by strengthening the balance sheet, it will give us the flexibility to execute our strategies going forward.

這將繼續成為使用稅收改革節省的現金的驅動力，並且通過加強資產負債表，這將使我們能夠靈活地執行我們未來的戰略。

Our employees drive the innovation and success of our business, so it's vital that we all share in the success of not only tax reform, but the overall performance of Verizon.

我們的員工推動我們業務的創新和成功，因此至關重要的是，我們不僅要分享稅制改革的成功，還要分享 Verizon 的整體業績。

We will provide details on how we are investing in our employees later today and we'll provide those details outside the Company later today.

我們將在今天晚些時候提供有關我們如何投資於我們的員工的詳細信息，我們將在今天晚些時候在公司外部提供這些詳細信息。

We are good corporate citizens and share our success with the community.

我們是優秀的企業公民，與社區分享我們的成功。

In 2017, Verizon and its foundation donated $75 million for disaster recovery and community projects.

2017 年，Verizon 及其基金會為災難恢復和社區項目捐贈了 7500 萬美元。

We will increase our contributions to the Verizon Foundation by $200 million to $300 million over the next 2 years with the additional funds being dedicated to our efforts around Humanability.

我們將在未來 2 年內將對 Verizon 基金會的捐款增加 2 億美元至 3 億美元，並將額外資金用於我們圍繞 Humanability 所做的努力。

And by Humanability, we mean applying our technology to making our customers' lives better.

Humanability 是指應用我們的技術讓客戶的生活更美好。

Combined, these two initiatives will have an approximate $0.05 to $0.06 impact to our earnings per share for each of the next two years.

合併後，這兩項舉措將對我們未來兩年的每股收益產生大約 0.05 至 0.06 美元的影響。

As we head into 2018, our strategic priorities remain clear and are unchanged.

在我們邁入 2018 年之際，我們的戰略重點依然清晰且沒有改變。

The cornerstone of our strategy continues to be our best-in-class Wireless network, which continues to be ranked number one in the nation in both voice and data network quality.

我們戰略的基石仍然是一流的無線網絡，該網絡在語音和數據網絡質量方面繼續位居全國第一。

Our unbroken run of J.D. Power and RootMetrics awards keeps getting longer.

我們連續不斷地獲得 J.D. Power 和 RootMetrics 獎項的時間越來越長。

In our history, Verizon has always been on the forefront of technology innovation.

在我們的歷史上，Verizon 一直走在技術創新的前沿。

We've led the transformation of the wireless industry from analog to today's fourth-generation LTE service.

我們引領了無線行業從模擬到今天的第四代 LTE 服務的轉型。

Now we have an unprecedented opportunity in front of us as we drive the evolution of the US wireless industry to the fifth generation of mobile services.

現在，在我們推動美國無線行業向第五代移動服務發展的過程中，我們面臨著前所未有的機遇。

Not too long ago, people were saying 5G would not be possible until sometime between 2020 and 2022.

不久前，人們還說 5G 要到 2020 年到 2022 年之間的某個時候才能實現。

Only one carrier has been consistent in its actions and messaging regarding 5G.

只有一家運營商在其有關 5G 的行動和消息傳遞方面保持一致。

Verizon has the spectrum bandwidth needed to provide the rich services of true 5G, our intelligent edge network capabilities, and engineering know-how to lead the industry in providing the full suite of 5G gigabit services.

Verizon 擁有提供豐富的真正 5G 服務所需的頻譜帶寬、我們的智能邊緣網絡功能和工程技術訣竅，可以引領行業提供全套 5G 千兆位服務。

The investment in pre-positioning of assets that we have accomplished will enable us to deliver the full range of 5G services, including mobility, residential broadband, sub-millisecond latency applications, and other advanced consumer and IoT use cases.

我們已經完成的資產預置投資將使我們能夠提供全方位的 5G 服務，包括移動、住宅寬帶、亞毫秒延遲應用程序以及其他高級消費者和物聯網用例。

We have flexed our innovation muscle and are now taking 5G from a mere possibility to commercial reality by bringing three to five cities online this year with commercial services.

我們展示了我們的創新力量，今年通過商業服務將 3 到 5 個城市上線，從而將 5G 從單純的可能性變為商業現實。

The next Industrial Revolution will be on Verizon's network and will positively impact society like no technology we have seen before.

下一次工業革命將出現在 Verizon 的網絡上，並將對社會產生前所未有的技術影響。

As we say around our offices, we don't wait for the future; we build it.

正如我們在辦公室周圍所說的那樣，我們不等待未來；我們只等待未來。我們建造它。

And we are doing it again with 5G.

我們正在用 5G 再次這樣做。

Now I will hand the call over to Matt to talk about the financial and operating details of the business, starting with slide 4.

現在我將把電話轉給 Matt，讓他談談公司的財務和運營細節，從幻燈片 4 開始。

Thanks, Lowell.

謝謝，洛厄爾。

It's great to be with you today and to share the results of our strong performance.

很高興今天能和大家一起分享我們出色表現的成果。

In the fourth quarter of 2017, we reported earnings of $4.56 per share and full-year earnings of $7.36 per share on a GAAP basis.

2017 年第四季度，我們報告的每股收益為 4.56 美元，全年每股收益為 7.36 美元（按 GAAP 計算）。

These reported results include several special items that I would like to highlight.

這些報告的結果包括幾個我想強調的特殊項目。

Our reported earnings include a net pre-tax loss from special items of about $2.6 billion.

我們報告的收益包括約 26 億美元的特殊項目稅前淨虧損。

This net loss consists of severance and mark-to-market adjustments for pension and OPEB liabilities of $1.2 billion, early debt redemption costs of $681 million, a charge for product realignment around early-stage developmental technologies of $671 million, acquisition- and integration-related charges of $154 million pertaining mainly to Yahoo, and a non-cash pre-tax gain on spectrum license transactions of about $144 million.

這一淨虧損包括 12 億美元的養老金和 OPEB 負債的遣散費和按市值調整、6.81 億美元的早期債務贖回成本、6.71 億美元的圍繞早期開發技術的產品調整費用、收購和整合- 1.54 億美元的相關費用主要與雅虎有關，頻譜許可交易的非現金稅前收益約為 1.44 億美元。

Additionally, as noted in our 8-K filing last week, the new tax law resulted in a one-time benefit of approximately $16.8 billion or $4.10 per share.

此外，正如我們上週提交的 8-K 文件中所述，新稅法導致一次性收益約為 168 億美元或每股 4.10 美元。

This benefit is primarily related to the remeasurement of our net deferred tax liabilities at the new 21% corporate income tax rate.

這一收益主要與按照新的 21% 企業所得稅稅率重新計量我們的淨遞延稅負債有關。

The cumulative net impact from these items after-tax was approximately $15.2 billion or $3.71 per share.

這些項目的稅後累計淨影響約為 152 億美元或每股 3.71 美元。

Excluding the full effect of these items, adjusted earnings per share was $0.86 in the fourth quarter, which is flat compared to our performance in the same quarter a year ago.

排除這些項目的全部影響，第四季度調整後每股收益為 0.86 美元，與我們去年同期的業績相比持平。

For the full year, adjusted earnings per share was $3.74.

全年調整後每股收益為 3.74 美元。

Now let's move to a summary of the consolidated financial highlights of the quarter on slide 5. In the fourth quarter, total operating revenue was $34 billion, an improvement of 5%.

現在讓我們轉到幻燈片 5 中本季度綜合財務亮點的摘要。第四季度，總營業收入為 340 億美元，增長 5%。

And for the full year 2017, revenue was $126 billion.

2017 年全年收入為 1260 億美元。

On a comparable basis, excluding divestitures and new businesses, adjusted operating revenues declined approximately 2% for the year.

在可比基礎上，不包括資產剝離和新業務，調整後的營業收入全年下降約 2%。

For the full year, consolidated adjusted EBITDA, excluding special items, totaled approximately $45.1 billion and consolidated adjusted EBITDA margin was 35.7%, slightly higher than last year's margin of 35.5%.

全年，綜合調整後 EBITDA（不包括特殊項目）總計約為 451 億美元，綜合調整後 EBITDA 利潤率為 35.7%，略高於去年的 35.5%。

Let's turn now to our wireless results on slide 6. Our value proposition of providing unlimited service on the best network together with the simplicity of our offers is driving increased engagement from our valued customers.

現在讓我們轉到幻燈片 6 上的無線結果。我們在最佳網絡上提供無限服務的價值主張以及我們提供的產品的簡單性正在推動我們尊貴客戶的參與度增加。

In the fourth quarter, total wireless operating revenue increased 1.7% to $23.8 billion, our first positive year-over-year growth in two years.

第四季度，無線運營總收入增長 1.7% 至 238 億美元，這是我們兩年來首次實現同比正增長。

For the full year, operating revenue totaled $87.5 billion, a decline of 1.9%.

全年營業收入總計 875 億美元，下降 1.9%。

The sequential results in service revenue increased for the second consecutive quarter by 0.2% to $15.9 billion.

服務收入連續第二個季度增長 0.2% 至 159 億美元。

On a year-over-year basis, service revenues declined by 2.9%, a marked improvement over the same period last year.

服務收入同比下降2.9%，較去年同期明顯好轉。

The improved trends to service revenues are attributed to several factors, including increased access revenues and new account formation.

服務收入的改善趨勢歸因於幾個因素，包括訪問收入的增加和新帳戶的形成。

Our postpaid phone base migrations to unsubsidized service pricing are progressing and now represent approximately 80% of our postpaid phone base, approaching steady-state as most of our business customers remain on subsidized plans.

我們的後付費電話基礎向無補貼服務定價的遷移正在取得進展，現在約占我們後付費電話基礎的 80%，接近穩定狀態，因為我們的大多數企業客戶仍在享受補貼計劃。

In the fourth quarter, equipment revenue increased to $6.5 billion, up 12.9% for the quarter and 7.8% for the full year.

