威訊通訊 (VZ) 2024 Q3 法說會逐字稿

Good morning.

早安.

Hello, everybody.

大家好。

Welcome to the Essex House, and welcome to our event this morning.

歡迎來到埃塞克斯大廈，歡迎參加我們今天早上的活動。

And for everybody on the webcast, thank you for listening in.

感謝網路廣播中的每個人的收聽。

Got a couple of items that I need to cover up front first.

有一些我需要先掩蓋的項目。

And I'm missing the clicker, is there a clicker?

我缺答題器，有答題器嗎？

Okay, there we go.

好的，我們開始吧。

Safe Harbor statement -- so our presentation today contains things about statements that are forward looking and contain risk and uncertainties.

安全港聲明書－因此我們今天的演示包含前瞻性聲明以及包含風險和不確定性的內容。

Those are covered on our website with the Safe Harbor Statement.

我們網站上的安全港聲明涵蓋了這些內容。

A couple of items -- also, we have some non-GAAP disclosures or non-GAAP items in the presentation.

還有一些項目，我們在簡報中也揭露了一些非 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.

請下一張投影片。

And one administrative item for today, the camera's going to be focused on the stage during live Q&A.

今天的一項管理項目是，在現場問答期間，攝影機將聚焦在舞台上。

For the folks in the audience, we ask that you announce your name and your firm when called on for Q&A.

對於觀眾中的人們，我們要求您在被要求進行問答時宣布您的姓名和您的公司。

With that, we're really excited for the content today, so let me hand it over to Hans and we'll get going.

說到這裡，我們對今天的內容感到非常興奮，所以讓我把它交給漢斯，我們就開始吧。

Hans?

漢斯？

Good morning, and welcome to Verizon third-quarter earnings call, as well as a broadband update.

早安，歡迎參加 Verizon 第三季財報電話會議以及寬頻更新。

Very happy to see so many in the room, but of course, also happy for everyone joining on the webcast.

很高興看到房間裡有這麼多人，當然也很高興每個人都加入網路廣播。

Let me kick this off.

讓我開始吧。

We have an agenda that is pretty simple.

我們的議程非常簡單。

Going to talk about the highlights of the third quarter, then we're going to do some -- a little bit of strategic updates.

我們將討論第三季的亮點，然後我們將進行一些策略更新。

And we're going to end up with Tony talking about the results and capital allocation.

最後我們將由托尼談論結果和資本配置。

So let me start by talking about the third quarter.

讓我先談談第三季。

And maybe before I start with the third quarter, just mentioning the hurricanes that has been going through our southern part of our country and had devastating impacts.

也許在我開始第三季之前，我只想提一下正在我國南部地區發生並造成毀滅性影響的颶風。

Verizon, of course, has worked tirelessly to see that our communications up is so essential that communication is working for public safety, but also for the communities that are affected.

當然，Verizon 一直在不懈地努力，以確保我們的通訊至關重要，溝通不僅有助於公共安全，也有助於受影響的社區。

Initially in some of the states, we had challenges, especially with power, but I think that our team did a fantastic job to get our networks up pretty quickly.

最初在一些州，我們遇到了挑戰，特別是在電力方面，但我認為我們的團隊做得非常出色，很快就建立了我們的網路。

So again, these are things that are happening constantly around the world right now with hurricanes and natural disasters.

再說一次，這些都是目前世界各地不斷發生的颶風和天災。

For us, building the networks, as you're always doing, is extremely important to see the resilience on the network during this time.

對我們來說，像你們一直在做的那樣建立網路對於看到網路在這段時間的復原力非常重要。

So starting with that, talking a little bit about the results.

首先，談談結果。

I have a tie today.

我今天有一條領帶。

That means it's a good result.

這意味著這是一個好的結果。

It is a good result.

這是一個很好的結果。

I'm really pleased what I've seen.

我真的很高興我所看到的。

I've talked to you so many times that there are years when you are a CEO where you're performing better than others.

我已經和你談過很多次了，當你擔任執行長時，有很多年你的表現都比其他人更好。

And I know that '22 wasn't the highlight on my career at Verizon, but what we have done, great job since then.

我知道 22 年並不是我在 Verizon 職業生涯中的亮點，但從那時起我們所做的一切都很棒。

Started in '23 in the mid-year of starting changing the products and all of that, and then coming around where we are right now.

從 23 年年中開始，開始改變產品和所有這些，然後回到我們現在的位置。

Looking at the financials, growing 2.7% in the wireless service revenue is great.

從財務數據來看，無線服務收入成長 2.7% 是非常好的。

I'm also proud to report the biggest profit EBITDA [reported] (added by company after the call) in the history of Verizon, $12.5 billion in the quarter, which is really good and it's multifactors.

我還很自豪地報告 Verizon 歷史上最大的 EBITDA [報告]（由公司在電話會議後添加）利潤，該季度為 125 億美元，這確實很好，而且是多因素的。

And of course, the team sitting over there done a great job, proud of that.

當然，坐在那邊的團隊做得非常出色，並為此感到自豪。

We continue to create good cash flow, $6 billion in the quarter, continue with a really strong cash flow generation, as that is part of our measurement and how we measure ourselves.

我們繼續創造良好的現金流，本季達到 60 億美元，並繼續產生非常強勁的現金流，因為這是我們衡量以及我們衡量自己的方式的一部分。

On the operational side, we started getting an even better balance on the postpaid side.

在營運方面，我們開始在後付費方面取得更好的平衡。

We were 239,000 net adds, positive.

淨增加 239,000 人，積極。

Sampath will 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.

薩姆帕斯將談論消費者中發生的事情，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。

We are turning around prepaid.

我們正在轉向預付費。

I got a lot of questions over the years.

這些年來我有很多問題。

Now, we're around positive 80,000 ex-SafeLink.

現在，我們大約有 80,000 名前 SafeLink 會員。

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

當然，業務方面在無線方面再次表現出色。

Kyle and his team is consistently between 125,000 to 150,000 net adds every quarter.

Kyle 和他的團隊每季的淨增量始終保持在 125,000 到 150,000 之間。

And I'm really pleased with that.

我對此非常滿意。

The broadband side, I promised you now for quite a long time, as soon as I get into 4 million to 5 million fixed wireless access subscribers, I'm going to come back to what we're going to do after that.

寬頻方面，我已經向你們承諾了很長一段時間，一旦我達到400萬到500萬固定無線接入用戶，我就會回到我們之後要做的事情。

Four slides down, I will talk about that.

四張幻燈片下來，我會談論這個。

But first of all, I'm going to take a victory lap that we're 15 months ahead on the target we outlined when we bought the C-Band with our fixed wireless access.

但首先，我要慶祝一下，我們比購買固定無線存取的 C 頻段時所設定的目標提前了 15 個月。

Again, a great product, great work.

再說一遍，這是一個偉大的產品，偉大的工作。

The same time, for the ones that remember, we were a little bit weaker on Fios in the second quarter because there was a little bit of movement in the market with ACP and all of that.

同時，對於那些還記得的人來說，第二季我們對 Fios 的看法有點弱，因為 ACP 等市場出現了一些波動。

Now, we're back to normal again.

現在，我們又恢復正常了。

The team is doing great work with Fios.

該團隊正在與 Fios 進行出色的合作。

All in all, a great quarter for broadband.

總而言之，這是寬頻的一個偉大季度。

And we continue with the private networks and the Mobile Edge Compute.

我們繼續使用專用網路和行動邊緣運算。

We announced two deals this quarter, but we had way more.

本季我們宣布了兩項交易，但我們還有更多交易。

FIFA and MSG, Madison Square Garden Group, all are buying private networks, using our capabilities in dense areas to see that they can fulfill their fans or the customers' experiences.

FIFA 和 MSG、麥迪遜廣場花園集團都在購買專用網絡，利用我們在密集區域的能力來滿足球迷或客戶的體驗。

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

總而言之，我們對今年稍早給予的全年財務指引感到滿意。

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

我們甚至說，如果您閱讀了新聞稿（我希望你們所有人都讀過），那麼就無線服務收入和 EBITDA 而言，我們全年的收入和 EBITDA 均處於中點或以上。

That's how good we feel about the performance so far in the year.

這就是我們對今年迄今為止的表現的感覺。

That's what I have to say about the third quarter.

這就是我對第三季要說的。

Tony will come back and go a little bit deeper.

托尼會回來並進行更深入的研究。

If I then come in to talk a little bit about the strategy, some of this is given for you, but for me, it's a journey where we are today.

如果我接下來談談這個策略，其中一些是為你們提供的，但對我來說，這是我們今天所處的一個旅程。

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 a very organized, structured company in what we're doing.

我們是一家組織嚴密、結構嚴謹的公司。

The first phase, I call it sort of building the foundation.

第一階段，我稱之為打基礎。

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

你們中的一些人還記得對光纖、Verizon 智慧邊緣網路的大量投資。

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。

I mean, on the table in front of you, you have your consumer connection report.

我的意思是，在你面前的桌子上，有你的消費者連結報告。

That's what we give out twice a year with all the stats what's happening in the network.

這就是我們每年兩次發布的網路中發生的所有統計數據。

Last time we told you that our network, the last five years, grew 129%.

上次我們告訴您，過去五年我們的網路成長了 129%。

If you haven't built it with our own fiber, with the transport networks we have done and all these fundamentals that Kyle and Joe has built, we couldn't handle all this data and have the best network in the nation when it comes to wireless and broadband.

如果你沒有用我們自己的光纖、我們已經完成的傳輸網路以及凱爾和喬建立的所有這些基礎設施來建造它，我們就無法處理所有這些數據並擁有全國最好的網路無線和寬頻。

So the fundamentals we did with go-to-market, with consumer and business, is really paying off today.

因此，我們在進入市場、消費者和企業方面所做的基本原則今天確實得到了回報。

And you see it when our product has started resonating with the market is because we have Kyle and we have Sampath, both of them thinking about how to meet the customer demands and what the customer needs to have.

你看，我們的產品開始引起市場共鳴，因為我們有 Kyle，我們有 Sampath，他們都在思考如何滿足客戶的需求以及客戶需要什麼。

So all in all, that was important.

總而言之，這很重要。

In the second phase, all of you remember, we sold, we bought a lot of assets.

在第二階段，大家都記得，我們​​賣掉了，我們買了許多資產。

We sold everything in Verizon Media Group.

我們賣掉了威瑞森媒體集團的所有東西。

We bought the TracFone that is paying off right now.

我們買了 TracFone，現在已經有了回報。

We also bought the C-Band, enormously important.

我們也購買了 C 頻段，這非常重要。

You're going to hear Joe talking about the C-Band, but we all know where we deployed the C-Band, we have a great financial success and customer impact.

您會聽到 Joe 談論 C 頻段，但我們都知道我們在哪裡部署了 C 頻段，我們取得了巨大的財務成功和客戶影響。

So very important movements we did in that.

我們在這方面做了非常重要的動作。

But we also launched a lot of new products -- Fixed Wireless Access, myPlan, myHome, and a lot of other things -- that we now have as the base going into '25.

但我們也推出了許多新產品——固定無線存取、myPlan、myHome 和許多其他產品——我們現在將這些產品作為進入 25 年的基礎。

And now, we're also extending our TAM with a couple of larger investments we're doing, all the way from Frontier, but also what we're going to talk to in a second.

現在，我們也透過一些我們正在做的較大投資來擴展我們的 TAM，這些投資都是從 Frontier 開始的，也是我們稍後要討論的內容。

So for me, this journey is now in a moment where we have the right assets, we have the right team, and we have great products for our customers.

所以對我來說，這段旅程現在正值我們擁有合適的資產、我們擁有合適的團隊、我們為客戶提供優質產品的時刻。

Only the last, I would say six months, we have done all of these strategic movements in order to strengthen ourselves to continue to be clearly the number one in the market and extending that.

直到最後，我想說六個月，我們才完成了所有這些策略舉措，以加強我們自己，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 our customer.

您已經看到了我們所做的一切，即客戶至上的產品，與我們的客戶產生了共鳴。

We're going to hear Sampath talk about them.

我們將聽到 Sampath 談論它們。

The refreshed brand we did in June, that takes time to get the impact, but we see the positive movement with a refreshed brand that is supporting our new products.

我們在 6 月更新了品牌，需要時間才能產生影響，但我們看到了支持我們新產品的更新品牌所帶來的積極進展。

Really happy with that.

真的很高興。

And hopefully, some of you are looking at 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.

希望你們中的一些人正在觀看數位廣告或電視廣告，並了解我們如何努力重新捕捉和重新思考我們向客戶展示的方式。

We have the planned Frontier acquisition.

我們計劃收購 Frontier。

We talked about that in a separate session.

我們在單獨的會議上討論了這個問題。

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.

我們進行了塔式交易。

And just two seconds on that, of course, it was cash in, but more importantly, we only do the deal when we can see a deal that actually creating more opportunity for us, both by having a cost level that is predictable for us, very important.

當然，僅僅兩秒鐘，它就變成了現金，但更重要的是，只有當我們看到一項交易實際上可以為我們創造更多機會時，我們才會進行交易，無論是透過我們可以預測的成本水平，非常重要。

I like owner's economics in the network, and second, also creating more competition in the market.

我喜歡網路中的所有者經濟學，其次，也創造了更多的市場競爭。

We're suddenly creating with this strategic partner in Vertical Bridge, another strong partner in the market, giving more optionality and seeing that we can have a predictable cost for our tower leases, which is one of the few things we don't have 100% ownership on.

我們突然與市場上另一個強大合作夥伴 Vertical Bridge 的戰略合作夥伴一起創建，提供更多選擇，並看到我們可以為塔樓租賃提供可預測的成本，這是我們沒有 100 的少數東西之一% 所有權。

We also, just yesterday, I think, announced that we're buying some spectrum UScellular.

我想，就在昨天，我們也宣布我們將購買一些美國蜂窩頻譜。

It's going to take time until that's come into fruition because it's hanging on another acquisition.

要實現這一目標還需要時間，因為它正等待另一項收購。

So I don't think it's going to be cashed out until '26.

所以我認為要到26年才會兌現。

It's just adding capacity.

只是增加容量而已。

It's a buy versus build in that region, so we're adding capacity there.

這是該地區購買與建造的問題，因此我們正在增加那裡的產能。

And then we will not speak so much about AI today, but I hope you're going to ask some questions to Kyle because not only see the efficiencies that Sampath is talking about in the customer care and personalization, we see with our compute storage, with our power and the Mobile Edge Compute, we see great opportunities when it comes to AI and revenues for us.

然後我們今天不會過多談論人工智能，但我希望您能向凱爾問一些問題，因為不僅看到了 Sampath 在客戶服務和個性化方面談論的效率，我們還看到了我們的計算存儲，憑藉我們的實力和行動邊緣運算，我們在人工智慧和收入方面看到了巨大的機會。

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

我們將在這裡討論一些，但我們將來也會這樣做，回到更多的結構並討論我們正在做的事情。

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我們在前端所做的事情取得了良好的進展。

All in all, that sums it up where we are today.

總而言之，這總結了我們今天的處境。

I think we have an unmatched value proposition all the way from our best mobility -- America's best mobile networks.

我認為我們擁有無與倫比的價值主張，從我們最好的移動性——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 myPlan, plus all the business-to-business offerings, strong offering.

我們有 myPlan，加上所有企業對企業的產品，強大的產品。

And then on the broadband side, all the way from Fios to Fixed Wireless Access, we're now almost 12 million broadband customers, 11.9 million.

然後在寬頻方面，從 Fios 一直到固定無線接入，我們現在有近 1200 萬寬頻客戶，1190 萬。

The fixed wireless access is generating more than $550 million per quarter in revenue, started three years ago.

自三年前開始，固定無線接入每季的營收就超過 5.5 億美元。

So we can see that we can build on this network, where we build the network once and we want as many profitable connections on top of it.

所以我們可以看到，我們可以在這個網絡上進行構建，我們構建一次網絡，我們希望在其之上有盡可能多的有利可圖的連接。

It started paying off with that.

它開始得到回報。

So we're uniquely positioned in the market with owner's economics.

