威訊通訊 (VZ) 2023 Q2 法說會逐字稿

Good morning, and welcome to the Verizon Second 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，歡迎參加 Verizon 2023 年第二季度收益電話會議。 （操作員指示）今天的會議正在錄製。如果您有任何異議，您可以此時斷開連接。

It is now my pleasure to turn the call over to your host, Mr. Brady Connor, Senior Vice President, Investor Relations.

現在我很高興將電話轉給東道主投資者關係高級副總裁 Brady Connor 先生。

Thanks, Brad. Good morning, everyone, and welcome to our second 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 Chief Financial Officer, Tony Skiadas.

謝謝，布拉德。大家早上好，歡迎參加我們的第二季度收益電話會議。我是布雷迪·康納 (Brady Connor)，我們的董事長兼首席執行官衛翰思 (Hans Vestberg) 也加入了我的行列。以及我們的首席財務官托尼·斯基亞達斯。

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

在開始之前，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 中找到。本演示文稿中的信息包含有關預期未來事件和財務業績的陳述，這些陳述具有前瞻性，並受風險和不確定性的影響。對可能影響未來結果的因素的討論包含在 Verizon 向 SEC 提交的文件中，這些文件可以在我們的網站上找到。

This presentation contains certain non-GAAP financial measures. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are included in the financial materials posted on our website. Earlier this morning, we posted to our Investor Relations website, a detailed review of our second quarter results. You will find additional detail in the earnings materials on our Investor Relations website.

本演示文稿包含某些非公認會計準則財務指標。這些非公認會計準則衡量標準與最直接可比的公認會計準則衡量標準的對賬包含在我們網站上發布的財務材料中。今天早上早些時候，我們在投資者關係網站上發布了對第二季度業績的詳細審查。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.

現在我將把電話轉給漢斯。

Thank you, Brady, and good morning, everyone, and welcome to our second quarter earnings call. Me and my team are pleased to report another solid quarter as we continue to advance across all of our strategic key performance indicators. Our newly appointed leadership team remains committed to delivering on our key metrics, growth on wireless service revenue and expansion on consolidated adjusted EBITDA and free cash flow.

謝謝布雷迪，大家早上好，歡迎參加我們的第二季度財報電話會議。我和我的團隊很高興地報告又一個穩健的季度，因為我們繼續推進所有戰略關鍵績效指標。我們新任命的領導團隊仍然致力於實現我們的關鍵指標、無線服務收入的增長以及綜合調整後 EBITDA 和自由現金流的擴張。

We're seeing operational improvements throughout our business and our results are strong. Wireless service revenue was up 3.8% year-over-year and adjusted EBITDA was $12 billion for the quarter. Cash flow from operations was very strong in the quarter at $9.7 billion, and free cash flow was $5.6 billion.

我們看到整個業務的運營得到改善，我們的業績也很強勁。該季度無線服務收入同比增長 3.8%，調整後 EBITDA 為 120 億美元。本季度運營現金流非常強勁，達到 97 億美元，自由現金流為 56 億美元。

The actions we are taking to accelerate growth, improve operations and ensure a solid balance sheet are working. Our results today illustrate our ability to adapt, innovate and excel even in times of economic uncertainty, and we're encouraged by the growing importance of mobility, broadband and cloud services in the 5G era in all customer segments.

我們為加速增長、改善運營和確保穩健的資產負債表而採取的行動正在發揮作用。我們今天的業績表明，即使在經濟不確定的時期，我們也有能力適應、創新和超越，而且我們對 5G 時代移動、寬帶和雲服務在所有客戶群體中日益重要的重要性感到鼓舞。

Based on our results this quarter and what we see ahead, I'm confident that we will deliver on our 2023 financial guidance. This is a testament to the hard work and the dedication of our team.

根據我們本季度的業績以及我們對未來的展望，我相信我們將實現 2023 年的財務指導。這是對我們團隊辛勤工作和奉獻精神的證明。

Now let's look more closely at the performance in mobility, private networks and national broadband. Our consumer wireless strategy of segmentation and financial discipline is paying off. This quarter, we saw a year-over-year growth in postpaid phone gross adds, significantly lower promo upgrade levels and a sequential improvement in postpaid churn, all according to our strategy. This work is a continuous process, and we're always looking for ways to do better.

現在讓我們更仔細地看看移動、專用網絡和國家寬帶方面的表現。我們的消費者無線細分和財務紀律戰略正在取得成效。本季度，我們看到後付費電話總銷量同比增長，促銷升級水平顯著降低，後付費客戶流失率連續改善，所有這些都符合我們的策略。這項工作是一個持續的過程，我們一直在尋找做得更好的方法。

In May, we launched myPlan, a first-of-its-kind customized offering that gives our customers the value, control and simplicity they want. This aligns with our strategy of bringing our customers the best value on America's best network. While we still are in early days. myPlan has already helped our Verizon Consumer Group delivered notable operational improvements by encouraging customers to take on premium plans, which is driving higher ARPA. We're really excited for what to come from our new platform for selling consumer wireless services, and we are constantly evolving our offerings to fit customers' needs.

五月，我們推出了 myPlan，這是一款同類首創的定制產品，可為客戶提供他們想要的價值、控制力和簡單性。這符合我們通過美國最好的網絡為客戶帶來最大價值的戰略。雖然我們仍處於早期階段。 myPlan 已經通過鼓勵客戶購買高級計劃幫助我們的 Verizon Consumer Group 實現了顯著的運營改進，這推動了 ARPA 的提高。我們對銷售消費者無線服務的新平台所帶來的成果感到非常興奮，並且我們正在不斷改進我們的產品以滿足客戶的需求。

We will also continue to invest in prepaid, to improve performance and expect sequential improvements in the second half of the year. As we reported in previous quarters, customer payments remain healthy, which shows both the financial strength of our customer base and the high value they place on our services.

我們還將繼續投資預付費業務，以提高業績，並預計下半年將實現連續改善。正如我們在前幾個季度所報告的那樣，客戶付款保持健康，這既表明了我們客戶群的財務實力，也表明了他們對我們服務的高度重視。

Our ongoing and effective strategy execution by Sampath and the consumer team supports a stronger Verizon, where we are the premium provider with elements like the new myPlan strategic regionalization, persistent cost transformation and a reinforced focus on customer satisfaction. We are strengthening our operational blueprint with a local emphasis and effectively positioning ourselves for sustainable growth.

Sampath 和消費者團隊持續有效的戰略執行支持了 Verizon 的更強大，我們是優質提供商，擁有新的 myPlan 戰略區域化、持續的成本轉型以及對客戶滿意度的更加關注等要素。我們正在加強以本地為重點的運營藍圖，並有效地為可持續增長做好定位。

Verizon Business Group had yet another strong quarter driven by continued solid phone and fixed wireless access performance even as the secular decline in wireline continues. For the eighth quarter in a row, Verizon business contributed more than 125,000 postpaid phone net adds, demonstrating the resiliency of our service offering to all types of businesses and the value of our world-class network.

儘管有線業務長期下滑，但由於電話和固定無線接入性能持續強勁，Verizon 業務集團又迎來了一個強勁的季度。 Verizon 業務連續第八個季度貢獻了超過 125,000 個後付費電話網絡新增量，展示了我們為所有類型的企業提供的服務的彈性以及我們世界級網絡的價值。

On private networks, we won a mandate from the U.S. Department of Veterans Affairs, and we recently completed work to launch a next-generation private networking solution at the Cleveland Clinic that will support their mission for years to come. As a trusted partner to enterprise businesses, and federal government, we work closely to transform the networks and bring organizations onto the leading edge of technology development.

在專用網絡方面，我們贏得了美國退伍軍人事務部的授權，最近我們完成了在克利夫蘭診所推出下一代專用網絡解決方案的工作，該解決方案將在未來幾年支持他們的使命。作為企業和聯邦政府值得信賴的合作夥伴，我們密切合作，改造網絡，讓組織走在技術開發的前沿。

The total addressable market of private wireless is expected to grow significantly, and Verizon is well positioned to capture meaningful share. Our broadband strategy delivered more than 400,000 net adds in the quarter on wireless and fixed wireless access, marking another quarter of remarkable broadband performance, this represents the third consecutive quarter with more than 400,000 net adds, demonstrating the momentum of our growth trajectory.

專用無線的總體潛在市場預計將顯著增長，而 Verizon 已做好充分準備來獲取有意義的份額。我們的寬帶戰略在本季度實現了無線和固定無線接入淨增超過 40 萬，標誌著寬帶業績又一個季度表現出色，這是連續第三個季度淨增超過 40 萬，展現了我們增長軌蹟的勢頭。

We have established a high pace of customer growth, it's clear, fixed wireless access is here to stay as a proven competitive broadband product. We are well on track to meet our target of 4 million to 5 million fixed wireless access subscribers by the end of 2025 from a current base of nearly 2.3 million subscribers. We also now have an opportunity to segment the fixed wireless access market based on price, and speed tiers so that our customers can choose the service that best suits them.

我們已經實現了客戶的高速增長，很明顯，固定無線接入將繼續作為一種經過驗證的具有競爭力的寬帶產品。我們有望在 2025 年底前實現固定無線接入用戶數量達到 400 萬至 500 萬的目標，目前用戶數量接近 230 萬。我們現在還有機會根據價格和速度等級來細分固定無線接入市場，以便我們的客戶可以選擇最適合他們的服務。

Further, we continue to see Net Promoter Scores of wireless and fixed wireless access that significantly exceed those of traditional cable offerings. We have the best network in the market. In the next couple of quarters, we will extend our lead with a last tranche of the C-band spectrum. For the 31st time in a row, Verizon was the most awarded brand for wireless network quality in J.D. Power's U.S. Wireless Network Quality Study, no other wireless provider has achieved this, and for 2023, we received top scores among all J.D. Power Study Factors in all 6 regions.

此外，我們繼續看到無線和固定無線接入的淨推薦值顯著超過傳統有線產品。我們擁有市場上最好的網絡。在接下來的幾個季度中，我們將通過最後一部分 C 波段頻譜來擴大我們的領先優勢。在 J.D. Power 的美國無線網絡質量研究中，Verizon 連續 31 次成為無線網絡質量獲獎最多的品牌，沒有其他無線提供商能夠實現這一目標。2023 年，我們在所有 6 個地區的所有 J.D. Power 研究因素中獲得了最高分。

Additionally, our team continues to innovate within our network, upgrading our infrastructure around the country and successfully testing our ability to slice our 5G network. Slicing will allow us to serve customers with dedicated 5G service on a large scale and to meet the diverse needs of the largest base of wireless customers in the United States.