第四季度，設備收入增至 65 億美元，季度增長 12.9%，全年增長 7.8%。

At the end of the quarter, approximately 49% of our postpaid phone customers had an outstanding device payment plan balance.

在本季度末，我們大約 49% 的後付費電話客戶有未結清的設備付款計劃餘額。

During the quarter, we generated $9.5 billion of EBITDA, an increase of 9.6%.

本季度，我們產生了 95 億美元的 EBITDA，增長 9.6%。

Wireless EBITDA margin was 39.8% compared to approximately 36.9% in the same period last year.

無線 EBITDA 利潤率為 39.8%，而去年同期約為 36.9%。

As expected, the improvement in EBITDA was a function of better trends in service revenue and lower promotional activity than the prior year.

正如預期的那樣，EBITDA 的改善是服務收入趨勢更好和促銷活動比上一年減少的結果。

For the full year, we generated $38.6 billion of EBITDA on total revenues of $87.5 billion.

全年，我們產生了 386 億美元的 EBITDA，總收入為 875 億美元。

Now let's turn to slide 7 and take a closer look at wireless connections growth.

現在讓我們轉到幻燈片 7，仔細看看無線連接的增長情況。

In the fourth quarter, total smartphone net adds were 647,000 compared to 456,000 last year.

第四季度，智能手機淨增用戶總數為 647,000 部，而去年同期為 456,000 部。

Total postpaid net adds were 1.2 million, including phone adds of 431,000, 193,000 tablets, and 550,000 other connected devices, predominantly wearables.

後付費淨增加總數為 120 萬，其中包括 431,000 部手機、193,000 部平板電腦和 550,000 部其他聯網設備，主要是可穿戴設備。

For the third consecutive quarter, we increased customer accounts, adding 40,000 to our base.

連續第三個季度，我們增加了客戶賬戶，增加了 40,000 個客戶。

For the full year, postpaid net additions of 2.1 million included 774,000 phones, 31,000 tablets, and 1.3 million other connected devices.

全年，後付費用戶淨增 210 萬，其中包括 774,000 部手機、31,000 部平板電腦和 130 萬部其他聯網設備。

Our competitiveness in 2017 was highlighted by smartphone net adds of 1.8 million, up 34% versus prior year.

智能手機淨增 180 萬部，比上年增長 34%，凸顯了我們 2017 年的競爭力。

The overall experience of pairing our unlimited plan with the best network continues to resonate with our customer base, resulting in outstanding retail postpaid churn of 1.00% and phone churn of 0.77% in the fourth quarter.

將我們的無限計劃與最佳網絡相結合的整體體驗繼續與我們的客戶群產生共鳴，導致第四季度零售後付費客戶流失率達到 1.00%，電話客戶流失率達到 0.77%。

On a year-over-year basis, postpaid churn improved by 10 basis points, driven primarily by strong phone results.

與去年同期相比，後付費客戶流失率提高了 10 個基點，這主要是由強勁的電話業績推動的。

In the quarter, postpaid device activations totaled 12.4 million, down from 13.1 million last year.

本季度，後付費設備激活總計 1240 萬，低於去年的 1310 萬。

About 82% of these activations were phones, with wearables accounting for the majority of the other device activations.

這些激活中約有 82% 是電話，可穿戴設備佔其他設備激活的大部分。

Our retail postpaid upgrade rate was 7.2%, up sequentially as expected, but was lower compared to the prior year.

我們的零售後付費升級率為 7.2%，如預期的那樣連續上升，但低於上一年。

We are seeing the elongation of the upgrade cycle as more customers hold onto their devices for a longer period.

隨著越來越多的客戶使用他們的設備更長時間，我們看到升級週期的延長。

During the quarter, 8.1 million phones were activated on device payment plans.

本季度，有 810 萬部手機激活了設備支付計劃。

Prepaid net additions declined by 184,000 compared to a decline of 9,000 in the prior year.

預付淨增加量減少了 184,000，而上年下降了 9,000。

Our smartphone prepaid base increased during the quarter.

我們的智能手機預付費基數在本季度有所增加。

All of the decline in prepaid net additions was due to basic prepaid phones, as we have deliberately reduced our focus in that area.

預付費淨增加的所有下降都是由於基本的預付費電話，因為我們有意減少了對該領域的關注。

We ended 2017 with 116 million total retail connections, excluding wholesale and Internet of Things.

截至 2017 年，我們的零售連接總數為 1.16 億，不包括批發和物聯網。

Our industry-leading postpaid connections base grew 1.9% to 111 million and our prepaid connections totaled 5.4 million for the year.

我們行業領先的後付費連接基數增長了 1.9%，達到 1.11 億，而我們的預付費連接全年總計 540 萬。

Let's move next to our wireline segment on slide 8. Total operating revenues for the wireline segment increased 0.1% in the quarter and 0.6% for the full year.

讓我們轉到幻燈片 8 的有線業務部分。本季度有線業務部門的總營業收入增長 0.1%，全年增長 0.6%。

On an organic basis, excluding revenues from our XO acquisition, segment revenues declined in the quarter by 3.6%.

在有機基礎上，不包括我們收購 XO 的收入，該部門的收入在本季度下降了 3.6%。

Growth from our high-quality fiber-based products continues to be offset by secular pressures from legacy technologies and competition.

我們高質量纖維產品的增長繼續被傳統技術和競爭帶來的長期壓力所抵消。

Consumer markets revenue decreased 1.4% in the quarter as Fios Internet growth was overshadowed by declines in video and copper.

本季度消費市場收入下降 1.4%，因為 Fios 互聯網的增長被視頻和銅線業務的下滑所掩蓋。

For the full year, consumer revenues grew by 0.2%.

全年，消費者收入增長了 0.2%。

Consumer Fios revenue grew by 1.7% in the quarter.

消費者 Fios 收入在本季度增長了 1.7%。

Fios revenue growth was primarily driven by an increase in the total customer base and strong demand for higher Internet speeds, including our gigabit connection launched early in 2017.

Fios 收入增長的主要原因是總客戶群的增加和對更高互聯網速度的強勁需求，包括我們在 2017 年初推出的千兆連接。

In the quarter, we added 47,000 Fios Internet customers.

本季度，我們增加了 47,000 名 Fios 互聯網客戶。

We now have a total of about 5.9 million Fios Internet subscribers, representing a 40.1% penetration rate.

我們現在共有約 590 萬 Fios 互聯網用戶，滲透率為 40.1%。

In Fios video, the business faced ongoing headwinds as observed throughout the linear TV market.

在 Fios 視頻中，業務面臨著整個線性電視市場所觀察到的持續逆風。

The Fios video business ended with 29,000 subscriber losses in the quarter and 75,000 for the year.

Fios 視頻業務在本季度結束時有 29,000 名用戶流失，全年則有 75,000 名用戶流失。

Our multiuse fiber initiative is progressing as expected.

我們的多用途纖維計劃正在按預期進行。

This provides the foundational layer for multiple ways to interface with a wide array of customers and is the cornerstone of our intelligent edge network.

這為以多種方式與廣泛的客戶進行交互提供了基礎層，並且是我們智能邊緣網絡的基石。

We launched our partnership with Boston in 2016 and are seeing good results in that area.

我們於 2016 年與波士頓建立了合作夥伴關係，並在該領域取得了良好的成果。

We announced our public-private partnership with Sacramento in June of 2017.

我們於 2017 年 6 月宣布與薩克拉門托建立公私合作夥伴關係。

And you will see more activity from us on this front as progressive municipalities work with Verizon to bring new technologies to their communities.

隨著進步的市政當局與 Verizon 合作，為他們的社區帶來新技術，您會看到我們在這方面開展更多活動。

For the quarter, excluding XO, enterprise solutions revenue decreased 4.1%.

本季度，不包括 XO，企業解決方案收入下降 4.1%。

New customer wins and growth in advanced communication products were more than offset by secular and pricing pressures in our legacy offerings and technologies.

新客戶的贏得和先進通信產品的增長被我們傳統產品和技術的長期和定價壓力所抵消。

Partner solutions revenue, excluding XO, decreased 5.8%.

合作夥伴解決方案收入（不包括 XO）下降 5.8%。

Strong demand for fiber access is a growth opportunity for this business.

對光纖接入的強勁需求是該業務的增長機會。

In business markets, revenue declined 5.6% without XO.

在商業市場，沒有 XO 的收入下降了 5.6%。

We are competing and winning with our fiber-based products, but continue to see declines in legacy technologies.

我們正在通過基於光纖的產品競爭並取勝，但繼續看到傳統技術的衰落。

Segment EBITDA margin was 20.9% for the quarter and 21.1% for the year.

本季度分部 EBITDA 利潤率為 20.9%，全年為 21.1%。

Our commitment to operational gains and efficiencies in the business were largely offset by content cost escalations producing a stable margin profile.

我們對業務運營收益和效率的承諾在很大程度上被內容成本上升所抵消，從而產生了穩定的利潤率。

Let's move next to slide 9 to discuss our media and telematics businesses.

接下來讓我們轉到幻燈片 9 來討論我們的媒體和遠程信息處理業務。

Our integration efforts for the Oath assets are progressing ahead of schedule.

我們對 Oath 資產的整合工作正在提前進行。

We remain focused on exploiting synergies across all of our media assets to create a streamlined platform with rich, engaging content and simple functionality.

我們仍然專注於利用我們所有媒體資產的協同作用，以創建一個具有豐富、引人入勝的內容和簡單功能的流線型平台。

For the quarter, Oath revenue was $2.2 billion, an increase of approximately 10% sequentially.

本季度，Oath 收入為 22 億美元，環比增長約 10%。

As expected, revenue trends were driven by increased advertising spend during the holiday season.

正如預期的那樣，收入趨勢受到節日期間廣告支出增加的推動。

And we expect to see the normal seasonality from fourth quarter to first quarter.

我們預計從第四季度到第一季度會出現正常的季節性。

Our telematics business, which includes Fleetmatics and Telogis, continues to grow.

