威訊通訊 (VZ) 2023 Q1 法說會逐字稿

Good morning, and welcome to the Verizon First Quarter 2023 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 2023 年第一季度收益電話會議。 （操作員說明）。今天的會議正在錄製中。如果您有異議，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, everyone, and welcome to our first quarter earnings conference call. I'm Brady Connor, and I'm joined by our Chairman and Chief Executive Officer, Hans Vestberg; as well as our current Chief Financial Officer, Matt Ellis, and Chief Financial Officer designate, Tony Skiadas. Before we begin, I would like to draw your attention to our safe harbor statement, which can be found on Slide 2 of the presentation.

謝謝，布拉德。大家早上好，歡迎來到我們的第一季度收益電話會議。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；以及我們現任首席財務官 Matt Ellis 和候任首席財務官 Tony Skiadas。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。

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.

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 first quarter results. Please note that during the first quarter, in order to better serve our customers, we reorganized the customer groups within our business segment. We now report the following customer groups: enterprise and public sector, business markets and Software as a Service and wholesale. Prior period operating revenue results within the business segment have been recast to reflect these changes. You will find additional details in the earnings materials on our Investor Relations website.

今天早上早些時候，我們在投資者關係網站上發布了對第一季度業績的詳細審查。請注意，在第一季度，為了更好地服務我們的客戶，我們重組了業務部門內的客戶群。我們現在報告以下客戶群：企業和公共部門、商業市場和軟件即服務和批發。該業務部門的前期營業收入結果已重新計算以反映這些變化。您可以在我們的投資者關係網站上的收益材料中找到更多詳細信息。

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. Good morning, everyone, and welcome to our first quarter earnings call 2023. We delivered a solid first quarter marked by strong performance as we continue to execute on our plan to grow the business across mobility, broadband and private networks. We're making steady progress and expect to keep up the momentum going forward. We remain focused on delivering for our customers and driving service revenue, EBITDA and free cash flow. We grew total postpaid phone gross adds by 5% year-over-year this quarter and achieved 3% wireless service revenue growth $11.9 billion of adjusted EBITDA as well as a strong cash flow from operations of $8.3 billion, an increase of $1.5 billion versus the prior year.

謝謝你，布雷迪。大家早上好，歡迎來到我們的 2023 年第一季度財報電話會議。隨著我們繼續執行在移動、寬帶和專用網絡中發展業務的計劃，我們在第一季度取得了強勁的業績。我們正在穩步取得進展，並希望保持前進的勢頭。我們仍然專注於為客戶提供服務並推動服務收入、EBITDA 和自由現金流。本季度我們的後付費電話總增加量同比增長 5%，無線服務收入增長 3% 調整後的 EBITDA 為 119 億美元，運營現金流強勁，達到 83 億美元，比去年同期增加 15 億美元去年。

We're working every day to move the business forward by using the power of America's most reliable network to deliver the best experience for our customers. During the quarter, we reached more than 200 million POPs covered C-band in just over a year since we lead up the first site. With access to that spectrum and advancing the build-out as quickly as we did, we have enabled new source of revenue growth and elevated our customers' overall wireless experience.

我們每天都在努力推動業務發展，利用美國最可靠網絡的力量為我們的客戶提供最佳體驗。在本季度，自我們領導第一個站點以來，我們在短短一年多的時間裡就覆蓋了超過 2 億個 C 波段 POP。通過獲得該頻譜並像我們一樣快速推進擴建，我們實現了新的收入增長來源，並提升了客戶的整體無線體驗。

In the first quarter, J.D. Power recognized us as the most awarded for network quality for the 30th time in a row. We're seeing improvements in already leading network performance validated by year-to-date root metrics testing and our customers are taking notice. Where we offer C-band, we see significant benefits in fixed wireless access consumer phone gross adds and retention as well as premium take rates. We also see 4G customers benefiting as we offload traffic in some markets to our 5G Ultra Wideband network. The performance improvements will continue as 5G penetration expands market by market.

在第一季度，J.D. Power 連續 30 次將我們評為網絡質量獲獎最多的公司。我們看到，通過年初至今的根指標測試驗證了已經領先的網絡性能的改進，我們的客戶正在註意到這一點。在我們提供 C 波段的地方，我們看到了固定無線接入消費者電話總增加量和保留率以及溢價率的顯著優勢。我們還看到 4G 客戶受益，因為我們將某些市場的流量卸載到我們的 5G 超寬帶網絡。隨著 5G 滲透率逐個市場擴大，性能改進將繼續。

We're excited about the remaining deployment of C-band spectrum and the potential dividend lack for both our business and consumer performance. Moving on to mobility. On the business side, even in the current economic conditions by peers across different industries have combined confidence that mobility remains a priority in their spending. During the first quarter, Verizon business continued to run of strong performance, delivering 136,000 postpaid phone net adds. This was accomplished in spite of some pressures around restructurings within the technology sector.

我們對 C 波段頻譜的剩餘部署以及我們的業務和消費者績效缺乏潛在紅利感到興奮。繼續移動。在商業方面，即使在當前的經濟形勢下，不同行業的同行也一致相信，流動性仍然是他們支出的重中之重。第一季度，Verizon 業務繼續保持強勁表現，提供 136,000 部後付費電話淨增。儘管圍繞技術部門內部的重組存在一些壓力，但仍實現了這一目標。

On the consumer side, payment trends are at healthy pre-COVID levels and consumers are shopping, evidenced by our increase in consumer postpaid phone gross adds, which were up 11% year-over-year, with the new to Verizon ads leading the way. Our gross ad performance is proof that are surgical and segmented approach to the market is working. We're in a much better position than a year ago, entering the second quarter with a sustained momentum around gross adds as well as postpaid churn where we saw improved performance each month across the first quarter.

在消費者方面，支付趨勢處於健康的 COVID 前水平並且消費者正在購物，我們的消費者後付費電話總增加量的增加證明了這一點，同比增長 11%，其中新的 Verizon 廣告引領潮流.我們的總體廣告表現證明，手術和細分市場的方法正在發揮作用。與一年前相比，我們的處境要好得多，進入第二季度時，總增加量和後付費用戶流失都保持著持續的勢頭，我們在第一季度的每個月都看到了業績的改善。

We remain committed to our strategy, not to compete on who can discount the most, but rather who can offer the most value to customers the best overall experience and the best customer satisfaction. +play is a great example of this. We listen to our consumers and introduce exciting partners like Peloton and Netflix providing exclusive deals on an easy-to-use subscription managed platform, and there is more to come. Our segmented approach to the market recognize that one plan doesn't fit all, and we have continued the work to address are underperforming segments. I've talked about our efforts to be more targeted and surgical with our retention. And we saw that play out during the quarter.

我們仍然致力於我們的戰略，不是競爭誰能打折最多，而是競爭誰能為客戶提供最大的價值、最好的整體體驗和最好的客戶滿意度。 +play 就是一個很好的例子。我們傾聽消費者的聲音，並介紹令人興奮的合作夥伴，如 Peloton 和 Netflix，在易於使用的訂閱管理平台上提供獨家優惠，而且還會有更多。我們對市場的細分方法認識到一個計劃並不適合所有人，我們繼續努力解決表現不佳的細分市場。我已經談到了我們在留住人才方面做出的更有針對性和手術性的努力。我們在本季度看到了這種情況。

By reducing upgrade volumes and lowering inefficient spending, we were able to deliver working capital benefits while finishing the quarter in a good place with churn and executing on migrations to premium unlimited. Those are real cash savings and a key driving to the large year-over-year improvements in free cash flow. You have seen us taking pricing action most recently on some of our legacy unlimited plans. We continue to look across our base and evaluate opportunities to more closely align pricing to our value proposition. On prepaid, we are working diligently to realize the full potential of this segment. While net adds were down by more than 207,000 versus the prior year, this total was affected by 2 transitory factors.

通過減少升級量和降低低效支出，我們能夠提供營運資本收益，同時在本季度結束時保持良好的狀態，減少客戶流失並執行向無限制保費的遷移。這些是真正的現金節省，也是自由現金流量同比大幅改善的關鍵驅動因素。您已經看到我們最近對我們的一些遺留無限計劃採取了定價行動。我們繼續審視我們的基礎並評估機會，使定價更符合我們的價值主張。在預付費方面，我們正在努力實現這一細分市場的全部潛力。雖然淨增加人數比上一年減少了 207,000 多人，但這一總數受到 2 個暫時性因素的影響。

First, more than 100% of our net year-over-year decline came from higher disconnects within our SafeLink brand, which provides services to customers on government subsidized programs. We're still in process of migrating customers onto our network as well. Prepaid is an important part of our value segment strategy and our investment here will continue as we're confident that will pay off in the long term.

首先，我們超過 100% 的同比淨下降來自我們 SafeLink 品牌中更高的脫節，該品牌為政府補貼計劃的客戶提供服務。我們仍在將客戶遷移到我們的網絡中。預付是我們價值細分戰略的重要組成部分，我們在這裡的投資將繼續，因為我們相信這將在長期內得到回報。

Turning to broadband, which is a major growth area for us across consumer and business. We achieved the highest net adds in over 10 years, adding 437,000 total net adds within the quarter, including 67,000 net adds from Fios. We are very pleased with the Fios performance with net adds up 12% year-over-year. For fixed wireless access, we're seeing growth quarter-after-quarter of the quarter with 1.9 million subscribers at the end of the first quarter, fixed wireless continues to scale and contribute increasingly to our revenue performance.

轉向寬帶，這是我們在消費者和企業中的一個主要增長領域。我們實現了 10 多年來的最高淨增，本季度淨增 437,000 人，其中 Fios 淨增 67,000 人。我們對 Fios 的表現感到非常滿意，淨額同比增長 12%。對於固定無線接入，我們看到本季度環比增長，第一季度末有 190 萬用戶，固定無線繼續擴大規模並為我們的收入業績做出越來越大的貢獻。

Our business customers are increasingly turning to fixed wireless access as their primary source of broadband connectivity. Won over by the reliability and the overall value of the product. In addition, to take any share from our competitors, we're also seeing new use cases across all of our customer groups leveraging the flexibility of the product to expand beyond what traditional wired broadband can do.