此外，我們的團隊繼續在網絡內進行創新，升級全國各地的基礎設施，並成功測試我們對 5G 網絡進行切片的能力。切片將使我們能夠大規模為客戶提供專用的5G服務，並滿足美國最大的無線客戶群的多樣化需求。

Next, I want to address the recent news about the legacy lead cable in our network. We take this matter seriously, and to be very clear, lead infrastructure makes up a small percentage of our copper network, and we began phasing away from installing new lead cable by the 1950s. At Verizon, the communities we serve and our employees are at the heart of everything we do, and we're using a fact and science-based approach in our assessment. You will hear more on the topic from Tony later on.

接下來，我想談談有關我們網絡中傳統引線電纜的最新消息。我們認真對待這個問題，並且要非常明確的是，引線基礎設施僅占我們銅纜網絡的一小部分，並且我們在 20 世紀 50 年代開始逐步不再安裝新的引線電纜。在 Verizon，我們服務的社區和員工是我們所做一切的核心，我們在評估中使用基於事實和科學的方法。稍後您會從托尼那裡聽到更多有關該主題的信息。

Our accelerated plans for efficiency with our new structure, which we put in place over the last couple of quarters are already paying off. Verizon Global Services has taken action on a number of opportunities company-wide, realizing significant savings by focusing on IT platform transformation, leveraging artificial intelligence, rationalizing our real estate portfolio, and improving our supply chains.

我們在過去幾個季度實施的新結構加速計劃已經取得了成效。 Verizon Global Services 在全公司範圍內針對許多機會採取了行動，通過專注於 IT 平台轉型、利用人工智能、合理化我們的房地產投資組合以及改善我們的供應鏈，實現了顯著的節省。

We're on track to achieve our forecasted $2 billion to $3 billion in annual savings by 2025, these savings in combination with the completion of the $10 billion C-band spend position us to generate strong cash flow and continue to invest in our business and pursue dividend increases as we execute on our capital allocation strategy.

我們有望實現到 2025 年預計每年節省 20 億至 30 億美元的目標，這些節省加上完成 100 億美元的 C 級支出，使我們能夠產生強勁的現金流，並在執行資本配置策略時繼續投資於我們的業務並追求增加股息。

Now I will turn the call over to Tony to discuss our operations and financial performance in more detail.

現在我將把電話轉給托尼，更詳細地討論我們的運營和財務業績。

Thanks, Hans, and good morning. Our results for the second quarter demonstrate our progress towards our 3 priorities of growing wireless service revenue, delivering healthy consolidated adjusted EBITDA and increasing free cash flow. Our focus on execution is working and we remain on track to meet our financial guidance for 2023.

謝謝，漢斯，早上好。我們第二季度的業績表明，我們在增加無線服務收入、實現健康的綜合調整後 EBITDA 和增加自由現金流這三個優先事項方面取得了進展。我們對執行的關注正在發揮作用，並且我們仍有望實現 2023 年的財務指導。

We are happy with our progress, but we have more work to do. We are focused on continuing to improve our performance while remaining financially disciplined. In the second quarter, our consumer segment demonstrated better operating results both sequentially and year-over-year in postpaid phone net adds.

我們對取得的進展感到高興，但我們還有更多工作要做。我們致力於繼續提高業績，同時保持財務紀律。在第二季度，我們的消費者部門在後付費電話網絡增加方面表現出更好的連續和同比運營業績。

Additionally, we experienced continued strong performance within our business segment both in terms of mobility and FWA subscriber growth. The results reflect the benefits of our ongoing C-band deployment and improved go-to-market execution. Consumer postpaid phone net losses totaled 136,000 for the quarter compared to 215,000 net losses in the second quarter of 2022.

此外，我們的業務部門在移動性和 FWA 用戶增長方面都取得了持續強勁的業績。結果反映了我們正在進行的 C 頻段部署和改進的上市執行的好處。本季度消費者後付費電話淨損失總計 136,000 部，而 2022 年第二季度淨損失為 215,000 部。

Consumer postpaid phone gross adds were strong once again up 6.9% year-over-year, driven by new to Verizon gross adds, which increased approximately 19% over the prior year period. We also saw notable growth in consumer postpaid ARPA which was up 6.2% year-over-year. The recent launch of myPlan reflects a more segmented and targeted approach. While it's still early, myPlan is driving a significantly higher premium mix with nearly 70% of myPlan customers taking the Unlimited Plus option.

消費者後付費電話總銷量再次強勁，同比增長 6.9%，這主要得益於 Verizon 總銷量較上年同期增長約 19% 的推動。我們還看到消費者後付費 ARPA 顯著增長，同比增長 6.2%。最近推出的 myPlan 體現了一種更加細分和有針對性的方法。雖然現在還為時過早，但 myPlan 正在推動保費組合顯著提高，近 70% 的 myPlan 客戶選擇 Unlimited Plus 選項。

We are also encouraged by the step activity we are seeing. Consumer postpaid phone churn for the quarter was 0.76%, up 1 basis point compared with the same period last year. Higher involuntary churn drove the year-over-year increase, offsetting a modest improvement in voluntary churn. Our involuntary churn rates remain at pre-pandemic levels and were flat for the third consecutive quarter.

我們也對所看到的階梯活動感到鼓舞。本季度消費者後付費電話流失率為 0.76%，較去年同期上升 1 個基點。非自願流失率的上升推動了同比增長，抵消了自願流失率的小幅改善。我們的非自願流失率保持在大流行前的水平，並且連續第三個季度持平。

It is important to note our performance in existing C-band markets. In the 46 markets where we initially deployed C-band, postpaid phone gross add growth was more than 100 basis points higher in the quarter than in non-C-band markets. Additionally, phone churn was 4 basis points lower in C-band markets, and our premium mix in C-band markets was 11 percentage points higher.

值得注意的是我們在現有 C 頻段市場的表現。在我們最初部署 C 頻段的 46 個市場中，本季度後付費電話總增加增長率比非 C 頻段市場高出 100 個基點以上。此外，C 頻段市場的手機流失率降低了 4 個基點，而我們在 C 頻段市場的優質產品組合提高了 11 個百分點。

Let's now look at our business results. Verizon business once again delivered solid performance and continues to expand on its industry-leading wireless market share. Demand continues to be strong in all 3 customer groups resulting in 144,000 phone net adds for the second quarter compared to 227,000 for the same period last year, which benefited from some large deals. As Hans mentioned, this marks the eighth consecutive quarter where we have delivered over 125,000 business phone net adds.

現在讓我們看看我們的業務成果。 Verizon 業務再次表現穩健，並繼續擴大其行業領先的無線市場份額。所有 3 個客戶群體的需求持續強勁，導致第二季度電話淨增加 144,000 部，而去年同期為 227,000 部，這得益於一些大型交易。正如 Hans 提到的，這標誌著我們連續第八個季度實現了超過 125,000 個商務電話網絡新增。

We continue to win high-value business based on the strength of our network performance and value proposition. Notably, we had a recent government contract win where we took share from 2 of our competitors at attractive ARPUs.

我們憑藉網絡性能和價值主張的優勢，繼續贏得高價值業務。值得注意的是，我們最近贏得了一份政府合同，以有吸引力的 ARPU 從兩個競爭對手手中奪取了份額。

Moving on to broadband, we maintain our strong performance with 418,000 total broadband net additions in the second quarter. In the past 4 quarters, we've added more than 1.6 million broadband subscribers, growing our total broadband subscriber base by more than 21% during that time. Growth in FWA remained healthy with 384,000 net adds, up from 256,000 in the prior year period. We now have nearly 2.3 million customers on our FWA product that we expect growth to continue at a fairly similar pace in the third quarter.

說到寬帶，我們保持了強勁的表現，第二季度寬帶淨新增用戶總數達到 418,000 戶。在過去 4 個季度中，我們增加了超過 160 萬寬帶用戶，在此期間我們的寬帶用戶總數增長了 21% 以上。 FWA 保持健康增長，淨增 384,000 人，高於去年同期的 256,000 人。目前，我們的 FWA 產品擁有近 230 萬客戶，我們預計第三季度將繼續以相當相似的速度增長。

On the Fios side, Internet net adds for the second quarter were 54,000, up from 36,000 in the second quarter of last year. Despite continued softness in household move activity, gross adds rose year-over-year and our retention levels continue to be strong. Our value market team continues to take steps to address some of the softness we saw in the first half of the year.

Fios 方面，第二季度互聯網淨新增用戶數為 54,000，高於去年第二季度的 36,000。儘管家庭搬遷活動持續疲軟，但總增量同比增長，而且我們的保留水平仍然強勁。我們的價值市場團隊繼續採取措施解決上半年出現的一些疲軟問題。

Prepaid net losses totaled 304,000 in the second quarter. Our year-to-date net add performance should represent a low point as we continue to make progress integrating TracFone while taking actions to better position us for growth including scaling our visible and total by Verizon brands. As Hans mentioned, we expect to see sequential improvements beginning in the third quarter.

第二季度預付淨虧損總計304,000。我們今年迄今為止的淨增加業績應該是一個低點，因為我們繼續在整合 TracFone 方面取得進展，同時採取行動更好地為我們的增長做好準備，包括擴大 Verizon 品牌的可見度和總量。正如漢斯提到的，我們預計從第三季度開始將出現連續改善。

Let's now look at our financials, starting with consolidated revenue for the quarter, which was $32.6 billion, down 3.5% year-over-year. The decline can be attributed to reduced wireless equipment revenue which was nearly 21% lower than the prior year as postpaid phone upgrade activity declined 34% versus the same period last year.

現在讓我們看看我們的財務數據，首先是本季度的綜合收入，為 326 億美元，同比下降 3.5%。下降的原因是無線設備收入減少，後付費電話升級活動比去年同期下降了 34%，導致無線設備收入比去年同期下降了近 21%。

Service and other revenue grew 0.8%, driven by wireless service revenue growth. Total wireless service revenue was $19.1 billion, up 3.8% year-over-year and more than $200 million sequentially. In the second quarter, we continued to benefit from pricing actions including a recent change to our Verizon Mobile Protect offering. Additionally, the larger allocation of our administrative and telco recovery fees from other revenue into wireless service revenue and growth in fixed wireless access drove revenue improvements. These benefits were partially offset by continued pressure from the amortization of handset promotions.