我們的遠程信息處理業務（包括 Fleetmatics 和 Telogis）繼續增長。

Total telematics revenue increased to just over $230 million.

遠程信息處理總收入增加到剛剛超過 2.3 億美元。

IoT revenues increased approximately 8% in the quarter on an organic basis.

本季度物聯網收入有機增長約 8%。

Our solution set is evolving as our engagement with municipalities gains more momentum with increasing multiuse fiber deployments and the commercial rollout of 5G services.

隨著我們與市政當局的合作隨著多用途光纖部署的增加和 5G 服務的商業推出而獲得更多動力，我們的解決方案集也在不斷發展。

Let's move next to slide 10 to discuss our cash flows.

接下來讓我們轉到幻燈片 10 來討論我們的現金流量。

In 2017, cash flow from operations totaled $25.3 billion, including the $2.1 billion net after-tax discretionary pension funding and the $6.0 billion impact from completing the transition to on-balance sheet device payment receivables financing.

2017 年，運營現金流總計 253 億美元，其中包括 21 億美元的稅後可自由支配養老金淨額和完成向資產負債表內設備支付應收賬款融資過渡產生的 60 億美元影響。

On a year-over-year basis, our cash flows improved by $2.5 billion.

與去年同期相比，我們的現金流增加了 25 億美元。

As expected, full-year capital expenditures were $17.2 billion.

正如預期的那樣，全年資本支出為 172 億美元。

Free cash flow for the year totaled $8.1 billion and does not include $4.3 billion of proceeds from asset-backed securitizations.

全年自由現金流總計 81 億美元，不包括 43 億美元的資產支持證券化收益。

The transition to on-balance sheet accounting for device payment plan receivables and funding is now substantially complete.

設備付款計劃應收賬款和資金向資產負債表會計的過渡現已基本完成。

Changes going forward will mostly reflect seasonality in wireless equipment volumes.

未來的變化將主要反映無線設備數量的季節性。

We ended the year with $117.1 billion of total debt comprised of $108.2 billion of unsecured debt and $8.9 billion of on-balance sheet securitizations.

到年底，我們的債務總額為 1,171 億美元，其中包括 1,082 億美元的無擔保債務和 89 億美元的資產負債表內證券化債務。

Our near-term unsecured maturities are modest at $2.3 billion through the end of 2019.

到 2019 年底，我們的近期無擔保期限為 23 億美元，規模不大。

Our balance sheet is strong and provides us the financial flexibility to methodically invest for growth in the business.

我們的資產負債表強勁，為我們提供了財務靈活性，可以有條不紊地投資於業務增長。

Now let's take a look at 2018 on slide 11.

現在讓我們看看幻燈片 11 上的 2018 年。

As Lowell mentioned up front, our strategic priorities for 2018 are clear.

正如洛厄爾前面提到的，我們 2018 年的戰略重點很明確。

Our focus is on executing on the fundamentals which positions the business for strong performance in the upcoming year.

我們的重點是執行基本面，為來年的強勁業績奠定基礎。

We expect year-over-year consolidated revenue to grow at low-single digits in 2018 on a GAAP reported basis.

根據 GAAP 報告，我們預計 2018 年的綜合收入同比將以低個位數增長。

Excluding the impact from the new revenue recognition standard, we are on track to achieve year-over-year wireless service revenue growth by the middle part of 2018.

排除新收入確認標準的影響，我們有望在 2018 年中期實現無線服務收入同比增長。

As we disclosed in our January 17 8-K filing, the new revenue standard will negatively impact wireless service revenue.

正如我們在 1 月 17 日的 8-K 文件中披露的那樣，新的收入標準將對無線服務收入產生負面影響。

Inclusive of the new standard, we expect wireless service revenue growth to turn positive toward the end of 2018 or early 2019.

包括新標准在內，我們預計無線服務收入增長將在 2018 年底或 2019 年初轉正。

The benefits of our business excellence initiative, including the deployment of zero-based budgeting, will begin to show up in our results in 2018.

我們卓越業務計劃的好處，包括零基預算的部署，將在 2018 年開始體現在我們的業績中。

We expect low-single-digit growth in adjusted earnings per share, which includes the dilutive impacts from a full year of depreciation and amortization costs from 2017 acquisitions, the Straight Path acquisition, expected to close later in the first quarter, and the ongoing impact of last year's data center divestitures.

我們預計調整後每股收益將實現低個位數增長，其中包括 2017 年收購的全年折舊和攤銷成本的攤薄影響、預計將在第一季度晚些時候完成的 Straight Path 收購，以及持續的影響去年的數據中心資產剝離。

This is before the impact of tax reform and the revenue recognition standard.

這是在稅制改革和收入確認標準的影響之前。

In terms of tax legislation, we expect the savings to generate a net $3.5 billion to $4.0 billion uplift to cash flows from operations in 2018.

在稅收立法方面，我們預計 2018 年的節省將產生 35 億至 40 億美元的運營現金流淨增長。

And it is expected to yield a $0.55 to $0.65 increase to EPS in 2018.

預計 2018 年每股收益將增加 0.55 至 0.65 美元。

Net of our employee initiative and contributions to the Verizon Foundation that Lowell mentioned earlier, the resulting 2018 effective tax rate for Verizon is projected to be in the range of 24% to 26%.

扣除我們的員工倡議和 Lowell 前面提到的對 Verizon 基金會的貢獻，Verizon 2018 年的實際稅率預計在 24% 到 26% 之間。

Lowell stated earlier that our internal capital decision process and return objectives have not changed.

洛厄爾早些時候表示，我們的內部資本決策流程和回報目標沒有改變。

We are consistent and methodical in our allocation.

我們的分配是一致且有條不紊的。

We expect consolidated capital spending to be between $17.0 billion and $17.8 billion, including the commercial launch of 5G.

我們預計綜合資本支出將在 170 億美元至 178 億美元之間，包括 5G 的商業推出。

With that, I will turn the call back over to Brady so we can get to your questions.

有了這個，我會把電話轉回布雷迪，這樣我們就可以回答你的問題。

Thank you, Matt.

謝謝你，馬特。

Brad, we are now ready to take questions.

布拉德，我們現在準備好提問了。

(Operator Instructions) Philip Cusick, JPMorgan.

（操作員說明）Philip Cusick，摩根大通。

One for Matt and one for Lowell, if I can.

如果可以的話，一份給 Matt，一份給 Lowell。

First, Matt, I wonder if you can talk about the Company's target leverage.

首先，馬特，我想知道你是否可以談談公司的目標槓桿率。

And is there any change in your thoughts or the discussions with rating agencies on what appropriate EBITDA multiple, when your conversion from EBITDA to cash flow is now substantially better because of lower taxes?

當您從 EBITDA 到現金流的轉換現在由於較低的稅收而明顯好轉時，您的想法或與評級機構就合適的 EBITDA 倍數進行的討論是否有任何變化？

And then Lowell, can you please discuss Verizon's view of the attractiveness of media assets in general?

然後洛厄爾，你能談談 Verizon 對媒體資產吸引力的總體看法嗎？

A year ago, you offered a definitive no on any interest in buying big media.

一年前，您明確拒絕了購買大型媒體的任何興趣。

And yet, Verizon has been thrown out as a potential buyer in nearly every media M&A story of 2017, which has probably been confusing for your investors.

然而，在 2017 年的幾乎所有媒體併購故事中，Verizon 都被排除在潛在買家之外，這可能讓您的投資者感到困惑。

Can you just give us an update?

你能給我們更新一下嗎？

Thanks.

謝謝。

Good morning, Phil.

早上好，菲爾。

I will take the first question there.

我將在那裡提出第一個問題。

So the target leverage -- we haven't specified an exact number there.

所以目標槓桿——我們沒有在那裡指定一個確切的數字。

But as we've said consistently, we want to strengthen the balance sheet.

但正如我們一貫所說，我們希望加強資產負債表。

The additional proceeds from the benefit of tax reform allow us to get there a little faster.

稅收改革帶來的額外收益使我們能夠更快地實現目標。

The key here is to have a strong balance sheet that allows us to pursue and execute on our strategy as quickly and as efficiently as we can.

這裡的關鍵是擁有強大的資產負債表，使我們能夠盡可能快速有效地追求和執行我們的戰略。

So as I say, we haven't given an exact leverage target, but you should expect us to deleverage from where we are today.

所以正如我所說，我們沒有給出確切的槓桿目標，但你應該期望我們從今天的位置去槓桿化。

We said previously getting into the same type of profile that we had prior to the Vodafone transaction.

我們之前說過進入與沃達丰交易之前相同類型的配置文件。

So I think that gives you a general view of the direction we'd like to head.

所以我認為這可以讓您對我們想要前進的方向有一個大致的了解。

In terms of the rating agencies, I've not had any specific conversations with them since tax reform happened about how that may change their views.

就評級機構而言，自稅制改革發生以來，我還沒有與他們進行任何具體對話，討論這可能會如何改變他們的觀點。

But certainly it gives us the ability to bring the leverage down at a little faster rate.

但可以肯定的是，它使我們能夠以更快的速度降低杠桿率。

And we look forward to doing that through 2018 and we will continue to have conversations with them and put the balance sheet in a place where it continues to support the business.

我們期待在 2018 年做到這一點，我們將繼續與他們進行對話，並將資產負債表放在一個可以繼續支持業務的地方。

And Phil, good morning.

菲爾，早上好。

I guess my first comment is I guess it's nice to be loved.

我想我的第一條評論是我想被愛真好。

So there certainly is a lot of interest here, which frankly we ignore.

所以這里肯定有很多興趣，坦率地說我們忽略了。

I think in seriousness, there is a lot of movement in this area right now.

我認真地認為，現在這個領域有很多動作。

We don't even know whether AT&T is going to get approved.

我們甚至不知道 AT&T 是否會獲得批准。

It's clear that the messages that Disney and Fox are sending is that scale matters.

