威訊通訊 (VZ) 2024 Q2 法說會逐字稿

Good morning, and welcome to the Verizon's second-quarter 2024 earnings conference call. (Operator Instructions) Today's conference is being recorded. If you have any objections, you may disconnect at this time.

早安，歡迎參加 Verizon 2024 年第二季財報電話會議。 （操作員指示）今天的會議正在錄音。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交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。大家早安，歡迎參加我們的第二季財報電話會議。我是布雷迪康納 (Brady Connor)，我們的董事長兼執行長 Hans Vestberg 也加入了我的行列。以及我們的財務長托尼·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 Investor Relations website.

在開始之前，我想提請您注意我們的安全港聲明，該聲明可以在簡報的幻燈片 2 中找到。本簡報中的資訊包含有關預期未來事件和財務結果的陳述，這些陳述具有前瞻性，並受風險和不確定性的影響。對可能影響未來業績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投資者關係網站上找到。

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'll find additional details in the earnings materials on our website.

本簡報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指標與最直接可比較的公認會計準則衡量指標的對帳包含在我們網站上發布的財務資料中。今天早些時候，我們在投資者關係網站上發布了對第二季業績的詳細審查。您可以在我們網站上的收入資料中找到更多詳細資訊。

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

這樣，我就把電話轉給漢斯。

Thank you, Brady. Good morning and welcome to Verizon's second-quarter 2024 earnings call. This quarter marks the beginning of Verizon's next chapter. We have launched a comprehensive brand refresh that goes far beyond the new logo. This transformation embodies our commitment to bringing choice, value, and control to our customers' lives, reflecting our evolution and vision for the future of connectivity. We refresh our brand as our strategy continues to deliver strong results. The three pillars of our performance: wider service revenue growth, adjusted EBITDA expansion, and increased free cash flow remains solid, showing both sequentially and year-over-year improvements.

謝謝你，布雷迪。早安，歡迎參加 Verizon 2024 年第二季財報電話會議。本季度標誌著 Verizon 下一章的開始。我們推出了全面的品牌更新，其內容遠遠超出了新標誌的範圍。這一轉變體現了我們為客戶的生活帶來選擇、價值和控制的承諾，反映了我們對未來連結的發展和願景。隨著我們的策略持續取得強勁成果，我們更新了我們的品牌。我們業績的三大支柱：更廣泛的服務收入成長、調整後的 EBITDA 擴張以及自由現金流的增加仍然穩固，顯示出環比和同比的改善。

In the second quarter, we saw a wireless service revenue climbed 3.5% year over year, adjusted EBITDA rose by 2.8%, and free cash flow increased 3% compared to last year. Our improving operations and results build on our first-quarter momentum keeps us on track to meet our 2024 financial guidance and are paving the way for a sustained growth.

第二季度，我們看到無線服務營收年增 3.5%，調整後 EBITDA 成長 2.8%，自由現金流較去年成長 3%。我們在第一季動能的基礎上不斷改善營運和業績，使我們有望達到 2024 年的財務指導目標，並為持續成長鋪平道路。

Our progress comes on innovation that deeply resonate with customers, including the most personalized offerings in the industry. These initiatives aligned perfectly with our core strategy: to strengthen and grow customer relationships while delivering the best return on capital.

我們的進步來自於與客戶產生深刻共鳴的創新，包括業界最個人化的產品。這些舉措與我們的核心策略完美契合：加強和發展客戶關係，同時提供最佳資本回報。

We launched myPlan in 2023, and it delighted our customers. In just over a year, over 30% of our subscribers are using it. That is an incredible adoption rate, and now, we're bringing these features to home Internet with myHome. We're building and expanding on our strengths and successes that you can expect that to continue.

我們在 2023 年推出了 myPlan，它讓我們的客戶感到高興。在短短一年多的時間裡，超過 30% 的訂閱者正在使用它。這是令人難以置信的採用率，現在，我們透過 myHome 將這些功能引入家庭網路。我們正在鞏固和擴大我們的優勢和成功，您可以期待這種情況繼續下去。

For businesses, we launched Verizon Business Complete, the industry's only end-to-end smartphone management system. We cover everything from selecting the first phone to upgrades with 24-hour service and same-day equipment placement. These initiatives, combined with our strong network performance and extensive distribution, are reinforcing our leadership position and driving our industry forward.

對於企業，我們推出了 Verizon Business Complete，這是業界唯一的端到端智慧型手機管理系統。我們提供從選擇第一部手機到升級的一切服務，提供 24 小時服務和當天設備安置。這些舉措與我們強大的網路效能和廣泛的分銷相結合，正在鞏固我們的領導地位並推動我們的行業向前發展。

Turning to second quarter, we had a strong operational performance across mobility, broadband, and our network. Our overall execution in consumer mobility has been improving quarter after quarter since early last year, and our momentum continues.

談到第二季度，我們在行動、寬頻和網路方面都有強勁的營運業績。自去年初以來，我們在消費者移動方面的整體執行力逐季改善，並且我們的勢頭仍在持續。

Consumer postpaid growth adds are up 12% year over year, which is amazing. Total postpaid phone net adds of 148,000 is a big improvement year over year and sequentially, and we expect to have positive postpaid phone net adds in consumer for the year.

消費者後付費成長率年增 12%，令人驚嘆。後付費電話淨增總數為 148,000 部，同比和環比都有很大改善，我們預計今年消費者的後付費電話淨增數將為正值。

Choice is that the core of our approach, and we are constantly working on new partnerships that give our customers more options and value. One example is our addition of YouTube Premium and Peacock subscriptions, which makes us the only provider offering our customers savings on 10 of the top streaming services. These content partnerships give our customers compelling reasons to shop with us.

選擇是我們方法的核心，我們不斷致力於建立新的合作關係，為我們的客戶提供更多選擇和價值。一個例子是我們增加了 YouTube Premium 和 Peacock 訂閱，這使我們成為唯一一家為客戶提供 10 種頂級串流服務優惠的供應商。這些內容合作夥伴關係為我們的客戶提供了令人信服的理由來我們這裡購物。

We also had a very strong quarter for postpaid phone net adds in Verizon Business at 156,000. This is a sharp improvement from the first quarter and shows how important we are to small, midsize, and large businesses. Our Business customers continuing to invest in mobility, and we offer them the widest range of choices.

Verizon Business 的後付費電話網路新增數量也非常強勁，達到 156,000 部。這比第一季有了顯著改善，顯示了我們對小型、中型和大型企業的重要性。我們的企業客戶繼續投資於行動性，我們為他們提供最廣泛的選擇。

In the consumer value market, we're applying the same customer-centric discipline and rigor as we do in the postpaid market and are seeing significant net add improvements excluding SafeLink. We recently relaunched Total by Verizon as Total Wireless and enhanced our offerings with price guarantees, upgrade credits, and other features.

在消費者價值市場中，我們採用與後付費市場相同的以客戶為中心的紀律和嚴格性，並且看到了 SafeLink 之外的顯著的淨增加改進。我們最近將 Total by Verizon 重新命名為 Total Wireless，並透過價格保證、升級積分和其他功能增強了我們的產品。

In broadband, we're still taking share with 391,000 net adds in the second quarter. Fixed wireless access remains a key driver with a higher net add in the quarter. We continue to grow our broadband base, ending the quarter with more than 11.5 million broadband subscribers. We're also continuing to add business from large customers like government agencies. We're very proud that we were awarded a new contract from the US Department of Navy to provide wireless devices and device management building on our previous work together.

在寬頻領域，我們第二季仍以 391,000 的淨增份額佔據份額。固定無線存取仍然是本季淨增加量較高的關鍵驅動因素。我們繼續擴大寬頻用戶數量，本季末寬頻用戶數量已超過 1,150 萬。我們也持續增加來自政府機構等大客戶的業務。我們非常自豪地獲得了美國海軍部的一份新合同，在我們之前的合作基礎上提供無線設備和設備管理。

For first responders, Verizon Frontline delivers mission-critical connectivity and advanced solution to more than 40,000 public safety agencies across the United States, serving them with everything from device and network management to digital transformation. Verizon is there when people need us most, from protecting the front lines to natural disaster response. In fact, recent FCC data shows that overall, our network outperform our peers in areas affected by the Hurricane Beryl. I could not be proud of that. It's one of the reasons we're so committed to build a network superiority.

對於急救人員來說，Verizon Frontline 為美國 40,000 多個公共安全機構提供任務關鍵型連接和先進解決方案，為他們提供從設備和網路管理到數位轉型的一切服務。從保護前線到應對自然災害，當人們最需要我們時，Verizon 就會出現。事實上，最近的 FCC 數據顯示，總體而言，我們的網路在受颶風 Beryl 影響的地區優於同行。我不能為此感到驕傲。這就是我們如此致力於建立網路優勢的原因之一。

And we're continuing to expand C-band in suburban and rural areas. Our initial C-band markets outperform with better gross add growth, higher uptake of premium services, and lower churn. We now have nearly half of our network traffic running on ultra-wideband, up from 36% a year ago. That number will continue to grow as we expand C-band reach.

我們正在繼續在郊區和農村地區擴展 C 頻段。我們最初的 C 頻段市場表現出色，總附加價值成長更快，優質服務的使用率更高，客戶流失率更低。現在，我們近一半的網路流量運行在超寬頻上，高於一年前的 36%。隨著我們擴大 C 頻段覆蓋範圍，這個數字將繼續成長。

We're also working to enhance our net recoveries by partnering with AST SpaceMobile but to provide satellite-to-device connectivity using the 850 megahertz spectrum. This will bring our network to unserved communities as we target 100% coverage from coast-to-coast, our portfolio of high performance spectrum, the capacity of our fiber, and our ability to deploy and support mobile-edge compute make us as the backbone of the AI economy and the partner of choice for players in this space. We will power the best AI services for our customers.

我們也致力於透過與 AST SpaceMobile 合作來提高我們的網路回收率，但使用 850 兆赫頻譜提供衛星到設備的連接。這將使我們的網路覆蓋未獲得服務的社區，因為我們的目標是從東海岸到西海岸實現100% 的覆蓋，我們的高效能頻譜組合、光纖容量以及部署和支援行動邊緣運算的能力使我們成為骨幹力量人工智慧經濟的推動者，也是該領域參與者的首選合作夥伴。我們將為客戶提供最好的人工智慧服務。

What sets us apart with AI is our network's mobile-edge computing capabilities and deep fiber footprint. By processing data closely to the source, we enable real-time AI application that requires security, has a low latency, and high bandwidth. This is where our network shines, opening up possibilities that simply weren't feasible before.