因此，我們在業主經濟學方面處於市場上的獨特地位。

So all that said, where are we in the quarter?

話雖如此，我們本季處於什麼位置？

Where are we going as a company?

作為一家公司，我們將走向何方？

We know also that we've hit sort of our targets on broadband.

我們也知道我們已經實現了寬頻目標。

So we're going to talk today about what we're doing next.

所以我們今天要談談我們接下來要做的事情。

So our broadband targets going forward is basically going to say that we're going to double the fixed wireless access targets by 2028 to 8 million to 9 million fixed wireless access subscribers.

因此，我們未來的寬頻目標基本上是說，到 2028 年，我們將把固定無線存取目標增加一倍，達到 800 萬至 900 萬固定無線存取用戶。

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

喬將簡單介紹一下我們正在做的事情以及我們如何繼續下去。

And I expect that Joe, our Head of Network, will continue to have capacity way beyond and continue to build for us so we are ready to capture this opportunity that we're creating.

我希望我們的網路主管 Joe 將繼續擁有超越我們的能力並繼續為我們進行建設，以便我們準備好抓住我們正在創造的這個機會。

We're also going to talk about our acceleration on Fios.

我們也將討論 Fios 上的加速。

We think that's a great opportunity for us to do that in this moment.

我們認為這對我們來說是一個很好的機會來做到這一點。

We will, as we have closed the Frontier acquisition, have more than 30 million fiber passings

隨著 Frontier 收購的完成，我們將擁有超過 3,000 萬條光纖通道

[by 2028] (added the company after the call).

[至 2028 年]（通話後新增公司）。

And we also see a clear path of somewhat of 35 million to 40 million passings off the Frontier and what we're doing ourselves.

我們還看到了 3500 萬到 4000 萬人離開邊境的清晰路徑以及我們自己正在做的事情。

And if you combine that with our fixed wireless access, I think in the future, we're going to cover more than 100 million households.

如果將其與我們的固定無線存取相結合，我認為未來我們將覆蓋超過 1 億個家庭。

So clearly, the broadband, together with the mobility, together with our offerings, we are putting ourself up to a possibility to continue to have a sustainable growth on our service revenue, but also continue to expand our EBITDA and cash flow.

顯然，寬頻、行動性以及我們的產品，使我們有可能繼續實現服務收入的可持續成長，同時繼續擴大我們的 EBITDA 和現金流。

And the ones that have been following us for a time, you know that those three are the things we're measured on.

那些一直關注我們一段時間的人，你知道這三個是我們衡量的標準。

Those are the three things that management are measured on.

這是衡量管理的三件事。

The Board has decided those are the three things that is actually driving the most shareholder value, and that's what we're focused on here right now.

董事會已經決定，這些是真正推動股東價值最大化的三件事，這也是我們現在的重點。

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 Sampath and Tony talk about the financials and the situation.

然後，我們將聽到薩姆帕斯和東尼談論財務和情況。

So by that, I'm going to hand over to Joe Russo.

因此，我將把工作交給喬·羅素 (Joe Russo)。

Thank you, Hans.

謝謝你，漢斯。

Appreciate it very much.

非常欣賞。

Good morning, everybody.

大家早安。

The one thing I want to first say 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 continue to deliver on the best, most reliable, highest-performing networks for our customers and give that experience to more and more Americans across the country.

我首先要說的一件事是，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，將繼續交付為我們的客戶提供最好、最可靠、性能最高的網絡，並將這種體驗帶給全國越來越多的美國人。

It's easy to make claims about being the largest this or the fastest that, but that's not what my team and I are about.

人們很容易聲稱自己是最大的這個或最快的那個，但這不是我和我的團隊的目的。

We're about building the best, most reliable networks.

我們致力於建立最好、最可靠的網路。

And that takes hard work and a lot of strategic investments that I'll talk a little bit about today.

這需要艱苦的工作和大量的策略性投資，我今天將對此進行一些討論。

But that's hard work around testing and optimizing the network each and every day.

但每天測試和優化網路是一項艱鉅的工作。

It's strategic investments in things like generators and mobile assets for when there's emergencies.

這是在發生緊急情況時對發電機和移動資產等進行的策略性投資。

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.

我非常自豪，當我們的客戶、急救人員和企業最需要我們時，我們就在那裡。

So before I dive into the broadband plans, I first want to congratulate Kyle and Sampath for hitting our 4 million to 5 million fixed wireless access target 15 months ahead of schedule.

因此，在深入討論寬頻計畫之前，我首先要祝賀 Kyle 和 Sampath，提前 15 個月實現了 400 萬至 500 萬固定無線接入目標。

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

這需要組織內很多人做大量的工作。

But one of the things I'm very proud of from the network and technology team is that we built the coverage and 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範圍和容量，使他們能夠實現該目標。

And as we look forward to the -- there we go, as we look forward to this new doubling of our fixed wireless access subscribers, my team's objective isn't changed.

當我們期待——就這樣，當我們期待固定無線接取用戶數量翻倍時，我團隊的目標並沒有改變。

It's to build the coverage and capacity well ahead of schedule, and we're already doing that.

這是為了提前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, we have to do a few things.

我們預計，要在未來四年內透過我們屢獲殊榮的多功能網路覆蓋另外 3000 萬個家庭，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 deployment of C-Band and millimeter wave we call Ultra Wideband.

首先是我們積極部署 C 波段和毫米波，我們稱之為超寬頻。

The second is a new MDU solution that's been in trial and we'll be rolling out in 2025 to serve MDUs with up to 1 gig internet service with our millimeter wave technology.

第二個是新的 MDU 解決方案，已經在試用中，我們將於 2025 年推出，利用我們的毫米波技術為 MDU 提供高達 1 GB 的網路服務。

And the third is technology advancements and the use of our vast small cell network in order to add even more Ultra Wideband coverage and capacity between now and 2028.

第三是技術進步和我們龐大的小型蜂窩網路的使用，以便從現在到 2028 年增加更多的超寬頻覆蓋範圍和容量。

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 acquisition of Frontier and bringing these two great fiber assets together.

因此，我期待即將完成的對 Frontier 的收購，並將這兩個偉大的纖維資產整合在一起。

The combined wireline footprint has approximately 48 million homes and businesses, of which 25 million of those are already served with fiber.

有線網路覆蓋範圍總計約 4,800 萬個家庭和企業，其中 2,500 萬個家庭和企業已經使用光纖服務。

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

我知道一件事，憑藉我們在全國範圍內建造光纖 20 年的經驗，我們將在關閉後繼續在新的足跡中部署 Fios。

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

交易結束後，我們將根據以下標準採取適當的步伐進行建設。

The first is the profitability of the build.

首先是建設的獲利能力。

The second is the competitive environment that we see that we're operating in.

第二個是我們所處的競爭環境。

And the third is our capital allocation priorities.

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 Fios to 35 million 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 Fios 帶到全國 3500 萬至 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 we build a shared multipurpose network with owner's economics to serve as many profitable connections as possible.

首先，我們根據所有者的經濟狀況建立一個共享的多用途網絡，以服務盡可能多的有利可圖的連接。

That strategy is built on the foundation we call the Intelligent Edge Network, which is rooted in our rich fiber assets 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 and our own and operated Verizon cloud platform and our mobile edge computing platform that serves both today's and tomorrow's technologies.

它還包括我們的融合 IP 核心、我們自己和營運的 Verizon 雲端平台以及服務於當今和未來技術的行動邊緣運算平台。

This foundation gives my team and I the capability to provide that best, most reliable, highest-performing network to two access technologies.

這個基礎使我和我的團隊能夠為兩種接入技術提供最好、最可靠、效能最高的網路。

The first is the radio access network.

第一個是無線電接取網路。

And again, as I mentioned, we take a mobility-first approach.

正如我所提到的，我們再次採取行動優先的方法。

What that means is I deploy coverage and capacity to enhance the mobile experience for our customers and to find new revenue streams.

這意味著我部署覆蓋範圍和容量來增強客戶的行動體驗並尋找新的收入來源。

The good news is we pull through fixed wireless access when we do that, and as we've said, we've been awfully successful in that space.

好消息是，當我們這樣做時，我們可以透過固定無線接入，正如我們所說，我們在該領域取得了巨大的成功。

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 by the end of this year, we'll have covered 70% of our planned footprint, and by the end of next year, through acceleration, we'll get to 80% to 90% of that planned footprint covered.

我預計到今年年底，我們將涵蓋計劃足跡的 70%，到明年年底，透過加速，我們將涵蓋計劃足跡的 80% 到 90%。

We also have just recently launched our 100% virtualized 5G core network with standalone and slicing capabilities, and we'll talk a little bit more towards the end of this year how we're going to put those to use in the market.

我們最近也剛推出了具有獨立和切片功能的 100% 虛擬化 5G 核心網絡，我們將在今年年底進一步討論如何將這些網絡投入市場使用。

And then finally, we are the only company in this country that's actually running virtualized RAN at scale. 40% of my C-Band sites are now virtualized in the network.

最後，我們是這個國家唯一一家真正大規模運行虛擬化 RAN 的公司。我的 40% 的 C 頻段站點現在已在網路中虛擬化。

Shifting over to the fiber access network.

轉移到光纖接入網路。

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

我建造 Fios 已經有 20 年左右的時間了，今年我們有望通過大約 500,000 個 prems。

Frontier, as you know, is on their way to pass 10 million prems by the end of 2026, and we are, in 2025, targeting an expansion of our Fios build up to 650,000 prems.

如您所知，Frontier 預計在 2026 年底前突破 1000 萬個 Prem，而我們的目標是到 2025 年將 Fios 數量擴展至 650,000 個 Prem。

Post close, I see that pace growing to up to 1 million plus prems per year.

交易結束後，我發現這一速度將成長至每年 100 萬以上。

But what excites me more than anything after 20 years of doing this is our business case on Fios is getting better and better.

但最讓我興奮的是，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 a build today, we see higher and faster penetration rates than we have with prior builds.

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

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 of deploying fiber.

但我也在尋找新的、創意的方法來降低部署光纖的成本。

And that comes in three big chunks.

這分為三大塊。

The first is partnerships with companies like Corning and CommScope, where they're delivering technology to do both reduction in the amount of fiber I have to deploy to serve homes and the techniques and technologies that make it easier for my team to deploy.

第一個是與康寧和康普等公司的合作，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 Shankar's help, 20 years of systems and tools improvements through the whole process of building, designing, operating the network.

第二個是我們在 Shankar 的幫助下，透過建置、設計、營運網路的整個過程，對系統和工具進行了 20 年的改進。

And we're seeing great benefits 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的增強在減少返工和提高網路建置和營運效率方面帶來了巨大的好處。

And then the third is we've made some strategic decisions of how to get legacy costs out of our network without having to deploy fiber to the entire wire center.

第三，我們已經做出了一些策略決策，如何消除網路中的遺留成本，而無需將光纖部署到整個有線中心。

So I can use other techniques to 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 how our customers live, work, and play.

但我們的網路策略很明確：建構和運作最好、最可靠、性能最高的網絡，為客戶的生活、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 Americans have access to that best, most reliable network experience by expanding the best mobile and broadband networks through a disciplined capital approach.

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，確保越來越多的美國人能夠獲得最好、最可靠的網路體驗。

We do that by building the best networks.

我們透過建立最好的網路來做到這一點。

And over time, that includes a 5G Ultra Wideband network that will serve 300 million-plus Americans with 5G advanced features for today's and tomorrow's technology and a fixed wireless access and Fios network that will serve over 100 million homes and businesses.

隨著時間的推移，其中包括將為3 億多美國人提供適用於當今和未來技術的5G 先進功能的5G 超寬頻網絡，以及將為超過1 億家庭和企業提供服務的固定無線接入和Fios網路。

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

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

Thanks, Sampath.

謝謝，薩姆帕斯。

Joe, thank you.

喬，謝謝你。

Very good morning to all of you.

大家早安。

There are two things that Joe spoke about that really excites me.

喬談到的兩件事讓我非常興奮。

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

第一個是美國最好的無線網路不斷變得更大、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。

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

那麼，讓我來談談我們如何解決這個問題。

Verizon's in a very unique position right now because we have two engines of growth: mobility and broadband.

Verizon 目前處於非常獨特的地位，因為我們有兩個成長引擎：移動性和寬頻。

Both these segments, both these businesses have secular tailwinds.

這兩個領域、這兩個業務都有長期的推動力。

There's huge demand for both of the products.

這兩種產品的需求都很大。

And more importantly, Verizon has a good position and a lot of opportunity to grow in front of it.

更重要的是，Verizon 擁有良好的地位和大量的成長機會。

Let's start with mobility.

讓我們從移動性開始。

In mobility, we are number one if you look at our share position, our total revenue.

在流動性方面，如果你看看我們的份額地位和總收入，我們是第一。

And it starts with our postpaid business.

這要從我們的後付費業務開始。

We are seeing continued momentum in our postpaid business.

我們看到後付費業務持續成長。

With this quarter, we would have had seven quarters of consecutive year-on-year postpaid phone gross add momentum that we have in the business.

在本季度，我們的後付費電話總收入將連續七個季度同比增長，為我們的業務增添了動力。

And why did that happen?

為什麼會發生這種情況？

Some of it has to do with our sales engine that we've gone and re-engineered, get back to the local market structure, local sales 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、本地銷售激勵措施、本地行銷。

And then second is myPlan. myPlan, as I say, is on plan.

第二個是我的計劃。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.

他們喜歡它的結構。

They like the ability to get access to unique offerings, and it's truly differentiated in the market.

他們喜歡能夠獲得獨特的產品，並且它在市場上真正與眾不同。

And you saw us, we had a strong quarter, 81,000 phone net adds in the space.

你看到了我們，我們有一個強勁的季度，該領域的電話網絡增加了 81,000 部。

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

我們將在後付費電話網路中添加第二個號碼——今年沒有第二個號碼，我們的計劃也承諾這樣做。

Next, we turn our attention to our value business or prepaid.

接下來，我們將注意力轉向我們的價值業務或預付費業務。

And we bought TracFone, we've integrated TracFone, and we had really strong momentum in our business.

我們收購了 TracFone，整合了 TracFone，我們的業務動能非常強勁。

We had 80,000 net add positive in our business, the best in many quarters.

我們的業務淨增加值達到 80,000，這是許多季度以來最好的。

And a lot of that comes down to a co-performance of our brands.

這在很大程度上取決於我們品牌的共同表現。

We saw almost all our brands have very strong performance and momentum in the space.

我們看到幾乎所有品牌在該領域都有非常強勁的表現和勢頭。

Two, our exclusive distribution with Total Wireless has scaled up really well.

第二，我們與 Total Wireless 的獨家分銷規模擴大得非常好。

And you can see those stores everywhere.

你隨處都可以看到這些商店。

And third is our unique distribution position that we have within Walmart.

第三是我們在沃爾瑪內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 our third topic, which is churn.

這讓我想到了我們的第三個主題，即客戶流失。

Now that we have our postpaid engine working well, our value turnaround in progress, I can turn my attention to the churn.

現在我們的後付費引擎運作良好，我們的價值週轉正在進行中，我可以將注意力轉向客戶流失。

There is nothing structurally that prevents Verizon from being an industry leader in retention and lower churn.

從結構上看，沒有什麼可以阻止 Verizon 在保留率和降低流失率方面成為行業領導者。

We've been in that position before.

我們以前也經歷過這樣的情況。

We know how it feels.

我們知道那是什麼感覺。

And more importantly, we know how we get there.

更重要的是，我們知道如何實現這一目標。

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.

在短期內，我們做了一些權衡，一些漢斯和我感覺非常好的策略權衡，以推動股東價值。

We had some pricing actions that do drive some churn in the space.

我們的一些定價行動確實導致了該領域的一些流失。

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。

And often, churn is way less than some of our business cases that had come in.

通常情況下，客戶流失率比我們收到的一些業務案例要少得多。

The second is we are very disciplined about our retention spend.

第二是我們對保留支出非常嚴格。

You see that in our upgrade numbers.

您可以在我們的升級數字中看到這一點。

It has to be demand-led.