很明顯，迪士尼和福克斯發出的信息是規模很重要。

So we look at this, but you have to take a look at whether being a big independent distributor is a reasonable alternative to owning content.

所以我們看這個，但你必須看看成為一個大型獨立發行商是否是擁有內容的合理替代方案。

And I think until all of this shakes out, you really can't determine whether that's a path that we'd be interested in.

而且我認為，在所有這些都解決之前，你真的無法確定這是否是我們感興趣的路徑。

But I can say unequivocally, there is nothing going on right now with us considering a large media play.

但我可以毫不含糊地說，我們現在沒有考慮大型媒體活動的事情。

In fact, if you look at our actions, things like the NBA and the NFL announcement that we've made in the last few weeks, we think being a great partner, being able to monetize through advertising, and being independent is a very good place to play for us right now.

事實上，如果你看看我們的行動，比如我們在過去幾週發布的 NBA 和 NFL 公告，我們認為成為一個很好的合作夥伴，能夠通過廣告獲利，並且保持獨立是非常好的現在為我們演奏的地方。

And that's -- until further notice, that is what our investors should assume we are doing.

那就是——直到另行通知，這就是我們的投資者應該假設我們正在做的事情。

That's helpful.

這很有幫助。

Thanks, Lowell.

謝謝，洛厄爾。

Thanks, Matt.

謝謝，馬特。

Simon Flannery, Morgan Stanley.

西蒙弗蘭納里，摩根士丹利。

Great.

偉大的。

Thank you very much and good morning.

非常感謝，早上好。

And one for Matt and Lowell as well.

還有一份給馬特和洛厄爾的。

Matt, can you just help us with the math from Q4 to Q1 around the revenue recognition?

馬特，你能幫我們從第四季度到第一季度圍繞收入確認進行數學計算嗎？

You are moving some revenues from service revenues to equipment.

您正在將一些收入從服務收入轉移到設備。

And then you should get at least a temporary EBITDA and EPS lift.

然後你應該至少獲得暫時的 EBITDA 和 EPS 提升。

If you can just give us a little bit more color around what we should be modeling there?

如果你能給我們一些關於我們應該在那裡建模的顏色？

And then, Lowell, you obviously went through the 5G rollout in a lot of detail in November.

然後，洛厄爾，你顯然在 11 月詳細介紹了 5G 的推出。

We are a couple of months past that.

我們已經過去幾個月了。

Can you give us a little bit more clarity about what we should be expecting for the rest of the year?

您能否讓我們更清楚地了解我們對今年餘下時間的期望？

When should we see Sacramento launching?

我們應該什麼時候看到薩克拉門托推出？

What about announcing some of the other cities?

宣布其他一些城市怎麼樣？

How many POPs should we be expecting covered in 2018 and then into 2019?

我們預計在 2018 年和 2019 年會涵蓋多少 POP？

Thanks, Simon.

謝謝，西蒙。

So I will take the first part of that on the adoption of revenue recognition.

因此，我將在第一部分介紹收入確認的採用。

So a couple of things there.

所以有幾件事。

Firstly, we created an opening balance sheet adjustment to reflect some of the treatment of open contracts, assuming they had been recorded under the new standard.

首先，我們創建了一個期初資產負債表調整，以反映未平倉合同的一些處理方式，假設它們是根據新標準記錄的。

Remember, unlike most adoption of accounting standards, the prior periods are not being recast.

請記住，與大多數採用的會計準則不同，不會重鑄前期。

And so you will have a little difference between the accounting standard for the 2018 numbers versus the 2017 comparisons you will see there.

因此，2018 年數字的會計準則與 2017 年的比較會略有不同。

So as we go through the year and we report 2018 on the new standard, we will also give a view as what 2018 would have looked like if it had been under the old standard as well.

因此，當我們度過這一年並根據新標準報告 2018 年時，我們還將給出一個觀點，即如果 2018 年也採用舊標準，它會是什麼樣子。

So in terms of breaking those pieces apart, as we said in the 8-K last week, total revenue won't have any significant impact from the change.

因此，就打破這些部分而言，正如我們上週在 8-K 中所說的那樣，總收入不會因變化而產生任何重大影響。

But there will be a change in geography.

但是地理上會有變化。

We will record more equipment revenue and less service revenue initially based off that change and how we treat contracts that are still subsidized, which is primarily our B2B contracts.

我們最初將根據這一變化以及我們如何處理仍在補貼的合同（主要是我們的 B2B 合同）來記錄更多的設備收入和更少的服務收入。

And then the biggest impact to the EBITDA line is going to come from how we treat commissions.

然後對 EBITDA 線的最大影響將來自我們如何對待佣金。

And rather than taking those commission expenses and expensing them immediately when they are incurred, they will get spread over the estimated life of the underlying customer contract.

與其在產生這些佣金費用時立即將其計入費用，不如將它們分攤到基礎客戶合同的估計壽命中。

Now, the opening balance sheet adjustment is only for the open contracts that had a 24-month commitment or promo cost.

現在，期初資產負債表調整僅針對具有 24 個月承諾或促銷成本的未平倉合約。

So it doesn't relate to all of the contracts.

所以它並不涉及所有的合同。

So that's what you will see a buildup in that over the next two years.

這就是你將在未來兩年內看到的積累。

So we said the net benefit in 2018 will be about $0.9 billion to $1.2 billion because of the change in accounting standards.

所以我們說2018年的淨收益大約是9億到12億美元，因為會計準則的變化。

Most of that coming from the commissions line.

其中大部分來自佣金。

We didn't break it out by quarter, but I think you should expect it not to be too dissimilar from quarter to quarter as we go through the year.

我們沒有按季度細分，但我認為你應該預料到，隨著我們一年的過去，每個季度之間的差異不會太大。

And then the impact in 2018 will be bigger than it will be in 2019 and then it will be largely immaterial by the time we get to 2020.

然後 2018 年的影響將比 2019 年更大，然後到 2020 年時它在很大程度上將變得無關緊要。

Because that contract asset that builds up on the balance sheet will reach a plateau level where the ins and outs are equal.

因為在資產負債表上積累的合同資產將達到一個穩定的水平，在這個水平上，來龍去脈是平等的。

By the time we get into 2018, they won't be materially different.

到我們進入 2018 年時，它們不會有實質性的不同。

So hopefully that answers your question on rev rec.

所以希望這能回答你關於 rev rec 的問題。

And Simon, on 5G.

和西蒙，關於 5G。

As you indicated, we shared a lot of information in November.

正如你所說，我們在 11 月分享了很多信息。

The trials are continuing to go extremely well for us.

對我們來說，試驗繼續進行得非常順利。

We have more than 200 sites up online.

我們有 200 多個在線站點。

We continue to learn every day.

我們每天都在繼續學習。

The distances that we shared and the throughputs are very consistent up to about 2,000 feet, which is much better than we expected.

我們共享的距離和吞吐量在大約 2,000 英尺處非常一致，這比我們預期的要好得多。

We are doing more testing around throughputs.

我們正在圍繞吞吐量進行更多測試。

We are seeing 10 gigabits of peak throughput.

我們看到了 10 吉比特的峰值吞吐量。

So we are very comfortable with being able to deliver a gigabit of service to everyone that we are providing service to.

因此，我們很高興能夠為我們提供服務的每個人提供千兆位的服務。

As you may have seen, the new standard, the global standard, was approved in December.

您可能已經看到，新標準，即全球標準，已於 12 月獲得批准。

And we have announced with Qualcomm bringing chips online that will fit that standard in the second half of 2018.

我們已經與高通公司宣布，將在 2018 年下半年推出符合該標準的芯片。

So we will be deploying with our proprietary standard, but also very, very quickly in 2018, coming on with the global standard as well.

因此，我們將使用我們的專有標准進行部署，但在 2018 年也會非常、非常快地進行部署，同時也會採用全球標準。

If you saw what was going on at CES, there was a lot of discussion about devices.

如果您看到 CES 上發生的事情，就會發現有很多關於設備的討論。

And we believe that there will be mobile devices late in 2018 and then more available as we get into 2019.

我們相信 2018 年晚些時候會有移動設備，然後在我們進入 2019 年時會有更多可用。

If you saw just last week, the FCC approved our purchase of Straight Path and so we are excited about moving that forward to close.

如果您上周剛剛看到，FCC 批准了我們對 Straight Path 的購買，因此我們很高興將其推進到關閉。

So as far as execution goes and POPs, we are placing the fiber that we need now, as we shared.

因此，就執行和 POP 而言，正如我們分享的那樣，我們正在放置我們現在需要的光纖。

And I know you were there in November.

我知道你在 11 月在那裡。

We shared the number of incremental sites that you need over a densified 4G network is much smaller than we had expected.

我們分享了在密集的 4G 網絡上您需要的增量站點數量比我們預期的要少得多。

So we are not seeing the sort of capital intensity that some were assuming.

因此，我們沒有看到一些人假設的那種資本密集度。

So as you indicated, we have announced Sacramento.

所以正如你所說，我們已經宣布薩克拉門托。

We have three to five planned for the year.

我們今年計劃了三到五個。

I am personally out meeting with some of the mayors, talking about what we are going to be providing.

我親自出去與一些市長會面，討論我們將提供什麼。

And the reception has been extremely positive.

接待非常積極。

So as you know, it takes a little while to work through the city governments and get these things approved, but Sacramento is a terrific model for us.

所以正如你所知，通過市政府工作並獲得批准需要一些時間，但薩克拉門託對我們來說是一個了不起的榜樣。

We continue to build that partnership.

我們將繼續建立這種夥伴關係。

And I wouldn't suspect it will be too much longer before you will see the other cities announced and then we can be more specific on POPs.

而且我不懷疑在您看到其他城市宣布之前會更長，然後我們可以更具體地介紹持久性有機污染物。

But as far as capital goes, Matt told you what our guidance was for the year.

但就資本而言，馬特告訴你我們今年的指導方針是什麼。

We are reallocating the capital that we have been spending.

