威訊通訊 (VZ) 2024 Q4 法說會逐字稿

Good morning. and welcome to the Verizon fourth quarter 2024 earnings conference call.

早安.歡迎參加 Verizon 2024 年第四季財報電話會議。

(Operator Instructions) Today's conference is being recorded.

（操作員指示）今天的會議正在錄音。

(Operator Instructions)

（操作員說明）

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

現在我很高興將電話轉給東道主投資者關係高級副總裁布雷迪·康納先生。

Thanks, Brad.

謝謝，布拉德。

Good morning, and welcome to our fourth quarter 2024 earnings call and AI update.

早安，歡迎參加我們的 2024 年第四季財報電話會議和人工智慧更新。

I'm Brady Connor.

我是布雷迪·康納。

And on the call with me this morning are Hans Vestberg, our Chairman and Chief Executive Officer; and Tony Skiadas, our Chief Financial Officer.

今天早上與我通話的是我們的董事長兼執行長 Hans Vestberg；以及我們的財務長 Tony Skiadas。

In addition, we have our Business Group CEO, Kyle Malady, who will be giving an update on our AI strategy; as well as our Consumer Group CEO, Sampath, who will also be joining us for Q&A.

此外，我們的業務集團執行長 Kyle Malady 將介紹我們的人工智慧策略的最新情況；以及我們的消費者集團執行長 Sampath，他也將加入我們進行問答。

Before we begin, I'd like to draw your attention to our safe harbor statement, which can be found at the start of the investor presentation posted on our Investor Relations website.

在我們開始之前，我想提請您注意我們的安全港聲明，該聲明可以在我們的投資者關係網站上發布的投資者簡報的開頭找到。

Information in this presentation contains statements about expected future events and financial results that are forward-looking and subject to risks and uncertainties.

本簡報中的資訊包含有關預期未來事件和財務績效的陳述，這些陳述具有前瞻性，並受風險和不確定性的影響。

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

對可能影響未來業績的因素的討論包含在 Verizon 向 SEC 提交的文件中，這些文件可以在我們的投資者關係網站上找到。

This presentation contains certain non-GAAP financial measures.

本簡報包含某些非公認會計準則財務指標。

Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are included in the financial materials posted on our website.

這些非公認會計準則衡量指標與最直接可比較的公認會計準則衡量指標的對帳包含在我們網站上發布的財務資料中。

Earlier this morning, a detailed overview of our fourth quarter and full year results was posted to our Investor Relations website.

今天早些時候，我們的投資者關係網站上發布了第四季度和全年業績的詳細概述。

We will also be posting supplemental materials relating to today's call on our website shortly.

我們也將很快在我們的網站上發布與今天電話會議相關的補充資料。

With that, I'll turn it over to Hans.

有了這個，我會把它交給漢斯。

Thank you, Brady.

謝謝你，布雷迪。

Good morning, everyone.

大家早安。

I will begin by addressing the wildfires and the devastation that the Los Angeles area has experienced in recent weeks.

我將首先談談洛杉磯地區最近幾週經歷的野火和破壞。

Our hearts go out to everyone who has been impacted.

我們的心與所有受到影響的人同在。

At Verizon, we're always run to a crisis, and this time is no different.

在 Verizon，我們總是會陷入危機，這次也不例外。

Our teams are working hard to protect and restore service to affected areas, support first responders and help neighbors safeguard themselves.

我們的團隊正在努力保護和恢復受影響地區的服務，支持急救人員並幫助鄰居保護自己。

The Verizon frontline crisis response team is closely coordinating with federal, state and local public safety agencies as they continue wildfire response and mitigation efforts.

Verizon 前線危機應變團隊正在與聯邦、州和地方公共安全機構密切協調，繼續進行野火應對和緩解工作。

Verizon's network is holding up strong, maintaining critical connectivity for the community, businesses and first responders.

Verizon 的網路保持強勁，為社區、企業和急救人員維持關鍵的連接。

Our engineers have been working around the clock restoring near all of the macro cell sites that were impacted.

我們的工程師一直在全天候工作，以恢復所有受影響的宏蜂窩站點附近的工作。

And we will continue to be here for our employees, customers and communities in L.A.

我們將繼續為洛杉磯的員工、客戶和社區提供支援。

Now let me turn to earnings.

現在讓我談談收益。

We had a successful year with great financial and operational results.

我們度過了成功的一年，並取得了良好的財務和營運表現。

We delivered on our financial guidance with 3.1% wireless service revenue growth and 2.1% adjusted EBITDA growth, both exceeding the midpoint of our guided ranges.

我們實現了無線服務收入成長 3.1% 和調整後 EBITDA 成長 2.1% 的財務指引，都超過了我們指引範圍的中位數。

We generated strong free cash flow while absorbing higher taxes.

我們產生了強勁的自由現金流，同時吸收了更高的稅收。

We added nearly 2.5 million postpaid mobility and broadband subscribers in the year while expanding our margins.

今年我們增加了近 250 萬後付費行動和寬頻用戶，同時擴大了利潤。

We ended the year with an industry-leading total wireless service revenue of $20 billion.

截至年底，我們的無線服務總收入達到 200 億美元，並處於業界領先地位。

In mobility, postpaid phone net adds were nearly 900,000 for the year.

在行動領域，全年後付費電話淨增加近 90 萬部。

Consumer postpaid phone net adds were positive with and without the impact of our second number offering, and business postpaid phone net adds exceeded 0.5 million.

無論是否受到我們第二個號碼提供的影響，消費者後付費電話淨增加量都是正面的，而企業後付費電話淨增加量超過了 50 萬。

Prepaid net adds, excluding SafeLink, were positive for the year, and for the first time since the TracFone acquisition.

預付費淨增加（不包括 SafeLink）今年呈正成長，這也是自 TracFone 收購以來的首次。

This has been a great turnaround by the consumer team.

這是消費者團隊的巨大轉變。

On broadband, we added nearly 1.6 million subscribers and grew market share in 2024, led by continued success of fixed wireless access.

在寬頻方面，由於固定無線存取的持續成功，我們在 2024 年增加了近 160 萬用戶，市場份額也有所成長。

We ended the year with over 12.3 million broadband subscribers, including nearly 4.6 million fixed wireless access subscribers and over $2.1 billion on fixed wireless access revenue.

截至年底，我們擁有超過 1,230 萬寬頻用戶，其中包括近 460 萬固定無線接取用戶，固定無線接取收入超過 21 億美元。

We're off to a great start to hit our next milestone of 8 million to 9 million fixed wireless access subscribers by 2028.

我們已經有了一個良好的開端，到 2028 年我們將實現下一個里程碑，即固定無線存取用戶數量達到 800 萬至 900 萬。

We continue to scale private networks, winning work with Xerox, Cummins, Inc, FIFA and, more recently, the US Air Force.

我們繼續擴展專用網絡，贏得了與施樂、康明斯公司、國際足總以及最近的美國空軍的合作。

We were the only US carrier to be named a leader in the first-ever Gartner Magic Quadrant for private wireless services.

我們是唯一一家在首個 Gartner 專用無線服務魔力像限中被評為領導者的美國營運商。

Gartner recognized us for our vision, the work we have done to build the market and our industry-leading execution.

Gartner 認可我們的願景、我們為開拓市場所做的工作以及業界領先的執行力。

We drove efficiencies and continued the business transformation.

我們提高效率並持續業務轉型。

We ended the year with less than 100,000 employees, down close to 20,000 over the last three years.

截至年底，我們的員工人數不足 10 萬人，比過去三年減少了近 2 萬人。

Continued business transformation gave us more flexibility to execute on our strategy and capital allocation priorities.

持續的業務轉型使我們能夠更靈活地執行我們的策略和資本配置優先事項。

We continue to invest in the business and made strategic moves for long-term growth.

我們繼續投資業務並採取策略性舉措以實現長期成長。

We launched customer-first offerings such as myHome and Verizon Access, refreshed our brand and signed strategic transactions, including Frontier, the Tower deal, UScellular spectrum and satellite partnerships.

我們推出了 myHome 和 Verizon Access 等客戶至上的產品，更新了我們的品牌並簽署了策略交易，包括 Frontier、The Tower 交易、UScellular 頻譜和衛星合作夥伴關係。

We raised the dividend for the 18th consecutive year and continued debt pay-down, ending the year with a net unsecured debt to adjusted EBITDA ratio of 2.3 times.

我們連續第 18 年提高股息，並繼續償還債務，年末淨無擔保債務與調整後 EBITDA 的比率為 2.3 倍。

We have a great deal with both customer and financial growth as we continue the strategic transformation of the company.

隨著我們繼續公司的策略轉型，我們的客戶和財務成長都取得了巨大的進步。

Looking forward to 2025, we will continue to focus on our three key financial metrics.

展望2025年，我們將持續關註三個關鍵財務指標。

Wider service revenue, adjusted EBITDA and free cash flow.

更廣泛的服務收入、調整後的 EBITDA 和自由現金流。

While Tony will provide these details, I would highlight the underlying wireless service revenue growth is expected to be nearly double the guided range when excluding promo amortization.

雖然托尼將提供這些細節，但我要強調的是，在不包括促銷攤銷的情況下，基礎無線服務收入成長預計將接近指導範圍的兩倍。

With that, I will turn it over to Tony to say a few words about the quarter and cover the guidance for 2025.

接下來，我將請托尼談談本季的情況並介紹 2025 年的指導。

Thanks, Hans, and good morning, everyone.

謝謝漢斯，大家早安。

As we reported earlier this morning, we closed the year with strong operational and financial performance.

正如我們今天早上早些時候報導的那樣，我們以強勁的營運和財務業績結束了這一年。

The steps we took in 2024 to improve our execution while maintaining financial discipline continued to bear fruit.

我們在 2024 年為提高執行力同時維持財務紀律而採取的措施繼續取得成果。

We added nearly 1 million postpaid subscribers onto our mobile and broadband platforms in the fourth quarter, our highest quarterly result in over a decade, while also delivering on our financial guidance for the full year.

第四季度，我們的行動和寬頻平台新增了近 100 萬後付費用戶，這是十多年來我們最高的季度業績，同時也實現了全年的財務指引。

We delivered solid growth in postpaid mobility with 568,000 postpaid phone net adds in the fourth quarter.