我們的企業客戶越來越多地將固定無線接入作為其寬帶連接的主要來源。被產品的可靠性和整體價值所吸引。此外，為了從我們的競爭對手那里分一杯羹，我們還看到我們所有客戶群體的新用例利用產品的靈活性來擴展傳統有線寬帶的功能。

Finally, in private networks, our Verizon business team continues to execute at a high level. We announced new deals with KPMG and Deloitte and have a strong funnel of business ahead of us. We have also established a leadership position as a top network provider in the public sector. This quarter, we announced a 15-year critical infrastructure contract with FAA worth over $2 billion to design, build and operate and maintain the FAA's next-generation communication platform. This is in addition to many ongoing products we're working on for large federal agencies.

最後，在專用網絡中，我們的 Verizon 業務團隊繼續保持高水平執行。我們宣布了與畢馬威 (KPMG) 和德勤 (Deloitte) 的新交易，並且我們面前有一個強大的業務渠道。我們還確立了作為公共部門頂級網絡提供商的領導地位。本季度，我們宣布與 FAA 簽訂價值超過 20 億美元的為期 15 年的關鍵基礎設施合同，以設計、建造、運營和維護 FAA 的下一代通信平台。這是我們為大型聯邦機構開發的許多正在進行的產品的補充。

In creating the networks that move the world forward, we remain committed to running our business responsibly for our customers, shareholders, employees and society. Last month, we published our 2022 ESG report, which highlights how business ethics, governance, environmental stewardship and human rights are at the center of everything we do.

在創建推動世界向前發展的網絡的過程中，我們始終致力於為我們的客戶、股東、員工和社會負責任地經營我們的業務。上個月，我們發布了 2022 年 ESG 報告，其中強調了商業道德、治理、環境管理和人權如何成為我們所做一切的核心。

I encourage you to take some time to review the report and learn about how we are managing risk and unlocking opportunities surrounding the issues of utmost importance for our stakeholders. Our commitments here come right from our leaders and their teams. A few weeks ago, I announced new leadership for our 2 business units, the network organization and our Chief Financial Officer. These leaders come with nearly 100 years of experiences within Verizon and bring a proven track record of successful execution.

我鼓勵您花一些時間閱讀報告，了解我們如何圍繞對我們的利益相關者最重要的問題管理風險和釋放機會。我們在這裡的承諾來自我們的領導者和他們的團隊。幾週前，我宣布了我們 2 個業務部門、網絡組織和首席財務官的新領導層。這些領導者在 Verizon 擁有近 100 年的經驗，並帶來了成功執行的可靠記錄。

Let me take a moment to walk through these changes. Sampath takes over as a CEO of Verizon Consumer. His objectives are clear: to enhance our consumer operation model and experience, deepen our segmentation approach, scale, fixed wireless access and broadband and drive financial discipline. Kyle Malady was appointed CEO of Verizon business. CIOs are increasingly searching for technology reach solutions, and nobody knows our technology like Kyle.

讓我花點時間來了解一下這些變化。 Sampath 接任 Verizon Consumer 的首席執行官。他的目標很明確：增強我們的消費者運營模式和體驗，深化我們的細分方法、規模、固定無線接入和寬帶，並推動財務紀律。 Kyle Malady 被任命為 Verizon 業務的首席執行官。首席信息官越來越多地尋找技術範圍解決方案，沒有人像凱爾那樣了解我們的技術。

His focus is clear: drive sustainable growth in mobility and deliver on the revenue growth opportunities within fixed wireless, 5G private wireless and mobile edge compute solutions. Joe Russo takes over as a President of Global Networks and Technology to continue our efforts to extend, enhance and solidify the nation's leading wireless network and vast global IP and fiber network. Finally, Matt Ellis leaves us at the end of the month, on the 10 years at Verizon and 6 years as our CFO. I want to thank him for his many contributions to our business.

他的重點很明確：推動移動性的可持續增長，並在固定無線、5G 專用無線和移動邊緣計算解決方案中實現收入增長機會。 Joe Russo 接任全球網絡和技術總裁一職，繼續努力擴展、增強和鞏固美國領先的無線網絡以及龐大的全球 IP 和光纖網絡。最後，馬特·埃利斯 (Matt Ellis) 在月底離開我們，在 Verizon 工作了 10 年，擔任我們的首席財務官 6 年。我要感謝他為我們的業務做出的許多貢獻。

Tony Skiadas assumed the title of Chief Financial Officer on May 1. I appreciate Tony's work to improve operations and drive performance as we search for a long-term CFO replacement. So let's now move on, in talking about efficiencies. The teams are on the way to deliver better, simpler and more efficient end-to-end processes for our customers and employees. Spearheaded by the Verizon Global Services Group, we're looking into numerous areas across the business that will help drive bottom line growth, including IT platform transformations, building advanced AI models for the better diagnostic and predictive insights, optimizing our real estate footprint and managing our supply chain efficiently.

托尼·斯基亞達斯 (Tony Skiadas) 於 5 月 1 日就任首席財務官。我很欣賞托尼在改善運營和推動績效方面所做的工作，因為我們正在尋找長期的首席財務官替代人選。現在讓我們繼續討論效率。這些團隊正在努力為我們的客戶和員工提供更好、更簡單、更高效的端到端流程。在 Verizon 全球服務集團的牽頭下，我們正在研究有助於推動利潤增長的眾多業務領域，包括 IT 平台轉型、構建先進的人工智能模型以獲得更好的診斷和預測洞察力、優化我們的房地產足跡和管理我們的供應鏈高效。

We have also reduced headcount over the last quarters. All in all, our cost efficiency program is on track to achieve our target of $2 billion to $3 billion of annual savings by 2025, which will help to fund our growth as well as drive margin improvements over time. With almost all our $10 billion C-band capital expenditure program behind us, we expect our cash generation profile to expand over the next few years, driven by revenue growth cost management and efficiencies with capital expenditures. This helps support our objective to achieve consistent dividend growth with our 16 consecutive years of increases currently the longest streak in the industry.

我們還減少了過去幾個季度的員工人數。總而言之，我們的成本效率計劃有望實現到 2025 年每年節省 20 億至 30 億美元的目標，這將有助於為我們的增長提供資金，並隨著時間的推移推動利潤率的提高。我們幾乎所有 100 億美元的 C 波段資本支出計劃都已結束，我們預計在收入增長成本管理和資本支出效率的推動下，我們的現金生成情況將在未來幾年內擴大。這有助於支持我們實現股息持續增長的目標，我們連續 16 年的增長目前是業內最長的增長趨勢。

As we look to build on the free cash flow growth generated in the first quarter, we expect to see significant improvement in our dividend payout ratio this year putting the board in a strong position to increase the dividend once again and bring us closer to our debt targets over the following years. Going into the second quarter, I'm energized by the execution of the Verizon team and our new leadership across key positions. We remain focused on delivering for our customers and driving service revenue, EBITDA and free cash flow expansion.

由於我們希望在第一季度產生的自由現金流增長的基礎上再接再厲，我們預計今年的股息支付率將有顯著改善，使董事會處於有利地位，可以再次增加股息並使我們更接近債務未來幾年的目標。進入第二季度，Verizon 團隊的執行力和我們在關鍵職位上的新領導層讓我充滿活力。我們仍然專注於為我們的客戶提供服務並推動服務收入、EBITDA 和自由現金流的擴張。

And with that, I will now turn it over to Matt for the last time.

有了這個，我現在最後一次把它交給馬特。

Thank you, Hans, and good morning. Our results for the first quarter reflect the steps we have taken to improve our performance. C-band and the investments in our network are having a positive benefit on customer and overall network experiences. And as Hans mentioned, we are seeing a direct benefit around fixed wireless and phone gross adds, among other metrics, where we operate C-band, but more work remains to be done. Taking a look at operating results of the first quarter, let's start with consumer postpaid phones, which had 263,000 net losses for the quarter compared to 292,000 net losses for the prior year period. Consumer postpaid phone gross adds was strong across the quarter, up over 11% year-over-year, continuing the momentum from the second half of last year.

謝謝你，漢斯，早上好。我們第一季度的業績反映了我們為提高業績所採取的措施。 C 波段和對我們網絡的投資對客戶和整體網絡體驗產生了積極的影響。正如漢斯所提到的，我們看到了固定無線和電話總增加量的直接好處，以及我們運營 C 波段的其他指標，但還有更多工作要做。看看第一季度的經營業績，讓我們從消費者後付費電話開始，該季度淨虧損 263,000 部，而去年同期為 292,000 部。本季度消費者後付費電話總增長強勁，同比增長超過 11%，延續了去年下半年的勢頭。

Our efforts around the segmentation of our base and our more targeted go-to-market approach and offerings to those different customer groups have been key drivers behind our improved gross adds performance. Consumer postpaid phone churn for the quarter was 0.84% and up 7 basis points compared to the same period last year. We are now seeing a return of involuntary churn rates to pre-pandemic levels. As for voluntary churn, performance was mixed across the quarter starting off elevated as we saw normal holiday season activity extend into the early parts of the first quarter.

我們圍繞我們的基礎細分所做的努力以及我們更有針對性的進入市場的方法以及為這些不同的客戶群提供的產品一直是我們提高總收入績效背後的關鍵驅動力。本季度消費者後付費電話流失率為 0.84%，與去年同期相比上升了 7 個基點。我們現在看到非自願流失率恢復到大流行前的水平。至於自願流失，由於我們看到正常的假期活動延伸到第一季度的早期，整個季度的表現好壞參半。

But as the quarter progressed, we saw improvements in terms of year-over-year churn performance exit in the quarter with voluntary churn rates in line with last year. While we have more work to do to improve consumer net adds, we are encouraged by the double-digit percentage improvement in gross adds combined with the improved churn level at the end of the first quarter. We entered the second quarter with significantly better momentum than a year ago.