它必須以需求為主導。

Customers have to want it.

顧客必須想要它。

And we link our retention promotions to the plans and the price plans that they have there.

我們將保留促銷活動與他們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 one is better experience.

第一個是更好的體驗。

We are using AI significantly, both at stores, at our call centers.

我們在商店和呼叫中心都大量使用人工智慧。

Second is myPlan and perks.

其次是我的計劃和福利。

As more and more of our base gets into the myPlan construct and takes more perks, that helps with churn.

隨著越來越多的人加入 myPlan 結構並獲得更多福利，這有助於減少客戶流失。

Third is myAccess or Verizon Access, our loyalty program, which I'll cover in a bit.

第三個是 myAccess 或 Verizon Access，這是我們的忠誠度計劃，我稍後會介紹。

That's going to give us traction in that.

這將為我們提供動力。

And then the last one, which is probably the biggest lever, is going to be more Mobile + Home customers.

最後一個可能是最大的槓桿，將是更多的移動+家庭客戶。

When those two customers come together, we see huge reduction in churn, and that's going to apply to a 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.

第四是增加利潤的附加服務。

In form of perks, in form of adjacent services, it's a continuous growth and it's being very innovative every time we do that.

以福利的形式，以相鄰服務的形式，這是一個持續的增長，而且每次我們這樣做都非常創新。

We are taking the same approach we have to mobility to our broadband space.

我們正在採取與行動寬頻空間相同的方法。

It first starts with momentum in sales.

首先是銷售勢頭。

You saw that this quarter, strong momentum in sales on Fios and FWA.

您看到本季 Fios 和 FWA 的銷售勢頭強勁。

Similar tactics, similar promotions, but the construct is that same momentum we have and the same energy we bring to our broadband business as well.

類似的策略，類似的促銷活動，但其結構是我們擁有相同的動力，也為我們的寬頻業務帶來相同的能量。

myHome has been a very successful launch.

myHome 的推出非常成功。

A lot of our base tends to like the perks.

我們的很多人都喜歡這些福利。

They are taking on -- our new customers, when they come on board, they take on perks and they like the ability to share their perks between mobile and home.

他們正在接受我們的新客戶，當他們加入時，他們會享受福利，並且他們喜歡在移動和家庭之間分享福利的能力。

And also, sustained growth in ARPU -- when you build a long-term, sustainable subscription business like we've done, you have to balance P&Q.

此外，ARPU 的持續成長—當您像我們一樣建立長期、可持續的訂閱業務時，您必須平衡 P&Q。

Over a period of time, I've spoken about this 80-20 contribution to service revenue because that's the big measure we measure ourselves on is service revenue.

在一段時間內，我談到了服務收入的 80-20 貢獻，因為這是我們衡量自己的重要指標是服務收入。

I think with a positive four net add trajectory, strong FWA and Fios performance, we are on track to get to that 80-20 mix over a period of time.

我認為，憑藉積極的四淨增加軌跡、強勁的 FWA 和 Fios 表現，我們有望在一段時間內實現 80-20 的混合。

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 scaled position in both FWA and in the fiber business.

我認為這是唯一一家在 FWA 和光纖業務領域都擁有規模地位的公司、唯一的營運商。

And both these are top products.

而且這兩款都是頂級產品。

And when you combine them together, you get access to 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 carrier offers that amount of coverage and depth that we offer in terms of serving our customers.

在為客戶提供服務方面，沒有其他業者能夠提供如此廣泛的覆蓋範圍和深度。

Let's dig into each of these one by one.

讓我們一一深入研究這些內容。

The first is FWA.

第一個是FWA。

Joe just spoke about moving from 60 million to 90 million homes and businesses covered.

喬剛剛談到將覆蓋的家庭和企業從 6000 萬戶遷移到 9000 萬戶。

But what's interesting about the FWA base is it's a quality prime customer base.

但 FWA 基礎的有趣之處在於它是一個優質的主要客戶群。

Our FICO score on FWA is north of 700, so it's a really strong customer base.

我們在 FWA 上的 FICO 分數超過 700，因此這是一個非常強大的客戶群。

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

原因是它是一個高價價值方程式。

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

市場上有很大一部分人喜歡這個。

And because of that, you see very high NPS scores.

正因為如此，您會看到非常高的 NPS 分數。

I mean, think about it.

我的意思是，想一想。

You could finish this, you could go to a store in five minutes, buy it.

你可以完成這個，你可以在五分鐘內去商店購買它。

And in 10 minutes after that, you could be in your apartment connected with the 5G Verizon FWA product.

10 分鐘後，您就可以在自己的公寓中連接 5G Verizon FWA 產品。

It's a huge competitive advantage.

這是一個巨大的競爭優勢。

High NPS is a competitive advantage.

高 NPS 是一種競爭優勢。

Our pricing construct is a competitive advantage.

我們的定價結構是一種競爭優勢。

We do not like promotions that roll off.

我們不喜歡滾動促銷。

You get a customer on one price point, and in two years, the price changes.

你以一個價格點吸引一位客戶，兩年後價格就會改變。

It annoys customer.

這讓顧客很煩惱。

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

這就是為什麼它對我們來說具有巨大的比較優勢的原因之一，因為我們繼續在這方面處於領先地位。

And then, you have fiber.

然後，你就有了纖維。

Joe spoke about 20 years.

喬講了大約20年。

He's been working a little longer than 20 years in the fiber business.

他在纖維產業工作了 20 年多一點。

We are the OG fiber players.

我們是OG纖維玩家。

Some people think it's a new thing.

有些人認為這是一個新事物。

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 year, we find that the new cohorts that we bring on have better penetration than some of our older cohorts even because we get better.

每年，我們都會發現，我們引入的新群體比一些老群體的滲透率更高，即使我們變得更好了。

Joe gets better with the build.

喬的構建變得更好。

We get better with selling it, with targeting it, using digital to bear in those pieces to do that.

我們透過銷售它、瞄準它、利用數位技術來實現這些目標，從而做得更好。

But what's interesting is it's a white glove experience.

但有趣的是，這是一次白手套體驗。

Very, very high NPS scores that we have.

我們的 NPS 分數非常非常高。

Very low churn.

流失率非常低。

And a majority of our customers who come in take our gig plus plan.

我們的大多數客戶都接受了我們的零工加計劃。

Again, that's a competitive advantage around high NPS, high customer satisfaction.

同樣，這是圍繞高 NPS、高客戶滿意度的競爭優勢。

So over a period of time, with 100 million premises covered, we have a differentiated offering.

因此，在一段時間內，我們涵蓋了 1 億個場所，提供了差異化的產品。

We have an offering that is tiered.

我們有一個分層的產品。

We have an offer that is segmented, FWA and fiber, and customers will choose.

我們提供分段的產品、FWA 和光纖，供客戶選擇。

At the end of the day, we want customers to choose what's right for them.

最終，我們希望客戶選擇適合他們的產品。

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

我們將非常透明地了解定價以及我們成長定價的價值支柱。

And talking of value prop, I want to spend some time talking about the Verizon model of convergence.

談到價值支撐，我想花一些時間談談 Verizon 的融合模式。

The Verizon model of convergence is margin-accretive.

Verizon 的融合模式可以增加利潤。

It is revenue-accretive and has very attractive ROIC.

它可以增加收入，並且具有非常有吸引力的投資回報率。

And 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 or giving away one product to hold on to the other.

我不贊成放棄一種產品來出售另一種產品，或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.

我們擁有最好的寬頻產品。

Customers want it.

客戶想要它。

And they're willing to pay a very fair price for it.

他們願意為此付出非常公平的價格。

We do have some advantages for customer when they take both of those products together.

當客戶將這兩種產品結合在一起時，我們確實為客戶帶來了一些優勢。

But at the end of the day, it is demand-led because customer want to buy the best from both of us to do that.

但歸根結底，這是需求主導的，因為客戶希望從我們雙方購買最好的產品來做到這一點。

Now, let me talk a little bit about how this convergence comes to life -- how convergence comes to life.

現在，讓我談談這種融合是如何實現的——融合是如何實現的。

The first one, as you see on the page, is myHome and myPlan.

正如您在頁面上看到的，第一個是 myHome 和 myPlan。

We launched both, and it's not a coincidence that both the offerings look very similar.

我們推出了這兩種產品，這兩種產品看起來非常相似並非巧合。

You buy a base connectivity, then you have access to these really unique perks.

您購買基本連接，然後您就可以享受這些真正獨特的福利。

I mean, it's becoming a pretty big business for us, and customers can share perks across both those plans.

我的意思是，這對我們來說正在成為一項相當大的業務，客戶可以在這兩個計劃中分享福利。

The second is our app, My Verizon app.

第二個是我們的應用程序，My Verizon 應用程式。

We have a single app now for both mobility and home.

我們現在有一個適用於行動和家庭的應用程式。

So once you get a mobility customer, they see a home piece, and they can try out the home, and they can buy the home, and then vice versa to do that.

因此，一旦您獲得行動客戶，他們就會看到一件家居用品，他們可以試用該房屋，也可以購買該房屋，然後反之亦然。

And also Home Wi-Fi can control everything in a single app, and it does very well.

而且家庭 Wi-Fi 可以在一個應用程式中控制所有內容，而且效果非常好。

The third thing is transparent pricing.

第三件事是透明的定價。

It is very clear to customers what their savings are.

客戶非常清楚他們節省了多少錢。

And we're going to keep innovating in this space, because at the end of the day, customers want the best product, but they also want clear pricing upfront.

我們將在這個領域不斷創新，因為歸根結底，客戶想要最好的產品，但他們也希望預先有明確的定價。

And we do that every single time with our constructs that we have there.

我們每次都用我們現有的構造來做到這一點。

Fourth is distribution.

四是分配。

We have a large distribution of stores and a digital footprint.

我們擁有大量的商店分佈和數位足跡。

And you can see over a period of time, we are able to distribute our Fios 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銷 Fios 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 is accretive to us.

所以你看，我們正在建立 Verizon 的融合模式，這種模式以需求為導向，對我們來說是增值的。

But where does the value come for Verizon and its shareholders?

但 Verizon 及其股東的價值又是從何而來？

Two big buckets, revenue.

兩大桶，收入。

The first one is we will see penetration well north of 40% in our business.

第一個是我們的業務滲透率將遠超過 40%。

And as I said, every new cohort that we bring in actually gets to that a little faster than the previous cohort we do that space.

正如我所說，我們引入的每一個新群體實際上都比我們之前在該領域開展的群體更快。

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

一旦我們做到了這一點，一旦我們收購了 Frontier，當我們關閉 Frontier 時，我們也將擁有它。

And then as Joe builds out new networks, we will see similar penetration levels as we do that.

然後，當喬建立新的網絡時，我們將看到類似的滲透水平。

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

第二個是，在一些有光纖的大市場中，我們的無線市場佔有率比沒有光纖的情況高出 500 個基點或 5%。

So we can cross-sell mobility to our Frontier base 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 today, we'll be able to cross-sell them.

因此，當我們向即將進入的新光纖群體關閉時，我們可以向我們的 Frontier 基地交叉銷售移動性，而且對於那些可以使用光纖但今天沒有光纖的客戶，我們將能夠交叉銷售賣掉它們。

So two revenue upsides opportunity for us as we build out our converged offering.

因此，當我們建立融合產品時，我們有兩個收入上升的機會。

The second is churn.

第二個是流失。

A couple of data points -- we see a 50% reduction in mobility churn when we bundle with fiber.

有幾個數據點——我們發現，當我們與光纖捆綁在一起時，移動性流失率降低了 50%。

And that's a huge lever for us, even broader, longer term on how we take churn down in space.

從更廣泛、更長期的角度來看，這對我們來說是一個巨大的槓桿，可以幫助我們減少太空中的混亂。

The second is our fiber churn, which is already world-class, one of the best in the world, will go down another 40% when we bundle mobility and fiber.

第二個是我們的光纖流失率，它已經是世界一流的，是世界上最好的之一，當我們將移動性和光纖捆綁在一起時，光纖流失率將再下降 40%。

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 metrics.

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 和光纖，具有一流的指標。

But more importantly, it's demand-led.

但更重要的是，它是需求主導的。

And that's the Verizon model of convergence.

這就是 Verizon 的融合模式。

Talking about demand-led, lot of the reason it's demand-led actually comes from our unique value prop.

談到需求主導，需求主導的許多原因實際上來自我們獨特的價值支持。

Let me start with this.

讓我從這個開始。

The bottom of layer is a connectivity layer.

最底層是連接層。

Best network, Joe always says, we will be the most reliable network.

最好的網絡，喬總是說，我們將成為最可靠的網絡。

That's where our value comes from.

這就是我們的價值的來源。

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

這與我們用於寬頻、透過 myPlan 進行後付費以及我們的預付費品牌的網路相同。

And we keep tiering these, we have segments that go after it, and over a period of time, we'll have new sources of revenue.

我們不斷對這些進行分層，我們有後續的細分市場，在一段時間內，我們將擁有新的收入來源。

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 we should talk a little more about soon, and that'll have upside opportunity for us.

這是我們應該盡快多討論的事情，這將為我們帶來上行機會。

Second is satellite connectivity.

其次是衛星連線。

That's another new form of connectivity, and then new ways to monetize our overall connectivity network.

這是另一種新的連結形式，也是我們整個連結網路貨幣化的新方法。

Then, on top of that, you get to our entertainment and adjacent services.

然後，最重要的是，您可以使用我們的娛樂和相關服務。

We call them perks because you have to be a Verizon customer to get them.

我們稱之為福利，因為您必須是 Verizon 客戶才能獲得這些福利。

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

這就是您成為 Verizon 客戶所獲得的福利。

And we, right now, have 7 million perk subscriptions on our network.

目前，我們的網路上有 700 萬個福利訂閱。

And then guess what?

然後你猜怎麼著？

They're going to double by 2025.

到 2025 年，這一數字將會翻倍。

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 and is very margin rich for us.

它減少了我們的客戶流失，並為我們帶來了非常豐富的利潤。

So it covers a lot of pieces for us.

所以它為我們涵蓋了很多內容。

And we're not stopping still.

我們並沒有停下腳步。

We're going to keep innovating.

我們將不斷創新。

But to be on our network, to be part of our perks, it's going to have to be compelling.

但要加入我們的網絡，成為我們福利的一部分，它必須具有吸引力。

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

它必須是 Verizon 獨有的，也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 myAccess 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 Access，或者如果您是客戶，它就是 myAccess，因為它是您的訪問權限，因為它可以讓您訪問兩件事。

One is always on deal to some of the best premium brands out there.

人們總是與一些最好的優質品牌進行交易。

But second is once in a lifetime, my kids call it bucket list type opportunities they have.

但第二是一生一次，我的孩子稱之為「遺願清單」類型的機會。

For example, you can skydive with the Broncos, or you can go to London to watch the Jacksonville Jaguars, or you can actually toss a coin for the opening game.

例如，你可以和野馬隊一起跳傘，或者你可以去倫敦觀看傑克遜維爾美洲虎隊的比賽，或者你可以為揭幕戰投擲硬幣。

These are once in a lifetime events for NFL, NHL, NBA, and some of the best musical acts out there.

這些對於 NFL、NHL、NBA 以及一些最好的音樂表演來說都是一生一次的盛事。

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

我不知道您是否獲得泰勒絲 (Taylor Swift) 的樂譜票，但請務必查看 Verizon myAccess 計劃來做到這一點。

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 have secular growth in front of them, two engines that have tailwinds, and where we have unique market position, but huge opportunity as well.

首先，我們現在在威瑞森有兩個成長引擎——兩個有長期成長的引擎，兩個有順風車的引擎，我們擁有獨特的市場地位，但也有巨大的機會。

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 on top of that.

你將看到我們採用 Verizon 的融合模式，以需求為導向，為客戶提供服務，並在此基礎上為他們提供大量服務。

We're going to deepen our relationship with our customers and extract value for them and for ourselves in the process.

我們將加深與客戶的關係，並在過程中為他們和我們自己獲取價值。

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

第二是，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 a lot of confidence you're going to get from that that we will execute on that for our mobility business, our broadband business, and the Verizon converge business.