我們正在重新分配我們一直在花費的資金。

We don't see any upward pressure of this in this year.

今年我們沒有看到任何上行壓力。

And we will be able to determine the return on invested capital as we go through these trials and these commercial launches and we will share more information as the year moves along.

隨著我們進行這些試驗和這些商業發布，我們將能夠確定投資資本回報率，並且隨著時間的推移，我們將分享更多信息。

Great.

偉大的。

Thank you very much.

非常感謝。

John Hodulik, UBS.

約翰·霍杜里克，瑞銀。

Thanks, guys.

多謝你們。

Either for Matt or for Lowell.

無論是馬特還是洛厄爾。

Can you guys talk about the low-single-digit GAAP earnings guidance, which I assume includes Straight Path and the $0.05 to $0.06 from the increase from the charitable contribution?

你們能談談低個位數的 GAAP 收益指引嗎，我假設它包括直線路徑和慈善捐款增加的 0.05 美元到 0.06 美元？

Talk about some of the underlying drivers of that.

談談其中的一些潛在驅動因素。

You have seen wireless EBITDA margins continue to move up; some pressure on the wireline side.

您已經看到無線 EBITDA 利潤率繼續上升；有線方面的一些壓力。

Is that what we can expect for 2018?

這是我們對 2018 年的期望嗎？

And talk about how you see the competitive environment evolving in the wireless market that may support continued increase in margins on that side.

並談談您如何看待無線市場不斷演變的競爭環境，這可能會支持該方面的利潤率持續增長。

Thanks.

謝謝。

Yes, thanks, John.

是的，謝謝，約翰。

Good morning.

早上好。

So yes, in the guide, we talked about the low-single-digit GAAP earnings.

所以是的，在指南中，我們談到了低個位數的 GAAP 收益。

And we talked about a few below-the-line items in there.

我們在那裡討論了一些線下項目。

Straight Path will be dilutive because we are largely paying for that transaction in shares.

Straight Path 將具有稀釋性，因為我們主要為股票交易支付費用。

And you will see an uptick in D&A cost because of the transactions we did last year.

由於我們去年進行的交易，您會看到 D&A 成本上升。

But we are confident that the underlying earnings are improving.

但我們相信基本收益正在改善。

You are seeing that come through the service revenue on the wireless side of the business.

您看到的是業務無線方面的服務收入。

You saw that number improve to just a negative 2.9% in the fourth quarter.

你看到這個數字在第四季度只下降了 2.9%。

And then we said on an apples-to-apples basis getting back to flat to positive by the middle part of the year.

然後我們說，在蘋果對蘋果的基礎上，到今年年中恢復到持平到積極。

So excited that we have completed that journey of transitioning the base and look forward to continuing to see wireless revenue growth from there.

很高興我們已經完成了轉變基地的旅程，並期待從那裡繼續看到無線收入的增長。

Wireline I think in 2018 will be on a similar trajectory that you've seen in the past couple of years.

Wireline 我認為 2018 年的發展軌跡與您在過去幾年看到的軌跡相似。

Although as we continue to deploy more fiber in the network, it gives us opportunities to replace some of those earnings that were on copper-based products with fiber-based products, which will be more sustainable going forward.

儘管隨著我們繼續在網絡中部署更多光纖，它使我們有機會用基於光纖的產品取代基於銅的產品的部分收益，這將在未來更具可持續性。

So net-net, you should certainly see an improvement in the earnings profile of the Company versus the last couple of years.

所以淨淨，你肯定會看到公司的盈利狀況與過去幾年相比有所改善。

And then you mentioned the charitable contribution in your comment.

然後你在評論中提到了慈善捐款。

I want to be clear that the guide is before the impact of tax reform and revenue recognition.

我想明確一點，該指南是在稅制改革和收入確認的影響之前。

And when we say before the impact of tax reform, we also mean the net impact of tax reform, which includes the contribution to the foundation and the employee piece.

當我們在稅改影響之前說的時候，我們也指的是稅改的淨影響，包括對基金會和員工的貢獻。

So the low-single-digit EPS guide is before that $0.05 to $0.06 impact of those couple of initiatives Lowell described, which is baked into that $0.55 to $0.65 positive impact from tax reform.

因此，低個位數的 EPS 指南是在 Lowell 描述的那幾項舉措的 0.05 美元至 0.06 美元影響之前，這已被納入稅收改革帶來的 0.55 美元至 0.65 美元的積極影響。

So hopefully that gives you a little more clarity on the moving parts within there.

因此，希望這能讓您更清楚地了解其中的活動部件。

But it's built off the underlying earnings profile being stronger year over year.

但它建立在基礎盈利狀況逐年強勁的基礎上。

Okay, thanks, Matt.

好的，謝謝，馬特。

Brett Feldman, Goldman Sachs.

布雷特費爾德曼，高盛。

Thanks for taking the question.

感謝您提出問題。

I have sort of two follow-ups here around the impact of tax reform.

關於稅收改革的影響，我有兩種後續行動。

You talked a bit about how you are going to be taking advantage of some of the benefits you are going to see.

您談到了您將如何利用您將要看到的一些好處。

I'm curious if we could expand on that.

我很好奇我們是否可以對此進行擴展。

Do you see an opportunity to maybe reinvest some of the savings in your competitive behavior?

您是否認為有機會將部分儲蓄重新投資於您的競爭行為？

Meaning, we've had kind of a calm period here to end the year.

意思是，我們在這裡度過了一段平靜的時期來結束這一年。

You have invested a lot in your business.

你在你的生意上投入了很多。

Is there an opening here for you to maybe spend a bit more to get customers to revisit your network or even just to get your existing customers to maybe to move into newer devices where they can take advantage of some of your network investments you've been making recently?

這裡是否有機會讓您花更多的錢讓客戶重新訪問您的網絡，或者甚至只是讓您的現有客戶可能轉移到更新的設備上，以便他們可以利用您一直以來的一些網絡投資最近製作？

And then just also we're kind of hoping that at a broader corporate level you will see a lot of changes in behavior.

然後我們也希望在更廣泛的公司層面上，您會看到很多行為變化。

You obviously have relationships with large enterprises.

你顯然與大企業有關係。

I know it's early days, but in your discussions with them, are you seeing any green shoots that perhaps they will start increasing investments in their businesses in ways that can maybe have a positive lateral implication for your enterprise services segment down the road?

我知道現在還為時過早，但在您與他們的討論中，您是否看到任何萌芽，也許他們會開始增加對其業務的投資，這些方式可能會對您的企業服務部門產生積極的橫向影響？

Thanks.

謝謝。

Okay, well, let me start out, Brett, on that and then Matt can certainly add in.

好的，好吧，讓我開始，布雷特，然後馬特當然可以加入。

On the competitive front -- you've been around me for years.

在競爭方面——你已經在我身邊很多年了。

I have said from 1983 when I got involved in telecom and wireless that it's an extremely competitive market.

我從 1983 年開始涉足電信和無線領域時就說過，這是一個競爭異常激烈的市場。

And the competition can come from different places at different times, but it's always very strong.

競爭可能來自不同的地方、不同的時間，但總是非常激烈。

Verizon has never been one to lead the market down from a price perspective and we are certainly not going to change that now.

從價格角度來看，Verizon 從來都不是引領市場下跌的公司，我們現在當然不會改變這一點。

Our focus inside the business is to use the assets that we have in our portfolio today, like Oath, to be competitive in ways that the others can't compete.

我們在業務中的重點是利用我們今天投資組合中的資產，如 Oath，以其他人無法競爭的方式具有競爭力。

And as we roll 5G out, we see much more opportunity to be innovative as a way to be competitive versus using tax reform to just take our prices down.

隨著我們推出 5G，我們看到了更多的創新機會，作為一種提高競爭力的方式，而不是通過稅收改革來降低我們的價格。

Now, on your enterprise front, I think we have all been very pleased at how the market and the economy has run up here since tax reform.

現在，在您的企業方面，我想我們都對自稅制改革以來市場和經濟的發展方式感到非常高興。

And just like we are positioning ourselves to be able to execute and accelerate our strategies, I see other businesses doing the same thing.

就像我們將自己定位為能夠執行和加速我們的戰略一樣，我看到其他企業也在做同樣的事情。

And telecom is such an important part of the productivity measures of a lot of these enterprises, we do see the opportunity to pick this up.

電信是許多此類企業生產力措施的重要組成部分，我們確實看到了利用這一點的機會。

But remember, we are only 30 days into the tax reform process.

但請記住，我們進入稅制改革進程只有 30 天。

And we are all trying to understand the implications on what we can accelerate and how we can accelerate.

我們都在努力了解對我們可以加速什麼以及我們如何加速的影響。

So where we build our fiber, where we are deploying 5G, what enterprises are telling us they want to do with our intelligent edge network is influencing where we put our capital dollars.

因此，我們在哪裡建設光纖，在哪裡部署 5G，企業告訴我們他們想用我們的智能邊緣網絡做什麼，都會影響我們投入資金的地方。

And I expect this to continue and I expect to see things pick up.

我希望這種情況繼續下去，我希望看到事情好轉。

Great, thank you.

太好了謝謝。

David Barden, Bank of America.

大衛·巴登，美國銀行。

Thanks for taking the questions.

感謝您提出問題。

Maybe a couple quick clarifications from Matt and one for Lowell.

也許 Matt 和 Lowell 的一些快速澄清。

With Matt, so just following up on that EPS guide, to be clear, the low-single-digit guidance does include the benefit from the change in the accounting for the handset-related selling costs.

與 Matt 一起，只是跟進該 EPS 指南，要明確的是，低個位數的指南確實包括了與手機相關的銷售成本會計變化帶來的好處。

And -- just to clarify that.

並且 - 只是為了澄清這一點。

And then the second on the cash flow guidance.

然後是關於現金流量指導的第二個。

The $3.5 billion to $4 billion cash flow benefit, is that a sequential year-over-year benefit or is that a benefit relative to what you were expecting to pay in cash taxes in 2018?