我們在後付費行動領域實現了穩健成長，第四季後付費電話網路新增 568,000 部。

This includes 426,000 consumer postpaid phone net adds, giving us positive net adds for the full year with and without our second number offering.

其中包括 426,000 個消費者後付費電話淨增加量，無論是否提供第二個號碼，全年淨增加量均為正值。

Business had another solid quarter with 142,000 phone net adds and saw strong growth across all three customer groups.

業務部門又迎來了一個穩健的季度，電話淨增加量達到 142,000 部，所有三個客戶群均實現強勁增長。

The operational rigor we implemented in prepaid continued to pay off in the fourth quarter.

我們在預付費領域實施的嚴格營運措施在第四季度繼續得到回報。

Prepaid net adds were 65,000 excluding SafeLink, giving us positive net adds for the full year.

不包括 SafeLink 在內，預付費淨增加量為 65,000，全年淨增加量為正值。

In broadband, we continue to take market share, delivering 408,000 net adds in the quarter.

在寬頻領域，我們持續佔據市場份額，本季淨增用戶數達 408,000 人。

Fixed wireless access accounted for 373,000 net adds and Fios added 51,000 subscribers in the quarter, a solid result given the challenges noted by some of our competitors.

本季固定無線接取用戶淨增加 373,000 名，Fios 增加 51,000 名用戶，考慮到我們的一些競爭對手指出的挑戰，這是一個堅實的結果。

Importantly, we achieved these strong operational results while delivering on all of our 2024 financial guidance.

重要的是，我們在實現 2024 年所有財務指導的同時取得了這些強勁的營運表現。

In fact, both wireless service revenue and adjusted EBITDA were above the midpoint of our guided ranges and our adjusted EBITDA margin expanded 50 basis points for the full year.

事實上，無線服務收入和調整後 EBITDA 均高於我們指引範圍的中點，全年調整後 EBITDA 利潤率擴大了 50 個基點。

In the fourth quarter, we delivered 3.1% wireless service revenue growth, along with 2.1% growth in adjusted EBITDA as we balanced investing in customer growth with maintaining financial discipline.

第四季度，我們實現了 3.1% 的無線服務收入成長，以及 2.1% 的調整後 EBITDA 成長，因為我們平衡了對客戶成長的投資與維持財務紀律。

Finally, our free cash flow of $5.4 billion in the quarter and $19.8 billion for the full year allowed us to take meaningful steps to further reduce our debt, consistent with our capital allocation priorities and to better position us for the closing of our pending acquisition of Frontier.

最後，我們本季54 億美元的自由現金流和全年198 億美元的自由現金流使我們能夠採取有意義的措施，進一步減少我們的債務，與我們的資本配置優先事項保持一致，並為我們完成待決收購做好準備。

Note that our fourth quarter free cash flow included approximately $2 billion in proceeds from the Vertical Bridge Tower transaction.

請注意，我們第四季的自由現金流包括約 20 億美元的垂直橋塔交易收益。

In addition, we made severance payments of approximately $600 million, which represents roughly half of the total payments we expect to make as part of our voluntary separation program.

此外，我們還支付了約 6 億美元的遣散費，約佔我們自願離職計畫預計支付總額的一半。

Turning to guidance.

轉向指導。

We entered 2025 with good operational and financial momentum, and that is reflected in our outlook.

進入 2025 年，我們的營運和財務勢頭良好，這也反映在我們的展望中。

We expect total wireless service revenue to grow between 2% and 2.8%.

我們預計無線服務總收入將成長 2% 至 2.8%。

The key drivers of this outlook are consistent with 2024 and include improving postpaid consumer phone net additions and continued healthy business phone volumes, pricing actions taken in 2024 that carry over into 2025, continuing to scale fixed wireless access, growing adoption of myPlan and accompanying perks and an improving prepaid revenue profile.

這一前景的主要驅動因素與2024 年一致，包括後付費消費者電話網路增加量的增加和持續健康的商業電話數量、2024 年採取的延續到2025 年的定價行動、繼續擴大固定無線接入、越來越多地採用myPlan 以及附帶的福利以及不斷改善的預付費收入狀況。

As we shared in the fall, we expect promo amortization headwinds to peak in 2025.

正如我們在秋季分享的那樣，我們預計促銷攤銷阻力將在 2025 年達到頂峰。

That said, the underlying customer economics are very healthy.

也就是說，潛在的客戶經濟非常健康。

Please note that beginning in the first quarter of 2025, we are reclassifying more than $2.9 billion of annual recurring device protection and insurance-related plan revenues from other revenue into wireless service revenue.

請注意，從 2025 年第一季開始，我們將超過 29 億美元的年度經常性設備保護和保險相關計畫收入從其他收入重新分類為無線服務收入。

As a result, our wireless service revenue guidance should be viewed in the context of growth off of a higher base of revenue.

因此，我們的無線服務收入指引應在較高收入基礎的成長背景下看待。

We expect consolidated adjusted EBITDA to grow 2% to 3.5% compared to 2024.

我們預計綜合調整後 EBITDA 將比 2024 年成長 2% 至 3.5%。

This outlook reflects the expected higher wireless service revenue and benefits of ongoing cost transformation initiatives, partially offset by continued pressure in business wireline revenues.

這一前景反映了預期更高的無線服務收入和持續成本轉型措施的好處，但部分被商業有線收入的持續壓力所抵消。

The midpoint of the adjusted EBITDA guidance range reflects an expected year-over-year increase of more than $1.3 billion, which is $300 million more of expected growth than we delivered in 2024.

調整後的 EBITDA 指引範圍的中點反映了預計年增率超過 13 億美元，比我們 2024 年實現的預期成長多了 3 億美元。

Full year adjusted earnings per share growth is expected to be in a range of flat to up 3%, reflecting the adjusted EBITDA growth, partially offset by higher depreciation and amortization.

全年調整後每股盈餘成長預計將在持平至成長 3% 的範圍內，反映了調整後 EBITDA 成長，但部分被較高的折舊和攤提所抵銷。

As we discussed in October, capital spending for the full year is expected to be between $17.5 billion and $18.5 billion.

正如我們在 10 月討論的那樣，全年資本支出預計在 175 億美元至 185 億美元之間。

This guidance is an all-in number that includes all of our growth initiatives.

該指南是一個全面的數字，包括我們所有的成長舉措。

This includes incremental investments to deploy C-band to 80% to 90% of plan sites, accelerating our Fios expansion to up to 650,000 to open for sale locations and launching our fixed wireless MDU solution.

這包括增量投資，將 C 頻段部署到 80% 至 90% 的計畫站點，加速我們的 Fios 擴展至多達 650,000 個開放銷售站點，以及推出我們的固定無線 MDU 解決方案。

As always, we will continue to look for opportunities to efficiently deploy capital.

一如既往，我們將繼續尋找有效配置資本的機會。

Regarding cash flow, we expect free cash flow in the range of $17.5 billion to $18.5 billion in 2025.

關於現金流，我們預計 2025 年自由現金流將在 175 億美元至 185 億美元之間。

This outlook assumes mid-single-digit growth in upgrades and no change to current tax legislation.

這一前景假設升級將出現中等個位數增長，並且現行稅收立法不會發生變化。

Please note that our guidance excludes any impact from the pending acquisition of Frontier.

請注意，我們的指導意見排除了即將收購 Frontier 的任何影響。

We are currently working with all regulatory bodies that must approve the transaction.

我們目前正在與所有必須批准該交易的監管機構合作。

The process is going as planned, and we continue to expect the transaction to close by early 2026.

該流程正在按計劃進行，我們仍然預計交易將於 2026 年初完成。

I will now turn the call back over to Hans to go over his 2025 priorities.

我現在將把電話轉回給漢斯，討論他的 2025 年優先事項。

Thank you, Tony.

謝謝你，托尼。

Looking ahead, our 2025 priorities are clear.

展望未來，我們 2025 年的優先事項很明確。

A continued focus on wider service revenue growth, adjusted EBITDA expansion and strong free cash flow.

繼續關注更廣泛的服務收入成長、調整後的 EBITDA 擴張和強勁的自由現金流。

Accelerate the mobility momentum and broadband growth while scaling private networks as we expand 5G Ultra Wideband and fiber reach.

隨著我們擴展 5G 超寬頻和光纖覆蓋範圍，加速行動動力和寬頻成長，同時擴展專用網路。

Laser focus on operational excellence, financial discipline.

專注於卓越營運和財務紀律。

And customer experience to drive customer and financial growth.

和客戶體驗推動客戶和財務成長。

Execution of our capital allocation model.

執行我們的資本配置模型。

Investing in the business, supporting and growing our dividend, paying down debt and eventually share repurchases.

投資業務、支持和增加股息、償還債務並最終回購股票。

And we will leverage our fiber and edge compute assets to open new revenue streams from the AI ecosystem.

我們將利用我們的光纖和邊緣運算資產從人工智慧生態系統中開闢新的收入來源。

So let me talk about Verizon's AI strategy now.

那現在我就來談談Verizon的AI戰略。

We have worked with AI for many, many years, and we already today have several generative AI products at scale in our company.

我們在人工智慧方面已經工作了很多很多年，今天我們公司已經擁有多種大規模的生成式人工智慧產品。

We outlined a three pronged strategy for AI at Verizon.

我們概述了 Verizon 的人工智慧三管齊下的策略。

Let me go through them briefly.

讓我簡要介紹一下它們。

Number one, enhance experiences and drive efficiencies.

第一，增強體驗並提高效率。

This is all about employee and customer experiences, driving down costs in our operations.

這一切都與員工和客戶體驗有關，從而降低我們的營運成本。

A good example would be FastPass, which I've talked about before, which is deployed in our mobility call centers to intelligently pair customers with the best available care representative.

一個很好的例子是 FastPass，我之前已經談過，它部署在我們的行動呼叫中心中，以智慧地將客戶與最好的護理代表配對。

The second part of the AI strategy at Verizon is to personalize products and solutions.

Verizon 人工智慧策略的第二部分是個人化產品和解決方案。

This is much more about how we can be more personalizing the service for our customers.

這更多的是關於我們如何為客戶提供更個人化的服務。

A great product here would be Segment of Me, which is a tool that uses AI to personalize customer experience with unique offers and products.

