威訊通訊 (VZ) 2022 Q4 法說會逐字稿

Good morning, and welcome to the Verizon Fourth 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，歡迎來到 Verizon 2022 年第四季度收益電話會議。 （操作員說明）正在錄製今天的會議。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 fourth quarter earnings conference call. I'm Brady Connor, and I'm joined by our Chairman and Chief Executive Officer, Hans Vestberg; and Matt Ellis, our Chief Financial Officer.

謝謝，布拉德。早上好，歡迎來到我們的第四季度收益電話會議。我是 Brady Connor，我們的董事長兼首席執行官 Hans Vestberg 也加入了我的行列；和我們的首席財務官 Matt Ellis。

Before we begin, I'd like to draw your attention to our safe harbor statement, which can be found on Slide 2 of the presentation. Information in this presentation contains statements about expected future events and financial results that are forward-looking and subject to risks and uncertainties. Discussion of factors that may affect future results is contained in Verizon's filings with the SEC, which are available on our website. 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.

在我們開始之前，我想提請您注意我們的安全港聲明，該聲明可以在演示文稿的幻燈片 2 上找到。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陳述，並受風險和不確定性的影響。 Verizon 向美國證券交易委員會提交的文件中包含對可能影響未來結果的因素的討論，這些文件可在我們的網站上獲取。本演示文稿包含某些非 GAAP 財務措施。這些非 GAAP 措施與最直接可比的 GAAP 措施的調節包含在我們網站上發布的財務材料中。

Earlier this morning, we posted to our Investor Relations website a detailed review of our fourth quarter and full year results. I hope you all had a chance to read the material. I'm going to briefly discuss the financial highlights before turning the call over to Hans to lead a discussion on our strategy, guidance and forward-looking view of the business.

今天早上早些時候，我們在投資者關係網站上發布了對第四季度和全年業績的詳細審查。我希望你們都有機會閱讀這些材料。在將電話轉交給漢斯領導討論我們的戰略、指導和業務前瞻性觀點之前，我將簡要討論財務亮點。

Slide 3 shows a summary of our results. Consolidated total operating revenue was $35.3 billion in the fourth quarter, up 3.5% year-over-year. Wireless service revenue grew 5.9% year-over-year in the fourth quarter, benefiting from unlimited plan migrations, our best fourth quarter total postpaid net additions in 7 years, pricing actions that we began implementing in June of 2022 and a full quarter contribution from TracFone.

幻燈片 3 顯示了我們的結果摘要。第四季度合併總營業收入為 353 億美元，同比增長 3.5%。第四季度無線服務收入同比增長 5.9%，這得益於無限制的計劃遷移、我們 7 年來最好的第四季度總後付費淨增加、我們於 2022 年 6 月開始實施的定價行動以及來自TracFone。

Consolidated adjusted EBITDA was $11.7 billion for the fourth quarter, down 0.2% year-over-year. Wireless service revenue growth was offset by higher promotional expense, declines in our high-margin legacy wireline business and inflationary cost pressures. Adjusted earnings per share in the fourth quarter was $1.19, a decrease of 10.5% compared to the similar period in 2021, driven by higher interest expense, depreciation and lower pension-related income. Finally, we delivered $14.1 billion of free cash flow for the full year 2022 and exited the year with a net unsecured debt to adjusted EBITDA ratio of 2.7x.

第四季度合併調整後 EBITDA 為 117 億美元，同比下降 0.2%。無線服務收入的增長被更高的促銷費用、我們高利潤的傳統有線業務的下滑和通脹成本壓力所抵消。第四季度調整後每股收益為 1.19 美元，與 2021 年同期相比下降 10.5%，原因是利息支出增加、折舊和養老金相關收入減少。最後，我們在 2022 年全年交付了 141 億美元的自由現金流，並以 2.7 倍的無擔保債務淨額與調整後 EBITDA 的比率結束了這一年。

With that, I'll now turn the call over to Hans.

有了這個，我現在將電話轉給漢斯。

Thank you, Brady, and good morning, everyone. On today's earnings call, I will focus on our strategy, guidance, expectation for the business and why I'm so excited about the opportunities for the year ahead.

謝謝你，布雷迪，大家早上好。在今天的財報電話會議上，我將重點關注我們的戰略、指導、對業務的期望，以及為什麼我對來年的機遇如此興奮。

Let me start by saying that we delivered against all of our revised financial targets provided in July, including 8.6% wireless service revenue growth, $47.9 billion of adjusted EBITDA and adjusted earnings per share of $5.18. I'm pleased that the momentum built during the third quarter continued into the fourth quarter.

首先讓我說，我們實現了 7 月份提供的所有修訂後的財務目標，包括 8.6% 的無線服務收入增長、479 億美元的調整後 EBITDA 和 5.18 美元的調整後每股收益。我很高興第三季度建立的勢頭一直持續到第四季度。

Last quarter, we set the expectation of a positive consumer phone net adds in the fourth quarter, and we delivered against that expectation. Although we have more work to do, I'm encouraged by the improvement and expect to build on the momentum in 2023. The improvement in the consumer performance was complemented by yet another strong mobility quarter in Verizon Business Group as well as continued success in fixed wireless access with net adds up sequentially in both consumer and business. Together with Fios result, we added 416,000 broadband subscribers in the quarter, our best total broadband performance in over a decade, and approximately 1.3 million total broadband net adds for the year.

上個季度，我們設定了第四季度消費者手機淨增加的預期，而我們的表現與預期相悖。儘管我們還有更多工作要做，但我對這種改善感到鼓舞，並希望在 2023 年繼續保持這種勢頭。Verizon 商業集團又一個強勁的移動季度以及固定業務的持續成功補充了消費者表現的改善無線網絡訪問在消費者和企業中依次增加。連同 Fios 結果，我們在本季度增加了 416,000 名寬帶用戶，這是我們十多年來最好的總體寬帶性能，全年寬帶淨增約 130 萬。

Regarding our guidance, we have positioned ourselves to improve on our performance in 2023 and expect to build a good underlying operational momentum, although that will be offset by the impact of the noncash factors such as promo amortization in our revenue growth and adjusted EBITDA. Additionally, we're seeing some impact of high interest rates. At the same time, we expect our capital spending to reduce significantly in 2023 as we reach the end of our incremental C-Band spending, which will be a tailwind for free cash flow. We're striving to make further improvement and take even more action that will ultimately lead to better performance than the guidance we have outlined today. Matt will discuss the guidance in more detail later in the call.

關於我們的指導意見，我們已將自己定位為在 2023 年改善我們的業績，並期望建立良好的潛在運營勢頭，儘管這將被非現金因素（如促銷攤銷）對我們的收入增長和調整後的 EBITDA 的影響所抵消。此外，我們看到了高利率的一些影響。與此同時，我們預計，隨著 C 波段增量支出的結束，我們的資本支出將在 2023 年大幅減少，這將有利於自由現金流。我們正在努力進一步改進並採取更多行動，最終將帶來比我們今天概述的指導更好的績效。 Matt 將在稍後的電話會議中更詳細地討論該指南。

The industry enters 2023 with continued macroeconomic uncertainty as elevated inflation and interest rates impact the broader economy. Still, demand for our service remains strong, given the growing importance of mobility and broadband to both consumers and businesses. The combination of our network reliability, diverse portfolio of products and services and the industry's strongest customer base provides us the flexibility to meet the changing customer needs even in a difficult economic environment.

隨著通貨膨脹和利率上升影響更廣泛的經濟，該行業進入 2023 年時宏觀經濟仍存在不確定性。儘管如此，鑑於移動性和寬帶對消費者和企業的重要性日益增加，對我們服務的需求依然強勁。我們的網絡可靠性、多樣化的產品和服務組合以及業內最強大的客戶群相結合，使我們即使在困難的經濟環境中也能靈活地滿足不斷變化的客戶需求。

We measure our success in maximizing value across stakeholders by our ability to grow service revenue, EBITDA and cash flow. Taking these 3 metrics together is how we hold ourselves accountable. We are well positioned to improve our performance and accelerate growth on a go-forward basis with network quality as the foundation for our strategy and growth. We expect that wireless mobility and nationwide broadband will be the most significant contributors to Verizon's growth for the next several years. In 2022, we made important progress in each of these businesses. Our growth in these areas will be driven by extending our network advantage using our C-Band spectrum, which we expect will strengthen our network leadership in the coming years.

我們通過增加服務收入、EBITDA 和現金流的能力來衡量我們在最大化利益相關者價值方面的成功。將這 3 個指標結合在一起就是我們對自己負責的方式。我們完全有能力在未來的基礎上提高我們的績效並加速增長，網絡質量是我們戰略和增長的基礎。我們預計無線移動和全國寬帶將成為 Verizon 未來幾年增長的最重要貢獻者。 2022年，我們在每一項業務上都取得了重要進展。我們在這些領域的增長將通過使用我們的 C 波段頻譜擴展我們的網絡優勢來推動，我們預計這將在未來幾年加強我們的網絡領導地位。

We are taking a balanced approach on how we run our business. Adding the right customers and generating ongoing profits from them is how we maximize value. We remain focused on our cost reduction and efficiency actions while also maximizing our return on invested capital via better monetizing our assets to put us on track to improve free cash flow going forward. We're proud of being the strongest in the industry in terms of generating cash and want to preserve that while also continuing to strengthen our balance sheet. We're executing with discipline and will continue driving a strategy which produces sustainable long-term growth and profitability.

我們正在採取一種平衡的方式來經營我們的業務。增加合適的客戶並從他們那裡產生持續的利潤是我們實現價值最大化的方式。我們仍然專注於降低成本和提高效率的行動，同時還通過更好地貨幣化我們的資產來最大化我們的投資資本回報，使我們走上正軌，以改善未來的自由現金流。我們為在產生現金方面成為業內最強大的公司而感到自豪，並希望在繼續加強我們的資產負債表的同時保持這一點。我們正在嚴格執行，並將繼續推動產生可持續長期增長和盈利能力的戰略。

As connectivity plays an increasingly important role for consumers and businesses, it is the quality of the connectivity that matters the most. Not all networks are architected and built the same nor have the same quality. We have seen these differences in the past and expect that 5G will be no different. Our engineers have the best track record for designing and building networks that produce the best experience. Our network will continue to evolve with a relentless commitment to quality and reliability, adding capacity where needed and filling service gaps where they exist even as capital intensity declines in the coming years.

隨著連通性對消費者和企業起著越來越重要的作用，連通性的質量最為重要。並非所有網絡的架構和構建都相同，質量也不相同。我們過去已經看到了這些差異，並預計 5G 也不會有什麼不同。我們的工程師在設計和構建可產生最佳體驗的網絡方面擁有最佳記錄。我們的網絡將繼續發展，堅持不懈地致力於質量和可靠性，在需要的地方增加容量並填補存在的服務缺口，即使在未來幾年資本密集度下降也是如此。

In the shift to 5G, we have been rapidly building out our C-Band spectrum with the most aggressive deployment plan in our company's history. We are tracking to 200 million POPs this quarter and are well ahead of schedule to reach our 250 million POPs targeted by year-end 2024. C-Band propagation is very similar to that of AWS and PCS spectrum, which covers more than 300 million POPs today. This gives us a clear path to scale C-Band quickly and efficiently, including in the 330 markets where we expect to gain complete access to the C-Band spectrum later this year.