35 億至 40 億美元的現金流收益，是連續的同比收益，還是相對於您預期在 2018 年支付的現金稅的收益？

And then Lowell, if I could just ask.

然後是洛厄爾，如果我可以問的話。

You've done a number of things on fiber, both organic builds in terms of Boston, for instance, acquisitions of XO, and then more creative partnerships like on the WOW front.

你在光纖方面做了很多事情，包括波士頓方面的有機構建，例如收購 XO，然後是更具創造性的合作夥伴關係，比如在 WOW 方面。

Can you talk a little about as we look into 2018, 2019 the path forward on fiber infrastructure and supporting the 5G build?

在我們展望 2018 年、2019 年時，您能否談談光纖基礎設施和支持 5G 建設的前進道路？

Is it more of an organic game plan from here on out or are there still ways to make acquisitions on that front?

從現在開始，它更像是一個有機的遊戲計劃，還是仍然有辦法在這方面進行收購？

Thanks, David.

謝謝，大衛。

So your second question to me, the cash flow guide, the $3.5 billion to $4 billion.

所以你問我的第二個問題，現金流量指南，35 億至 40 億美元。

That is compared to what our 2018 cash taxes would have been without tax reform.

這與我們 2018 年在沒有稅制改革的情況下的現金稅相比。

So it's not a comparison against 2017's cash taxes; it's just the 2018 impact with and without tax reform.

所以這不是與 2017 年現金稅的比較；這只是 2018 年有和沒有稅制改革的影響。

On the EPS guide, maybe I will try saying this a little clearer.

在 EPS 指南中，也許我會試著說得更清楚一點。

The EPS guide is our view on the business without revenue recognition and without tax reform.

每股收益指南是我們對沒有收入確認和沒有稅制改革的業務的看法。

So then you lay on top of that number the impact of revenue recognition that we gave in the 8-K last week.

那麼你就把我們上週在 8-K 中給出的收入確認的影響放在這個數字之上。

And you also lay on top the $0.55 to $0.65 increase in EPS that I described in the prepared remarks earlier this morning.

而且你還把我在今天早上早些時候準備好的評論中描述的 EPS 增加了 0.55 美元到 0.65 美元放在首位。

So hopefully that -- does that help clear up the EPS question?

所以希望——這有助於解決 EPS 問題嗎？

Sorry, Matt.

對不起，馬特。

It was -- because the revenue recognition is one thing.

這是——因為收入確認是一回事。

But there is an expense recognition change that's a separate thing that's a benefit between $900 million and $1.2 billion.

但是有一個費用確認變化是一個單獨的事情，它帶來的收益在 9 億到 12 億美元之間。

And I was just wondering if that's included in the single digit or not included in the single digit?

我只是想知道這是包含在個位數中還是不包含在個位數中？

It is not included in the single digit.

它不包括在個位數中。

You add it on to the single-digit guidance.

您將其添加到個位數指南中。

Perfect.

完美的。

Thank you.

謝謝。

Okay, and then David, so your question kind of boils down to is it organic or is it M&A and where do we see deploying fiber.

好的，然後是大衛，所以你的問題歸結為它是有機的還是併購以及我們在哪裡看到部署光纖。

So just for everyone else on the call, we have done some M&A.

因此，對於通話中的其他所有人，我們進行了一些併購。

XO had a fair amount of fiber and WideOpenWest had fiber that we did by M&A.

XO 有相當數量的光纖，而 WideOpenWest 有我們通過併購獲得的光纖。

But we also announced our deal with Corning, which is a multiyear deal where we are doing 12.5 million miles of fiber per year for the next 3 years.

但我們還宣布了與康寧的協議，這是一項多年期協議，我們將在未來 3 年每年鋪設 1250 萬英里的光纖。

So that would tell you we are sort of tilting toward organic.

所以這會告訴你我們有點傾向於有機。

And our priorities are really what can we do to get off of others' lease services to meet our 4G cell densification needs, then 5G, and then our enterprise customers.

我們的首要任務實際上是我們可以做些什麼來擺脫其他人的租賃服務，以滿足我們的 4G 小區密集化需求，然後是 5G，然後是我們的企業客戶。

We are out in markets now obviously placing fiber, but it's a market-by-market analysis of the three factors that I just talked about.

我們現在顯然在市場上放置光纖，但這是對我剛才談到的三個因素的逐個市場分析。

And frankly, the cities, the meetings that we're having with the cities and what access they will give us to street furniture and conduit and those sorts of things factor into the equation.

坦率地說，城市、我們與城市舉行的會議以及它們將為我們提供街道設施和管道的途徑以及這些因素都會影響到等式。

So it's a bit fluid at this point.

所以在這一點上它有點不穩定。

And I wouldn't tell you that if an opportunity came up to accelerate it through M&A, we would do it.

而且我不會告訴你，如果有機會通過併購來加速它，我們就會去做。

But most of the fiber companies were built for different purposes.

但大多數纖維公司都是為不同的目的而建立的。

They were point-to-point enterprise sort of services and they don't fit the architecture that we're building today, which is multiuse fiber for our intelligent edge network.

它們是點對點的企業服務，不適合我們今天構建的架構，即用於我們的智能邊緣網絡的多用途光纖。

So I hope that's clear enough for you.

所以我希望這對你來說已經足夠清楚了。

But certainly leaning toward organic builds to meet Verizon needs to drive our costs down and our performance up.

但肯定傾向於有機構建以滿足 Verizon 的需求，從而降低我們的成本並提高我們的性能。

Thanks, guys.

多謝你們。

I appreciate it.

我很感激。

Michael Rollins, Citi Research.

邁克爾·羅林斯，花旗研究部。

Question for Matt as well as a question for Lowell.

Matt 的問題以及 Lowell 的問題。

First, Matt, can you talk about the strength in wireless phone net adds in the fourth quarter in a bit more detail?

首先，馬特，你能更詳細地談談第四季度無線電話網絡的增長情況嗎？

And can you also describe what you are seeing from two of the changes in the competitive market over the past 12 months, which is cable starting to sell wireless subscriptions and also some of your competitors bundling in video services.

您能否也描述一下您從過去 12 個月中競爭市場的兩個變化中看到的情況，即有線開始銷售無線訂閱以及您的一些競爭對手捆綁視頻服務。

And Lowell, I was wondering if you could talk a little bit more about the vision at Verizon.

洛厄爾，我想知道你是否可以多談談 Verizon 的願景。

As you look at what you are investing in the mobile business, fiber infrastructure, 5G, is there a broader vision inside the Company that you want to provide broadband access to as many premises as well as mobile customers across the country?

當你審視你在移動業務、光纖基礎設施、5G 方面的投資時，公司內部是否有更廣闊的願景，即你希望為全國盡可能多的場所和移動客戶提供寬帶接入？

And is there some vision of what proportion of the country you may be able to reach in three to five years as you take all of these things together that you are doing as a Company?

當你將所有這些事情結合在一起，你作為一家公司正在做的事情時，你是否有一些願景可以在三到五年內達到這個國家的多大比例？

Thanks.

謝謝。

Thanks, Mike.

謝謝，邁克。

So I will start off with the wireless phone question and Lowell can get onto fiber.

所以我將從無線電話問題開始，洛厄爾可以開始使用光纖。

Look, we had a great year on the wireless performance.

看，我們在無線性能方面度過了美好的一年。

The net adds were very strong.

淨增非常強勁。

As I mentioned, our smartphone net adds at 1.8 million for the year, up 34% year over year.

正如我提到的，我們的智能手機網絡今年增加了 180 萬部，同比增長 34%。

So we really saw a significant change the day we launched unlimited back in February of last year.

因此，我們在去年 2 月推出無限服務的那一天確實看到了重大變化。

And from that point forward, we have competed very effectively in the marketplace.

從那時起，我們在市場上的競爭非常有效。

And it really allowed customers to have a similar currency to compare different carriers on and the value proposition is resonating.

它確實讓客戶可以使用類似的貨幣來比較不同的運營商，並且價值主張引起了共鳴。

And despite all the noise that you hear from other people and the claims you hear from other people, the network quality matters.

儘管您從其他人那裡聽到了所有的噪音和您從其他人那裡聽到的說法，但網絡質量很重要。

We saw that numerous times throughout the year.

我們全年都看到過無數次。

And we see that in the performance we had on net adds, whether it be the new activations coming in or the churn that we've had.

我們在淨增加的表現中看到了這一點，無論是新的激活還是我們的流失。

So each of the last three quarters of the year, phone churn was below 0.8%.

因此，今年最後三個季度的每個季度，電話流失率都低於 0.8%。

And I think that tells you how much customers enjoy being on the Verizon network.

我認為這可以告訴您有多少客戶喜歡使用 Verizon 網絡。

So you ask about the MSOs.

所以你問的是 MSO。

We are happy with what we've seen so far.

我們對目前所見感到滿意。

Obviously, Comcast is on and Charter has said they expect to be on later this year.

顯然，Comcast 正在上線，Charter 表示他們預計將在今年晚些時候上線。

And as we have said consistently, we like those agreements and we signed them in 2011 and we are happy to be doing them today and we will see how they play out.

正如我們一貫所說，我們喜歡這些協議，我們在 2011 年簽署了這些協議，我們很高興今天能這樣做，我們將看到它們如何發揮作用。

But everything we've seen so far is in line with our expectations.

但到目前為止，我們所看到的一切都符合我們的預期。

And we are glad to have that traffic on our network and monetizing that traffic based on what those companies are doing with those agreements.

我們很高興在我們的網絡上擁有這些流量，並根據這些公司對這些協議所做的事情從這些流量中獲利。

And in terms of what the competitors are doing, look, they've bundled a number of things into their services during the course of last year and our numbers have stayed very consistent.

就競爭對手在做什麼而言，看，他們在去年的過程中將許多東西捆綁到他們的服務中，我們的數字一直保持非常一致。

So at the end of the day, the quality of the network that the device is on is of fundamental importance.

