威訊通訊 (VZ) 2024 Q3 法說會逐字稿

Thank you.

謝謝。

Paul.

保羅.

Okay.

好的。

Okay.

好的。

Of I mean, no from of no.

我的意思是，不從來沒有。

Okay.

好的。

Testing onto.

測試到。

Yes, good morning.

是的，早安。

Hello, everybody.

大家好。

Welcome to the Essex House and welcome to our event this morning for everybody on the webcast.

歡迎來到埃塞克斯之家，歡迎參加我們今天早上為網路廣播中的每個人舉辦的活動。

Thank you for listening and got a couple of items that I need to cover upfront.

感謝您的聆聽，並了解了我需要預先介紹的一些內容。

First thing, the clicker, is there a clicker, how Okay, there is a Safe Harbor statement.

首先，答題器，有沒有答題器，怎麼樣？ 好吧，有一個安全港聲明。

So our presentation today contains suit for us, things about statements that are forward looking adding risks and uncertainties.

因此，我們今天的演講包含適合我們的內容，而有關前瞻性陳述的內容增加了風險和不確定性。

Those are covered on our website with the Safe Harbor statement, a couple of items.

我們網站上的安全港聲明等內容涵蓋了這些內容。

Also, we had some non-GAAP disclosures or non-GAAP items in the presentation.

此外，我們在簡報中揭露了一些非 GAAP 揭露資訊或非 GAAP 項目。

The reconciliations of those are provided on the website.

網站上提供了這些的調節結果。

Next slide, please, and one administrative item for today.

請下一張投影片，以及今天的一個管理專案。

The camera is going to be focused on the stage during live Q&A for the folks in the audience ask that you announce your name and your firm when called on for Q in a way that we're really excited for the content.

在現場問答期間，攝影機將聚焦在舞台上，觀眾中的人們會要求您在被要求進行問答時宣布您的名字和您的公司，以我們對內容感到非常興奮的方式。

Let me hand it over to Hans, and we'll get going Hans throughout by selling the team and good morning, and welcome to the rise on third quarter earnings call.

讓我把它交給漢斯，我們將透過出售團隊來繼續漢斯，早上好，歡迎參加第三季財報電話會議。

As and broadband update.

作為和寬頻更新。

Very happy to see so many neural lot.

很高興看到這麼多神經。

Of course, also have everyone join me on the webcast.

當然，也請大家加入我的網路直播。

Let me kick this off and I'm going to have and again that at this, for example, going to turn the third quarter and then we're going to do some a little bit of a strategic update.

讓我開始吧，我將再次重申，例如，將進入第三季度，然後我們將進行一些策略更新。

And we want to end up with the tone in talking about results and capital allocation.

我們希望以討論結果和資本配置的語氣結束。

So let me start by the third quarter and maybe before I start with the third quarter, he was mentioning the hurricanes that has been going through our southern part of our country and have them as Verizon, of course, as well, tireless and see that the communications up is so essential that communication is working for public safety, but also for the communication sector.

因此，讓我從第三季度開始，也許在我開始第三季度之前，他提到了穿過我們國家南部地區的颶風，當然，Verizon 也不知疲倦地看到了這一點通信非常重要，通信不僅為公共安全服務，也為通訊部門服務。

And initially in some of the states, we had challenges, especially wind power.

最初在一些州，我們遇到了挑戰，尤其是風力發電。

But I think that our team did a fantastic job to get our networks up pretty quickly.

但我認為我們的團隊做得非常出色，很快就建立了我們的人脈。

So this is things that are happening constantly around the world right now and hurricanes and natural disasters for us.

這就是目前世界各地不斷發生的事情，以及對我們來說的颶風和自然災害。

Building the networks, as you always doing, is extremely important to see the risk and on the network during this time.

正如您一直在做的那樣，建立網路對於在這段時間內了解網路上的風險非常重要。

So starting with that together with lots of all, I have a tight today, that means is a good result.

因此，從這一點開始，我今天的成績很緊，這意味著這是一個很好的結果。

It is a good result.

這是一個很好的結果。

I'm really pleased what I've seen them.

我真的很高興我所看到的他們。

And I've talked to so many times that there are years when ERCO, where you are performing better than others.

我和 ERCO 談過很多次，有很多年，你的表現比其他人更好。

And I know that 22 wasn't the highlight of my carriers, Verizon, our guard down what we have done great job since then started in 20 green mid-year, oh, starting change into products and all of that.

我知道 22 並不是我的運營商 Verizon 的亮點，我們對自 20 綠色年中開始以來所做的出色工作保持警惕，哦，開始改變產品等等。

And then coming around with all right now looking at the financial growing 2.7% in a wireless service revenue is great.

現在回想起來，無線服務收入成長了 2.7%，這真是太棒了。

I'm also proud to report to report their biggest EBITDA in the history of the rice on $20.5 in the quarter, which is really go.

我還很自豪地報告，該季度他們的大米歷史上最高的 EBITDA 為 20.5 美元，這真的很不錯。

And then it's multi factors.

然後是多種因素。

And of course, and teams into all, they've done a great job, a problem that continue to create good cash flow.

當然，整個團隊都做得很好，這個問題繼續創造良好的現金流。

6 billion in the quarter, continue with your strong cash flow generation.

本季 60 億美元，持續強勁的現金流生成。

As that is part of our and our measurement with how we measure ourselves on the operational side, we started getting anywhere and bought balance on on the postpaid side, we were 200 volt line, 9,000 net adds posted same sand, but we'll talk about what happened in the consumer, but I already now going to tell him he did a great job in the postpaid, but also in the prepaid, we were turnaround prepaying.

由於這是我們和我們在營運方面如何衡量自己的衡量標準的一部分，我們開始取得進展並在後付費方面購買了餘額，我們使用 200 伏特線路，9,000 淨增加張貼相同的沙子，但我們會討論關於消費者發生的事情，但我現在已經要告訴他，他在後付費方面做得很好，而且在預付費方面也做得很好，我們正在扭轉預付費。

We got a lot of questions on years now around posted an 80,000 X8 link.

我們收到了很多關於多年來發布的 80,000 個 X8 連結的問題。

And of course, the business side did a great job of wireless.

當然，業務方面在無線方面也做得很好。

Again, Kyle and his team is concerned consistently between 25 to 150,000 net adds every quarter.

凱爾和他的團隊再次關注每季 25 到 150,000 的淨成長。

And I'm really pleased with that.

我對此非常滿意。

The broadband side by Pro now for quite a long time.

Pro 的寬頻已經存在很長一段時間了。

As soon as I get into 4 to 5 million in fixed wireless access subscribers are going to come back to what we're going to do after that four slides now I will talk about that.

一旦我的固定無線存取用戶達到 4 到 500 萬，我就會回到我們在四張投影片之後要做的事情，現在我將討論這一點。

But first of all, I'm going to take a victory lap that were 15 months ahead of the targets we outlined when we bought this, even with our fixed wireless access, a great product, great work the same time for the ones that remember we were a little bit weaker on fires in the second quarter because there was a little bit of market with a S and P and all of that now we're back to normal again at our team is doing great work, would fires all in all.

但首先，我將取得勝利，這比我們購買時制定的目標提前了15 個月，即使我們有固定無線接入，這是一個偉大的產品，同時對於那些還記得的人來說，這是一個偉大的工作我們在第二季的火災方面有點弱，因為有一些 S 和 P 市場，所有這些現在我們再次恢復正常，我們的團隊正在做出色的工作，總的來說會火災。

We have a great quarter for broadband and we continue to win a private network edge compute.

我們的寬頻季度表現出色，並且繼續贏得專用網路邊緣運算。

We announced two deals this quarter to have way more CFINMSDE. Madison Square Garden Room or buying private networks using our capabilities in dense urban dense areas to see that they can fulfill the customers' experiences.

我們本季宣布了兩項交易，以擁有更多的 CFINMSDE。麥迪遜廣場花園房間或利用我們在密集城市密集地區的能力購買專用網絡，以確保它們能夠滿足客戶的體驗。

All in all, we feel good about the full year financial guidance that we gave earlier in the year.

總而言之，我們對今年早些時候給予的全年財務指導感到滿意。

We even said if you have read the press release, which I hope that all of you have done that and when it comes sort of wireless service revenue and EBITDA, we are at midpoint or above on both of them for the home goods.

我們甚至說，如果您閱讀了新聞稿，我希望你們所有人都閱讀了新聞稿，當談到無線服務收入和 EBITDA 時，我們在家居用品方面處於中點或以上。

We feel about the performance of our new.

我們對新產品的性能感到滿意。

That's what I have the same by the third quarter to Tony will come back in and go a little bit deeper.

這就是我對第三節的看法，托尼將回來並進一步深入。

If I then come into talking about Gladys rapidly.

如果我隨後開始快速談論格拉迪斯。

Some of this is given volume of Germany where we are today.

其中一些是我們今天所處的德國的體積。

It's a long journey with a lot of things.

這是一段漫長的旅程，伴隨著很多事情。

And we are very organized structure and Company.

我們是一個非常有組織的結構和公司。

What we're doing the firm space, I'm I call it sort of building the foundation.

我們在公司空間所做的事情，我稱之為建立基礎。

Some of you remember, the heavy fiber, the Verizon Intelligent Edge Network.

你們有些人還記得重型光纖、Verizon 智慧邊緣網路。

All of that was enormously important for today's work.

所有這些對於今天的工作都非常重要。

And then on the table in front of you have your consumer connection report.

然後你面前的桌子上有你的消費者連結報告。

That's what we give out twice a year when all this, that's what's happening in the network.

這就是我們每年兩次發布的內容，這就是網路中正在發生的事情。

Last time we told you that on the last five years grew 100, 29% if you haven't built it whenever our own fiber with the transport networks, we have done and fundamentals that Kyle and Joe was built.

上次我們告訴過您，如果您沒有在我們自己的光纖與傳輸網路中建立它，那麼在過去五年中增長了 100%，29%，我們已經完成了凱爾和喬構建的基礎知識。

We couldn't handle all these data and have the best network in it comes to wireless and broadband.

我們無法處理所有這些數據，也無法擁有最好的無線和寬頻網路。

So the fundamentals would deal with go to market when consumer and business is really paying off today, you see when our product has not resonating with the market is because we have Kyle and we have signed by both, I'm thinking about how to meet the customer demand and what our new customer needs to have.

因此，當消費者和企業今天真正獲得回報時，基本面將涉及進入市場，你看，當我們的產品沒有引起市場共鳴時，是因為我們有凱爾，而且我們雙方都簽署了協議，我正在考慮如何滿足客戶需求以及我們的新客戶需要什麼。

So all award in the second phase all of Europe, remember, we sold we bought a lot of assets.

所以第二階段的所有獎勵都在歐洲，記住，我們賣了我們購買的許多資產。

We sold everything, Verizon Media Group.

我們賣掉了所有的東西，威瑞森媒體集團。

We saw we bought their track phone.

我們看到我們買了他們的軌道電話。

It is paying off right now.

現在正在得到回報。

We also bought the C-band enormously important are going to hear a job talking about the C-band, but we all know where we deploy the C-band.

我們也購買了 C 頻段，這一點非常重要，我們會聽到有關 C 頻段的工作，但我們都知道我們在哪裡部署 C 頻段。

We have a greater customer impact.

我們對客戶的影響更大。

So there are movements within that.

所以其中有一些運動。

What would the new products, fixed wireless access, myPlan, my home and a lot a lot of things that we now have a base going into 25.

新產品、固定無線存取、myPlan、我的家以及許多我們現在擁有的基礎進入 25 的東西會是什麼。

And now we're also extending our TAM that we had a couple of larger investments.

現在我們也擴展了我們的 TAM，我們進行了一些更大的投資。

We're doing all the way for Frontier, but also what we do wanted to talk to in a second.

我們一直在為 Frontier 做事情，但同時也是我們想馬上討論的事情。

So for me now in a moment where we have the right assets that we have the right team and we have great products where our customers at only the lost, I would say, six months.

所以對我來說，現在我們擁有合適的資產，我們有合適的團隊，我們有很棒的產品，而我們的客戶只會損失，我想說，六個月。

We have done all of these strategic movements in what is or strengthen ourselves to continues to be clearly the number one in the market and extending that.

我們已經採取了所有這些策略行動，以保持或加強自己的地位，以繼續成為市場上的第一名，並擴大這一地位。

You have seen them all the customer first offerings we have done resonating with customers who were going to hear sand, but talk about then the refreshed brand that we did in June that takes time to get the impact.

你已經看到了我們所做的所有客戶至上的產品，這些產品與那些會聽到沙子聲音的客戶產生了共鳴，但談談我們在 6 月份所做的更新的品牌，需要時間才能產生影響。

But we see the positive movement with a refreshed brand that is supporting our new products, really happy with that.

但我們看到了支持我們新產品的更新品牌的積極舉措，對此感到非常高興。

And hopefully some are looking commercials either digitally or on TV and see how we're trying to recapture and rethinking the way we're showing up for our customers where the plan Frontier acquisition talked about that in a separate session.

希望有些人正在觀看數位廣告或電視廣告，並了解我們如何嘗試重新捕捉和重新思考我們向客戶展示的方式，Frontier 收購計劃在單獨的會議中談到了這一點。

We're excited about that and adding to our expanded TAM.

我們對此感到非常興奮，並將其添加到我們擴展的 TAM 中。

We did a tower transaction and just two seconds on that.

我們進行了一次塔式交易，只花了兩秒鐘。

Of course, it was cash-in.

當然，這是現金。

But more importantly, we only do the deal when we can deal that actually creating more more opportunities for us, both by having a cost level that is predictable for us.

但更重要的是，我們只有在能夠真正為我們創造更多機會的情況下才會進行交易，無論是透過我們可以預測的成本水平。

Very important highlight one thing, the network and second also create more competition in a market where suddenly creating with the with the strategic part in vertical range and partnering the market, giving more optionality and seeing that, we can have a predictable cost for our tower tower leases, which is one of the few things were not having 100% ownership on oh four.