這裡的一個很棒的產品是 Segment of Me，它是一個使用人工智慧透過獨特的優惠和產品來個性化客戶體驗的工具。

The third pillar of the AI at Verizon strategy, which we haven't talked so much about but I have promised you several times to come back to it, and that we will talk about today, is connect to the AI ecosystem.

Verizon 人工智慧策略的第三個支柱是連接到人工智慧生態系統，我們對此沒有過多討論，但我已經多次向大家保證會回來討論這一點，今天我們將討論這一點。

And that's the focus of today.

這就是今天的焦點。

If you think about where we are on generative AI today, today, it's large language modules that are trained at large data centers, and that requires enormous capacities.

如果你想想我們今天在生成人工智慧方面的進展，今天，它是在大型資料中心訓練的大型語言模組，這需要巨大的容量。

Over time, that will, of course, come much closer to the edge of the network, both for application, but transport cost, and latency in some cases.

隨著時間的推移，當然，無論是應用程序，還是傳輸成本和某些情況下的延遲，這都會更加接近網路邊緣。

This is creating an opportunity for us and has already created an opportunity as we had revenue and EBITDA impact in the fourth quarter.

這為我們創造了機會，並且已經創造了機會，因為我們在第四季度對收入和 EBITDA 產生了影響。

We are now looking into how we can use our assets and our capability to serve this market when it comes to the next step of generative AI.

我們現在正在研究如何利用我們的資產和能力來服務這個市場，當涉及到產生人工智慧的下一步時。

So I'm very proud and excited to introduce Verizon's AI Connect today.

因此，我今天非常自豪且興奮地介紹 Verizon 的 AI Connect。

That's our product and solution to address this market and meeting the end customers' needs in the next step of AI, generative AI.

這就是我們的產品和解決方案，旨在滿足這個市場並滿足最終客戶在人工智慧的下一步（生成式人工智慧）中的需求。

So by that, I will hand it over to Kyle that will talk about and discuss our opportunities and how we're addressing these markets.

因此，我將把它交給凱爾，他將討論我們的機會以及我們如何應對這些市場。

Thanks, Hans.

謝謝，漢斯。

It's a pleasure to be here this morning.

很高興今天早上來到這裡。

Verizon AI Connect is the name of our strategy and suite of offerings that are intended to meet the growing demand for AI applications from both our ecosystem partners and end user customers.

Verizon AI Connect 是我們的策略和產品套件的名稱，旨在滿足我們的生態系統合作夥伴和最終用戶客戶對人工智慧應用程式不斷增長的需求。

It's a vision that allows us to utilize existing assets in new ways to service this technology revolution.

這個願景使我們能夠以新的方式利用現有資產來服務這場技術革命。

Whether the AI workloads are across a multi-cloud environment deployed on our customers' premise or at the edge of the networks, we have a suite of offerings that businesses can utilize to fully leverage AI capabilities.

無論人工智慧工作負載是部署在客戶本地還是網路邊緣的多雲環境中，我們都擁有一套可供企業充分利用人工智慧功能的產品。

Our vision is built around best-in-class connectivity and edge compute assets.

我們的願景是圍繞一流的連接和邊緣運算資產構建的。

It all starts with connectivity.

這一切都始於連接性。

Over the last 20 years, we have built unmatched fiber assets, not only in our ILEC footprint via Fios, but also outside through our 71-city One Fiber buildout.

在過去的 20 年裡，我們不僅透過 Fios 在我們的 ILEC 足跡中建立了無與倫比的光纖資產，而且還透過我們的 71 個城市的 One Fiber 擴建在外部建立了光纖資產。

Together with our industry-leading long-haul network that stitches these metros together, we can provide lit and dark fiber services to our customers over a large geographic area.

加上我們將這些地鐵連接在一起的行業領先的長途網絡，我們可以為廣大地理區域的客戶提供明光纖和暗光纖服務。

We have edge to cloud connectivity and expertise, and we are ahead of the curve in this area.

我們擁有雲端連接和專業知識的優勢，並且在該領域處於領先地位。

The investments we have made in our Converged Intelligent Edge Network over the last several years will pay dividends in this new world as users need even more bandwidth and network visibility.

由於用戶需要更多的頻寬和網路可見性，過去幾年我們在融合智慧邊緣網路方面的投資將在這個新世界中獲得回報。

Our network is intelligent and programmable.

我們的網路是智慧且可編程的。

Customers want to control where and when AI workloads are running.

客戶希望控制人工智慧工作負載的運作地點和時間。

And to that, we are building new capabilities to give users more insight and control via new tools.

為此，我們正在建立新功能，透過新工具為用戶提供更多洞察和控制。

Essentially, we are allowing them to program their network resources to optimize their operations as they see fit.

本質上，我們允許他們對其網路資源進行編程，以按照他們認為合適的方式優化其營運。

And finally, edge compute, as AI shifts from training to deep deployment, the need for distributed computing will become increasingly important for real-time decisions and predictions.

最後，邊緣運算，隨著人工智慧從訓練轉向深度部署，分散式運算的需求對於即時決策和預測將變得越來越重要。

We have thousands of distributed telco facilities, many of which already have power space and cooling available for this compute at the edge.

我們擁有數千個分散式電信設施，其中許多設施已經擁有可用於邊緣運算的電源空間和冷卻系統。

As we take stock of our existing assets, Verizon's ability to be a foundational player in the AI ecosystem is clear.

當我們評估現有資產時，Verizon 成為人工智慧生態系統基礎參與者的能力是顯而易見的。

The technical infrastructure required to enable AI is evolving.

實現人工智慧所需的技術基礎設施正在不斷發展。

AI demands massive amounts of data, powerful chipsets and high-speed, secure, flexible network connectivity.

人工智慧需要大量資料、強大的晶片組以及高速、安全、靈活的網路連線。

Market analysts estimate there will be over $1 trillion of investment in AI infrastructure over the next 10 years, and some suggest AI network traffic will grow at 35% plus CAGR over the next five years.

市場分析師估計，未來 10 年人工智慧基礎設施投資將超過 1 兆美元，有些人認為未來 5 年人工智慧網路流量將以 35% 的複合年增長率成長。

Enormous investments have been announced, and we expect more to come.

巨額投資已經宣布，我們預計還會有更多投資。

All of this AI infrastructure will need to be underpinned by secure network connectivity that will bridge the new distributed compute landscape.

所有這些人工智慧基礎設施都需要以安全的網路連接為基礎，從而連接新的分散式運算環境。

At Verizon, we see ourselves as not just participants in this AI-driven future, but as a key player enabling its success.

在 Verizon，我們不僅將自己視為人工智慧驅動的未來的參與者，而且是實現其成功的關鍵參與者。

Verizon's leadership in the enterprise connectivity market is poised to become even more crucial as AI applications become more widespread among end-users.

隨著人工智慧應用在最終用戶中變得更加廣泛，Verizon 在企業連接市場的領導地位將變得更加重要。

We believe Verizon will serve as the essential link between these Gen AI applications and the firms who utilize them.

我們相信 Verizon 將成為這些 Gen AI 應用程式和使用它們的公司之間的重要紐帶。

With growing network of over 16,000 near-net enterprise locations, Verizon is positioned at the forefront of the AI deployment, providing the connectivity solutions that will enable the seamless integration of AI applications across a wide range of industries and sectors.

憑藉超過 16,000 個近網企業站點的不斷增長的網絡，Verizon 處於人工智慧部署的最前沿，提供連接解決方案，使人工智慧應用程式能夠在廣泛的行業和領域無縫整合。

We also have extensive connectivity of third-party data centers currently ranking a close third in the market.

我們還擁有廣泛的第三方資料中心連接，目前在市場上排名第三。

Data centers will continue to be crucial in this new AI-powered world, and 40% of data centers are expected to face operational constraints by 2027, which is another factor in workloads moving to the edge.

資料中心將繼續在這個由人工智慧驅動的新世界中發揮至關重要的作用，預計到 2027 年，40% 的資料中心將面臨營運限制，這是工作負載轉移到邊緣的另一個因素。

Verizon's extensive fiber and programmable networks are ready to meet these demands across key markets.

Verizon 廣泛的光纖和可編程網路已準備好滿足主要市場的這些需求。

And we're not alone in recognizing the opportunity.

我們並不是唯一認識到這個機會的人。

Industry analysts are seeing and predicting further significant growth in the AI market.

產業分析師看到並預測人工智慧市場將進一步顯著成長。

Hyperscalers are expanding into new markets and they need high capacity connectivity.

超大規模企業正在拓展新市場，他們需要高容量連結。

The industry is seeing a surge in cloud migration and colocation demand.

該行業的雲端遷移和託管需求正在激增。

Lastly, power space and cooling are the currencies that are in demand right now, and we have all three.

最後，電力空間和冷卻是目前需求的貨幣，我們擁有這三個。

As we look across our assets, take inventory and compare against other players in the market, we believe that we are in a leadership position when it comes to usable power and space.

當我們審視我們的資產、盤點並與市場上的其他參與者進行比較時，我們相信我們在可用功率和空間方面處於領先地位。

We have facilities across the United States that either have spare power, space and cooling or can be retrofitted.

我們在美國各地都有設施，這些設施要么有備用電力、空間和冷卻系統，要么可以進行改造。

As we sit here today, we have 2 to 10 plus megawatts of usable power across many of our sites.

當我們今天坐在這裡時，我們的許多站點都有 2 到 10 多兆瓦的可用電力。

Also, as we move through our network transformation work, we will continue to free up more resources that could be made available for AI Connect.

此外，隨著我們進行網路轉型工作，我們將繼續釋放更多可用於 AI Connect 的資源。

In addition, we have between 100 and 200 acres of undeveloped land, some currently zoned for data center build and much of it in prime data center friendly areas.

此外，我們還有 100 至 200 英畝的未開發土地，其中一些目前劃用於資料中心建設，其中大部分位於主要資料中心友善區域。

This is not a theoretical discussion.

這不是理論上的討論。

We are seeing increasing demand for our AI connect offerings.

我們看到對我們的 AI 連接產品的需求不斷增長。

We already have a funnel of over $1 billion simply leveraging our existing infrastructure.

只需利用我們現有的基礎設施，我們就已經擁有超過 10 億美元的管道。

Major players such as Google and Meta have purchased capacity in our network with the intent of using it for their AI workloads.