您將從中獲得很大的信心，因為我們將執行我們的行動業務、寬頻業務和 Verizon 融合業務。

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

說到這裡，我將把它交給東尼談談兩件事：第三季的更新，更重要的是資本配置。

Tony, take it away.

東尼，把它拿走。

Thanks, Sampath, and good morning.

謝謝，薩姆帕斯，早安。

So our execution, as Sampath said, is really strong and it's fueling the momentum in our business.

因此，正如薩姆帕斯所說，我們的執行力非常強大，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.

我們的第三季業績，在討論之前，我確實想談談第三季。

Our ability to demonstrate customer growth and financial growth once again is a hallmark to our testament of execution day in and day out.

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力的標誌。

And we delivered the highest-ever reported adjusted EBITDA in our quarter.

我們在本季度實現了有史以來最高的調整後 EBITDA。

We're on track, as Hans mentioned, with our 2024 guidance and at or above the midpoint of our guided range for both wireless service revenue and adjusted EBITDA.

正如 Hans 所提到的，我們的 2024 年指導方針正步入正軌，並且無線服務收入和調整後 EBITDA 的指導範圍處於或高於中點。

If I go to the operational metrics for mobility, if you think about business and consumer, gross add and churn both improved year over year, and that drove phone net adds of 239,000 in the third quarter.

如果我看一下移動性的營運指標，如果考慮到企業和消費者，總增加量和流失量均同比有所改善，這推動了第三季度電話淨增加量 239,000 部。

That's a significant improvement year over year.

這是逐年顯著的進步。

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

正如 Sampath 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，無論是否提供第二個號碼。

And that's in addition to the continued strength in phone net adds from our business segment, and that's quarter after quarter of strong growth.

除此之外，我們業務部門的電話網路增加量持續強勁，逐季強勁成長。

If you think about broadband, we have almost 12 million subscribers in our base, and Fios 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 Fios 和 FWA 都在成長。

On broadband, we have 389,000 net adds in the quarter.

寬頻方面，本季淨新增用戶 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, if you think about FWA, we've grown our FWA subscriber base over 1.5 million in that time period.

其中，如果您考慮 FWA，我們的 FWA 用戶群在此期間已增長到超過 150 萬。

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, if I start with service revenue, our service revenue is very healthy.

如果我們轉向財務方面，如果我從服務收入開始，我們的服務收入非常健康。

Our wireless service revenue is up 3.1% year to date, or $1.8 billion.

今年迄今為止，我們的無線服務收入成長了 3.1%，即 18 億美元。

Our EBITDA continues to be strong, and even in a quarter where we delivered a very strong $12.5 billion of adjusted EBITDA, we took actions around revenue and cost efficiencies to set us up for 2025.

我們的 EBITDA 繼續保持強勁，即使在一個季度我們實現了 125 億美元的調整後 EBITDA，我們仍然圍繞著收入和成本效率採取了行動，為 2025 年做好準備。

That strong EBITDA led to free cash flow of $14.5 billion year to date.

強勁的 EBITDA 帶來今年迄今 145 億美元的自由現金流。

And that's consistent with the prior year, and that includes an increase of $2.5 billion in cash taxes.

這與前一年一致，其中包括增加了 25 億美元的現金稅。

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

該業務的現金產生能力仍然非常強勁，我們有足夠的靈活性和資金來執行我們的資本配置優先事項。

The business is performing well, and we have good momentum as we close 2024 and head into 2025.

我們的業務表現良好，在 2024 年結束並進入 2025 年時，我們勢頭良好。

And if I shift over to capital allocation, as many of you know, we have four 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，我們有四個資本配置優先事項，而且它們保持不變。

Our first capital allocation priority is to invest in the business, and that includes investments in our network infrastructure if you think about C-Band, if you think about Fios.

我們的首要資本配置優先事項是投資業務，這包括對我們的網路基礎設施的投資（如果您考慮 C 頻段、Fios）。

It includes M&A to accelerate a strategy if you think about the pending acquisition of Frontier.

如果您考慮即將收購 Frontier，則其中包括加速策略實施的併購。

And it also includes being opportunistic with wireless spectrum, as evidenced by the deal we signed last week with UScellular.

它還包括對無線頻譜的機會主義，我們上週與 UScellular 簽署的協議就證明了這一點。

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

正如我們之前所說，我們的資本支出已回到 BAU 水平，而我們的 2024 年資本計畫正步入正軌。

If we look ahead to 2025 in terms of guidance for 2025, we expect 2025 capital expenditures to be in a range of $17.5 billion to $18.5 billion for the next year.

如果我們以 2025 年指引來展望 2025 年，我們預期 2025 年明年的資本支出將在 175 億美元至 185 億美元之間。

And that's an all-in number that includes all of our growth initiatives.

這是一個包含我們所有成長計劃的總數字。

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

這包括 C 頻段和繼續推出 C 頻段。

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

Joe 談到，到 2025 年底，我們 80% 到 90% 的站點將位於 C 頻段。

It includes our Fios continued open for sale expansion up to 650,000 new open for sale on Fios.

其中包括我們的 Fios 持續開放銷售擴展至 Fios 上新開放銷售的 650,000 個。

And it includes the broadband MDU solution, the multi-dwelling solution that Joe mentioned.

其中包括寬頻MDU解決方案，即Joe提到的多住宅解決方案。

All of these things are included in that $17.5 billion to $18.5 billion number.

所有這些都包含在 175 億至 185 億美元的數字中。

And that range gives us the flexibility to both invest for growth and be disciplined and efficient with our capital spend.

這一範圍使我們能夠靈活地進行成長投資，並在資本支出方面保持紀律和高效。

Our second priority is our commitment to the dividend.

我們的第二要務是對股利的承諾。

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

正如您最近所看到的，我們已連續 18 年提高股息。

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

這是我們非常自豪的成就。

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

正如我們多次說過的，我們的目標是讓董事會進一步增加股利。

Our third capital allocation priority is having a strong balance sheet.

我們的第三個資本配置重點是擁有強大的資產負債表。

We made significant progress de-levering the balance sheet since the acquisition of C-Band.

自從收購C-Band以來，我們在資產負債表去槓桿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.

截至第三季末，我們的無擔保槓桿率為2.50倍。

That's the ratio of net unsecured debt to adjusted EBITDA.

這是淨無擔保債務與調整後 EBITDA 的比率。

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

我們的重點是從現在到 Frontier 交易完成期間繼續償還債務。

And today, we're announcing an update to our long-term leverage target of 2.0 to 2.25 times.

今天，我們宣布將長期槓桿目標從 2.0 倍更新為 2.25 倍。

Given our cash flows and overall financial strength, this is the appropriate range for a business to provide flexibility to invest for growth and return capital to shareholders.

考慮到我們的現金流量和整體財務實力，這是企業為成長投資和向股東返還資本提供靈活性的適當範圍。

Our fourth capital allocation priority is share buybacks.

我們的第四個資本配置重點是股票回購。

And as we've said many times, we would consider share buybacks when our unsecured leverage metric reaches 2.25 times, and that target is unchanged.

正如我們多次所說的，當我們的無擔保槓桿指標達到 2.25 倍並且該目標保持不變時，我們會考慮股票回購。

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, we'll 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, I'll turn it back to Hans.

說到這裡，我會把它轉回給漢斯。

Thank you, Tony.

謝謝你，托尼。

Let me just summarize updates before we come to Q&A.

在進行問答之前，讓我先總結一下最新情況。

I think you hopefully got the feeling that we are setting us up well for '25 and beyond to continue the leadership in this market and extend it.

我想您希望能感覺到我們正在為 25 年及以後做好準備，以繼續並擴大在這個市場的領導地位。

So we talk about the networks that we're building.

所以我們談論我們正在建立的網路。

It should be the best and the best performing.

應該是最好的，表現最好的。

I think that's been the focus.

我認為這才是焦點。

And really now, with the C-Band coming quickly and our Fios buildout, we feel really good about it.

現在，隨著 C 頻段的快速推出和 Fios 的擴建，我們對此感覺非常好。

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

對我們來說，過去幾年專注於為客戶提供差異化的價值主張非常重要。

We know that they're more important services than ever.

我們知道它們比以往任何時候都更重要。

To have mobility and broadband is a necessity for every organization, every person on this planet, and in the United States.

擁有移動性和寬頻對於這個星球上以及美國的每個組織、每個人來說都是必需的。

The differentiated offerings that we're doing are enormously important, and they come from deep research, what our customer really wants, and of course, together with a refreshed brand should support us for the continuation.

我們正在提供的差異化產品非常重要，它們來自深入的研究，我們的客戶真正想要什麼，當然，再加上更新的品牌應該支持我們的延續。

Tony talked about capital allocation, and you're seeing us being very prudent with the capital allocation.

東尼談到了資本配置，你會看到我們對資本配置非常謹慎。

We promised to come down to BAU levels.

我們承諾會降低到 BAU 水準。

We are on BAU levels.

我們處於 BAU 級別。

We had the hike after the C-Band because we saw a great opportunity to quickly come out with that and that we're coming down.

我們在 C 頻段之後進行了升息，因為我們看到了一個快速實現這一目標的絕佳機會，而且我們正在下降。

We're now doing investment to expand our total addressable market with the same offering, the same network.

我們現在正在進行投資，以透過相同的產品、相同的網路來擴大我們的整體目標市場。

That's the strategy that we have.

這就是我們的策略。

We stay there and we see that we can continue to grow well and continue to create profitability and cashflow.

我們留在那裡，我們看到我們可以繼續良好成長，並繼續創造盈利能力和現金流。

So that's the overall strategy.

這就是總體策略。

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

我們根據三項指標進行衡量——無線服務收入、調整後的 EBITDA 和現金流。

And we are very committed, 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 and where we stand with our offerings.

我們整個團隊都非常致力於繼續增加服務收入，擴大 EBITDA 和現金流，進入 25 年及以後，透過我們現在正在進行的投資以及我們的戰略立場，我們堅持我們的資產和我們的產品立場。

So all in all, we feel very positive where we are right now.

總而言之，我們對目前的處境感到非常正面。

We feel positive where our market is and our products.

我們對我們的市場和我們的產品感到樂觀。

By that, I'm going to close, and we're going to have -- open Q&A.

到此，我要結束了，我們將進行開放式問答。

Brady will help us to manage that.

布雷迪將幫助我們解決這個問題。

I have my whole management team here, and we even have pictures of them if you don't know who they are.

我的整個管理團隊都在這裡，如果你不知道他們是誰，我們甚至還有他們的照片。

They are sitting to the left here for the ones on the webcast.

他們坐在左邊觀看網路廣播。

You can see them here.

你可以在這裡看到它們。

So they're all here.

所以他們都在這裡。

So I'm going to diligently distribute the answers to them.

所以我會努力把答案分給他們。

Probably, I'm going to take some myself.

也許，我會自己拿一些。

Any questions you might have for us?

您有什麼問題想問我們嗎？

Brady is going to do it.

布雷迪會這麼做。

And remember, present yourself when you're going to answer so that webcast audience knows who's asking any question.

請記住，當您要回答時，請展示自己，以便網路直播觀眾知道是誰在問問題。

Okay.

好的。

Can you hear me?

你聽得到我嗎？

Okay.

好的。

So I love the folks in the front row, but we're going to go back right to start with Simon.

所以我喜歡前排的人，但我們要從西蒙開始。

And again, just please announce your name and firm since you're not on the camera.

再次，請宣布您的姓名和公司，因為您不在鏡頭前。

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。

Hans, I was interested in your latest thoughts on the BEAD program.

Hans，我對你對 BEAD 計劃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 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.

另一個問題是圍繞著這些市場，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？

Because I think in the past, if you had fiber, you hadn't really done fixed wireless.

因為我認為在過去，如果你有光纖，你就沒有真正做到固定無線。

But does that start to blend?

但這會開始融合嗎？

I'm going to take some help from Joe later on, but I'm going to start myself first.

我稍後會從喬那裡得到一些幫助，但我會先從自己開始。

The BEAD program is, of course, contemplated in everything we have here.

當然，我們這裡所做的一切都考慮到了 BEAD 計劃。

In the Fios footprint, it's obvious we will go for it when it makes sense for us, both from a return on investment.

在 Fios 的足跡中，很明顯，當它對我們有意義時，我們會選擇它，無論是從投資回報來看。

And so we -- in our Fios footprint, there's going to be great opportunities for us, for sure, and we will be active on it.

因此，在我們的 Fios 足跡中，我們肯定會遇到巨大的機會，我們將積極參與其中。

On the second one, when it comes to fiber or Fios versus 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 Fios 與固定無線接入時，我想——我希望您聽到 Joe 的意見。我們的固定無線接取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.

因此，我們首先部署 C 頻段以實現移動性。

And the 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.

喬和我在整個團隊中達成的共識是，我們出於兩個原因建立行動性：創造收入和客戶滿意度。

And then we get a secondary fixed wireless access opportunity.

然後我們獲得了二次固定無線存取機會。

So it's not really thinking about where we do Fios or we do fixed wireless access.

因此，我們並沒有真正考慮我們在哪裡做 Fios 或我們做固定無線存取。

We do Fios, and we do mobility.

我們做 Fios，我們做移動性。

Then we create opportunities.

然後我們創造機會。

And I always love what we are doing because we give optionality for our customers.

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。

There are customers that just kills to get Fios, but there's others that really feel that fixed wireless access is a solution they want to have because of simplicity.

有些顧客拼命想要 Fios，但也有其他顧客因為簡單而真正認為固定無線存取是他們想要的解決方案。

So we're going to create optionality.

所以我們要創造選擇性。

And you saw the consumer slide that Sampath showed with the customer offering framework, I think it's called, where actually everything is in the same model regardless of what it takes.

你看到了 Sampath 展示的客戶提供框架的消費者幻燈片，我認為它被稱為，實際上所有東西都在同一個模型中，無論它需要什麼。

So that's how we think about it.

這就是我們的想法。

Do you want to add something?

你想添加一些東西嗎？

Yes, you want to add something.

是的，你想添加一些東西。

Please come up here.

請到這裡來。

Okay.

好的。

Yeah, just on BEAD.

是的，就在 BEAD 上。

So we've built a very good process for managing subsidies.

因此，我們建立了一個非常好的補貼管理流程。

And we've been already receiving and winning subsidies in our Fios footprint.

我們已經在 Fios 足跡中獲得並贏得了補貼。

So as BEAD starts to get deployed, we'll deploy those same kind of standards and processes to participate.

因此，當 BEAD 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 million to 40 million, it's -- it'll be a very, very small percent that we think is BEAD.

當我想到 3500 萬到 4000 萬時，我們認為這將是一個非常非常小的百分比。

And we foresee that getting 35 million to 40 million will be with or without BEAD funding.

我們預計，無論有沒有 BEAD 資金，都將獲得 3,500 萬至 4,000 萬美元。

Thank you.

謝謝。

Next.

下一個。

Okay, we're going to work our way up.

好的，我們要努力向上。

I'm going to go second row.

我要去第二排。

We'll go to Hodulik on the end over here.

我們最後會去Hodulik。

Thank you.

謝謝。

I didn't think you'd see me behind these tall guys.

我沒想到你會在這些高個子後面看到我。

First, starting with fixed wireless.

首先，從固定無線開始。

Thank you guys for the new targets.

謝謝你們的新目標。

Just on the quick math, it seems like the cadence is slowing a bit.

快速算一下，節奏似乎有點慢了。

You guys are doing like 360 -- 360,000 a quarter.

你們每季的工作量約為 360 - 360,000。

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

看起來這個速度會減慢到 30 萬以下。

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

我只是想確定這是否是我們所期望看到的，或者數字是否有不同。

And then these new initiatives are great.

這些新舉措非常棒。

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 don't want to give '25 guidance -- full guidance here, but should we expect an acceleration in service revenue growth from these levels?

顯然，您不想提供「25 年指導」——此處提供全面指導，但我們是否應該期望服務收入在這些水平上加速成長？

On the future guidance, I'm going to leave that to Tony.