非常重要的一點是，網路和第二點也在市場中創造了更多的競爭，在垂直範圍內突然創建戰略部分並與市場合作，提供更多的選擇，看到這一點，我們可以為我們的塔提供可預測的成本塔樓租賃，這是為數不多的沒有 oh 四 100% 所有權的事情之一。

So just yesterday, I think announced we're buying some spectrum USL or it's going to take time until that's come into fruition because it's another acquisition.

因此，就在昨天，我認為我們宣布將購買一些頻譜 USL，否則需要時間才能實現這一目標，因為這是另一項收購。

So I don't think it's going to be cash out on the 26.

所以我認為26號不會兌現。

Just adding capacity is a buy versus build in.

僅僅增加容量就相當於購買與內建。

Now we're adding capacity there and then we will not speak so much about they are today.

現在我們正在增加那裡的容量，然後我們今天不會談論太多它們。

But I hope you're going to ask a question to Kyle because not only save inefficiencies that somebody's talking about the in the customer care and and personalization.

但我希望你向凱爾問一個問題，因為這不僅可以避免有人談論的客戶服務和個人化方面的低效率問題。

We see with our compute storage with our <unk> with our power will edge compute.

我們透過的運算儲存看到，並帶有我們的功率將邊緣運算。

We see great opportunities for when it comes to a high risk for us.

當我們面臨高風險時，我們看到了巨大的機會。

And we will talk a little bit about here, but we are in the future coming back a little bit more structure and to what we're doing.

我們將在這裡討論一些，但我們將來會回來更多的結構和我們正在做的事情。

But we're already right now, see a good tractions on what we're doing on the front end of it.

但我們現在已經看到了我們在前端所做的事情的良好進展。

All in all that sums it up a I think we have an unmatched value proposition for all the way from our best mobility, America's Best Mobile Networks.

總而言之，我認為我們擁有無與倫比的價值主張，從我們最好的行動性、美國最好的行動網路開始。

We created a satellite partnership recently.

我們最近建立了衛星合作關係。

We have my plan plus all the pieces of business offerings strong.

我們有我的計劃以及所有強大的業務產品。

And then on the broadband side or on the way from files to fixed wireless access wear-now to almost 12 million broadband customers, 11.9 axis generating more than 500, 50 million per quarter revenue starting three years ago.

然後在寬頻方面，或從文件到固定無線存取的方式，現在擁有近 1,200 萬寬頻客戶，11.9 軸從三年前開始每季產生超過 500、5000 萬美元的收入。

So we can see that we can build on this network where we build the network once wonderfully profitable connections, top of it, it started paying off without.

所以我們可以看到，我們可以在這個網路上進行構建，我們構建的網路曾經是非常有利可圖的連接，最重要的是，它開始在沒有連接的情況下獲得回報。

So we have weekly position in a market with owners economics.

因此，我們在具有所有者經濟學的市場中每週都有頭寸。

So all that said, we are our Altair, where are we going as a company?

綜上所述，我們是 Altair，作為一家公司，我們將走向何方？

We know also that were hit sort of targets on broadband.

我們也知道寬頻上的目標已被擊中。

So we're going to talk today about what we're doing next saw broadband targets going forward is basically what we're going to double the fixed wireless access to August by 2028, two eight nine fixed wireless access subscribers.

因此，我們今天要討論的就是我們下一步要做的事情，寬頻目標基本上是到 2028 年 8 月將固定無線存取用戶數量增加一倍，即 289 個固定無線存取用戶。

Joe, we'll talk a little bit what we're doing and how will continue.

喬，我們會談談我們正在做什麼以及如何繼續。

And Joe or head on network, continued to have capacity beyond and continued to build for us.

喬或網路負責人繼續擁有超越並繼續為我們建立的能力。

So we are ready to capture these opportunities that were created.

因此，我們已準備好抓住這些創造的機會。

We also wanted to talk about our or exploration on files.

我們也想談談我們對文件的探索。

We think that's a great opportunity that this is moments.

我們認為這是一個很好的機會，這就是時刻。

We will as we close the Frontier acquisition, more than EUR30 million castings and fiber passings.

當我們完成對 Frontier 的收購時，我們將獲得超過 3000 萬歐元的鑄件和纖維通過件。

And I will also see a clear path of some water, 35 to 40 million, 35 to 40 million passings.

我還會看到一些水的清晰路徑，35到4000萬，35到4000萬。

We are doing ourselves and if it cannot access and I for 100 and clearly the broad offerings, a possibility and sustain minimal growth on our service revenue, but also expand our EBITDA and cash flow and the ones that have been following us, we're not for time even although those all3 the things we're measured on, those are the three things that management or mentioned on the board.

我們正在做自己，如果它無法獲得 100 的廣泛產品，我們的服務收入有可能保持最低限度的增長，但也能擴大我們的 EBITDA 和現金流以及那些一直關注我們的產品，那麼我們就時間還不夠，儘管這些都是我們衡量的三件事，也是管理階層或董事會提到的三件事。

And those are three things that is actually driving the most shareholder value.

這些是真正推動股東價值最大化的三件事。

And that's what we're focused on here right now.

這就是我們現在關注的重點。

So I will let my team now explain a little bit about where we are and how we're going to execute on these targets.

因此，我現在將讓我的團隊解釋一下我們的現狀以及我們將如何實現這些目標。

And then we're going to hear it and you know, and Tony talk about financials and the situation.

然後我們會聽到托尼談論財務和情況。

So what that's going to hand over to Joe Russell, thank you.

那麼這將交給喬·拉塞爾，謝謝。

As we shared at a very low much Good morning, everybody.

正如我們在非常低的時候分享的那樣，大家早安。

The one thing our upfront is the network and technology team is super confident that the investments I'm going to talk about over the next few slides, coupled with the best engineers in the industry, is going to deliver on the best, most reliable, highest performing networks for our customers in that experience to more and more Americans across the country.

我們首先要做的一件事是，網路和技術團隊非常有信心，我將在接下來的幾張投影片中討論的投資，再加上業內最好的工程師，將提供最好、最可靠的服務。

It's easy to make claims about up being the largest this through the fastest that.

透過最快的方式宣稱自己是最大的這個是很容易的。

But that's not what my team and I are about we are about building the best, most reliable networks and that takes hard work and a lot of strategic investments that I'll talk a bit about today.

但這不是我和我的團隊的目標，我們要建立最好、最可靠的網絡，這需要艱苦的工作和大量的策略投資，我今天將討論這一點。

But that's how we work around testing and optimizing the network each and every day, strategics and things like generators and mobile assets for when there's emergencies.

但這就是我們每天測試和優化網路、策略以及發生緊急情況時的發電機和移動資產等問題的方式。

And this is why, as Hans said, following the Verizon network outperformed the rest of the industry.

正如 Hans 所說，這就是為什麼 Verizon 網路的表現優於業內其他公司。

And I'm super proud that we were there when our customers and first responders and businesses needed us the most sort of dive into the broadband plan.

我非常自豪，當我們的客戶、急救人員和企業需要我們最深入地了解寬頻計畫時，我們就在那裡。

So first one, gradually, Kyle and Sampath for hitting our 4 to 5 million fixed wireless access target, 15 months ahead of schedule.

第一個目標是，Kyle 和 Sampath 提前 15 個月逐步實現我們的 400 到 500 萬固定無線存取目標。

And that's a ton of work from a lot of people within the organization.

這是組織內很多人的大量工作。

But one of the things I'm very proud of from the network and technology team is that we built the coverage capacity well ahead of schedule for them to deliver on that target.

但我對網路和技術團隊感到非常自豪的一件事是，我們提前建立了覆蓋能力，使他們能夠實現這一目標。

And as we look forward to the I regard, as we look forward to this new doubling of our fixed wireless access subscribers, my team's objective isn't changed is to build the coverage and capacity ahead of schedule, and we're already doing that.

當我們期待固定無線存取用戶數量翻倍時，我的團隊的目標沒有改變，那就是提前建立覆蓋範圍和容量，我們已經在這樣做了。

We expect that to cover another 30 million homes over the next four years on our award winning multipurpose network.

我們預計在未來四年內，我們屢獲殊榮的多功能網路將覆蓋另外 3000 萬個家庭。

We have to do a few things.

我們必須做一些事情。

The first is we will take a mobility first approach, and I'll talk more about that in a minute.

首先，我們將採取移動性優先的方法，稍後我將詳細討論這一點。

But getting to 90 million homes and businesses covered with fixed wireless access will be accomplished with three key things we're doing today.

但是，讓 9,000 萬個家庭和企業覆蓋固定無線存取將透過我們今天正在做的三項關鍵工作來實現。

The first is our aggressive element of C-band and millimeter wave.

第一個是我們積極進取的C波段和毫米波元素。

We call ultra-wideband.

我們稱之為超寬頻。

The second is a new MDUs solution that's been in trial will be rolling out in 2025 to serve MDUs with up to one gig Internet service with our millimeter wave technology.

第二個是新的 MDU 解決方案，已經在試驗中，將於 2025 年推出，利用我們的毫米波技術為 MDU 提供高達 1 GB 的互聯網服務。

And the third geology advances and the use of our vast small cell network, is it even more Ultra Wideband coverage and capacity between now and 2020.

第三個地質進步和我們龐大的小型蜂窩網路的使用，從現在到 2020 年，它的超寬頻覆蓋範圍和容量是否會更大。

So I'm going to shift gears a little bit to fiber.

因此，我將稍微轉向光纖。

So I'm looking forward to the pending and tier and bringing these two great fiber assets together, the combined wireline footprint has approximately 48 million homes and businesses, of which 25 million of those are already served with fiber.

因此，我期待著待定和分層，並將這兩個偉大的光纖資產結合在一起，合併後的有線網路覆蓋範圍約為4800 萬個家庭和企業，其中2500 萬個家庭和企業已經獲得光纖服務。

And I know one thing with our 20-year experience in building fiber across country that we will continue to deploy fires in the new footprint.

憑藉我們 20 年在全國範圍內建造光纖的經驗，我知道一件事，我們將繼續在新的足跡中部署火災。

After close post close, we will take the appropriate pace to build based on the following criteria.

交割後，我們將根據以下標準採取適當的步伐進行建造。

The first is the profitability of the bill.

首先是票據的獲利能力。

The second is the competitive environment that we see that in the third is our capital allocation priorities.

第二是我們看到的競爭環境，第三是我們的資本配置重點。

But over time, I want to be clear, my objective is to bring files to 35 to 40 million homes across the country.

但隨著時間的推移，我想明確的是，我的目標是將文件傳送到全國 3500 至 4000 萬個家庭。

So I want to bring the whole network strategy together for you.

所以我想為您整合整個網路策略。

The first is weak dared multipurpose network with owners economics to serve as many a profitable connections as possible.

第一個是弱敢多用途網絡，具有業主經濟學，為盡可能多的有利可圖的聯繫提供服務。

That strategy is built on the foundation we call the Intelligent Edge Network, which is rooted in our rich fiber assets of both in the ultra long haul network and in the metro networks across the country.

該策略建立在我們稱為智慧邊緣網路的基礎上，該網路植根於我們在全國超長途網路和城域網路中豐富的光纖資產。

It also encompasses our converged IP core in our owned and operated Verizon cloud platform and our mobile edge computing platform that serves both today's ROs technologies foundation gives my team and I had the capability to provide that best, most reliable, highest performing network to to access technologies.

它還包含我們擁有和運營的Verizon 雲端平台中的融合IP 核心以及為當今的RO 提供服務的行動邊緣運算平台。來存取技術。

The first is the radio access network.

第一個是無線電接取網路。

Again, as I mentioned, we take a mobility first approach.

正如我所提到的，我們再次採取移動性優先的方法。

What that means is I deploy coverage and capacity to enhance the mobile excess gearing customers and to find new revenue streams.

這意味著我部署覆蓋範圍和容量來增強行動超額負債客戶並尋找新的收入來源。

The good news is we pull through fixed wireless access when we do that.

好消息是，當我們這樣做時，我們可以透過固定無線存取。

And as we've said, we've been off was successful in that space.

正如我們所說，我們在該領域取得了成功。

Customers just love that product.

顧客就是喜歡那個產品。

So we will be accelerating our Ultra Wideband deployment.

因此，我們將加速超寬頻部署。

I expect that to be up by the end of this year, we'll have passed will have covered 70% of our plant footprint.

我預計到今年年底，我們將涵蓋 70% 的工廠足跡。

And by the end of next year through acceleration, we will get to 90% of that plant footprint covered.

透過加速，到明年年底，我們將涵蓋 90% 的工廠足跡。

We also have just recently launched our hundreds lies 5G core network with stand alone and slicing capabilities.

我們最近也剛推出了數百個具有獨立和切片功能的 5G 核心網路。

And we'll talk a little bit more towards the end of this year, how we're going to put those to use the market.

我們將在今年年底進一步討論我們將如何將它們投入市場。

And then finally, we are the only company in this country that we are running virtualized RAN at scale.

最後，我們是這個國家唯一一家大規模運行虛擬化 RAN 的公司。

40% of my C-band sites are now virtualized in the network shifting over to the fiber network.

我的 40% 的 C 頻段站點現在已在網路中虛擬化，並轉移到光纖網路。

So I have been building files for 20 years or so now, and we're on track this year to pass approximately 500,000 premises.

我建立檔案已經有 20 年左右的時間了，今年我們預計會通過大約 50 萬個場所。

Frontier, as you know, is under way to pass 10 million premises by the end of 2026.

如您所知，Frontier 正計劃在 2026 年底前涵蓋 1,000 萬個營業場所。

And we are in touch beginning an expansion of our FiOS build up to 650,000 frames post-close.

我們正在聯繫開始將 FiOS 建置擴展到關閉後的 650,000 幀。

I see that pace growing to up to 1 million plus grams per year.

我預計這一速度將增長至每年 100 萬克以上。

But more than anything after 20 years of doing this is our business case on FiOS is getting better and better.

但最重要的是，經過 20 年的努力，我們在 FiOS 上的業務案例變得越來越好。

And that starts with the fact that customers demand high quality broadband services more now than ever.

首先，客戶現在比以往任何時候都更需要高品質的寬頻服務。

So what we see is when I do I build today, we see higher and fast their penetration rate that we have with prior builds.