在無線服務收入增長的推動下，服務和其他收入增長了 0.8%。無線服務總收入為 191 億美元，同比增長 3.8%，環比超過 2 億美元。第二季度，我們繼續受益於定價行動，包括最近對 Verizon Mobile Protect 產品的更改。此外，我們將管理和電信回收費用從其他收入中更多地分配到無線服務收入中，以及固定無線接入的增長推動了收入的增長。這些收益被手機促銷攤銷帶來的持續壓力所部分抵消。

We are on track to deliver our wireless service revenue guidance for the year. We continue to assess opportunities to take targeted pricing actions to better monetize our products and services as we deliver great value for our customers. For example, we recently announced an increase in our FWA bundled pricing for new customers which we expect will provide service revenue benefits in the second half of the year.

我們有望發布今年的無線服務收入指引。我們將繼續評估採取有針對性的定價行動的機會，以便更好地通過我們的產品和服務貨幣化，同時為客戶提供巨大的價值。例如，我們最近宣布提高新客戶的 FWA 捆綁定價，我們預計這將在今年下半年帶來服務收入收益。

Additionally, we expect less pressure from the amortization of promotional costs in the second half of the year given the software upgrade environment and our disciplined approach to promotional spending.

此外，考慮到軟件升級環境和我們嚴格的促銷支出方式，我們預計下半年促銷成本攤銷的壓力將較小。

Consolidated adjusted EBITDA in the quarter was $12 billion, up 0.8% compared to the prior year. Adjusted EBITDA margin improved by 160 basis points over the prior year, primarily driven by lower consumer postpaid upgrade volumes and improved service revenue.

本季度綜合調整後 EBITDA 為 120 億美元，較上年增長 0.8%。調整後的 EBITDA 利潤率比上年提高了 160 個基點，這主要是由於消費者後付費升級量下降和服務收入增加所致。

These benefits were partially offset by higher marketing expenses in the quarter related to the myPlan launch as well as a $194 million increase in bad debt year-over-year. Bad debt was relatively flat from the prior quarter and payment trends remain consistent with recent quarters and prepandemic levels.

這些收益被本季度與 myPlan 推出相關的營銷費用增加以及壞賬同比增加 1.94 億美元部分抵消。壞賬與上一季度相比相對持平，付款趨勢與最近幾個季度和大流行前的水平保持一致。

Operating expenses, excluding depreciation and amortization and special items were down 5.9% year-over-year, primarily due to lower cost of equipment from reduced upgrade volumes. As Hans mentioned, we continue to execute on our cost savings program, including through initiatives within our Verizon Global Services organization.

運營費用（不包括折舊、攤銷和特殊項目）同比下降 5.9%，主要是由於升級量減少導致設備成本降低。正如 Hans 提到的，我們繼續執行成本節約計劃，包括通過 Verizon 全球服務組織內的舉措。

During the quarter, we took actions to rationalize our workforce as we continue to see benefits from rationalizing certain legacy wireline products. We are on track to deliver $200 million to $300 million of savings this year from our transformation efforts and continue to make progress towards achieving our goal of $2 billion to $3 billion of annual cost savings by 2025.

在本季度，我們採取了合理化員工隊伍的行動，因為我們繼續看到合理化某些傳統有線產品帶來的好處。今年我們有望通過轉型努力節省 2 億至 3 億美元，並繼續朝著實現到 2025 年每年節省 20 億至 30 億美元成本的目標取得進展。

Cash flow from operating activities for the second quarter was $9.7 billion, and for the first half of the year totaled $18 billion compared to $17.7 billion in the prior year period. The increase continues to be related to working capital improvements associated with lower inventory levels and fewer upgrades which were offset in part by higher cash income taxes and interest expense.

第二季度經營活動現金流量為 97 億美元，上半年總計 180 億美元，而去年同期為 177 億美元。這一增長仍然與庫存水平降低和升級減少相關的營運資本改善有關，而現金所得稅和利息支出的增加部分抵消了營運資本的改善。

CapEx for the quarter came in at $4.1 billion, which reflects the completion of our $10 billion accelerated C-band program. Capital spending for the first half of the year totaled $10.1 billion, which was over $400 million less than last year. We continue to expect 2023 capital spending to be within our guidance of $18.25 billion to $19.25 billion.

本季度資本支出為 41 億美元，這反映出我們 100 億美元的加速 C 頻段計劃的完成。上半年資本支出總計101億美元，比去年減少4億多美元。我們繼續預計 2023 年資本支出將在 182.5 億美元至 192.5 億美元的指導範圍內。

Our peak capital spend is behind us, and we are now at a business-as-usual run rate for CapEx which we expect will continue into 2024. The net result of cash flow from operations and capital spending is free cash flow for the quarter of $5.6 billion. Free cash flow for the first half of the year is $8 billion and nearly $800 million improvement from the previous year, driven by a combination of our lower CapEx spend compared to the prior year and operating cash flow benefits previously mentioned.

我們的資本支出高峰已經過去，我們目前的資本支出運行速度與往常一樣，我們預計這種情況將持續到 2024 年。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 56 億美元。今年上半年的自由現金流為 80 億美元，比上一年增加了近 8 億美元，這主要是由於我們的資本支出支出低於上年以及前面提到的運營現金流收益。

While we do not normally guide on free cash flow, our strong results give us a clear line of sight to more than $17 billion of free cash flow for the full year. Net unsecured debt at the end of the quarter was $126.6 billion, an improvement of $3.2 billion compared to the end of the previous quarter and $4.1 billion lower year-over-year.

雖然我們通常不會對自由現金流進行指導，但我們強勁的業績讓我們清楚地看到全年自由現金流將超過 170 億美元。本季度末的淨無擔保債務為 1,266 億美元，比上季度末增加 32 億美元，同比減少 41 億美元。

We ended the quarter with $4.8 billion of cash on hand. We are well positioned with respect to our unsecured debt maturities with no remaining obligations for the rest of the year. Our net unsecured debt to consolidated adjusted EBITDA ratio was 2.6x as of the end of the second quarter a 0.1x improvement both sequentially and year-over-year.

本季度末，我們手頭現金為 48 億美元。我們在無擔保債務到期方面處於有利地位，今年剩餘時間沒有剩餘債務。截至第二季度末，我們的淨無擔保債務與合併調整後 EBITDA 的比率為 2.6 倍，環比和同比均提高了 0.1 倍。

We continue to monitor the current interest rate environment closely given the recent comments from the Federal Reserve on planned rate increases later in the year. As previously stated, we expect higher interest expense to impact our full year earnings per share by $0.25 to $0.30, and there's no change to that view. Our strong second quarter results support our capital allocation priorities, which remain unchanged.

鑑於美聯儲最近對今年晚些時候計劃加息的評論，我們將繼續密切關注當前的利率環境。如前所述，我們預計較高的利息支出將影響我們全年每股收益 0.25 至 0.30 美元，這一觀點沒有改變。我們強勁的第二季度業績支持了我們的資本配置優先事項，該優先事項保持不變。

Before I hand the call back to Hans, I'd like to address the recent media reports on lead-sheathed cables in our network. Here is what we currently know. We still have some lead-sheathed cable in our copper network. As a result of the age of this infrastructure and the history of the industry, records are incomplete as to exactly how much of the cable on our network has lead sheathing.

在將電話轉回漢斯之前，我想先談談最近媒體對我們網絡中鉛護套電纜的報導。這是我們目前所知道的。我們的銅網絡中仍然有一些鉛護套電纜。由於基礎設施的年代久遠和行業的歷史，關於我們網絡上到底有多少電纜具有鉛護套的記錄並不完整。

However, to give you a sense of the scale of the infrastructure we are talking about, our copper network is comprised of less than 540,000 miles of cable, roughly half of which is aerial and lead-sheathed cable makes up a small percentage of our copper network. This number excludes the network elements previously owned by MCI and XO Communications because we are still reviewing the historical records of those companies.

然而，為了讓您了解我們正在討論的基礎設施的規模，我們的銅質網絡由不到 540,000 英里的電纜組成，其中大約一半是架空電纜，鉛護套電纜僅占我們銅質網絡的一小部分。這個數字不包括 MCI 和 XO Communications 之前擁有的網絡元素，因為我們仍在審查這些公司的歷史記錄。

We're not disturbed the likelihood of exposure to lead from lead-sheathed cables is low. In addition, because the lead-sheathed cable was used as a feeder and distribution cable and does not run into individual homes or apartments it is generally in locations that minimize the potential for public contact.

我們並不擔心接觸鉛護套電纜中的鉛的可能性很低。此外，由於鉛護套電纜用作饋線和配電電纜，並且不會進入個人住宅或公寓，因此通常位於盡量減少公眾接觸可能性的位置。

We are working with a third-party expert to conduct our own testing at our sites that were identified by the media. We will not have the results of our testing for several weeks. When we have the results of our testing, we will work closely with our industry and others to address any concerns and issues.

我們正在與第三方專家合作，在媒體確認的我們的網站上進行我們自己的測試。我們要幾週後才能得到測試結果。當我們得到測試結果時，我們將與我們的行業和其他方密切合作，解決任何疑慮和問題。

Now I think it's important to address the question we've received from a lot of investors, which is about the process for and potential cost of removal of the lead-sheathed cable in our network. Given where we are in this process, it is far too soon to make any projection on what the potential financial impact might be to the company.

現在，我認為解決我們從許多投資者那裡收到的問題非常重要，該問題是關於拆除我們網絡中的鉛護套電纜的過程和潛在成本。考慮到我們在此過程中所處的階段，現在就對公司可能產生的潛在財務影響做出任何預測還為時過早。

There are a number of unknowns in this area, including whether there is a health risk presented by undisturbed lead sheet cable and if there is a risk, how that risk should be addressed. As a result, we do not believe there's a meaningful way to estimate any potential cost to the company or that any such estimate would even be useful. We won't be able to provide any additional color during the Q&A session, as we have more information we can share on the topic, we will certainly do that.