在向 5G 的轉變中，我們一直在通過公司歷史上最積極的部署計劃快速構建我們的 C 波段頻譜。我們在本季度追踪到 2 億個 POP，並且提前實現了我們到 2024 年底達到 2.5 億個 POP 的目標。C 波段傳播與 AWS 和 PCS 頻譜的傳播非常相似，後者涵蓋了超過 3 億個 POP今天。這為我們提供了一條快速有效地擴展 C 波段的清晰途徑，包括在 330 個市場中，我們預計將在今年晚些時候獲得對 C 波段頻譜的完全訪問權。

Due to the timing of spectrum availability, our deployment strategy targets the highest user areas first with the capability to deliver the most distinguished experience in places where the majority of our customers consume mobile services. As additional spectrum is cleared, we will have access to many new markets. As with prior generations of wireless technology, customers in all areas can expect to receive the best network experience.

由於頻譜可用性的時間安排，我們的部署策略首先針對最高用戶區域，並能夠在我們大多數客戶使用移動服務的地方提供最卓越的體驗。隨著更多頻譜的清理，我們將有機會進入許多新市場。與前幾代無線技術一樣，所有地區的客戶都有望獲得最佳網絡體驗。

And where we have built out the C-Band, we're only getting started. Early deployments have limited to 60 megahertz or 100 megahertz in some early clearance markets. Consumer performance in this market has been encouraging as evidenced by better retention, more favorable gross add trends and higher premium uptake. In addition, the majority of our consumer fixed wireless net adds are on C-Band. With the final transfer of spectrum expected to be available in late 2023, we can deploy an average of 161 megahertz and up to 200 megahertz in certain markets across the entire continental U.S.

在我們構建 C 波段的地方，我們才剛剛開始。在一些早期清關市場，早期部署限制在 60 兆赫或 100 兆赫。這個市場的消費者表現一直令人鼓舞，這體現在更好的保留率、更有利的總增加趨勢和更高的保費吸收率上。此外，我們的大多數消費者固定無線網絡都在 C 波段上。隨著頻譜的最終轉移預計將於 2023 年底可用，我們可以在整個美國大陸的某些市場部署平均 161 兆赫和高達 200 兆赫的頻譜。

When we turn on the full breadth of spectrum, we expect peak download speeds to reach 2.4 gigabits per second, up from the 900 megabits per second we see with 60 megahertz deployed, all while supporting far more users and applications. At the same time, we're also deploying our 5G stand-alone core. So by the end of the year, you should see a network with incredible speeds, both downlink and uplink, and position to deliver 5G capabilities such as network slicing, voice over 5G and/or among others.

當我們打開全頻譜時，我們預計峰值下載速度將達到每秒 2.4 吉比特，高於我們在部署 60 兆赫時看到的每秒 900 兆比特，同時支持更多的用戶和應用程序。同時，我們也在部署我們的 5G 獨立核心網。因此，到今年年底，您應該會看到一個具有驚人速度的網絡，包括下行鏈路和上行鏈路，並且能夠提供 5G 功能，例如網絡切片、5G 語音和/或其他功能。

We believe our network will allow us to maintain our premium position with our wireless mobility customers and provide reliable fixed wireless access services to consumers and businesses across the country. This is an example of how we can monetize our multipurpose network by scaling several revenue streams on the same infrastructure to enhance our return on investment. We're adding far more capacity to our network than the peak usage increase we're expecting in fixed wireless markets. We continue to expect that we'll have 4 million to 5 million fixed wireless subscribers by the end of 2025, and those subscribers will be enabled by our current build and capital plans.

我們相信我們的網絡將使我們能夠保持我們在無線移動客戶中的領先地位，並為全國的消費者和企業提供可靠的固定無線接入服務。這是一個示例，說明我們如何通過在同一基礎設施上擴展多個收入流來提高我們的投資回報率，從而通過我們的多用途網絡獲利。我們為網絡增加的容量遠遠超過我們在固定無線市場中預期的峰值使用量增長。我們繼續預計，到 2025 年底，我們將擁有 400 萬至 500 萬固定無線用戶，這些用戶將通過我們當前的建設和資本計劃獲得支持。

Our mobility and broadband plans are supported by our deep fiber position and ongoing fiber investments. Approximately 50% of our sites are now served by our own fiber, up from 45% last year. We believe we are the only provider serving the level of its wireless network with its own fiber. This supports superior quality of services and end-to-end owners' economics. That means better reliability and higher margins and look for us to continue to expand the percentage of sites on our own fiber. We also expanded our Fios footprint by over 550,000 locations in 2022, extending our Fios open for sales to more than 17 million locations. You can expect continued fiber expansion in the years ahead.

我們的移動和寬帶計劃得到了我們深厚的光纖地位和持續的光纖投資的支持。我們大約 50% 的站點現在由我們自己的光纖提供服務，高於去年的 45%。我們相信我們是唯一一家使用自己的光纖服務於其無線網絡水平的供應商。這支持卓越的服務質量和端到端的所有者經濟。這意味著更高的可靠性和更高的利潤，並期待我們繼續擴大我們自己光纖上的站點的百分比。我們還在 2022 年將 Fios 的足跡擴大了 550,000 多個地點，將我們的 Fios 開放銷售地點擴展到超過 1700 萬個地點。您可以期待未來幾年光纖的持續擴張。

In summary, network quality is the foundation for our strategy and growth, and all of the moves we are making are focused on ensuring we continue our network leadership in the future.

總而言之，網絡質量是我們戰略和發展的基礎，我們正在採取的所有舉措都旨在確保我們在未來繼續保持網絡領先地位。

As I mentioned earlier, Verizon's success should be measured against 3 important metrics: service revenue, EBITDA and free cash flow. Let me now cover each of these in detail and tell you why I'm so confident in our ability to deliver against all 3 of these benchmarks.

正如我之前提到的，Verizon 的成功應該根據 3 個重要指標來衡量：服務收入、EBITDA 和自由現金流。現在讓我詳細介紹其中的每一個，並告訴您為什麼我對我們實現所有這 3 個基準的能力如此有信心。

We expect that our network differentiation will be the cornerstone of our service revenue growth and that it will allow us to continue to attract the highest quality customer base in the industry and maintain our market-leading share of the B2B market. Our fixed wireless access is also expected to contribute more meaningfully to service revenue as we enter the year growing rapidly with a base of more than 1.4 million subscribers. 2022 demonstrated to us that we need to be even more agile and responsive in the consumer market. This is one of the reasons I assumed leadership of the business late last year. We are moving into 2023 with momentum and expectation for improved performance based on recent actions and planned initiatives.

我們預計我們的網絡差異化將成為我們服務收入增長的基石，這將使我們能夠繼續吸引業內最優質的客戶群，並保持我們在 B2B 市場的市場領先份額。我們的固定無線接入也有望為服務收入做出更有意義的貢獻，因為我們進入了快速增長的一年，擁有超過 140 萬用戶。 2022 年向我們證明，我們需要在消費市場上更加敏捷和響應迅速。這是我去年底接任公司領導的原因之一。我們正帶著動力和期望進入 2023 年，以根據最近的行動和計劃的舉措改善績效。

After integrating TracFone over the last year, we now have a full complement of offerings from entry-level prepaid all the way up to premium unlimited postpaid plans for the first time in our history. This will enable us to better attract new customers while also retaining customers through their mobile journey. You have already seen us take more segmented approach to the market through the Welcome Unlimited and One Unlimited plans in postpaid and the launch of Total by Verizon in prepaid. We're already seeing the benefits from these actions.

在去年整合 TracFone 之後，我們現在擁有從入門級預付費一直到高級無限制後付費計劃的完整產品，這是我們歷史上的第一次。這將使我們能夠更好地吸引新客戶，同時通過他們的移動之旅留住客戶。您已經看到我們通過後付費的 Welcome Unlimited 和 One Unlimited 計劃以及 Verizon 推出的 Total 預付費計劃對市場採取更加細分的方法。我們已經看到了這些行動的好處。

In 2013, our plans will continue to evolve as we look for the best ways to cater to our customers, whether through network experience, content or other product offerings. Each new offering gives us an opportunity to engage with the prospective customers and ensure they receive the plan that best fits their needs. We remain disciplined around our core pricing and continue to perform well with our premium customers on retention and step-up activity. As we move into 2013, we're taking a more localized approach with our network and go-to-market strategy, providing greater autonomy to the teams on the front line and speeding up the pace of decision-making. This will allow us to compete more effectively across geographies, particularly where dynamics may differ by individual market.

2013 年，我們的計劃將繼續發展，因為我們會尋找滿足客戶需求的最佳方式，無論是通過網絡體驗、內容還是其他產品。每項新產品都讓我們有機會與潛在客戶互動，並確保他們獲得最適合他們需求的計劃。我們在核心定價方面保持紀律，並繼續與我們的優質客戶在保留和升級活動方面表現良好。隨著我們進入 2013 年，我們將在我們的網絡和上市戰略中採取更加本地化的方法，為一線團隊提供更大的自主權，並加快決策制定的步伐。這將使我們能夠更有效地跨地域競爭，尤其是在動態可能因個別市場而異的情況下。

Finally, we continue to revise our sales compensation structure, ensuring we have the right incentives in place to drive sales growth. The customers we have and continue to attract represent the highest quality customer base in the industry. Based on our customer payment patterns, which are at or better than pre-pandemic levels, and the low delinquency rates in our securitized device payment plan portfolios, we continue to see only a limited impact from the macroeconomic environment on our customers. While we are watching this closely, we have a lot of confidence in the resilience of our customer base.

最後，我們繼續修改我們的銷售薪酬結構，確保我們有適當的激勵措施來推動銷售增長。我們擁有並繼續吸引的客戶代表了業內最優質的客戶群。根據我們處於或優於大流行前水平的客戶支付模式，以及我們證券化設備支付計劃組合中的低拖欠率，我們繼續認為宏觀經濟環境對我們客戶的影響有限。在我們密切關注這一點的同時，我們對客戶群的恢復能力充滿信心。

Scaling of new business such as private 5G networks and edge computing will also be a strategic focus in 2023. Our funnel is strong, and we are making the appropriate investment to ensure such services provide a meaningful contribution to future growth in the years ahead, which differentiates us in the industry.