所以我們看到的是，當我今天進行建造時，我們看到他們的滲透率比之前的構建更高、更快。

And we pull through mobility benefits on both churn and ARPU.

我們在客戶流失率和 ARPU 方面都獲得了行動性優勢。

But I'm also finding new and creative ways to bring down the cost.

但我也在尋找新的、有創意的方法來降低成本。

And that comes in three big chunks.

這分為三大塊。

The first is partnership companies like Corning and CommScope.

第一個是像康寧和康普這樣的合作夥伴公司。

So where they're delivering technology to do both reduction in the amount of fiber I have to deploy to serve homes, and that's in technologies that make it easier for my team to deploy.

因此，他們提供的技術既可以減少我為家庭服務而必須部署的光纖數量，又可以讓我的團隊更輕鬆地部署光纖。

The second is we've made with change ourselves 20 years systems and tools, improve movements through the whole process of building, designing, offer the network.

第二個是我們改變了自己20年的系統和工具，透過建造、設計、提供網路的整個過程來改進動作。

And we're seeing great fits from those systems and tools, enhancements in the reduction of rework and efficiency of our build and operating of the network.

我們看到這些系統和工具非常適合，減少了返工，並提高了網路建置和營運的效率。

And then the third is we've made some strategic decisions.

第三是我們做了一些戰略決策。

It's of how to get legacy costs out of our network without having to deploy fiber to the entire wire center.

這是如何在無需將光纖部署到整個有線中心的情況下消除網路遺留成本的問題。

So I can use other techniques, move customers to new technologies and remove legacy equipment without having to deploy fiber across an entire footprint.

因此，我可以使用其他技術，讓客戶轉向新技術並移除舊設備，而無需在整個佔地面積內部署光纖。

But our network strategy is clear to build and operate the best most reliable highest-performing network to power and empower our customers live work and play.

但我們的網路策略很明確，即建立和營運最可靠、性能最高的網絡，為我們的客戶的生活、工作和娛樂提供動力和支援。

Let me leave you with this.

讓我把這個留給你吧。

My goal is to ensure more and more kids have access to that best, most reliable network experience by expanding the best mobile and broadband networks through a disciplined capital approach so that by building the best networks and overtime that include the 5G, the Ultra Wideband now that will serve 300 plus million Americans with 5G advanced features for today's and tomorrow's technology and a fixed wireless access and fire FiOS network that will serve over 1 million homes and businesses.

我的目標是透過嚴格的資本方法擴展最好的行動和寬頻網絡，確保越來越多的孩子能夠獲得最好、最可靠的網絡體驗，以便透過建立包括5G 在內的最好的網絡，現在的超寬頻該網路將為 300 多萬美國人提供適用於當今和未來技術的 5G 先進功能，以及將為超過 100 萬家庭和企業提供服務的固定無線接入和消防 FiOS 網路。

So I'm going to turn it over now to Sampath who will talk through how we will ensure more customers get access to those great network experiences.

因此，我現在將把它交給 Sampath，他將討論我們如何確保更多客戶獲得這些出色的網路體驗。

Thanks, Sam.

謝謝，山姆。

Joe, thank you.

喬，謝謝你。

Good morning to all of you do things that Joe Spak spoke about that really excites me.

早安，你們所有人都做了喬·斯帕克所說的那些讓我真正興奮的事情。

The first one is America's less network continues to get bigger and even better.

第一個是美國的網路繼續變得更大、更好。

And the second one is our ability to offer broadband to 100 million homes and businesses over a period of time.

第二個是我們在一段時間內為一億個家庭和企業提供寬頻的能力。

With that, let me get into how we go about this.

接下來，讓我來談談我們如何解決這個問題。

Verizon's in a very unique position right now, two engines of growth, mobility and broadband.

Verizon 目前處於非常獨特的地位，它是成長的兩大引擎：行動性和寬頻。

Both these segments.

這兩個部分。

These businesses have secular tailwinds that huge demand for both the product.

這些企業有長期的推動力，對這兩種產品都有巨大的需求。

And more importantly, Verizon had a good position and a lot of opportunity to grow and scientific.

更重要的是，Verizon 擁有良好的地位和大量的發展和科學機會。

Let's start with mobility.

讓我們從移動性開始。

Mobility.

流動性。

We are number one.

我們是第一。

If you look at share position, our total revenue and it starts with the postpaid business, we are seeing continued momentum in our postpaid business.

如果你看看份額狀況、我們的總收入以及從後付費業務開始的情況，我們就會看到後付費業務的持續成長動能。

With this quarter, we would have had seven quarters of consecutive year-on-year postpaid phone gross adds momentum that we have in the black and white that happened.

在本季度，我們將連續七個季度實現後付費電話總收入同比增長，這增加了我們白紙黑字所發生的勢頭。

Some of it has to do with our sales engine that we've gone and reengineered get back to the local market structure, local incentives, local marketing.

其中一些與我們的銷售引擎有關，我們已經對其進行了重新設計，回到了本地市場結構、本地激勵措施、本地行銷。

And the second is myPlan.

第二個是我的計劃。

Myplan, as I say, is on plan.

正如我所說，我的計劃正在按計劃進行。

Customers love it.

顧客喜歡它。

They like the structure of it like the ability to get access to unique offering differentiated in the market.

他們喜歡它的結構，喜歡獲得市場上差異化的獨特產品的能力。

And you saw we had a strong quarter, 81,004 net adds in the space.

您可以看到，我們的季度表現強勁，該領域淨新增 81,004 人。

We will be postpaid phone net add positive with second number without a second number this year, as well as promised in our plan to that.

今年我們將在沒有第二個號碼的情況下將後付費電話網路添加正值，這也是我們計劃中所承諾的。

Next, we don't attend into a value business.

接下來，我們不涉足價值業務。

Our prepaid and we bought track phone with integrated track phone and we had really strong momentum in our business.

我們預付費併購買了具有整合式軌道電話的軌道電話，我們的業務勢頭非常強勁。

We had 80,000 net add positive in our business, the best in many quarters, and a lot of that comes down to a core performance of our brands.

我們的業務淨增加價值達到 80,000，這是許多季度以來最好的，其中很大一部分歸功於我們品牌的核心表現。

We saw almost all our brands had very strong performance and momentum in to our exclusive distribution.

我們看到幾乎我們所有的品牌在我們的獨家分銷中都有非常強勁的表現和勢頭。

With total wireless has scaled up really well, and you can see those flat.

隨著總無線網路的規模擴大得非常好，你可以看到那些平坦的。

And Todd is our unique distribution position that we have within Wal-Mart.

托德是我們在沃爾瑪內部擁有的獨特分銷地位。

And you're going to see continued progress and continued momentum in our value business going forward.

您將看到我們價值業務的持續進步和持續發展勢頭。

That brings me to a topic, which is John have up most page engine working well, our value turnaround in progress.

這讓我想到一個主題，約翰讓大多數頁面引擎運作良好，我們的價值週轉正在進行中。

I can turn my attention to the churn.

我可以將注意力轉向客戶流失。

That is nothing structural that prevents Verizon from being an industry leader in retention and lower churn we've been in before we know how it feels and more importantly, the house, we get cash in the short term, we made some trade-offs, some strategic trade-offs that Hans and I feel very good about to drive shareholder value.

在我們知道感覺如何之前，這並沒有阻止 Verizon 在保留率和降低客戶流失率方面成為行業領導者，更重要的是，房子，我們在短期內獲得現金，我們做了一些權衡，漢斯和我覺得非常適合推動股東價值的一些策略權衡。

We had actions that do Bryson churn in this space.

我們的行動讓布賴森在這個領域感到不安。

But on balance, we feel very good about how we executed those.

但總的來說，我們對執行這些措施的方式感覺非常好。

Finjan is way less than some of our business case it had come in.

Finjan 的表現比我們的一些商業案例要少得多。

The second is we are very deeply about about retention spend.

第二是我們非常重視保留支出。

You see that in a great numbers.

你可以在很多數字中看到這一點。

We are it has to be demand would have wanted and we link our retention retention promotions to the plans and the price plans that they have there.

我們必須滿足需求，並將我們的保留保留促銷活動與他們在那裡的計劃和價格計劃聯繫起來。

But over a period of time, you should expect lower churn from us from a couple of things.

但在一段時間內，您應該預期我們的客戶流失率會因以下幾件事而降低。

The first is better experience.

首先是更好的體驗。

We are using a high significantly both at stores at a call center, secondary myPlan input as more and more of our base gets into the pipeline construction and a small book that helps that churn, Travis Meyer, Verizon access a loyalty program, which I'll cover in a base that can give us traction in that.

我們在呼叫中心的商店、輔助myPlan 輸入（隨著我們越來越多的人進入管道建設）以及一本幫助客戶流失的小書，Travis Meyer、Verizon 訪問忠誠度計劃，我們都在使用高顯著的內容，我'將涵蓋一個可以為我們提供牽引力的基礎。

And then the last one, which is probably the biggest lever, is going to be made more mobile customers.

最後一個可能是最大的槓桿，將吸引更多的行動客戶。

When those two customers come together, we see huge reduction in churn, and that's going to apply to larger base as we expand our broadband offering more piece.

當這兩位客戶聚集在一起時，我們看到客戶流失率大幅減少，隨著我們擴展寬頻產品，這將適用於更大的客戶群。

The fourth is margin accretive add-on services as pharma, biotech and pharma adjacent services continued growth and innovative.

第四個是利潤增值的附加服務，因為製藥、生物技術和製藥相關服務持續成長和創新。

Every time we do that.

每次我們都這樣做。

We are taking that same approach.

我們正在採取同樣的方法。

We have to mobility to a broadband space.

我們必須移動到寬頻空間。

It first started momentum in sales.

它首先開始出現銷售勢頭。

You saw that this quarter's strong momentum in sales and files and SWA. similar tactic similar.

您看到了本季銷售、文件和 SWA 的強勁勢頭。相似戰術相似。

But the concept is that same momentum we have in the same energy we bring to our broadband businesses as well.

但我們的理念是，我們也為寬頻業務帶來同樣的動力。

My Home has been a very successful launch.

「我的家」的推出非常成功。

Lot of our base tends to like that, but they are taking on a new customers and they come on board.

我們的許多人喜歡這樣，但他們正在接待新客戶，他們也加入了。

They take on folks and they like the ability to share their books between mobile at home and also sustained growth in RPU.

他們喜歡人們在家裡的行動裝置之間分享書籍的能力，並且喜歡 RPU 的持續成長。

Look, when you build a sustainable subscription business like we've done, you have to balance B&Q over a period of time.

看，當你像我們一樣建立可持續的訂閱業務時，你必須在一段時間內平衡百安居。

I've spoken about this 80 20 contribution to service revenue because that's the big measure we measure ourselves on the service.

我已經談到了 80 20 對服務收入的貢獻，因為這是我們衡量自己服務的重要指標。

I think with a positive for NASDAQ trajectory, strong FWA and five from we are on get to that 80 20 mix over a period of time.

我認為，隨著納斯達克軌蹟的積極發展、強勁的 FWA 和 5 支股票，我們將在一段時間內達到 80 20 的組合。

Now we are in a very unique position.

現在我們處於一個非常獨特的位置。

I think the only company, the only carrier who has a scale position input FWA and in the fiber business I bought these are top products.

我認為唯一一家公司、唯一一家擁有規模地位的FWA投入的營運商以及我在光纖業務中購買的這些都是頂級產品。

When you combine them together, you get access to a 100 million homes and businesses in the country.

當您將它們結合在一起時，您就可以訪問該國 1 億個家庭和企業。

No other carriers, that amount of coverage and that we offer in terms of serving our customers.

沒有其他營運商能夠提供如此大的覆蓋範圍和我們為客戶提供的服務。

Let's dig into each of these one.

讓我們深入研究其中的每一個。

The first is FWA.

第一個是FWA。

Joe just spoke about moving from EUR60 million to 90 million homes and businesses Calix.

Joe 剛剛談到將 Calix 的住宅和企業從 6,000 萬歐元搬遷至 9,000 萬歐元。

But what's interesting about the SW. basis, it's a quality prime customer base.

但 SW 的有趣之處在於。基礎上，它是一個優質的主要客戶群。

Our cycle score on FWA is not of 700.

我們在 FWA 上的週期分數不是 700。

So it's a really strong customer base.

所以這是一個非常強大的客戶群。

That's the reason is it's a high price value equation.

這就是原因，因為它是一個高性價比的方程式。

There's a huge segment of the market who loved that.

市場上有很大一部分人喜歡這個。

You've seen very high NPS scores.

您已經看到非常高的 NPS 分數。

You could finish this.

你可以完成這個。

You could go to a store in five minutes bite and 10 minutes off that department connected with the 5G Verizon FWA product.

您可以在 5 分鐘內到達一家商店，然後再花 10 分鐘到達與 5G Verizon FWA 產品相連的商店。

It's a huge competitive advantage.

這是一個巨大的競爭優勢。

Nps is a competitive advantage of pricing.

Nps是定價的競爭優勢。

Construct is a competitive advantage.

建構的是競爭優勢。

We do not like promotions that roll off.

我們不喜歡滾動促銷。

You get a customer and one price point.

您獲得一位客戶和一個價格點。

And in two years you the price changes, nice customer.

兩年後價格就會變化，好顧客。

And that's one of the reasons why it's a huge competitive advantage for us because we continue to lead the deck.

這就是為什麼它對我們來說是一個巨大的競爭優勢的原因之一，因為我們繼續領先。

And then you have fiber.

然後你就有了纖維。

I spoke about 20 years.

我講了大約20年。

You've been working a little longer than 20 years in the fiber business where the OG. fibre play as people think it's a new thing.

您在 OG 所在的光纖產業工作了 20 年多一點。纖維的發揮正如人們所認為的新事物。

We've been in this thing for 20 plus years.

我們從事這件事已經有 20 多年了。

And every or we find that I got the new cohorts that we bring on have better penetration than some of our older cohorts, even because we get a better job gets better with the build, we get better selling it with targeting it using digital to bear in those pieces to do that.