Google 和 Meta 等主要參與者已經在我們的網路中購買了容量，旨在將其用於他們的人工智慧工作負載。

Some of these deals are reflected in our fourth quarter results and are contributing to the margin improvements you saw in the quarter.

其中一些交易反映在我們第四季度的業績中，並有助於您在本季度看到的利潤率改善。

We are working closely with industry players like NVIDIA to reimagine how telco functions can work along with AI workloads.

我們正在與 NVIDIA 等產業參與者密切合作，重新構想電信功能如何與人工智慧工作負載協同工作。

We are starting this development at the far Edge in a private network.

我們正在專用網路的遠端開始這項開發。

The applicability will go beyond that and potentially into the macro network at some point.

其適用性將不止於此，並可能在某個時候進入宏網絡。

I'm also happy to report that we have a new strategic partnership with Vultr.

我還很高興地報告，我們與 Vultr 建立了新的策略合作夥伴關係。

A leading global GPU As-a-service provider and cloud computing provider.

全球領先的 GPU 即服務供應商和雲端運算供應商。

Initially, Vultr will deploy their GPU as a service infrastructure in one of our data centers and tap into our high-capacity fiber network for distribution.

最初，Vultr 將在我們的一個資料中心部署其 GPU 作為服務基礎設施，並利用我們的高容量光纖網路進行分發。

We anticipate helping to broaden their reach and enable our mutual customers with AI training and inference capabilities at the edge over time.

隨著時間的推移，我們預計將幫助擴大他們的影響範圍，並為我們共同的客戶提供邊緣的人工智慧訓練和推理能力。

The bottom line is we are ready to help power the AI ecosystem.

最重要的是，我們已準備好協助推動人工智慧生態系統。

We have the assets, the expertise and the vision to deliver AI solutions at scale.

我們擁有大規模提供人工智慧解決方案的資產、專業知識和願景。

By unlocking the potential of our existing assets, we can further improve the financial profile of Verizon business.

透過釋放現有資產的潛力，我們可以進一步改善 Verizon 業務的財務狀況。

The team has worked hard over the last few years to help mitigate the impact of secular wireline revenue pressures.

該團隊在過去幾年中一直在努力幫助減輕長期有線收入壓力的影響。

Together with continued strong results in mobility, FWA expansion and work on cost efficiencies, Verizon AI Connect positions us for success into the future.

加上在行動性、FWA 擴展和成本效率方面持續取得的強勁成果，Verizon AI Connect 讓我們在未來取得成功。

Thank you, Kyle.

謝謝你，凱爾。

I hope you now got more insights to how we see we can connect the AI ecosystem, both from the capability point of view and also from the assets we have. and that we already now have customers and solutions in the market.

我希望您現在對我們如何連接人工智慧生態系統有更多的了解，無論是從能力的角度還是從我們擁有的資產的角度。我們現在已經在市場上擁有客戶和解決方案。

And this is just the beginning.

而這只是開始。

I'm really excited of what we see right now as an opportunity for us in this area.

我對我們現在在這一領域看到的機會感到非常興奮。

Lastly, we had a great 2024, and I look forward to exciting opportunities and continued growth ahead.

最後，我們度過了美好的 2024 年，我期待著未來令人興奮的機會和持續成長。

So by that, I hand it over to Brady to handle the Q&A.

因此，我將其交給布雷迪來處理問答。

Yeah.

是的。

Thanks, Hans.

謝謝，漢斯。

Brad, we're ready for the first question.

布拉德，我們準備好回答第一個問題了。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

John Hodulik, UBS.

約翰‧霍杜里克，瑞銀集團。

Okay, great.

好的，太好了。

Thanks and good morning guys.

謝謝，大家早安。

Maybe first starting off with Kyle's commentary on AI Connect.

也許首先要從凱爾對 AI Connect 的評論開始。

Just any sense to -- in terms of the overall -- I know -- I realize it's early, we're getting these announcements seemingly like weekly now.

就整體而言，我知道，我意識到現在還為時過早，我們現在似乎每週都會收到這些公告。

But any sense in how big this opportunity could be both on the connectivity side or in terms of the space and power?

但無論是在連接方面還是在空間和電力方面，這個機會有多大？

Would be great.

那就太好了。

Just to frame it out for us.

只是為了我們把它框起來。

And then maybe more operationally, you guys showed some real momentum to end the year, both on the wireless side with gross adds up over 5%, and in the broadband side.

然後，也許在營運方面，你們在年底表現出了一些真正的勢頭，無論是在無線方面，還是在寬頻方面，總收入都增加了 5% 以上。

A, could you talk a little bit about the drivers of that momentum?

答，您能談談這種勢頭的驅動因素嗎？

And have you seen that momentum continue as we started out 2025?

在 2025 年伊始，您是否看到這種勢頭仍在持續？

Thanks.

謝謝。

Thanks, John.

謝謝，約翰。

Let me start with the second question, and then we'll come back to the AI with Kyle.

讓我從第二個問題開始，然後我們將和凱爾一起回到人工智慧。

When it comes to momentum, both in broadband and wireless, both in the Business Group and in the Consumer Group, I think we have actually outlined quite a lot of changes in the structure, not only the people we have leading it, but also the products we have deployed, the rebranding we have done.

當談到寬頻和無線領域的勢頭時，無論是在商業集團還是在消費者集團，我認為我們實際上已經概述了結構上的許多變化，不僅是我們領導的人員，還包括我們的領導者。我們已經部署的產品，我們已經完成的品牌重塑。

And honestly, we see that our products are resonating.

老實說，我們看到我們的產品引起了共鳴。

I mean this is, as we said, when it comes to what we added in new customers in the fourth quarter, best in a decade.

我的意思是，正如我們所說，就我們第四季度新增客戶而言，這是十年來最好的。

So we're really, really excited of what we're seeing.

所以我們對所看到的感到非常非常興奮。

And if you think about the broadband side, that's, of course, fixed wireless access is doing great.

如果你考慮寬頻方面，當然，固定無線存取做得很好。

I mean so we were together with fiber is over 400,000 in the quarter, continue to take share.

我的意思是，本季我們的光纖數量超過 40 萬，繼續佔據份額。

And on the wireless, we are getting stronger and stronger now.

在無線領域，我們現在變得越來越強大。

We have several quarters of consecutive improvement.

我們已經連續幾個季度取得了進步。

So I think it's a lot of execution, but also that the products are right, the branding right.

所以我認為這需要大量的執行力，而且產品是正確的，品牌是正確的。

And then the network is just improving.

然後網路正在不斷改善。

I mean you have seen our numbers from the network.

我的意思是您已經從網路上看到了我們的號碼。

Wherever we deploy C-band, premium sell-through, opening fixed wireless access and, of course, seeing the lower churn.

無論我們在哪裡部署 C 頻段，銷量都會很高，開放固定無線接入，當然，客戶流失率也會降低。

So all that comes together with an execution we have done over the last couple of years.

所有這些都與我們過去幾年所做的執行結合在一起。

And I will ask actually Sampath to comment on that, and then I will ask Kyle to talk about the AI opportunity, which we think is great with our assets.

我實際上會請 Sampath 對此發表評論，然後我會請凱爾談論人工智慧機會，我們認為這對我們的資產來說非常有用。

But first, Sampath.

但首先，薩姆帕斯。

Thank you, Hans.

謝謝你，漢斯。

In 2025, we expect higher for net adds than in 2024.

我們預計 2025 年淨增量將高於 2024 年。

And in the fourth quarter, we saw really strong momentum in our business.

在第四季度，我們看到了我們業務的強勁勢頭。

Look, we've had eight quarters of phone gross add growth, and we see that momentum continuing into 2025.

看，我們已經連續八個季度實現了手機總附加價值成長，我們預計這種勢頭將持續到 2025 年。

A couple of reasons why.

有幾個原因。

The first one is our value prop is resonating very well.

第一個是我們的價值支柱引起了很好的共鳴。

I think myPlan, nearly half our phone base is already on myPlan.

我認為 myPlan，我們近一半的手機已經在 myPlan 中。

And that value prop is unique in the market because we give savings to customers that others just cannot -- unable to give.

這種價值支撐在市場上是獨一無二的，因為我們為客戶提供其他人無法提供的節省。

So that is working very well for us.

所以這對我們來說非常有效。

The second is a lot of the work we did in '23 and '24 on sales execution, local markets, local marketing is starting to pay off even well, and we see that continuing into 2025.

第二個是我們在 23 年和 24 年在銷售執行、本地市場、本地行銷方面所做的大量工作開始取得良好的回報，我們認為這種情況會持續到 2025 年。

The last is there are some opportunity segments that we've tapped into, and Q4 was the start of that.

最後是我們已經利用了一些機會領域，第四季是其中的開始。

The first one was Tier 1 markets.

第一個是一級市場。

We've historically had a slightly lower presence in Tier 1 markets.

歷史上，我們在一級市場的影響力略低。

That is shifting, some of our large markets, we are starting to see share market gain in those segments.

這種情況正在發生變化，在我們的一些大型市場中，我們開始看到這些細分市場的股票市場上漲。

Second is the Latino segment.

其次是拉丁裔族群。

We've had a concerted effort last couple of quarters to go after that.

過去幾季我們齊心協力去實現這個目標。

So we're a financially disciplined operator.

因此，我們是一家遵守財務紀律的經營者。

We saw growth, we saw opportunity in Q4, and we went for it.

我們看到了成長，我們看到了第四季度的機會，我們就抓住了它。

Thanks, John, thanks for the question on AI Connect.

謝謝約翰，謝謝你提出有關 AI Connect 的問題。

I mean, here's -- it's -- our best guess at the moment is the TAM we can sell into with what we have is probably $40 billion plus.

我的意思是，我們目前最好的猜測是，我們可以將我們擁有的資產出售給 TAM，價值可能超過 400 億美元。

But you see that the -- every single day, there's new announcements of hundreds of billions of dollars going into this ecosystem.

但你會看到，每一天都有新的公告宣布數千億美元將進入這個生態系統。

And like I spoke about, we have a lot of assets that can play right into this.

正如我所說，我們有很多資產可以發揮作用。

And frankly, we have well over $1 billion plus in funnel right now.

坦白說，我們現在的通路遠遠超過 10 億美元。

And that's really only with our services that we have today.

這實際上只是我們今天所提供的服務的結果。

That's not even counting the power space and cooling stuff that I talked about.