該領域存在許多未知因素，包括未受干擾的鉛板電纜是否存在健康風險，以及如果存在風險，應如何解決該風險。因此，我們認為沒有一種有意義的方法來估計公司的任何潛在成本，或者任何此類估計都有用。在問答環節中，我們無法提供任何額外的信息，因為我們有更多關於該主題的信息可以分享，我們當然會這樣做。

I will now turn the call back to Hans for his closing thoughts before we open it up to your questions.

現在，在我們開始回答你們的問題之前，我將把電話轉回給漢斯，詢問他的結束語。

Thank you, Tony. As we pass the midpoint of 2023, I'm pleased by how we are effectively delivered on our priorities, and I'm confident that we will meet the financial goals we set for ourselves for the full year.

謝謝你，托尼。 2023 年已經過半，我對我們如何有效地實現我們的優先事項感到高興，並且我相信我們將實現為自己設定的全年財務目標。

To summarize, in mobility, our segmented and disciplined approach to the market is working, and our efforts to improve the Consumer Group's performance will continue throughout the second half of the year.

總而言之，在移動出行領域，我們對市場的細分和嚴格的方法正在發揮作用，我們將在整個下半年繼續努力提高消費者集團的業績。

In broadband, the combination of fixed wireless access and fiber is winning as we capitalize on the unique strength and capabilities of both technologies. We continue to have the best network in the market, and our leadership position will only get stronger as we continue to roll out C-band. While we're encouraged by the quarter's results. There's more work to be done. My leadership team and I are laser-focused on delivering what we committed to you at top of the year. Strong wider service revenue, EBITDA and free cash flow as well as meeting our 203 financial guidance.

在寬帶領域，固定無線接入和光纖的結合正在取得勝利，因為我們充分利用了這兩種技術的獨特優勢和功能。我們繼續擁有市場上最好的網絡，並且隨著我們繼續推出 C 頻段，我們的領導地位只會變得更強。雖然我們對本季度的業績感到鼓舞。還有更多工作要做。我和我的領導團隊全神貫注地致力於在今年年底實現我們向您做出的承諾。更廣泛的服務收入、EBITDA 和自由現金流均強勁，並滿足我們的 203 財務指引。

By that, I hand it over to Brady for questions.

至此，我將其交給布雷迪提問。

Thanks, Hans. Brad, we're ready to take the first question.

謝謝，漢斯。布拉德，我們準備好回答第一個問題。

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

（操作員說明）我們的第一個問題將來自瑞銀集團的 John Hodulik。

Looks like a nice beat on the consumer side, really driven by the postpaid ARPA growth of about 6%. Could you guys sort of pull that apart a little bit and maybe talk about the sustainability of that and the service revenue growth you saw as we head into the second half.

看起來消費者方面的表現不錯，這實際上是由後付費 ARPA 增長約 6% 推動的。你們能否把這個問題稍微分開一下，也許談談它的可持續性以及我們進入下半年時你們看到的服務收入增長。

I mean I think you've got some lap some price increases, but you've got some other price increases coming through and some of the promotional stuff rolling off. And then maybe just quickly on the lead. Obviously, you guys can't quantify it, but when you guys say low single -- low exposure of the 540,000 miles of copper, is that single digit? Can you guys tighten up that number for us a little bit? That would be great.

我的意思是，我認為價格上漲了一圈，但其他一些價格上漲以及一些促銷活動也正在進行中。然後也許很快就會領先。顯然，你們無法量化它，但是當你們說 540,000 英里銅礦的低暴露量時，是個位數嗎？你們能為我們把這個數字收緊一點嗎？那太好了。

Thank you, John. Let me start with the service revenue. I think we have been extremely focused on the service revenue. As you see in this quarter, we are expanding the growth from the first quarter, but it's many components, I understand you want to know a little bit more about the ARPA expansion, but we definitely see the broadband is adding to our growth.

謝謝你，約翰。讓我從服務收入開始。我認為我們一直非常關注服務收入。正如您在本季度所看到的，我們正在擴大第一季度的增長，但它有很多組成部分，我知道您想更多地了解 ARPA 的擴展，但我們肯定看到寬帶正在促進我們的增長。

And then, of course, our wireless business side is doing extremely well as well. I mean 8 quarters, more than 125,000. So we're actually doing a lot of things in different areas. But then if you go to the Consumer Group, they have been really good the last couple of quarters right now to be segmenting, targeting the right offering with the right pricing for the customers.

當然，我們的無線業務也表現得非常好。我的意思是 8 個季度，超過 125,000。所以我們實際上在不同的領域做了很多事情。但如果你去消費者集團，他們在過去幾個季度的表現非常好，他們在細分方面做得非常好，以正確的價格為客戶提供正確的產品。

And myPlan has been playing in very well to that. And as you heard Tony talking about 70% of taking the premium plan. So -- but that's just the start of it. We're not done. But clearly, I'm confident that the team knows how to manage this, given how much we invested in research on the consumer side to understand our consumers better and that's why we launched myPlan.

我的計劃在這方面發揮了很好的作用。正如您聽到托尼談論的那樣，70% 的人選擇了高級計劃。所以——但這只是它的開始。我們還沒有完成。但顯然，我相信團隊知道如何管理這一點，因為我們在消費者方面的研究上投入了大量資金，以便更好地了解我們的消費者，這就是我們推出 myPlan 的原因。

So all in all, I have to say the guys are doing well, but I'm confident we will continue on this ride. But maybe Tony can give you some more on that, and then we can come back to the lead.

總而言之，我不得不說這些人做得很好，但我相信我們將繼續這一旅程。但也許托尼可以給你更多關於這方面的信息，然後我們就可以回到領先地位。

Yes. Thanks, Hans. So on the service revenue, we're very confident in the guide. You mentioned tough comps that we face in the second half. When you think about the second half of the year, let me unpack some of the drivers for you.

是的。謝謝，漢斯。所以在服務收入上，我們對指南非常有信心。你提到了我們下半場面臨的艱難比賽。當您考慮下半年時，讓我為您解開一些驅動程序。

As you know, we executed a number of targeted pricing actions between the price ups on the legacy unlimited plans that we did earlier in the quarter as well as most recently, changes to our handset insurance program and price changes on FWA bundles.

如您所知，我們執行了一系列有針對性的定價行動，包括本季度早些時候對傳統無限計劃的價格上漲以及最近對手機保險計劃的更改和 FWA 捆綁包的價格變化。

Secondly, we had the introduction of myPlan back in May. That's helped with premium mix, and you heard that we're roughly 70% taking the Unlimited Plus plan. As Hans mentioned, we see an increase in contribution from fixed wireless access. We have 2.3 million subs in the base, and we have great momentum on FWA.

其次，我們早在五月份就推出了 myPlan。這對高級組合有所幫助，您聽說我們大約 70% 的人選擇了 Unlimited Plus 計劃。正如漢斯提到的，我們看到固定無線接入的貢獻有所增加。我們的基地有 230 萬訂閱者，而且我們在 FWA 上勢頭強勁。

And then fourth, we see continued improvements in year-over-year consumer postpaid volumes, and you saw that in the quarter. And then lastly, when you think about the promo amortization, the revenue impact from promotions and the promo amortization has decelerated in recent quarters. And that's -- it's basically a function of our disciplined approach to promotions and retention. So when you put that all together, we're very confident that all the initiatives here will continue to drive meaningful revenue growth in the second half.

第四，我們看到消費者後付費量同比持續增長，您在本季度就看到了這一點。最後，當你考慮促銷攤銷時，促銷和促銷攤銷對收入的影響在最近幾個季度有所放緩。這基本上是我們嚴格的晉升和保留方法的一個功能。因此，當你把所有這些放在一起時，我們非常有信心這裡的所有舉措將繼續推動下半年收入的有意義的增長。

On the lead, as I said, we take this matter very seriously. And we're doing exactly what you expect from Verizon. We're doing this scientific and fact-based whereas Tony said, we're going over the different places that we pointed out by media and doing our own measurements with internal and external experts. And that's where we are. And we will do this very thorough. We are always doing things thorough. We do it fact-based, scientific and that's how we're going to do. And that's what you should expect from us.

首先，正如我所說，我們非常認真地對待這件事。我們所做的正是您對 Verizon 的期望。我們正在進行科學和基於事實的研究，而托尼說，我們正在研究媒體指出的不同地方，並與內部和外部專家一起進行我們自己的測量。這就是我們現在的處境。我們將非常徹底地做到這一點。我們做事總是很徹底。我們以事實為基礎、科學地做這件事，這就是我們要做的。這就是您對我們的期望。

Yes. And John, we're still reviewing the records, and we mentioned that we're still reviewing the historical records of the former MCI and XO network. So that work is still ongoing as well. So we still have more work to do there. And as we learn more, we'll keep you updated.

是的。約翰，我們仍在審查記錄，我們提到我們仍在審查前 MCI 和 XO 網絡的歷史記錄。因此這項工作仍在進行中。所以我們還有更多的工作要做。隨著我們了解更多信息，我們會及時向您通報最新情況。

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 think I'll follow up on consumer volumes you alluded to in responding to John. It was great to see the consumer phone losses improve year-over-year, but I know your ambition is to do better than that. How do you think about the path getting back to net growth in consumer postpaid phones, do you think you're going to need to take further actions in terms of the product mix or pricing or even any additional internal adjustments? Or do you think you have the places -- pieces in place, and it's really just a matter of driving better execution against that framework.

我想我會跟進您在回复約翰時提到的消費者數量。很高興看到消費者手機損失逐年改善，但我知道您的目標是做得更好。您如何看待消費者後付費手機恢復淨增長的途徑？您認為您是否需要在產品組合或定價甚至任何額外的內部調整方面採取進一步行動？或者你認為你已經把這些地方——各個部分都放在了適當的位置，而這實際上只是根據該框架推動更好的執行的問題。

I think it's about execution on the framework we have built right now. The guys have everything. Sampath and the team together with Tony and me with the full support. We have a new platform in myPlan. We have segmented above the market. We work with financial discipline. The target we have for our team is continue to do sequential growth. And as Sampath and the team said before, we -- ultimately, we want our fair share also on the net adds.