我們發現，我們帶來的新群體比我們的一些老群體具有更好的滲透力，即使我們得到了更好的工作，構建也變得更好，我們透過使用數位化的目標來更好地銷售它在這些部分中做到這一點。

But what's interesting is it's a white glove experience, very, very high NPS scores that we have very low churn at most a majority of our customers have come and take a deep plus plan.

但有趣的是，這是一種白手套體驗，非常非常高的 NPS 分數，我們的客戶流失率非常低，最多我們的大多數客戶都來了，並採取了深度增值計劃。

Again, that's a competitive advantage that we know around high NPS, high customer sat traction.

再說一遍，這是我們所知道的高 NPS、高客戶滿意度的競爭優勢。

So over a period of time with 100 million premises, doubling the differentiated offering, we have an offering that deal and we have an offer that is segmented FW. and fiber and customers will choose.

因此，在一段時間內，擁有 1 億個場所，差異化產品加倍，我們有一個可交易的產品，我們有一個分段 FW 的產品。和纖維，客戶會選擇。

At the end of the day.

歸根結底。

We've customers to choose what's right for them.

我們讓客戶選擇適合他們的東西。

And we're going to be very transparent on what the pricing is and what our value prop is to grow that and talking a value prop.

我們將非常透明地了解定價是什麼以及我們的價值支柱是什麼來成長它並談論價值支柱。

I want to spend some time talking about the Verizon model of convergence model of convergence between accretive.

我想花一些時間談論 Verizon 的融合模式和增值模式之間的融合。

It is revenue accretive and has very attractive.

它可以增加收入並且非常有吸引力。

Like at the end of the day, it is demand-led.

歸根結底，這是需求主導的。

I do not believe in giving away one product to sell the other giving away one product to hold on to the other.

我不認為放棄一種產品來出售另一種產品而放棄一種產品來保留另一種產品。

We think we have the best wireless network.

我們認為我們擁有最好的無線網路。

We have the best broadband offering customers wanted and they're willing to pay a very fair price for it.

我們擁有客戶想要的最好的寬頻服務，並且他們願意為此支付非常公平的價格。

We do have some kind of indicate both of those products together, but at the end of the day, it is demand-led.

我們確實有某種方式將這兩種產品放在一起，但歸根結底，它是需求主導的。

The customer wants to buy the best from both for us to do that.

客戶希望從兩者中購買最好的產品，以便我們可以做到這一點。

Now a little bit about how this convergence comes to life, how convergent comes to life.

現在我們來了解這種融合是如何實現的，融合是如何實現的。

The first line, as you see on the page is my home and my plan, if we launch both and it's no coincidence that bought the offerings looked very similar.

正如您在頁面上看到的那樣，第一行是我的家和我的計劃，如果我們同時推出兩者，那麼購買的產品看起來非常相似並非巧合。

You biobased connectivity, then you have access to this really unique books.

您基於生物的連接，然後您就可以存取這本真正獨特的書籍。

I mean, it's becoming a pretty big business for us and customers can checkbooks across both lines.

我的意思是，這對我們來說正在成為一項相當大的業務，客戶可以跨兩條線進行支票簿。

The second is our app, my Verizon app.

第二個是我們的應用程序，我的 Verizon 應用程式。

We have a single app now for both can know from our mobility, the and home.

我們現在有一個應用程序，可以讓我們從行動、在家中了解情況。

So once you get a mobility customers from fees and they can trialed the home and they can buy the home and then vice versa to do that.

因此，一旦您獲得了免費的行動客戶，他們就可以試用房屋，也可以購買房屋，反之亦然。

And also home WiFi can control everything in a single app.

而且家庭 WiFi 還可以在一個應用程式中控制一切。

And that does very well.

這效果非常好。

The thing is transparent pricing, very much what the savings are and what keep innovating in this space because at the end of the customers want the best product, they also want to clear pricing upfront.

問題是透明的定價，很大程度上是節省的費用以及在這個領域不斷創新的原因，因為最終客戶想要最好的產品，他們也希望預先明確定價。

And we do that every single time with our contracts that we have that Fortis distribution, we have a large distribution of stores and footprint.

我們每次都按照我們擁有富通分銷的合約這樣做，我們擁有大量的商店和足跡。

And you can see over a period of time, we are able to distribute our files offering through our store network as well.

您可以看到，在一段時間內，我們也能夠透過我們的商店網路分發我們的文件產品。

And that's a huge upside to the business case.

這對商業案例來說是一個巨大的優勢。

So you see that we are building the Verizon model of convergence, which is demand-led and it accretive to our greatest value come for Verizon shareholders, two big buckets revenue.

所以你看，我們正在建立 Verizon 的融合模式，這種模式以需求為主導，它為 Verizon 股東帶來了我們最大的價值，即兩大收入。

The first week, we'll see penetration well, not a 40% in our business.

第一周，我們的業務滲透率將不會達到 40%。

And as I said, every NewCo so that we bring and actually get to that a little faster than the previous call that we do that space.

正如我所說，每一個新公司，我們都會比之前的電話會議更快地實現這一目標。

And once we do acquire Frontier and when we close on Frontier, we will have that as well.

一旦我們收購了 Frontier，並且當我們關閉 Frontier 時，我們也將擁有它。

And then as you're building new networks will cease accretion levels as we do that.

然後當你建立新的網路時，我們就會停止吸積水平。

The second is in some of our big markets where we have fiber or wireless market share is 500 base points, up 5% better than if you don't have fiber.

第二個是在我們的一些大市場中，我們擁有光纖或無線市場份額為 500 個基點，比沒有光纖的情況提高了 5%。

So we can cross-sell mobility to when we close it to our new cohorts of fiber that are coming in, but also customers who have access to fiber but don't have fiber will be able to cross-sell them.

因此，當我們將移動性與即將到來的新光纖群關閉時，我們可以交叉銷售移動性，並且能夠使用光纖但沒有光纖的客戶也將能夠交叉銷售它們。

So to revenue upside opportunity for us as we build out our data our converged offering.

因此，當我們建立數據和整合產品時，我們將獲得收入上升的機會。

The second is John.

第二個是約翰.

Couple of data points.

幾個數據點。

We see a 15% reduction in mobility churn when we bundle with fiber, huge lever for us, even broader longer-term on how we take churn down space.

當我們與光纖捆綁在一起時，我們發現行動客戶流失率降低了 15%，這對我們來說是一個巨大的槓桿，從長遠來看，我們如何減少客戶流失空間。

The second is fiber joined, which is already world-class.

第二種是光纖連接，這已經是世界一流的了。

one of the best in the world will go down another 5% when we bundle mobility and fiber.

當我們將移動性和光纖捆綁在一起時，世界上最好的之一將再下降 5%。

That's a very unique position for us, and we see churn benefits on FWA as well.

這對我們來說是一個非常獨特的位置，我們也看到了 FWA 的客戶流失優勢。

So what we are essentially building here is one of the world's best franchises for broadband with FWA as well as with fiber with best in class metric, but more importantly, demand-led.

因此，我們本質上在這裡打造的是世界上最好的寬頻特許經營權之一，包括 FWA 以及具有一流指標的光纖，但更重要的是，以需求為導向。

And that's the Verizon model of convergence talking about demand-led, lot of the reason it's demand-led actually comes from our unique value prop.

這就是 Verizon 的融合模式，它以需求為主導，它以需求為主導的大部分原因實際上來自我們獨特的價值支持。

Let me start with this the bottom of Layer two Layer that led to absorb all that said, we will be the most reliable network.

讓我從第二層的底層開始，它吸收了所有的內容，我們將成為最可靠的網路。

That's where the value comes from.

這就是價值的來源。

It's the same network we have for broadband, our postpaid to my plan and our prepaid value brands as well.

這與我們的寬頻、後付費方案以及預付費品牌的網路相同。

And we keep hearing these.

我們不斷聽到這些。

We have segments that go after it and a period of time, we'll have new sources of revenue.

我們有一些細分市場，在一段時間內，我們將獲得新的收入來源。

Let me touch on two of these.

讓我談談其中的兩個。

The first is network slicing.

首先是網路切片。

It's a new currency.

這是一種新貨幣。

It's something that you should we should talk a little more about soon, and that will have upside opportunity for us.

這是我們應該盡快討論的事情，這將為我們帶來上升的機會。

Second, satellite connectivity, that's another new Lummus connectivity and then new ways to monetize our overall connectivity network, then that you get to our entertainment in adjacent services, we call them books because you have to be a Verizon customer to get them.

其次，衛星連接，這是另一種新的Lummus 連接，然後是使我們的整體連接網絡貨幣化的新方法，然後您可以在相鄰服務中獲得我們的娛樂，我們稱它們為書籍，因為您必須是Verizon 客戶才能獲得它們。

That's the part you get for being a Verizon customer.

這就是您成為 Verizon 客戶所獲得的部分。

And we right now have seven million-plus subscriptions on our network and then guess what by 2025.

目前我們的網路上有超過 700 萬訂閱者，猜猜到 2025 年會怎麼樣。

So we have a large revenue stream that customers find very compelling.

因此，我們擁有龐大的收入來源，客戶覺得非常有吸引力。

It reduces churn for us is very margin, rich for us.

它減少了我們的客戶流失，利潤非常豐厚。

So it covers a lot of pieces for us.

所以它為我們涵蓋了很多內容。

We're not stopping still.

我們不會停下來。

You know, we're going to keep innovating, but to be on our network to be part of our books, it's going to have to be compelling.

您知道，我們將不斷創新，但要在我們的網路上成為我們書籍的一部分，它必須具有吸引力。

It's going to have to be exclusive to Verizon, something our customers want and they can save money with it.

它必須是 Verizon 獨有的，這是我們的客戶想要的，而且他們可以用它來省錢。

On top, we have our loyalty program, Verizon access or if you're a customer, it's just my access because it's your access because it gives you access to two things.

最重要的是，我們有我們的忠誠度計劃、Verizon 訪問權限，或者如果您是客戶，這只是我的訪問權限，因為它是您的訪問權限，因為它使您可以訪問兩件事。

one is always on deals, some of the best premium brands out there.

其中之一總是在打折，一些最好的優質品牌在那裡。

But second is once-in-a-lifetime.

但第二次是千載難逢的。

My kids' college bucket list type opportunities.

我孩子的大學願望清單類型的機會。

They have enough example you can skydiving are you can go to London to watch the US in the Jacksonville Jaguars or and can actually some of the opening of these a once-in-a-lifetime event for NFL NHL, NBA as musical apps out there.

他們有足夠多的例子，你可以跳傘，你可以去倫敦觀看美國傑克遜維爾美洲虎隊的比賽，或者實際上可以將 NFL NHL、NBA 千載難逢的活動的一些開幕式作為音樂應用程式。

I don't know if you get scored for tickets for Taylor Swift, but definitely check in on that Verizon, my access plan to do that.

我不知道你是否能獲得泰勒絲的門票，但一定要在 Verizon 上查看，這是我的訪問計劃。

As I wrap up, I want to leave you with two thoughts.

結束時，我想留給大家兩個想法。

The first is we at Verizon right now have two engines for growth, two engines that secular growth in front of them do engines that have tailwinds and where we have unique market position.

首先，我們 Verizon 現在有兩個成長引擎，兩個長期成長引擎在它們面前，它們是順風車，我們擁有獨特的市場地位。

But huge opportunity you're going to see us do the Verizon model of convergence, which is demand-led, which is give customers and offer them a huge set of services.

但是，您將看到我們採用 Verizon 融合模式的巨大機會，這種模式以需求為主導，為客戶提供大量服務。

On top of that, we're going to deepen our relationship with our customers and use them and for ourselves in the process.

最重要的是，我們將加深與客戶的關係，並在過程中利用他們和我們自己。

The second is over the last seven quarters, you've seen our vision and execution on the business.

第二個是在過去的七個季度中，您已經看到了我們對業務的願景和執行力。

You're going to give you a lot of confidence you're going to get from that that we will add for our mobility business, our broadband business and Verizon converged business.

我們將為我們的行動業務、寬頻業務和 Verizon 融合業務添加更多的內容，這會給您帶來很大的信心。

With that, I'm going to pass it over to Tony to talk about two things at 3Q update and more importantly, capital allocation.

說到這裡，我將把它交給托尼，讓他在第三季的更新中談論兩件事，更重要的是，資本配置。

Tony, take it away.

東尼，把它拿走。

Thanks and good morning.

謝謝，早安。

So our execution, a sample set is really strong and it's fueling the momentum in our business.

因此，我們的執行力、樣本集非常強大，它推動了我們業務的發展勢頭。

Our third quarter results before we get into it, I do want to talk about the third quarter.

在我們討論第三季的業績之前，我確實想談談第三季的情況。

Our ability to demonstrate customer growth and financial growth once again is a hallmark to our estimate of execution day in day out delivered the highest ever reported adjusted EBITDA in our quarter.

我們再次證明客戶成長和財務成長的能力是我們日復一日執行估計的標誌，實現了本季有史以來最高的調整後 EBITDA。

We're on track, as Hans mentioned, with our 2020 for guidance at or above the midpoint of our guided range for both wireless service revenue and adjusted EBITDA.

正如漢斯所提到的，我們的 2020 年無線服務收入和調整後 EBITDA 指導範圍的中點或以上，我們正​​步入正軌。

If I go to the operational metrics from a bill, Andy, if you think about Business and Consumer gross adds and churn both improved year over year and that drove phone net adds of 239,000 in the third quarter.

安迪，如果我看一下帳單中的營運指標，如果你考慮企業和消費者的總增加量和流失量，都同比有所改善，這推動了第三季度電話淨增加 239,000 部。

That's a signal improvement year over year.

這是逐年改善的訊號。

And as Pat mentioned, we expect the consumer business to have positive postpaid phone net adds for the full year, and that's why with and without the second number offering.

正如帕特所提到的，我們預計消費者業務全年後付費電話網路將實現正成長，這就是為什麼有或沒有第二個號碼提供的原因。

And that's in addition to the continued strength phone net adds from our business segment.

除此之外，我們業務部門的電話網路也持續強勁。

And that's quarter after quarter of strong growth.

這是一個季度又一個季度的強勁成長。

If you think about broadband, we have almost 12 million subscribers in our base and files and FWA are both growing.