這還不包括我談到的電源空間和冷卻材料。

So I feel this is going to grow.

所以我覺得這將會成長。

Where it ends up I think it's anybody's guess.

最終結果如何，我想這是任何人的猜測。

But the investment going into here is massive, and we're going to be able to play right into it.

但這裡的投資是巨大的，我們將能夠充分利用它。

Thanks, guys.

謝謝，夥計們。

Yeah, thanks John.

是的，謝謝約翰。

Michael Rollins, Citi.

麥可羅林斯，花旗銀行。

Thanks and good morning.

謝謝，早安。

I'm Curious if you can provide a bit more context on the upgrade environment in terms of what you saw from customer behavior during the fourth quarter.

我很好奇您是否可以根據您在第四季度的客戶行為中看到的情況提供更多有關升級環境的背景資訊。

And if you could share some additional context on the drivers behind your base case for upgrades that are embedded within the 2025 guidance.

如果您可以分享一些有關 2025 年指南中嵌入的升級基本案例背後驅動因素的額外背景資訊。

And then second, just in terms of financials, if you could just share some of the additional drivers that are contributing to the faster EBITDA growth guidance for '25, as well as if you could share some of the bridge items between EBITDA guidance and free cash flow guidance for '25, including things like tax and working capital.

其次，就財務而言，您是否可以分享一些有助於 25 年 EBITDA 更快增長的額外驅動因素，以及您是否可以分享 EBITDA 指導和免費之間的一些過渡項目'25 的現金流指導，包括稅收和營運資金等。

Okay.

好的。

Thank you, Mike.

謝謝你，麥克。

So when it comes to upgrades, I think that after many, many quarters of decline, we came to a slight growth on upgrades.

因此，當談到升級時，我認為在經歷了很多很多季度的下降之後，我們的升級略有增長。

So that's not strange after many quarters, you ultimately will get there.

因此，經過許多個季度之後，你最終會到達那裡，這並不奇怪。

I think that we still have the same sort of facts behind it.

我認為我們背後仍然有同樣的事實。

I mean customers on the consumer side keep the phones very long.

我的意思是消費者方面的客戶持有手機的時間很長。

I mean now we're way over 40 months.

我的意思是現在我們已經超過 40 個月了。

And that's, of course, contributing to this.

當然，這也促成了這一點。

And as we spoke about earlier, what we have seen on upgrade cycles is, of course, very much driven on new technologies and new hardware design.

正如我們之前談到的，我們在升級週期中看到的當然很大程度上是由新技術和新硬體設計所驅動的。

So we haven't seen much of that lately.

所以我們最近沒有看到太多這樣的情況。

And of course, the products are way better and more resilient as well.

當然，這些產品也更好、更有彈性。

So I think that's what you see.

所以我認為這就是你所看到的。

But I will also ask Sampath to make a couple of more comments on that.

但我還會請 Sampath 對此發表更多評論。

And on the EBITDA expansion, I mean, I will ask Tony to talk about it.

關於 EBITDA 擴張，我的意思是，我會請托尼談談。

But we have worked on the cost, I mean the initiatives we have done all the way from voluntary separation program, the outsourcing we have done with HTL with -- in Kyle's shop, the change we did in customer care.

但我們已經在成本方面下了功夫，我的意思是我們從自願離職計劃到我們與 HTL 所做的外包，在凱爾的商店，我們在客戶服務方面所做的改變，我們一直在努力。

We have done a lot on the cost.

我們在成本方面做了很多工作。

And then, of course, we start to get the growth.

然後，當然，我們開始成長。

And then the model starts getting leverage.

然後模型開始獲得影響力。

And you see that in our cash flow, you see it in our EBITDA.

你可以在我們的現金流中看到這一點，也可以在我們的 EBITDA 中看到這一點。

And remember, we are measured on three things.

請記住，我們透過三件事來衡量。

Wireless service revenue growth and EBITDA and cash flow expansion.

無線服務收入成長以及 EBITDA 和現金流擴張。

We showed that in '24.

我們在 24 年就證明了這一點。

Our guidance for '25 shows the same.

我們對 25 年的指導也顯示出同樣的情況。

So this team is super committed to it.

所以這個團隊非常致力於它。

Sampath, about the upgrade environment.

Sampath，關於升級環境。

Yeah.

是的。

Look, 2024 was our lowest upgrade rate in a very long time.

你看，2024 年是我們很長一段時間以來最低的升級率。

In Q4, we saw some modest increase, 10 basis points increase year-on-year.

第四季度，我們看到了一些小幅成長，年增了10個基點。

So we think 2024 was the bottom of our low upgrade rate.

所以我們認為 2024 年是我們低升級率的底部。

And we're going to start seeing gradual improvements in 2025.

我們將在 2025 年開始看到逐步的改進。

I think mid-single digits is what we have assumed in our plan and our guidance.

我認為中個位數是我們在計劃和指導中所假設的。

And I think we're going to be quite comfortable with that.

我認為我們對此會感到非常滿意。

It's driven by two very important things.

它是由兩件非常重要的事情所驅動的。

The first is the life of the device.

首先是設備的壽命。

It's exceeded 40 months right now.

到現在已經超過40個月了。

And at some point, customers will want new devices.

在某些時候，客戶會想要新設備。

The second is customers coming off their three year DPP contract.

第二個是客戶終止為期三年的 DPP 合約。

We have a large cohort in 2025 coming off.

到 2025 年，我們將迎來一大批人。

So a combination of those two give us comfort that mid-single-digit increase in upgrades is what we expect in '25.

因此，這兩者的結合讓我們感到欣慰的是，我們預計 25 年的升級將實現中個位數的成長。

Mike, just on EBITDA, I'll start there.

麥克，就 EBITDA 而言，我將從這裡開始。

So in 2024, we grew EBITDA about $1 billion.

因此，到 2024 年，我們的 EBITDA 成長了約 10 億美元。

And we also, as Hans said in the prepared remarks, grew subscribers 2.5 million between broadband and mobility, and that was above the midpoint of the range.

正如漢斯在準備好的發言中所說，我們還使寬頻和行動用戶數量增加了 250 萬，高於該範圍的中點。

In 2025, we said our range was 2% to 3.5% growth, which implies about $1.3 billion of growth at the midpoint of the guidance.

2025 年，我們表示成長範圍為 2% 至 3.5%，這意味著指導中點的成長約為 13 億美元。

It's an acceleration, as you mentioned, in the growth rate and good operating leverage.

正如您所提到的，這是成長率和良好營運槓桿的加速。

It starts with strong service revenue growth and healthy customer economics, and you heard Hans in the prepared remarks talk about the customer economics without the promo amortization.

它始於強勁的服務收入成長和健康的客戶經濟，你聽到漢斯在準備好的演講中談到了沒有促銷攤銷的客戶經濟。

And then Hans mentioned the focus on cost transformation and the work we continue to do to make the business more efficient, whether it's customer care and the work that Sampath is doing, including AI, and you heard that upfront, as well as the managed services work.

然後 Hans 提到了對成本轉型的關注，以及我們為提高業務效率而繼續進行的工作，無論是客戶服務還是 Sampath 正在做的工作，包括人工智慧，您之前都聽說過，還有託管服務工作。

Joe is taking a lot of legacy network elements out, and that work is ongoing.

喬正在拆除許多遺留網路元素，這項工作正在進行中。

And we also have the voluntary separation program, which took shape at the end of last year.

我們還有去年年底形成的自願離職計畫。

We'll see a full year benefit this year.

今年我們將看到全年收益。

The guide assumes, as you mentioned, a modest increase in upgrades year-over-year.

正如您所提到的，該指南假設升級數量逐年適度增加。

But overall, we're very confident that we were able to absorb the impact of the [promo] amortization and have EBITDA growth acceleration.

但總的來說，我們非常有信心能夠吸收[促銷]攤銷的影響並實現 EBITDA 加速成長。

And you see the investments we're making, the strength of the network and the execution as Sampath mentioned, are positioning us for strong EBITDA performance.

您將看到我們正在進行的投資、網路的實力以及 Sampath 提到的執行力，使我們能夠實現強勁的 EBITDA 業績。

And then if I move to cash flow, as Hans mentioned, the cash flow generation of the business continues to be very strong.

然後，如果我轉向現金流，正如漢斯所提到的那樣，業務的現金流生成仍然非常強勁。

For the full year '24, we delivered $19.8 billion in free cash flow.

2024 年全年，我們實現了 198 億美元的自由現金流。

And that's inclusive of the tower deal.

這包括塔樓交易。

There's about $2 billion there from the tower deal.

塔樓交易中大約有 20 億美元。

And the results of '24 evidence, as Hans said earlier, that we can manage through significant pressures like cash taxes and still generate a very strong cash flow profile.

正如漢斯早些時候所說，'24 的結果證明我們可以應對現金稅等巨大壓力，並且仍然產生非常強勁的現金流狀況。

And when you look at this in the context of the guide, we said $17.5 billion to $18.5 billion on free cash flow, we still feel very good about the cash generation.

當你在指南中看到這一點時，我們說自由現金流為 175 億至 185 億美元，我們仍然對現金產生感到非常滿意。

That's an all-in range and we're managing to that.

這是一個全面的範圍，我們正在努力做到這一點。

And the drivers, Mike, are very similar to what we saw in 2024.

麥克，這些車手與我們在 2024 年看到的非常相似。

It starts with EBITDA growth, and I talked about the $1.3 billion at the midpoint.

首先是 EBITDA 成長，我談到了中間的 13 億美元。

We gave a range of CapEx of $17.5 billion to $18.5 billion for 2025.

我們預計 2025 年的資本支出範圍為 175 億美元至 185 億美元。

And as always, our network engineers do a great job and they're always going to be very efficient with our capital spending.

一如既往，我們的網路工程師做得很好，他們總是非常有效率地利用我們的資本支出。

You saw that in 2024.

你在 2024 年就看到了這一點。

Interest expense continues to improve.

利息支出持續改善。

We paid down a significant amount of debt in 2024.

我們在 2024 年償還了大量債務。

We're down about $7 billion in total debt.

我們的總債務減少了約 70 億美元。

So that will continue to see improvements there.

因此，這方面將持續改善。

And then on working capital, we continue to focus on driving efficiencies in working capital, and that goes beyond handsets as well.