我認為這與我們現在構建的框架的執行有關。小伙子們擁有一切。 Sampath 和他的團隊以及托尼和我都給予了全力支持。我們的 myPlan 中有一個新平台。我們已經在市場之上進行了細分。我們遵守財務紀律。我們團隊的目標是繼續實現連續增長。正如薩姆帕斯和團隊之前所說，我們最終希望在網絡上也能獲得公平的份額。

But ultimately, we measure ourselves on service revenue growth. And as you can see, we continue to improve that. So it's more about now executing on this being patient and see that both the network is the best in the market, but it's just improving and some of the numbers that Tony talked about, you see the impact we have when the C-band is coming out.

但最終，我們會根據服務收入的增長來衡量自己。正如您所看到的，我們不斷改進這一點。因此，現在更多的是要耐心執行，看看這兩個網絡都是市場上最好的，但它只是在改進，托尼談到的一些數字，你會看到當 C 頻段出現時我們所產生的影響。

And then myPlan. You see also see that is now initially what we have talked about is actually giving us really good confidence that we're in the right place. So all that is in place. And then we do the regionalization as well at the same time. So a lot of things is in place. It's more about execution and doing it with a financial discipline that you should expect from Verizon.

然後是我的計劃。您還可以看到，我們最初討論的內容實際上讓我們非常有信心，我們處於正確的位置。所以一切都已就位。然後我們同時進行區域化。所以很多事情都已經就位了。更重要的是執行力以及財務紀律，這正是 Verizon 所期望的。

And how do we think about a time line for getting to sustainably positive net adds in consumer. Is that something that would be a reasonable expectation once you have C-band fully deployed?

我們如何考慮實現消費者可持續淨增長的時間表。一旦 C 頻段完全部署，這是一個合理的期望嗎？

Brett, it's Tony. So volumes are important to the business. And as we said before, we're going to be very disciplined on how we approach the market. Our focus is on volumes that drive profitable revenue growth. It's too soon to call third quarter positive for consumer. But as we said, we expect improvements year-over-year in consumer net adds and the team and Sampath and the team are very focused on that.

布雷特，是托尼。因此，銷量對企業來說很重要。正如我們之前所說，我們將非常嚴格地對待市場。我們的重點是推動盈利性收入增長的銷量。現在稱第三季度對消費者有利還為時過早。但正如我們所說，我們預計消費者淨增加量將逐年改善，團隊、Sampath 和團隊都非常關注這一點。

Thanks Brett. Brad, we are ready for next question.

謝謝布雷特。布拉德，我們準備好回答下一個問題。

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。

I wanted to come back to the second phase of C-band. It was helpful to get those statistics. Could you just help us a little bit more in terms of what this is going to mean in terms of your footprint, both on the wireless side and on the fixed wireless side, how do we think that's going to help both coverage and also capacity.

我想回到C波段的第二階段。獲得這些統計數據很有幫助。您能否為我們提供更多幫助，說明這對無線端和固定無線端的足跡意味著什麼，我們認為這將如何幫助覆蓋範圍和容量。

I know there's concerns in some quarters about fixed wireless facing congestion. It would be great to let us know what your experience has been with usage and how you feel good about handling that 4 million to 5 million and beyond over the next few years?

我知道有些人擔心固定無線面臨擁塞。如果能讓我們知道您的使用體驗以及您在未來幾年處理 400 萬到 500 萬甚至更多的數據感覺如何？

And then maybe a quick 1 for Tony. Obviously, the stock has been under some pressure here, pretty high yield. Perhaps remind us about how you're thinking about potentially going to buybacks. You're seeing some deleveraging now strong free cash flow. Is that going to be an option here in the not-too-distant future.

然後也許是托尼的快速一分。顯然，該股在這裡承受了一些壓力，收益率相當高。也許提醒我們您如何考慮可能進行的回購。你會看到一些去槓桿化現在強勁的自由現金流。在不久的將來，這會成為一種選擇嗎？

Thank you, Simon. When it comes to the C-band, I said we're ahead of the plan. As soon as we get hold of the next tranche of spectrum, the team is ready to continue to deploy that. That's going to give us both more capacity, but of course, more coverage as well. So it gave us both. And as you have seen in the numbers we talk about here, as soon as we deploy C-band, we get better uptake from our wireless customers. And of course, we'll open up fixed wireless access. So that should be positive over time for us.

謝謝你，西蒙。當談到C波段時，我說我們提前了計劃。一旦我們掌握了下一部分頻譜，團隊就準備好繼續部署。這將為我們雙方帶來更多的容量，當然，也會帶來更多的覆蓋範圍。所以它給了我們兩個。正如您在我們在這裡討論的數字中看到的那樣，一旦我們部署 C 頻段，我們就會得到無線客戶的更好採用。當然，我們將開放固定無線接入。因此，隨著時間的推移，這對我們來說應該是積極的。

And when it comes to this lingering question about capacity, we don't have any capacity problems. I mean the guys are doing an enormously good job as always when it comes to Verizon and capacity, network planning. Joe and the team are on it all the time and seeing that we're doing the right for our customers.

當談到這個揮之不去的容量問題時，我們不存在任何容量問題。我的意思是，在 Verizon 和容量、網絡規劃方面，這些人一如既往地做得非常好。喬和他的團隊一直在努力，確保我們為客戶做正確的事。

And remember, we are building a multipurpose network. That means that we have one radio that serve multiple opportunities, wireless, fixed wireless access, in some cases, private networks, so all that is in one, and that's the efficiency and the scale we're bringing right now, which we expected when we start with 5G and the C-band to see that we get the leverage model over time. But of course, it's going to roll out on the next year here. So I'm confident that this will create more opportunities for us now when we get hold of the next tranche of the C-band spectrum.

請記住，我們正在構建一個多功能網絡。這意味著我們擁有一個無線電，可以提供多種機會，無線、固定無線接入，在某些情況下，專用網絡，所以所有這些都集中在一個無線電中，這就是我們現在帶來的效率和規模，當我們從 5G 和 C 頻段開始時，我們期望看到隨著時間的推移我們會獲得槓桿模型。當然，它將於明年在這裡推出。因此，我相信，當我們掌握下一階段的 C 頻段頻譜時，這將為我們創造更多機會。

Okay, Simon. And then on your question on the cash generation, we're very pleased with the cash generation of the business. Cash on hand at the end of the quarter was $4.8 billion, which was very strong and reflective of our strong free cash flow results that it is higher -- running higher than normal. As a reminder, we do have about $4.5 billion of the C-band clearing obligations remaining and due soon, and that's obviously a priority for us.

好吧，西蒙。關於你關於現金產生的問題，我們對公司的現金產生感到非常滿意。本季度末手頭現金為 48 億美元，非常強勁，反映了我們強勁的自由現金流結果，即高於正常水平。提醒一下，我們確實還有大約 45 億美元的 C 波段清算義務尚未到期且即將到期，這顯然是我們的首要任務。

The cash generation, as I said, is strong, gives us optionality and supports a much improved dividend payout ratio. Our capital allocation priorities are unchanged. We said, first, we would invest in the business. The second priority is our commitment to the dividend. Our third priority is to delever, and you'll see us be focused on that. And then once we get to the leverage metric of 2.25, we will consider buybacks at that time.

正如我所說，現金生成能力很強，為我們提供了選擇權，並支持大幅提高的股息支付率。我們的資本配置優先順序沒有改變。我們說，首先，我們將投資該業務。第二要務是我們對股息的承諾。我們的第三個優先事項是去槓桿化，你會看到我們專注於此。一旦槓桿率達到2.25，我們就會考慮回購。

Thanks, Simon, Brad, we are ready for next question.

謝謝西蒙、布拉德，我們準備好回答下一個問題。

The next question comes from Phil Cusick of JPMorgan.

下一個問題來自摩根大通的菲爾·庫西克。

With the price increases and the impact of the new pricing structure, it looks like you're trending above the midpoint of service revenue growth. I mean, it could be closer to the high end. Any reason to think it decelerates from here?

隨著價格上漲和新定價結構的影響，您的趨勢似乎高於服務收入增長的中點。我的意思是，它可能更接近高端。有什麼理由認為它從這裡開始減速？

And then second, Hans, you spoke on private wireless. Can you dig into the market opportunity there? And how long it takes for that to be a $1 billion business?

其次，漢斯，您通過私人無線進行了發言。您能挖掘那裡的市場機會嗎？需要多長時間才能成為價值 10 億美元的業務？

I'll start with the second question, and Tony can come back on the first. On the private wireless, what we have found out during the work we've been doing is that private 5G networks is something really, really valuable for enterprises and SMBs. And the main reason is that the capacity on it, the speed and the security, it basically starts as a Wi-Fi replacement on license spectrum. And then you start adding on to it.

我將從第二個問題開始，托尼可以回到第一個問題。在專用無線方面，我們在工作中發現，專用 5G 網絡對於企業和中小企業來說非常非常有價值。主要原因是它的容量、速度和安全性，它基本上是作為許可頻譜上的 Wi-Fi 替代品開始的。然後你開始添加它。

Usually it start with 1 factory. And if you see that are working there, they do it in all factories. We have a growing list of new customers coming in, in the first phase. I would say this is a new business for us that again, is building on the same investment, the same Verizon Intelligent Edge Network. I should expect that it's $1 billion business this year. But it definitely over time, this is a very important lever for Kyle and his team for growth in the service revenue and actually doing even better in the -- with enterprises.

通常從 1 個工廠開始。如果你看到他們在那里工作，他們在所有工廠都這樣做。在第一階段，我們有越來越多的新客戶加入。我想說，這對我們來說是一項新業務，同樣是建立在相同的投資、相同的 Verizon 智能邊緣網絡之上。我預計今年的業務量將達到 10 億美元。但隨著時間的推移，這對於凱爾和他的團隊來說無疑是一個非常重要的槓桿，可以幫助他們增加服務收入，並且實際上在企業方面做得更好。

So it's going to take some time, but I'm really pleased with what I've seen in the last couple of quarters, how this is turning out. And I would say we have now an ecosystem with devices, with radio base stations, with integrators and all of that, which we haven't had before. So I'm more optimistic than a long time that private networks will be something. And as you know, I mean, we were way ahead of anybody else on this field. And that's why I feel really confident we will take more than our fair share.