關於未來的指導，我將把它留給托尼。

On the first question, I'm going to start.

關於第一個問題，我要開始了。

I think, to some extent, you're right.

我認為，在某種程度上，你是對的。

So think about this.

所以想想這個。

We have had a target to create -- get between 350,000 to 400,000 new broadband subscribers every quarter.

我們的目標是每季增加 35 萬至 40 萬名新寬頻用戶。

And I think we've had that, but I'm not sure how many quarters.

我認為我們已經經歷過這種情況，但我不確定有多少個季度。

Sometimes up to 400,000; some time, a little bit north of 350,000.

有時高達 400,000；有一段時間，略高於 350,000。

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 into a -- in a second transformation because the C-Band is now going to suburban and rural.

首先，固定無線存取正在進入第二次轉型，因為 C 頻段現在正在走向郊區和農村。

And of course, the opportunity is equally big, but the density is way less.

當然，機會同樣大，但密度也小得多。

So we're going to see for a while that OFS is going to be a little bit less.

因此，我們將在一段時間內看到 OFS 會有所減少。

And the second one is as we're ramping up the Fios, you saw that we're doing some 450 to 500 up to 650.

第二個是當我們增加 Fios 時，您會看到我們正在做大約 450 到 500 到 650。

It's a ramp up.

這是一個斜坡上升。

So in the short term, I think you're going to be in the lower end of the 350,000.

因此，短期內，我認為您將處於 350,000 的下限。

And then I think when you see the ramping up of both of them, you're going to see a little bit different.

然後我認為當你看到他們兩個的崛起時，你會看到一些不同。

So I wouldn't say that we have changed anything on the pace.

所以我不會說我們改變了任何節奏。

It's just the technicality of how we build right now and how we're ramping up Fios and actually going suburban to rural with our C-Band.

這只是我們現在如何建造以及如何提升 Fios 以及如何透過我們的 C 頻段從郊區到農村的技術細節。

So those are the things.

這些就是事情。

Tony, do you want to talk about guidance, '25, now?

東尼，你現在想談談指導嗎，'25？

Sure.

當然。

Great.

偉大的。

I'm eager to hear.

我很想聽。

Hey, John.

嘿，約翰。

Thanks for the question.

謝謝你的提問。

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

因此，正如我們今天早上所說，我們的服務收入正步入正軌。

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 年。

But in terms of puts and takes, we've taken a lot of actions to position ourselves for sustained growth.

但就看跌期權而言，我們已經採取了許多行動來為自己的持續成長做好準備。

So that includes the P&Q that you heard from Sampath, so volume improvements and pricing; and it also includes fixed wireless access.

這包括您從 Sampath 聽到的 P&Q、銷售改進和定價；它還包括固定無線存取。

And you see the great growth that we've seen on fixed wireless access.

您將看到我們在固定無線存取方面看到的巨大成長。

Prepaid has now, Sampath mentioned, turned positive.

薩姆帕斯表示，預付費現已轉正。

So that's been a headwind this year.

所以這是今年的逆風。

We would 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 headwinds with promo amortization.

我們仍然面臨促銷攤銷的阻力。

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

這些是我們進入明年時的看法，我們將在一月份將其返回給您。

Sweet.

甜的。

Thanks, guys.

謝謝，夥計們。

Next.

下一個。

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 -- we'll go Barden here on the end, the first tall person.

我們要去──我們最後去巴登，第一個高個子。

You don't have to sound so excited about that, Brady.

你不必對此顯得那麼興奮，布雷迪。

Dave Barden from Bank of America.

美國銀行的戴夫·巴登。

Thanks, Hans.

謝謝，漢斯。

So if my base case is that the tax regime remains the same -- cash taxes are going up.

因此，如果我的基本情況是稅收制度保持不變——現金稅將會上升。

CapEx is going up.

資本支出正在上升。

Working capital, if the iPhone becomes a bigger thing, it's not going down.

營運資金，如果 iPhone 變得更大，它不會下降。

It might go up.

它可能會上漲。

A lot of assumptions here.

這裡有很多假設。

Continue.

繼續。

Those are -- they're not so much assumptions.

這些並不是假設。

And then you're going to do the Frontier deal, and they're not free cash flow positive.

然後你將進行 Frontier 交易，而它們的自由現金流並不為正。

So is the message, financially, to you and Tony that 2024 is the high water mark for free cash flow at Verizon?

那麼，從財務角度來說，向您和東尼傳達的訊息是：2024 年是 Verizon 自由現金流的最高點嗎？

Because it doesn't seem like there's a lot of dials to turn to make it get a lot better.

因為似乎沒有太多的轉盤可以讓它變得更好。

And the second question, if I could, would be there's some agitators at Frontier that want you guys to pay a higher price, bid against yourselves, in that process.

第二個問題，如果可以的話，邊境的一些煽動者希望你們在這個過程中支付更高的價格，與自己競價。

And you spoke a lot about how important it is to have this 100 million homes passed and the Verizon version of convergence.

您談到了讓這 1 億個家庭通過以及 Verizon 版本的融合有多重要。

What are you willing to do to get that deal done?

為了完成這筆交易，你願意做什麼？

Okay.

好的。

I'll leave the capital allocation for you, but I think that, of course, you can always find headwinds.

我將把資本配置留給你，但我認為，當然，你總是會遇到阻力。

We have a lot of -- of tailwinds as well in cash flow, and we will be very focused on that.

我們在現金流方面也有很多順風車，我們將非常關注這一點。

So I will let Tony go through the puts and takes on that.

所以我會讓托尼經歷一下看跌和接受的過程。

On the Frontier deal, I mean, first of all, if you have read the proxy, which you probably have done, it was a competitive process.

關於 Frontier 交易，我的意思是，首先，如果您已閱讀代理書（您可能已經閱讀過），那麼這是一個競爭過程。

We were asked for a best and final.

我們被要求獲得最佳和決賽。

We gave the best and final.

我們付出了最好的和最後的。

We have a signed agreement and a contract for a merger.

我們已經簽署了合併協議和合約。

Now it’s up to the Frontier shareholders to make the vote.

現在由 Frontier 股東來投票。

We always have different type of strategies.

我們總是有不同類型的策略。

We will continue to have that.

我們將繼續這樣做。

This fitting in well right now.

這很適合現在。

We're going to see what's going to happen, but we feel really confident that this is fair and good for all stakeholders.

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？

Hey, Dave.

嘿，戴夫。

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 puts and takes that we shared at the beginning of the year still remain intact.

我的意思是，我們在年初分享的同樣的看跌期權和看跌期權仍然保持不變。

So see the EBITDA growth, and that's the focus for next year.

因此，看看 EBITDA 的成長，這是明年的重點。

Interest, in terms of deleveraging, we'll have to see where rates go.

就去槓桿化而言，利息，我們必須看看利率會走向何方。

That will have an impact.

這將會產生影響。

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

然後，正如您所提到的，現金稅今年有所增加。

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 -- we said $2.5 billion so far this year.

他們將會上漲——我們今年到目前為止已經說過 25 億美元。

We'll see where that goes.

我們會看看會發生什麼。

And working capital, we're not seeing a big upgrade cycle right now.

就營運資金而言，我們目前還沒有看到大的升級週期。

The upgrades were down 10%.

升級下降了 10%。

Right now, customers are choosing to hang on to their phones a lot longer, and that's by choice.

現在，客戶選擇更長時間地使用手機，這是他們的選擇。

The average upgrade rate -- and Sampath can correct me, but it's probably 40 months or so.

平均升級率——Sampath 可以糾正我，但可能是 40 個月左右。

So that hasn't changed.

所以這並沒有改變。

So we're going to continue to stay disciplined and segmented in our approach, and then we'll come back on our thoughts on cash flow back in January.

因此，我們將繼續在我們的方法中保持紀律和細分，然後我們將在一月份重新審視我們對現金流的想法。

Thanks.

謝謝。

Thank you.

謝謝。

Next.

下一個。

I'm going front row over here to Peter.

我要到前排去見彼得。

Next.

下一個。

Hi.

你好。

Thanks, Brady.

謝謝，布雷迪。

Thanks, Hans.

謝謝，漢斯。

Peter Supino with Wolfe Research.

沃爾夫研究中心的彼得‧蘇皮諾。

A question on fiber and really about the rate of expansion.

一個關於光纖的問題，實際上是關於膨脹率的問題。

Your target plus a lot of other publicly available targets and the guesstimate about how many private fiber passings there are in the country, summed over 100 million homes.

您的目標加上許多其他公開可用的目標以及對該國有多少專用光纖通道的猜測，總計超過 1 億個家庭。

Population density observations -- nobody has perfect information -- lead us to think that maybe you should be in a hurry to build as many homes as you can.

人口密度觀察——沒有人擁有完美的資訊——讓我們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 slower than other -- a couple of other companies.

然而，您目前的擴張速度仍然比其他公司（其他幾家公司）慢得多。

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.

我想到了寬頻。

That's the thinking I have, and the team has that as well.

我是這麼想的，團隊也是這麼想的。

That means that we include both our Fios as well as the fixed wireless access as broadband solutions.

這意味著我們將 Fios 和固定無線存取作為寬頻解決方案。

And as you have seen lately, there doing well, both of them.

正如你最近所看到的，他們倆都做得很好。

And that's how we think about our customers, and we create optionality.

這就是我們對客戶的看法，我們創造了選擇。

So I think that nobody else is building on the pace that we are doing in the combination of it.

因此，我認為沒有其他人能夠比我們更快地將其結合起來。

That's how are we thinking.

我們就是這樣想的。

And remember, we build the network once.

請記住，我們只建立一次網路。

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

然後在網路邊緣，我們決定我們擁有什麼類型的連線。

Sometimes it's Fios, sometimes it's 4G, sometimes 5G, sometimes it's fixed wireless access.

有時是Fios，有時是4G，有時是5G，有時是固定無線存取。

And then we get the best return on investment on the invested capital because we do it once.

然後我們就可以得到最好的投資回報，因為我們只做一次。

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 about the pace we have and how we're deploying this, again, with the financial mind in behind it to see that we get the best return on investment for our shareholders.

因此，我對我們的步伐以及我們如何部署這一點感到滿意，再次強調其背後的財務思維，以確保我們為股東獲得最佳的投資回報。

Anybody want to add something to that?

有人想添加一些東西嗎？

Okay, then you don't need to.

好吧，那你就不需要了。

Next.

下一個。

Come back in the middle of the room here.

回到房間中間。

We'll do Jim and then Sebastiano.

我們先選吉姆，然後選塞巴斯蒂亞諾。

Thanks.

謝謝。

Jim Schneider from Goldman Sachs.

高盛的吉姆·施奈德。

Just a couple of quick questions on the network side, if I could.

如果可以的話，我想問幾個關於網路方面的簡單問題。

First is on -- just in terms of the longer term, the fixed wireless targets, do those include or not include any dedicated spending purely for fixed wireless?

首先是－就長期而言，固定無線目標是否包含任何純粹用於固定無線的專用支出？

I know you said it's mobility-led, but does it include any of that?

我知道你說它是以流動性為主導的，但它包括其中任何一個嗎？

And talk about the part of that which is small sales, if any?

並談談其中的小額銷售部分（如果有的話）？

And then maybe tactically for 2025, can you maybe talk about the drivers of the CapEx increase?

然後，也許從戰術上來說，2025 年，您能否談談資本支出增加的驅動因素？

How much of that increase is coming on the wireless side on macro cells?

其中有多少成長來自宏蜂窩的無線方面？

How much of that is coming from fiber, et cetera?

其中有多少來自纖維等？

On the first question, it's no.

對於第一個問題，答案是否定的。

There's no success-based fixed wireless access in the plan that we're presenting today.

我們今天提出的計劃中沒有基於成功的固定無線接入。

That's an optionality we have for the future.

這是我們未來的選擇。

Right now, again, we believe in our design principles because that makes the operation easier.

現在，我們再次相信我們的設計原則，因為這使操作變得更容易。

It makes it easier for our customer.

它使我們的客戶更容易。

It makes it better for capital.

這對資本來說更加有利。

That doesn't exclude, in the future, that we will have success-based fixed wireless access.

這並不排除我們將來將擁有基於成功的固定無線存取。

And then of course, I'm sure that Joe is building more capacity.

當然，我確信喬正在建立更多的能力。

So Kyle and Sampath has an opportunity to leverage on that.

因此，凱爾和薩姆帕斯有機會利用這一點。

But in this plan, it's mobility first in all our C-Band.

但在這個計畫中，我們所有 C 頻段的移動性都是第一位的。

The second question is about the increase or the BAU level you have right now, how much is macro?

第二個問題是關於你現在的BAU水準的成長，宏觀是多少？

You heard about what we said.

你聽過我們所說的話。

We were trying to go to 80%,90% of our planned radios having C-Band.

我們試著讓 80%,90% 的計畫無線電擁有 C 頻段。

And then you see the Fios, up to 650.

然後你會看到 Fios，最高可達 650。

I think those are two important ones.

我認為這是兩個重要的。

There are other things coming down to some extent in our normal build because we have come pretty far on the 4G, and we see much more traffic on the 5G.

在我們的正常建置中，還有其他一些事情會在一定程度上下降，因為我們在 4G 上已經取得了很大的進展，並且我們看到 5G 上的流量要多得多。

We have gone very far on our small cell with millimeter wave that is capturing a lot of our traffic in dense areas.

我們在毫米波小型蜂窩上已經取得了很大進展，它在密集區域捕獲了大量流量。

That's a little bit smaller today.

今天這個有點小了。

That doesn't mean we don't believe in it.

這並不意味著我們不相信它。

We think it's super important.

我們認為這非常重要。

So I think those are the puts and takes in the CapEx.

所以我認為這些都是資本支出中的投入和投入。

Joe?

喬？

I'll just add on small cells.

我只會添加小蜂窩。

And I mentioned it during, but we started probably about six months ago now deploying C-Band on small cells and have seen really good success with putting that technology on our vast small cell network, giving us more coverage and certainly more capacity for both mobile and fixed wireless access.

我在期間提到過，但我們大約六個月前開始在小型蜂窩基地台部署C 頻段，並且在將該技術應用於我們龐大的小型蜂窩網絡上方面取得了巨大成功，為我們提供了更大的覆蓋範圍，當然也為行動裝置提供了更多容量和固定無線存取。

So my view is that will continue in this four-year build program, as we'll leverage what we've done both with our millimeter wave small cells.

因此，我的觀點是，這將在這個為期四年的建設計劃中繼續下去，因為我們將利用我們在毫米波小型基地台上所做的一切。

And we had a pretty significant small cell network even for the 4G network.

即使對於 4G 網絡，我們也擁有相當重要的小型蜂窩網絡。

Leveraging now C-Band on those has really proven to be a great tool to add coverage and capacity.

事實證明，現在利用 C 頻段確實是增加覆蓋範圍和容量的絕佳工具。

And one other thing that is increasing, which you mentioned was, of course, the MDU solution we have now for fixed wireless access using millimeter wave.

當然，您提到的另一件事正在增加，那就是我們現在使用毫米波進行固定無線存取的 MDU 解決方案。

We have talked about it.

我們已經討論過了。

We're going to put that in commercial use in next year.

我們將於明年將其投入商業用途。

So that's, of course, also an opportunity, but of course, with a great return on investment.

當然，這也是一個機會，而且投資報酬率也很高。

Okay, Sebastiano, and then we'll go up here front row to Greg.

好的，塞巴斯蒂亞諾，然後我們到前排去找格雷格。

Hi.

你好。

Sebastiano Petti, JPMorgan.

塞巴斯蒂亞諾·佩蒂，摩根大通。

I guess just following up on Jim and Dave's question as well, but help us think about the shape of CapEx over the next several years.

我想也是在跟進吉姆和戴夫的問題，但可以幫助我們思考未來幾年資本支出的形式。

Because the 17.5 -- on a stand-alone basis, I guess, $17.5 billion to $18.5 billion includes the MDUs, the Ultra Wideband build, as well as the 650 --

因為 17.5——我猜，單獨計算，175 億到 185 億美元包括 MDU、超寬頻建置以及 650——

It's a range between $17.5 billion and $18.5 billion.