但隨著本季度的進展，我們看到本季度的同比流失率有所改善，自願流失率與去年持平。雖然我們在提高消費者淨增加方面還有更多工作要做，但我們對第一季度末總增加的兩位數百分比增長以及客戶流失水平的改善感到鼓舞。我們進入第二季度的勢頭明顯好於一年前。

Moving on to the business segment. Verizon business again delivered strong results. We saw solid demand across our 3 customer groups and had 136,000 phone net adds for the first quarter compared to 256,000 for the same period last year. The year-over-year change was primarily due to a couple of large deals that contributed to our net adds results a year ago. Additionally, we saw an increase in churn due to business customers being more cautious around spending and the restructurings Hans noted in his remarks.

轉到業務部門。 Verizon 業務再次取得強勁業績。我們看到了 3 個客戶群體的強勁需求，第一季度淨增加了 136,000 部電話，而去年同期為 256,000 部。同比變化主要是由於幾筆大型交易促成了我們一年前的淨增業績。此外，由於企業客戶對支出更加謹慎以及 Hans 在他的評論中指出的重組，我們看到客戶流失率有所增加。

Moving along to broadband on a consolidated basis, we delivered 437,000 net additions in the first quarter, the most in a decade. As expected, we saw another quarter of sequential growth in fixed wireless with 393,000 net ads, up from 379,000 in the prior quarter. Customer satisfaction remains high as evidenced by NPS scores as well as encouraging churn trends around the more tenured cohorts of customers. On the Fios side, Internet net adds for the first quarter was 67,000 and up from 60,000 in the first quarter of last year.

在綜合寬帶方面，我們在第一季度實現了 437,000 的淨增，是十年來的最高水平。正如預期的那樣，我們看到固定無線業務又一個季度連續增長，淨廣告數量從上一季度的 379,000 個增加到 393,000 個。客戶滿意度仍然很高，這從 NPS 分數以及圍繞更老客戶群體的令人鼓舞的流失趨勢中可以看出。在 Fios 方面，第一季度的互聯網淨增加量為 67,000，高於去年第一季度的 60,000。

Customers continue to be attracted to our high-quality broadband products, which is reflected in the year-over-year increase in Fios gross adds even in an environment with lower move volumes versus the prior year.

客戶繼續被我們的高質量寬帶產品所吸引，這反映在 Fios 總增加量的同比增長上，即使在移動量低於上一年的環境中也是如此。

Fios retention rates continue to be strong with our best churn performance in more than 5 years. While the first quarter results were prepaid were below our expectations, we remain confident in the value market opportunities and the benefits of having a portfolio of assets and plans to satisfy the needs of all of our customers.

Fios 保留率繼續保持強勁，這是我們 5 年多來最好的客戶流失表現。雖然第一季度的預付業績低於我們的預期，但我們仍然對價值市場機會以及擁有資產組合和計劃滿足所有客戶需求的好處充滿信心。

You heard from Hans some of the actions we are taking to create long-term value. As expected, in the short term, these actions are having a negative impact on our prepaid net adds. Together with the elevated disconnects and our SafeLink brand that Hans referenced, we expect pressure on prepaid net ads to increase in the second quarter before they abate later in the year.

你從漢斯那裡聽說了我們為創造長期價值而採取的一些行動。正如預期的那樣，在短期內，這些行動對我們的預付淨增加產生了負面影響。連同 Hans 提到的更高的斷開連接和我們的 SafeLink 品牌，我們預計預付費網絡廣告的壓力將在第二季度增加，然後在今年晚些時候減弱。

Moving on to the financials. Consolidated revenue for the quarter was $32.9 billion, down 1.9% year-over-year primarily due to equipment revenue being lower by 9% as well as continued declines in business wireline services. Wireless service revenue was $18.9 billion, up 3.0% year-over-year.

繼續財務。本季度綜合收入為 329 億美元，同比下降 1.9%，主要原因是設備收入下降 9% 以及商業有線服務持續下滑。無線服務收入為 189 億美元，同比增長 3.0%。

As we discussed on our fourth quarter earnings call, results for the first quarter included a benefit of approximately 185 basis points associated with the large allocation of administrative and telco recovery fees from other revenue into wireless service revenue. This benefit was partially offset by the impact associated with the shutdown of our 3G network completed at the end of the fourth quarter. The shutdown resulted in the removal of approximately 1.1 million retail connections and the corresponding loss of revenue for the first quarter and beyond.

正如我們在第四季度財報電話會議上討論的那樣，第一季度的業績包括大約 185 個基點的收益，這與將其他收入中的大量管理和電信回收費用分配到無線服務收入相關。這一收益被我們在第四季度末關閉 3G 網絡的相關影響部分抵消了。關閉導致大約 110 萬個零售連接被移除，第一季度及以後的收入也相應損失。

We continue to see pressure on service revenue from the cost of promotions and the amortization impact in the first quarter. Additionally, we see pressure from prepaid revenue as a result of lower subscribers versus prior year. To help offset these pressures, we've recently implemented additional pricing actions across our business and consumer segments. We expect to see the benefits of these actions ramp across the second quarter as the business segment began billing customers closer to the end of the first quarter, while consumers started earlier this month.

我們繼續看到促銷成本和第一季度攤銷影響對服務收入造成壓力。此外，由於訂戶數量低於上一年，我們看到預付費收入的壓力。為了幫助抵消這些壓力，我們最近在我們的業務和消費者領域實施了額外的定價措施。隨著業務部門在接近第一季度末開始向客戶收費，而消費者本月早些時候開始，我們預計這些行動的好處將在第二季度逐漸增加。

As a result of these combined pricing actions, we anticipate approximately $75 million of incremental quarterly revenue moving forward. Additionally, the consumer team is working to improve efficiencies around device promotions and credits that we expect to yield revenue benefits across the remainder of the year. We believe that the actions the teams are taking will grow the top line, driving both EBITDA and cash flow. To complement this, the team expects to make additional progress across 2023 on the development and implementation of cost efficiency initiatives, resulting in a meaningful savings run rate at the end of the year.

由於這些綜合定價行動，我們預計未來季度收入將增加約 7500 萬美元。此外，消費者團隊正在努力提高設備促銷和信用方面的效率，我們預計這將在今年剩餘時間內產生收入收益。我們相信團隊正在採取的行動將增加收入，推動 EBITDA 和現金流。作為補充，該團隊預計到 2023 年在成本效率計劃的製定和實施方面取得更多進展，從而在年底實現有意義的節省運行率。

During the first quarter, operating expenses, excluding depreciation and amortization, were down 2.4% year-over-year, primarily due to lower cost of equipment from reduced upgrade volume which helped to offset an increase in bad debt of approximately $200 million. Similar to involuntary churn rates, bad debt expense reflects the return of collections to pre-pandemic levels. While up year-over-year, bad debt expense is relatively consistent with the prior quarter.

第一季度，不包括折舊和攤銷的運營費用同比下降 2.4%，這主要是由於升級量減少導致設備成本降低，這有助於抵消約 2 億美元壞賬的增加。與非自願流失率類似，壞賬支出反映了收款恢復到大流行前的水平。雖然同比增長，但壞賬費用與上一季度相對一致。

Cash flow from operating activities for the first quarter totaled $8.3 billion compared to $6.8 billion in the prior year. This increase was primarily due to working capital improvements driven by lower inventory levels, coupled with fewer upgrades and a modest improvement in customer payment patterns despite the current macroeconomic conditions. CapEx for the quarter came in at $6.0 billion, which includes most of the remaining $1.75 billion of C-band-related spending in our guidance.

第一季度經營活動產生的現金流總計 83 億美元，上年同期為 68 億美元。這一增長主要是由於較低的庫存水平推動了營運資本的改善，加上儘管當前的宏觀經濟狀況，但升級較少以及客戶支付模式略有改善。本季度的資本支出為 60 億美元，其中包括我們指引中剩餘的 17.5 億美元 C 波段相關支出中的大部分。

With the conclusion of the program, we would expect a step down in the pacing of overall CapEx throughout the remainder of the year and continue to expect 2023 capital spending to be within our guidance of $18.25 billion to $19.25 billion. The net result of cash flow from operations and capital spending is free cash flow for the quarter of $2.3 billion up $1.3 billion versus last year. Total unsecured debt for the quarter was $132.0 billion, an increase of $1.4 billion compared to the end of 2022 and $5.3 billion lower year-over-year. This resulted in net unsecured debt to adjusted EBITDA ratio of 2.7x as of the end of the first quarter. A 0.1x improvement compared to the first quarter of 2022 and flat from the prior quarter.

隨著該計劃的結束，我們預計今年剩餘時間整體資本支出的步伐將有所放緩，並繼續預計 2023 年的資本支出將在我們 182.5 億美元至 192.5 億美元的指導範圍內。來自運營和資本支出的現金流的淨結果是本季度的自由現金流為 23 億美元，比去年同期增加 13 億美元。本季度無擔保債務總額為 1320 億美元，比 2022 年底增加 14 億美元，同比減少 53 億美元。這導致截至第一季度末，淨無擔保債務與調整後 EBITDA 之比為 2.7 倍。與 2022 年第一季度相比提高了 0.1 倍，與上一季度持平。

We continue to have very low near-term unsecured debt maturities with the only maturity remaining in 2023 and being approximately $600 million due in the second quarter. I wanted to take a moment to acknowledge that this will be my last earnings call as Verizon's CFO. It has been a fulfilling 10 years at Verizon and a privilege to serve as CFO, and I'm thankful to everyone that has made it such a rewarding experience.