我們在人工智慧領域的獨特之處在於我們網路的行動邊緣運算能力和深度光纖覆蓋範圍。透過靠近源頭處理數據，我們實現了需要安全性、低延遲和高頻寬的即時人工智慧應用程式。這就是我們的網路的閃光點，開啟了以前根本不可行的可能性。

We're already seeing the benefits of AI in our operations. For example, we use AI to route customers support to customer agents best suited to help. We analyze more than 800 data points per call to save our customers time and spare them frustration.

我們已經在我們的營運中看到了人工智慧的好處。例如，我們使用人工智慧將客戶支援路由給最適合提供幫助的客戶代理。我們每次通話都會分析 800 多個數據點，以節省客戶的時間並避免他們感到沮喪。

It takes the best network to power these applications. And today, RootMetrics awarded us an outright wind for national overall wireless network performance. Verizon also won the most national state and metro awards, including outright wins for accessibility, data performance, and streaming video performance. This is a kind of superior network performance that our customers deserve and expect from us.

這些應用程式需要最好的網路來支援。今天，RootMetrics 為我們帶來了全國整體無線網路效能的直接優勢。 Verizon 還贏得了最多的國家州和城市獎項，包括在可訪問性、數據性能和串流媒體視訊表現方面的徹底勝利。這是客戶對我們應得和期望的一種卓越的網路效能。

I'm pleased with our first half-year performance on how well our team is executing our strategy. I always say there's more work to do, and there always is. We're seeing improving postpaid phone net adds in consumer, performing extremely well in business, and taking share in broadband. We're achieving growth in a disciplined, balanced way and have built great momentum heading into the second half of the year and into 2025.

我對我們上半年的表現感到滿意，因為我們的團隊執行我們的策略的效果很好。我總是說還有更多工作要做，而且總是有。我們看到後付費電話網路在消費者中的增加、在商業中的表現非常好以及在寬頻領域的份額不斷增加。我們正在以有序、平衡的方式實現成長，並在進入今年下半年和 2025 年之前形成了巨大的勢頭。

Now, I will hand over the call to Tony for a deeper dive into our performance.

現在，我將把電話轉交給東尼，以便更深入地了解我們的表現。

Thanks, Hans, and good morning. Our second-quarter results reflected accelerated growth in wireless service revenue and adjusted EBITDA as we continue to generate strong free cash flow. These results were driven by strong operational execution in both consumer and business, which led to sequential net add improvements in postpaid phones, fixed wireless access, and prepaid, excluding SafeLink.

謝謝，漢斯，早安。我們第二季的業績反映了無線服務收入的加速成長，以及隨著我們繼續產生強勁的自由現金流而調整後的 EBITDA。這些結果是由消費者和企業強大的營運執行力推動的，這導致後付費電話、固定無線存取和預付費（不包括 SafeLink）的淨增量連續改善。

With consumer, postpaid phone gross adds were approximately $1.8 million in the second quarter, a 12% year-over-year increase. This marks the sixth consecutive quarter with year-over-year growth. Excluding our second-number offering, consumer postpaid phone gross adds grew 5% year over year. Consumer postpaid phone churn was 0.79% in the second quarter, up slightly from the prior-year period. This was in line with our expectations as we recently implemented several price increases that are expected to generate well over $1 billion in annualized wireless service revenue. We believe the majority of the pricing churn is now behind us, and we continue to expect full-year consumer postpaid phone churn to be flat or slightly better than last year.

對消費者來說，第二季後付費電話總收入約為 180 萬美元，年增 12%。這標誌著連續第六個季度同比增長。不包括我們的第二號產品，消費者後付費電話總增加額年增 5%。第二季消費者後付費電話流失率為 0.79%，比去年同期略有上升。這符合我們的預期，因為我們最近實施了多次漲價，預計將產生遠超過 10 億美元的年化無線服務收入。我們認為，大部分定價波動現已成為過去，我們繼續預期全年消費者後付費電話流失率將持平或略好於去年。

Consumer postpaid phone net losses were 8,000 for the second quarter, which marks a significant improvement, both sequentially and year over year. For the full year, we expect to deliver positive consumer postpaid phone net adds without the contribution from our second-number offering.

第二季度消費者後付費電話淨損失為 8,000 部，無論是環比還是同比都有顯著改善。全年，我們預計將在沒有第二個號碼產品貢獻的情況下實現積極的消費者後付費電話網路成長。

Moving to prepaid, we continue to make progress with our core brands while navigating the conclusion of the ACP program. Overall prepaid net losses were 624,000, including 410,000 losses related to the ACP shutdown, the vast majority of which are in our SafeLink brand. Excluding SafeLink, prepaid net losses were 12,000, a substantial improvement compared to the prior-year period. Visible and total wireless continues to expand and perform well, while our operational execution with Straight Talk continues to improve. We exited the quarter with good momentum in prepaid, setting the stage for a stronger performance in the second half of 2024 and positioning us well for 2025.

轉向預付費，我們繼續在核心品牌方面取得進展，同時推動 ACP 計畫的結束。整體預付淨損失為 624,000 美元，其中包括與 ACP 關閉相關的 410,000 美元損失，其中絕大多數損失屬於我們的 SafeLink 品牌。不包括 SafeLink 在內，預付淨虧損為 12,000 美元，較上年同期大幅改善。 Visible 和 Total Wireless 繼續擴展並表現良好，同時我們的 Straight Talk 營運執行力也不斷提高。我們在預付費方面以良好的勢頭結束了本季度，為 2024 年下半年更強勁的業績奠定了基礎，並為 2025 年做好了準備。

On the business side, postpaid phone net adds were 156,000 in the second quarter, the best performance in the last six quarters. We saw a strong sequential improvement of phone net adds across small and medium businesses as well as enterprise and public sector customers.

在業務方面，第二季後付費電話淨增量為156,000部，是過去六個季度中最好的表現。我們看到中小型企業以及企業和公共部門客戶的電話網路增加量出現了強勁的連續成長。

Turning to broadband, our total broadband net additions were 391,000 for the quarter, representing the eighth consecutive quarter with over 375,000 broadband net adds. In fixed wireless access, we continue to focus on building a long-term sustainable business. Total fixed wireless net adds were 378,000 in the quarter, up sequentially. This brings our base above 3.8 million subscribers, up nearly 69% year over year.

說到寬頻，本季寬頻淨增用戶總數為 391,000 戶，連續第八個季度寬頻淨增用戶超過 375,000 戶。在固定無線存取領域，我們持續專注於打造長期永續的業務。本季固定無線網路新增用戶總數為 378,000，季增。這使得我們的訂戶數量超過 380 萬，年增近 69%。

Consumer fixed wireless net adds were 218,000, a 15,000 sequential increase as we continue to see healthy demand for reliable broadband even in a seasonally softer quarter. Verizon Business continued strong execution with 160,000 fixed wireless access net adds, a quarterly record. Demand for the service is strengthening as small businesses and enterprises continue to trust the reliability of the product and speed and ease of deployment. Overall Fios Internet net adds totaled 28,000 for the quarter. We are pleased with the continuous growth of Fios, even with the effects of the ACP shutdown and lower move activity.

消費者固定無線網路新增 218,000 戶，比上一季增加 15,000 戶，因為即使在季節性疲軟的季度中，我們仍然看到對可靠寬頻的健康需求。 Verizon Business 持續保持強勁的執行力，新增固定無線接取網路 160,000 個，創下季度記錄。隨著小型企業和企業繼續信任產品的可靠性以及部署的速度和簡易性，對該服務的需求正在增強。本季 Fios 網路淨新增用戶總數為 28,000。我們對 Fios 的持續成長感到滿意，儘管受到 ACP 關閉和移動活動減少的影響。

We ended the quarter with over 11.5 million broadband subscribers, a 17% increase from a year ago. Our broadband growth continues to significantly outpace that of the broader market given our superior network experience and strong execution.

本季末，我們的寬頻用戶數量超過 1,150 萬，比去年同期成長 17%。鑑於我們卓越的網路體驗和強大的執行力，我們的寬頻成長持續顯著超過更廣泛的市場。

Moving to the financials, we delivered another solid quarter and remain on track to meet our full-year financial guidance. Consolidated revenue for the second quarter totaled $32.8 billion to 0.6% increase year over year. That growth was driven by service and other revenue, which grew 1.8% year over year, partially offset by declines in wireless equipment revenue as total upgrades were down nearly 13% year over year.

轉向財務方面，我們又實現了穩健的季度業績，並有望實現全年財務指引。第二季綜合營收總計 328 億美元，年增 0.6%。這一增長是由服務和其他收入推動的，服務和其他收入同比增長 1.8%，但部分被無線設備收入下降所抵消，因為總升級量同比下降了近 13%。

Wireless service revenue totaled $19.8 billion, a sequential increase of more than $250 million and year-over-year growth of 3.5% or $660 million. The increase was primarily driven by consumer wireless service revenue, which grew 3.7% year over year to $16.3 billion.

無線服務收入總計 198 億美元，季增超過 2.5 億美元，年增 3.5%，即 6.6 億美元。這一成長主要是由消費者無線服務收入推動的，該收入年增 3.7%，達到 163 億美元。

Consumer postpaid ARPA grew 5% year over year, reflecting the benefits of pricing actions and fixed wireless growth. In addition, myPlan helps drive ARPA growth through premium mix adoption and perk revenue. As Hans said, we now have over 30% of our consumer phone lines on myPlan and expect this to expand meaningfully going forward.

消費者後付費 ARPA 年比成長 5%，反映了定價行動和固定無線成長的好處。此外，myPlan 透過優質組合採用和福利收入幫助推動 ARPA 成長。正如 Hans 所說，我們現在有超過 30% 的消費者電話線路都在 myPlan 上，並且預計這一比例將在未來有意義地擴大。

FWA revenue, which is included in wireless service revenue, was $514 million for the quarter, up more than $200 million versus the prior-year period. Launched at scale in 2021, our FWA business is expected to generate more than $2 billion in revenue this year with prospects for continued healthy growth.

本季 FWA 營收（包含在無線服務收入中）為 5.14 億美元，比去年同期成長超過 2 億美元。我們的 FWA 業務於 2021 年大規模推出，預計今年將產生超過 20 億美元的收入，並有望持續健康成長。

Prepaid revenue for the quarter declined $162 million versus the prior-year period. The headwind to wireless service revenue growth from the ACP shutdown was approximately 30 basis points, within the range we provided last quarter, and the margin impact was insignificant. With the majority of ACP disconnect now behind us and the momentum growing in our core prepaid brands, we are better positioned for the remainder of the year and heading into 2025.