範圍在 175 億美元到 185 億美元之間。

Yeah.

是的。

So within that range, is there any maybe, perhaps, milestones or things like that that are more elevated next year that they begin to peel off like the MDU or the Ultra Wideband build?

那麼，在這個範圍內，是否有任何里程碑或類似的東西明年會更高，它們會像 MDU 或超寬頻建造那樣開始剝離？

Should we think about it as being more steady state over the next several years?

我們是否應該將其視為未來幾年更穩定的狀態？

As I said, I think that this is a BAU level that we have in a steady state.

正如我所說，我認為這是我們處於穩定狀態的 BAU 水平。

I'm not going to guide for future years.

我不會在未來幾年提供指導。

I always said that if we see an opportunity where we can grow faster and we can invest more in CapEx, we will explain that if we go outside the normal BAU levels.

我總是說，如果我們看到一個可以更快成長並且可以在資本支出上投資更多的機會，我們會解釋說，如果我們超出正常的 BAU 水平。

Right now, we don't see that.

目前，我們還沒有看到這一點。

Remember, we have talked about there's no auctions for spectrum coming out at the moment.

請記住，我們已經討論過目前沒有頻譜拍賣。

Usually, that is triggering or

通常，這是觸發或

[new].

[新的]。

We don't even think 6G is in any of the plan of records we have right now.

我們甚至不認為 6G 存在於我們目前擁有的任何記錄計劃中。

So it's a lot of things that usually catapult the higher investment level.

因此，很多事情通常會推動更高的投資水準。

We don't see them right now.

我們現在看不到他們。

So BAUs this level we are right now $17 billion, $17.5 billion up to $18.5 billion.

因此，我們現在這個水準的 BAU 為 170 億美元、175 億美元到 185 億美元。

That's where we're going to spend it.

這就是我們要花的地方。

But ultimately, if we see opportunities, remember the capital allocation priorities, we spend it in business.

但最終，如果我們看到機會，記住資本配置的優先順序，我們就會把它花在商業上。

But we also want to explain that is something additionally we can get and that we can share with our shareholders.

但我們還想解釋一下，這是我們可以獲得的額外東西，我們可以與股東分享。

But right now, the BAU levels are what you see from us right now.

但現在，BAU 等級就是您現在從我們這裡看到的。

The big triggering events that you sometimes have, it's going to come 5G.

有時會發生重大觸發事件，那就是 5G。

It's going to go spectrum auction.

它將進行頻譜拍賣。

I don't have visibility of anything on that at the moment.

目前我對此一無所知。

Thank you.

謝謝。

And then maybe one for Sampath.

然後也許是給薩姆帕斯的。

I mean, what underlies the confidence as we think about the 80-20 service revenue growth and the sustainability of, I guess, the volume side of the equation as you think about maybe tougher comps on the gross add side, the EIP dynamics?

我的意思是，當我們考慮 80-20 的服務收入成長和等式的可持續性（我猜），當您考慮總增加方面可能更嚴格的競爭（EIP 動態）時，信心的基礎是什麼？

And help us maybe think about the levers of sustained consumer volumes.

也許可以幫助我們思考持續消費的槓桿。

Yeah.

是的。

Look, I think it comes back -- we've had seven quarters of strong gross add year-on-year growth coming into this.

聽著，我認為它又回來了——我們已經連續七個季度實現了強勁的總增加同比增長。

And all the efforts that we've put in, whether it's local marketing, going back to market structure, sales incentive, myPlan, and just better execution on the ground, we continue to see gross add improvement in our business going forward.

我們付出的所有努力，無論是本地行銷、市場結構、銷售激勵、我的計劃，還是更好的實地執行，我們都將繼續看到我們業務的整體改善。

So I think that's a machine that we've gotten back to the right phase, and you're going to see continued growth in that.

所以我認為我們已經回到了正確的階段，你會看到它的持續成長。

The second comes down to churn.

第二個是客戶流失。

As I mentioned, there's nothing structurally that prevents us from getting back to leadership position on customer retention and churn.

正如我所提到的，沒有任何結構性因素可以阻止我們在客戶保留和客戶流失方面重新回到領先地位。

We made some short-term strategic trade-offs, which are the right things to do.

我們做了一些短期戰略權衡，這是正確的做法。

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

但經過一段時間後，客戶流失率就會開始下降。

Mobile plus home offerings, converged offerings is probably the biggest lever that we have there.

行動加家庭產品、融合產品可能是我們擁有的最大槓桿。

But then myPlan, some of our loyalty programs, and then just better execution on the churn piece as well.

然後是我的計劃，我們的一些忠誠度計劃，以及對流失部分的更好執行。

So you're going to see both things coming in, continued progression on gross add momentum and then better churn.

因此，您將看到這兩件事的出現，整體增加動力的持續進步，然後是更好的客戶流失。

When you put both of them together, that's how we're going to sustain a net add growth over a period of time to do that.

當你把它們放在一起時，這就是我們在一段時間內維持淨增加成長的方式。

The second is on the price side.

其次是價格方面。

Look, we've had four or five price increases, depending on how you count it, over the last years.

看，在過去的幾年裡，我們的價格上漲了四到五次，這取決於你如何計算。

And in every case, the churn has been less than what we thought coming in.

在每種情況下，客戶流失率都比我們想像的要少。

So customers like a product, they like our offering, and you're going to see continued ways in which we can earn the trust of the customer.

因此，客戶喜歡產品，他們喜歡我們的產品，您將看到我們能夠贏得客戶信任的持續方式。

The last one is there is another type of price increase, which is earned price increase.

最後一個是還有另一種價格上漲，那就是賺取價格上漲。

If you look at the chart where I had the customer offering framework, we are able to upsell our customers, upsell them on the type of plans, but also upsell them on perks and other things.

如果你看一下我的客戶服務框架圖表，我們就能夠向客戶追加銷售，向他們追加銷售計劃類型，還向他們追加銷售福利和其他東西。

We have 7 million perks in our business right now.

我們現在的業務有 700 萬福利。

That's going to double this time next year.

明年這個時候這個數字將會翻倍。

So you're going to see a lot of momentum on the price side just by our ability to earn those price-ups that we have.

因此，僅憑我們賺取價格上漲的能力，您就會在價格方面看到很大的動力。

So a combination of gross adds, better churn, and also ability to upsell our customer both on connectivity and some of the other offerings that we have, when you put all of that in, I get really comfortable about the 80-20 framework that we laid out, that we are going on the right path to get there.

因此，總增加量、更好的客戶流失率，以及向客戶追加銷售連接性和我們擁有的其他一些產品的能力，當你把所有這些都考慮進去時，我對我們的80-20 框架感到非常滿意。

Great.

偉大的。

Thank you.

謝謝。

Next.

下一個。

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

我們要讓格雷格坐在前排，然後我們開始混音。

Sure.

當然。

Thanks.

謝謝。

Another CapEx question, but more situated on the B2B opportunity.

另一個資本支出問題，但更多的是 B2B 機會。

One of your peers has been putting out a few press releases on GenAI fiber.

您的一位同行發布了一些有關 GenAI 光纖的新聞稿。

And you have a lot of fiber, both in footprint and from the One Fiber build and your XO acquisition.

您擁有大量光纖，無論是佔地面積還是來自 One Fiber 建置和 XO 採購。

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

所以我只是好奇你對經濟和那裡的機會的最新想法。

Thank you.

謝謝。

I think I'm going to ask Kyle to comment on that.

我想我會請凱爾對此發表評論。

If we talk about the GenAI opportunities, I talked about a three-pronged Gen AI strategy we have.

如果我們談論 GenAI 機會，我會談論我們擁有的三管齊下的 Gen AI 策略。

We have employee experience improvements right now already in the market when it comes to call agents, et cetera.

在呼叫代理等方面，我們目前已經在市場上進行了員工體驗改進。

We have our personalization for customers, and then we have our revenue opportunity.

我們為客戶提供個人化服務，然後我們就有創收機會。

And as I alluded to, given the assets we have in our network, we see great opportunities for having a chance to earn business there, which we've already done.

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，我們已經做到了這一點。

But maybe, Kyle, you can talk a little bit more about it.

但也許，凱爾，你可以多談談這個問題。

As you rightly bring up, the investments we've made before in say One Fiber and all the other fiber and all the COs and everything we've done, we're reimagining those assets right now is how do we -- and how we can sell into this.

正如你正確地提到的，我們之前在一根光纖和所有其他光纖以及所有 CO 和我們所做的一切方面所做的投資，我們現在正在重新構想這些資產，我們如何——以及我們如何可以賣成這個。

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 or lit, and we're going to see that growing.

我們從超大規模廠商那裡獲得了很多暗光纖或光纖的良好訂單，並且我們將看到這種增長。

But we have more than that, not just the fiber.

但我們擁有的還不只這些，而不僅僅是纖維。

It's the power space and cooling, which you know is in really high demand.

眾所周知，電力空間和冷卻系統的需求量非常大。

And we have a lot of latent assets in that area.

我們在該領域擁有許多潛在資產。

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 -- I talked to somebody before, we're going to measure twice and cut once.

我們——我之前和某人談過，我們將測量兩次並切割一次。

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

我們不是——我們正在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't cover it all, but there are certain segments we might be better off in than others.

我們無法涵蓋所有方面，但在某些領域我們可能比其他領域做得更好。

And that's -- we'll be back to you pretty soon talking to you about it.

那就是——我們很快就會回覆您並與您討論此事。

It's a great opportunity for us.

這對我們來說是一個很好的機會。

Thanks.

謝謝。

Okay, we're going to go over here.

好的，我們要去這裡。

We're going to go Brandon and then Mike Rollins.

我們要去布蘭登，然後是麥克羅林斯。

Thanks.

謝謝。

Brandon Nispel with KeyBanc.

布蘭登·尼斯佩爾 (Brandon Nispel) 與 KeyBanc。

I was hoping you could maybe unpack the fixed wireless targets in the homes passed from the perspective of maybe a proportion of MDUs versus single-family, Tier 1, Tier 2, Tier 3 markets, and percentage of millimeter wave versus C-Band?

我希望您能從 MDU 與單戶住宅、第 1 級、第 2 級、第 3 級市場的比例以及毫米波與 C 頻段的百分比的角度來分析所經過的家庭中的固定無線目標？

That's a lot of unpacking in that one.

裡面有很多拆包的內容。

I'm not sure, Joe, if you want to do it or something.

我不確定，喬，你是否願意這樣做或做什麼。

But of course, we -- as I said before, the C-Band deployment goes to suburban and rural because we started in the urban areas because that's where we got the spectrum first.

當然，正如我之前所說，C 頻段部署到了郊區和農村，因為我們從城市地區開始，因為那是我們首先獲得頻譜的地方。

That's another opportunity.

那是另一個機會。

It's a great opportunity, but less density.

這是一個很好的機會，但密度較低。

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

所以我認為這是正在發生的一件事。

The MDU is just adding to -- coming back some of the places with dense areas where we can do the MDU solution.

MDU 只是補充——回到一些人口稠密的地方，我們可以在那裡做 MDU 解決方案。

So I think it's a combination of them all.

所以我認為這是它們的結合。

I'm not sure it's a special distribution or something if somebody wants to -- we just deploy our technology from a mobility point of view, and then we get all the opportunities around it.

我不確定這是一個特殊的發行版還是有人願意的東西——我們只是從移動性的角度部署我們的技術，然後我們獲得圍繞它的所有機會。

Again, there's no success based CapEx here for fixed wireless access, which comes along with everything else we're doing.

同樣，對於固定無線接入，這裡沒有基於成功的資本支出，這與我們正在做的其他事情一起出現。

But again, it's a great investment.

但話又說回來，這是一項巨大的投資。

Mobility is performing better when we have C-Band, both from churn and from step-ups.

當我們擁有 C 頻段時，無論是從流失或從提升中，移動性都會表現得更好。

And then we will fixed wireless access.

然後我們將固定無線接入。

So it makes all the sense for us to deploy it in the right way where we find the revenue, and that's what Joe is doing.

因此，對我們來說，以正確的方式部署它並找到收入是很有意義的，而這就是喬正在做的事情。

Anything else you want to add?

您還有什麼要補充的嗎？

Okay.

好的。

I understand the question, but this is -- we have the framework and our plan of record, how we're deploying this; and it comes along with that.

我理解這個問題，但這是——我們有框架和記錄計劃，我們如何部署它；隨之而來的是。

And then both Kyle and Sampath are selling into those open for sale that is coming out from either MDUs or from the C-Band deployment.

然後，Kyle 和 Sampath 都向那些來自 MDU 或 C 頻段部署的開放銷售產品進行銷售。

Thanks.

謝謝。

Mike Rollins from Citi.

花旗銀行的麥克羅林斯。

I wanted to follow up on this question, but maybe in a different way.

我想跟進這個問題，但也許以不同的方式。

So the mobility first is going to take ultra-wideband to 80% to 90% of population and presumably households by end of next year and maybe 90%-plus over time, but the FWA target is roughly like 60% of homes.

因此，移動性首先將在明年年底前將超寬頻覆蓋到 80% 至 90% 的人口和家庭，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 holds that percentage back relative to the 90%-plus?

是什麼阻礙了這一比例相對於 90% 以上的人的發展？

And what would be the catalyst to try 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 a second question, if I could.

然後是第二個問題，如果可以的話。

When you look at building fiber -- and the team mentioned some of the progress in building and dynamics -- what's the base case for penetration and ARPUs from the fiber builds, let's say, over a five-year period?

當您研究光纖建設時——團隊提到了建設和動態方面的一些進展——光纖建設的滲透率和 ARPU 的基本情況是什麼，比如說，在五年內？

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

對於第一個目標，我認為我的團隊總是想超越目標。

We give you one target, team is working to really be and do it better and faster.

我們給你一個目標，團隊正在努力真正做到更好更快。

You saw what we did last time.

你看到我們上次做了什麼。

We said 4 million to 5 million.

我們說400萬到500萬。

We beat that target with 15 months.

我們用 15 個月的時間就達成了這個目標。

So I think the team and (inaudible) are building ahead.

所以我認為團隊和（聽不清楚）正在向前發展。

So -- but right now, that's a target.

所以——但現在，這是一個目標。

It's always a time lag from when you deploy the technology and when you get the revenue and the subscribers.

從部署技術到獲得收入和訂閱者始終存在時間延遲。

So I guess those are two questions.

所以我想這是兩個問題。

On the second question, Sampath, I think you can answer on that.

關於第二個問題，Sampath，我認為你可以回答。

You can answer on the first one, if you want to correct me.

如果你想糾正我，你可以回答第一個。

No, I will not do that today.

不，我今天不會那麼做。

Look, on the second, the way you think about -- first is penetration.

看，在第二個方面，你思考的方式──首先是滲透。

Just have been in this business for 20 years.

剛從事這個行業20年。

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

當我們在該領域開展工作時，我們將看到該領域的滲透率遠超過 40%。

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

我認為現在，我們變得更加舒適，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, we do that.

滲透率遠超 40%，我們就這麼做了。

But the second thing we are seeing is every new cohort that we bring into the market tends to have better one-year penetration than the previous cohort.

但我們看到的第二件事是，我們引入市場的每個新群體往往比以前的群體有更好的一年滲透率。

So it gives us more confidence that -- and you would think when we get to the end of our build, we're getting to the less attractive, but that's not the case.

因此，這讓我們更有信心——您可能會認為，當我們完成建造時，我們的吸引力會降低，但事實並非如此。

Our first year penetration is actually better this year than it was last year and other.

今年我們第一年的滲透率實際上比去年和其他年份都要好。

Some has to do with the way we market and the way Joe and my team work together to presell some of that capacity to do that.

有些與我們的行銷方式以及喬和我的團隊合作預售部分能力的方式有關。

In terms of ARPU, I know we don't report a specific broadband ARPU number.

就 ARPU 而言，我知道我們沒有報告具體的寬頻 ARPU 數字。

But look, we tend to do very well.

但看，我們往往做得很好。

We are industry-leading if you look at Frontier's ARPU numbers.