所以這需要一些時間，但我對過去幾個季度所看到的情況以及結果感到非常滿意。我想說，我們現在擁有一個包含設備、無線電基站、集成商以及所有這些的生態系統，這是我們以前從未有過的。因此，我比長期以來更加樂觀地認為專用網絡將會有所發展。正如你所知，我的意思是，我們在這個領域遠遠領先於其他任何人。這就是為什麼我非常有信心我們會得到比我們應得的份額更多的東西。

Phil. And then on the service revenue, as we mentioned upfront, we have some tough comps as we lap the price up from last year. We do expect sequential improvements in the third quarter. One thing to note, just on the prepaid revenue, we did see a headwind in the quarter of about $125 million. I would expect that to be at a similar level in the third quarter before it eases up in the fourth quarter, that's probably 1 additional data point for you.

菲爾.然後在服務收入方面，正如我們之前提到的，當我們將價格比去年提高時，我們有一些艱難的比較。我們確實預計第三季度將出現連續改善。需要注意的一點是，僅就預付費收入而言，我們確實看到該季度出現約 1.25 億美元的逆風。我預計第三季度會達到類似水平，然後第四季度會有所緩解，這對您來說可能是一個額外的數據點。

Thanks, Phil, Brad, we are ready for next question.

謝謝菲爾、布拉德，我們準備好回答下一個問題了。

The next question comes from Frank Louthan of Raymond James.

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

Can you walk us through the correlation between the broadband adds and the business wireless adds, including both the Fios and fixed wireless? And then you mentioned expecting some software upgrades. Are you anticipating having to subsidize any more for handsets to get adds as the year goes on?

您能否向我們介紹寬帶附加設備和商業無線附加設備（包括 Fios 和固定無線設備）之間的關聯？然後你提到期待一些軟件升級。隨著時間的推移，您是否預計必須為手機提供更多補貼才能獲得更多功能？

On the broadband side, I think I got the question like that the correlation between the fixed wireless access and the Fios. I mean, let me say that on the fixed wireless access right now, we are growing that base, of course, mainly outside the ILEC because that's just how it is because the Fios is so strong. So we're doing great on the Fios business. And as you have seen, even though it's a softer housing movement season than before, we're doing great. I mean, over 50,000 again on Fios. So Fios is doing really well.

在寬帶方面，我想我遇到了類似固定無線接入和 Fios 之間的相關性的問題。我的意思是，讓我說，目前在固定無線接入方面，我們正在擴大這一基礎，當然，主要是在 ILEC 之外，因為 Fios 非常強大，所以情況就是這樣。所以我們在 Fios 業務上做得很好。正如您所看到的，儘管這是一個比以前更疲軟的住房流動季節，但我們做得很好。我的意思是，Fios 上的數量再次超過 50,000。所以 Fios 做得非常好。

And then, of course, we have a portion of converged customers that is now growing. It's not growing that to come to European levels or something, but it's growing. The good thing for us is we have owner's economics on everything, fixed wireless access, wireless, Fios, we have 1 network, we are our own fiber. And that, of course, gives us opportunity to meet customer demands if they want converges or not and that nobody else has in the industry. So really pleased with the development of broadband for us. We outlined this as 1 of the most important 5G innovations we've done.

當然，我們有一部分融合客戶現在正在增長。它並沒有增長到達到歐洲水平或其他水平，但它正在增長。對我們來說，好處是我們在所有事情上都有所有者經濟，固定無線接入，無線，Fios，我們有1個網絡，我們是我們自己的光纖。當然，這讓我們有機會滿足客戶的需求，無論他們是否想要融合，而業內其他人都沒有。我們對寬帶的發展感到非常高興。我們將此概述為我們所做的最重要的 5G 創新之一。

We have substantial new customers there. So this is a great opportunity and as you saw right now we continue doing as we have done. I mean we have now 2.3 billion customers on fixed wireless access. We can now start with different tiers, different pricings, so we can meet customer demands that have different requirements. And that's just good for us, but it's also really good for our customers because they can choose between different models, depending on what needs they have.

我們在那裡有大量新客戶。所以這是一個很好的機會，正如你現在所看到的，我們將繼續做我們已經做過的事情。我的意思是，我們現在有 23 億固定無線接入客戶。我們現在可以從不同的層次、不同的定價開始，這樣我們就可以滿足有不同要求的客戶需求。這不僅對我們有好處，對我們的客戶也有好處，因為他們可以根據自己的需求在不同的型號之間進行選擇。

Yes. And the only other thing I would add is that we have a great rhythm at 400,000 broadband net adds in the quarter. And again, another -- the third consecutive quarter of over 400,000 broadband net adds, and we continue to see good momentum with customers taking -- wireless customers taking FWA and we see great progress there as well.

是的。我要補充的唯一一件事是，我們本季度寬帶淨增加量達到 400,000 人，節奏很快。再次，連續第三個季度寬帶網絡增加超過 400,000 個，我們繼續看到客戶採用 FWA 的良好勢頭，無線客戶採用 FWA，我們也看到了這方面的巨大進展。

And then you had a question on upgrades. And as you have seen, and promos. That is clearly down in the second quarter and the first quarter as well. There are many reasons where some are, of course, that we are much more financially disciplined. That's very important. But it also haven't been in any major new devices coming out.

然後你有一個關於升級的問題。正如您所看到的，還有促銷。第二季度和第一季度的情況也明顯下降。原因有很多，當然，其中一些原因是我們在財務上更加自律。這非常重要。但它還沒有出現在任何主要的新設備中。

It will probably come on in the second half. It usually comes, so we're going to see that. But I don't foresee that we will come back to the levels we've seen before from a point of view of Verizon. We think that we're going to be disciplined. We're going to offer devices and promos and upgrades where there is the best for the segment and for the customer, but will not come back to the levels that we saw before.

它可能會在下半年出現。它通常會到來，所以我們會看到它。但從 Verizon 的角度來看，我預計我們不會回到之前的水平。我們認為我們會受到紀律處分。我們將提供最適合細分市場和客戶的設備、促銷和升級，但不會回到我們之前看到的水平。

Thanks, Frank. Brad, we are ready for next question.

謝謝，弗蘭克。布拉德，我們準備好回答下一個問題。

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。

So I wanted to come back to the relationship between Verizon and the cable industry. Before the lead, this was the big issue. And if there were 2 pillars to the idea behind the relationship between Verizon and the cable industry, one was that somehow Verizon had negotiated a deal with the cable industry that they would guarantee to make money no matter how much data cable consumers took.

所以我想回到 Verizon 和有線電視行業之間的關係。在領先之前，這是一個大問題。如果威瑞森與有線電視行業之間的關係背後有兩個支柱的話，那就是威瑞森以某種方式與有線電視行業達成了一項協議，無論消費者使用多少數據電纜，他們都將保證賺錢。

And the second was that, that deal would never end. It was going to be forever. And so I feel like the messaging on that has started to change from Verizon a little bit and that maybe that the idea that cable industry is guaranteed to make money in the relationship between Verizon and cable regardless of data consumption, that's not true.

第二是，這筆交易永遠不會結束。這將是永遠的。因此，我覺得 Verizon 的信息已經開始發生一些變化，也許認為有線電視行業無論數據消耗如何都可以在 Verizon 和有線電視之間的關係中賺錢的想法是不正確的。

And then this deal isn't permanent, it could change at some future time, even though the DOJ, obviously, you need to have a some deal, but it doesn't have to be this deal. And I was wondering if you could kind of just address that for us right now.

然後，這項協議不是永久性的，它可能會在未來的某個時間發生變化，即使司法部顯然需要達成一些協議，但不一定是這項協議。我想知道你現在是否可以為我們解決這個問題。

David, thank you for the question. This is a complex area. And remember, many of these things we cannot talk about. We have NDA's when it comes to our contracts. The only thing that I'm securing is that Verizon is making money on this, that's I can tell you, and we think this is an important business. These are important customers to us.

大衛，謝謝你的提問。這是一個複雜的區域。請記住，其中許多事情我們不能談論。我們的合同有保密協議。我唯一能確定的是，Verizon 正在通過這項業務賺錢，我可以告訴你，我們認為這是一項重要的業務。這些對我們來說都是重要的客戶。

And again, I go back to what I talked about before. We build the network once. The more connections and more usage and the more revenue we have on it, the better return on capital it is. And as long as we see that's happening, we will continue the work we're doing, however, I cannot go into specifics on the contracts because, first of all, I'm not allowed to do it. So -- but clearly, you should feel confident that Verizon is doing that with the best interest of our stakeholders and our shareholders. So -- and we want to get the best return on our invested capital in the network.

我再次回到之前談到的內容。我們構建一次網絡。連接越多，使用量越多，我們獲得的收入就越多，資本回報率就越高。只要我們看到這種情況發生，我們就會繼續我們正在做的工作，但是，我無法詳細說明合同，因為首先，我不被允許這樣做。因此，但顯然，您應該相信 Verizon 這樣做是為了我們的利益相關者和股東的最大利益。因此，我們希望在網絡投資中獲得最佳回報。

Thanks, Dave. Brad, we are ready for next question.

謝謝，戴夫。布拉德，我們準備好回答下一個問題。

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。

Two questions, if I could. First, just following up on the comments around tiering of fixed wireless and potentially on speed, is there also an opportunity to begin tiering mobile 5G wireless in terms of megabits per second rather than a historical way of tiering on gigabytes per month of consumption?

如果可以的話，有兩個問題。首先，緊接著圍繞固定無線和可能的速度分層的評論，是否還有機會開始以每秒兆比特數為單位對移動 5G 無線進行分層，而不是按照歷史上每月消耗千兆字節的方式進行分層？

And then just secondly, you mentioned that the cash CapEx is tracking to guidance. But just curious, as you're deploying the mid-band spectrum, the depth of it, and seeing what the propagation is, are there opportunities to get further efficiencies in capital and potentially go below the business as usual indication of CapEx for 2024.

其次，您提到現金資本支出正在跟踪指導。但只是好奇，當您部署中頻頻譜、其深度並了解傳播情況時，是否有機會進一步提高資本效率，並有可能低於 2024 年資本支出的正常指標。

Mike, thank you for the question. On the question about different models over time, how we can charge for 5G., I think we find a good model within myPlan right now with different type of network options, then you can take your perks. All of it is accretive for us. You should see the first sort of launch here as the first time we come out with the platform.