本季預付費收入較去年同期下降 1.62 億美元。 ACP 關閉對無線服務收入成長的不利影響約為 30 個基點，在我們上季度提供的範圍內，而且利潤率影響微不足道。現在，大部分 ACP 斷線已經成為過去，而且我們的核心預付費品牌的勢頭不斷增強，我們在今年剩餘時間和進入 2025 年時處於更好的位置。

Consolidated adjusted EBITDA for the second quarter totaled $12.3 billion, an increase of 2.8% year over year. The improved operating leverage reflects the lower upgrade activity and our disciplined approach to growth. We are making progress in our ongoing cost efficiency program and recently introduced new measures to improve our operating efficiency, including a voluntary separation program announced in June.

第二季綜合調整後 EBITDA 總計 123 億美元，年增 2.8%。營運槓桿的改善反映了升級活動的減少以及我們嚴格的成長方式。我們正在進行的成本效率計劃正在取得進展，最近還推出了提高營運效率的新措施，包括 6 月宣布的自願離職計劃。

Adjusted EPS in the quarter was about $1.15, down 5% compared to the prior-year period. Growth in adjusted EBITDA was offset by below the line items, higher interest expense, predominantly due to lower capitalized interest as we put more C-band spectrum into service.

該季度調整後每股收益約為 1.15 美元，較去年同期下降 5%。調整後 EBITDA 的成長被線下項目、更高的利息支出所抵消，這主要是由於我們將更多的 C 頻段頻譜投入服務而導致資本化利息降低。

Cash flow from operating activities holds $16.6 billion for the first half of the year compared to $18 billion in the prior-year period. The result reflects higher cash taxes of approximately $1.7 billion, predominantly due to the unwind of bonus depreciation as well as higher interest expense, primarily driven by the decrease capitalized interest. Capital spending for the first half of the year totaled $8.1 billion. This was $2 billion less than the same period last year as we have returned to historical levels of capital intensity. The network built remains ahead of schedule, with C-band deployed nearly 60% of our plant sites.

上半年營運活動現金流量為 166 億美元，去年同期為 180 億美元。這一結果反映了約 17 億美元的現金稅增加，這主要是由於紅利折舊的解除以及利息支出的增加（主要是由於資本化利息的減少所致）。上半年資本支出總計81億美元。這比去年同期減少了 20 億美元，因為我們已經恢復了資本密集度的歷史水準。網路建設仍然提前，近60%的廠址部署了C頻段。

Our full-year guidance for CapEx spending remains unchanged at a range of $17 billion to $17.5 billion. The net result of cash flow operations and capital spending is free cash flow at $8.5 billion for the first half of 2024. This represents an increase of nearly 7% or approximately $550 million from the prior-year period despite higher cash taxes and interest expense.

我們對全年資本支出的指引保持在 170 億至 175 億美元的範圍不變。現金流營運和資本支出的淨結果是 2024 年上半年的自由現金流為 85 億美元。

We expect to generate strong cash flow in the half of the year that will support paying down debt. Net unsecured debt at the end of the quarter was $122.8 billion, an improvement of $3.2 billion compared to the previous quarter and $3.7 billion lower year over year.

我們預計今年上半年將產生強勁的現金流，這將支持償還債務。本季末的淨無擔保債務為 1,228 億美元，比上一季增加 32 億美元，比去年同期減少 37 億美元。

Our net unsecured debt to consolidated adjusted EBITDA ratio was 2.5 times, an improvement from 2.6 times last quarter. The strength of our results and momentum in our business put us in a great position to execute on our capital allocation priorities. In particular, we remain on track to further reduce the leverage on our balance sheet in the second half of the year.

我們的淨無擔保債務與合併調整後 EBITDA 的比率為 2.5 倍，較上季的 2.6 倍有所改善。我們的業績實力和業務動能使我們處於執行資本配置優先事項的有利位置。特別是，我們仍有望在下半年進一步降低資產負債表的槓桿率。

In summary, with 2024 reaching its midpoint, the team's strong execution and operating momentum is translating into results. We have good momentum in mobility as reflected by the strong gross add growth and continue to take share in broadband to fixed wireless access and Fios. Importantly, we are accomplishing this with a disciplined approach, balancing growth, and profitability, providing the confidence to deliver on our 2024 financial guidance.

總而言之，隨著2024年已進入中點，團隊強大的執行力和營運動力正在轉化為成果。我們在行動領域擁有良好的勢頭，這一點體現在總附加價值的強勁成長上，並繼續在寬頻、固定無線存取和 Fios 領域佔據份額。重要的是，我們正在透過嚴格的方法來實現這一目標，平衡成長和獲利能力，為實現我們的 2024 年財務指導提供信心。

With that, I will turn it back to Hans for his final remarks before opening the call to your questions.

接下來，我將把它轉回給漢斯，讓他在開始提問之前做最後的演講。

Thank you, Tony. Our focus for the second half remains clear; to drive growth in wireless service revenue, expand adjusted EBITDA, and generate strong free cash flow. We're evolving our broadband strategy as we approach 4 million to 5 million fixed wireless access subscribers and will continue to scale the business along with a private networks while driving mobility growth.

謝謝你，托尼。我們下半年的重點仍然明確；推動無線服務收入的成長，擴大調整後的 EBITDA，並產生強勁的自由現金流。隨著我們的固定無線存取用戶數量接近 400 萬至 500 萬，我們正在不斷發展我們的寬頻策略，並將繼續擴大業務和專用網絡，同時推動行動性成長。

Our ongoing C-band expansion will be crucial in supporting these efforts, enhancing our network performance, and opening opportunities across markets. Our commitment to a differentiated customer experience, the success of myPlan, and our brand refresh, our proof of our ability to meet evolving customer needs. We will build on these successes in the quarters ahead as we work to deliver value to all of our stakeholders.

我們正在進行的 C 頻段擴展對於支援這些努力、增強我們的網路效能以及在市場上開闢機會至關重要。我們對差異化客戶體驗的承諾、myPlan 的成功以及我們的品牌更新，證明了我們有能力滿足不斷變化的客戶需求。我們將在未來幾季以這些成功為基礎，努力為所有利害關係人創造價值。

We will continue to execute on our capital allocation priorities by investing in the business, supporting our dividend, and paying down debt. As AI continues to reshape our industry, Verizon is well-positioned to enable and benefit from it. Our reliable, secured, and powerful network will be at the forefront of AI and mobile-edge compute applications.

我們將繼續透過投資業務、支持股息和償還債務來執行我們的資本配置優先事項。隨著人工智慧不斷重塑我們的產業，Verizon 已做好充分準備來實現人工智慧並從中受益。我們可靠、安全且強大的網路將處於人工智慧和行動邊緣運算應用的前沿。

This is an exciting time for us on Verizon. Mobility, broadband, and the cloud are essential services, and their value has never been higher. We power and empower how people live, work, and play. We are in a great business, and there is so much more to come. Where the right assets and beyond, a more exciting than ever about what lies ahead of us. Now, Brady.

對於 Verizon 來說，這是一個令人興奮的時刻。行動性、寬頻和雲端是必不可少的服務，其價值從未如此之高。我們為人們的生活、工作和娛樂方式提供動力和支持。我們的業務非常出色，未來還會有更多的發展。只要有合適的資產和其他資源，我們面前的一切就會比以往任何時候都更令人興奮。現在，布雷迪。

Brad, we're ready for the first question.

布拉德，我們準備好回答第一個問題了。

(Operator Instructions) John Hodulik, UBS.

（操作員說明）John Hodulik，UBS。

Great. Thanks and good morning, guys. Two questions, if I can. First on ACP. First, was there any impact on the broadband side in the quarter, and do you expect any lingering impact from ACP, either in prepaid or postpaid or broadband as we look out into the second half?

偉大的。謝謝，大家早安。有兩個問題，如果可以的話。首先是 ACP。首先，本季對寬頻方面是否有任何影響？

And then second, on upgrades, obviously another strong quarter with record, I think, record-low upgrades. Given the AI phones coming out, in the second/third quarter, how do you expect that to trend, and what do you expect the impact to be on the financials of the wireless business as we look out into the second half?

其次，在升級方面，顯然又一個強勁的季度，我認為，升級創歷史新低。鑑於人工智慧手機將在第二/第三季問世，您預計其趨勢如何？ 展望下半年，您預計這將對無線業務的財務產生什麼影響？

Thank you, John. On the ACP, Tony will give you the details. But yes, we had some impact on the prepaid brand as was expected and also a little bit on Fios. Looking forward, I see this is a great opportunity, and 21 million people having ACP. The importance of mobility and broadband today is so important, and our offerings all the way from broadband with Verizon Forward, fixed wireless access, both very efficient.

謝謝你，約翰。關於 ACP，托尼將為您提供詳細資訊。但是，是的，正如預期的那樣，我們對預付費品牌產生了一些影響，對 Fios 也產生了一些影響。展望未來，我認為這是一個絕佳的機會，並且有 2100 萬人患有 ACP。如今，行動和寬頻的重要性是如此重要，我們的產品從寬頻到 Verizon Forward、固定無線接入，都非常有效率。

And then on the prepaid brands, I see that as an opportunity going forward, but some slight impact on volumes this quarter.

然後就預付費品牌而言，我認為這是一個未來的機會，但對本季的銷售產生了一些輕微影響。

On the upgrades, as you have seen, the upgrades has been little bit low for a while. It's two things. First of all, the quality of the phones has continued to go up. But secondly, I think, even more importantly, is the discipline that we have shown over the years, right? Now, I think for the last 1.5 years, how we do the promotions, how we look at the customer investment bucket and see that we're actually distributing our money. We're going to see what's going to happen in this cycle. I don't feel very worried about it. I feel that we are in a great position to handle it, and it's all in our guide what we are expecting. So I don't see any major things happening here. Tony?

在升級方面，正如您所看到的，升級有一段時間有點低了。這是兩件事。首先，手機的品質不斷提高。但其次，我認為，更重要的是，我們多年來所展現的紀律，對嗎？現在，我認為在過去的 1.5 年裡，我們如何進行促銷，我們如何看待客戶投資桶，以及我們如何實際分配我們的資金。我們將看看這個週期會發生什麼。我對此並不感到非常擔心。我覺得我們有能力處理這個問題，這一切都在我們的指南中，這是我們所期待的。所以我沒有看到這裡發生任何重大事情。托尼？

Yeah, thanks. Good morning, John. In terms of ACP updates, let me give you a couple of things here. So as we said previously, the majority of the ACP exposure is in our prepaid business. And as we said last time, we had about 1.1 million prepaid subs that benefited from the ACP program. In the quarter -- in the second quarter, we saw about 400,000 prepaid disconnects. There's minimal impact on the postpaid side, I think was part of your question. We saw some pressure in Fios in terms of gross add opportunity.