如果您查看 Frontier 的 ARPU 數字，我們就處於行業領先地位。

We'll have continuous growth on top of that because we will -- our customers on broadband sit in the MyHome framework where they come, they buy the connectivity piece.

除此之外，我們將持續成長，因為我們的寬頻客戶將坐在 MyHome 框架中，他們會購買連接部分。

And look, majority of our customers take the 1-plus gig plan coming in, so that gives us a boost in ARPU.

看，我們的大多數客戶都接受了 1+ 零工計劃，這讓我們的 ARPU 得到了提升。

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

然後我們開始銷售福利和其他相關服務。

So we'll see good, comfortable ARPU growth with 1-plus gig plan, ARPU growth on that, and the north of 40% penetration pretty much across our fiber footprint as well.

因此，我們將看到良好、舒適的 ARPU 成長以及 1+ 演出計劃，ARPU 成長，以及我們的光纖覆蓋範圍幾乎達到 40% 的滲透率。

Thank you.

謝謝。

Next.

下一個。

Okay, let's go.

好吧，我們走吧。

We're going to go Frank back here in the back row and then we'll come back up to Tim in the front row over here.

我們要讓法蘭克回到後排，然後再回到前排的提姆那裡。

All right, great.

好吧，太好了。

Frank Louthan with Raymond James.

弗蘭克·勞森和雷蒙德·詹姆斯。

So on the fixed wireless, what is the outlook for that on the business side?

那麼在固定無線方面，業務方面的前景如何？

Is -- are those 8,9 -- 8 million, 10 million subs include business, Type 2 replacement?

那些 8,9 - 800 萬、1000 萬訂閱者是否包括業務、2 類替代品？

Can you comment on that?

你能對此發表評論嗎？

And then getting to 35 million or so homes passed with wireless is a pretty high percentage.

大約 3500 萬個家庭使用無線網路的比例相當高。

Can you get there without additional M&A?

無需額外併購就能實現這一目標嗎？

Or does that include BEAD or other government subsidy?

或者這是否包括 BEAD 或其他政府補貼？

The second one, it doesn't include any M&A besides the one we have planned that we have announced.

第二個，除了我們已經宣布的計劃之外，它不包括任何併購。

And, as Joe said, there's no -- there's small pieces that we'll not talk about.

而且，正如喬所說，沒有——有一些我們不會談論的小事。

We will make our numbers regardless of BEAD or not.

無論是否有 BEAD，我們都會做出我們的數字。

We will, of course, participate in BEAD if we can do.

如果可以的話，我們當然會參加 BEAD。

On the business side, those are -- in the number 8 million to 9 million, yes, businesses side is included.

在商業方面，這些數字是 800 萬到 900 萬，是的，包括商業方面。

And I have to say one of the things that Kyle and I are more surprised than others is, of course, the success we have had on the business side.

我必須說，讓凱爾和我比其他人更驚訝的一件事當然是我們在商業方面的成功。

Maybe you should talk about it on fixed wireless access on the business side, Kyle.

也許你應該談談業務方面的固定無線接入，凱爾。

Listen, Frank, thanks for the question.

聽著，弗蘭克，謝謝你的提問。

We continue to see this as a great opportunity, like I said before.

正如我之前所說，我們仍然認為這是一個絕佳的機會。

We actually did a little bit better with this product than we thought we might.

事實上，我們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.

有趣的是，企業、小型企業正在尋找不同的方式來使用這種連結。

It's just not for broadband like you would see in a consumer world.

它只是不像您在消費世界中看到的那樣適用於寬頻。

So we think people are going to continue to innovate with it.

所以我們認為人們將繼續利用它進行創新。

And so this new -- these new open for sales that Joe and his team are putting together for us, we feel we can accelerate and really sell into this thing.

因此，喬和他的團隊為我們準備的這些新產品開放銷售，我們覺得我們可以加速並真正銷售這件事。

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

我也對您所聽到的關於在 MDU 中使用毫米波的消息感到興奮。

A lot of these MDUs also have stores or businesses in them.

許多 MDU 內也設有商店或企業。

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

因此，我們也將能夠利用這項投資來增加我們在該領域的市場份額。

So a lot of work to do, but we're really happy with the plans that Joe has put out for us to sell into.

有很多工作要做，但我們對喬為我們制定的出售計劃感到非常滿意。

And a good thing from a utility point of view, many of the customers that Kyle have, they are using the fixed wireless access on certain hours.

從公用事業的角度來看，這是一件好事，凱爾擁有的許多客戶在特定時間使用固定無線存取。

The consumers are another hour.

消費者又是一個小時。

So this is just using the utility even better that we can sell it in and we can monetize all hours of the day with our network.

因此，這只是更好地利用該實用程序，我們可以將其出售，並且我們可以透過我們的網路全天貨幣化。

Next.

下一個。

From up here to Tim in the front row.

從這裡到前排的蒂姆。

Thank you.

謝謝。

Tim Horan, Oppenheimer.

提姆霍蘭，奧本海默。

We're seeing pretty unprecedented improvements in technology across the board, satellite, AI -- what you're talking about, you would stand alone.

我們看到了全面技術、衛星、人工智慧方面前所未有的進步——你所談論的，你是獨立的。

Can these be material drivers to the business model?

這些可以成為商業模式的物質驅動力嗎？

Both maybe just talk a little bit about incremental revenue from all of these and maybe the ability to use AI to automate and digitize a lot more.

兩者可能只是談論了所有這些帶來的增量收入，以及使用人工智慧實現更多自動化和數位化的能力。

And I guess -- and specifically, you satellite direct to phone, direct to mobile, can that be a real needle mover in terms of overall growth rates for the company?

我想——具體來說，你的衛星直接連接到電話，直接連接到行動設備，這對公司的整體成長率來說能起到真正的推動作用嗎？

I think AI is definitely over a time frame.

我認為人工智慧肯定已經過了一個時間框架。

So how Kyle and I think about AI, generative AI especially -- in the beginning, right now, we see large language modules going to the big data centers out to the market all the time.

那麼凱爾和我如何看待人工智慧，尤其是生成式人工智慧——一開始，現在，我們一直看到大型語言模組進入大數據中心並進入市場。

As soon as they're going to be an application that you're going to use as an enterprise, you're going to put it much closer for the main reason of the transport cost for privacy, for security, and in some cases, also latency, maybe not equally much.

一旦它們成為您要作為企業使用的應用程序，您就會將其更加接近，因為隱私、安全以及在某些情況下的傳輸成本，還有延遲，也許不是同樣多。

But then you're going to see a big opportunity for us, given what Kyle talked about.

但考慮到凱爾所說的，你會看到我們有一個巨大的機會。

And we will come back a little bit more specific on it, but definitely.

我們會回來更具體地討論它，但肯定是這樣。

But it's going to take some time from all these large language models to be real products and sitting in the edge of the network.

但所有這些大型語言模型需要一段時間才能成為真正的產品並位於網路邊緣。

So that's clear.

所以這很清楚。

Slicing is another area we talked about.

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 come to the consumer side.

我們相信我們可能會更多地從業務方面開始，然後我們會來到消費者方面。

And that, we see as an opportunity as well.

我們也認為這是一個機會。

On the satellite, a little bit too early to see how large opportunity can be, I have to say.

我必須說，在衛星上，現在判斷機會有多大還為時過早。

Because, of course, we want to offer satellite to our customers in the white spaces where we are not allowed to build, for example, and see a direct device.

因為，當然，我們希望在不允許我們建造的白色空間中為客戶提供衛星，並看到直接設備。

A little bit too early on the consumer side to see if that's a business case.

從消費者角度來看，現在判斷這是否是商業案例還為時過早。

On the business side, yes, we can see that already for remote enterprise or things like that.

在業務方面，是的，我們已經可以看到遠端企業或類似的事情已經如此。

So those three are new revenue opportunities on top of everything we've talked about in.

因此，這三個是我們討論過的所有內容之外的新收入機會。

Okay.

好的。

We're doing fine on time, so we're going to get to everybody.

我們很準時，所以我們會聯絡到每個人。

So just be patient.

所以請耐心等待。

So we're going to go front row with Walt right here.

所以我們要跟沃特一起坐在前排。

Walt Piecyk from LightShed.

LightShed 的 Walt Piecyk。

So the 2% to 3.5% growth you had historically, there was a lot of doubts whether Sampath is going to deliver on the units.

因此，歷史上 2% 到 3.5% 的成長，人們對 Sampath 是否會兌現這些單位有許多疑問。

Obviously, it's going to come down in the fourth quarter, but it looks like the Q of the P&Q is happening.

顯然，它會在第四季度下降，但看起來 P&Q 的 Q 正在發生。

Just had a price increase, which should accelerate the postpaid growth in the fourth quarter at a time when people are concerned about the economy, right?

剛剛價格上漲，在人們擔心經濟的時候，這應該會加速第四季後付費的成長，對嗎？

So you've got, it seems like, some decent strength there.

所以你似乎擁有一些不錯的實力。

Now you're investing in fiber.

現在您正在投資光纖。

You're investing in fixed wireless.

您正在投資固定無線網路。

Who knows where inflation is?

誰知道通貨膨脹在哪裡？

But is the Board now expecting you to deliver higher than this 3% growth?

但董事會現在是否期望您實現高於 3% 的成長？

Again, you've got postpaid working.

再說一次，你有後付費工作。

Now you're talking about prepaid growing.

現在你談論的是預付費成長。

You're making new investments.

您正在進行新的投資。

Shouldn't the expectation be that total wireless number -- not 2025 guide, Tony.

東尼，我們的期望不應該是無線網路總數嗎？

But like at some point, getting to a what is considered -- I mean, T-Mobile is considered a growth company, what are they doing?

但就像在某個時候，達到一個被考慮的目標——我的意思是，T-Mobile 被認為是一家成長型公司，他們在做什麼？

4%, 5% growth.

4%、5%的成長。

So delivering that type of growth, that's my first question.

因此，實現這種類型的成長是我的第一個問題。

It was a good question, Walter.

這是一個很好的問題，沃爾特。

There was a lot of things to unpack there.

那裡有很多東西需要打開。

But ultimately, you're right on many things we're doing.

但最終，您對我們正在做的許多事情的看法是正確的。

You're right.

你說得對。

We're trying to turn everything right, but we also had some headwinds, you know.

我們正在努力扭轉一切，但你知道，我們也遇到了一些阻力。

With program amortization, for example, that is a headwind for us.

例如，對於計劃攤銷，這對我們來說是一個阻力。

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

因此，總而言之，我們的重點是真正做正確的事，為客戶創造更多價值。

And I think we are -- have proven now the last six, seven quarters that we talked about that we can do it.

我認為我們在過去的六、七個季度中已經證明我們可以做到這一點。

Not going to go into confirming any of your growth numbers or percentages, but we are incentivized to grow our wireless service revenue.

不會確認您的任何成長數字或百分比，但我們有動力增加無線服務收入。

That's part of all the teams sitting there and all the V teamers.

這是坐在那裡的所有團隊和所有 V 團隊成員的一部分。

That's -- they are incentivized to do that.

那就是——他們有動力這樣做。

So of course, our focus is going to be that because we have a leverage model.

當然，我們的重點是這一點，因為我們有一個槓桿模型。

If we grow, it basically falls down even more to the bottom line, and then we can both improve our cash flow and adjusted EBITDA.

如果我們成長，它基本上會進一步下降到底線，然後我們就可以改善我們的現金流量和調整後的 EBITDA。

So all the things you are saying is what we are doing on.

因此，您所說的所有事情都是我們正在做的事情。

I'm not going to commit to any numbers.

我不會承諾任何數字。

But clearly, that is to grow faster over time or be sustainable.

但顯然，這是隨著時間的推移更快地增長或可持續的。

That's very important for us because that is how we return both cash flow to our shareholders and continue to be an attractive stock to invest in.

這對我們來說非常重要，因為這就是我們向股東返還現金流並繼續成為有吸引力的投資股票的方式。

Okay.

好的。

And then just one quick one because you know I care about the Apple stuff.

然後就簡單介紹一下，因為你知道我關心蘋果的東西。

I think Tony was very clear on where the current upgrade rates are.

我認為托尼非常清楚目前的升級率。

But the new narrative is, oh, even though AI sucks now, it's going to be better over the next couple of years.

但新的說法是，哦，儘管人工智慧現在很糟糕，但在接下來的幾年裡它會變得更好。

Just kind of your viewpoint on -- because you have to manage cash, right, based on upgrades over the next two years.

只是您的觀點 - 因為您必須根據未來兩年的升級來管理現金，對吧。

Do you think AI is something that is going to stimulate the upgrade rates within the wireless but for Verizon or just broadly in the industry?

您是否認為人工智慧會刺激無線產業的升級率，但對於 Verizon 或整個產業來說？

Thanks.

謝謝。

So a little bit too early to say.

所以現在說還太早。

I mean, many of the AI application, of course, are very helpful.

我的意思是，許多人工智慧應用當然非常有幫助。

When it comes to consumer devices, we also need to think about the processing power for this application if you want to do something really innovative.

當涉及消費設備時，如果您想做一些真正創新的事情，我們還需要考慮該應用程式的處理能力。

So I think it's a bit too early to call that.

所以我認為現在這麼說還太早。

I usually say, historically, when we've seen of cycles in our industry that's been 4G to 5G, all hardware redesigned.

我通常會說，從歷史上看，當我們看到行業從 4G 到 5G 的周期時，所有硬體都會重新設計。

Those are the things that have triggered it.

這些都是觸發它的事情。

Now we're talking about -- is a software cycle going to do it?

現在我們討論的是──軟體週期可以做到這一點嗎？

It's too early for us to say at least.

至少我們現在說還太早。

We're -- so far, and I'm looking at my colleagues, we haven't seen that.

到目前為止，我正在觀察我的同事，我們還沒有看到這一點。

We haven't seen that is creating the cycle.

我們還沒有看到這正在創造循環。

But it's too early to say.

但現在說還太早。

We're going to be -- if it's going to happen, we're going to be continued very disciplined in how we do promotions.

如果真的發生的話，我們將繼續在促銷方面非常嚴格。

We're going to have the right promotions for the right customers at the right moment in the right segment with the right type of value.

我們將在正確的時間、正確的細分市場為正確的客戶提供正確的促銷活動，並提供正確的價值類型。

So we will continue the work.

所以我們將繼續這項工作。

We started somewhere in '23 with segmenting approach on everything we're doing.

我們從 23 年開始對我們正在做的每件事都採用細分方法。

Remember, I look at this as a customer investment that we have, all the way from promotions, retention, and media.

請記住，我將其視為我們的客戶投資，包括促銷、保留和媒體。

For me, that's one bucket, how I drive the market.

對我來說，這就是我推動市場的方式。

And that's a tight budget for us, but it's very flexible.

這對我們來說是一個緊張的預算，但非常靈活。

I see Leslie is here in marketing, Sampath is here, Kyle is here.

我看到萊斯利在這裡從事行銷工作，薩姆帕斯在這裡，凱爾在這裡。

We sit down all the time and see, should we put more retention?

我們一直坐下來看看，我們是否應該投入更多的保留？

Should we do more on promotions?

我們應該在促銷方面做更多的事情嗎？

Should we do more on media.

我們應該在媒體上做更多的事情嗎？

That is an ongoing work for us that is dynamic nowadays.

這是我們正在進行的一項工作，如今充滿活力。

Historically, it has been a little bit more static.

從歷史上看，它有點靜態。

But where the market is right now, this is super important to be good at this.

但就目前的市場而言，擅長這一點非常重要。

And then AI comes in, so you can be even better to see that -- our customer segment here needs more offerings here.

然後人工智慧進來了，所以你可以更好地看到——我們這裡的客戶群需要更多的產品。

We need to come from here, need more media.

我們需要從這裡出發，需要更多的媒體。

We need more retention.

我們需要更多的保留。

All that is a new world where we are in a world where wireless and broadband is such a necessity.

所有這一切都是一個新世界，我們所處的世界無線和寬頻是非常必要的。

Everybody needs to have it if you're a business or if you're an individual consumer, and we have the best products in both of them.