我們的短期無擔保債務到期期限仍然很低，唯一到期日為 2023 年，第二季度到期的債務約為 6 億美元。我想花點時間承認這將是我作為 Verizon 首席財務官的最後一次財報電話會議。在 Verizon 度過了充實的 10 年，我有幸擔任首席財務官，我感謝所有讓這段經歷變得如此有益的人。

From our talented finance team to my fellow executive team members to all of you that have had the pleasure of getting to know I want to say thank you. Verizon is in good hands with Tony as its CFO. I've worked closely with him since my first day at the company, and I know he will always strive to drive the business forward in a way that puts Verizon and its shareholders first. I truly look forward to seeing what he and the entire Verizon team will achieve as I cheer them on from the sidelines as an enthusiastic customer and shareholder.

從我們才華橫溢的財務團隊到我的執行團隊成員，再到所有有幸結識的人，我想說聲謝謝。 Verizon 在 Tony 擔任首席財務官的情況下得到了很好的照顧。自從我在公司的第一天起，我就與他密切合作，我知道他將始終以將 Verizon 及其股東放在首位的方式努力推動業務向前發展。我真的很期待看到他和整個 Verizon 團隊將取得的成就，因為我作為一名熱情的客戶和股東在場邊為他們加油。

With that, I will now turn the call back to Hans for concluding comments before we open up to your questions.

有了這個，在我們開始回答你的問題之前，我現在將把電話轉回給漢斯進行總結評論。

Thanks, Matt. In summary, our disciplined approach has led to significant progress on our key strategic plans and we need to keep the momentum and focus going. We're pleased with how 2023 has started. We continue to deliver the best customer experience on the most reliable network supported by the best people in the industry. In mobility, our segmented and surgical approach to the market is working, and we are taking pricing actions where possible.

謝謝，馬特。總之，我們紀律嚴明的方法使我們的關鍵戰略計劃取得了重大進展，我們需要保持勢頭和重點。我們對 2023 年的開始方式感到滿意。我們將繼續在由業內最優秀人才支持的最可靠網絡上提供最佳客戶體驗。在流動性方面，我們對市場的細分和外科手術方法正在發揮作用，我們正在盡可能採取定價行動。

In broadband, the combination of fixed wireless access and fiber is winning as we continue to capture market share. We'll continue to grow our cash generation profile and maximum shareholder returns aided by our cost efficiency program and lowered capital expenditures. I remain confident in our strategy and our strong focus on execution. We are always identifying new ways to evolve our business and execute on opportunities. In everything we do, we focus on driving profitable growth. We measure our success in maximizing value across stakeholders for our ability to grow service revenue, EBITDA and cash flow.

在寬帶領域，隨著我們繼續佔領市場份額，固定無線接入和光纖的結合正在取得成功。在我們的成本效率計劃和降低的資本支出的幫助下，我們將繼續增加我們的現金產生概況和最大股東回報。我仍然對我們的戰略和我們對執行的高度重視充滿信心。我們一直在尋找新的方法來發展我們的業務並抓住機會。在我們所做的每一件事中，我們都專注於推動盈利增長。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。

Brady, over for the questions.

布雷迪，結束提問。

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

謝謝，漢斯。布拉德，我們今天早上準備好接受提問了。

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

（操作員說明）今天的第一個問題來自瑞銀的 John Hodulik。

Great. And Matt, thanks for all the help over the years and best of luck to you in the future. If I could just start with a couple of wireless questions. First on the gross side or the consumer side, obviously, some strength there. Any other detail you can give us in terms of what's driving the double-digit improvement. I think AT&T saw a decline.

偉大的。 Matt，感謝多年來的所有幫助，祝你未來好運。如果我可以從幾個無線問題開始。首先是在毛利率或消費者方面，顯然，那裡有一些實力。您可以就推動兩位數改進的因素向我們提供任何其他細節。我認為 AT&T 出現了下滑。

There's just any change in the sort of promotional posture or anything you're doing there? And then on the other side of the ledger, churn, obviously up a little bit year-over-year, but it sounds like you're making some trends. Did you guys make any pricing changes on the consumer side in the first quarter? And just -- any comments around the sustainability of those improvements as we look forward throughout the year?

促銷姿勢或您在那裡做的任何事情有任何變化嗎？然後在賬本的另一邊，客戶流失，顯然同比增長了一點，但聽起來你正在創造一些趨勢。你們在第一季度是否在消費者方面進行了任何定價調整？只是 - 對我們全年期待的這些改進的可持續性有何評論？

Thank you. Let me start, and then I'll hand it over to Matt. I think what we saw in the first quarter was very much the momentum. We start building I would say, end of the third and into the fourth when it comes to both how we converted our customers to be part of our journey with the more segmented approach. And that we have seen through the quarter when it comes to our gross adds that many of the initiatives we have had all the way from the welcome plan and many of the others, they have been working well for us. So that's partly what we have been doing.

謝謝。讓我開始，然後我會把它交給馬特。我認為我們在第一季度看到的勢頭非常強勁。我想說的是，我們開始構建第三個和第四個，當涉及到我們如何通過更細分的方法將客戶轉變為我們旅程的一部分時。我們在整個季度看到了我們的總收入，補充說我們從歡迎計劃和其他許多計劃中一直採取的許多舉措，它們對我們來說一直運作良好。所以這部分是我們一直在做的事情。

And then, of course, I think we're much more focused. And of course, now with the new team in place as well, where we have full alignment with Sampath when it comes to the execution here and seeing that we're getting the right customers in. I think that has been helpful as well. Then as you have seen, we're coming in and out of the quarter with promotions. We really are taking the opportunity when we see that we have an opportunity to bring in customers. So that's how are you seeing the momentum continue. And as Matt said also in his opening here, we have seen that momentum continuing for us.

然後，當然，我認為我們更加專注。當然，現在有了新團隊，我們在執行方面與 Sampath 完全一致，看到我們正在吸引合適的客戶。我認為這也很有幫助。然後正如您所見，我們將通過促銷活動進出本季度。當我們看到我們有機會吸引客戶時，我們真的是在抓住機會。所以這就是你如何看到勢頭繼續下去。正如馬特在這裡的開幕式上所說，我們已經看到這種勢頭在繼續。

And for the churn, I will hand it over to Matt. But as I said, I mean, we had a little bit higher in the beginning of the quarter and it continued to improve. And we are working with both that as well as we continue to create the momentum we have right now on the consumer wireless. Matt?

至於客戶流失，我會交給 Matt。但正如我所說，我的意思是，我們在本季度初略高一點，而且還在繼續改善。我們正在與這兩者合作，並繼續創造我們現在在消費者無線領域的勢頭。馬特？

Thanks, Hans. So on the churn side, certainly, we saw improvement as the quarter went on. We had a lot of carryover from holiday level churn in January by the time we got to March, we saw a much better momentum there. So that's the jump-off point as we go into second quarter. The pricing changes that you mentioned in your question really didn't go into effect until we kind of came to the moving from Q1 to Q2 so that will be incremental to the results of the business here as we get into the rest of the year.

謝謝，漢斯。因此，在客戶流失方面，當然，隨著季度的進行，我們看到了改善。到 3 月時，我們從 1 月的假期水平流失中結轉了很多，我們看到那裡的勢頭要好得多。所以這是我們進入第二季度的起點。你在問題中提到的定價變化實際上並沒有生效，直到我們從第一季度轉移到第二季度，所以隨著我們進入今年剩餘時間，這將增加這裡的業務結果。

So -- but as Hans said, really a case of rebuilding from the momentum last year that was a year ago was not where we wanted it to be. At the midpoint of the year, we talked about taking actions, and you see the results of those actions showing up in the results. And so the team is focused on continuing to build from there.

所以——但正如漢斯所說，從一年前的去年勢頭中重建的案例並不是我們想要的。在年中，我們談到了採取行動，你會看到這些行動的結果顯示在結果中。因此，團隊專注於從那裡繼續構建。

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'd also like to reiterate my thanks to Matt for all his help over the years. My question is about fixed wireless. So when I look at the formal remarks document you put out, it looks like you still have just over 40 million households where that can get your fixed wireless service. The reason I bring it up is that would appear to be a fraction of the availability of your ultra-wideband network, which now covers over 2/3 of the population.

我還要再次感謝 Matt 多年來提供的所有幫助。我的問題是關於固定無線的。因此，當我查看您發布的正式評論文件時，您似乎仍有超過 4000 萬戶家庭可以獲得您的固定無線服務。我提出它的原因是，這似乎只是超寬帶網絡可用性的一小部分，該網絡現在覆蓋了超過 2/3 的人口。

So I was wondering, how do we think about the game plan for expanding the distribution of the fixed wireless service now that you have significantly expanded the ultra-broadband -- ultra-wideband network? And how do we think about the cadence of quarterly fixed wireless access here? Is there still going to be a tailwind? Or are we getting to a point where it's leveling now?

所以我想知道，既然你們已經顯著擴展了超寬帶——超寬帶網絡，我們如何考慮擴大固定無線服務分佈的遊戲計劃？我們如何看待這裡季度固定無線接入的節奏？還會有順風嗎？或者我們正在達到現在趨於平穩的地步？

Thank you, Brett. First of all, we're really pleased with the performance on the fixed wireless access. The team is doing a great work. And remember, it's not only the consumer side, it's the business side as well on the business side. Many new use cases are coming up on using fixed wireless access. So the team are scaling, and we're on scale right now. So like the rhythm I see on our sales motions right now. And if you see in the first quarter, almost 400,000.

謝謝你，布雷特。首先，我們對固定無線接入的性能非常滿意。該團隊做得很好。請記住，這不僅是消費者方面的問題，也是企業方面的問題。許多新的用例都是關於使用固定無線接入的。所以團隊正在擴大規模，我們現在正在擴大規模。所以就像我現在在銷售動議中看到的節奏一樣。如果你在第一季度看到，將近 400,000。

When it comes to the network, you know that later -- the latter part of this year in December, actually -- or we will get our next chunk of C-band. Right now, we're covering some 70 markets out of over 400. So it's 330 markets left, we will get the C-band. And we clearly pointed out in the opening here that where we opened a C-band. We're not only seeing fixed-wire access opportunity. We also see step-ups and a greater upgrade cycle for our customers because they see the improvements on the C-band. So we're very encouraged by the C-band coming out. But as I said, we're waiting for the clearance by the year-end to get even more. But as we roll out right now, we open up markets.