如果您考慮一下寬頻，我們的用戶群中有近 1,200 萬用戶，且檔案和 FWA 都在成長。

On broadband.

在寬頻上。

We had 389,000 net adds in the quarter.

本季我們淨增加了 389,000 人。

That's another strong quarter for us.

這對我們來說是又一個強勁的季度。

And inside of that about FWA, we've grown our FWA subscriber base over $1.5 million in that time period.

其中關於 FWA 的內容，在此期間我們的 FWA 用戶群增加了超過 150 萬美元。

And as you heard from the team today, there's much more opportunity for us to expand further.

正如您今天從團隊中聽到的那樣，我們有更多的機會進一步擴張。

If we move to the financials, have EBITDA and free cash flow, if I start with service revenues, our service revenues very healthy.

如果我們轉向財務，有 EBITDA 和自由現金流，如果我從服務收入開始，我們的服務收入非常健康。

Our new was up 3.1% year to date or 1.8 billion.

今年迄今為止，我們的新股上漲了 3.1%，即 18 億美元。

Our EBITDA continues to be strong and quarter, where we delivered a very strong 12.5 of adjusted EBITDA.

我們的 EBITDA 繼續強勁，季度調整後 EBITDA 達到 12.5，非常強勁。

We took actions around revenue and cost efficiencies to set us up for 2025 from EBITDA to free cash flow of 14.5 billion year to date, and that's consistent with the prior year, and that includes an increase of $2.5 billion in cash taxes.

我們圍繞著收入和成本效率採取了行動，目標是到 2025 年將 EBITDA 提高到年初至今的 145 億美元自由現金流，這與前一年一致，其中包括增加 25 億美元的現金稅。

The cash generation of the business continues to be very strong, and we have ample early and funding to execute on our capital allocation priorities, the best performing well.

該業務的現金產生能力仍然非常強勁，我們有充足的早期資金來執行我們的資本配置優先事項，其中表現最好的。

And we have good momentum as we close 2024 at head into 2025.

隨著 2024 年的結束和 2025 年的到來，我們勢頭良好。

And if I shift over to capital allocation, as many of you know, we have for capital allocation priorities and they remain unchanged.

如果我轉向資本配置，正如你們許多人所知，我們的資本配置優先事項將保持不變。

Our first capital allocation priority is to invest in the business, and that includes investments in our network infrastructure, be bad.

我們的第一個資本配置優先事項是投資於業務，其中包括對我們的網路基礎設施的投資，這很糟糕。

If you think about buyers, it includes M&A to accelerate our strategy.

如果你考慮買家，它包括加速我們策略的併購。

If you think about the pending acquisition of Frontier, and it also includes being opportunistic with wireless spectrum as evidenced by the deal we signed last week with U.S. Cellular.

如果你考慮即將完成的 Frontier 收購，它還包括對無線頻譜的機會主義，我們上週與 U.S. Cellular 簽署的協議證明了這一點。

As we said before, we're back to be a new levels of capital spend, and we're on track with our 2024 program.

正如我們之前所說，我們的資本支出又回到了新的水平，而我們的 2024 年計畫正步入正軌。

If we look ahead to 2025.

如果我們展望 2025 年。

In terms of guidance for 2025, we expect 2025 capital expenditures to be in a range of 17.5 to 8.5 billion for the next here, and that's at all in number that includes all of those.

就 2025 年的指導而言，我們預計 2025 年的資本支出將在 17.5 至 85 億美元之間，而這完全是包括所有這些在內的數字。

So that includes C-band and the continuation of rolling out.

這包括 C 頻段和繼續推出。

Steve talked about having 80% to 90% of our sites on C-band by the end of 2025.

Steve 談到，到 2025 年底，我們 80% 到 90% 的站點將使用 C 頻段。

It includes our files, continued OpEx per sale expansion up to six 50,000.

它包括我們的文件，持續將每筆銷售的營運支出擴展至 6 50,000。

New spending includes the broadband MDUs multi-dwelling solution that Joe mentioned.

新支出包括喬提到的寬頻 MDU 多住宅解決方案。

All of these things are included in that 17.5 to 18.5 number range gives us the flexibility to both invest for growth and be disciplined and efficient with our capital spend.

所有這些都包含在 17.5 至 18.5 的數位範圍內，使我們能夠靈活地進行成長投資，並嚴格有效地利用我們的資本支出。

Our second prior commitments to the dividend.

我們事先對股利的承諾。

And as you've seen recently, we've raised the dividend for the 18th.

正如您最近所看到的，我們提高了 18 號的股息。

That's an accomplishment that we're extremely proud of.

這是我們非常自豪的成就。

And as we've said many times, our goal is to put the Board position for further dividend increases.

正如我們多次所說的，我們的目標是讓董事會採取進一步增加股利的立場。

Our third capital allocation priorities.

我們的第三個資本配置重點。

Having a strong balance sheet, we made significant progress delevering the balance sheet since the acquisition of C-band.

憑藉強大的資產負債表，自從收購 C 波段以來，我們在資產負債表去槓桿化方面取得了重大進展。

As of the end of the third quarter, our unsecured leverage stands at 2.50 times that the ratio of net unsecured debt to adjusted EBITDA.

截至第三季末，我們的無擔保槓桿率為淨無擔保負債與調整後 EBITDA 比率的 2.50 倍。

Our focus is to continue to pay down debt now and the closing of the Frontier deal.

我們現在的重點是繼續償還債務並完成 Frontier 交易。

And today we're announcing an update to our long-term leverage target of 2.0 to 2.25 times given our cash flows overall financial strength.

鑑於我們現金流的整體財務實力，今天我們宣布將長期槓桿目標從 2.0 倍更新為 2.25 倍。

This is the appropriate range for our business to provide flexibility to invest for growth and return capital to shareholders.

這是我們業務的適當範圍，可以為成長投資提供靈活性並向股東返還資本。

Our for capital allocation priority is share buybacks.

我們的資本配置優先事項是股票回購。

And as we've said many times, we would consider share buybacks.

正如我們多次說過的，我們會考慮股票回購。

But our unsecured leverage metric reaches two and a quarter times.

但我們的無擔保槓桿指標達到了兩倍又四分之一。

And that talk is unchanged.

這種說法沒有改變。

As we work towards that target, we continue to focus on generating strong cash flows and paying down debt.

在我們努力實現這一目標的過程中，我們將繼續專注於產生強勁的現金流和償還債務。

Our capital allocation strategy is disciplined and deliberate.

我們的資本配置策略是嚴謹且深思熟慮的。

And as you've seen from our track record, will continue to focus on operational execution and performance and deliver on our commitments.

正如您從我們的業績記錄中看到的那樣，我們將繼續專注於營運執行和績效，並兌現我們的承諾。

We're excited about the opportunities we have ahead.

我們對未來的機會感到興奮。

And with that, back to Hans.

說到這裡，回到漢斯。

Thank you, Tony.

謝謝你，托尼。

Let me summarize our base before we come to, and I think you hopefully got the feeling that we are setting us up well for 25 and beyond the continued leadership in this market and extended.

在我們開始之前，讓我總結一下我們的基礎，我想您希望能感覺到我們正在為 25 年及以後在這個市場上的持續領導地位做好準備並擴大。

So are we talking about their networks and that's what we should be the best and the best-performing.

所以我們正在談論他們的網絡，這就是我們應該是最好的和表現最好的。

I think that's been a focus and really now with Citibank coming quickly and our FiOS build out, we feel really good about it.

我認為這一直是一個焦點，現在隨著花旗銀行的快速發展以及我們的 FiOS 的建立，我們對此感覺非常好。

It's been important for us as focus the last couple of years on a differentiated value proposition for our customers.

這對我們來說非常重要，因為過去幾年我們專注於為客戶提供差異化的價值主張。

We know that there are more important services than ever to have mobility and broadband necessity for every organization, every person on this planet and in the United States in different change in offerings.

我們知道，在產品的不同變化中，對於這個星球上以及美國的每個組織、每個人來說，有比以往任何時候都更重要的服務來滿足行動性和寬頻的需求。

And we do doing or in Q1 was important and they come from deep research what our customer really wants.

我們在第一季所做的事情很重要，它們來自於客戶真正想要的深入研究。

And of course, again, the refreshed brand should support us for the continuation.

當然，再次強調，煥然一新的品牌應該會支持我們的延續。

Tony talked about our capital allocation, and you've seen us be very prudent litigation.

東尼談到了我們的資本配置，你也看到我們在訴訟方面非常謹慎。

We promised to come down to be a few levers.

我們承諾會減少一些槓桿。

We are on BA levers.

我們處於 BA 槓桿上。

We have the high copper C-band because we saw a great opportunity to quickly come out with that and that we're coming up.

我們擁有高銅 C 波段，因為我們看到了快速推出這款產品的絕佳機會，並且我們正在努力。

We are now doing investment to expand our total addressable market with the same offering the same network that, that strategy and where have we stay there.

我們現在正在進行投資，以擴大我們的總目標市場，提供相同的服務、相同的網路、該策略以及我們在那裡的位置。

And we see that we can continue to grow well and continue to credibility and cash flow.

我們看到我們可以繼續良好成長並繼續保持信譽和現金流。

So that's the overall strategy.

這就是總體策略。

And we are measured on three things while service revenue and adjusted EBITDA and the cash flow.

我們根據三件事來衡量：服務收入、調整後的 EBITDA 和現金流。

And we are committing the whole team here to continue to grow the service revenue and expand the EBITDA and cash flow going into 25 and onwards with the investments we're doing right now and where we stand with our strategy, where we stand with our assets with them with our offering.

我們承諾整個團隊將繼續增加服務收入，並將 EBITDA 和現金流擴大到 25 及以上，透過我們現在正在進行的投資以及我們的策略和資產的立場與他們一起與我們的產品。

So all in all.

所以總而言之。

So we feel very positive were all right and possibly watermark of this and our products by that, I am going to close and we're going to have open Q&A.

因此，我們感到非常積極，一切都很好，可能還有這個和我們的產品的水印，我將結束，我們將進行公開問答。

Brady will help us to manage each that I have my whole management team here.

布雷迪將幫助我們管理我的整個管理團隊。

Pictures of them.

他們的照片。

If you don't know the or they're shifting to the left here for the ones on the webcast, you can see them here.

如果您不知道或他們正在向左移動以查看網路廣播中的內容，您可以在這裡看到它們。

So they are all here.

所以他們都在這裡。

So diligently and distributing answers to probably going to take some myself, any questions you might have for us riding on and do it.

如此努力地分發答案，我自己可能會回答一些您可能提出的任何問題，讓我們繼續執行。

I remember present yourself depending on answers with so that webcast audience know who's asking the question.

我記得根據答案來展示自己，以便網路廣播觀眾知道是誰在問問題。

Okay.

好的。

Cumulatively, okay.

累計起來還可以吧

So I love the folks in the front row, but we're going to go back right to start with Simon and again, just announce your name and firm to three not on the camera.

所以我喜歡前排的人，但我們要回去從西蒙開始，再次向不在鏡頭前的三個人宣布你的名字和公司。

Great.

偉大的。

Thanks very much.

非常感謝。

Simon Flannery, Morgan Stanley.

西蒙‧弗蘭納裡，摩根士丹利。

Hands.

手。

I was interested in your latest thoughts on the B program.

我對你對 B 計畫的最新想法很感興趣。

You're clearly leaning into broadband.

您顯然傾向於寬頻。

We're starting to see some of the states open up their processes.

我們開始看到一些州開放了他們的流程。

So how do you think about that acts as an opportunity beyond this?

那麼您如何看待這之外的機會呢？

And then the other question would be around these markets like the Northeast, where you have fixed wireless and fiber.

然後另一個問題是圍繞這些市場，例如東北地區，那裡有固定的無線和光纖。

How do you start to bifurcate that opportunity?

你如何開始分解這個機會？

You're ramping in the past?

你在過去嗎？

You have fiber, you hadn't really done fixed wireless, but does that start to lender-placed going to take some help from Joe later on, but I got to start myself first.

你有光纖，你還沒有真正完成固定無線，但這是否開始由貸款人安排，稍後會得到喬的一些幫助，但我必須先開始自己。

The beam programming is, of course, contemplated in everything we have here in the FiOS footprint is always we will go for it when makes sense for us.

當然，我們在 FiOS 足跡中所擁有的一切中都考慮了光束編程，只要對我們有意義，我們總是會選擇它。

Motor from a return on investment.

馬達從此獲得投資回報。

And so we in our FiOS footprint is going to be great opportunities for us will, for sure, and we will be active on it.

因此，我們的 FiOS 足跡肯定會為我們帶來巨大的機會，而且我們將積極參與其中。

On the second one when it comes to fiber or fibrosis, fixed wireless access, I think I hope that you heard from Joe, our strategy on fixed wireless access is a secondary business case on mobility.

關於第二個問題，當涉及光纖或纖維化、固定無線存取時，我想我希望您聽到喬的說法，我們關於固定無線存取的策略是行動性的次要業務案例。

So we first of all, we deploy our C-band for mobility and agreement that Joe and I have in the whole team is that we build mobility for two reasons revenue generation as well as customer satisfaction.

因此，我們首先部署 C 頻段以實現行動性，喬和我在整個團隊中達成的共識是，我們出於創造收入和客戶滿意度兩個原因建立行動性。

And then we get the secondary fixed wireless access opportunities of Philly, thinking about where we do for iOS and where do fixed wireless access.

然後我們拿到費城的二次固定無線接入機會，思考我們在哪裡做iOS，在哪裡做固定無線接入。

We do files and we do it.

我們做文件，我們就做。

And we do mobility than we cranked opens new opportunities.

我們的移動性比我們發動的要多，這開啟了新的機會。

And and I always love what we are doing because we give optionality of our customers, our customers, our team is to get files for there resolved that.

我一直喜歡我們正在做的事情，因為我們為客戶提供了選擇權，我們的客戶、我們的團隊就是要取得文件來解決這個問題。

I really feel that fixed wireless access is a solution.

我確實覺得固定無線存取是解決方案。

They want that because the simplicity.