私有 5G 網絡和邊緣計算等新業務的擴展也將成為 2023 年的戰略重點。我們的渠道很強大，我們正在進行適當的投資，以確保此類服務為未來幾年的未來增長做出有意義的貢獻，這使我們在行業中脫穎而出。

You can expect Verizon to compete, but I want to underline again that we will not sacrifice financials for volumes. We continue to focus on improving our cost of acquisition and retention and believe current promotional incentives are not sustainable for the industry in the long run. Although we have participated, to some extent, in this dynamic, expect us to pursue more ways to move away from the aggressive handset subsidies with offers like Welcome Unlimited plan, which offers attractive headline pricing for customers while reducing device subsidies. We manage the business for profitability, and such actions drive healthy lifetime value for the business.

你可以期待 Verizon 參與競爭，但我想再次強調，我們不會為了銷量而犧牲財務。我們繼續專注於改善我們的獲取和保留成本，並認為目前的促銷激勵措施從長遠來看對行業來說是不可持續的。儘管我們在某種程度上參與了這種動態，但希望我們能夠尋求更多方法來擺脫激進的手機補貼，例如 Welcome Unlimited 計劃，該計劃為客戶提供有吸引力的標題定價，同時減少設備補貼。我們管理業務是為了盈利，而這些行動為企業帶來了健康的生命週期價值。

Moving to Business wireline. We're taking several actions to reduce the financial impact of the unit and are scaling back on pursuing low margin revenue in order to again drive improved profitability. While this may result in missing out on revenue, it is the right move and one that will lead to higher margin and cash flow over time. At the same time, we are focused on further improving the cost structure through greater efficiencies.

轉向商業有線。我們正在採取多項措施來減少該部門的財務影響，並縮減追求低利潤率的收入，以再次提高盈利能力。雖然這可能會導致收入損失，但這是正確的舉措，隨著時間的推移會帶來更高的利潤率和現金流。與此同時，我們專注於通過提高效率進一步改善成本結構。

You may recall that we embarked on a new cost-cutting initiative late last year. A component of this initiative is the formation of Verizon Global Services. This organization is accelerating efforts to drive cross-functional efficiencies, enabling us to reinvest savings in network superiority and customer growth while contributing to long-term profitability. Additional opportunity exists in sourcing, sales and marketing and corporate system, among others. The heavy lifting is now underway as we execute against our goal to deliver $2 billion to $3 billion of run rate savings by 2025. So our EBITDA strategy is clear: grow profitable volumes in both Consumer and Business based on our increasingly differentiated network and manage our expenses the way you would expect us to do.

您可能還記得我們去年底啟動了一項新的成本削減計劃。該計劃的一個組成部分是 Verizon Global Services 的成立。該組織正在加緊努力以提高跨職能效率，使我們能夠將節省的資金重新投資於網絡優勢和客戶增長，同時為長期盈利能力做出貢獻。在採購、銷售和營銷以及企業系統等方面存在更多機會。繁重的工作正在進行中，因為我們正在執行我們的目標，即到 2025 年實現 20 億至 30 億美元的運行率節省。因此，我們的 EBITDA 戰略很明確：基於我們日益差異化的網絡，增加消費者和企業的盈利量，並管理我們的按照您期望我們的方式進行支出。

By growing service revenue and EBITDA, we believe that we will be able to provide our shareholders with increasingly healthy free cash flow, which will support the strength of our balance sheet and fund our dividend growth. Our current streak of raising the dividend 16 years in a row is unmatched in the industry, and we intend to be able to continue that trend. Because our mobility and fixed wireless access products leverage the same infrastructure, they provide a capital-efficient path to future cash flow growth.

通過增加服務收入和 EBITDA，我們相信我們將能夠為股東提供越來越健康的自由現金流，這將支持我們資產負債表的實力並為我們的股息增長提供資金。我們目前連續 16 年提高股息的趨勢在業內是無與倫比的，我們打算能夠延續這一趨勢。由於我們的移動和固定無線接入產品利用相同的基礎設施，因此它們為未來的現金流增長提供了一條資本高效的途徑。

We believe that we will become increasingly efficient with our capital, using less capital to generate every dollar of revenue for years to come. That will enable us to produce expanding cash flow that we can both reinvest in our business and return to our shareholders.

我們相信，我們的資本使用效率將越來越高，在未來幾年使用更少的資本來產生每一美元的收入。這將使我們能夠產生不斷擴大的現金流，我們既可以對我們的業務進行再投資，又可以回報給我們的股東。

And as you know, we're doing all of this as our capital spending budget is expected to decline from $23.1 billion in 2022 to under $19 billion at the midpoint of our guidance range this year, a reduction of nearly 20% year-over-year. In 2024, we expect our CapEx to be around $17 billion, which we expect to represent the lowest capital intensity in over a decade and among the lowest in the industry. We expect we will deliver a best-in-class network experience while reducing our 2022 CapEx leverage by more than $5 billion over the next couple of years.

如您所知，我們正在做所有這一切，因為我們的資本支出預算預計將從 2022 年的 231 億美元下降到我們今年指導範圍中點的 190 億美元以下，同比減少近 20%年。到 2024 年，我們預計我們的資本支出約為 170 億美元，我們預計這將是十多年來最低的資本密集度，也是行業中最低的。我們預計我們將提供一流的網絡體驗，同時在未來幾年內將 2022 年的資本支出槓桿減少超過 50 億美元。

With that, I turn it over to Matt to discuss guidance.

有了這個，我把它交給馬特來討論指導。

Thank you, Hans, and good morning. I want to spend some time walking you through our 2023 guidance while also commenting on our longer-term outlook.

謝謝你，漢斯，早上好。我想花些時間帶您了解我們的 2023 年指南，同時也評論一下我們的長期前景。

Our 2023 guidance reflects momentum we have exiting 2022, which we expect to drive wireless service revenue growth. For 2023, we expect total wireless service revenues to grow between 2.5% and 4.5%, driven by increased penetration of premium unlimited plans, scaling of fixed wireless, continued growth in products and services such as content and device protection plans and the full year impact of our pricing actions taken in 2022.

我們的 2023 年指引反映了我們 2022 年的勢頭，我們預計這將推動無線服務收入增長。到 2023 年，我們預計無線服務總收入將增長 2.5% 至 4.5%，這主要受保費無限計劃普及率提高、固定無線業務規模擴大、內容和設備保護計劃等產品和服務持續增長以及全年影響的推動我們在 2022 年採取的定價行動。

As noted in our earnings materials, our wireless service revenue growth outlook includes an approximately 190 basis point benefit from a large allocation of our administrative and telco recovery fees, which partially recover network operating costs to wireless service revenue from other revenue. In addition, we expect promo amortization to be approximately $1 billion higher than last year.

正如我們在收益材料中指出的那樣，我們的無線服務收入增長前景包括約 190 個基點的收益，這得益於我們大量分配的行政和電信回收費用，這部分將網絡運營成本從其他收入中收回到無線服務收入中。此外，我們預計促銷攤銷比去年高出約 10 億美元。

We expect adjusted EBITDA to be within a range of $47.0 billion to $48.5 billion. This outlook reflects expected higher wireless service revenue offset by wireline and other revenue declines and higher marketing and network operating expenses.

我們預計調整後的 EBITDA 將在 470 億美元至 485 億美元之間。這一前景反映了預期更高的無線服務收入被有線和其他收入下降以及更高的營銷和網絡運營費用所抵消。

Full year adjusted earnings per share is expected to be $4.55 to $4.85. As noted on our third quarter earnings call, high interest rates are expected to result in approximately $0.25 to $0.30 of interest expense pressure in 2023 due to higher floating rate debt costs and higher securitization costs for our growing device payment portfolio.

全年調整後每股收益預計為 4.55 美元至 4.85 美元。正如我們在第三季度財報電話會議上指出的那樣，由於我們不斷增長的設備支付組合的浮動利率債務成本較高和證券化成本較高，預計高利率將在 2023 年造成約 0.25 至 0.30 美元的利息支出壓力。

We continue to believe we have the right debt structure for the long term and have managed the balance sheet appropriately by keeping short-term maturities to a minimum in this higher interest rate environment. Higher rates of pension and OPEB, in addition to the lower pension asset base resulting from negative returns in 2022, are also expected to impact our adjusted EPS by approximately $0.12 to $0.15 compared to 2022. This flows through other income and expense in our income statement. Finally, we expect approximately $0.03 to $0.05 of impact from higher depreciation expense, primarily driven by the C-Band equipment being put into service across '22 and into '23.

我們仍然相信我們擁有正確的長期債務結構，並通過在這種高利率環境下將短期期限保持在最低水平來適當地管理資產負債表。與 2022 年相比，除了 2022 年負回報導致的較低養老金資產基礎外，更高的養老金和 OPEB 利率預計還將影響我們調整後的每股收益約 0.12 美元至 0.15 美元。這會影響我們損益表中的其他收入和支出.最後，我們預計折舊費用增加會產生約 0.03 美元至 0.05 美元的影響，這主要是由 C 波段設備在 22 年和 23 年投入使用所推動的。

Our adjusted effective income tax rate is expected to be in the range of 22.5% to 24.0% based on current legislation. Capital spending for the full year is expected to be between $18.25 billion and $19.25 billion, including the final approximately $1.75 billion of the incremental $10 billion of C-Band-related capital spending. And we continue to expect total capital spending to be approximately $17 billion in 2024. The reduction from the $23.1 billion CapEx in 2022 is expected to drive higher free cash flow in 2023 despite increases in cash interest and cash taxes. As previously discussed, we will complete our accelerated $10 billion C-Band program this year, after which all C-Band capital expenditures will be part of our business-as-usual capital program.

根據現行立法，我們調整後的實際所得稅率預計在 22.5% 至 24.0% 的範圍內。全年的資本支出預計在 182.5 億美元至 192.5 億美元之間，其中包括與 C 波段相關的 100 億美元增量資本支出中的最後約 17.5 億美元。我們繼續預計 2024 年總資本支出約為 170 億美元。儘管現金利息和現金稅有所增加，但 2022 年資本支出為 231 億美元，預計將在 2023 年推動更高的自由現金流。如前所述，我們將在今年完成加速的 100 億美元 C-Band 計劃，之後所有 C-Band 資本支出都將成為我們常規資本計劃的一部分。

Looking beyond 2023, given our exit rate from 2022, we don't expect to hit the long-range outlook as we projected at the Investor Day last year. However, due to the way we have positioned our network and service offerings coming into 2023, we do expect increasing growth in revenue and cash flow in subsequent years.

展望 2023 年以後，考慮到我們從 2022 年開始的退出率，我們預計不會達到我們在去年投資者日預測的長期前景。然而，由於我們對進入 2023 年的網絡和服務產品的定位方式，我們確實預計在隨後幾年收入和現金流量會增加增長。

I will now turn it back over to Hans.

我現在將把它交還給漢斯。

Thank you, Matt. Let me summarize the Verizon opportunity in a few key points. We are making the necessary improvements to drive better performance. We have the best network, and it's only getting better even as capital intensity improves. We have the largest EBITDA base in the industry and a clear path to free cash flow expansion. And finally, we have one of the most attractive dividends in the market, and we intend to be able to continue the trend of growing the dividend each year.