說到網絡，你知道晚些時候——實際上是今年下半年的 12 月——或者我們將獲得下一個 C 波段。現在，我們覆蓋了 400 多個市場中的大約 70 個。所以還剩下 330 個市場，我們將獲得 C 波段。而且我們在這裡開篇就明確指出，我們在這裡開了一個C波段。我們不僅看到了固定線路接入機會。我們還為我們的客戶看到了升級和更大的升級週期，因為他們看到了 C 波段的改進。所以我們對 C 波段的出現感到非常鼓舞。但正如我所說，我們正在等待年底前獲得更多許可。但隨著我們現在的推出，我們打開了市場。

And remember, we talked about that we are in the network team, we're now decentralizing so we can attack locally because we are sort of opening markets locally. The same goes what Sampath is working on right now is also taking his operations more locally, so we can both the marketing and execution locally. And you might have seen it that we do more local things because as we open up more on fixed wireless access. We do that locally. And so far, our success rate is high. We're just going to go do this in the right way to take the learnings with us doing better all the time.

請記住，我們談到我們在網絡團隊中，我們現在正在分散，因此我們可以在本地進行攻擊，因為我們在某種程度上是在本地打開市場。同樣的，Sampath 現在正在做的也是將他的業務更多地放在本地，這樣我們就可以在本地進行營銷和執行。你可能已經看到我們在本地做更多的事情，因為我們在固定無線接入上開放得更多。我們在當地這樣做。到目前為止，我們的成功率很高。我們只是打算以正確的方式去做這件事，讓我們一直做得更好。

We also have started with differentiation on different type of peers when it comes to our fixed wireless offerings. There's a lot more to be done there.

當涉及到我們的固定無線產品時，我們也開始對不同類型的同行進行區分。還有很多事情要做。

But as I said, I'm very pleased with the rhythm and the market share we're taking and remember, the C-band, so far is deployed mainly in urban and suburban areas, the majority of the spectrum coming is actually in more of the suburban and rural. And we also get, of course, more urban spectrum as we're only deploying 60, maybe 80-somewhat megahertz, 100 where we are, in average, 160. So I have to say this is one of the biggest 5G use cases we have right now, and we really seeing good traction. So that's how we're going forward.

但正如我所說，我對我們正在採取的節奏和市場份額感到非常滿意，請記住，C 波段到目前為止主要部署在城市和郊區，大部分即將到來的頻譜實際上都在更多郊區和農村。當然，我們還獲得了更多的城市頻譜，因為我們只部署了 60，也許 80 兆赫，100，而我們平均為 160。所以我不得不說這是我們最大的 5G 用例之一現在，我們真的看到了良好的牽引力。這就是我們前進的方式。

Yes. Thanks, Brett.

是的。謝謝，布雷特。

The next question comes from Simon Flannery of Morgan Stanley.

下一個問題來自摩根士丹利的西蒙弗蘭納里。

Again, my best wishes to Matt for the future. Just following up on Brett's fixed wireless question. You talked about scaling. It looks like you're almost hitting 2 million fixed wireless subscribers now. How is it working on the network capacity side of things? And what's your confidence in going to continue to handle increasing usage from the customers as this continues to scale?

再次，我對馬特的未來致以最良好的祝愿。只是跟進布雷特的固定無線問題。你談到了縮放。看起來您現在幾乎達到了 200 萬固定無線用戶。它在網絡容量方面的表現如何？隨著這種規模的不斷擴大，您對繼續處理客戶不斷增加的使用量有何信心？

And then if we could just go back to the announcement, I think it was March 3 of the new appointments. You talked a little bit about Kyle and Sampath. But what if we were inside Verizon, what are the big changes that have taken place over the past 7 weeks or so that are really changing the trajectory, particularly of consumer.

然後，如果我們可以回到公告，我認為是新任命的 3 月 3 日。你談到了一些關於 Kyle 和 Sampath 的事情。但是，如果我們在 Verizon 內部，過去 7 週左右發生的真正改變軌蹟的重大變化是什麼，尤其是消費者。

Thank you, Simon. On the capacity, we -- the guys is great. First of all, were used on an initial trends of spectrum that we're using, as I said, we were fixed wireless access on the ultra-wideband. We have so much more capacity coming. On top of that, all the new features you have with advanced 5G carrier aggregation, we have new devices coming out that can handle different spectrum.

謝謝你，西蒙。在能力方面，我們 - 伙計們很棒。首先，我們使用了我們正在使用的頻譜的初步趨勢，正如我所說，我們是超寬帶上的固定無線接入。我們有更多的容量來了。最重要的是，您擁有先進的 5G 載波聚合的所有新功能，我們推出了可以處理不同頻譜的新設備。

So there are so many more things I feel really confident that we will manage this capacity without any problems to the levels we have talked about and way beyond that. Then, of course, as I talked with many of you guys, if it comes a moment that we have a community that have a lot of fixed wireless access we will have over time, other opportunities of sales splitting, et cetera. We are not even close to that today.

因此，還有更多的事情我感到非常有信心，我們將毫無問題地管理這種能力，達到我們所討論的水平，甚至超越這一水平。然後，當然，正如我與你們中的許多人交談過的那樣，如果我們有一個擁有大量固定無線接入的社區，隨著時間的推移，我們將擁有其他銷售分成的機會，等等。今天我們甚至離那個還差得很遠。

So I feel really good about how the guys are managing the network and the opportunities we're building on our C-band here. As I said, on the 4G fixed wireless access, they were more opportunistic and selling when we see that we have capacity, but not sort of where we see that we have that full. We're not selling any more. But this expansion is right now on 5G Ultra Wideband.

因此，我對這些人管理網絡的方式以及我們在這裡在 C 波段上建立的機會感到非常滿意。正如我所說，在 4G 固定無線接入方面，當我們看到我們有容量時，他們會更加機會主義和銷售，但不是我們看到我們有那麼多容量的地方。我們不再賣了。但這種擴展現在是在 5G 超寬帶上進行的。

When it comes to the new team, the big changes I've seen, first of all, the first big change is that these guys are operational day one. I mean both Kyle and Sampath is straight into it. If you look at Sampath, he's very much focused both on the customer dimension and seeing that we were improving the momentum we have right now on gross adds and churn and see that we actually improving through the year. But he also works with our offerings and our operations, see that we're even stronger locally. Kyle, on the other hand, continuing the work of Sampath, great momentum on Business Wireless as we continue this quarter private networks is really taking off.

說到新團隊，我看到的大變化，首先，第一個大變化是這些人第一天就開始運作。我的意思是 Kyle 和 Sampath 都直接參與其中。如果你看看 Sampath，他非常關注客戶維度，並看到我們正在改善我們目前在總增加和流失方面的勢頭，並看到我們實際上在這一年中有所改善。但他也與我們的產品和運營合作，看到我們在當地更加強大。另一方面，Kyle 將繼續 Sampath 的工作，隨著我們本季度的繼續，Business Wireless 的巨大勢頭讓私有網絡真正起飛。

And then on top of that, working with a wireline decline to see that we're taking out cost at the same time, managing our contract and I don't think there's no one better than Kyle. He knows the network that more than anybody else. So I think that's the main focus and they've been really fast. And then, of course, the transitions between Tony and Matt is going extremely simple because these guys have worked together for 10 years. Tony is already into all the operations, working very closely with the new leaders all the way from Joe, that's running networking Kyle and Sampath. So I feel good. I feel really good and confident about it, and it's very clear that the priorities there. So maybe, Tony, you can say something about your priorities.

然後最重要的是，與有線線路下降一起工作，看到我們同時削減成本，管理我們的合同，我認為沒有人比凱爾更好。他比任何人都更了解網絡。所以我認為這是主要關注點，他們的速度非常快。然後，當然，Tony 和 Matt 之間的過渡非常簡單，因為這些人已經一起工作了 10 年。 Tony 已經參與了所有運營，與 Joe 的新領導密切合作，Joe 負責網絡 Kyle 和 Sampath。所以我感覺很好。我對此感覺非常好並且很有信心，而且很明顯那裡的優先事項。所以也許，托尼，你可以談談你的優先事項。

Sure. Thanks, Hans and Simon. I'm excited to have the opportunity to succeed Matt as the CFO. In terms of my priorities, I have 3 of them. First, supporting our new leaders, Sampath, Kyle and Joe in executing their strategies. And that includes narrowing our focus with a very strong emphasis on operational performance; second, ensuring that we deliver the 2023 financial guidance that we laid out in January and third, ensuring that we continue to execute on our capital allocation strategy, the 4 capital allocation priorities that we shared with you last year, those remain unchanged. So those are my 3 priorities right out of the gate. And as Hans mentioned, the transition has gone exceptionally well.

當然。謝謝，漢斯和西蒙。我很高興有機會接替馬特擔任首席財務官。就我的優先事項而言，我有 3 個。首先，支持我們的新領導人 Sampath、Kyle 和 Joe 執行他們的戰略。這包括通過非常強調運營績效來縮小我們的關注範圍；第二，確保我們提供我們在 1 月份制定的 2023 年財務指導，第三，確保我們繼續執行我們的資本配置戰略，我們去年與您分享的 4 個資本配置優先事項保持不變。所以這些是我的 3 個優先事項。正如漢斯所提到的，過渡進行得非常順利。

Great.

偉大的。

Thanks, Simon.

謝謝，西蒙。

The next question is from Phil Cusick of JPMorgan.

下一個問題來自摩根大通的 Phil Cusick。

Two, if I can. First, can you expand on the bad debt and churn discussion and how that relates to the upgrades, which seem to be fading through the quarter? And then second, if you can talk about prepaid. Are the losses mostly happening in SafeLink and what is happening in this and the different brands and any conversion of prepaid to postpaid this quarter? And how would you report that if it was happening?