因此，歸根結底，設備所在網絡的質量至關重要。

And overall, when you look at our value proposition, it continues to resonate strongly.

總的來說，當你審視我們的價值主張時，它會繼續引起強烈共鳴。

And as I say, we are very happy with the results we had last year and starting off 2018 on the front foot.

正如我所說，我們對去年取得的成績以及 2018 年的良好開端感到非常滿意。

Okay, Mike, let me take where do we want to head from an infrastructure and a vision perspective.

好吧，邁克，讓我從基礎設施和願景的角度來看我們想要走向何方。

Look, I think it's very clear here whether you look at what's going on today with customers or what you are anticipating that you saw at CES and others from what's next that there is an insatiable demand for broadband.

看，我認為這裡非常清楚，無論您是看看今天與客戶發生的事情，還是您預期在 CES 和其他人身上看到的未來​​對寬帶的需求是永無止境的。

And it's not mobile and it's not fixed.

它不是移動的，也不是固定的。

Customers don't care, and I think who wins is going to be able to provide them the service that they can move seamlessly from fixed to mobile.

客戶不在乎，我認為獲勝者將能夠為他們提供可以從固定到移動無縫移動的服務。

We have been a much stronger mobile company over the years.

多年來，我們一直是一家更強大的移動公司。

But the way we are positioning our fiber deployment and the way we are positioning 5G, we will be able to disregard geography and deploy those broadband services at a much lower cost than we have ever seen at least during my career.

但是我們定位光纖部署的方式和我們定位 5G 的方式，我們將能夠無視地理位置並以至少在我的職業生涯中所見過的低得多的成本部署這些寬帶服務。

Now, for us, to complete the vision, you need to be able to provide the Internet information services.

現在，對於我們來說，要完成願景，您需要能夠提供互聯網信息服務。

And video drives an awful lot of that.

視頻驅動了很多。

And we've talked at length about taking the Oath assets to be that information source around news, sports, finance, and entertainment and lifestyle.

我們已經詳細討論了將 Oath 資產作為新聞、體育、金融、娛樂和生活方式的信息來源。

We think that the assets that we have will provide what customers need.

我們認為我們擁有的資產將提供客戶所需的東西。

And you look at the applications going forward, whether it's medical and healthcare services, whether it's smart cities, whether it's education, whether it's autonomous cars and transportation systems, you are going to need that sort of seamless high-bandwidth.

你看看未來的應用，無論是醫療和保健服務，還是智慧城市，無論是教育，還是自動駕駛汽車和交通系統，你都需要那種無縫的高帶寬。

And we lump that under the title Humanability.

我們把它歸為人性這個標題。

So our focus is around giving all of our customers the capabilities to embrace these applications of the future that are going to make their lives so much better.

因此，我們的重點是讓我們所有的客戶都有能力接受這些未來的應用程序，這些應用程序將使他們的生活變得更加美好。

So our investments, they are all about providing the assets and the platforms to deliver that.

因此，我們的投資都是為了提供資產和平台來實現這一目標。

Thanks very much.

非常感謝。

Craig Moffett, MoffettNathanson.

克雷格·莫菲特、莫菲特·內桑森。

Hi, good morning.

早上好。

A question about your capital budgeting process in the light of tax reform.

一個關於您在稅制改革下的資本預算過程的問題。

Just given that the returns on a whole range of projects will now have been boosted by both the lower tax rate and the accelerated depreciation, does that change your priorities with respect to capital investment?

鑑於現在整個項目的回報率都將因較低的稅率和加速的折舊而得到提升，這是否會改變您在資本投資方面的優先順序？

Or are there some specific types of projects, whether it's deploying fiber or that sort of thing, that now pop to the front of the queue as being meaningfully more attractive than they were?

或者是否有一些特定類型的項目，無論是部署光纖還是類似的項目，現在都比以前更吸引人了？

And how should we think about that with respect to the total size of your capital budget going forward?

我們應該如何考慮您未來資本預算的總規模？

Well, Craig, I'll take that and then Matt can jump in.

好吧，克雷格，我會接受的，然後馬特可以加入。

I guess you could accuse us of being boring, but you at least should give us credit for being consistent.

我猜你可能會指責我們無聊，但你至少應該稱讚我們始終如一。

We have been extremely disciplined, and then when we see an opportunity we go hard.

我們一直非常自律，然後當我們看到機會時，我們就會努力。

And you saw that in 3G, you saw that in 4G, and you are going to see it and you are seeing it in 5G and placing fiber.

你在 3G 中看到了這一點，你在 4G 中看到了這一點，你將看到它，你將在 5G 中看到它並放置光纖。

We see a real opportunity here.

我們在這裡看到了一個真正的機會。

We were the ones that stood up and said two years ago when everybody said we were way too early, but we've been deliberate about it.

兩年前，當每個人都說我們為時過早時，我們站起來說，但我們一直在深思熟慮。

We have gone out, we have done the field trials, we have developed the ecosystem, we have worked with partners from Korea as well as the infrastructure providers.

我們已經走出去，我們已經完成了現場試驗，我們已經開發了生態系統，我們已經與來自韓國的合作夥伴以及基礎設施提供商合作。

We are out there, as I said, with 200 cell sites today learning.

正如我所說，我們今天有 200 個蜂窩站點在學習。

And we are going to see what commercially happens in these three to five cities.

我們將看看這三到五個城市的商業情況。

Then we will make the decision.

然後我們會做出決定。

So to us, it's very inconsistent that just because tax reform comes through, we are all of a sudden going to draw the line at a different place or lose that discipline.

所以對我們來說，這是非常不一致的，僅僅因為稅制改革通過了，我們就突然在不同的地方劃清界限或失去紀律。

What tax reform does do is gives us great flexibility that once we prove to ourselves that we can get a reasonable return on invested capital, we can accelerate very rapidly.

稅收改革確實給了我們很大的靈活性，一旦我們向自己證明我們可以從投資資本中獲得合理的回報，我們就可以非常迅速地加速。

And that gets to Matt's point about we want to early on strengthen that balance sheet to give us the flexibility.

這就是馬特關於我們希望儘早加強資產負債表以賦予我們靈活性的觀點。

But the strategy is there.

但策略就在那裡。

We are sort of like a spring ready to expand very quickly if we need to.

我們有點像彈簧，隨時準備在需要時迅速擴張。

But we have to get through another couple of hurdles here before we make those decisions.

但在我們做出這些決定之前，我們必須在這里克服另外幾個障礙。

And we are not ready to say that in January of 2018, but I certainly hope by fourth-quarter results next year we are accelerating because we've got such a great story to tell.

我們還沒有準備好在 2018 年 1 月這樣說，但我當然希望到明年第四季度的業績，我們正在加速，因為我們有一個很棒的故事要講。

The only other thing I would add to that, Craig, and I kind of come back to the comments that Hans Vestberg made earlier this month.

我要補充的唯一一件事是，克雷格，我有點回到 Hans Vestberg 本月早些時候發表的評論。

That in our industry, the nature of the way that we spend money, having significant increases and decreases is inefficient in the way we deploy CapEx.

在我們的行業中，我們花錢的方式的本質，有顯著的增加和減少，在我們部署資本支出的方式中是低效的。

So we are certainly looking at, given, as you say tax reform, can change some of the return math.

所以我們當然在考慮，正如你所說的稅制改革，可以改變一些回報數學。

But we will be methodical about it.

但我們會對此有條不紊。

And there is a lot of planning that goes into our capital spending before we get to it.

在我們開始之前，我們的資本支出有很多計劃。

And so that's why you see us making the comments we do.

這就是為什麼你看到我們發表評論的原因。

We certainly look forward to having the right opportunities in front of us, but you will see us do it methodically and do it in the way that creates the greatest value.

我們當然期待在我們面前有合適的機會，但你會看到我們有條不紊地做，並以創造最大價值的方式去做。

Jennifer Fritzsche, Wells Fargo.

Jennifer Fritzsche，富國銀行。

Thank you for taking the question.

謝謝你提出這個問題。

Two, if I may.

兩個，如果可以的話。

One, the inevitable spectrum question.

一，不可避免的頻譜問題。

With T-Mobile's purchases and the broadcast auction they have, I think two times the amount of low band spectrum.

通過 T-Mobile 的購買和他們的廣播拍賣，我認為低頻段頻譜的數量是原來的兩倍。

While you have a ton of millimeter wave spectrum, some naysayers might say that all the eggs are in that basket.

雖然你有大量的毫米波頻譜，但一些反對者可能會說所有的雞蛋都在那個籃子裡。

How do you think of that?

你怎麼看？

And then second, if I could get some math around David's question earlier.

其次，如果我能早點對 David 的問題進行一些數學運算。

You mentioned moving away from leases.

你提到離開租約。

Can you quantify how much right now you are paying in backhaul to some of the fiber providers?

你能量化一下你現在向一些光纖供應商支付的回程費用嗎？

Why don't I take the spectrum question.

為什麼我不回答頻譜問題。

As you say, Jennifer, the inevitable question.

正如你所說，詹妮弗，不可避免的問題。

Look, there's going to be an awful lot of noise around deployment of 5G.

看，圍繞 5G 的部署將會有很多噪音。

If you recall back when we deployed 4G, there was a big scramble for everybody to try to get 3G to look like 4G.

如果您回想一下我們部署 4G 時的情況，每個人都在爭先恐後地嘗試讓 3G 看起來像 4G。

And we called it faux G, F-A-U-X, and you are seeing some of the same stuff right now.

我們稱它為人造 G、F-A-U-X，您現在看到的是一些相同的東西。

In order to do 5G -- and this is right out of the standard, which we certainly agree with -- you need at least 100 megahertz of bandwidth to provide the latency, the reliability, the throughputs that really are the 5G promise.

為了實現 5G——這完全超出了標準，我們當然同意——你需要至少 100 兆赫的帶寬來提供延遲、可靠性和吞吐量，而這正是 5G 的承諾。

I can take 5G and I can put it on 10 megahertz of PCS if I want to.