是的，謝謝。早安，約翰。關於 ACP 更新，我在這裡向您介紹一些內容。正如我們之前所說，大部分 ACP 風險來自於我們的預付費業務。正如我們上次所說，我們有大約 110 萬預付費訂閱者受益於 ACP 計劃。在第二季度，我們看到大約 40 萬次預付斷線。我認為這是您問題的一部分，對後付費方面的影響很小。我們看到 Fios 在總增加機會方面面臨一些壓力。

If we look ahead in the third quarter, we expect some disconnects in prepaid and a small number across other products. In terms of revenue, we also said that any impact that we would see, we'd see on service revenue up to [850 basis points] of headwind and we're tracking inside of that number right now. And even with the disconnects, the margin exposure from ACP was insignificant in the second quarter, so we'll continue to keep everyone updated as we progress here.

如果我們展望第三季度，我們預期預付費產品會出現一些脫節，其他產品也會出現少量脫節。在收入方面，我們還表示，我們將看到的任何影響，我們都會看到服務收入受到逆風影響高達 [850 個基點]，我們現在正在追蹤該數字。即使有脫節，第二季 ACP 的保證金風險也微不足道，因此我們將繼續向大家通報最新進展。

Perfect. Thanks, guys.

完美的。多謝你們。

Simon Flannery, Morgan Stanley.

西蒙‧弗蘭納裡，摩根士丹利。

Great, thank you very much. On fixed wireless, you talked about the strong momentum. You obviously have a lot of C-bands still to build out, will expand your addressable market. I guess you're going to hit the 4 million, the low end of your guide probably in the August timeframe. So help us think about what's the potential beyond the 4 million to 5 million, and when you can give us more clarity on your opportunity there? I think you've talked before about plenty of excess capacity.

太好了，非常感謝。在固定無線方面，您談到了強勁的勢頭。顯然，您還有很多 C 頻段需要構建，這將擴大您的潛在市場。我猜您可能會在 8 月的時間範圍內達到 400 萬，這是指南的最低值。那麼請幫助我們思考一下 400 萬到 500 萬之外的潛力是什麼，以及您什麼時候可以讓我們更清楚地了解您在那裡的機會？我想你之前已經談到大量的產能過剩。

And then there were media reports the other day about you looking potentially to monetize towers. Could you just talk about how you're thinking about tower sales or other real estate, other asset monetization? Thank you.

前幾天有媒體報導您有可能透過塔獲利。您能否談談您對塔樓銷售或其他房地產、其他資產貨幣化的看法？謝謝。

Thank you, Simon. On fixed wireless access, you're right to say that we have good momentum came into this quarter to 378,000 new net adds on fixed wireless access, doing strong both on consumer as well as on a business. And we are now expanding our C-band to suburban and rural, which is another type of opportunity, less penetrated but also more vastly distributed. So we are gearing for getting to our target between 4 million and 5 million fixed wireless access broadband customers. And as soon as we get there, we, as I said before, I will come back and see how we see the opportunity going forward. But clearly, we have great network that can ingest more customers over time. But let me come back on the exact details of that when we reach the target.

謝謝你，西蒙。在固定無線接取方面，您說得對，本季我們的固定無線接取淨增加量達到 378,000 個，在消費者和企業方面都表現強勁，勢頭良好。我們現在正在將 C 頻段擴展到郊區和農村，這是另一個機會，滲透率較低，但分佈也更廣泛。因此，我們正在努力實現 400 萬至 500 萬固定無線存取寬頻客戶的目標。正如我之前所說，一旦我們到達那裡，我就會回來看看我們如何看待未來的機會。但顯然，我們擁有強大的網絡，隨著時間的推移，可以吸引更多的客戶。但當我們達到目標時，讓我回顧一下具體細節。

On the towers, I mean, or any rumor, I wouldn't comment on any rumor. What you should know is that Tony and I are very committed to improve our cash flow. Whatever we can see to see that we optimize our assets, we will do that. But I have no comments on rumors in the market. But the focus on cash flow is extremely important because it goes straight into our capital priorities that we've been so focused on for the last couple of years, and we did, yet again, in this quarter good progress on them.

我的意思是，關於塔樓或任何謠言，我不會對任何謠言發表評論。你應該知道的是，我和托尼非常致力於改善我們的現金流。無論我們能看到什麼來優化我們的資產，我們都會這樣做。但對於市場傳言我不予置評。但對現金流的關注極為重要，因為它直接關係到我們過去幾年一直如此關注的資本優先事項，並且我們在本季度再次在這些方面取得了良好進展。

Thanks, Hans.

謝謝，漢斯。

Yeah, great. Thanks, Simon. Brad, we're ready for next question.

很好。謝謝，西蒙。布拉德，我們準備好回答下一個問題了。

Jim Schneider, Goldman Sachs.

吉姆·施奈德，高盛。

Good morning. Thanks for taking my questions. Two, If I may. First on broadband, could you comment on sort of the overall health of the broadband market that you're seeing? And then maybe any more quantitative guidance you give us on the amount of headroom you see in your overall network capacity relative to fixed wireless subscribers?

早安.感謝您回答我的問題。二、如果可以的話。首先關於寬頻，您能否評論一下您所看到的寬頻市場的整體健康狀況？然後，您可能會向我們提供更多關於您的整體網路容量相對於固定無線用戶的淨空量的定量指導嗎？

And then secondly on the wireless side, in terms of the service revenue growth, what's your level of confidence that you can drive more volume growth and still maintain the same level of pricing power over the next 12 months or so? And how do you expect that volume price split to work out for you over the next year or so?

其次，在無線方面，就服務收入成長而言，您對在未來 12 個月左右的時間內推動更多銷售成長並仍保持相同定價能力水準的信心程度如何？您預計在未來一年左右的時間裡，批量價格分割會對您產生怎樣的影響？

So on the broadband health, I think, again, we are between $375,000 to $400,000 net debts in broadband this quarter being it for quite a while, so we see it as very healthy. I think also we have a really good offering. And now, with myHome that we just announced, I think we're going to be even stronger on it, so we see it healthy. Of course, Fios is, by far, the best fiber product in the market. And then fixed wireless access, the differentiation of the product, how we deploy it, how the customer provision it is so different. And with all the streaming agreements we have right now, we can scale that horizontally to all our customers, so I see it is a very healthy business for us today.

因此，就寬頻健康狀況而言，我再次認為，本季我們的寬頻淨債務在 375,000 美元至 400,000 美元之間，並且已經持續了很長一段時間，因此我們認為它非常健康。我認為我們也提供了非常好的產品。現在，隨著我們剛剛宣布推出 myHome，我認為我們會變得更強大，因此我們看到它的健康發展。當然，Fios 是迄今為止市場上最好的纖維產品。然後固定無線接入，產品的差異化，我們如何部署它，客戶如何提供它是如此不同。透過我們現在擁有的所有串流媒體協議，我們可以將其水平擴展到所有客戶，所以我認為這對我們來說是一項非常健康的業務。

When it comes to our capacity on fixed wireless access, yet again, I mean, as we said, less than around 50% of all the traffic is now on C-band. So we have way to go, and we have deployed only portion. So as we deploy more, we, of course, open up more opportunities.

當談到我們的固定無線存取容量時，我的意思是，正如我們所說，現在所有流量的不到 50% 左右是在 C 頻段上。所以我們還有很長的路要走，而且我們只部署了一部分。因此，隨著我們部署更多，我們當然會開闢更多機會。

Finally, and maybe Tony has some addition, on the volume growth, I'm excited on what we've done in the consumer side with the myPlan and all the new innovations we've done with our customers and we see it resonates with the market. And clearly, quarter by quarter, we have improved both our revenue but also operation volumes on postpaid.

最後，也許托尼還有一些關於銷售成長的補充，我對我們在消費者方面透過 myPlan 所做的事情以及我們與客戶所做的所有新創新感到興奮，我們看到它與市場。顯然，每季我們的收入和後付費營運量都有所提高。

Prepaid, you saw it yourself; big step forward on prepaid this quarter. And then our business side, Kyle and the team has been now for, I'm not sure how many quarters, have been around 125 up to 150 net adds on wireless. So all in all, I see that -- with the offerings, so I put into the market the refresh of the brand that is supporting that. We are in a good position going into the second half of this year. Tony, any additions to that?

預付的，你自己看的；本季預付費方面向前邁出了一大步。然後我們的業務方面，Kyle 和他的團隊，我不確定多少個季度以來，無線網路淨增加量一直在 125 到 150 左右。總而言之，我透過產品看到了這一點，因此我將支持這一點的品牌更新投入市場。進入今年下半年，我們處於有利位置。托尼，還有補充嗎？

Yeah. Thanks, Hans. So very comfortable with the revenue guide for the year. As Hans said, the performance and execution is very much on track, and we continue to find a better balance of P&Q. And you see the progress on volumes, as Hans said, [B2] mobility and FWA.

是的。謝謝，漢斯。對今年的收入指南非常滿意。正如 Hans 所說，效能和執行都非常步入正軌，我們將繼續尋找 P&Q 更好的平衡點。正如 Hans 所說，你會看到數量上的進展，[B2] 移動性和 FWA。

And maybe just a few additional points to consider. First, we expect to see sequential growth in service revenue in the second half of the year. Also, I would say the year-over-year comps are a little more challenging in the second half as we lapped the pricing changes from 2023. The wild card obviously is the promotional environment and the level of upgrades. We'll have to see where that goes. But having said all that, the assumptions that we have in the service revenue guide have not changed.

也許還需要考慮一些額外的要點。首先，我們預計下半年服務收入將較上季成長。另外，我想說，下半年的同比比較更具挑戰性，因為我們經歷了 2023 年以來的定價變化。我們必須看看它會走向何方。但話雖如此，我們在服務收入指南中的假設並沒有改變。

So overall, we feel good about our revenue performance and the momentum in the business. And we're not going to get on '25 at this time, but I would tell you that those assumptions will carry forward as well.

總的來說，我們對我們的收入表現和業務勢頭感到滿意。我們現在不會進入 25 年，但我會告訴你，這些假設也將繼續下去。

Thank you.

謝謝。

Yeah. Thanks, Jim. Brad, we're ready for the next question.

是的。謝謝，吉姆。布拉德，我們準備好回答下一個問題了。

Sebastiano Petti, JPMorgan.