謝謝你，馬特。讓我用幾個關鍵點來總結 Verizon 的機會。我們正在進行必要的改進以推動更好的性能。我們擁有最好的網絡，而且隨著資本密集度的提高，它只會變得更好。我們擁有業內最大的 EBITDA 基礎和自由現金流擴張的明確途徑。最後，我們擁有市場上最具吸引力的股息之一，我們打算能夠繼續保持每年增加股息的趨勢。

By that, I hand it over to Brady to start the Q&A.

至此，我將其交給 Brady 開始問答環節。

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

謝謝，漢斯。布拉德，我們準備好接受提問了。

(Operator Instructions) Your first question comes from Simon Flannery of Morgan Stanley.

（操作員說明）您的第一個問題來自摩根士丹利的西蒙弗蘭納里。

I had a couple of questions on the guidance. The first one is, how are you thinking about your confidence and the visibility of this guide as compared to a year ago? Obviously, we'd had the war and stuff like that. But I think the reductions in guidance, obviously, were a concern for investors. So as you went through this process, was it deliberate conservatism that you were trying to bake in to make sure that you could hit, and I think, Hans, you might have mentioned, exceed the guidance with additional steps? So that kind of setup would be great.

我對指南有幾個問題。第一個問題是，與一年前相比，您如何看待本指南的信心和知名度？顯然，我們經歷過戰爭之類的事情。但我認為，指導的減少顯然是投資者關注的問題。因此，當您經歷這個過程時，您是否試圖融入以確保您可以擊中的故意保守主義，我想，漢斯，您可能已經提到過，通過額外的步驟超出指導？所以那種設置會很棒。

And then I guess for Matt, you called out some of the pressures on the bottom line. But you had a $0.30 range on your EPS guide. I think it was $0.15 a year ago. And it sounded like on the items you gave, the range wasn't that wide. So perhaps you can just give us some color on what caused you to be as wide this year on the EPS.

然後我想對於馬特來說，你提出了一些底線壓力。但是您的 EPS 指南上有 0.30 美元的範圍。我認為一年前是 0.15 美元。聽起來你給的物品，範圍並沒有那麼寬。所以也許你可以給我們一些顏色，說明是什麼導致你今年在 EPS 上如此廣泛。

Thank you, Simon. I can start. I mean, when it comes to the guidance, I mean, we -- of course, it's a little bit uncertain, as we said, coming into the year. But we are laser focused on the service growth and on the EBITDA expansion and hence, also the cash flow expansion. That's how we are running our business, and that's how we take decisions. And as I said, I mean, our job is, of course, to see that we are meeting or exceeding the guidance we have given out. And that's how we're going to work all the year. And our teams are set up to work like that. We are in the beginning of the year, so we're going to see how it turns out.

謝謝你，西蒙。我可以開始了。我的意思是，當談到指導時，我的意思是，我們 - 當然，正如我們所說，進入這一年有點不確定。但我們非常關注服務增長和 EBITDA 擴張，因此也關注現金流擴張。這就是我們經營業務的方式，也是我們做出決策的方式。正如我所說，我的意思是，我們的工作當然是確保我們達到或超過我們給出的指導。這就是我們全年的工作方式。我們的團隊就是這樣工作的。我們正處於今年年初，所以我們將看看結果如何。

But clearly, we are super laser-focused in the whole company, how we're executing right now and how it hangs together. And as I said before, we have now all the assets, all the way from the network to our -- to the prepaid, to the postpaid, all that. And from us, it's a lot of execution in a competitive market. But we definitely believe we can compete very well in that market. Matt?

但很明顯，我們非常專注於整個公司，我們現在的執行方式以及它是如何結合在一起的。正如我之前所說，我們現在擁有所有資產，從網絡到我們的——預付費、後付費等等。對於我們來說，這是在競爭激烈的市場中大量執行。但我們絕對相信我們可以在那個市場上很好地競爭。馬特？

Thanks, Simon. So look, as you think about the guide for the year, obviously, there's a number of items in there. As I think about the range, we can get to the top end of the range there with strong execution, the activity around the cost program scaling, that flywheel moving faster than our base assumption and just if we see more volumes come through the business there. Obviously, the low end will reflect the promo environment, the overall competitive environment. And then we'll see items like inflation and so on.

謝謝，西蒙。所以看，當你想到今年的指南時，顯然，那裡有很多項目。當我考慮這個範圍時，我們可以通過強大的執行力、圍繞成本計劃擴展的活動、飛輪比我們的基本假設更快地移動，如果我們看到那裡的業務有更多的交易量，我們就可以達到該範圍的頂端.顯然，低端將反映促銷環境，即整體競爭環境。然後我們會看到通貨膨脹等項目。

So the range of the EPS guide, I think very similar to the EBITDA guide that we've given. And I think it reflects, as we come into this year, when you think about some of the unknowns that will play out here in the macro environment and the competitive environment, we feel it's the right range to have for 2023. As Hans said, there's a lot of things for us to stay focused on and make sure we produce the best result possible.

所以 EPS 指南的範圍，我認為與我們給出的 EBITDA 指南非常相似。我認為這反映了，當我們進入今年時，當你考慮一些將在宏觀環境和競爭環境中發揮作用的未知因素時，我們認為這是 2023 年的正確範圍。正如漢斯所說，我們需要專注於很多事情，並確保我們盡可能取得最好的結果。

The next question comes from John Hodulik of UBS.

下一個問題來自瑞銀的 John Hodulik。

Can we talk about consumer margins within the guidance? They were down about almost 400 basis points in '22. And Matt and Hans, you guys gave some good color on some puts and takes around promotions, around Verizon Global Services and I think, I guess, higher marketing and network operation cost. But I guess any other puts and takes to call out?

我們可以在指南中討論消費者利潤率嗎？他們在 22 年下跌了近 400 個基點。 Matt 和 Hans，你們在 Verizon Global Services 周圍的一些看跌期權和促銷活動中表現得很好，我想，我想，更高的營銷和網絡運營成本。但我想還有其他的看跌期權嗎？

And as we look into '23, as part of the guidance, should we expect the consumer margins to sort of flatten here? And do you guys have visibility that as you guys -- a lot of these initiatives take hold that we can start to see some improving margins on the consumer side?

當我們研究 23 年時，作為指導的一部分，我們是否應該期望消費者利潤率在這裡趨於平緩？你們有沒有看到你們 - 許多這些舉措已經站穩腳跟，我們可以開始看到消費者方面的利潤率有所提高？

Thank you. I mean, I can start. I mean, of course, we're doing quite a lot in the consumer segment right now, all the way from addressing areas where we have softness in our portfolio with Welcome, for example, in order to create growth. But also, we are regionalizing our business, both on the network side and the consumer side in order to take quicker decision. But also, the network is so strong in local markets where we're building out the C-Band, we want to take advantage of that. And as we said before, we have the chance to -- or we don't have the chance. We see the correlation between C-Band deployment and step-ups and, of course, fixed wireless access and the majority of our fixed wireless access customers coming on C-Band right now. So that's why.

謝謝你。我是說，我可以開始了。我的意思是，當然，我們現在在消費者領域做了很多工作，例如，從 Welcome 解決我們產品組合中的軟性領域，以創造增長。而且，我們正在對我們的業務進行區域化，包括網絡端和消費者端，以便更快地做出決策。而且，網絡在我們正在構建 C 波段的本地市場非常強大，我們希望利用這一點。正如我們之前所說，我們有機會——或者我們沒有機會。我們看到了 C 波段部署和升級之間的相關性，當然還有固定無線接入和我們現在使用 C 波段的大多數固定無線接入客戶。所以這就是為什麼。

And finally, we have also worked with the spending, the consumer investment, I call it, all the way what we're doing above the line on promo, what we're doing below the line on retention and how much we do in media. We're doing that much more agile. I think that will help us to manage and continue our clear path and a clear target of growing our top line and expanding our EBITDA. That's our job. Then there are some headwinds that Matt has talked about. But obviously, the underlying should be improving with the cost cuts and the way we're working in the consumer group. Matt?

最後，我們還處理了支出，消費者投資，我稱之為，一直以來我們在促銷線上所做的事情，我們在保留線上所做的事情以及我們在媒體上所做的事情.我們做得更加敏捷。我認為這將幫助我們管理和繼續我們清晰的道路和明確的目標，即增加我們的收入和擴大我們的 EBITDA。那是我們的工作。然後是馬特談到的一些不利因素。但顯然，隨著成本削減和我們在消費者群體中的工作方式，基礎應該會有所改善。馬特？

Yes. Thanks, Hans. John, so as you think about the year-over-year reduction in '22, remember at the start of the year, we said that we expected about a 200 basis point impact because of the inclusion of TracFone in the business for the year, obviously, accretive in absolute terms. But from a margin standpoint, we did expect to see that. So then obviously, there's some other items in there. We talked a little bit about the inflation impact last year, obviously, the competitive environment and the promo piece in there as well.

是的。謝謝，漢斯。約翰，所以當你考慮 22 年的同比減少時，記得在今年年初，我們說過，由於今年將 TracFone 納入業務，我們預計會產生大約 200 個基點的影響，顯然，絕對增值。但從保證金的角度來看，我們確實期望看到這一點。那麼很明顯，那裡還有一些其他物品。去年我們談了一點通貨膨脹的影響，顯然，競爭環境和促銷片也在那裡。

So there will be some things that we have the opportunity to improve on this year. Synergies from within TracFone as we move more customers over to our own network will be an upside. But then as we mentioned in the prepared remarks, obviously, the promo amortization is expected to be up on a year-over-year basis as the delay between being at these higher levels from a cash basis and then that flowing through on an accounting basis. So when you net those things out, expect something initially on a -- probably a similar type of level in '23 to '22 with some opportunities to push that as we go forward into subsequent years.

因此，今年我們將有機會改進一些事情。隨著我們將更多客戶轉移到我們自己的網絡，TracFone 內部的協同效應將是一個優勢。但正如我們在準備好的評論中提到的那樣，很明顯，促銷攤銷預計將同比增加，因為在現金基礎上處於這些較高水平與會計基礎上流動之間的延遲.因此，當您將這些東西排除在外時，最初會期待一些東西 - 可能是 23 到 22 年的類似水平，並有一些機會在我們進入隨後的幾年時推動它。

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。

I'm actually going to stick with consumer. And I was hoping we can get a little more insight into 2 different tools you're using to go to market. The first is Welcome Unlimited. You've been advertising it quite a bit, and you've mentioned it a couple of times during your prepared remarks. I'm wondering to what extent are you finding that Welcome Unlimited is indeed a popular plan with new consumers versus the extent to which it's driving wireless shoppers into your channels where you're actually more frequently converting them into a higher-tiered plan? So that's the first question.