我可以使用 5G，如果我願意，我可以將它放在 10 兆赫的 PCS 上。

It won't perform like 5G.

它不會像 5G 那樣運行。

It will be the technology, but it won't have the reliability, it won't have the throughput, and it won't have the latency.

它將是技術，但它沒有可靠性，沒有吞吐量，也沒有延遲。

So you are going to get a lot of this well, they need this or -- depending on whether you are selling spectrum or what you've got in your basket of spectrum today.

所以你會得到很多這樣的井，他們需要這個或者 - 取決於你是在銷售頻譜還是你今天的頻譜籃子裡有什麼。

But I wouldn't change positions with anybody out there.

但我不會與任何人改變立場。

I have got plenty of low band spectrum.

我有很多低頻段頻譜。

That works great for 4G.

這對 4G 非常有用。

It's going to service for years to come.

它將服務多年。

But in order to put all of the aspects of 5G into play, you need hundreds of megahertz of bandwidth.

但為了發揮 5G 的所有方面的作用，您需要數百兆赫的帶寬。

The only one who has that in a big way in the marketplace is us.

唯一在市場上大有作為的是我們。

So I will just add one other piece to that.

所以我將再添加一個。

I agree exactly what Lowell said about 5G.

我完全同意 Lowell 關於 5G 的說法。

And as you think about 4G network, we've always said there's three things: it's spectrum, it is the densification in the architecture, and then the technology.

當你想到 4G 網絡時，我們總是說有三件事：頻譜，架構中的緻密化，然後是技術。

And I can tell you over the past few months, there's been a number of technology upgrades to the network and you are seeing that in the network performance.

我可以告訴你，在過去的幾個月裡，網絡進行了許多技術升級，你可以在網絡性能中看到這一點。

A number of those were deployed in the backend of the fourth quarter.

其中一些部署在第四季度的後端。

So significant amount of additional capacity being added to the network as we head into 2018.

隨著我們進入 2018 年，大量的額外容量被添加到網絡中。

Again, without having to go acquire additional spectrum.

同樣，無需去獲取額外的頻譜。

But I do expect you to ask that question on most calls going forward.

但我確實希望你在以後的大多數電話會議上都能問這個問題。

It would be kind of amiss if people didn't.

如果人們不這樣做，那就有點不對勁了。

In terms of your question on how much we pay in backhaul fiber, that's not a number we've disclosed.

關於我們為回程光纖支付多少費用的問題，我們沒有透露這個數字。

We really don't break out the income statement by individual line items and we are not going to start doing that now.

我們真的不會按個別項目分解損益表，我們現在也不打算開始這樣做。

But I would just say as we think about fiber, we look at the most economic way of getting it, irrespective of where it shows up in the financial statements.

但我只想說，當我們考慮纖維時，我們會尋找最經濟的獲取方式，而不管它出現在財務報表的哪個位置。

And we will continue to do that.

我們將繼續這樣做。

Thank you.

謝謝。

Amir Rozwadowski, Barclays.

Amir Rozwadowski，巴克萊銀行。

Thanks very much.

非常感謝。

Late last year, Lowell, you had highlighted a goal for $10 billion in cost cuts over the next few years.

去年年底，洛厄爾，你強調了未來幾年削減 100 億美元成本的目標。

I was wondering how should we think about the areas where you believe the biggest opportunities for cost reductions are?

我想知道我們應該如何考慮您認為最大的成本削減機會所在的領域？

And how should we think about those cost cuts filtering in through the Company over the next couple of years?

在接下來的幾年裡，我們應該如何考慮通過公司進行的成本削減？

And then secondly, I was wondering if, going back to the 5G topic, if you can touch upon whether you believe that fiber will be a competitive advantage in this world?

其次，我想知道，回到 5G 話題，您能否談談您是否相信光纖將成為這個世界上的競爭優勢？

Clearly you folks are making a significant amount of investment to get the necessary densification and capillarity that you need for fiber.

很明顯，你們正在進行大量投資以獲得纖維所需的必要緻密化和毛細作用。

Others seem to be working with cable providers to improve densification and backhaul.

其他人似乎正在與有線電視提供商合作，以提高密度和回程。

Do you believe that this is a viable alternative versus what you guys are doing?

你認為與你們正在做的相比，這是一個可行的替代方案嗎？

Or do you believe that at this point in time you are setting the stage for a longer-term competitive moat as 5G comes to commercial positioning?

還是您認為，隨著 5G 商業定位的到來，此時您正在為更長期的競爭護城河奠定基礎？

Thanks, Amir.

謝謝，阿米爾。

Let me take the first one on the $10 billion number over the next 4 years that Lowell mentioned in September.

讓我先談談洛厄爾在 9 月份提到的未來 4 年 100 億美元的數字。

And we've talked about it a little since then.

從那以後我們就談了一點。

Look, every area of the business is where we are looking and we believe that there's opportunities across every area of the business.

看，業務的每個領域都是我們正在尋找的地方，我們相信業務的每個領域都有機會。

Obviously, network costs are a significant part; distribution is something we're taking a close look at.

顯然，網絡成本是一個重要部分；分佈是我們正在密切關注的問題。

Customer care, all the back-office type activities.

客戶服務，所有後台類型的活動。

Essentially there is no area of the business that isn't going to get examined as part of this exercise.

作為本練習的一部分，基本上沒有任何業務領域不會被檢查。

Because it's imperative we make sure that we are as efficient a Company as we can be as we go forward.

因為我們必須確保我們在前進的過程中盡可能成為一家高效的公司。

From a timing standpoint, I can tell you we've embedded the 2018 targets for this activity in each of the business units' operating plans for the year.

從時間的角度來看，我可以告訴你，我們已經將這項活動的 2018 年目標納入了今年每個業務部門的運營計劃。

And I look forward to discussing the results that we achieve on this as we go forward in 2018 and into the future.

我期待著討論我們在 2018 年和未來取得的成果。

And then, Amir, I guess my answer on the fiber competitive advantage is throughout my career, I've always believed and it's been reinforced many times that if you've got a critical component of your success, you better own it and control it.

然後，阿米爾，我想我對纖維競爭優勢的回答貫穿了我的整個職業生涯，我一直相信並且已經多次強調如果你擁有成功的關鍵組成部分，你最好擁有它並控制它.

And that fits with our direct distribution.

這符合我們的直接分銷。

It fits with a lot of our customer service.

它適合我們的許多客戶服務。

We don't outsource sales.

我們不外包銷售。

We certainly wouldn't outsource critical components of our network.

我們當然不會外包我們網絡的關鍵組件。

As Hans has come in and put in our architecture for intelligent edge, owning that fiber asset is important to our financial performance as well as the performance of the network.

隨著 Hans 加入我們的智能邊緣架構，擁有光纖資產對我們的財務業績和網絡性能都很重要。

And as we have seen time and time again, network competitive advantage drives customers, which ultimately drives financials.

正如我們一次又一次看到的那樣，網絡競爭優勢驅動客戶，最終驅動財務。

So you won't see us outsource much in the way of network unless someone has a huge scale advantage and we could negotiate very strong performance and very consistent financials that would go along with it.

所以你不會看到我們在網絡方面進行太多外包，除非有人擁有巨大的規模優勢，並且我們可以通過談判獲得非常強勁的業績和非常一致的財務狀況。

Thank you very much for the incremental color.

非常感謝您的增量顏色。

That's all the time we have for questions.

這就是我們提問的全部時間。

Before we end the call, I'd like to turn it back over to Lowell for some closing comments.

在我們結束電話會議之前，我想把它轉回給 Lowell 聽取一些結束評論。

Thanks, Brady.

謝謝，布雷迪。

So just a couple of final points from me.

所以我最後要說幾點。

I don't come on these calls very often.

我不經常接這些電話。

I like to save that for when we've got significant changes in the business.

當我們的業務發生重大變化時，我想保存它。

And obviously tax reform and our use of those funds was important for us to clarify.

顯然，稅收改革和我們對這些資金的使用對我們來說很重要。

But there was a second reason for me to come on.

但我上場還有第二個原因。

And I have been in this industry for 30 years and I think we are breaking into one of the most exciting times that I've seen in my career.

我在這個行業工作了 30 年，我認為我們正在進入我職業生涯中最激動人心的時刻之一。

We are on the cusp of what I call the Fourth Industrial Revolution as we see smart city applications, the changes in medical, the changes in transportation and education.

我們正處於我所說的第四次工業革命的風口浪尖，因為我們看到智能城市應用、醫療變革、交通和教育變革。

All of those are fueled by a strong telecommunications infrastructure.

所有這些都得益於強大的電信基礎設施。

So I think this is a great time for our industry overall.

所以我認為這是我們整個行業的好時機。

Obviously, I think Verizon is the best positioned to deliver that future.

顯然，我認為 Verizon 最有能力實現這樣的未來。

We've had a long history of strong operational and financial performance.

我們長期以來一直擁有強勁的運營和財務業績。

We are investing in the media platforms and the fiber assets and the network and in the new technologies to meet the needs that are coming forward.

我們正在投資媒體平台、光纖資產和網絡以及新技術，以滿足未來的需求。

And I think, as I said, that will be a major change in the way people live, work, and play.

我認為，正如我所說，這將是人們生活、工作和娛樂方式的重大變化。

So I'm very excited about 2018, what lies ahead for us.

所以我對 2018 年感到非常興奮，我們的未來會怎樣。

I look forward to sharing the results and the successes as we move forward in this year.

我期待著在我們今年前進的過程中分享成果和成功。

And coming on a call next year at this time and recapping one of the best years in our history.

明年這個時候來電話，回顧我們歷史上最好的年份之一。

So with that, we will close the call and we appreciate all of your time today.

因此，我們將結束通話，感謝您今天抽出寶貴時間。

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

女士們，先生們，今天的電話會議到此結束。

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

感謝您的參與和使用 Verizon 會議服務。

You may now disconnect.

您現在可以斷開連接。