塞巴斯蒂亞諾·佩蒂，摩根大通。

Hi, thanks for taking the question. Just wanted to follow up on the 2024 consumer postpaid phone expectations to report positive net adds for the year excluding the second line. If you could perhaps maybe help us think about the pace or expectations for the second-line contribution in the back half of the year? Obviously, pretty healthy run rate here in the second quarter on a full quarterly basis relative to the first quarter. So just how should we think about that and in terms of trying to unpack the underlying benefit relative to the you know second-line benefit?

您好，感謝您提出問題。只是想跟進 2024 年消費者後付費電話的預期，報告今年不包括二線的淨增長。您是否可以幫助我們思考下半年二線貢獻的速度或預期？顯然，相對於第一季度，第二季度整個季度的運行率相當健康。那麼，我們應該如何考慮這一點，並嘗試解開相對於您所知道的二線益處的潛在益處呢？

And then Tony, another quick question, just helpful color there on service revenue expectations, quarterly growth over the balance of the year, but can you perhaps help us think about margins, obviously, decent -- nice growth here in the second quarter in business. How should we think about the contribution for perhaps from the HCLTech-managed services savings coming through?

然後托尼，另一個簡短的問題，只是對服務收入預期、今年剩餘時間的季度增長有所幫助，但你能否幫助我們考慮一下利潤率，顯然，不錯——第二季度業務增長良好。我們該如何看待 HCLTech 管理的服務節省所帶來的貢獻？

And I think you also mentioned there was a voluntary separation program in the market. I think we had seen headlines of that into the quarter. How should we think about maybe the contributions from those two items impacting margin and maybe EBITDA growth expectations, or how you're thinking about phasing of those in the back out? Thank you.

我想你也提到市場上有一個自願離職計劃。我想我們已經在本季度看到了這方面的頭條新聞。我們應該如何考慮這兩個項目對利潤率和 EBITDA 成長預期的貢獻，或者您如何考慮逐步取消這些項目？謝謝。

Thank you, [Anton], and Tony will give you the details. As we said before, I mean, the second-line offering is straight into our strategy. The strategy is to build the network once and have as many profitable connections on top of it in order to get the best return on invested capital. And you can see that it's really happening, and that's been a very big focus for us. Tony will give you some more details on how it looks in the second-half year.

謝謝你，[安東]，東尼會給你詳細資料。正如我們之前所說，我的意思是，二線產品直接納入我們的策略。該策略是建立一個網絡，並在其之上建立盡可能多的有利可圖的連接，以獲得最佳的投資資本回報。你可以看到這確實正在發生，這也是我們非常關注的焦點。托尼將為您提供有關下半年情況的更多詳細資訊。

On the programs of cost, we put in last year a couple of really large programs all the way from agreement with HL together with large customer care changes. Many of those are now coming into the base, and that's why you see the leverage. But we also have quite a lot of new things coming up. And as you rightfully mentioned, we have a voluntary separation program that is ongoing right now. We also have all the efficiencies with the AI that is coming through. And of course, we continue with our disciplined approach on investments. So all in all, there's more things to come, but we have gotten leverage from some of the things we did last year. Tony?

在成本計劃方面，我們去年實施了幾個非常大型的計劃，包括與 HL 達成協議以及大型客戶服務變更。其中許多人現在正在進入基地，這就是為什麼你看到了槓桿作用。但我們也有很多新事物即將出現。正如您正確提到的，我們目前正在實施一項自願離職計劃。我們也擁有透過人工智慧實現的所有效率。當然，我們將繼續採取嚴格的投資方法。總而言之，還有更多的事情要做，但我們已經從去年所做的一些事情中獲得了影響力。托尼？

Thanks. Hi, Sebastiano. On the second number, just a few points. Hans touched on this upfront, but this is great business for providing customers options and flexibility. It is a very profitable connection, and we would do it every day of the week. In terms of the market for this, we'll see how the TAM evolves. We share the gross add impact and you can assume some level of churn in the quarter.

謝謝。嗨，塞巴斯蒂亞諾。關於第二個數字，只有幾點。漢斯（Hans）預先談到了這一點，但這對於為客戶提供選擇和靈活性來說是一項偉大的業務。這是一個非常有利可圖的連接，我們一周中的每一天都會這樣做。就市場而言，我們將看看 TAM 如何發展。我們分享總增加影響，您可以假設本季會出現一定程度的流失。

Looking ahead, we expect less of a contribution from second number in the back half of the year. It's high-margin business comparable to ARPU Adeline offerings. you Know The ARPU is very good and very comparable to Adeline without the device subsidy. And as we said in the prepared remarks, we expect to have positive phone net adds in consumer for the year without the contribution from second number, and the results in the quarter reflect the strength of our core business.

展望未來，我們預計下半年第二個數字的貢獻將會減少。它的高利潤業務可與 ARPU Adeline 產品相媲美。你知道ARPU非常好，與沒有設備補貼的Adeline非常相似。正如我們在準備好的發言中所說，我們預計今年消費者的電話淨增長將在沒有第二個數字的貢獻的情況下實現，並且本季度的業績反映了我們核心業務的實力。

And then on your question on EBITDA and cost transformation, now, we're very comfortable with the EBITDA guidance. WE made a lot of progress. You saw the 80 basis points of margin expansion in the quarter. And the program, in terms of delivering cost transformation, is on track. Hans talked about some of the work we're doing, and we did last year with the customer care and with managed services. We have a lot of work going on right now between IT and real estate and network commissioning. In addition, Hans mentioned the voluntary separation program, and some of that savings will start manifesting in the back end of this year and into 2025.

關於您關於 EBITDA 和成本轉換的問題，現在，我們對 EBITDA 指導非常滿意。我們取得了很大進步。您看到本季利潤率擴大了 80 個基點。該計劃在實現成本轉型方面正在步入正軌。漢斯談到了我們正在做的一些工作，以及我們去年在客戶服務和託管服務方面所做的工作。目前，我們在 IT、房地產和網路調試方面正在進行大量工作。此外，漢斯還提到了自願離職計劃，其中一些節省將在今年年底和 2025 年開始顯現。

And then lastly, AI is an enabler of efficiencies. You can think about customer care. You can think about the personalization with myPlan, and we see efficiencies coming from there as well, but we're very much on track. We're operating differently, and we feel good about the progress on cost actions that are driving the improvements in EBITDA that you see in the first half of the year.

最後，人工智慧是效率的推動者。您可以考慮客戶服務。您可以考慮使用 myPlan 進行個人化，我們也看到了由此帶來的效率，但我們已經步入正軌。我們的營運方式有所不同，我們對成本行動的進展感到滿意，這些行動推動了今年上半年 EBITDA 的改善。

Great. Thank you for the question.

偉大的。感謝你的提問。

Yeah, thanks, Sebastian. Brad, ready for the next question, please.

是的，謝謝，賽巴斯蒂安。布拉德，請準備好回答下一個問題。

Michael Rollins, Citi.

麥可羅林斯，花旗銀行。

Thanks and good morning. Curious on the pricing front, where does, in wireless postpaid, the back book sit on average relative to your front book offers? And do you think that pricing environment in the postpaid wireless category can start to look more like fixed broadband or the video product categories where those products have tended to see some kind of pricing action on a somewhat annual basis?

謝謝，早安。對定價方面感到好奇，在無線後付費中，相對於前面的預訂報價，後面的預訂平均處於什麼位置？您是否認為後付費無線類別的定價環境可能會開始變得更像固定寬頻或視訊產品類別，這些產品往往每年都會出現某種定價行為？

Thank you, Mike. I think in general, when we see the value accretion we've done recently very much about new offerings to see that our customers are getting more value from the offerings we have. We have done some price adjustments in historically. I think that Sampath, in the consumer side, have said that he would get better balance between volume and value increase increases, so that's what you see right now.

謝謝你，麥克。我認為總的來說，當我們看到我們最近在新產品上所做的價值增值時，我們會看到我們的客戶從我們擁有的產品中獲得更多價值。我們歷史上曾做過一些價格調整。我認為消費者方面的薩姆帕斯已經說過，他會在銷售和價值增長之間取得更好的平衡，所以這就是你現在看到的。

And then on the business side, we have constantly done a great job. I mean, Kyle and his team has constantly continue, with a really high market share, continue to gain in every area like government, large enterprises, and SMBs. So in the quarter, you saw that the offerings we're doing with myHome and additions on myPlan, and of course, with also the new offering in business, Business Complete, which is a new way to serve our SMBs. All of them are accretive in value, but also giving our customer better services. So that's how we continue to work when we are in sort of the third phase of wireless, where wireless is so important for our customers, and we see it also as an opportunity with the largest direct-to-consumer business in the country to actually add support with them with new services and layering on. Tony?

然後在業務方面，我們一直做得很好。我的意思是，凱爾和他的團隊不斷繼續以非常高的市場份額在政府、大型企業和中小企業等各個領域不斷獲得收益。因此，在本季度，您看到了我們在 myHome 上提供的產品和 myPlan 上的新增功能，當然，還有新的業務產品 Business Complete，這是為我們的中小型企業提供服務的新方式。所有這些都增加了價值，同時也為我們的客戶提供了更好的服務。因此，當我們處於無線第三階段時，這就是我們繼續工作的方式，無線對我們的客戶非常重要，我們也將其視為該國最大的直接面向消費者業務的一個機會通過新服務和分層增加對他們的支持。托尼？

Yeah, just a couple of other things to add. I mean, as we set up front, we said we need to find a better balance of P&Q in 2024, and we're doing that. We're very confident, Mike, in our back book. We've been very consistent, as Hans said, about evaluating pricing opportunities, aligning the price with the value proposition for customers. We did take pricing actions in the first half of the year that provided good tailwind to service revenues, and those pricing actions were contemplated in the guide. But it wouldn't be appropriate to comment on what we might do in the future.

是的，還有幾件事要補充。我的意思是，正如我們一開始所說的，我們需要在 2024 年找到更好的 P&Q 平衡，我們正在這樣做。麥克，我們對我們的舊書非常有信心。正如漢斯所說，我們在評估定價機會、使價格與客戶的價值主張保持一致方面一直非常一致。我們確實在上半年採取了定價行動，為服務收入提供了良好的推動力，這些定價行動也在指南中得到了考慮。但對我們未來可能會做的事情發表評論是不合適的。

Yeah, thanks.

是的，謝謝。

Thanks, Mike. Brad, we're ready for the next question.

謝謝，麥克。布拉德，我們準備好回答下一個問題了。

David Barden, Bank of America.