邁克，謝謝你的提問。關於隨著時間的推移不同型號的問題，我們如何為 5G 收費。，我認為我們現在在 myPlan 中找到了一個具有不同類型網絡選項的好型號，然後您就可以享受您的福利了。所有這一切對我們來說都是有益的。您應該在這裡看到第一次發布，因為我們第一次推出該平台。

We see multiple opportunities, how you can sort of diverse that 1 in different ways to meet different customer demands. So you will probably see more of that going forward, how we'll do that. So clearly, very important to us that we continue to meet our customers with new plans and things like that. But now we have a great base that is myPlan.

我們看到了多種機會，您可以如何以不同的方式對這些機會進行多樣化，以滿足不同的客戶需求。所以你可能會看到更多這樣的事情發生，我們將如何做到這一點。顯然，我們繼續通過新計劃和類似的事情來滿足我們的客戶，這對我們來說非常重要。但現在我們有了一個很好的基礎，那就是我的計劃。

On the CapEx side, I think we have gone over sort of a fairly long harm here coming from Verizon Intelligent Edge Network, investing in fiber, investing to -- in all the parts of millimeter wave, then coming into the harm of C-band, now we come into the BAU. As far as we can see right now, is BAU is around 17% to 17.5%. And that's going to see that we can deploy the C-band, getting all the benefits we talked about is coming down. Fiber is more success-based. So there's a lot of things happening in there, but we're really confident that we can be on those levels, and our team is really doing a great job.

在資本支出方面，我認為我們已經克服了來自 Verizon 智能邊緣網絡的相當長的傷害，投資光纖，投資毫米波的所有部分，然後進入 C 頻段的傷害，現在我們進入 BAU。據我們目前所知，BAU 約為 17% 至 17.5%。我們將看到我們可以部署 C 頻段，獲得我們談到的所有好處。纖維更以成功為基礎。因此，那裡發生了很多事情，但我們非常有信心能夠達到這些水平，而且我們的團隊確實做得很好。

Thanks, Mike. Brad, we are ready for next question.

謝謝，邁克。布拉德，我們準備好回答下一個問題。

The next question comes from Craig Moffett of Moffett Nathanson.

下一個問題來自 Moffett Nathanson 的 Craig Moffett。

Two questions, if I could. First, if I could return to the lead topic for 1 moment. Can you just talk about the extent to which you used overlashing of fiber to what might potentially be lead cables particularly in your aerial plant in the Northeast.

如果可以的話，有兩個問題。首先，我能回到主要話題嗎？您能談談您在多大程度上使用了光纖與可能是鉛電纜的重疊，特別是在東北部的架空設備中。

And then second, I just wonder if you could just help us think about the trajectory going forward of fixed wireless, which has seemingly sort of steadied out to a relatively stable number. Is that what we should expect because that would take us a bit higher than your guidance by the end of 2025. So I'm just wondering how we think about the pacing of fixed wireless.

其次，我想知道您是否可以幫助我們思考固定無線的未來發展軌跡，固定無線似乎已經穩定在一個相對穩定的數字上。這是我們應該期待的嗎？因為到 2025 年底，這將使我們比你們的指導要高一些。所以我只是想知道我們如何看待固定無線的節奏。

Thank you, Craig. I'll start with the fixed wireless access question because I think that is an important one. And the lead, we will hear from Tony on that one. On the fixed wireless access, you're right. I mean we are now running on a fairly high level, adding broadband subscriber quarter. Remember, -- we have defined -- we are roughly in, I would say, a little bit over 70% of the PAs of C-band so far out of 402, so that, of course, is how many OFS or open for sales, we can do right now. So that is a little bit -- the next step is going to be the next tranche coming in.

謝謝你，克雷格。我將從固定無線接入問題開始，因為我認為這是一個重要的問題。至於主角，我們將聽取托尼的意見。關於固定無線接入，你是對的。我的意思是，我們現在的運行水平相當高，寬帶用戶數量增加了四分之一。請記住，我們已經定義了，我想說的是，到目前為止，我們大約佔 402 個 C 頻段 PA 的 70% 以上，所以，當然，這就是我們現在可以做的 OFS 或開放銷售的數量。所以這只是一點——下一步將是下一批進來。

And I said, we're well ahead for the 4 million to 5 million, the team is doing a great job. We also saw that we now are doing some great work on how we can address MDUs in a very efficient way. We're in the beginning of that. So all in all, I think that fixed wireless access and how we're managing our network is going great. And of course, as an ambitious leader, as I am, I expect that we can do better, of course. But right now, that's the forecast we have, 4 million to 5 million. And we are really doing well. And the customer satisfaction on fixed wireless access is so good. It's so simple. You install it yourself. You get broadband immediately.

我說，我們在 400 萬到 500 萬之間遙遙領先，團隊做得很好。我們還看到，我們現在正在就如何以非常有效的方式解決 MDU 問題開展一些出色的工作。我們正處於起步階段。總而言之，我認為固定無線接入以及我們管理網絡的方式進展順利。當然，作為一個雄心勃勃的領導者，就像我一樣，我當然希望我們可以做得更好。但目前，這就是我們的預測，400 萬到 500 萬。我們確實做得很好。而且固定無線接入的客戶滿意度非常好。就是這麼簡單。你自己安裝吧。您立即獲得寬帶。

So we're just meeting a consumer demand that no 1 else is doing basically. So I'm really pleased with the product. We talked about this being 1 of the most important 5G applications, and now you can see what it means to us and how important it's going to be over time.

因此，我們只是滿足了其他人基本上沒有做到的消費者需求。所以我對這個產品非常滿意。我們談到這是最重要的 5G 應用之一，現在您可以看到它對我們意味著什麼以及隨著時間的推移它會變得多麼重要。

And then, Craig, on the lead, as we said earlier, it's a small part of our network. It's about 50% aerial. We said we're still reviewing the historical records, both former MCI network and the former XO copper network. So we still have work to do there. We're going to take a very methodical approach, very fact-based, very scientific-based approach. And as we know everyone wants more information. And as we learn more, we'll keep you updated.

然後，克雷格（Craig）帶頭，正如我們之前所說，它只是我們網絡的一小部分。大約有50%是空中的。我們說過，我們仍在審查歷史記錄，包括前 MCI 網絡和前 XO 銅纜網絡。所以我們還有工作要做。我們將採取一種非常有條理的方法，非常基於事實，非常基於科學的方法。據我們所知，每個人都想要更多信息。隨著我們了解更多信息，我們會及時向您通報最新情況。

Thanks, Craig. Brad, we are ready for next question.

謝謝，克雷格。布拉德，我們準備好回答下一個問題。

The next question comes from Bryan Kraft of Deutsche Bank.

下一個問題來自德意志銀行的布萊恩·克拉夫特。

I want to ask 2, if I could. I guess, First, just on the lead issue, I was wondering if you thought this might lead to an acceleration in copper network retirements and therefore, an accelerated reduction in fixed costs for legacy networks. It seems like an opportunity in cases where communities might want to not have lead cable in their communities, even if it isn't actually shedding any lead.

我想問2，如果可以的話。我想，首先，就主要問題而言，我想知道您是否認為這可能會導致銅纜網絡退役加速，從而加速傳統網絡固定成本的降低。如果社區可能不希望在其社區中安裝鉛電纜，即使它實際上沒有脫落任何鉛，這似乎是一個機會。

And then secondly, I just had a follow-up to Simon's question earlier. Can you talk about how the remaining C-band deployments will affect the fixed wireless opportunity in rural areas? Specifically, how much of an expansion in the rural footprint will that represent versus the available footprint today for fixed wireless, and would that include a lot of areas that aren't served by anything today, except for copper infrastructure, so kind of the true rural areas?

其次，我剛剛對西蒙之前的問題進行了跟進。您能否談談剩餘的 C 頻段部署將如何影響農村地區的固定無線機會？具體來說，與目前固定無線的可用覆蓋範圍相比，農村覆蓋範圍將擴大多少，這是否包括許多目前除了銅基礎設施之外沒有任何服務的地區，即真正的農村地區？

So on the first one, we have always a plan for network transformation that we continue going. That has not changed. When it comes to this lead-sheathed cables discussion, as said, I mean, we're going to go through this scientific, we're going to do test. We're going to do it fact-based and then we'll come back. But we have a normal network transformation that we constantly do because Kyle and team are doing that in order to keep up with the pressure of the secular decline in wireline, so he will continue to do that, and we do that all the time.

因此，在第一個方面，我們始終有一個持續進行的網絡轉型計劃。這一點沒有改變。當談到鉛護套電纜的討論時，正如所說，我的意思是，我們將進行這項科學研究，我們將進行測試。我們將基於事實來做這件事，然後我們會回來。但我們經常進行正常的網絡轉型，因為凱爾和團隊正在這樣做，以便跟上有線電話長期下降的壓力，所以他將繼續這樣做，我們一直這樣做。

On the second question on fixed wireless access, yes, of course, when we -- the first 70, i would say ish, I would say is C-band mark PEAs that is called, they are mainly in urban areas. And that's where we have had that good traction on fixed wireless access. In the next step, it's going to be much more suburban and rural. And of course, that's great opportunity because usually, they are even less different options for customers in those areas.

關於固定無線接入的第二個問題，是的，當然，當我們——前70個，我想說的是，我想說的是被稱為C波段標記的PEA，它們主要在城市地區。這就是我們在固定無線接入方面擁有良好吸引力的地方。下一步，將更多地擴展到郊區和農村。當然，這是一個很好的機會，因為通常情況下，對於這些地區的客戶來說，它們的選擇差異甚至更少。

So of course, that's going to create opportunity for us. That doesn't mean that we are changing our guidance. We still say 4 million to 5 million by 2025. Of course, the team is always driving hard here, and I am driving hard. We always want to achieve. We want to show our stakeholders that we are a great company and we execute well, which I think we're doing. So definitely, we see opportunities were coming with the next tranche of C-band.

當然，這將為我們創造機會。這並不意味著我們正在改變我們的指導。我們仍然說到2025年400萬到500萬。當然，團隊一直在這裡努力駕駛，我也在努力駕駛。我們總是想要實現。我們希望向利益相關者展示我們是一家偉大的公司，我們執行得很好，我認為我們正在這樣做。因此，我們肯定會看到下一階段 C 頻段的機會即將到來。

Thanks, Bryan. Brad, we are ready for next question.