他們想要這樣，因為簡單。

So we're going to create optionality.

所以我們要創造選擇性。

And you saw the consumer slide that I sometimes joke with the customer offering framework.

你看到了我有時拿客戶服務框架開玩笑的消費者幻燈片。

I think it's called <unk> where everything is in the same model regard would it take?

我認為這被稱為在同一模型中的一切都在哪裡？

So that's how we're thinking about doing to add something else.

這就是我們考慮添加其他內容的方式。

He wants to add something, please come up here.

他想補充一些東西，請到這裡來。

Okay.

好的。

Yes, just on bead.

是的，只是在珠子上。

So we've built a very good process for managers, and we've been already receiving and winning subsidies in our FiOS footprint.

因此，我們為管理者建立了一個非常好的流程，我們已經在 FiOS 足跡中獲得並贏得了補助。

So as bead starts to get deployed, we'll have we'll deploy those same kinds of standards and processes to participate.

因此，當珠子開始部署時，我們將部署相同類型的標準和流程來參與。

When I think about the 35 to 40 million, it will be a very, very small percent that we think is bead and we foresee that 35 to 40 million will be with or without the need funding.

當我想到 3500 到 4000 萬時，我們認為這將是一個非常非常小的百分比，我們預計無論有沒有資金需求，都將有 35 到 4000 萬。

Thank next.

謝謝下一個。

We're going to work our way up.

我們要努力向上。

I'm going to go second row will go public on the rigor.

我要去第二排，將嚴格公開。

Thank you.

謝謝。

And interviewed CB. behind these targets.

並採訪了CB。這些目標的背後。

First, starting with fixed wireless thanking us for the new debt was just on the quick math.

首先，從固定無線開始，感謝我們的新債務只是簡單的計算。

It seems like the cadence is slowing a bit.

節奏似乎有點慢了。

You guys are doing like three, 60 students, 60,000 a quarter.

你們大概有 3 個、60 名學生，每季有 6 萬名學生。

It looks like it's that slows just sort of doing it reasonably to under 300,000.

看起來它的速度合理地減慢到了 300,000 以下。

I just want to make sure that's sort of what we should expect to see if there's something different in the number.

我只是想確保這就是我們應該期望看到的數字是否有不同。

And then new these new initiatives are great.

這些新措施都很棒。

You guys did 1.7% service revenue growth this quarter.

你們本季的服務收入成長了 1.7%。

Obviously you do want to give 25 guidance for guidance here, but should we expect an acceleration in service revenue growth from the initiative that the tone that I'm going to start?

顯然，您確實想在這裡提供 25 條指導意見，但我們是否應該預期我將要開始的舉措會加速服務收入成長？

I think you to ceramic side.

我想你到陶瓷那邊。

So think about this, we haven't talked yet to create and get between 350 to 400,000 new broadband subscribers every quarter.

所以想一想，我們還沒有談到每季創建並獲得 350 至 400,000 名新寬頻用戶。

And I think we have had that's why I'm not sure how many quarters sometimes office for hundreds and sometimes a little bit north of three 50.

我認為這就是為什麼我不確定有多少個宿舍有時有數百人，有時甚至超過三個 50 人。

What is happening right now is two things.

現在發生的事情有兩件事。

First of all, the fixed wireless access is going in to us in a second sort of transformation because the C band is not going to suburban rural.

首先，固定無線存取正在進入我們的第二次轉型，因為C頻段不會進入郊區農村。

And of course, the opportunity is equally big glut in densities, way less.

當然，機會同樣存在於密度過剩，甚至更少。

So we're going to see for a while at all times is going to be a little bit less in the second one, as we're ramping up the fires, you saw that we're doing some for 50 to 500 was a six.

因此，我們將在一段時間內始終看到第二個中的火勢會稍微少一些，因為我們正在加大火勢，您會看到我們正在為 50 到 500 人做一些工作，這是六。

Safety is a ramp-up.

安全是一個提升。

So in the short term, I think you're going to be handled at three 15.

所以從短期來看，我認為你將在凌晨三點十五分被處理。

And then I think when you see the ramping up of both on and we're going to see a little bit, I wouldn't say that we have changed anything overhang on the pace.

然後我認為，當你看到兩者都在加速時，我們會看到一點點，我不會說我們已經改變了步伐上的任何懸而未決的事情。

It just a technicality of how it builds right now and how we're ramping up hires and actually going suburban rural with our C-band.

這只是目前如何建造以及我們如何增加員工以及如何透過 C 頻段實際進入郊區的技術問題。

So those sort of things, Tony, we won't talk about guidance 20 pharma, your greatest unmet eager to hear it.

因此，托尼，我們不會談論指導 20 Pharma 之類的事情，這是您最想聽到的未滿足的願望。

Jon, thanks for the question.

喬恩，謝謝你的提問。

So look, as we said this, I think we're on track with our service revenue.

因此，正如我們所說，我認為我們的服務收入已步入正軌。

We said we'd be at or above the midpoint on service revenue.

我們說過我們的服務收入將達到或高於中點。

If we think about next year, I'm not going to guide on 25 right now.

如果我們考慮明年，我現在不會指導 25。

But in terms of puts and takes, you're taking a lot of actions to position ourselves for sustained growth.

但就看跌期權而言，你正在採取很多行動來為自己的持續成長做好準備。

So that includes the P and Q that you heard from Sampath.

這包括您從 Sampath 聽到的 P 和 Q。

So volume improvements in pricing.

因此，定價方面的批量改善。

And it also includes wireless access.

它還包括無線訪問。

And you see the great growth, both that we've seen our Fixed Wireless Access Prepaid has now Sampath mentioned, turn positive.

你會看到巨大的成長，我們已經看到我們的固定無線接入預付費現在 Sampath 提到的，都轉為積極的。

So that's been a headwind this year.

所以這是今年的逆風。

We expect that to start to turn next year.

我們預計這種情況將於明年開始出現轉變。

We're still facing with Prime amortization.

我們仍然面臨著主要攤銷。

So those are the puts and takes as we head into next year and we'll bring it back in January to its next.

這些就是我們進入明年時的看法，我們將在一月將其帶回明年。

We're working our way up to the front row.

我們正在努力走到前排。

We're going to go.

我們要走了。

We'll go bargain here on the first half versus, you know, I'm so excited about that rate of Tata Dave Barden from Bank of America's exons on.

我們將在上半場討價還價，你知道，我對美國銀行外顯子塔塔戴夫巴登的利率感到非常興奮。

So if my base case is that the tax regime remains the same.

因此，如果我的基本情況是稅收制度保持不變。

Cash taxes are going up.

現金稅正在上漲。

Capex is going up.

資本支出正在上升。

We're capital.

我們是資本。

If the iPhone becomes bigger thing going down might go up.

如果iPhone變得更大，下降的事情可能會上升。

I'm a lot of assumptions.

我有很多假設。

They are continuing those terms.

他們正在繼續這些條款。

So Rich assumptions and then can you going to do this from to deal and they're not free cash flow positive.

如此豐富的假設，然後你能從交易中做到這一點，而且它們的自由現金流不是正值。

So is the message financially to you, Tony, that 2024 is the high watermark for free cash flow horizon?

東尼，2024 年是自由現金流水準的高水位線，這對你來說是財務資訊嗎？

Because it doesn't seem like there's a lot of time sales to kind of make it get a lot better.

因為似乎沒有很多時間進行銷售來使其變得更好。

And the second question, if I could, would be there's some agitators at Frontier that on what you guys to pay higher price bid against ourselves.

第二個問題，如果可以的話，Frontier 會有一些煽動者，他們要求你們支付更高的價格來對抗我們自己。

Um, that process and um and you spoke a lot about how important it is to have this 100 million homes passed and the Verizon version of convergence on what do you really Gildan?

嗯，這個過程，嗯，你談了很多關於讓這 1 億個家庭通過以及 Verizon 版本的融合有多麼重要，你真正認為 Gildan 是什麼？

Okay.

好的。

I'll leave the capital allocation for you.

我把資本分配留給你。

But I think that, of course, you can always find hand wins.

但我認為，當然，你總是能找到手牌獲勝。

We have a lot of auto loans as well and cash flow, and we were very focused on that.

我們還有很多汽車貸款和現金流，我們非常關注這一點。

So what I will let let Tony, I'll go through the puts and takes on that on the Frontier deal.

因此，我將讓托尼，我將在邊境交易中進行看跌期權和承擔。

And the first of all, I read the proxy, which problem than it was a competitive process who are effort and best and final, we gave the best and final.

首先，我閱讀了委託書，這是一個競爭過程，誰是努力、最好和最終的，我們給了最好的和最終的。

We have a site for a merger fares, shareholders and we always have different type of strategies.

我們有一個合併票價、股東的網站，我們總是有不同類型的策略。

We will continue to have that these fit anywhere right now, we're going to see what's going to happen, but we feel really confident that this is a fair and good for all stakeholders.

我們將繼續讓這些適用於現在的任何地方，我們將看看會發生什麼，但我們非常有信心這對所有利害關係人來說都是公平且有利的。

Tony.

托尼.

So we're not going to guide on free cash flow, but a few things.

因此，我們不會指導自由現金流，而是指導一些事情。

I mean, the same share at the beginning of the year still remain intact.

我的意思是，年初的相同份額仍然保持不變。

So we see the EBITDA growth and that's the focus for next interest grow in terms of deleveraging will have to see where rates go, that'll have an impact.

因此，我們看到 EBITDA 成長，這是去槓桿化方面下一次利息成長的重點，必須看看利率的走向，這會產生影響。

And then cash taxes, as you mentioned, they're up this here.

然後是現金稅，正如你提到的，他們在這裡。

We'll have to see what happens on the legislative front.

我們必須看看立法方面會發生什麼。

They're going to be up.

他們會起來的。

We said 2.5 billion so far this year.

今年到目前為止我們說的是 25 億。

We'll see where them working capital.

我們將看看他們的營運資金在哪裡。

We're not seeing a big upgrade cycle right now.

我們現在還沒有看到大型的升級週期。

The upgrades were down 10% write-down.

升級減記減少了 10%。

Customers are choosing to hang onto their phones, but a lot longer.

客戶選擇繼續使用手機，但時間更長。

And that's by choice, the average upgrade rate Sampath concurrently, but it's probably 40 months or so.

而且這是按選擇的，Sampath並發的平均升級速度，但大概是40個月左右。

So that hasn't.

所以還沒有。

So we're going to continue to stay disciplined and segmented in our approach.

因此，我們將繼續在我們的方法中保持紀律和分段。

And then we'll come back on our thoughts on cash flow back in January.

然後我們將在一月份回顧我們對現金流的想法。

Thanks.

謝謝。

Thank you, Nick.

謝謝你，尼克。

Have gone here to Peter Knox.

已經到彼得·諾克斯那裡去了。

Thanks, Bruce and Peter subpoena with Wolfe Research.

謝謝，布魯斯和彼得向沃爾夫研究中心發出傳票。

Question on fiber and really about the rate of expansion, your target plus a lot of other publicly available targets on gas to invite how many private fiber passings than the country has summed over 100 million homes, population density observations.

關於光纖的問題，實際上是關於擴張速度的問題，您的目標加上許多其他公開的天然氣目標，以邀請多少私人光纖通過該國已超過 1 億個家庭的總和，人口密度觀察。

Nobody has perfect information.

沒有人擁有完美的訊息。

We used to think that maybe you should be in a hurry to build as many homes you can.

我們曾經認為也許你應該盡快建造盡可能多的房屋。

And yet your current velocity of expansion is still much lower than other a couple of other companies.

然而，你們目前的擴張速度仍然遠低於其他幾家公司。

Wondering how you think about the speed at which you want to pursue the targets that you laid out here today.

想知道您如何看待實現今天在這裡設定的目標的速度。

Thanks.

謝謝。

Thank you.

謝謝。

I think about broadband that thinking I have and the team has served us well, that means that we include both our files as well as the fixed wireless access as broadband solutions.

我認為我所擁有的寬頻和團隊為我們提供了良好的服務，這意味著我們將我們的文件以及固定無線存取作為寬頻解決方案。

You've seen lately very well doing well for them.

你最近看到他們做得很好。

And that's how we're thinking about our customers and we create optionality.

這就是我們如何考慮客戶並創造選擇。

So I think that nobody else has building on a pace that we are doing in the combination of that, how are we thinking?

所以我認為沒有其他人能比我們更進一步，我們的想法如何？

And remember we build a network ones.

請記住，我們建立了一個網路。

And then at the end of the network, we decide what type of connections will have.

然後在網路末端，我們決定將有什麼類型的連接。

Some time expires sometime in sometimes 5G, somebody's, but it's fixed wireless access.

有時5G有時會過期，但它是固定無線存取。

And then we get the best return on investment on the invested capital because we do with Lonza.

然後我們就能獲得最佳的投資回報，因為我們與 Lonza 合作。

So that's the thinking we have, and that's how we serve our customers.

這就是我們的想法，這就是我們為客戶服務的方式。

So I feel good as we have and how we're deploying this again, with a financial mine in, we get the best return on investment for our shareholders.

因此，我對我們已經擁有的以及我們如何再次部署這一點感覺很好，有了金融礦井，我們為股東獲得了最好的投資回報。

Anybody want to add something?

有人想添加一些東西嗎？

Not okay, then you don't need to make to come back in the middle of the room here.

不行，那你就不需要再回到房間中間了。

We'll do a gym Sebastiano.

我們要去健身房，塞巴斯蒂亞諾。

Thanks.

謝謝。

Jim Schneider, Goldman Sachs.

吉姆·施奈德，高盛。

Just a couple of quick questions on the network side, if I could here I'll versus on.

只是關於網路方面的幾個簡單問題，如果我可以在這裡我會反對。

In terms of longer-term fixed wireless targets, do those sort of include or not include any dedicated spending purely for fixed wireless?

就長期固定無線目標而言，這些是否包括或不包括任何純粹用於固定無線的專用支出？

And you said mobility lead, but does it include any of that and talk about the part of that, which is mostly and then maybe tactically for 2025 to maybe talk about the drivers of the tax increase, how much of that increase is coming on the wireless side on macro cells, how much of that is coming for, et cetera?