大衛巴登，美國銀行。

Hey, guys. Thanks so much. So, Tony, you guys have had, real demonstrable success on the P side of the equation, and it helped lead the industry upward. Can we talk a little bit more about the Q, the account -- the number that you reported this quarter, I think it's the lowest that we've seen since the data I have going back to like 2016. And so the way that the queue is growing is by kind of a shrinking number of accounts, but putting more and more into those accounts. I'm guessing the second-line strategy is one of those strategies, but can you talk a little bit about what kind of duration durability this approach to growth has, or do we need to see accounts grow in order to believe that Verizon is really on the right growth path? Thanks.

大家好。非常感謝。所以，托尼，你們在等式的 P 方面取得了真正明顯的成功，並且它幫助引領了行業的發展。我們能否多談談 Q、帳戶——你們本季度報告的數字，我認為這是自我回顧 2016 年數據以來我們看到的最低數字。越來越多。我猜二線策略就是其中之一，但是您能否談談這種成長方法的持續時間是多少，或者我們是否需要看到客戶成長才能相信 Verizon 真的是走在正確的成長道路上嗎？謝謝。

Hi, Dave. Good morning. So look, as we said before, finding the right balance of P&Q, and I think you've heard Sampath and I talked about something like 80 to 20 price volume mix. Last year was more like 100. So clearly making progress on that. And keep in mind we have a very high-quality customer base. And we see it in the results quarter after quarter. And I think you see the momentum in both gross adds and in net adds in the quarter, and it's very high-quality growth, both on the consumer and the business side. Business had a very strong quarter as well on volumes. And you also see the growth in fixed wireless access. We did 378,000 fixed wireless access net adds that continue to provide a tailwind the service revenue. So we're trying to find that right balance of P&Q, and I think the results reflect that.

嗨，戴夫。早安.因此，正如我們之前所說，找到 P&Q 的正確平衡，我想您已經聽過 Sampath 和我談到 80 到 20 的價格數量組合。去年大約是 100。請記住，我們擁有非常高品質的客戶群。我們在一個又一個季度的業績中看到了這一點。我認為您可以看到本季總增加和淨增加的勢頭，無論是在消費者方面還是在企業方面，這都是非常高品質的成長。本季的業務表現也非常強勁，銷售也非常強勁。您還可以看到固定無線存取的成長。我們增加了 378,000 個固定無線存取網絡，繼續為服務收入帶來推動力。因此，我們正在努力找到 P&Q 的正確平衡，我認為結果反映了這一點。

Brad, ready for the next question.

布拉德，準備好回答下一個問題。

Peter Supino, Wolfe Research.

彼得‧蘇皮諾，沃爾夫研究中心。

Morning. Thanks. A question about capital allocation. As we approach 2025 and your leverage target, I'm wondering how you would encourage us to think or how you do think about the possibility of building more fiber, an opportunity costing that against share repurchases. I wonder how you think about the returns on each of those projects. And separately, to the extent that capital is scarce, is there an argument for maintaining the leverage at a constant level and doing more of both? Thank you.

早晨。謝謝。關於資本配置的問題。當我們接近 2025 年和您的槓桿目標時，我想知道您會如何鼓勵我們思考，或者您如何考慮建造更多光纖的可能性，這是一個相對於股票回購而言成本高昂的機會。我想知道您如何看待每個項目的回報。另外，在資本稀缺的情況下，是否有理由將槓桿維持在恆定水平並在兩者上採取更多措施？謝謝。

Hey, Peter. When it comes to capital allocation, priorities haven't changed. I mean, first of all, we put them on in the business. And this year, we have the guide between $17 billion and $17.5 billion. So -- but of course, if we see opportunities to gain more revenue and grow business, we will always look into the business side.

嘿，彼得。在資本配置方面，優先事項並沒有改變。我的意思是，首先，我們將它們投入到業務中。今年，我們的指導金額在 170 億至 175 億美元之間。因此，當然，如果我們看到獲得更多收入和發展業務的機會，我們將始終關注業務方面。

Secondly, the dividend is very important, and we have now been growing our dividend for 17 consecutive quarters. And Tony and my job [years], not quarters. And Tony and I are committed to continue to put the Board in a position to do that. Then you see on our pay ratio, we're well inside that ratio are doing well, and then we're paying down our debt. We've paid down this quarter. Second half will only continue with that. We will not consider any conversation about buybacks until we get the 2025. And often that, there's a lot of factors in the market, the priorities, but also where is the interest rates, what is the share price, and all of that. So let us focus on the priority and that we have said, and that's how we want to continue for the next foreseeable future.

其次，股利非常重要，我們現在已經連續17個季度增加股利。東尼和我的工作[年]，而不是季度。東尼和我致力於繼續讓董事會能夠做到這一點。然後你會看到我們的薪酬比率，我們在這個比率內做得很好，然後我們正在償還我們的債務。我們這個季度已經還清了尾款。下半場只會繼續這樣。在我們到達 2025 年之前，我們不會考慮任何有關回購的討論。因此，讓我們把重點放在我們已經說過的優先事項上，這就是我們希望在下一個可預見的未來繼續下去的方式。

Thanks, Peter. Brad, ready for the next question.

謝謝，彼得。布拉德，準備好回答下一個問題。

Craig Moffett, MoffettNathanson.

克雷格·莫菲特，莫菲特·內桑森。

Hi. I want to return to the upgrade cycle. Apple is obviously betting that they can drive a significant upgrade cycle with AI. I wonder if you could just talk about the percentage of phones in your base that are, I believe Apple's requirement will be 8 gigabytes of RAM, and meaning, it's going to be the iPhone 15 Pro or Pro Max. What percentage of your phones are already of that level, and how many would presumably require upgrades? And then how you just -- how you think about how quickly that upgrade cycle comes and what that might mean in terms of the costs and margins for your wireless business?

你好。我想回到升級週期。蘋果顯然押注他們可以透過人工智慧推動重大升級週期。我想知道你是否可以談談你的手機中的百分比，我相信蘋果的要求將是 8 GB RAM，這意味著它將是 iPhone 15 Pro 或 Pro Max。您的手機中有多少百分比已經達到該級別，有多少可能需要升級？然後，您如何考慮升級週期的速度以及這對您的無線業務的成本和利潤可能意味著什麼？

Thank you, Craig. I don't have the exact number, but I know that we have a fair amount of new phones, of course, in the base because with our high-quality customer base on postpaid, many of our customers are already on later versions of the phones.

謝謝你，克雷格。我沒有確切的數字，但我知道我們有相當數量的新手機，當然，在基地，因為我們有高品質的後付費客戶群，我們的許多客戶已經在使用更高版本的手機電話。

Again, looking into this cycle, I mean, of course, we're going to see some excitement around AI. I don't think that it's going to be in a particular at this time; it will be over timing maybe. We are very disciplined model one comes to approach segmentation for promotion, et cetera, and we will stick to that. We believe that we have such a great network, great offerings, so we can actually manage that, and we will continue to do so.

再次，回顧這個週期，我的意思是，我們當然會看到一些圍繞人工智慧的令人興奮的事情。我認為目前這不會是一個特定的情況；也許會超時。我們是一個非常有紀律的模型，我們會進行細分以進行促銷等，我們將堅持這一點。我們相信，我們擁有如此出色的網路和出色的產品，因此我們實際上可以管理這些，並且我們將繼續這樣做。

And then talking about AI, I mean, I think where I'm most excited is, of course, that we have built so to the Verizon Intelligent Edge network, which will be the backbone for the gen AI economy because you're going to have a lot of more compute storage at the edge of the network, and that's how we built the network already from 2018, with fiber to all our main hubs and between our main SAP centers. And then on top of that, we're cooling and power at those edges, and I think as we go from the LLMs and we go into sort of doing commercial products for enterprises. Our network is set up for that, and so I'm very excited for that opportunity going forward together with private networks. So there's a lot of things coming into gen AI devices or efficiencies, but also business opportunity for us when it comes to AI.

然後談到人工智慧，我的意思是，我認為最令我興奮的地方當然是我們已經為 Verizon 智慧邊緣網路建立了人工智慧，這將成為新一代人工智慧經濟的支柱，因為你將在網路邊緣擁有更多的計算存儲，這就是我們從2018 年開始構建網絡的方式，通過光纖連接到我們所有的主要樞紐以及主要SAP 中心之間。最重要的是，我們在這些邊緣進行冷卻和供電，我認為當我們從法學碩士畢業後，我們將開始為企業提供商業產品。我們的人脈就是為此而建立的，因此我對與專用網路一起前進的機會感到非常興奮。因此，新一代人工智慧設備或效率方面有很多變化，而且在人工智慧方面也為我們帶來了商機。

Great. Thanks, Craig. Brad, ready for the next question.

偉大的。謝謝，克雷格。布拉德，準備好回答下一個問題。

Frank Louthan, Raymond James.

弗蘭克·勞森，雷蒙德·詹姆斯。

Great, thank you. To what extent do you think that fixed mobile conversion will be more of the norm in the US? And given your smaller wireline footprint, do you think you need to expand your fiber to the home assets or how would you address that? And then, want to clarify the target leverage you're looking for, is that 2.2 times total leverage or 2.2 times unsecured? Thanks.

太好了謝謝。您認為固定移動轉換在美國會在多大程度上成為常態？鑑於您的有線足跡較小，您認為您是否需要將光纖擴展到家庭資產，或者您將如何解決這個問題？然後，想弄清楚您正在尋找的目標槓桿是總槓桿的2.2倍還是無抵押的2.2倍？謝謝。

On the mobile convergence, fixed mobile convergence, we see some uptick on that. As I said before, we will follow the customers. We have always economics on wireless and on broadband, and we will see that. If our customer wants to have a converged product, we will do that.

在移動融合、固定移動融合方面，我們看到了一些上升。正如我之前所說，我們將跟隨客戶。我們始終關注無線和寬頻的經濟效益，我們將會看到這一點。如果我們的客戶想要擁有融合產品，我們就會這麼做。

I don't believe in sort of discounting products to get there, but, of course, our efficiency, if one customer have both mobility and broadband from us, and we will see that we share that with our customers as an opportunity. So I don't think we're going to see the European levels here because of the nature of the market. But as we move further into convergence, we will be very well-positioned with the products we have. Tony, on the leverage?

我不相信某種折扣產品可以實現這一目標，但是，當然，我們的效率，如果一個客戶同時擁有我們的移動性和寬頻，我們將看到我們與客戶分享這一機會。因此，由於市場的性質，我認為我們不會在這裡看到歐洲的水平。但隨著我們進一步走向融合，我們將憑藉我們擁有的產品處於有利地位。托尼，槓桿作用？

Yeah. Frank, on the leverage metric, the long-term goal is 1.75 to 2 times on the unsecured. And then we said we would consider buybacks when we got to 2 in the quarter, again, unsecured.