我實際上要堅持消費者。我希望我們能夠更深入地了解您用於推向市場的兩種不同工具。第一個是 Welcome Unlimited。你已經做了很多廣告，並且在你準備好的發言中提到了幾次。我想知道您在多大程度上發現 Welcome Unlimited 確實是一個受新消費者歡迎的計劃，以及它在多大程度上將無線購物者帶入您的渠道，而您實際上更頻繁地將他們轉換為更高層次的計劃？這是第一個問題。

And then it seems like you have been reluctant to make greater use of device promos. Obviously, you were using them to some extent last year. How are you thinking about the role of device promos as you go to market this year and you look to sort of sustain these positive consumer phone net adds?

然後你似乎不願意更多地使用設備促銷。顯然，你去年在某種程度上使用了它們。在今年進入市場時，您如何看待設備促銷的作用，並希望維持這些積極的消費者電話網絡增加？

Thanks. The Welcome Unlimited is working exactly as we wanted. I mean, it creates store traffic. We bring our customers in, and we see that the customer gets the plans they want. We have not seen any step-downs that is coming from that. We are more seeing an opportunity for our customers to have a conversation with them. And of course, remember, that's a bring your own device. It's for 4 lines, and that's the way we have been dealing.

謝謝。 Welcome Unlimited 完全符合我們的要求。我的意思是，它創造了商店流量。我們把我們的客戶帶進來，我們看到客戶得到了他們想要的計劃。我們還沒有看到任何由此而來的降級。我們更多地看到了客戶與他們對話的機會。當然，請記住，這是自帶設備。這是 4 行，這就是我們一直處理的方式。

And we learned a lot from the first Welcome we started with somewhere in the third quarter, I remember or beginning of -- end of the second when we saw a little bit -- and that was an area where we were soft. And that's where we clearly saw that customers were going to others. These, we now have diverted, and they come to us. And if you then add that, you see our premium unlimited continue to do well. We went up now to 45% actually from 41% in the third quarter, I think. So we added 4% more on unlimited premium. So that is working for us. We just need to be agile, stay close to see which segment and then be aggressive in the segment we need. And the segment we're performing well in, we let them continue to perform well.

我們從第三季度的某個地方開始的第一個歡迎中學到了很多東西，我記得或開始時——第二節結束時我們看到了一點——那是我們軟弱的領域。這就是我們清楚地看到客戶正在轉向其他人的地方。這些，我們現在已經轉移了，他們來找我們了。如果你再添加它，你會看到我們的保費無限繼續表現良好。我認為，我們現在從第三季度的 41% 實際上上升到了 45%。所以我們在無限保費上增加了 4%。所以這對我們有用。我們只需要保持敏捷，密切關注哪個細分市場，然後在我們需要的細分市場上積極進取。在我們表現良好的部分，我們讓他們繼續表現良好。

And when it comes to device promos, yes, we understand that's part of the competition -- I mean, part of the market. We will be a part in that as well. But we will continue to be cautious and see that we actually are using device promos in the right moment for the right customers. And you saw us last year coming in and out. Sometimes we're a little bit more aggressive. And others, we were actually the least aggressive. And I think that's how we will continue this year, depending on where the market is going.

當談到設備促銷時，是的，我們知道這是競爭的一部分——我的意思是，市場的一部分。我們也將參與其中。但我們將繼續保持謹慎，並確保我們確實在正確的時間為正確的客戶使用設備促銷。你去年看到我們進進出出。有時我們會更具侵略性。而其他人，我們實際上是最不積極的。我認為這就是我們今年將繼續的方式，具體取決於市場的走向。

But what you can expect from us in the consumer unit is to be agile, take quick decisions and see if they're working, then we'll continue. If they're not working, we're pulling them. That's why I'm into this basically every day myself nowadays. And I think this has proven that we get the momentum with the team, and the team is actually executing well. We have more to do. I mean, I always say that. I mean, it's going to take a long time before I feel that I'm 100% satisfied or happy. But definitely, it's work to do here, but I've seen the good momentum.

但你可以期望我們在消費者部門的表現是敏捷的，快速做出決定，看看他們是否在工作，然後我們會繼續。如果他們不工作，我們就把他們拉下來。這就是為什麼我現在基本上每天都參與其中。而且我認為這已經證明我們得到了團隊的動力，而且團隊實際上執行得很好。我們還有更多工作要做。我的意思是，我總是這麼說。我的意思是，我需要很長時間才能感到自己 100% 滿意或快樂。但肯定的是，這是要做的工作，但我已經看到了良好的勢頭。

The next question comes from Phil Cusick of JPMorgan.

下一個問題來自摩根大通的 Phil Cusick。

Sticking with wireless. On service revenue, when I pull out the definition change from other to service revenue, you're guiding to roughly 1% to 2% wireless service revenue growth in '23, which is a big deceleration from almost 6% this quarter. How should we think about this in regards to phone adds and ARPU and the impact of promotions on service revenue? Can you just put the pieces together for us? And do you expect that service revenue will stay positive each quarter this year or actually flips to negative at some point?

堅持無線。關於服務收入，當我將定義從其他收入更改為服務收入時，您將指導 23 年無線服務收入增長約 1% 至 2%，這比本季度近 6% 的增長率大幅下降。我們應該如何考慮電話增加和 ARPU 以及促銷對服務收入的影響？你能幫我們拼湊一下嗎？您是否預計今年每個季度的服務收入都會保持正數，或者實際上會在某個時候轉為負數？

And just on top of that, typically, we see things much slower in terms of subscribers from 4Q to 1Q. While I don't expect you to guide on subscribers, do you think we'll see sort of typical seasonality this quarter? Or do you anticipate sort of better performance?

最重要的是，通常情況下，我們看到從第四季度到第一季度的訂閱者數量要慢得多。雖然我不希望您對訂閱者進行指導，但您認為本季度我們會看到某種典型的季節性嗎？還是您期待更好的表現？

I can start, and then Matt can break down the numbers you're talking about. I mean, yes, we -- on the premium segment, there is seasonality in the first quarter, and I don't think that's going to be different this year. However, our work is to keep up the momentum that we had from the fourth quarter into this year, where we had good store traffic year, quarter-over-quarter and also high conversion rate. But it also means that we need to be agile and see what's happening in the market. And it's a little bit early to do any guidance or something like that, which we're not doing on net adds. But clearly, there is going to be seasonality. But we have good momentum. And we're going to continue to execute and be very close to the market. Matt?

我可以開始，然後 Matt 可以分解你正在談論的數字。我的意思是，是的，我們——在高端市場，第一季度有季節性，我認為今年不會有什麼不同。然而，我們的工作是保持從第四季度到今年的勢頭，我們的商店客流量年、環比和轉化率都很高。但這也意味著我們需要保持敏捷並了解市場上正在發生的事情。現在做任何指導或類似的事情有點早，我們沒有在淨增加上做。但顯然，會有季節性。但我們的勢頭很好。我們將繼續執行並非常接近市場。馬特？

Yes. Phil, so kind of unpacking some of the piece parts of your question there. So seasonality, absolutely, we expect that to look reasonably as you would expect throughout the year from an overall standpoint.

是的。 Phil，在這裡解開你問題的一些片段。因此，絕對是季節性的，從整體的角度來看，我們希望它看起來像您全年所期望的那樣合理。

In terms of the service revenue guide, your math there is correct. When you think about the fourth quarter, you said close to 6%, remember that included a full quarter of owning Trac in 4Q this year versus only part of 4Q last year. So as we get into '23, finally on a year-over-year basis to talk about stuff on an apples-to-apples basis and not with and without M&A items, which is nice. So once you remove that, very similar.

就服務收入指南而言，您的數學是正確的。當你考慮第四季度時，你說接近 6%，請記住，這包括今年第四季度擁有 Trac 的整個季度，而去年第四季度只有一部分。因此，當我們進入 23 年時，終於在年復一年的基礎上討論了蘋果對蘋果的問題，而不是有或沒有併購項目，這很好。所以一旦你刪除它，非常相似。

In terms of the piece parts within wireless service revenue guide, think about you got the positive impacts of the price ups. Obviously, we had 6 months' impact last year, approximately. You get a full year impact this year, also the benefit of the FWA momentum we had and having 1.4 million subscribers in the base at the start of this year that we're billing throughout the year. But that's offset by the promo amortization, which, as I mentioned in the up-front comments, will be higher in the income statement year-over-year with the timing of the recognition of that and then also the impact of the volumes last year offsetting some of the ARPA benefit we had.

就無線服務收入指南中的各個部分而言，想想你得到了價格上漲的積極影響。顯然，我們去年大約產生了 6 個月的影響。今年你會得到全年的影響，也受益於我們擁有的 FWA 勢頭，今年年初我們在基地擁有 140 萬訂戶，我們全年都在計費。但這被促銷攤銷所抵消，正如我在前面的評論中提到的那樣，隨著確認的時間以及去年銷量的影響，利潤表中的攤銷將同比增加抵消了我們獲得的一些 ARPA 收益。

So the task for the team going forward is to continue the momentum that we started to see in the second half of last year, as Hans mentioned. And that will put us in a position to continue to push service revenue in a positive direction going forward.

因此，正如漢斯提到的那樣，團隊前進的任務是延續我們在去年下半年開始看到的勢頭。這將使我們能夠繼續推動服務收入朝著積極的方向前進。

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

下一個問題來自美國銀行的大衛巴登。

The first one, maybe, Matt, could we refresh the free cash flow outlook for 2023? I think the midpoint was $21 billion for 2023 from last year's Analyst Day. I think if we look at the EBITDA guidance, which is roughly flat, interest expense guidance, which is up $1 billion, the CapEx, which is down $4 billion, it feels like it should be roughly $17 billion, unless there's other things in taxes and working capital related to some of these promotions. So if you could kind of refresh that a little bit, that would be awesome.

第一個，也許，馬特，我們可以刷新 2023 年的自由現金流前景嗎？我認為從去年的分析師日算起，到 2023 年的中點是 210 億美元。我認為，如果我們看一下大致持平的 EBITDA 指導、增加 10 億美元的利息支出指導、下降 40 億美元的資本支出，感覺應該大約為 170 億美元，除非有其他稅收因素以及與其中一些促銷活動相關的營運資金。所以如果你能稍微刷新一下，那就太棒了。

And then Hans, you called out 3 things as it relates to the C-Band deployment. And this has been a big success for Verizon is getting this build done. I think that some people have been asking themselves like where the return is from all the money that's been spent. And you highlighted higher retention, better gross adds and higher premium take rate. Are there numbers that you can put around that, that we could grab on to and say, "When, in 2024, Verizon doubles their footprint in C-Band with the new spectrum getting cleared, we can put a number on that and say, 'This is going to be the return that Verizon gets from this build?'"