兩個，如果可以的話。首先，您能否進一步討論壞賬和客戶流失問題，以及這與升級之間的關係，升級似乎在整個季度都在消退？其次，如果你能談談預付費的話。損失主要發生在 SafeLink 中嗎？這個品牌和不同品牌發生了什麼，以及本季度預付費到後付費的任何轉換？如果發生這種情況，您將如何報告？

Okay. That was a lot of questions in one. I will start on the high level here on the -- as we said earlier, the payment patterns are basically same as pre-COVID. We have a high-quality customer base. We see this as a very healthy at the moment, all the way. I will ask Matt to expand on that because looking backwards. And then when it comes to the question on prepaid, or value segment, yes, as we said in an opening here, I mean, the negative number is, I would say, 100% coming from SafeLink, which is a government-subsidized brand.

好的。這是一個很多問題。我將從高層開始——正如我們之前所說，支付模式與 COVID 之前基本相同。我們擁有高質量的客戶群。目前，我們一直認為這是非常健康的。我會請 Matt 對此進行擴展，因為向後看。然後當談到預付費或價值細分市場的問題時，是的，正如我們在這裡的開場白中所說，我的意思是，負數是，我會說，100% 來自 SafeLink，這是一個政府補貼的品牌.

But there are other puts and takes there as well. I think that the visible brand is doing well. We're just ramping up total wireless, which is an important piece of it, not having all the things coming through there. So -- and then, of course, we have the network migration still happening. So it's combination of a lot of things on the different brands. Our confidence is that we will improve that at the latter part of the year when some of these things are moving out. So that's a general comment, maybe on the churn piece, Matt, if you say something.

但也有其他的投入和投入。我認為可見品牌做得很好。我們只是在提升整體無線技術，這是其中的一個重要部分，而不是讓所有的東西都通過那裡。所以 - 然後，當然，我們仍在進行網絡遷移。所以它結合了不同品牌的很多東西。我們有信心在今年下半年，當其中一些東西被搬走時，我們將改進這一點。所以這是一般性評論，也許是關於客戶流失的評論，馬特，如果你說些什麼的話。

Yes. Thanks, Phil. So looking at the churn and the bad debt and to your question was more around the bad debt side. So certainly up a little bit year-over-year, but more importantly, flat sequentially. And what you're really seeing is first quarter last year, we still had some impacts in there of some of the COVID-related activities. That's now fully out.

是的。謝謝，菲爾。所以看看客戶流失和壞賬，你的問題更多是圍繞壞賬方面的。所以肯定會同比增長一點點，但更重要的是，環比持平。你真正看到的是去年第一季度，我們仍然對一些與 COVID 相關的活動產生了一些影響。現在已經完全結束了。

And I'd say we're back to perpetual type run rate. In terms of the -- with the lower upgrades in there, also the plus 11% phone gross adds, as Hans mentioned in his prepared remarks, a lot of those gross adds were new to Verizon. And those new to Verizon customers typically come in at a different bad debt accrual rate than upgrades, which is existing customers that we know well and so that's the trade-off there.

我想說我們又回到了永久類型的運行率。就那裡的升級而言，正如漢斯在他準備好的發言中提到的那樣，由於那裡的升級較低，還有 11% 的電話總增加，其中很多總增加是 Verizon 的新增加。 Verizon 客戶的新客戶通常以與升級不同的壞賬應計率進入，升級是我們熟悉的現有客戶，所以這就是那裡的權衡。

The other thing I look at on the bad debt side. One, you see from our most recent ABS filings at our FICO scores across our base continues to be very strong. We've talked for many years now about the quality of the Verizon postpaid base and you see that there. And then secondly, the payment patterns we actually had from customers this quarter actually just slightly better sequentially in terms of the aging. So we're seeing good behavior, good payment activity from our customer base, which is why you see the flat bad debt on a sequential basis now that we're fully through the COVID period.

我在壞賬方面看的另一件事。第一，你從我們最近的 ABS 文件中看到，我們整個基地的 FICO 分數仍然非常強勁。多年來，我們一直在談論 Verizon 後付費基礎的質量，您會看到這一點。其次，本季度我們實際上從客戶那裡獲得的付款模式實際上在老化方面的順序略有改善。因此，我們看到了良好的行為，來自我們客戶群的良好付款活動，這就是為什麼既然我們已經完全度過了 COVID 時期，你就會看到連續的壞賬。

If I can just follow up, was there any conversion from prepaid to postpaid? Or I may have missed it.

如果我可以跟進，是否有從預付費到後付費的轉換？或者我可能錯過了。

A little bit, but nothing material, but that's obviously certainly something the team is very focused on going forward, having that opportunity in there, got that's still ahead of them to be a much more meaningful contributor going forward.

有一點，但沒什麼實質性的，但這顯然是團隊非常專注於前進的事情，在那裡有機會，讓他們仍然領先於他們成為一個更有意義的貢獻者。

Yes. Thanks, Phil.

是的。謝謝，菲爾。

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

下一個問題來自美國銀行的大衛巴登。

Thanks for all the help, Matt. I guess in the prepared remarks, Matt, I think you mentioned that there were going to be some cost efficiency benefits in 2023. I was wondering if you could kind of -- in that $2 billion to $3 billion target, talk about the cadence of how you see that unfolding in maybe the second half of this year and into the coming years?

感謝所有幫助，馬特。我想在準備好的發言中，馬特，我想你提到了 2023 年將有一些成本效率的好處。我想知道你是否可以——在 20 億到 30 億美元的目標中，談談節奏您如何看待今年下半年和未來幾年的發展？

And then the second question would be one of the things that's contributed to, I think, the momentum that you guys have been talking about a lot on the call has been a combination of the new kind of more affordable welcome and limited plan and a lot of the marketing you've been doing. Could you talk about what the new kind of management team wants to do to take that maybe to another level, if at all, this year and kind of what the end goal is flat subscribers to goal? Or is market share of the goal? That would be helpful.

然後第二個問題是促成的事情之一，我認為，你們在電話會議上經常談論的勢頭是一種新的更實惠的歡迎和有限計劃的結合，還有很多你一直在做的營銷。你能談談今年新的管理團隊想要做什麼來將其提升到另一個層次嗎？或者是市場份額的目標？那會很有幫助。

I will start, and then I will toss the question and toss to Tony, and I will start with your second question. So the team -- I think we just need to divide the wireless question that you have. On the business side, I think it's clear, we're really strong. We are taking market share. The team is working through SMB, government and large enterprises with our offerings where the network is the key contributor.

我先開始，然後我把問題拋給托尼，拋給托尼，我就從你的第二個問題開始。所以團隊 - 我認為我們只需要劃分您遇到的無線問題。在業務方面，我認為很明顯，我們真的很強大。我們正在搶占市場份額。該團隊正在通過 SMB、政府和大型企業與我們的產品合作，其中網絡是主要貢獻者。

Kyle will continue that work and the drumbeat we have there. On the consumer side, I think that Sampath and I are 100% the line that we are in a momentum where we are now going to continue to improve our net additions on consumer, but most importantly is to grow in the service revenue but of course, we want customers as well. But mostly important is growing the service revenue and expanding the cash flow and EBITDA. That's really the main focus for Sampath that were 100% the line on. But that also means that we need to take customers. And I think that we will continue to evolve our proposition and coming with new products.

凱爾將繼續這項工作和我們在那裡的鼓聲。在消費者方面，我認為 Sampath 和我 100% 認為我們正處於一種勢頭，我們現在將繼續提高我們對消費者的淨增加，但最重要的是增加服務收入，但當然，我們也需要客戶。但最重要的是增加服務收入並擴大現金流和 EBITDA。這確實是 Sampath 的主要關注點，100% 在線。但這也意味著我們需要吸引客戶。而且我認為我們將繼續發展我們的主張並推出新產品。

So I feel encouraged what I've seen so far and the thinking that Sampath and the team have, but we need to stay tuned for some of the new things coming, Tony?

因此，到目前為止我所看到的以及 Sampath 和團隊的想法讓我感到鼓舞，但我們需要繼續關注即將到來的一些新事物，托尼？

Thanks, Hans. David. So on the cost side, as we mentioned in the prepared remarks, we're making progress with Verizon Global Services and all the cost transformation efforts. As we mentioned previously, we're on track with our cost efficiency program to take $2 billion to $3 billion of cost out by 2025. Within that, we'll see some of those benefits manifest themselves in the second half of this year in '23 with significant savings in 2024 and really focused on areas like sourcing, transformation, IT conversions and transformations as well as supply chain and other AI models.

謝謝，漢斯。大衛。因此，在成本方面，正如我們在準備好的評論中提到的那樣，我們正在 Verizon 全球服務和所有成本轉型工作中取得進展。正如我們之前提到的，我們的成本效率計劃正步入正軌，到 2025 年將減少 20 億至 30 億美元的成本。其中，我們將在今年下半年看到其中一些好處在“ 23 在 2024 年節省了大量資金，真正專注於採購、轉型、IT 轉型和轉型以及供應鍊和其他人工智能模型等領域。

Yes. Thanks, Dave.

是的。謝謝，戴夫。

The next question comes from Michael Rollins of Citi.

下一個問題來自花旗銀行的邁克爾羅林斯。

Matt, I also want to express my thanks and best wishes as you leave Verizon. If I could focus on 2 topics. First, on the ARPU side, if you can unpack a little bit more in terms of what you're seeing on the unlimited and premium unlimited take rates and where those can go over time in terms of continuing to monetize the network and the bundles that you offer? And then on the lower upgrade rate, are you seeing a fundamental change in customer holding periods for devices and what does that mean for the size of the switcher pool in the industry going forward?