是的。 Frank，就槓桿指標而言，長期目標是無抵押債券的 1.75 至 2 倍。然後我們說，當我們在本季度達到 2 倍時，我們將考慮回購，同樣是無擔保的。

Okay, great. Thank you.

好的，太好了。謝謝。

Yeah. Thanks, Frank. Brad, ready for the next question.

是的。謝謝，弗蘭克。布拉德，準備好回答下一個問題。

Tim Horan, Oppenheimer.

提姆霍蘭，奧本海默。

Hey, guys. Focusing back on the network, I know the C-band initial deployments were just for a portion of the spectrum and they weren't used in the full range of technologies, and I know you've said 60%. Can you talk about where are you with kind of upgrading to the entire C-band level spectrum into massive MIMO and also the standalone?

大家好。回到網絡，我知道 C 頻段最初的部署只是針對頻譜的一部分，它們並沒有用於全部技術，而且我知道您說過 60%。您能否談談將整個 C 頻段頻譜升級為大規模 MIMO 以及獨立系統的進度？

And kind of related to this, I know you saw some major network improvements with the initial upgrades or build out to C-band. Can you talk about what you're seeing when you go back with the second upgrade? And I have a follow-up on what you do with AI. Thank you.

與此相關的是，我知道您在初始升級或建置到 C 頻段時看到了一些重大網路改進。你能談談當你第二次升級回來時看到了什麼嗎？我對你們在人工智慧方面所做的事情有後續報導。謝謝。

Thank you. On the C-band, you're right. We're almost have now 50% of our traffic on the C-band, but we still have some deployment to be done in suburban and rural. Many of those sites are prepared for it, so we're just rolling out as we speak right now. So we're going to see that continue.

謝謝。在C波段，你是對的。現在我們幾乎 50% 的流量都在 C 頻段上，但我們仍然需要在郊區和農村進行一些部署。其中許多網站都已為此做好了準備，因此我們現在才剛剛推出。所以我們將看到這種情況繼續下去。

Joe and his team in network and technology, very much focused on customer satisfaction when it comes to the rollout and revenue generation right now; that's the main focus. Why wouldn't -- the same trend as we saw in the beginning where we have better upgrades, lower churn, whereas C-band, and of course also, getting fixed wireless access opportunity and same goes for when we are enhancing or continuing to new areas.

Joe 和他的網路和技術團隊在目前的推出和創造收入方面非常關注客戶滿意度；這是主要焦點。為什麼不呢——與我們一開始看到的趨勢相同，我們有更好的升級，更低的客戶流失，而 C 頻段，當然還有獲得固定無線接入機會，當我們增強或繼續新領域。

Secondly, you asked about all the new features coming in five-year advanced with (inaudible) [massive mind], all of that is just expanding our capacity and bringing even more opportunities for us, for revenue, and seeing that we create customer expectations on the best network in the nation. And that's just -- we're just in the beginning of that, so I'm very pleased with. I see the team is running as fast as we can, and we get good feedback on C-band. Tony?

其次，您詢問了五年後（聽不清楚）[巨大的頭腦]推出的所有新功能，所有這些都只是擴大我們的能力，為我們帶來更多機會，增加收入，並看到我們創造客戶期望在全國最好的網絡上。這只是——我們才剛開始，所以我對此非常滿意。我看到團隊正在盡可能快地運行，並且我們在 C 頻段上得到了很好的回饋。托尼？

Yeah, thanks, Hans. So just a couple of other points. On C-band, we're seeing good improvements in churn, 3 basis points. On gross adds, we see about 9 basis points gross adds strengthen. As we deploy suburban and rural, gross adds are up threefold in those markets. And then premium mix continues to be stronger as well of about 10%. And we do have, now at this point, nearly 60% of our plant sites are now deployed with C-band. So we've been making really good progress.

是的，謝謝，漢斯。所以還有其他幾點。在 C 波段，我們看到客戶流失率得到了很好的改善，提高了 3 個基點。就總增加而言，我們預計總增加將增強約 9 個基點。當我們部署郊區和農村時，這些市場的總增加量增加了三倍。然後溢價組合也繼續走強，約 10%。目前，我們確實有近 60% 的工廠站點部署了 C 頻段。所以我們已經取得了非常好的進展。

And I'm assuming you need standalone to enable some of these AI/MEC applications you're talking about. And I could be wrong about that, but any upgrade down the timing of when standalone gets deployed nationwide? And do you have any of these AI/MEC applications that are up and running now? Thanks.

我假設您需要獨立啟用您正在談論的一些 AI/MEC 應用程式。我的想法可能是錯的，但是有任何升級可以縮短獨立部署在全國範圍內的時間嗎？現在您有任何已啟動並運行的 AI/MEC 應用程式？謝謝。

We can do mobile-edge compute without [the SA]. We have done that for five years. Then there are some efficiencies on specially private networks and deployment with SA. But again, you need the full ecosystem all the way from the devices and the network features and the core in order to do that. So it's a little bit of a holistic thinking. Again, when we work it, but we can already deliver that right now.

我們可以在沒有[SA]的情況下進行移動邊緣運算。我們這樣做已經五年了。然後，在特殊專用網路和 SA 部署上會提高一些效率。但同樣，為了做到這一點，您需要從設備、網路功能到核心的完整生態系統。所以這是一個整體性的思考。再說一次，當我們工作時，我們現在已經可以交付了。

When it comes to gen AI in non-mobile-edge compute, that we don't we don't have that to our customers right now. But the conversation with many of both the cloud players as well as enterprises of doing that when they have commercial products and not only training large language modules. And that's how we designed our network. So that's why I'm excited of it.

當談到非行動邊緣運算中的新一代人工智慧時，我們目前還沒有為客戶提供這項服務。但與許多雲端玩家和企業的對話是，當他們擁有商業產品時，他們會這樣做，而不僅僅是訓練大型語言模組。這就是我們設計網路的方式。這就是我對此感到興奮的原因。

At the same time, we already have four gen AI products in the market that is deployed on 40,000 agents, solar stores, et cetera, personalization, more efficiency for customers and the employee experience. And we see a great opportunity for that. So there are multiple opportunities with AI for us, and we have been on to it for a long time.

同時，我們已經在市場上擁有四代人工智慧產品，部署在40,000個代理商、太陽能商店等上，為客戶提供個人化、更高的效率和員工體驗。我們看到了一個很好的機會。因此，人工智慧對我們來說有很多機會，而且我們已經抓住它很久了。

Great. Thank you.

偉大的。謝謝。

Thanks, Tim. Brad, ready for the next question.

謝謝，蒂姆。布拉德，準備好回答下一個問題。

Walter Piecyk, LightShed.

沃爾特·皮西克，LightShed。

Thanks. Tony, I think in the prepared remarks, you referenced voluntary separation program in June. I wonder if you can give us a sense of, I mean, I know you've done these in the past, potential EBITDA benefit. And just remind us, is this -- does this result like in, I guess, one-time charges relative to the severance or the separation payments that are made and just kind of quantify that a bit, if you can?

謝謝。東尼，我想在準備好的發言中，您提到了六月的自願離職計劃。我想知道您能否讓我們了解一下，我的意思是，我知道您過去已經做過這些，潛在的 EBITDA 收益。請提醒我們，我想，這是否會導致與遣散費或離職金相關的一次性費用，如果可以的話，只是稍微量化一下？

Sure. Hi, Walt. So a couple of things. We announced the program in early June for a portion of our workforce. The process is not going to be fully completed until the back end of August. So I don't have numbers at this point. It was contemplated in their full-year guide, and we do expect to see savings towards the back end of 2024 and into 2025. And we'll come back with disclosures on the program once it's finalized. We'll file an 8-K similar to how we did it last time.

當然。嗨，沃特。有幾件事。我們在六月初宣布了針對部分員工的計畫。過程要到八月底才能完全完成。所以我現在沒有數字。他們的全年指南中對此進行了考慮，我們確實預計在 2024 年底和 2025 年之前會實現節省。我們將像上次一樣提交 8-K。

Okay. And then, Hans, wholesale revenue looks like, and we know who the principal driver of that is. It seemed like that was kind of strong this quarter sequentially. I don't know if there's some seasonality there. I'm looking last year and the year before, it doesn't seem like that. So is this a good thing or a bad thing? Obviously, because it could imply stronger growth at a wholesale customer at the expense of your retail business.

好的。然後，漢斯，批發收入看起來像，我們知道誰是其主要驅動力。本季的情況似乎連續強勁。不知道有沒有季節性。我看了去年和前年的情況，好像不是這樣。那麼這是好事還是壞事呢？顯然，因為這可能意味著批發客戶的成長會更加強勁，而犧牲零售業務。

And just, can you give us a sense in general of your outlook for that line? There's been some discussion and debate about other offloading activities can occur for that customer. So just, if you can comment on the quarter and just generally your outlook for wholesale in terms of a component of your sectors of growth, like how important is wholesale in terms of meeting the growth targets that you've promised the Board?

只是，您能給我們介紹一下您對該系列產品的整體看法嗎？關於該客戶可能發生的其他卸載活動存在一些討論和爭論。那麼，如果您能評論一下本季以及您對批發業務成長部門的整體前景，例如批發業務在實現您向董事會承諾的成長目標方面有多重要？

I don't have any comments on the quarter or the numbers. You know, we try to have our Chinese walls here, so I don't have it. But in general, we see this partnership has imported enterprise customers and it goes back to the strategy we have. Meaning, we build the networks once, and we have want to have as many profitable connections on top of the network in order to get the best return on invested capital. So that's where we are, and we have a good relationship with them, customers and where many of them, and it will continue. Tony?

我對這個季度或數字沒有任何評論。你知道，我們試圖在這裡建立中國牆，所以我沒有。但總的來說，我們看到這種合作關係引入了企業客戶，這又回到了我們的策略。這意味著，我們一旦建立了網絡，我們就希望在網路之上擁有盡可能多的有利可圖的連接，以便獲得最佳的投資回報。這就是我們現在的處境，我們與他們、客戶以及他們中的許多人保持著良好的關係，而這種關係將會繼續下去。托尼？

Yeah. Look, I mean, it's very profitable business, as Hans said, and it is a great contribution to revenue and EBITDA and consistent with the strategy to monetize the network. And we're very comfortable with the arrangements we have, but that's as far as we can go.