然後 Hans，你提出了 3 件與 C 波段部署相關的事情。對於 Verizon 來說，完成這個構建是一個巨大的成功。我認為有些人一直在問自己，比如所有花掉的錢的回報在哪裡。你強調了更高的保留率、更好的總增加量和更高的溢價率。有沒有你可以給出的數字，我們可以抓住並說，“到 2024 年，隨著新頻譜的清理，Verizon 將其在 C 波段的足跡翻倍，我們可以給出一個數字並說， '這將是 Verizon 從這個構建中獲得的回報？'”

Why don't you start, Matt, and I take the second question on the C-Band.

你為什麼不開始，馬特，我回答關於 C 波段的第二個問題。

Yes. So on the free cash flow, David, obviously, last year, we said that we expect -- you had the right number, the expectation of where we said free cash flow might be for '23. As I think about where we see the business today versus where it was a year ago, a couple of factors that are different. You have CapEx very much in line with where we thought it would be at this point. The team did a great job last year deploying C-Band. And obviously, we spent most of the $10 billion. So you get a nice year-over-year benefit.

是的。所以關於自由現金流，大衛，很明顯，去年，我們說我們預計 - 你有正確的數字，我們所說的自由現金流可能是 23 年的預期。當我思考我們今天看到的業務與一年前的業務時，有幾個不同的因素。您的資本支出非常符合我們此時的預期。該團隊去年在部署 C 波段方面做得很好。顯然，我們花掉了 100 億美元中的大部分。因此，您可以獲得不錯的年度收益。

Offsetting that, cash taxes will be higher this year as we have less benefit from a higher CapEx number and also bonus depreciation dropping down. That was in our expectation last year. Interest rates were obviously very different than we expected last year, you touched on those. And then the jump-off point from the EBITDA in the business at the end of '22 to '23, lower than we hoped to be at the Investor Day a year ago. So you've got the right moving parts there.

抵消這一點，今年現金稅將更高，因為我們從更高的資本支出數字中獲益更少，而且獎金折舊下降。這是我們去年的預期。利率顯然與我們去年的預期大不相同，您提到了這些。然後是 22 年底到 23 年底業務 EBITDA 的跳轉點，低於我們希望在一年前的投資者日達到的水平。所以你有正確的活動部件。

We're not guiding specifically to a cash flow number. We historically haven't, but you've got the right moving pieces in there. So net-net, the CapEx reduction year-over-year gives us a good tailwind to think about cash flow for this year. So with that, I'll hand you to the C-Band question.

我們沒有專門指導現金流量數字。歷史上我們沒有，但你有正確的移動部件。因此，淨淨資本支出同比減少為我們考慮今年的現金流提供了良好的順風。因此，我會把你交給 C 波段問題。

Yes. And it's, of course, a focus for us to continue to grow the cash flow, as we have said so many times. So we will continue on that work.

是的。當然，正如我們多次說過的那樣，繼續增加現金流是我們的重點。所以我們將繼續這項工作。

When it comes to the C-Band, first of all, we have said from the beginning, the C-Band acquisition we did is a multi-decade spectrum. It's going to -- in so much and in so many years. And of course, that was a deliberate decision because we believe we're going to be in wireless business for the eternity of Verizon's history. So that's very important.

說到C-Band，首先我們從一開始就說了，我們做的C-Band採集是一個幾十年的頻譜。它會——在這麼多年裡。當然，這是一個深思熟慮的決定，因為我們相信我們將在 Verizon 的永恆歷史中從事無線業務。所以這非常重要。

However, when it comes to the impacts, and I think I mentioned some of them, if you think about fixed wireless access, the majority of all new customers are coming on the C-Band right now. That's a clear indication. Without the C-Band, we couldn't grow the broadband right now. We did a history high of 1.4 billion net adds in the year of broadband subscribers. So of course, a lot have contributed to C-Band, and that's a clear metric to have.

然而，當談到影響時，我想我提到了其中的一些，如果你考慮固定無線接入，所有新客戶中的大多數現在都在使用 C 波段。這是一個明確的指示。沒有 C 波段，我們現在無法發展寬帶。寬帶用戶年淨增14億，創歷史新高。因此，當然，很多都對 C 波段做出了貢獻，這是一個明確的指標。

The other metrics you have is, of course, the unlimited premium, where we say that actually, we are performing very well, where we have deployed the C-Band in order to get customers to step up. And the step-up is very important. We are in a multi-subscription business or we are in a subscription business. And the more you can see that you're upgrading the price, the P on that quantity, it's enormously important for the long-term value for our customers.

當然，您擁有的其他指標是無限保費，我們說實際上，我們表現非常好，我們已經部署了 C 波段，以便讓客戶加強。升壓非常重要。我們從事多項訂閱業務，或者我們從事訂閱業務。而且你越能看到你在升級價格，即數量上的 P，這對我們客戶的長期價值非常重要。

Other -- the third one that is coming and I mentioned also when I opened is, of course, private 5G networks, mobile edge compute. All that is, of course, going to be very much supported by the C-Band as well. There, we will come back and start reporting on that when we feel that, that is coming into the play from a more significant portion. But mobility -- and remember also that we have the wireless business side, the business side actually growing because of the reliability of our network and the resilience of our network, which is how our enterprise customers are buying from us when it comes to wireless business. So I think there are many metrics that you can see already now that is really connected to the C-Band.

其他——即將到來的第三個，我在打開時也提到過，當然是私有 5G 網絡、移動邊緣計算。當然，所有這些也將得到 C 波段的大力支持。在那裡，當我們覺得那是從更重要的部分進入遊戲時，我們將回來並開始報告。但是移動性——還要記住我們有無線業務方面，由於我們網絡的可靠性和網絡的彈性，業務方面實際上在增長，這就是我們的企業客戶在無線業務方面向我們購買的方式.因此，我認為您現在已經可以看到許多與 C 波段真正相關的指標。

Then I just want to remind you, it's almost less -- I think it's 1 year since we got -- since we launched the C-Band. It's only 1 year, and we're going to cross 200 million POPs. We have never built so fast in the entire history of the company, and we're well ahead of the plan to hit the 250 million POPs that we said at the Investor Day by end of '24. So I think that this is really a game changer in the market. And we see performance-wise, we're outperforming. We have the most resilient 5G network in the nation, and we're just starting.

然後我只想提醒你，自從我們推出 C 波段以來，我認為它已經過去了 1 年。僅僅 1 年，我們就將突破 2 億個持久性有機污染物。在公司的整個歷史上，我們的建設速度從未如此之快，而且我們遠遠領先於我們在 24 年底之前在投資者日所說的 2.5 億 POP 的計劃。所以我認為這真的是市場遊戲規則的改變者。我們看到在性能方面，我們表現出色。我們擁有全國最具彈性的 5G 網絡，而我們才剛剛開始。

You're starting with 60 and 100 megahertz. And as you heard me talking, we have 160 in average. It's going to be 200 later on. It is a game changer, and we can already see it right now. And we see already metrics right now that is proving it.

您從 60 和 100 兆赫茲開始。正如您聽到我所說的那樣，我們平均有 160 人。以後要200了。它改變了遊戲規則，我們現在已經可以看到它。我們現在已經看到證明這一點的指標。

The next question comes from Craig Moffett of MoffettNathanson -- I'm sorry, Michael Rollins of Citibank.

下一個問題來自 MoffettNathanson 的 Craig Moffett——對不起，花旗銀行的 Michael Rollins。

Two questions, if I could. The first one, as you mentioned earlier in the discussion that you pulled back from some of those longer-term targets that you had, previously, you added the 3-plus percent service revenue and other growth for this year and 4-plus percent for next year, can you unpack the categories that are at or above the plan from a few years ago? And then the areas of shortfall and if those areas, do you view those as temporary or more permanent changes in the opportunity for Verizon?

兩個問題，如果可以的話。第一個，正如你之前在討論中提到的，你從之前的一些長期目標中撤回了，你增加了今年 3% 以上的服務收入和其他增長，以及 4% 以上的明年能不能拆開幾年前計劃的品類或者高於計劃的品類？然後是短缺領域，如果是這些領域，您認為這些是 Verizon 機會的暫時性變化還是更永久性的變化？

Okay. I can start. I mean, first of all, we're more confident than ever that we have the right strategy and we have the 5 vectors of growth. All of them are going along. Some are actually exceeding our expectations. Some are a little bit slower, and some have a little bit different jump-off points. That's where we are. But there's no difference how we see the market and how we believe we can compete in all the 5 vectors of growth that we outlined the last time. It's more a push in time than something else because of this year or this year, '22, I guess, I should say, had some jump-off that is not really helping us.

好的。我可以開始了。我的意思是，首先，我們比以往任何時候都更有信心我們擁有正確的戰略並且我們擁有 5 個增長向量。他們都在前進。有些實際上超出了我們的預期。有些速度有點慢，有些起點有點不同。那就是我們所在的地方。但是，我們如何看待市場以及我們如何相信我們可以在我們上次概述的所有 5 個增長向量中競爭，這沒有什麼不同。由於今年或今年，'22，我想，我應該說，有一些對我們沒有真正幫助的跳躍。

But all in all, the whole strategy, where we're going, I have a lot of confidence in our team. The team has a lot of confidence, and we're executing. We're eliminating the things that have been distracting us all the way from Verizon Media Group, et cetera.

但總而言之，整個戰略，我們要去的地方，我對我們的團隊很有信心。團隊很有信心，我們正在執行。我們正在消除 Verizon Media Group 等一直讓我們分心的事情。

Then we have some headwinds that we constantly work with as well that we don't talk so much about. On the wireline side, I talked about that today. I mean, everything from the cost out, but not only that. We're going to be even more prudent what type of business we're taking, which will reduce our top line probably. But it will improve our profitability and cash flow. So you're going to see us taking many actions to see that we are delivering on the plans -- the long-term plans, but there are some shifts in it. Matt?

然後，我們也遇到了一些我們經常遇到的不利因素，但我們並沒有過多談論這些不利因素。在有線方面，我今天談到了這一點。我的意思是，一切都從成本開始，但不僅如此。我們將更加謹慎地對待我們所從事的業務類型，這可能會降低我們的收入。但這將提高我們的盈利能力和現金流。所以你會看到我們採取許多行動來實現計劃——長期計劃，但其中有一些變化。馬特？

Yes. Thanks, Hans. So Mike, as you think about the conversation we had last year, and we talked about the long-term outlook, we provided the piece parts, maybe if I go through some of those and where we are. Some of them were absolutely where we expect it to be, think about nationwide broadband with the year we had on FWA, but also Fios and the expectation to continue to see very good progress there. That's very much in line with the expectations we outlined a year ago. Also, our business segment mobility results with 6 consecutive quarters above 150,000 net adds, very much in line with the expectations that we had at the Investor Day.