然後在營運資本方面，我們繼續專注於提高營運資本效率，這不僅限於手機領域。

And then with cash taxes, really no change there.

然後加上現金稅，實際上沒有任何變化。

We'll continue to see pressure from bonus depreciation.

我們將繼續看到紅利折舊帶來的壓力。

We'll have to see what happens in Washington with any proposed legislation.

我們必須看看華盛頓的立法提案會發生什麼。

And the assumption we put in the free cash flow guide was that we'd see a mid-single digit year-over-year increase in upgrades.

我們在自由現金流指南中的假設是，我們會看到升級數量較去年同期出現中個位數成長。

And obviously, Frontier, as we said earlier, is excluded from the guidance.

顯然，正如我們之前所說，Frontier 被排除在指導之外。

But look, the guidance reflects the strong cash generation that we have in the business and it allows us to continue our capital allocation priorities, whether it's investing in the business, committing to the dividend and continue to delever the balance sheet, you'll see us continue to do that in 2025.

但是看，該指導反映了我們在業務中擁有的強勁現金生成能力，它使我們能夠繼續我們的資本配置優先事項，無論是投資於業務、承諾派發股息還是繼續去槓桿化資產負債表，你會看到我們將在 2025 年繼續這樣做。

Thanks.

謝謝。

Yeah, thanks.

是的，謝謝。

Sebastiano Petti, JPMorgan.

塞巴斯蒂亞諾·佩蒂，摩根大通。

Hi, thank you for taking the question.

您好，感謝您提出問題。

Just in regards -- just a quick housekeeping question, I guess, for Tony.

我想，只是問托尼一個簡單的內務問題。

The $2.9 billion of device protection and insurance in 2024, how should we think about the underlying growth rate within that revenue bucket that will be reclassified?

到 2024 年，設備保護和保險將達到 29 億美元，我們應該如何考慮將重新分類的收入類別中的潛在成長率？

Just trying to think about apples-to-apples service revenue guide.

只是想考慮一下同類服務收入指南。

I mean how has that been trending, I guess, relative over the last several years and maybe expectations for contribution next year within the context of the overall service revenue guide?

我的意思是，我猜，相對於過去幾年，這種趨勢如何，也許在整體服務收入指南的背景下對明年的貢獻的預期？

Another quick question, on fixed wireless.

另一個關於固定無線的快速問題。

I think in the third quarter, Hans, we talked a little bit about perhaps the pace of FWA growth slowing a little bit, maybe because of greater contribution from suburban and rural as C-band is deployed in those markets.

Hans，我認為在第三季度，我們談到了 FWA 成長速度可能會稍微放緩，這可能是因為隨著 C 頻段在這些市場的部署，郊區和農村的貢獻更大。

Strong fourth quarter number here.

第四季的數據強勁。

And also just kind of thinking about you will be standing up an MDU solution in 2025, which should aid the trajectory in the Tier 1 markets.

而且，想想您將在 2025 年推出 MDU 解決方案，這應該有助於一級市場的發展。

So maybe any help in thinking about how you expect the MDU solution to scale or the contribution maybe within the, I would imagine, 76 C-band markets.

因此，也許可以幫助您思考 MDU 解決方案如何擴展，或者在我想像的 76 個 C 頻段市場中可能做出的貢獻。

And then one last question.

最後一個問題。

As you think about, I think, Sampath, you've reiterated expectations for consumer phones to improve -- net adds to improve ex-second lines year-over-year.

我想，Sampath，正如您所想，您重申了對消費性手機改善的期望——淨增加將改善前二線產品的同比增長。

Great to hear.

很高興聽到。

Anything -- lots of focus on immigration growth.

任何事情——重點關注移民增長。

Maybe if you can kind of touch upon if there's any slowdown or -- beyond the normalization that we've been seeing across the ecosystem.

也許您可以談談是否有任何放緩或超出我們在整個生態系統中看到的正常化程度。

Is there any expectations for a pronounced slowdown in immigration growth in '25?

25世紀移民成長是否會明顯放緩？

Thank you.

謝謝。

Thank you, Sebastiano, let me start.

謝謝你，塞巴斯蒂亞諾，讓我開始吧。

We will end by the insurance question, and Tony will take that one.

我們將以保險問題結束，托尼將回答這個問題。

On fixed wireless access, you're absolutely right, our C-band deployment has as priority number one mobility.

在固定無線存取方面，您說得完全正確，我們的 C 頻段部署將行動性放在第一位。

And that means that our secondary business case is fixed wireless access.

這意味著我們的次要業務案例是固定無線存取。

We go to Tier 2 and Tier 3 markets now that is less dense.

現在我們進入密度較低的二級和三級市場。

The speed is the same.

速度是一樣的。

I mean, some in the market believe we're slowing down; we're not slowing down.

我的意思是，市場上的一些人認為我們正在放緩；我們並沒有放慢腳步。

You saw the numbers in the fourth quarter.

你看到了第四季的數字。

The guys are doing fantastic.

小伙子們做得很好。

But of course, a little bit less opportunities going into the first half of 2025 probably.

但當然，進入 2025 年上半年的機會可能會減少一些。

But with the MDU solution also coming in and then ramping up Fios at the same time, we're going to see a continuation of our strength in broadband.

但隨著 MDU 解決方案的推出並同時提升 Fios，我們將看到我們在寬頻方面的實力得以延續。

And we took market share in 2024 in broadband and I'm certain we're going to do it again with the fixed wireless access and the Fios we have.

我們將在 2024 年佔據寬頻市場份額，我確信我們將透過固定無線存取和我們擁有的 Fios 再次實現這一目標。

So it's going to be a great year again for fixed wireless access.

因此，對於固定無線存取來說，今年將又是偉大的一年。

And we come with new products, we improve all the time what we're delivering.

我們推出了新產品，並不斷改進我們所提供的產品。

I'm going to ask Sampath to talk a little bit about that, and immigration.

我要請薩姆帕斯談談這個問題和移民問題。

But before we come to immigration, I think that we have been managing fantastic with our portfolio to all the customer groups, even though what we see, a slower or a less big switcher pool.

但在我們開始移民之前，我認為我們對所有客戶群的產品組合管理得非常好，儘管我們看到的是速度較慢或較小的切換池。

We have an offering that's actually appealing to the market, and we can grow in that with the competition.

我們擁有真正對市場有吸引力的產品，並且我們可以在競爭中不斷成長。

So I feel confident whatever it might -- moves in the market that we can continue.

因此，無論市場走勢如何，我都相信我們可以繼續下去。

So I will ask Sampath first to comment a little bit and then Tony will answer on the insurance question.

所以我會先請 Sampath 發表評論，然後 Tony 回答保險問題。

Sebastian, good morning to you.

塞巴斯蒂安，早安。

I think on FWA and broadband more general, our value prop is resonating really well with customers. myHome is working very well and it's delivering what customers want.

我認為在 FWA 和寬頻方面，我們的價值主張與客戶產生了很好的共鳴。 myHome 運作良好，能夠滿足客戶的需求。

On one end, you have FWA, which attracts the premium service, attracts a premium client base.

一方面，FWA 可以吸引優質服務，吸引優質客戶群。

They like the ease and the convenience of use.

他們喜歡使用的輕鬆性和便利性。

On the other hand, you have fiber, which is highly reliable, very high performance.

另一方面，光纖具有高度可靠、性能非常高的特性。

So we were able to segment the market very well, and that's why you're seeing continued success.

因此，我們能夠很好地細分市場，這就是為什麼您會看到持續的成功。

We are taking more than 50% of all the industry net adds. 50% of the growth is coming to us in the market.

我們佔了所有產業淨增量的 50% 以上。 50%的成長來自市場。

We're going to continue to see that in 2025 as well as we've done in 2024.

我們將在 2025 年繼續看到這一點，就像我們在 2024 年所做的那樣。

For the company, we're going to have between 350,000 and 400,000 broadband net adds a quarter.

對於公司來說，四分之一的寬頻網路將增加 35 萬至 40 萬個。

As Hans said, there's going to be some fluctuation across the quarters as we do because we are scaling three very big things in this space.

正如漢斯所說，每季都會出現一些波動，因為我們正在這個領域擴展三件非常大的事情。

The first is rolling out C-band in Tier 2, Tier 3 markets.

第一個是在二級、三級市場推出 C 頻段。

They have a slightly different density, and hence, a different pace of sales as it works into it.

它們的密度略有不同，因此銷售速度也不同。

The second is our MDU product for FWA.

第二個是我們用於 FWA 的 MDU 產品。

We've started it.

我們已經開始了。

We're going to see that scaling all into 2025.

我們將在 2025 年看到這種情況的擴展。

And the third is our expansion of Fios to 650,000 household OFS.

第三是我們將 Fios 擴展到 65 萬個家庭 OFS。

So all those three things will scale through the year and -- but we are very comfortable with that 350,000 to 400,000 assuming some fluctuations.

因此，所有這三件事都將在一年內擴展，但我們對 350,000 到 400,000 的數字感到非常滿意，假設有一些波動。

Also, we are starting to see good ARPU increase.

此外，我們開始看到 ARPU 的良好成長。

Customers are taking more of our premium plans, gig plans on the Fios side and our premium plans on FWA.

客戶越來越多地採用我們的高級計劃、Fios 方面的零工計劃以及 FWA 方面的高級計劃。

And it goes back to the resilience and the convenience of our service.

這可以追溯到我們服務的彈性和便利性。

On that note, let me kind of speak on behalf of the customers for the moment.

就此而言，讓我暫時代表客戶發言。

For decades, most customers have had very limited choice when it comes to broadband providers.

幾十年來，大多數客戶在寬頻供應商方面的選擇非常有限。

You tend to hear the same pain points over and over again.

您往往會一遍又一遍地聽到相同的痛點。

It's opaque pricing, poor reliability, and it drives low NPS.

它的定價不透明、可靠性差，且 NPS 較低。

We are very clear.

我們很清楚。

This is what customers want.

這就是客戶想要的。

An offering that delivers high performance and reliability, no gotcha pricing, no promotions that expire in 12 months, pricing that does not double in a year.

該產品提供高性能和可靠性，無陷阱定價，無 12 個月內過期的促銷活動，定價在一年內不會翻倍。

They want choice, they want transparency.