Matt，在你離開 Verizon 時，我也想表達我的感謝和最良好的祝愿。如果我能專注於 2 個主題。首先，在 ARPU 方面，如果你可以根據你在無限制和高級無限制收費率上看到的內容以及在繼續通過網絡和捆綁包獲利方面隨著時間的推移可能會發生的情況進行更多解壓縮你提供？然後在較低的升級率方面，您是否看到設備的客戶持有期發生根本性變化，這對未來行業中切換器池的規模意味著什麼？

I can start. I mean, we -- I can on a high level, say we continue to see the trend from our customer on postpaid going to unlimited and then go to unlimited premium. That continues, the team is doing great work to see that we're doing that transition. And -- but we still have opportunities. We still have customer meter plans. We still have a portion or one limited, it can go to unlimited premium.

我可以開始了。我的意思是，我們——我可以在高水平上說，我們繼續看到我們的客戶在後付費方面的趨勢是無限的，然後是無限的保費。繼續下去，團隊正在做很好的工作，以確保我們正在進行這種過渡。而且 - 但我們仍然有機會。我們仍然有客戶儀表計劃。我們還有一部分或一個有限的，它可以無限保費。

So we still see that as an important growth trajectory for our ARPU going forward. And then on the upgrades, I mean, we have talked about before, I mean the market indication is that it's going to be a little bit smaller switcher pool. That doesn't mean that we feel that we shouldn't be taking more fair share. We should definitely do that and continue to see that our customers that we have, we're expanding with them, and then we're actually bringing new customers. So I think -- that's what we see right now. But again, we have good momentum with all the offerings we have. I expect my consumer team come out with new offerings as well. So -- and continue that drumbeat, Matt?

所以我們仍然認為這是我們未來 ARPU 的重要增長軌跡。然後關於升級，我的意思是，我們之前已經談過，我的意思是市場跡象表明它將成為一個更小的切換器池。這並不意味著我們認為我們不應該獲得更多的公平份額。我們絕對應該這樣做，並繼續看到我們擁有的客戶，我們正在與他們一起擴展，然後我們實際上正在帶來新客戶。所以我認為——這就是我們現在所看到的。但同樣，我們擁有的所有產品都有良好的勢頭。我希望我的消費者團隊也能推出新產品。那麼——繼續那個鼓點，馬特？

Yes. No, exactly, Hans. And Mike, so as you think about it, the strategy is 1 always to get the customer in, then have the opportunity to move customers up the stack and you see we've done that number of different ways over the years, and you should expect us to continue to find ways to do that.

是的。不，確切地說，漢斯。邁克，你想一想，戰略是 1 總是讓客戶進來，然後有機會把客戶提升到堆棧中，你看我們這些年來已經做了很多不同的方法，你應該希望我們繼續尋找方法來做到這一點。

And then also, we get the opportunity to add other things to the account, so fixed wireless access allows us to increase ARPU and adding other devices to the accounts, too. So there's still significant opportunities there for us to grow share of wallet with the customer as we go forward. And I would expect that the consumer team will continue to make sure that they are having the right pricing constructs and offerings in front of customers, and those will constantly evolve over time so that we can continue to grow up.

然後，我們也有機會向帳戶添加其他內容，因此固定無線接入允許我們增加 ARPU 並向帳戶添加其他設備。因此，在我們前進的過程中，我們仍然有很多機會增加與客戶的錢包份額。我希望消費者團隊將繼續確保他們在客戶面前擁有正確的定價結構和產品，並且這些將隨著時間的推移不斷發展，以便我們能夠繼續成長。

And if I could just throw one other out there. Just from a government program perspective, can you share how Verizon participates in ACP? And any new thoughts on potentially participating in the BEAT program?

如果我能把另一個扔出去。僅從政府計劃的角度來看，您能否分享 Verizon 如何參與 ACP？關於可能參與 BEAT 計劃的任何新想法？

Yes. So I'll take the first shot. Look, ACP is an important program. As you've seen, the actions we've taken over the past few years, whether it's the acquisition of Tracfone, the introduction of plans like Welcome. We want to participate in all customer segments. That includes ACP, whether that be on the wireless side or the fixed side. So we do participate in those programs. And then as the B programs come out, we will look for where it makes the most sense for us to participate in those programs. We've been doing -- we've been building fiber out to our homes for a long time. We continue to do so.

是的。所以我會先開槍。看，ACP 是一個重要的程序。正如你所看到的，我們在過去幾年採取的行動，無論是收購 Tracfone，還是推出像 Welcome 這樣的計劃。我們希望參與所有客戶群。這包括 ACP，無論是在無線端還是在固定端。所以我們確實參與了這些項目。然後隨著 B 計劃的出現，我們將尋找對我們來說參與這些計劃最有意義的地方。我們一直在做 - 我們一直在為我們的家庭建造光纖很長一段時間。我們繼續這樣做。

Over 500,000 new OFS last year, we said we'd do something in that same region again this year and into the foreseeable future at that type of run rate. So as that those new programs help us the opportunities to continue to do that will certainly be very interested in looking at using them where it makes sense.

去年有超過 500,000 個新的 OFS，我們說今年我們會在同一地區再次做一些事情，並在可預見的未來以這種運行速度進行。因此，由於這些新程序幫助我們有機會繼續這樣做，所以我們肯定會對在有意義的地方使用它們非常感興趣。

Yes. Great. Thanks, Mike.

是的。偉大的。謝謝，邁克。

The next question comes from Craig Moffett of MoffettNathanson.

下一個問題來自 MoffettNathanson 的 Craig Moffett。

I want to sort of step back to a more strategic question about the wireless business, if I could. I mean for years, your business model and your -- and sort of the way you came to market was based on a very low churn strategy, therefore, arguably, you didn't need the same number of gross adds to sustain growth. And it was based on a very clear value proposition of Best Network.

如果可以的話，我想回到一個關於無線業務的更具戰略意義的問題。我的意思是，多年來，你的商業模式和你進入市場的方式都是基於非常低的流失率策略，因此，可以說，你不需要相同數量的總增加量來維持增長。它基於 Best Network 非常明確的價值主張。

It seems like all of those pieces are quite different now. And despite what you said about the prospects for churn, churn is quite a bit higher for retention. How do you kind of win the battle for the hearts and minds, particularly in the consumer segment by sort of returning to the base of convincing customers that yours is really the best network and sort of how do you win with the value proposition?

看起來所有這些作品現在都大不相同了。儘管您談到了流失的前景，但對於保留率而言，流失率要高得多。你如何贏得人心之戰，尤其是在消費者領域，通過回到說服客戶你的網絡確實是最好的網絡的基礎上，以及你如何通過價值主張取勝？

I will start here. First of all, what we see right now is we have a clear value proposition when we roll out the C-band. We have great uptake, step-ups from our customers when they see the C-band. And you know better than anybody else how much of that spectrum we have right now, which is a very little bit. And with all that, we get this momentum, that's why I feel so good about it.

我將從這裡開始。首先，我們現在看到的是，當我們推出 C 波段時，我們有一個明確的價值主張。當我們的客戶看到 C 波段時，我們有很大的吸收和提升。而且你比其他任何人都更清楚我們現在擁有多少頻譜，這只是一點點。儘管如此，我們獲得了這種動力，這就是為什麼我對此感覺如此良好。

And then as Matt said, our churn a little bit elevated, but it's also improving in the quarter. So we're working on that. And having a gross -- the gross adds momentum at the same time. That tells you something about where we're going right now heading. And then we have Sampath in the role that really no operational execution. So I think we have all that and we have the best network clearly, and it's just going to get better. I mean with every measurement we do right now, we are clearly come out as #1.

然後正如馬特所說，我們的客戶流失率有所上升，但在本季度也在改善。所以我們正在努力。總計——總計同時增加了動力。這告訴你一些關於我們現在要去的地方。然後我們讓 Sampath 扮演真正沒有操作執行的角色。所以我認為我們擁有所有這些，我們顯然擁有最好的網絡，而且它只會變得更好。我的意思是，對於我們現在進行的每項測量，我們顯然都排名第一。

And the only thing I know for sure. We're going to extend that leadership with the C-band continue to roll out. So our proposition is very clear, continue to have the best network, have a good proposition for our customer because you need to continue to do new offerings to the consumer group because their behaviors are changing as well. That's why we came with it, +play. We're listening to customers to make it easier and all of that. And you haven't seen the loss from us. So I think that we're building on all the strength we have and those strengths are even getting stronger.

我唯一確定的事情。隨著 C 波段的繼續推出，我們將擴大這種領先地位。所以我們的提議非常明確，繼續擁有最好的網絡，為我們的客戶提供一個好的提議，因為你需要繼續為消費者群體提供新產品，因為他們的行為也在發生變化。這就是我們帶來它的原因，+play。我們正在傾聽客戶的意見，讓一切變得更簡單。你還沒有看到我們的損失。所以我認為我們正在建立我們擁有的所有力量，而且這些力量甚至越來越強大。

Thanks, Craig.

謝謝，克雷格。

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。

Can you be a little clearer on the network upgrades -- it looks like you're more than doubling the amount of spectrum by year-end. What does that mean for coverage, do you think, in capacity? And when will we get to 300 million homes passed and more like 70 million or 80 million that have the ability to get fixed wireless?

您能否更清楚地了解網絡升級——看起來您在年底前將頻譜數量增加了一倍以上。你認為這對容量覆蓋意味著什麼？我們什麼時候才能讓 3 億家庭通過，更像是 7000 萬或 8000 萬有能力獲得固定無線網絡？

So on the network, you're absolutely right. We have just -- on the C band we have just started to roll it out in the majority of the 60, 70 markets we're rolling out right now, we're using 60 megahertz. And you know we have an average 160 megahertz and in many places, even up to 200 megahertz. So it's an enormous difference when it comes from 60 to 160 megahertz, how much more capacity there is and on top of that, of course, we are adding new type of software features like carrier aggregation, the ship size is getting better in devices, both the handset and the fixed wireless access devices.