是的。謝謝，漢斯。所以邁克，當你想到我們去年的談話時，我們談到了長期前景，我們提供了零碎的部分，也許如果我經歷了其中的一些以及我們所處的位置。其中一些絕對符合我們的預期，想想我們在 FWA 上的那一年的全國寬帶，還有 Fios 以及繼續在那裡看到非常好的進展的期望。這非常符合我們一年前概述的預期。此外，我們的業務部門流動性結果連續 6 個季度超過 150,000 淨增加，非常符合我們在投資者日的預期。

A couple of areas where we are behind versus our expectation at that point in time. Firstly, you take one of them, the mobile edge compute and 5G private networks, you're talking about the technology adoption there on a new technology, that adoption curve, a little slower than maybe we would have liked. But as you heard from Hans in the prepared remarks, heating up, we're starting to see some momentum there. So still feel good about the opportunity there. But the pace of the adoption curve, a little different than we hoped it might be. But the upside there still looks very good.

在那個時間點，我們落後於我們預期的幾個領域。首先，你採用其中一個，移動邊緣計算和 5G 專用網絡，你在談論新技術的技術採用，採用曲線，比我們希望的要慢一點。但正如你在準備好的發言中從漢斯那裡聽到的那樣，升溫，我們開始看到那裡的一些勢頭。所以仍然對那裡的機會感到滿意。但採用曲線的速度與我們希望的略有不同。但那裡的好處看起來仍然非常好。

And then, of course, the other one, consumer mobility. At this time a year ago, we had higher expectations for '22 than where we ended up. Obviously, a lot of that variance occurred in the first part of the year, and you saw the actions taken. But as you think about the piece parts of the long-term outlook that we described a year ago and then how those have played out in the past 12 months, hopefully, that gives you a little more color in terms of where things are moving along very much in line and where we also saw some areas where we've had to -- we have opportunity to see further improvement as we go forward.

然後，當然還有另一個，消費者流動性。一年前的這個時候，我們對 22 年的期望比我們最終的期望更高。顯然，很多差異發生在今年上半年，你看到了所採取的行動。但是，當您考慮我們一年前描述的長期前景的各個部分，以及這些部分在過去 12 個月中的表現時，希望這能讓您對事情的發展方向有更多了解非常一致，我們也看到了一些我們不得不看到的領域——我們有機會在前進的過程中看到進一步的改進。

The next question comes from Craig Moffett of MoffettNathanson.

下一個問題來自 MoffettNathanson 的 Craig Moffett。

Sorry, I hope you can hear me. So Hans, I wonder if you could just talk a bit about your bundling strategy, particularly on the consumer side. With both the strength now in fixed wireless but also Fios, is it your view that going forward, the consumer is going to buy wireless and wireline or fixed access together? Or is that more of a sort of a financial bundling strategy rather than a real product bundling strategy?

對不起，我希望你能聽到我的聲音。所以漢斯，我想知道你是否可以談談你的捆綁策略，特別是在消費者方面。鑑於現在固定無線和 Fios 的實力，您認為未來消費者是否會同時購買無線和有線或固定接入？或者這更像是一種財務捆綁策略，而不是真正的產品捆綁策略？

Craig, no, I think it's a really good question. Of course, we have seen this as a very strong consumer movement in Europe that is, to a high degree, have convergence in the U.S., where, I would say, much lower. But clearly, it is something that our customers are asking for. So it's actually a consumer feedback. And I spent a lot of time in the stores, meeting a lot of our consumers. And they see a clear advantage to have the same provider on the broadband as on the wireless. I don't think we will get into any European levels. But clearly, this is a movement, and Verizon has a super good position here.

克雷格，不，我認為這是一個非常好的問題。當然，我們認為這是歐洲非常強大的消費者運動，在很大程度上，美國也出現了趨同，我想說，美國的趨同程度要低得多。但很明顯，這是我們的客戶所要求的。所以這實際上是一個消費者反饋。我花了很多時間在商店裡，會見了很多我們的消費者。他們看到在寬帶和無線網絡上擁有相同提供商的明顯優勢。我認為我們不會進入任何歐洲級別。但很明顯，這是一個動作，Verizon 在這裡的位置非常好。

We have owners' economics on our broadband and on our wireless nationwide, both of them. And that's, of course -- we're going to meet the customers here. If the customer thinks that is what they need, we're going to offer it, and that's why we have these bundles in the market. If they want to have them separate, we can do that as well. We have owners' economics on both of them. But I think that trend will continue, given the consumer research we are doing and the consumers we are talking to. That's something that is actually -- and it's not only consumers. You need to think about small and medium business as well, make it convenient for them, both having the wireless and the broadband, because any SMB today, and we spend -- we probably serve half of the SMBs in the country, any SMB today need a digital front door and then being mobile first. So this is really good for us.

我們在全國范圍內的寬帶和無線網絡上都有業主經濟學，兩者都有。當然，那是——我們將在這裡與客戶會面。如果客戶認為這是他們需要的，我們就會提供，這就是我們在市場上銷售這些捆綁包的原因。如果他們想把它們分開，我們也可以這樣做。我們對它們都有所有者經濟學。但我認為，考慮到我們正在進行的消費者研究以及我們正在與之交談的消費者，這種趨勢將繼續下去。這實際上是——而且不僅僅是消費者。您還需要考慮中小型企業，為他們提供方便，無論是無線還是寬帶，因為今天的任何 SMB，我們花費 - 我們可能服務於該國一半的 SMB，今天的任何 SMB需要一個數字前門，然後是移動第一。所以這對我們來說真的很好。

And if you look at our numbers this year on both on fixed wireless access and mobility in the business segment, SMB has been very important for us. So yes, I think there's something in there definitely, and it's a consumer desire. And we're going to meet that desire as we continue.

而且，如果您查看我們今年在業務部門的固定無線接入和移動性方面的數據，SMB 對我們來說非常重要。所以是的，我認為肯定有一些東西，這是消費者的願望。隨著我們的繼續，我們將滿足這一願望。

And are there big differences between the way you think about it in Fios versus non-Fios markets?

您在 Fios 市場和非 Fios 市場的思考方式有很大差異嗎？

No. It's not different. We see it in the same way if the customer -- of course, we're much more mature historically in the Fios footprint. On the other side, when we do fixed wireless access, it's a much more natural discussion with the customer as we have it from the beginning. So I would say that we probably have a big opportunity on the Fios segment to have customers both on the fixed and the mobile.

不，沒什麼不同。如果客戶，我們會以同樣的方式看待它——當然，我們在 Fios 足跡方面的歷史要成熟得多。另一方面，當我們進行固定無線接入時，我們從一開始就與客戶進行更自然的討論。所以我想說我們在 Fios 細分市場上可能有很大的機會在固定和移動上都有客戶。

On the fixed wireless access, I think that there, you start actually on a strong position when you start offering fixed wireless access with many of the customers sort of coming in either on a cable provider and have our wireless. And that's how they move over to us.

在固定無線接入方面，我認為，當你開始提供固定無線接入時，你實際上開始處於有利地位，因為許多客戶要么通過有線電視提供商進入，要么擁有我們的無線網絡。這就是他們轉移到我們這裡的方式。

The next question comes from Kannan Venkateshwar of Barclays.

下一個問題來自巴克萊銀行的 Kannan Venkateshwar。

Hans, when we think about the balance between unit growth versus pricing, and obviously, you have made the deliberate choice not to chase unit growth near term, but could you help us think through how you think about this longer term? Because once you cede market share, obviously, it can be pretty expensive to get it back. And so when we think about this balance between pricing and unit growth, how important is unit growth not just for short term as you look at 2023, but also longer term, especially when it comes to postpaid phone growth?

漢斯，當我們考慮單位增長與定價之間的平衡時，很明顯，你有意選擇不追求近期的單位增長，但你能幫助我們考慮一下你如何看待這個長期嗎？因為一旦你放棄了市場份額，很明顯，要奪回它可能會非常昂貴。因此，當我們考慮定價和單位增長之間的這種平衡時，單位增長不僅對 2023 年的短期而言有多重要，而且對長期而言也有多重要，尤其是在後付費電話增長方面？

Thank you. No, good question. I think that as you heard us at least, I mean, we think that the profitable growth is the most important, both to have the right customers retained with us and the ones we're getting. So that's an overarching measurement we need to have. Then, of course, it's always going to be new customers that are important for our base.

謝謝你。不，好問題。我認為，正如您至少聽到的那樣，我的意思是，我們認為盈利增長是最重要的，既要保留合適的客戶，又要保留我們正在獲得的客戶。所以這是我們需要的總體衡量標準。然後，當然，對我們的基礎來說很重要的總是新客戶。

But remember also, this market right now, if you talk about the premium segment, there are, of course, a certain amount of switchers in the market, and then there are a certain amount of people going from pre to postpaid. There is no infusion of new customers in the system. So they're coming from 2 sources, and you need to think about how you do that. And I think we have great opportunities right now with the TracFone brands we have to see -- and Total wireless to see that we are taking care of that pre to post migration, which we've not been part of before. We still have some work with the IT stacks and all of that. But clearly, today, we are running on both sides.

但也要記住，現在這個市場，如果你談論高端市場，當然，市場上有一定數量的轉換者，然後有一定數量的人從預付費轉向後付費。系統中沒有新客戶的注入。所以它們來自兩個來源，你需要考慮如何做到這一點。而且我認為我們現在有很好的機會，我們必須看到 TracFone 品牌 - 以及 Total wireless 看到我們正在處理遷移之前的遷移，這是我們以前沒有參與過的。我們還有一些與 IT 堆棧相關的工作。但很明顯，今天，我們在兩邊都跑。

And on the switcher pool, yes, there, we're going to be seeing that we're prudent and disciplined, but we will go for the units we think are the right. So -- but it's a subscription model long term that is even more important to increase the P sometimes than increasing the Q because this is long term that you stay with the customers to get the long-term value from them. But it's a balance of it all the time and that we will continue to have.

在切換器池中，是的，在那裡，我們將看到我們是謹慎和紀律嚴明的，但我們會選擇我們認為正確的單位。所以 - 但這是一種長期的訂閱模式，有時增加 P 比增加 Q 更重要，因為這是長期的，你與客戶保持聯繫以從他們那裡獲得長期價值。但它始終保持平衡，我們將繼續保持這種平衡。

The next question comes from Doug Mitchelson of Credit Suisse.

下一個問題來自瑞士信貸的道格米切爾森。

You talked about amortization being up $1 billion for phone subsidies to catch up with cash spending. Embedded in all your guidance is cash spending at peak levels. Is there a scope for it still to go higher? I know it depends on the competitive environment that it could eventually improve. But are we at peak levels and it's just a question of amortization catching up?

你談到電話補貼的攤銷增加 10 億美元以趕上現金支出。在您的所有指導中都嵌入了最高水平的現金支出。它還有上漲的空間嗎？我知道這取決於最終可以改善的競爭環境。但我們是否處於峰值水平，這只是一個攤銷追趕的問題？

And I'm curious, when you think about the service revenue guide for wireless, are there any price increases anticipated in that guide and kind of what level of price increase? I know it's a sensitive topic, but just curious how we should think about that revenue growth.