他們想要選擇，他們想要透明度。

That is what we are delivering to them, and that's what customers like.

這就是我們提供給他們的，也是客戶喜歡的。

So on that foundation, we are very comfortable with our pacing of 350,000 to 400,000 broadband net adds every single quarter.

因此，在此基礎上，我們對每季寬頻網路新增 35 萬至 40 萬個的節奏感到非常滿意。

Good morning, Sebastian, just on the handset insurance.

早安，塞巴斯蒂安，關於手機保險。

So just a couple of things here.

這裡僅介紹幾件事。

So it's recurring handset protection revenue, and it's value that our customers receive.

因此，這是經常性的手機保護收入，也是我們的客戶獲得的價值。

That's very complementary to connectivity.

這與連通性非常互補。

We are going to recast the historical revenue, so we'll provide them so you have a comparable view.

我們將重新計算歷史收入，因此我們將提供它們，以便您有一個可比較的視圖。

The impact is about $2.9 billion in 2024.

到 2024 年，影響約為 29 億美元。

So the baseline of service revenue exiting 2024 is about $82 billion.

因此，2024 年服務收入的基線約為 820 億美元。

The impact to growth rates is not significant, maybe 5 basis points, 10 basis points in 2025.

對成長率的影響不大，2025年可能是5個基點、10個基點。

And there's obviously no change to the service other category.

其他服務類別顯然沒有變化。

Thank you.

謝謝。

Okay, Brett, ready for next question.

好的，布雷特，準備好回答下一個問題。

Jim Schneider, Goldman Sachs.

吉姆·施奈德，高盛。

Good morning.

早安.

Thanks for taking my question.

感謝您提出我的問題。

One on wireless and one on AI, if I may.

如果可以的話，一篇關於無線，一篇關於人工智慧。

On the wireless service revenue, I think, Tony, you've talked about the $2 billion step-up roughly for this year, but the growth rate essentially underlying roughly doubling when accounting for the accounting change you're introducing.

關於無線服務收入，托尼，我認為您已經談到了今年大約 20 億美元的增長，但考慮到您所引入的會計變更，增長率基本上大約翻了一番。

So does this sort of imply as we exit '25 and go into '26, that we're going to be able to kind of maintain that same level of pace in terms of absolute revenue dollar growth on service revenue?

那麼，這是否意味著，當我們退出「25 年」並進入「26 年」時，我們將能夠在服務收入的絕對收入美元增長方面保持相同的速度水平？

And then secondly, on the AI Connect, Kyle, thanks for the good detail.

其次，關於 AI Connect，凱爾，感謝您提供的詳細資訊。

But can you maybe give us a sense of the $1 billion pipeline of sales?

但您能否讓我們了解一下 10 億美元的銷售管道？

When do you think we're going to see material revenue on revenue being actually recognized in the P&L?

您認為我們什麼時候會看到收入中的實質收入在損益表中得到實際確認？

And what's the split roughly between the connectivity business and data centers long term?

從長遠來看，連接業務和資料中心之間的大致劃分是多少？

Okay.

好的。

On the promo amortization, I'm just going to reiterate what I said on the on my opening remarks.

關於促銷攤銷，我只想重申我在開場白中所說的話。

I mean, we guide right now from 2% to 2.8%.

我的意思是，我們現在的指導方針是從 2% 到 2.8%。

Our underlying growth is nearly double.

我們的基本成長幾乎翻倍。

And at the end of this year, that will start to fade off basically, so that's -- and have less impact going forward.

到今年年底，這種情況基本上將開始逐漸消失，因此對未來的影響較小。

So that's where we are right now.

這就是我們現在的處境。

We're not guiding for '26 at the moment, but we're in a good position.

目前我們還沒有為 26 賽季提供指導，但我們處於有利位置。

And the headwinds that we created for ourselves by investing heavily in '22 and '23, as you might remember, that was not our best years, is still impacting us.

正如您可能還記得的那樣，我們在 22 和 23 年大力投資為自己帶來的逆風，那不是我們最好的幾年，但仍然影響著我們。

But given how the financial discipline and the work that Sampath has done and even, of course, Kyle, during the last 12 months to 18 months, that will have an impact, a positive impact for us where we're going to get less of that pressure by year-end.

但考慮到 Sampath 以及凱爾在過去 12 個月到 18 個月期間所做的財務紀律和工作，這將對我們產生積極的影響，我們將獲得更少的收入到年底就可以消除這種壓力。

And that's why I have to be very clear.

這就是為什麼我必須非常清楚。

I mean what we see is really a growth of nearly double than what we are guiding for in real terms.

我的意思是，我們看到的實際增長實際上比我們指導的增長近兩倍。

But of course, as you do the accounting, you need to follow that.

但當然，當你進行會計時，你需要遵循這一點。

On the AI, I'm going to hand it over to Kyle.

關於人工智慧，我將把它交給凱爾。

Yes.

是的。

Thank you for the question here, Jim.

謝謝你在這裡提出問題，吉姆。

I think if you look at the funnel right now, it's basically entirely connectivity for web scalers, right?

我想如果你現在看一下漏斗，它基本上完全是網路擴展器的連接，對吧？

It's basically lit services, wave and dark fiber.

它基本上是光服務、波光纖和暗光纖。

But that's why we're happy today to announce that we're going to add the power space and cooling to the portfolio as well.

但這就是為什麼我們今天很高興地宣布我們還將在產品組合中添加電源空間和冷卻功能。

And I see over time that we'll -- certainly we'll be selling the typical wave and dark fiber to players, but I think we'll also be selling bundles of stuff, right?

我看到隨著時間的推移，我們當然會向玩家出售典型的波浪和暗光纖，但我認為我們也會出售大量的東西，對吧？

So we'll put power space and cooling together with networking, and we're going to sell it on basically a project-by-project basis, right, and make sure that we maintain our good margins and all that kind of thing.

因此，我們將把電力空間和冷卻與網路結合在一起，我們基本上將按項目進行銷售，對吧，並確保我們保持良好的利潤率和諸如此類的事情。

And in terms of rev rec, we already booked revenue in this regard in the fourth quarter, and that was certainly helpful for me in our EBITDA trajectory.

就收入記錄而言，我們已經在第四季度預訂了這方面的收入，這對我的 EBITDA 軌跡肯定有幫助。

So we intend to drive more of that to the bottom line going through 2025, and we look forward to driving more business here.

因此，我們打算在 2025 年之前實現更多盈利，並期待在這裡推動更多業務。

Great.

偉大的。

Yeah, thanks, Jim.

是的，謝謝，吉姆。

Brett, ready for next question.

布雷特，準備好回答下一個問題。

Ben Swinburne, Morgan Stanley.

本‧斯威本，摩根士丹利。

Thanks.

謝謝。

Good morning.

早安.

Wanted to ask you guys about ARPA growth and sort of the competitive environment.

想向你們詢問有關 ARPA 成長和競爭環境的問題。

And then I'm going to come back to Kyle on the AI topic.

然後我將回到凱爾關於人工智慧的話題。

You guys had 4% plus consumer ARPA growth in Q4 and talked about expecting healthy growth in '25.

你們在第四季的消費者 ARPA 成長了 4% 以上，並談到了 25 年的健康成長預期。

Can you just sort of talk a little bit about the competitive environment and sort of what gives you guys confidence in the ability to continue to take price selectively and some of the drivers around ARPA growth that you see ahead for the consumer business?

您能否簡單談談競爭環境，以及是什麼讓您們對繼續選擇性定價的能力充滿信心，以及您認為消費業務未來 ARPA 成長的一些驅動因素？

And then, Kyle, you mentioned -- you were just mentioning dark fiber a bit.

然後，凱爾，你提到──你剛才提到了一些暗光纖。

We have seen some of your competitors announced some pretty big investments in adding capacity.

我們看到你們的一些競爭對手宣布了一些相當大的投資來增加產能。

I'm just wondering if you could talk a little bit about how much of the AI opportunity is leveraging existing assets.

我只是想知道您是否可以談談人工智慧機會有多少是利用現有資產的。

And to the extent you guys are investing within your CapEx guidance into this business, would be interested in sort of where those investments are targeted?

如果你們在資本支出指導範圍內對這項業務進行投資，是否會對這些投資的目標感興趣？

Thanks so much.

非常感謝。

So I will start on the competitive environment.

所以我將從競爭環境開始。

I wouldn't say that there's anything new in the competitive environment.

我不會說競爭環境有什麼新的東西。

It's just that we are performing way better.

只是我們表現得更好了。

I mean, I usually say that our way of competing is with the network, with the product and solutions and with the services that we're competing, and the brand.

我的意思是，我通常說我們的競爭方式是網路、產品和解決方案、我們競爭的服務以及品牌。

And if you look at last year, I mean, our network is just continue to improve.

如果你看看去年，我的意思是，我們的網路正在不斷改善。

We're going to now go to C-band upto 90%, which means that we have more to go there.

我們現在將達到 90% 的 C 頻段，這意味著我們還有更多的工作要做。

I think on the product side, we have heard about myHome, myPlan and what Kyle is doing.

我認為在產品方面，我們已經聽說過 myHome、myPlan 以及 Kyle 正在做的事情。

All of that is resonating.

所有這些都引起共鳴。

Our refresh of the brand, even though it's early after 6 months is really paying off as well.

我們對品牌的更新，儘管是在 6 個月後才進行的，但也確實得到了回報。

So all that is really how we are competing way better in the market than before.

因此，這就是我們在市場上比以前更好地競爭的真正原因。

But then I will ask Sampath to talk a little bit about the segment, we're doing good on the ARPA growth.

但接下來我會請 Sampath 談談這個領域，我們在 ARPA 成長方面做得很好。

On the dark fiber, I will hand that to Kyle.

在暗光纖上，我會將其交給凱爾。

But in general, I would say that everything is included in our guide, and there's nothing more.

但總的來說，我想說的是，所有內容都包含在我們的指南中，僅此而已。

And usually, I would say the majority we have is assets that we already have.

通常，我會說我們擁有的大部分是我們已經擁有的資產。

But Mr. Sampath?

但是桑帕斯先生呢？

Hans, thank you.

漢斯，謝謝你。

Let me build on that.

讓我以此為基礎。

At the end of the day, it comes down to value prop for us.