你說流動性領先，但它是否包括其中任何一個，並討論其中的一部分，這主要是，然後可能在 2025 年的戰術上討論稅收增加的驅動因素，其中有多少增加將來自於宏蜂窩的無線方面，其中有多少，等等？

I think on the first question is, no, there's no success base fixed wireless access in the plan and that we're presenting today.

我認為第一個問題是，不，我們今天介紹的計劃中沒有成功的固定無線接入基礎。

That's an optionality we have, which are right now.

這是我們現在擁有的選擇。

Again, we believe in our design principles because that makes cooperation easier.

再次強調，我們相信我們的設計原則，因為這使合作變得更加容易。

It makes it easy for our customer in here recap that, that doesn't exclude it.

它使我們的客戶可以輕鬆回顧這一點，但這並不排除它。

And then, of course, I'm sure that you're always building more capacity.

當然，我確信你總是在增強能力。

So Cai, deleverage on that.

所以蔡，去槓桿化。

But in this play, then it's mobility first in all our CBM.

但在這場比賽中，我們所有的 CBM 中，機動性是第一位的。

The second question to level you have right now and how much is macro.

現在要解決的第二個問題是宏觀問題。

You heard over all of our plan ranges having C-band.

您聽說過我們所有的計劃範圍都有 C 頻段。

I think those are two important ones.

我認為這是兩個重要的。

There are other things coming down in our normal bills because where we see much more traffic on the 5G, we were very far on ours, more Selwyn millimeter wave.

我們的正常帳單中還有其他事情會下降，因為我們看到 5G 流量更多，而我們的 5G 流量遠遠超過了 Selwyn 毫米波。

That's a little bit smaller today.

今天這個有點小了。

That doesn't mean we don't believe CapEx.

這並不意味著我們不相信資本支出。

Yes, I'll just add on the Pro about six months ago now deploying C-band on small cells and have seen really LG on our vast small cell network, giving us more coverage.

是的，我將在大約六個月前添加 Pro，現在在小型蜂窩上部署 C 頻段，並且在我們龐大的小型蜂窩網絡上看到了真正的 LG，為我們提供了更多的覆蓋範圍。

And certainly more capacity for both view is that will continue in this four year build program as well, leverage what we've done both with our millimeter wave small cells, and we had a pretty significant small cell network even for the 4G network, a great tool to add coverage and capacity.

當然，這兩種觀點的更多容量也將在這個四年的建設計劃中繼續下去，利用我們在毫米波小型蜂窩上所做的工作，我們甚至擁有一個相當重要的小型蜂窩網絡，即使對於4G網路來說，增加覆蓋範圍和容量的好工具。

And one other thing that is increasing, which you mentioned was, of course, new solution we have now for which we have talked about it.

您提到的另一件事正在增加，當然是我們現在已經討論過的新解決方案。

We're going to put that in commercial, but of course, with a great, great return on investment Sebastiano, and then we'll go.

我們將把它投入商業，但是當然，塞巴斯蒂亞諾會帶來巨大的投資回報，然後我們就會開始。

Hi, Sebastian and Perry, JPMorgan and as well.

嗨，塞巴斯蒂安和佩里，還有摩根大通。

But help us think about the shape of CapEx over the next several years because of 17.5 on a stand-alone plan includes the MDUs, the Ultra Wideband builds as well as the six 50 is a range between 17.5 and eight and a half, maybe perhaps milestones or things like that that are more elevated next year that they begin to peel off like the M the steady-state over the next several years?

但請幫助我們思考未來幾年的資本支出形狀，因為獨立計劃中的 17.5 包括 MDU、超寬頻構建以及 6 個 50，範圍可能在 17.5 到 8 個半之間里程碑或類似的事情明年會更高，以至於它們會像未來幾年的穩定狀態一樣開始脫落？

As I said, I think the level that we have in a steady-state, I always said that if we see an opportunity where we can grow faster and weakening normal BAU levels right now, we don't see that that remember, we have talked about there's no auctions with spectrum coming out at the moment.

正如我所說，我認為我們處於穩定狀態的水平，我總是說，如果我們看到一個可以更快增長並削弱現在正常BAU 水平的機會，我們不會看到這一點，請記住，我們有談到目前沒有頻譜拍賣。

That is triggering or new.

這是觸發性的或新的。

We don't even think 60s in any of the partially Catapult, a higher investment level right now, 17 trillion of up to 18.5 that if we see opportunities, remember to capital allocation priorities spend in the MRs, but it was going to explain.

我們甚至不認為60年代的任何部分彈射器，現在的投資水平更高，17萬億高達18.5，如果我們看到機會，請記住將資本配置優先花在MR上，但它會解釋。

That is something additionally we can get and that we can share with you levels or what you see from us right now.

這是我們另外可以獲得的東西，我們可以與您分享水平或您現在從我們身上看到的東西。

They want to go spectrum auctions, I think that at the moment.

我認為目前他們想要進行頻譜拍賣。

Okay.

好的。

Thank you.

謝謝。

And then as the confidence as we kind of think about the 80 20 service revenue growth and the sustainability tougher comps on the gross add side on the EIP. dynamics and help us maybe think about the levers, I think it comes back, we've had seven quarters of strong growth side year-on-year.

然後，當我們考慮 80 20 服務收入成長和 EIP 總增加的可持續性更嚴格的比較時，我們就有信心。動態並幫助我們思考槓桿，我認為它回來了，我們已經有七個季度同比強勁增長。

The growth coming in this and all the efforts that we've put in, whether it is incentive myPlan, just better execution improvement in our business going forward.

由此帶來的成長以及我們所付出的所有努力，無論是激勵 myPlan，還是我們未來業務的更好執行力改進。

So I think that a machine that we've gotten back to the right phase.

所以我認為我們已經回到了正確的階段。

As I mentioned, there's nothing structurally that prevents us from getting back to leadership position on customer strategic trade-offs, which is the right things to do it.

正如我所提到的，沒有什麼結構性的因素可以阻止我們在客戶策略權衡方面重新回到領導地位，這是正確的做法。

But over a period of time, John will start coming down.

但過了一段時間，約翰就會開始情緒低落。

Mobile Plus home offerings.

Mobile Plus 家庭產品。

Converged offering is probably the biggest lever that programs and then just better execution on the churn piece as well.

融合產品可能是最大的槓桿，可以更好地執行客戶流失的部分。

So we're going to see both things coming in, renewed progress with both of them together.

因此，我們將看到這兩件事的出現，兩者共同取得新的進展。

That's how we're going to sustain a net add growth.

這就是我們維持淨增加成長的方式。

We've had four or five price increases, depending on how you count it last year.

我們去年已經漲價四、五次了，這取決於你如何計算。

And in every case, the churn has been like a product like our offering.

在每種情況下，流失就像我們提供的產品一樣。

And you're going to continue the ways in which we can on the tax increase, which is on price increase.

你將繼續我們可以採取的增稅方式，即提高價格。

If you look at the chart that I had, the customer offering framework, we are able to books in our business right now that's going to double this time next year.

如果你看一下我的圖表，即客戶提供框架，我們現在就可以預訂我們的業務，明年這個時候將會翻倍。

So you're going to see a lot of momentum on the price.

所以你會看到價格上漲的動力。

So a combination of gross adds better churn and also ability to upsell our customers, both on all of that in, I guess, really comfortable about the 80 20 split out that we are going to on a glide path.

因此，總銷售額的結合增加了更好的客戶流失率，也增加了向客戶追加銷售的能力，我想，在所有這些方面，我們對我們將要走上下滑之路的80 20 分拆感到非常滿意。

Yes, we're going to go Greg in the front row over here and then we'll start mixing around.

是的，我們要讓格雷格坐在前排，然後我們就開始混音。

Sure.

當然。

Thanks.

謝謝。

Another opportunity.

另一個機會。

Dumb, one of your peers has are putting out a few press releases on Gen-i Fibria on fiber build and your extra acquisitions.

笨蛋，您的一位同行正在發布一些關於 Gen-i Fibria 的新聞稿，內容涉及光纖構建和您的額外收購。

I'm just curious on your latest thinking on the economics and the opportunities there.

我只是對你對經濟和那裡的機會的最新想法感到好奇。

If we talk about the Gen-i opportunities, I've talked about a three pronged Gen-i strategy.

如果我們談論 Gen-i 機遇，我會談論三管齊下的 Gen-i 策略。

We have.

我們有。

We have employee experience improvements they have right now, we're ready and it comes to call agents, et cetera.

我們現在已經改善了員工體驗，我們已經準備好，可以呼叫代理商等等。

We have our personalization of our customers.

我們對客戶進行個人化。

And then we have our revenue opportunity.

然後我們就有了收入機會。

And as I alluded to, given the assets we have in in our network, we see great opportunities for having a chance to earn business there, which will not name because you can talk a little bit more about it as you rightly bring up the investments we've made towards the one fiber, all the other fiber, all the CEOs and everything we've done where we're kind of reimagining those assets right now is how do we and how we can sell into this.

正如我所提到的，考慮到我們在網路中擁有的資產，我們看到了在那裡賺取業務的巨大機會，這不會被提及，因為你可以在正確地提出投資時更多地談論它我們對一種纖維、所有其他纖維、所有執行長以及我們所做的一切所做的一切，我們現在正在重新構想這些資產，那就是我們如何以及我們如何能夠推銷這一點。

And actually, right now, we're already selling into it.

事實上，現在我們已經在出售它了。

We're getting a lot of good orders from hyperscalers, either on dark fiber for lit.

我們從超大規模廠商那裡得到了很多好的訂單，無論是用於照明的暗光纖。

And we can see we're going to see that growing.

我們可以看到，我們將會看到這種成長。

But we have more than that, not just the fiber is the power space and cooling, which you know, is really high demand and a lot of Leighton assets in that area.

但我們擁有的不僅僅是這些，不僅僅是光纖，還有電力空間和冷卻，你知道，這確實是很高的需求，而且禮頓在該領域有很多資產。

So at the moment, we're putting it together.

所以目前，我們正在將它們放在一起。

We're kind of talk to somebody before we're going to measure twice.

在測量兩次之前，我們會先與某人交談。

And we're not we're figuring out exactly how we're going to go into this market.

我們還沒有弄清楚我們將如何進入這個市場。

It's a huge market.

這是一個巨大的市場。

We can cover it all, but there are certain segments we might be better off than others.

我們可以涵蓋所有方面，但在某些領域我們可能比其他領域更好。

And that will be back here pretty soon.

那很快就會回到這裡。

Talked about, it is a great opportunity for us, kind of things.

談到，這對我們來說是一個很好的機會。

Okay, we're going to go.

好的，我們要走了。

We're going to go over here.

我們要去這裡。

We go brand and then microns.

我們先選擇品牌，然後選擇微米。

Thanks.

謝謝。

Brandon Nispel with KeyBanc.

布蘭登·尼斯佩爾 (Brandon Nispel) 與 KeyBanc。

So I was hoping you could maybe unpack the fixed wireless targets in the homes passed from from a perspective of maybe a proportion of MDUs or single-family tier one, tier two, tier three markets in percentage of millimeter wave receive end.

因此，我希望您可以從 MDU 或單戶一級、二級、三級市場毫米波接收端百分比的角度來分析所經過的家庭中的固定無線目標。

And that's a lot of unpacking that one.

拆開這個包裝就這麼多了。

I'm not sure you want to do with the or something.

我不確定你想做什麼。

But of course, we as I said before, the C-band deployments go to suburban or rural.

但當然，正如我之前所說，C 頻段部署到郊區或鄉村。

And because we're starting in urban areas because that's where we got the spectrum first, that's another opportunity is great opportunity but less density.

因為我們從城市地區開始，因為那是我們首先獲得光譜的地方，所以這是另一個機會，是很好的機會，但密度較低。

So I think that that's one thing is happening.

所以我認為這是一件事正在發生。

The MDU is just adding to coming back to some of the places with then they can do them new solutions.

MDU 只是回到一些地方，然後他們可以為他們提供新的解決方案。

So I think is a combination of the mall.

所以我覺得是商場的結合。

I'm not sure it's a special distribution or something if somebody wants to use deploy our technology and or from a mobility point of view and then we get all the opportune rounded.

我不確定這是一個特殊的發行版還是其他什麼，如果有人想使用部署我們的技術和/或從移動性的角度來看，然後我們得到所有合適的機會。

Again, there's no success based sort of a CapEx here for fixed wireless access week becomes along with everything we're doing.

同樣，固定無線存取週與我們所做的一切都沒有基於成功的資本支出。

But again, it's a great investment.

但話又說回來，這是一項龐大的投資。

Mobility is performing better when we have C-band bolt-on churn and and then we fixed wireless access.

當我們配備 C 頻段螺栓固定式攪拌機並修復無線接入時，移動性會表現得更好。

So it makes all sense for us are deployed in the right way.

因此，以正確的方式部署對我們來說是有意義的。

We refined the revenue and that's what you're always doing.

我們改善了收入，這就是您一直在做的事情。

The answer you want to add issuer.

您要新增發行人的答案。

Okay.

好的。

Not sure I understand the question, but you know, this is sort of we have the framework and our payment plan of record how we deploy it.

不確定我是否理解這個問題，但你知道，這就是我們有框架和記錄我們如何部署它的付款計劃。

And it comes along with that and then both sand.

隨之而來的是沙子。

But we are selling into those open for sale that is coming out from under them to use or from the C-band deployment.

但我們正在向那些公開出售的產品出售，這些產品是從它們下面使用或從 C 頻段部署中出來的。

Thanks, Kathy.

謝謝，凱西。

And I wanted to follow-up on this question may be in a different way now to mobility.

我想以不同的方式來跟進這個問題，現在可能會涉及移動性。

First, just can you take ultra-wideband TED. 90% of population and presumably households next year and maybe 90 plus percent and over time, but the FWA target is roughly like 60% of homes.

首先，你能參加超寬頻 TED 嗎？明年將覆蓋 90% 的人口，大概還有家庭，隨著時間的推移，可能會覆蓋 90% 以上，但 FWA 的目標大致是 60% 的家庭。

What hole does that percentage back relative to the 90 plus?