所以在網絡上，你是絕對正確的。我們剛剛 - 在 C 波段上，我們剛剛開始在我們現在推出的 60、70 個市場中的大多數市場推出它，我們正在使用 60 兆赫茲。你知道我們平均有 160 兆赫茲，在許多地方甚至高達 200 兆赫茲。所以當它來自 60 到 160 兆赫時，這是一個巨大的差異，有多少容量，最重要的是，我們正在添加新型軟件功能，如載波聚合，設備中的船舶尺寸越來越大，手機和固定無線接入設備。

So that's going to enhance the capacity for us. And as I said, we were very focused to see that we materialize our business cases for the C-band, all the way from consumer and business wireless to fixed wire access and mobile edge compute and private networks. So we focus on the revenue generation of it, and we'll continue to do so. But clearly, it's going to be a step-up when we get the next tranche. And we're going to open more homes for households penetrated with fixed wireless access, and we're going to have much more markets covered by the C-band. So we're just going to continue that journey as fast as we can.

所以這將提高我們的能力。正如我所說，我們非常專注於實現 C 波段的業務案例，從消費者和企業無線到固定有線接入和移動邊緣計算和專用網絡。所以我們專注於它的創收，我們將繼續這樣做。但很明顯，當我們獲得下一批資金時，這將是一個升級。我們將為固定無線接入的家庭開放更多的家庭，我們將有更多的市場被 C 波段覆蓋。因此，我們將盡可能快地繼續這一旅程。

But does the increase section help the coverage? Or do you still have to build out in those areas?

但是增加部分是否有助於覆蓋？還是您仍然需要在這些領域進行建設？

I would say, as we said from the beginning, which many people doubted we can use our existing 4G grid for the C-band. There is -- we don't need any new. However, we always build some new sites. We find new areas where there have been capacity constrained.

我會說，正如我們從一開始就說過的那樣，很多人懷疑我們能否將現有的 4G 網格用於 C 波段。有——我們不需要任何新的。但是，我們總是建立一些新站點。我們發現了容量受限的新領域。

We'll continue to do that as well. But mainly our C-band is using the 4G grid in order to see that the coverage is coming out there. And this year, we're going to build a little bit more sites than we've normally done and the -- and our 4G spectrum AWS and et cetera, is covering 300 million POPs a day. And that's where we be large C-band right now.

我們也會繼續這樣做。但主要是我們的 C 波段正在使用 4G 網格，以便看到那裡的覆蓋範圍。今年，我們將建立比以往更多的站點，而且我們的 4G 頻譜 AWS 等每天覆蓋 3 億個 POP。這就是我們現在成為大型 C 波段的地方。

Yes. Great, Tim.

是的。太好了，蒂姆。

The next question comes from Kannan Venkateshwar of Barclays.

下一個問題來自巴克萊銀行的 Kannan Venkateshwar。

Thank you. Hans, strategically, you face a few choices, which I think are contradictory in some way, and there is an attempt to grow gross adds, obviously, but SG&A is growing faster than revenues, and so that puts pressure on margins. And it also comes with cash flow trade-offs. And we are trying to increase price to offset this margin impact, but that comes with churn trade-offs.

謝謝。漢斯，從戰略上講，你面臨一些選擇，我認為這些選擇在某種程度上是相互矛盾的，顯然，有人試圖增加總收入，但 SG&A 的增長速度快於收入，因此這給利潤率帶來了壓力。它還伴隨著現金流權衡。我們正試圖提高價格以抵消這種利潤率影響，但這伴隨著客戶流失的權衡。

So ultimately, when you think about your growth model or the growth algorithms what's the north star? Is it unit growth? And are you willing to sacrifice margins and cash flow to get to that turnaround point? Or is it margins? Even if it comes at the expense of unit growth because it does feel like there is a choice that has to be made at some point. And I'm just wondering what the metric is that you're most focused on?

所以最終，當你考慮你的增長模型或增長算法時，北極星是什麼？是單位增長嗎？你願意犧牲利潤率和現金流來達到那個轉機點嗎？還是邊距？即使它是以單位增長為代價的，因為它確實讓人覺得在某個時候必須做出選擇。我只是想知道您最關注的指標是什麼？

I think it's crystal clear. Our metrics that we're measured on is the service revenue and the EBITDA and cash flow expansion. You still need to have customers for that, and you need to grow that. But ultimately, that's what we measure ourselves on to see that we can grow that. And that's what you have seen from us right now. And you see the cash flow in the quarter. We are very focused on that. We think that's very important for all the stakeholders. And so then, of course, units are important, but it's even more important to see that we have the right growth metrics when it comes to the company's finance. But maybe Tony wants to add something here.

我認為它非常清楚。我們衡量的指標是服務收入以及 EBITDA 和現金流擴張。您仍然需要為此擁有客戶，並且需要發展客戶。但最終，這就是我們衡量自己的標準，以確保我們能夠實現這一目標。這就是您現在從我們這裡看到的。你會看到本季度的現金流量。我們非常專注於此。我們認為這對所有利益相關者都非常重要。因此，當然，單位很重要，但更重要的是要看到我們在公司財務方面擁有正確的增長指標。但也許 Tony 想在這裡添加一些內容。

To just add on to what Hans mentioned. I mean we have to be disciplined and segmented in how we approach the market. Our focus is on volumes that drive profitable revenue growth. So the team is laser focused on that.

補充漢斯提到的內容。我的意思是，我們必須在進入市場的方式上保持紀律和細分。我們的重點是推動盈利性收入增長的數量。所以團隊非常專注於此。

Good. Thanks, Kannan.

好的。謝謝，坎南。

The next question is from Peter Supino of Wolfe Research.

下一個問題來自 Wolfe Research 的 Peter Supino。

Question back to fixed wireless. Obviously, the expansion to suburban and rural markets is a big opportunity back in the urban areas where your C-band depth is going to more than double in 2023. Is there any reason that expansion shouldn't support accelerated marketing and approval of inbounds about FWA so that you would drive up your net adds in those markets as well?

問題回到固定無線。顯然，在 2023 年 C 波段深度將增加一倍以上的城市地區，向郊區和農村市場擴張是一個巨大的機會。擴張不應該支持加速營銷和入站批准嗎？ FWA 以便您也可以提高這些市場的淨增加量？

That's clear. I mean, and that's why our organization, both on the consumer side and the business side and our network side, it's more regional right now because we're following the sort of the deployment of the network and doing marketing and outreach to our customers on fixed wireless access that really want to have it when we open up. So clearly, you're right, there is also opportunity in the urban places where we get more capacity or more coverage and as it goes for the suburban and the rural.

這很清楚。我的意思是，這就是為什麼我們的組織，無論是在消費者方面、業務方面還是我們的網絡方面，現在都更具區域性，因為我們正在跟踪網絡部署的類型，並在固定無線接入，當我們開放時真的很想擁有它。很明顯，你是對的，在城市地區也有機會，我們可以獲得更多的容量或更多的覆蓋範圍，就像郊區和農村一樣。

Great. Thanks, Peter. Brad, we have time for one more question.

偉大的。謝謝，彼得。布拉德，我們還有時間再問一個問題。

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

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

Can you -- with the business changes, can you walk us through on the SaaS line? What is sort of SaaS revenue in total and where can you see growth there? And then back to the phone adds with the new level of gross adds you're getting, are there any characteristics about this type of customer you're tracking now that might be different than, say, 2 years ago and what their long-term churn characteristics might be?

隨著業務的變化，您能否在 SaaS 線上為我們介紹一下？ SaaS 的總收入是多少？您在哪裡可以看到增長？然後回到電話增加的新總增加水平，你現在跟踪的這類客戶是否有任何特徵可能與 2 年前不同，以及他們的長期特徵流失特徵可能是什麼？

So you need to repeat the first question. You're talking about SaaS revenues.

所以你需要重複第一個問題。你在談論 SaaS 收入。

Well, with the breakout -- new breakout on the business line item. Just curious how much of that line that includes SaaS. Is SaaS revenue and what is that growing?

好吧，隨著突破——業務線項目的新突破。只是好奇該行中有多少包含 SaaS。 SaaS 收入是什麼？它在增長嗎？

Yes. We don't disclose the SaaS revenue specifically, so.

是的。我們沒有具體披露 SaaS 收入，所以。

Yes. But overall, I mean, it's not the largest part of that customer group, you should be a fair assumption from.

是的。但總的來說，我的意思是，它不是該客戶群中最大的部分，你應該是一個公平的假設。

Okay. And then what was the second part of the question, Frank?

好的。那麼問題的第二部分是什麼，弗蘭克？

So with the gross adds that you're getting, are there any characteristics about these customers you're tracking today that are maybe different from what they were, say, 2 years ago. And I'm curious about what you think about the long-term churn characteristics of customers you're tracking today, particularly given the heavier promotional activity that you've done versus what you did historically?

因此，隨著您獲得的總增加量，您今天跟踪的這些客戶是否有任何特徵可能與 2 年前不同。我很好奇您如何看待您今天跟踪的客戶的長期流失特徵，特別是考慮到您所做的促銷活動與您過去所做的相比更重？

In general, I think the churn characteristics, all the new customers coming in is even better than before for many reasons, as you said yourself. And then the type of customers, I think Matt talked a little bit on the type of gross adds we're getting is new customers to Verizon, where they come in. And of course, we have opportunities to upgrade and step up them and also having opportunities for our converged offerings. So really good quality of the customers coming in, as Matt said as well. So we feel really good about the growth momentum we have and the customers we are getting.

總的來說，我認為流失特徵，所有新客戶的到來比以前更好，原因有很多，就像你自己說的那樣。然後是客戶類型，我想馬特談到了我們獲得的總增加的類型是 Verizon 的新客戶，他們進來了。當然，我們有機會升級和提升他們，還有為我們的融合產品提供機會。正如 Matt 所說，進來的客戶質量非常好。因此，我們對我們擁有的增長勢頭和我們獲得的客戶感到非常滿意。

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

是的。謝謝，弗蘭克。布拉德，這就是我們今天的全部時間。

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

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