是的。聽著，我的意思是，正如漢斯所說，這是一項非常有利可圖的業務，它對收入和 EBITDA 做出了巨大貢獻，並且與網路貨幣化策略相一致。我們對現有的安排感到非常滿意，但這就是我們所能做到的。

Then just ask one related, but kind of high-level question. There's been some reports of T-Mobile doing some additional fiber asset joint partnerships. If the administration changes, maybe there's opportunities for some additional vertical integration. But I guess the big question is, at least from me, how important is it in the long term for you to have a vertical solution for customers, meaning that the consumer can buy their home broadband and their wireless service from you, and/or -- and if you're not doing that, obviously, outside of the Fios markets, is that a risk if others put together that vertical solution?

然後問一個相關的但高級的問題。有報告指出 T-Mobile 正在進行一些額外的光纖資產聯合合作夥伴關係。如果政府發生變化，也許有機會進行一些額外的垂直整合。但我想，至少對我來說，最大的問題是，從長遠來看，為客戶提供垂直解決方案有多重要，這意味著消費者可以從您那裡購買家庭寬頻和無線服務，和/或— —如果你不這樣做，顯然，在Fios 市場之外，其他人整合垂直解決方案是否會存在風險？

We are well-positioned in that area. And again, if the market goes convergence between mobility and broadband, we will be there to serve our customers either with Fios or fixed wireless access. And right now, that's working really good for us. So we're happy with our assets we have and how we're deploying them right now. We're looking into how we continue to meet our customer demands. And now, we're also launch, as we saw in the quarter on the consumer side, myHome, where we have all the benefits we have from myPlan were moving over to myHome. So I feel good about what our consumer division is doing on broadband and mobility at the moment with the product. We are number one in the market, so we just need to continue to keep the lead and continue to keep innovating. And I feel good about the consumer team doing that.

我們在該領域處於有利地位。同樣，如果市場在行動性和寬頻之間融合，我們將透過 Fios 或固定無線存取為客戶提供服務。現在，這對我們來說非常有效。因此，我們對我們擁有的資產以及我們現在如何部署它們感到滿意。我們正在研究如何繼續滿足客戶的需求。現在，正如我們在本季在消費者方面看到的那樣，我們也推出了 myHome，我們從 myPlan 獲得的所有好處都轉移到了 myHome。因此，我對我們的消費者部門目前在寬頻和行動產品方面所做的工作感到滿意。我們是市場第一，所以我們只需要繼續保持領先並不斷創新。我對消費者團隊這樣做感到滿意。

Thank you.

謝謝。

Yes. Thanks, Walt. Brad, we're ready for the next question.

是的。謝謝，沃爾特。布拉德，我們準備好回答下一個問題了。

Sam McHugh, BNP Paribas.

薩姆·麥克休，法國巴黎銀行。

Yeah. Good morning, guys. Two quick questions. In the last few years, you've gone through quite a big reinvestment phase, I guess, in the consumer division with the launch of myPlan, the refresh of the plan this quarter. As we lookout kind of the next two or three years and take a big step back, should we think you're now at a place where EBITDA can sustainably grow ahead of service revenues? Yes, that's question one.

是的。早上好傢伙。兩個簡單的問題。我想，在過去的幾年裡，隨著 myPlan 的推出（本季該計畫的更新），您在消費者部門經歷了相當大的再投資階段。當我們展望未來兩三年並退一步時，我們是否應該認為您現在的 EBITDA 可以持續成長超過服務收入？是的，這是問題一。

And the second part, just a clarification. Tony, you mentioned something about 2H wireless service revenue trends versus the first half?

第二部分只是一個澄清。 Tony，您提到了與上半年相比的 2H 無線服務收入趨勢？

When it comes to continue to have leverage on our EBITDA together with our service revenue, I think it's clear for us that the KPIs that we are measured on as a management team and me, myself, is on the growth on the service revenue, wireless service revenue expansion, as well EBITDA and cash flow, and that's how we work is holistically. So yes, we -- our goal is to see that we have the leverage on our service revenue growth right now. We have great product. We work with efficiency. That, of course -- there, of course, pressures in our business as any business, but that's what we strive for. But we don't guide for '25 or something like that at this moment; we'll come back on that. But our work and our KPIs are set up for that. Tony?

當談到繼續利用我們的 EBITDA 和服務收入時，我認為我們很清楚，作為管理團隊和我本人衡量的 KPI 是服務收入、無線業務的成長服務收入擴張，以及EBITDA 和現金流，這就是我們整體的工作方式。所以，是的，我們的目標是看到我們現在對服務收入成長有影響力。我們有很棒的產品。我們有效率地工作。當然，與任何企業一樣，我們的業務當然也存在壓力，但這就是我們努力的目標。但目前我們不提供 25 歲或類似的指南；我們會回來討論這一點。但我們的工作和 KPI 就是為此而設定的。托尼？

Thanks. Hi, Sam. So on the service revenue for the second half, what we said is we expect to see sequential growth in service revenue second half. And what we talked about the assumptions that we had in the guide, we said, look, we had pricing actions that we've already taken, and you see that well over $1 billion. We also said we have an improving volume profile in consumer, and you see that progress.

謝謝。你好山姆。因此，關於下半年的服務收入，我們所說的是，我們預計下半年服務收入將較上季成長。我們談到了指南中的假設，我們說，看，我們已經採取了定價行動，你會看到遠遠超過 10 億美元。我們也表示，我們的消費者數量有所改善，您可以看到這一進展。

Fixed wireless access continues to scale, and we have over $500 million now in fixed wireless access revenue on a run rate of over $2 billion, and that base of business continues to grow. We also said we had headwinds in prepaid and that's improving, and we can -- we'll see that improving as time goes on and then amortization. And the problem with discipline continues to be encouraging. And we say we see similar level year over year. So those assumptions haven't changed, and we feel really good about the performance on service revenue and the momentum we have in the business heading into the second half.

固定無線存取不斷擴大，目前我們的固定無線存取收入已超過 5 億美元，運作率超過 20 億美元，而且業務基礎仍在持續成長。我們也表示，我們在預付費方面遇到了阻力，但這種情況正在改善，我們可以——隨著時間的推移，我們會看到這種情況有所改善，然後進行攤銷。紀律問題仍然令人鼓舞。我們說我們每年都看到相似的水平。因此，這些假設沒有改變，我們對服務收入的表現以及進入下半年的業務動能感到非常滿意。

Awesome. Thanks, Tony.

驚人的。謝謝，托尼。

Great. Thanks, Sam. Brad, we have time for one last question, please.

偉大的。謝謝，山姆。布拉德，我們有時間回答最後一個問題。

Bryan Kraft, Deutsche Bank.

布萊恩·克拉夫特，德意志銀行。

Thanks. Good morning. I have one for Tony and one for Hans. Tony, regarding free cash flow, it's up, I think, about 12% year over year in the first half. Do you anticipate being able to grow free cash flow this year or is the year-to-date growth we've seen more function of favorable timing in the first half with higher CapEx and working capital usage coming in the second half?

謝謝。早安.我有一張給東尼，一張給漢斯。東尼，關於自由現金流，我認為上半年同比增長了約 12%。您是否預計今年能夠增加自由現金流，或者我們看到的今年迄今的增長更多是由於上半年的有利時機，下半年資本支出和營運資金使用量增加？

And then Hans, you had talked quite a bit about Verizon's strong position for AI and enterprise. Is there anything you can share on what you're seeing in 5G enterprise adoption? And also, in the sales pipeline activity that you're seeing? Thank you.

然後 Hans，您多次談到了 Verizon 在人工智慧和企業領域的強勢地位。關於 5G 企業採用的情況，您有什麼可以分享的嗎？另外，在您看到的銷售通路活動中？謝謝。

I thought with the first one, and then I can hand it over to Tony on the cash flow. Yes, what we see is private networks continue to grow in volume, which is a prelude. You start with the private network, then you start adding on applications on it. And of course, ultimately, you put in mobile-edge compute. We have all that set up since 2018/2019, and we start seeing more and more business case for logistics centers for factories, et cetera, where we can do it. And then gen AI will only sort of capitalize that and do it even faster. That's going to take some time because right now, many corporation enterprises are in the learning process, meaning the training, the datasets, so it's going to take some time. But I don't think that anyone is even close to being as well-positioned as we are in gen AI and the gen AI economy, both for taking advantage of the deficiency wise internally, but definitely from a revenue point of view all the time.

我想了第一個，然後我就可以把現金流交給東尼了。是的，我們看到的是專用網路的數量持續成長，這是一個前奏。您從專用網路開始，然後開始在其上新增應用程式。當然，最終，您會投入移動邊緣運算。自 2018/2019 年以來，我們已經完成了所有這些工作，我們開始看到越來越多的工廠物流中心的業務案例等，我們可以在其中做到這一點。然後，人工智慧只會在某種程度上利用這一點，而且做得更快。這將需要一些時間，因為現在許多企業都處於學習過程中，這意味著培訓、資料集，所以這將需要一些時間。但我認為沒有人能像我們在新一代人工智慧和新一代人工智慧經濟中處於有利地位，這不僅是為了利用內部的缺陷，而且絕對是從收入的角度來看。

Thanks. Hi, Bryan. So on free cash flow, overall, the cash generation of the business continues to be very strong, and the first half of the year free cash flow was $8.5 billion, up 7%. And we were able to grow cash flow in the second quarter even with an incremental $1.7 billion in cash taxes. And as we said in April, we expect free cash flow to have a similar shape to last year and built throughout the year. And we still see the same puts and takes on free cash flow for the full year as we described back in January within that framework. We see slightly more incremental pressure from cash taxes and offsetting that as the lower upgrades, and we'll have to see where that goes. But overall, the strong position and cash flow puts us in a position to pay down debt in the second half of 2024, and we're on track to do so.

謝謝。嗨，布萊恩。因此，在自由現金流方面，總體而言，該業務的現金產生能力仍然非常強勁，上半年自由現金流為85億美元，成長了7%。即使現金稅增加了 17 億美元，我們第二季的現金流仍能成長。正如我們在 4 月所說，我們預計自由現金流將與去年相似，並且全年都會增加。我們仍然看到全年的自由現金流與我們在一月份在該框架內描述的相同。我們看到現金稅帶來的增量壓力略有增加，並隨著升級的降低而抵消了這種壓力，我們必須看看這種壓力會走向何方。但總體而言，強勁的地位和現金流使我們有能力在 2024 年下半年償還債務，我們有望做到這一點。

Okay. Thanks very much.

好的。非常感謝。

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

很好。布拉德，這就是我們今天的全部時間了。

This concludes the conference call for today. Thank you for your participation and for using Verizon Conference Services. You may now disconnect.

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。您現在可以斷開連線。