相對於 90+ 來說，這個百分比是多少個洞？

And what would be the catalyst to trying to unlock that additional 30 points of penetration?

嘗試釋放額外 30 個滲透點的催化劑是什麼？

And then just second question, if I could.

然後是第二個問題，如果可以的話。

You look at building fiber and the team mentioned some of the progress in building dynamics.

你看看建築纖維，團隊提到了建築動力學的一些進展。

What's the base case for tenants in?

租戶的基本狀況是什麼？

Yes, in our cues from the fiber builds, let's say, over a five-year period.

是的，從我們從光纖建設中得到的線索來看，比如說，在五年內。

I know on the first one, I assume my team always want to beat the targets.

我知道在第一個目標上，我認為我的團隊總是想擊敗目標。

We give you one targeted team to really be didn't do it better and faster.

我們為您提供一支有針對性的團隊，讓您做得更好、更快。

You're still what would be lost on within four to EUR5 million.

您仍然會損失四到五百萬歐元。

We beat that target when 15 months.

15 個月後我們就達成了這個目標。

So I think the team and our billing ahead.

所以我認為團隊和我們的帳單都在前方。

So but right now that the target is always a time lag from when you deploy into that technology.

所以，但現在的目標始終是與部署該技術時的時間延遲。

And when you get the revenue and subscriber, there's I guess those are two questions.

當你得到收入和訂閱者時，我想這是兩個問題。

On the second question, Sam, but I think you can answer that we can answer on the ForEx now not only that they take a look at the second way to think about.

關於第二個問題，薩姆，但我認為你可以回答我們現在可以在外匯上回答，他們不僅看看第二種思考方式。

First is penetration.

首先是滲透力。

I've been in this business for 20 years.

我從事這個行業已有20年了。

We will see penetration well north of 40% in our space as we do that.

當我們這樣做時，我們將看到我們領域的滲透率遠遠超過 40%。

But I think now can we get more comfort because we'll have more mobility to bear into that space as well.

但我認為現在我們可以獲得更多舒適感，因為我們也將擁有更多的機動性來進入該空間。

So well north of 40% penetration.

滲透率遠高於 40%。

We do that for the second thing that we are seeing it every new cohort that we bring in to the market to have better one-year penetration than the previous covered.

我們這樣做的第二件事是，我們看到我們引入市場的每個新群體的一年滲透率都比以前的覆蓋率更高。

So it gives us more confidence that when we get to the end of our build, you're getting to the less attractive.

因此，這讓我們更有信心，當我們完成建造時，您的吸引力就會降低。

But that's not the case of first.

但第一的情況並非如此。

Your penetration is actually the tail end of last year and other formats to do with the way we market and the way Joe and my team work together to presell capacity to do that.

你的滲透率實際上是去年的尾聲，其他格式與我們的行銷方式以及喬和我的團隊合作預售能力的方式有關。

In terms of our, why don't we don't have a specific broadband ARPU number, but we tend to do very well.

就我們而言，為什麼我們沒有具體的寬頻ARPU數字，但我們往往做得很好。

We had industry leading.

我們擁有業界領先地位。

If you look at Frontier, Frontier's RPU numbers, we can do with growth on top of that because we will our customers and broadband sit in my home framework where they come, they buy the connectivity piece and look much customers take the one gig plus plan coming in.

如果你看看Frontier，Frontier 的RPU 數字，我們可以在此基礎上實現成長，因為我們將我們的客戶和寬頻放在我的家庭框架中，他們來的地方，他們購買連接部分，並且看起來很多客戶都採取了1 gig plus 計劃進來。

So that gives us a boost in October.

這給了我們十月的動力。

And then we start selling adjacent services on top of that.

然後我們開始在此基礎上銷售相鄰的服務。

So we've seen good comfortable RPU growth with a GDP plus plan, RPU growth on that.

因此，我們已經看到，隨著 GDP 加計劃，RPU 成長良好，RPU 成長良好。

And then north of 40% penetration is pretty much across our fiber footprint as well.

我們的光纖足跡也幾乎達到了 40% 以上的滲透率。

Thank you, Nick.

謝謝你，尼克。

Scott McGregor, Frank back here in the back row, and then we'll come back up determine the front row here or greater, frankly, than with Raymond James.

史考特麥葛瑞格、法蘭克回到後排，然後我們會回來確定這裡的前排，或者坦白說，比雷蒙德詹姆斯更大。

And so on the wireless, what is sort of the outlook for or offer them in the business side as others, eight nine, eight, 10 million subs include business tied to replacement and comment on that and then getting to 35 million or so homes passed with wireless is pretty high percentage.

等等，在無線方面，與其他人一樣，八九、八、1000萬個訂閱者包括與更換相關的業務並對此發表評論，然後讓大約3500萬個家庭通過無線的比例相當高。

I think you get there with without additional M&A, does that include bead or other government subsidy?

我認為你不需要額外的併購就能實現這一目標，這包括珠子或其他政府補貼嗎？

This second mining doesn't include any M&A.

第二次採礦不包括任何併購。

And besides that, one of our plans that you haven't announced any less, as you said, that there is no small pieces that will not dropped about.

除此之外，您還沒有宣布過我們的計劃之一，正如您所說，沒有任何小部件不會掉落。

We will make our numbers regardless of whether or not we will also participate in being that we can do on the business.

無論我們是否也參與我們能做的業務，我們都會做出我們的數字。

Those are in the number eight, nine years business.

這些都是八、九年的生意。

I think loaded and I have to say one of the things that tie or more surprised than others is, of course as much as well on the business side.

我認為負載和我不得不說的事情之一，比其他人更令人驚訝，當然也同樣是在商業方面。

Maybe you should talk about that on fixed wireless access on the call with some CHF for the question, um, we continue to see this is great opportunity.

也許您應該在電話中討論固定無線接入問題，並用一些瑞士法郎來回答這個問題，嗯，我們仍然認為這是一個很好的機會。

Like I said before, we actually did a little bit better with this product than we thought we might be.

就像我之前說的，我們實際上在這個產品上做得比我們想像的要好一些。

And what's interesting is enterprises small businesses are figuring out different ways to use this connectivity is just not for broadband, like you would see the consumer world.

有趣的是，小型企業正在尋找不同的方式來使用這種連接，而不僅僅是寬頻，就像您在消費者世界中看到的那樣。

So can you continue to innovate with it?

那你能繼續創新嗎？

And so this new these new open for sales of Jones team putting together for us, we feel we can we can we can accelerate and really sell into this thing.

因此，瓊斯團隊為我們準備的這些新的開放銷售，我們覺得我們可以，我們可以，我們可以加速並真正銷售這個東西。

I'm also excited about what you hear about using millimeter wave for MDU.

我也對您聽到的關於在 MDU 中使用毫米波的消息感到興奮。

These MDUs also have stores or businesses in them.

這些 MDU 內也設有商店或企業。

And so we'll be able to leverage that, that investment as well to to increase our market share.

因此，我們將能夠利用這項投資來增加我們的市場份額。

So a lot of work to do, but the but we're really happy with the plans which was put out for us to sell into and a good thing from a sort of the utilities.

所以還有很多工作要做，但是我們對為我們出售的計劃感到非常滿意，並且從某種公用事業公司那裡得到了一件好事。

Importantly, on the customers that you guys have seen a fixed wireless access on certain hours that goes tumors are another hour.

重要的是，對於客戶來說，你們已經看到在某些時間段內有固定的無線訪問，而在另一個小時內就會出現腫瘤。

So this is using the utility as we can sell in in and we can monetize all hours of the day are within our network from a pure determine the front row.

因此，這是使用該實用程序，因為我們可以出售，並且我們可以從純確定的前排在我們的網絡內的一天中的所有時間中獲利。

Thank you.

謝謝。

Tim Horan, Oppenheimer.

提姆霍蘭，奧本海默。

We're seeing pretty unprecedented improvements and technology across the board.

我們看到了前所未有的全面改進和技術。

Satellite RAI. what you're talking about you would stand alone can be material drivers to the business model, both maybe just talk a little bit about incremental revenue from all of these units to use AI to automate and digitize a lot more nice.

衛星 RAI。你所說的獨立的東西可能是商業模式的物質驅動因素，兩者可能只是談論所有這些單位的增量收入，以使用人工智慧來實現自動化和數位化更好。

And specifically, you sound like direct phone direct to mobile cannot be a real needle mover in terms of overall the growth rates for the Company.

具體來說，就公司的整體成長率而言，您聽起來像是直接電話直接到行動裝置並不能成為真正的推動者。

And I think AI. is definitely over time frame.

我認為人工智慧。肯定是超過時間範圍了。

So how kind and I think it was a I generate the Bay Area, especially in the beginning right now.

所以，我認為這是我創建的灣區，特別是在現在的開始。

We see large language modules going through them, big data centers out to the market all the time as soon as they're going to be an application that you're going to use as enterprise, you're going to put that much closer for the main reason, cost for privacy for security and in some cases or latency, maybe equally much.

我們看到大型語言模組正在通過它們，大數據中心一直在推向市場，一旦它們將成為您要用作企業的應用程序，您就會更接近於主要原因是安全隱私成本，在某些情況下或延遲成本，可能同樣高。

But then you want to see a big opportunity for us given what kind of talked about and we will come back a little bit more specific on it.

但是，考慮到所討論的內容，您希望看到我們有一個巨大的機會，我們將對此進行更具體的討論。

But definitely, I just want to take some time for all these laws language that would be real problems and and CPU in the end of the network.

但毫無疑問，我只是想花一些時間來研究所有這些法律語言，這些語言將是網路末端的實際問題和 CPU。

So that's less slicing is another area we talked about.

因此，減少切片是我們討論的另一個領域。

We believe that we will probably start more in the business side and then we'll go to the consumer side and that we see as an opportunity as well.

我們相信，我們可能會更多地從業務方面開始，然後我們將進入消費者方面，我們也認為這是一個機會。

And on a little bit too early to see how large opportunity can be the same because, of course, we want to offer satellite to our customers in the in the white spaces where we are not allowed to bill, for example, as a director device, a little bit too early on the consumer to say consumers have to see if that's a business case on the business side, yes, we can see that already for remote the price or things like that.

現在要看到同樣的機會有多大還為時過早，因為當然，我們希望在不允許我們計費的白色空間中向客戶提供衛星，例如作為導演設備，對消費者來說，說消費者必須看看這是否是商業方面的商業案例還為時過早，是的，我們已經可以看到遠端價格或類似的事情。

So those three are new opportunities on top of everything.

所以這三個是最重要的新機會。

We've talked about it.

我們已經討論過了。

We're doing fine on time.

我們按時完成得很好。

So we're going to get there by so just be patient.

所以我們會到達那裡，所以請耐心等待。

So Rego front row with what we're here while policy from motion, um, so the 2% to 3.5% growth, you actually there was a lot of doubts whether Sampath is going to deliver on the units.

因此，Rego 前排介紹了我們在這裡提出的政策，嗯，所以 2% 到 3.5% 的成長，實際上，人們對 Sampath 是否會兌現這些單位有很多疑問。

Obviously, it's going to come out in the fourth quarter, but it looks like you to queue of the P and Q is happening just had a price increase, which should accelerate the postpaid gross adds in the fourth quarter when people were concerned about the economy.

顯然，它將在第四季度推出，但看起來 P 和 Q 的排隊只是價格上漲，這應該會在人們擔心經濟時加速第四季度的後付費總增加。

Right.

正確的。

So you got it.

所以你明白了。

It seems like some decent compare.

看起來像是一些不錯的比較。

Now you're investing in fiber, you're investing and fixed wireless, um, who knows where inflation is, but it's a Board now expecting you to deliver higher minus 3% growth.

現在你正在投資光纖，你正在投資固定無線，嗯，誰知道通貨膨脹在哪裡，但董事會現在期望你能實現更高的-3%成長。

Again, you've got postpaid working now you're talking about prepay growing, you're making new investments.

再說一次，你已經開始了後付費工作，現在你正在談論預付費成長，你正在進行新的投資。

Should the expectation be that the total wireless number?

預期應該是無線總數嗎？

Not 2025 guy, Tony, but like you know, at some point, get into a what is considered I mean, T-Mobile's cleared a growth company and what are they doing a 4%, 5% growth like So delivering that type of growth?

東尼，不是2025 年的人，但就像你知道的，在某個時候，進入一個被認為是成長的公司，我的意思是，T-Mobile 已經批准了一家成長型公司，他們正在做什麼4 %、5% 的成長，所以實現這種類型的成長？

That's my first question.

這是我的第一個問題。

Yes.

是的。

Yes, it was a good question was there was a lot of things to unpack there, but ultimately, you're right on doing you're right, we're trying to turn everything right, but also had some headwinds.

是的，這是一個很好的問題，因為那裡有很多東西需要解開，但最終，你做的是對的，我們正在努力扭轉一切，但也遇到了一些阻力。

You know that with the proper loan amortization were resolved, but that is a headwind for us.

您知道，透過適當的貸款攤銷可以解決，但這對我們來說是一個阻力。

So all in all, our focus is to really do right to do more value for our customers.

總而言之，我們的重點是真正做對的事，為客戶創造更多價值。

And I think we are proven now the last six, seven quarters and we talked about that.

我認為我們已經在過去的六、七個季度中得到了證明，我們也談到了這一點。

We can do it not going to go into confirming annual job growth numbers or percentage of what we are incentivized to grow our wireless service revenue that that's part of it, all the team sitting there and all the way that's out there incentivized to do that.

我們可以做到這一點，而無需確認年度就業成長數字或我們被激勵增加無線服務收入的百分比，這是其中的一部分，坐在那裡的所有團隊以及所有在那裡的人都被激勵這樣做。

So course, our pump is going to be that because we have a leverage, wonder if we grow it basically falls down even more than the bottom line.

當然，我們的泵將是這樣的，因為我們有槓桿，想知道如果我們增長它基本上會比底線下降更多。

And then we can both improve our cash flow and our adjusted EBITDA. (technical difficulty)

然後我們就可以改善我們的現金流量和調整後的 EBITDA。 （技術難度）