我很好奇，當您考慮無線服務收入指南時，該指南中是否有預期的價格上漲以及價格上漲的程度？我知道這是一個敏感話題，但很好奇我們應該如何考慮收入增長。

Thank you. Now if we talk about the price increases, I just want to come back to what I said before. I mean, we will be surgical and segmented in our approach. There are certain segments we need to be more aggressive on. There might be areas where we see opportunities for price increases. There are no major price increases included at this moment. We need to see where the market is going and also where cost levels are going, but we will always look at that. But there's nothing right now that we have in our plans. Matt?

謝謝你。現在，如果我們談論價格上漲，我只想回到我之前說過的話。我的意思是，我們將在我們的方法中進行外科手術和分段。我們需要在某些細分市場上更加積極進取。我們可能會在某些領域看到價格上漲的機會。目前沒有重大價格上漲。我們需要了解市場的走向以及成本水平的走向，但我們將始終關注這一點。但是現在我們的計劃中沒有任何內容。馬特？

Yes. On the promotion piece, you've got the understanding of the accounting treatment versus the cash there, Doug. And certainly, our assumption is that the marketplace will continue to be competitive, but we're not going to go into 100% details of what's in the guide there. But we do assume that we'll continue to see competitive level in line with the past couple of years. And then as Hans said, we'll continue to look for ways to put plans in the marketplace that reduce the level of subsidy out there as well, and we'll continue to push for those opportunities.

是的。在宣傳片上，你已經了解了會計處理與那裡的現金，道格。當然，我們的假設是市場將繼續競爭，但我們不會 100% 深入了解指南中的內容。但我們確實假設我們將繼續看到與過去幾年一致的競爭水平。然後正如漢斯所說，我們將繼續尋找方法將減少補貼水平的計劃投放市場，我們將繼續推動這些機會。

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。

Matt, can you talk about your goals for free cash flow? And specifically, how much do you think you can reduce the debt by -- per year kind of going forward at this point?

馬特，你能談談你的自由現金流目標嗎？具體來說，您認為現在每年可以減少多少債務？

And then secondly, can you talk about the gating factor for fixed wireless growth? It seems like you're implying with your '25 guidance that this is kind of a good run rate, but yet your speeds are going to be increasing threefold and coverage, you're going to basically get a massive amount of capacity kind of going out there. But do you think this is a good run rate for fixed wireless or can it accelerate?

其次，你能談談固定無線增長的門控因素嗎？看起來你在 25 年的指導中暗示這是一個很好的運行率，但你的速度將增加三倍和覆蓋範圍，你基本上會獲得大量的容量在那裡。但您認為這對固定無線來說是一個很好的運行速度還是可以加速？

I can start with fixed wireless access. First of all, we just reiterated what we said in Investor Day, 4 million to 5 million subscribers on fixed wireless access. Our job is always to try to beat that, but that was -- we just reiterated that, and we are well ahead on that plan.

我可以從固定無線接入開始。首先，我們剛剛重申了我們在投資者日所說的，有 400 萬到 500 萬固定無線接入用戶。我們的工作始終是試圖擊敗它，但那是——我們只是重申了這一點，而且我們在該計劃上遙遙領先。

Then the second is, of course, when it comes to our capacity, we have definitely capacity for that and much more. And again, we have a multi-usage of our network. That has been sort of the basis for this, meaning the same radio base stations are serving mobility, fixed wireless access and mobile edge compute. And we are not doing separate.

其次，當然，就我們的能力而言，我們絕對有能力做到這一點，甚至更多。同樣，我們的網絡有多種用途。這在某種程度上是為此的基礎，這意味著相同的無線電基站正在服務於移動性、固定無線接入和移動邊緣計算。而且我們不是分開做的。

In the distant future, way above the 4 million and 5 million, we can always come into sort of decisions of splitting cells in order to get more fixed wireless access. But that's very far away from now. We have ample capacity for the guide and much more than that. So -- and of course, our team is doing everything to see that we can continue to exceed our targets.

在遙遠的未來，超過 400 萬和 500 萬，我們總是可以做出分裂小區的決定，以獲得更多的固定無線接入。但那離現在很遠。我們有足夠的能力來提供指南，而且遠不止於此。所以 - 當然，我們的團隊正在盡一切努力確保我們能夠繼續超越我們的目標。

Tim, on the free cash flow question, so absolutely, one of our goals is to continue to grow cash flow. Hans mentioned that you should measure us on revenue growth, EBITDA growth and cash flow growth, and that cash flow growth is something we expect to be able to continue to generate going forward. Obviously, the capital reduction from the high point in '22 to the guide we gave for this year and then an even lower amount next year will be a positive towards that as we continue to obviously make progress on the income statement as well. You should see that contribute there as well. So that puts us in a position where we can start to see accelerated levels of debt reduction versus what you've seen in the past year or so. So that's the targets we have ahead of us and look forward to discussing progress against as we go forward here.

蒂姆，關於自由現金流問題，我們的目標之一絕對是繼續增加現金流。漢斯提到，你應該衡量我們的收入增長、EBITDA 增長和現金流增長，而現金流增長是我們預計能夠繼續產生的。顯然，資本從 22 年的高點減少到我們今年給出的指導，然後明年甚至更低的數額將對此產生積極影響，因為我們在損益表上也繼續取得明顯進展。你也應該看到那裡的貢獻。因此，這使我們能夠開始看到與過去一年左右的情況相比，債務削減水平有所加快。這就是我們擺在我們面前的目標，並期待在我們前進的過程中討論進展情況。

The final question for today will come from Bryan Kraft of Deutsche Bank.

今天的最後一個問題將來自德意志銀行的 Bryan Kraft。

I wanted to ask you about business postpaid phone net adds. They seem to be a bit lighter this quarter than they've been in the past 4 or 5 quarters. And I'm just wondering if you're seeing trends there soften due to macroeconomic factors such as corporate staff reductions or if it's competitive reasons. Or is it any slowdown in the secular trend toward company-issued devices? And then related to that, can you talk about what you're assuming in the guidance at a high level for the macroeconomic environment? For example, are you assuming a soft landing scenario with small macro impacts? Or are you baking in a more protracted downturn in the guidance?

我想問你有關業務後付費電話網添加的問題。他們本季度似乎比過去 4 或 5 個季度輕了一些。而且我只是想知道你是否看到由於宏觀經濟因素（例如公司裁員）或者是否出於競爭原因而導致那裡的趨勢減弱。還是公司發行設備的長期趨勢有所放緩？然後與此相關，你能談談你在宏觀經濟環境的高層次指導中的假設嗎？例如，您是否假設軟著陸情景具有較小的宏觀影響？還是您在指導中處於更長期的低迷狀態？

Thank you. Yes. So it's a multifaceted question on the fourth quarter. Of course, on the business-to-business side, SMBs continue to be very strong. And as I said, they need a storefront and a mobile-first strategy in today's world after COVID. So I think that's where we have been performing very well. On the enterprise side, it's a little bit different, but we see that bring your own device is going down. And we see more companies saying that they want the company phone, which is of course, helping us here. So -- and that we -- that trend we have seen for a couple of quarters. So I think both of them are pretty solid.

謝謝你。是的。所以這是一個關於第四季度的多方面問題。當然，在企業對企業方面，中小企業仍然非常強大。正如我所說，在 COVID 之後的當今世界，他們需要店面和移動優先戰略。所以我認為這就是我們表現非常好的地方。在企業方面，有點不同，但我們看到自帶設備正在下降。我們看到更多的公司說他們想要公司電話，這當然是在幫助我們。所以 - 我們 - 我們已經看到幾個季度的趨勢。所以我認為他們兩個都非常可靠。

On the consumer side, as I said, we had positive net adds. We had also, as I said before, a little bit speed lower from the churn from the price increase at the beginning of the quarter. And then there was actually fewer days of sales in the fourth quarter than in a normal quarter. So I don't think there are any new things more than what I said. Customers were a little bit later in the holiday season to do. They had higher intent when it comes to consumers, but it was nothing macroeconomical different than I talked about. Matt and I talked about the bad debt and the delinquency being like pre-COVID or equal or better than pre-COVID. So no, there's nothing there. We are, of course, watching it. But so far, we continue to progress well.

正如我所說，在消費者方面，我們有積極的淨增加。正如我之前所說，由於本季度初價格上漲導致的流失，我們的速度也有所降低。而且第四季度的銷售天數實際上比正常季度要少。所以我覺得沒有比我說的更多的新東西了。客戶在假日季節稍晚一些。當涉及到消費者時，他們有更高的意圖，但這與我所說的宏觀經濟沒什麼不同。馬特和我談到了壞賬和拖欠情況，就像 COVID 之前或等於或好於 COVID 之前。所以不，那裡什麼都沒有。當然，我們正在關注它。但到目前為止，我們繼續進展順利。

Yes. Just to add on a couple of points. So as you think about the VBG net adds, you're always going to see a little bit of volatility up and down from 1 quarter to the next just because of the size of some of the transactions there. So all in all, though, jobs numbers continue to be good. Business numbers, good. Obviously, there's been some high-profile layoff announcements, but overall job numbers are good. And you see that show up in the overall numbers that we produced throughout the year and look forward to continuing to have best-in-class market share within the Verizon Business Group space as we go forward.

是的。只是補充幾點。因此，當你考慮 VBG 淨增加時，你總是會看到從一個季度到下一個季度的波動有點大，只是因為那裡的一些交易規模很大。因此，總而言之，就業數據仍然不錯。商業數字，不錯。顯然，有一些高調的裁員公告，但總體就業人數還是不錯的。你會看到我們全年產生的總體數字，並期待在我們前進的過程中繼續在 Verizon 商業集團領域擁有一流的市場份額。

In terms of the macroeconomic assumptions in the guide, I wouldn't say we have anything too dissimilar to what you've heard from a number of other people during earnings season. But one of the things I come back to is the resiliency of our customer base. We've been through different types of economic environments in the past. We know customers pay their phone bills before they pay other bills and other outgoings. We fully expect that to continue. And so we're obviously watching the macroeconomic environment. But as Hans said, the payment patterns continue to be very strong, and we'll stay close to that. But so far, so good.

就指南中的宏觀經濟假設而言，我不會說我們與您在財報季從許多其他人那裡聽到的有什麼不同。但我要回顧的一件事是我們客戶群的彈性。過去，我們經歷過不同類型的經濟環境。我們知道客戶先支付電話費，然後再支付其他賬單和其他支出。我們完全希望這種情況繼續下去。因此，我們顯然正在關注宏觀經濟環境。但正如漢斯所說，支付模式繼續非常強勁，我們將保持接近。但到目前為止，還不錯。

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

謝謝，布萊恩。布拉德，這就是我們今天的全部時間。

Ladies and gentlemen, this does conclude the conference 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。