無論您是企業還是個人消費者，每個人都需要擁有它，而我們在這兩種產品中都擁有最好的產品。

We just need to see that we are creating the value for our customers, and we can go with them upwards.

我們只需要看到我們正在為客戶創造價值，並且我們可以與他們一起向上。

This is something we spent enormous lot of time on because we are getting into a new phase of our industry where I think that -- I don't think we have ever been as good position as well right now.

這是我們花了大量時間的事情，因為我們正在進入行業的一個新階段，我認為——我認為我們現在的處境還沒有那麼好。

All right, we're going to go -- there's still hands up, okay.

好吧，我們要走了——還有人舉手，好。

We're going to go over here, and then Kutgun.

我們要去這裡，然後去庫特貢。

Then we're going to come back to Laurent.

然後我們再回到洛朗。

And we'll finish with Jonathan and John.

我們將以喬納森和約翰結束。

So maybe, I guess, to start with on fixed wireless.

所以我想，也許可以從固定無線開始。

I mean, I don't know if this understanding is correct.

我的意思是，我不知道這個理解是否正確。

But it feels like the approach or the go-to-market strategy is mutually exclusive between fiber and fixed wireless in the sense that I don't think that's the approach some of your peers are taking where fixed wireless is top of the funnel, you upgrade people to fiber, and it becomes a different path.

但感覺光纖和固定無線之間的方法或進入市場策略是相互排斥的，因為我不認為這是您的一些同行在固定無線處於渠道頂部時所採取的方法，您將人們升級為光纖，這將成為一條不同的道路。

For you it seems like a TAM opportunity where you expand the market.

對您來說，這似乎是一個拓展市場的 TAM 機會。

So first, I want to get an understanding of whether that's the go-to-market approach?

首先，我想了解這是否是進入市場的方法？

We can confirm that one.

我們可以確認這一點。

Yeah, that is it.

是的，就是這樣。

I mean, we want to create optionality and that's how we build the networks.

我的意思是，我們希望創造選擇性，這就是我們建立網路的方式。

Different customers want fiber or Fios, and others want fixed wireless access.

不同的客戶需要光纖或 Fios，而其他客戶則需要固定無線存取。

We want to create that opportunity.

我們想創造這個機會。

And then if they don't want to miss out on any of the segments because they like one product and the other, we are trying to address both of them.

然後，如果他們不想因為喜歡其中一種產品而錯過任何細分市場，我們就會嘗試同時解決這兩個問題。

That's what the plan you see here.

這就是您在這裡看到的計劃。

And then from a capital allocation perspective, I mean, when you think about your peers, they're obviously using a slightly different approach when it comes to investing in fiber, with JVs and maybe more localized approach in different parts of the country using these JVs.

然後從資本配置的角度來看，我的意思是，當你想到你的同行時，他們在光纖投資方面顯然使用了略有不同的方法，透過合資企業，也許在全國不同地區使用這些方法更加本地化。

And you followed a more of an on-balance sheet approach.

您更採用了資產負債表內的方法。

Is that an option you have in the future to look at some of these structures?

您將來是否可以選擇查看其中一些結構？

Or is this something that you've made a deliberate choice on?

還是這是你經過深思熟慮的選擇？

That this is

這就是

--

--

No, it's not a deliberate choice.

不，這不是一個刻意的選擇。

It is -- we look into everything, and it's an option.

我們會調查一切，這是一個選擇。

But again, it has to be a good return on investment.

但同樣，它必須有良好的投資回報。

So far, we haven't found any third-party models where we don't on the capital and somebody else own the capital.

到目前為止，我們還沒有發現任何我們沒有資本而別人擁有資本的第三方模式。

That is really attractive with our return on capital because we have one of the best return on capital in the industry.

這對我們的資本回報率來說確實很有吸引力，因為我們擁有業內最好的資本回報率之一。

And we want to see that that continues.

我們希望看到這種情況繼續下去。

So far, it has been organic.

到目前為止，它是有機的。

We're doing it.

我們正在做。

But nothing is excluded here.

但這裡不排除任何情況。

I mean, I usually say that the CEO, you can never say that I'm never going to do it and then suddenly you do it.

我的意思是，我通常會說，首席執行官，你永遠不能說我永遠不會這樣做，然後你突然就這樣做了。

Then everybody say you told us not.

然後大家都說你沒有告訴我們。

But -- so I couldn't exclude it, but so far, we haven't found any of those models that we think is attractive in our capital allocation and our return to our shareholders.

但是——所以我不能排除它，但到目前為止，我們還沒有找到任何我們認為對我們的資本配置和股東回報有吸引力的模型。

Next, we'll go to Kutgun next.

接下來，我們將前往庫特貢。

Thanks, Kutgun Maral with Evercore ISI.

謝謝 Evercore ISI 的 Kutgun Maral。

Maybe for Sampath, I had a question about your perks portfolio.

也許對於 Sampath，我有一個關於你的福利組合的問題。

And the 7 million subscriptions you mentioned is pretty impressive, fairly ambitious targets to double that going forward.

您提到的 700 萬訂閱量是相當令人印象深刻的，也是相當雄心勃勃的目標，未來將這一數字翻倍。

Are you happy with the portfolio now?

您現在對這個投資組合滿意嗎？

Do you see that changing?

你看到這種情況改變了嗎？

And as you expand that, does your relationship, wholesale partnerships, does that dynamic change and your economics evolve, especially with entertainment partners that you have?

當你擴大這個範圍時，你的關係、批發合作夥伴關係、這種動態變化和你的經濟是否會發展，特別是與你擁有的娛樂合作夥伴？

I think when we started launching myPlan, our sales teams were getting used to this.

我認為當我們開始推出 myPlan 時，我們的銷售團隊已經習慣了這一點。

It was selling more, so our customers are also getting used to it.

它的銷售量越來越多，所以我們的客戶也習慣了它。

So if you look at our attach rate, it has grown significantly from when we launched at the beginning of the year.

因此，如果你看一下我們的附加率，你會發現它比我們年初推出時有了顯著成長。

Again, beginning of the year to where we are now, teams are getting more comfortable than that.

再說一遍，從今年年初到我們現在的情況，團隊變得比這更舒服。

So that's why we get to 7 million.

這就是我們達到 700 萬的原因。

We'll double that at $10 a pop, you can do the math on where it goes.

我們會加倍，每次 10 美元，你可以計算一下它的去向。

What we tend to find is the perks that do well for us are ones that are exclusive to us, ones that have maximum savings, and then one just have a very strong value prop for the customer.

我們往往會發現，對我們有利的福利是我們獨特的、可以最大程度節省的福利，而且對客戶來說具有非常強大的價值支撐。

So you'll not see us have a very long tail on that.

所以你不會看到我們在這方面有很長的尾巴。

Because what it does is it doesn't focus the attention of the sales teams and our digital efforts to do that.

因為它的作用是它沒有集中銷售團隊和我們的數位化工作的注意力。

So we'll continue with our approach of having fewer, deeper relationships.

因此，我們將繼續採用更少、更深入的關係的方法。

Like right now, we have deep relations with Apple, with Disney, with Netflix, with MAX, some of our own perks as well.

就像現在一樣，我們與蘋果、迪士尼、Netflix、MAX 都有深厚的關係，還有我們自己的一些好處。

And also, it has to be margin accretive to us as well.

而且，它也必須為我們帶來利潤成長。

We've been quite open about this.

我們對此一直持開放態度。

This is a margin play as much as it's a revenue play for us.

對我們來說，這既是一種利潤遊戲，也是一種收入遊戲。

So fewer, more concentrated perks makes a lot more sense.

因此，更少、更集中的福利更有意義。

And that, if it kind of answers your second part of the question, we tend to have more leverage over our partners and that drives better economics for us in the process.

如果這能回答你問題的第二部分，我們往往會對我們的合作夥伴擁有更多的影響力，並在過程中為我們帶來更好的經濟效益。

But we're really excited about getting to double this perk portfolio with a pretty margin-rich pool that we have right now.

但我們真的很高興能夠透過我們目前擁有的利潤豐厚的資金池將這項福利投資組合翻倍。

And then adding also, Sampath, some of the combinations, we are unique.

然後還要加入 Sampath，一些組合，我們是獨一無二的。

We're the only one who can do those combinations that we have had.

我們是唯一能夠做到我們所擁有的這些組合的人。

For example, MAX and Netflix in the market; nobody can combine that.

例如市場上的MAX、Netflix；沒有人能把它結合起來。

That's how we have negotiated.

我們就是這樣談判的。

So we have this flexibility and exclusivity to do it, and that is what is driving quite a lot of things.

因此，我們擁有這種靈活性和排他性來做到這一點，這就是推動很多事情的原因。

And all in all, every perk we have is a saving for you, for our customer.

總而言之，我們提供的每項福利都可以為您、為我們的客戶節省開支。

And of course, it's also a saving for our partners.

當然，這也為我們的合作夥伴節省了開支。

Because ultimately, they're wholesaling to us.

因為最終，他們是批發給我們的。

They don't have the cost of acquisition.

他們沒有收購成本。

But again, we only do it when we -- it's accretive for us as well.

但同樣，我們只有在它對我們也有增值作用時才會這樣做。

Has to be accretive for the customer, has to be accretive to us, and then we go forward and create a very unique model.

必須為客戶增值，也必須為我們增值，然後我們繼續前進並創建一個非常獨特的模式。

And sometimes, you might think this is pretty simple.

有時，您可能認為這非常簡單。

But I'm looking at Shankar, our head of IT.

但我關注的是我們的 IT 主管 Shankar。

Just imagine you can come into the store and actually be a Netflix customer and move over to be a Netflix customer to Verizon.

試想一下，您可以走進商店，實際上是 Netflix 客戶，然後轉為 Verizon 的 Netflix 客戶。

We take care of all of that back end.

我們負責所有後端工作。

The only thing you need to remember is your password.

您唯一需要記住的是您的密碼。

And sometimes, that might be a problem, I know.

我知道，有時這可能是個問題。

But -- so just imagine how much work we have done to make this a unique offering that is hard to replicate.

但是，想像一下我們做了多少工作才能使其成為難以複製的獨特產品。

First of all, some of them are exclusive.

首先，其中一些是專有的。

And number two, you need to replicate a lot of things behind.

第二，你需要在後面複製很多東西。

Because if you're going to go home and then you log off and then you log on and cancel everything, I can tell you, the heat rate is low, extremely low.

因為如果你要回家，然後註銷，然後登入並取消一切，我可以告訴你，熱率很低，非常低。

And that's why we have worked so much with the customer experience here to do this in the right way.

這就是為什麼我們在客戶體驗方面做瞭如此多的努力，以正確的方式做到這一點。

And I think that Sampath and Leslie and Shankar and the whole team have thought about how we make it simple for our customers.

我認為 Sampath、Leslie、Shankar 以及整個團隊都考慮過如何讓客戶變得簡單。

So I think this is just the beginning of us using the distribution as a strategy.

所以我認為這只是我們使用分佈作為策略的開始。

We have the network.

我們有網路。

We have the distribution.

我們有分佈。

We're just going to continue to do the right thing for our customers here, and that's going to pay off long term for us.

我們將繼續為我們的客戶做正確的事情，這將為我們帶來長期回報。

All right, so the clock is ticking down.

好吧，時間已經過去了。

We have time for one more.

我們還有時間再來一場。

We're going to go Laurent here in the back.

我們要讓勞倫特坐在後面。

Sorry, Sampath.

對不起，薩姆帕斯。

One more question for you.

還有一個問題想問你。

Laurent Yoon from Bernstein.

來自伯恩斯坦的勞倫特·尹（Laurent Yoon）。

You mentioned the 500-basis-point incremental penetration of wireless and where you have fiber.

您提到無線網路和光纖網路的滲透率將增加 500 個基點。

Can you give us some color on correlation versus causation for that number?

您能給我們一些關於該數字的相關性與因果關係的說明嗎？

And secondly, how important is that observation?

其次，這項觀察有多重要？

Or more explicitly is any of that, the expectation of incremental wireless, built into your fiber business case, going to 35 million to 40 million houses?

或者更明確地說，增量無線的期望，內建到您的光纖業務案例中，覆蓋 3500 萬到 4000 萬戶家庭？

Yeah.

是的。

Let me answer the second part first.

我先回答第二部分。

Look, we feel comfortable, between Joe, Tony, and I, on this 35 million to 40 million.

聽著，喬、東尼和我在這 3500 萬到 4000 萬之間感到很舒服。

Fiber economics is getting better over time, two reasons.

隨著時間的推移，纖維經濟性越來越好，原因有二。

The first one is cost.

第一個是成本。

As Joe said, we're getting better on technology, better systems, able to take cost out of the process.

正如喬所說，我們的技術、系統越來越好，能夠降低流程成本。

Second is penetration, north of 40% penetration, but also how quickly we get to that north of 40%.

其次是滲透率，滲透率超過 40%，但也包括我們達到 40% 以上的速度。

That's another important factor.

這是另一個重要因素。

Another important factor, Laurent, is the first year of penetration, how quickly we get to first year penetration.

洛朗，另一個重要因素是第一年的滲透率，也就是我們達到第一年滲透率的速度。

And as I said, we keep getting better every year on how quickly we get to year one penetration in that.

正如我所說，我們在第一年的滲透速度方面每年都在進步。

So those are some of the factors that make fiber really attractive.

這些是使纖維真正具有吸引力的一些因素。

On top of that, now you have the mobile plus home benefits that, historically, we've not had or not spent enough time on.

最重要的是，現在您還擁有行動加家庭的福利，而從歷史上看，我們還沒有或沒有花足夠的時間在這方面。

So that's cherry on top of the whole Sunday in terms of why fiber economics looks really strong going forward to do that.

因此，就為什麼纖維經濟在未來看起來非常強勁而言，這對整個週日來說是最重要的。

To answer your first part of the question, if we see 500 basis points or 5% better wireless market share in Tier 1, large Tier 1, markets where we have fiber, I think there is -- a lot of it is driven by causation.

為了回答你的問題的第一部分，如果我們在擁有光纖的一級、大型一級市場中看到 500 個基點或 5% 的無線市場份額提高，我認為其中很大一部分是由因果關係驅動的。

Because you have better brand, we're able to spend more money on marketing in those local markets.

因為您擁有更好的品牌，所以我們能夠在這些當地市場的行銷上花費更多的錢。

Two is also distribution.

二是分配。

Historically, we've not had our stores get involved in Fios sale.

從歷史上看，我們的商店從未參與過 Fios 銷售。

Now we have a sales motion where all our stores, especially in the Northeast, get more involved in the Fios sale.

現在我們有一項銷售動議，要求我們所有的商店，特別是東北地區的商店，更多地參與 Fios 的銷售。

You saw that this quarter.

你在本季看到了這一點。

We actually launched it.

我們實際上啟動了它。

This quarter, we will do that.

本季度，我們將這樣做。

So better marketing, we're able to double down efforts.

因此，更好的營銷，我們能夠加倍努力。

But also, you tend to get the cross-sell opportunity in that.

而且，您往往會從中獲得交叉銷售機會。

So I think a lot of it is causation going forward.

所以我認為很多都是未來的因果關係。

So there will be upside in our mobility case as we continue to get to 35 million to 40 million homes of fiber, definitely.

因此，隨著我們繼續為 3500 萬至 4000 萬個家庭提供光纖，我們的行動案例肯定會有好處。

Thank you.

謝謝。

I guess we are wrapping up.

我想我們已經結束了。

First of all, thank you, everyone on the webcast, everyone coming here face-to-face in New York.

首先，謝謝網路直播中的大家，謝謝來到紐約面對面的大家。

Hopefully, you've got more insights, both to our third quarter, but also to our expanded broadband strategy.

希望您對我們的第三季以及我們擴展的寬頻策略有更多的見解。

And for sure, we will back with more information as we have more quarters to come and other activities.

當然，我們將提供更多信息，因為我們還有更多的季度和其他活動。

So once again, thank you so much, guys, for coming.

再次非常感謝你們的到來。

Thank you.

謝謝。