謝謝，布萊恩。布拉德，我們準備好回答下一個問題。

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。 。

On the wholesale -- on the cable side, maybe just discuss the wholesale wireless ARPUs broadly speaking. Do you think you can grow wholesale wireless ARPUs. And then the $10 increase in fixed wireless pricing, do you think that would slow kind of sub growth quarterly, obviously good strength there? And then lastly, on the lead side, can you just qualitatively talk how often are your workers exposed to lead? I'm sure you have to log that. And what do you do to kind of protect workers? And have you ever seen any claims from workers on lead poisoning.

在批發方面——在有線方面，也許只是廣義上討論批發無線 ARPU。您認為您可以增加批發無線 ARPU 嗎？然後固定無線定價增加 10 美元，您認為這會減緩季度增長的速度，這顯然是良好的實力嗎？最後，在鉛方面，您能否定性地談談您的工人接觸鉛的頻率？我確信你必須記錄下來。您採取什麼措施來保護工人？您是否見過工人對鉛中毒提出的索賠？

There were many questions in all there. So let me start by the change of discounts that we did on fixed wireless access again, we have a premium product. We have different type of optionalities for our customers in order to pick and choose with the best years or what the best service is. So we think that this is just natural when you have passed over 2 million subscribers on fixed wireless access.

那裡有很多問題。因此，讓我首先從我們在固定無線接入方面所做的折扣變化開始，我們有優質產品。我們為客戶提供不同類型的選擇，以便挑選最好的年份或最好的服務。因此，我們認為，當固定無線接入用戶數量超過 200 萬時，這是很自然的事情。

And I think you just think about when we started with unlimited, you start with 1 plan and then you start to work with different segmentation because ultimately, we are in a very, very big consumer business, where so many differentiated shaded customers that needs different type of services. So just think about it as a very natural step for us in order to serve our customers in a good way. Then I hand it over to Tony for the next question.

我想你只要想一想，當我們從無限開始時，你從 1 個計劃開始，然後你開始使用不同的細分，因為最終，我們處於一個非常非常大的消費者業務中，有這麼多差異化的客戶需要不同類型的服務。因此，只需將其視為我們為客戶提供良好服務的一個非常自然的步驟。然後我把它交給托尼回答下一個問題。

Yes. On the cable partnership, I mean, as Hans mentioned, we don't go into the details. I mean, we continue to see volume growth in the relationship, and we're very satisfied with the relationship and we continue to monetize the network, as Hans said earlier.

是的。關於有線電視合作夥伴關係，我的意思是，正如漢斯提到的，我們不會詳細介紹。我的意思是，我們繼續看到這種關係的數量增長，我們對這種關係非常滿意，並且我們繼續通過網絡貨幣化，正如漢斯早些時候所說。

And then on the worker lead exposure?

那麼工人的鉛暴露呢？

We continue to work across the company and continue to take a methodical approach. We're not going to get into any specifics around employees or anything. But as we said, we'll keep you posted as we learn more.

我們繼續在整個公司範圍內開展工作，並繼續採取有條不紊的方法。我們不會討論有關員工或其他任何事情的任何細節。但正如我們所說，當我們了解更多信息時，我們會及時通知您。

Thanks, Tim. Brad, we are ready for next question.

謝謝，蒂姆。布拉德，我們準備好回答下一個問題。

Next question comes from Peter Supino of Wolfe Research.

下一個問題來自沃爾夫研究中心的彼得·蘇皮諾。

I wanted to ask 2, 1 on upgrade rates and the other on FWA. On upgrade rates, I wondered if you could discuss why they've fallen so much. And whether it's sustainable what the risks are to a recent trend and on FWA. I just wonder if you could discuss the service price increase that we learned about this week.

我想問2，1問升級費率，另一個問FWA。關於升級率，我想知道您是否可以討論一下為什麼升級率下降了這麼多。以及近期趨勢和 FWA 面臨的風險是否可持續。我只是想知道您是否可以討論一下我們本週了解到的服務價格上漲。

On the upgrade rates, as I said before, I mean, first of all, we at Verizon has been very disciplined in how to offer sort of products and services with the right price at the right time. So definitely that has been that we are actually doing less promos and less upgrades, that has not hampered our way of growing our business or taking customers, and we will continue to work with that.

關於升級率，正如我之前所說，我的意思是，首先，我們 Verizon 在如何在正確的時間以正確的價格提供各種產品和服務方面一直非常嚴格。所以可以肯定的是，我們實際上做了更少的促銷和升級，這並沒有妨礙我們發展業務或吸引客戶的方式，我們將繼續努力。

Then, of course, hasn't been any major product coming out in the market. We expect there's going to be a product coming out in the second half. We're excited over that. And of course, that's going to drive upgrades and promos, of course. But again, we will continue to be very financially disciplined. But of course, we're excited for these type of things as it attracts store traffic. And when store traffic comes we are really good and having a good conversion rate, adding things to it to our customers, which is really, really important.

當然，市場上還沒有任何主要產品問世。我們預計下半年會有產品問世。我們對此感到興奮。當然，這將推動升級和促銷。但同樣，我們將繼續嚴格遵守財務紀律。當然，我們對這類事情感到興奮，因為它吸引了商店客流量。當商店客流量到來時，我們真的很好，並且有很好的轉化率，為我們的客戶添加東西，這真的非常重要。

And then second, on the fixed wireless access, taking away the discount, and again, we come to a level of 2.3 million fixed wireless customer. There are so many different type of customers and consumers we have. So of course, having different tiers and pricing becomes very normal in order to meet customer demands. So it's just how we do, and that will continue to do and see how the market is developing.

其次，在固定無線接入方面，去掉折扣，我們再次達到 230 萬固定無線客戶的水平。我們有很多不同類型的客戶和消費者。當然，為了滿足客戶的需求，採用不同的等級和定價變得很正常。所以這就是我們的做法，我們也會繼續這樣做，看看市場如何發展。

Brad, we have time for one more question.

布拉德，我們還有時間再問一個問題。

The final question for today will come from Walter Piecyk of LightShed.

今天的最後一個問題將來自 LightShed 的 Walter Piecyk。

I just want to actually do a follow-up to that upgrade question. The last 2 years, Hans, the upgrade rate has actually declined in the third quarter. So I just want to kind of piece meal together, like you said you're not going to do handset promotions earlier in the call.

我只想對升級問題進行實際跟進。最近兩年，漢斯的升級率實際上在第三季度有所下降。所以我只是想把一些事情放在一起，就像你說的那樣，你不會在電話會議的早些時候進行手機促銷活動。

Obviously, everyone knows Apple comes out with a new product, but in the last answer, it sounded like you thought people would upgrade more, but what, what seasonal trends should we see here? I assume you're still expecting it to be down year-on-year, but what about sequentially because it's been typically down sequentially in the third quarter for the last 2 quarters, maybe COVID had some impact on that, I don't know.

顯然，每個人都知道蘋果推出了新產品，但在最後一個答案中，聽起來你認為人們會升級更多，但是什麼，我們應該在這裡看到什麼季節性趨勢？我假設你仍然預計它會同比下降，但是環比呢？因為過去兩個季度的第三季度通常會環比下降，也許新冠疫情對此有一些影響，我不知道。

And then my second question on CapEx. There's some debate, I think a lot of the tower companies specifically are trying to drive this narrative of like, oh, your C-band is going to get deployed, but they're doing fixed wireless and all these things, you're going to have to come back and do densification very quickly.

然後是我關於資本支出的第二個問題。有一些爭論，我認為很多塔公司都在試圖推動這種說法，比如，哦，你的 C 頻段將得到部署，但他們正在做固定無線和所有這些事情，你將不得不很快回來並進行緻密化。

So any lull in CapEx will be short-lived. I'm just curious, I mean, obviously, we saw the CapEx drop very quickly here in this quarter. How long do you think this kind of CapEx holiday will exist before you need to come back and use densification in the absence of additional spectrum sourced by the FCC?

因此，資本支出的任何平靜都將是短暫的。我只是很好奇，我的意思是，顯然，我們看到本季度的資本支出下降非常快。在沒有 FCC 提供的額外頻譜的情況下，您認為這種資本支出假期會存在多久，然後您需要回來並使用緻密化？

Yes. Thank you. On the upgrade, I cannot -- I don't know anything about any launch of the product, how exciting it's going to be. But ultimately, that usually drives more upgrades. So let's see what's going to happen this time and when it comes out. But we're always excited to see Apple coming out with a new phone. Hopefully, they are coming in this half. I cannot reveal what they are doing. But clearly, we're excited for that.

是的。謝謝。關於升級，我不能——我不知道該產品的任何發布，也不知道它會有多令人興奮。但最終，這通常會推動更多升級。那麼讓我們看看這次會發生什麼以及什麼時候出現。但我們總是很高興看到蘋果推出新手機。希望他們能進入這半場。我不能透露他們在做什麼。但顯然，我們對此感到興奮。

On the CapEx, yes, you should talk to us. We know more about this than other companies. I would say we have a really good, sustainable level of this densification, it's part of our strategy already. So -- and many of the things that we're already are deploying on C-band, we deploy sort of for the full spectrum already from the beginning, then we turn on when we get those tranches.

關於資本支出，是的，您應該與我們談談。我們比其他公司更了解這一點。我想說，我們的緻密化水平非常好、可持續，這已經是我們戰略的一部分。因此，我們已經在 C 頻段上部署了許多東西，我們從一開始就已經在整個頻譜上進行了部署，然後當我們獲得這些部分時我們就開始使用。

So there's a lot of things that my team has done over years in order to be as efficient as possible on CapEx. That's why I feel really good on our sort of BAU around 17% to 17.5%. I feel really good about that because we go through this extremely detailed. So we feel confident.

因此，為了盡可能提高資本支出效率，我的團隊多年來做了很多事情。這就是為什麼我對我們的 BAU 大約 17% 到 17.5% 感覺非常好。我對此感覺非常好，因為我們對此進行了非常詳細的討論。所以我們充滿信心。

Yes. Thanks, Walt. Brad, that was all the time we had for today.

是的。謝謝，沃爾特。布拉德，這就是我們今天的全部時間了。

Ladies and gentlemen, this does conclude today's conference call. 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。 。