歸根結底，這取決於我們的價值支撐。

We've built a very strong value prop with a very strong brand on the foundation of our number one network, and that combination is what gives us confidence about ARPA.

我們在第一大網路的基礎上建立了非常強大的價值支撐和非常強大的品牌，這種結合讓我們對 ARPA 充滿信心。

But let me use the opportunity to step back and talk about our broader service revenue options.

但讓我藉此機會退後一步，談談我們更廣泛的服務收入選擇。

We've always said we wanted to get to an 80-20 medium-term contribution from price and volume.

我們一直說我們希望價格和銷售的中期貢獻達到 80-20。

It's important for a long-term sustainable business and a subscription category to be in that framework.

對於長期可持續的業務和訂閱類別來說，納入該框架非常重要。

And we are on our way to do that.

我們正在努力做到這一點。

2024 was a good start for us because we saw positive volume contributions across all our businesses: mobility, FW and value, which has historically been negative for a few years for us.

2024 年對我們來說是一個良好的開端，因為我們看到了所有業務的積極銷售貢獻：移動性、韌體和價值，而這幾年對我們來說一直是負數。

You're going to continue to see volume growth in postpaid and the value and sustained momentum in broadband.

您將繼續看到後付費業務量的成長以及寬頻業務的價值和持續成長動能。

So that takes care of the value -- volume part of the equation.

這樣就解了等式中的價值-體積部分。

Second is on price, which is an important component.

其次是價格，這是一個重要的組成部分。

There are two types of pricing levers that we have.

我們有兩種類型的定價槓桿。

The first is price-ups for more value that we provide to customers.

首先是價格上漲，以便我們為客戶提供更多價值。

We had four major price ups in 2024, we've had two in 2025, because we are delivering more value to our customers and they feel very comfortable with the price structure that we have.

我們在 2024 年進行了四次大幅提價，在 2025 年進行了兩次，因為我們正在為客戶提供更多價值，而且他們對我們的價格結構感到非常滿意。

We cannot, of course, comment on future price-ups.

當然，我們無法對未來的價格上漲發表評論。

But we will look where we see lower churn where input prices are a little higher and, more importantly, the value that we deliver to customers.

但我們會關注哪些地方的客戶流失率較低、投入價格稍高一些，更重要的是，我們會關注我們為客戶提供的價值。

For 2025, the price actions that we've already done are in the hopper, more than $1 billion plus of our service revenue growth is already baked in just with those price-ups.

到 2025 年，我們已經採取的價格行動已經進入了預期階段，光是這些價格上漲就已經使我們的服務收入成長超過 10 億美元。

And you're going to see, of course, pressure and help from the volume side.

當然，你會看到來自成交量方面的壓力和幫助。

The second is customers are stepping up.

第二是客戶正在加緊行動。

It's a bigger opportunity for us as they buy more perks because we give them savings that they don't get anywhere else.

這對我們來說是一個更大的機會，因為我們為他們提供了在其他地方無法獲得的節省，因此他們可以購買更多的福利。

They're taking more premium plans, especially as C-band gets rolled out.

他們正在採取更多的高級計劃，尤其是隨著 C 頻段的推出。

So you're also starting to see a little bit of tailwind from that.

所以你也開始看到一些順風車。

Lastly, we've -- there are other ways to monetize the network that we've started exploring aggressively.

最後，我們已經開始積極探索其他方法來透過網路貨幣化。

The first one is network slicing.

第一個是網路切片。

In Q4 '24, we launched our first network slice, and you're going to see us do more of that.

在 24 年第 4 季度，我們推出了第一個網路切片，您將看到我們做更多的事情。

And the second is enhanced satellite connectivity.

第二是增強的衛星連線。

We have best-in-class partnerships with Apple and Skylo.

我們與 Apple 和 Skylo 建立了一流的合作夥伴關係。

And as that scales out, you're going to start seeing more monetization in the piece.

隨著規模的擴大，你將開始看到更多的貨幣化。

So we have upside on network monetization as well.

因此，我們在網路貨幣化方面也有優勢。

So a combination of all of these gives us a lot of comfort of good ARPA growth in 2025.

因此，所有這些因素的結合讓我們對 2025 年 ARPA 的良好成長感到非常欣慰。

The market is competitive, but look, we like our playbook a lot, and I think it's hunting very well, and you'll see us execute on that similar to how we executed in 2024.

市場競爭激烈，但看，我們非常喜歡我們的劇本，我認為它的狩獵非常好，你會看到我們的執行方式與 2024 年的執行方式類似。

And on the AI bit, I appreciate that the question, Ben.

關於人工智慧，我很欣賞這個問題，Ben。

So I think, yes, some of our competitors are doing investments now, but what our game plan is here is to leverage the investments we've made over time.

所以我認為，是的，我們的一些競爭對手現在正在進行投資，但我們的計劃是利用我們長期以來所做的投資。

And as MPLS, the secular decline continues to go down there, we can reimagine the assets we have.

隨著 MPLS 的長期衰退持續下去，我們可以重新構想我們擁有的資產。

And to Hans' point, so most of the things that we're going to be using to get into these markets, things we've already done.

對於漢斯來說，我們將用來進入這些市場的大部分事情，我們已經做過了。

So it's the assets we already have tweaked a little bit.

所以我們已經對資產做了一些調整。

And we do have the CapEx in there because, listen, some of these deals, what we'll have to do is spend some capital to Edge out our fiber a little bit to go meet people at the right data centers and/or locations of business, and then retrofitting technical space.

我們確實有資本支出，因為聽著，其中一些交易，我們要做的就是花費一些資本來稍微淘汰我們的光纖，以便在正確的數據中心和/或位置與人們會面。

So we have money in for that, but we're ready to go with that.

所以我們有足夠的資金，但我們已經準備好這樣做。

It's all included in the envelope.

這些都包含在信封中。

So we have -- we're just really leveraging all the work we've done over the last decade with One Fiber, Fios and all those assets that we have.

所以我們——我們只是真正利用了過去十年我們在 One Fiber、Fios 和我們擁有的所有資產上所做的所有工作。

We're just going to leverage them and Edge out and capture market here.

我們只是要利用它們並邊緣化並佔領這裡的市場。

Thanks a lot, guys.

非常感謝，夥計們。

Yeah, thanks, Ben.

是的，謝謝，本。

Brett, ready for next question.

布雷特，準備好回答下一個問題。

David Barden, Bank of America.

大衛巴登，美國銀行。

Yeah, guys.

是的，夥計們。

Thanks so much for taking the questions.

非常感謝您提出問題。

I guess first, more of a housekeeping item for you, Tony.

我想首先，對你來說，更多的是一個家務用品，托尼。

Now that we've pulled fees out of other in 2023, now we're pulling insurance out of other in 2025.

既然我們已在 2023 年取消了其他費用，現在我們將在 2025 年取消其他費用。

What is other?

什麼是其他？

And is it now more of a pure-play representation of the monetization of your cable relationship perhaps?

現在它是否更像是有線電視關係貨幣化的純粹代表？

And then the second question is, obviously, in the new administration, I know you guys are well aware that everybody is now thinking about big deals.

第二個問題顯然是，在新政府中，我知道你們很清楚，每個人現在都在考慮大交易。

And one of the bigger deals people are talking about is could Comcast and Charter come together.

人們談論的更大交易之一是康卡斯特和查特能否合併。

And I guess the question is, what would that mean?

我想問題是，這代表什麼？

As we think about that possibility, how should we think about what it would mean for Verizon in terms of are there change of controls?

當我們考慮這種可能性時，我們應該如何考慮控制權是否改變對 Verizon 意味著什麼？

Would this larger entity have more bargaining power with you the next time we have a conversation about pricing?

下次我們討論定價時，這個更大的實體是否有更多的議價能力？

How would it all work?

這一切將如何進行？

Thanks.

謝謝。

I'll let Tony answer the first question.

我請托尼回答第一個問題。

I'll take the

我將採取

--

--

Yes, sure.

是的，當然。

Dave, so on the other -- look, what's left is really USF and other fees.

戴夫，另一方面，你看，剩下的實際上是 USF 和其他費用。

The MVNO relationships are not in there. –MVNO and other recurring revenues are up in service revenue.

MVNO 關係不在那裡。 – MVNO 和其他經常性收入在服務收入中增加。

Yes.

是的。

So first of all, I cannot speculate on whatever combination you're seeing in front of you.

所以首先，我無法推測你在你面前看到的任何組合。

But again, our MVNO relationships are very important to us.

但同樣，我們的 MVNO 關係對我們來說非常重要。

They're treated like large enterprises.

他們受到像大企業一樣的待遇。

I think we both are very satisfied with the relationship we have and what we have built together.

我認為我們都對我們之間的關係以及我們共同建立的東西感到非常滿意。

And remember, our strategy is to build the network once and have as many profitable connection on top of the network.

請記住，我們的策略是建立一個網絡，並在網路之上擁有盡可能多的有利可圖的連接。

And this is accretive to us, as we said before.

正如我們之前所說，這對我們來說是增值的。

So no, I cannot comment on any combinations that can happen.

所以不，我無法評論任何可能發生的組合。

I think we're in a good position.

我認為我們處於有利位置。

We have the best network in the market.

我們擁有市場上最好的網路。

And I think that resonates with customers, and I think that's the most important.

我認為這會引起客戶的共鳴，我認為這是最重要的。

Thanks, Hans.

謝謝，漢斯。

And if I could just do one more follow-up, Tony.

如果我能再做一次後續行動就好了，東尼。

Is there a specific increment in cash taxes that you've baked in that you can share with us for the cash flow number?

您是否已經制定了具體的現金稅增量，可以與我們分享現金流量資料嗎？

So Dave, we gave a guide this year, so -- and I gave you the puts and takes.

戴夫，我們今年給了一個指南，所以——我給了你看跌期權。

So we're going to manage to that guide.

所以我們將設法找到該指南。

We delivered on our guidance for 2024 and I expect us to continue to deliver on our guidance for 2025.

我們實現了 2024 年的指導，我預計我們將繼續實現 2025 年的指導。

But it is a higher tax

但稅費較高

--

--

It is higher, yes, but we're not going to give it.

是的，它更高，但我們不會給它。

--

--

No.

不。

But clearly, we manage that with all the other puts and takes.

但顯然，我們透過所有其他看跌期權來管理這一點。

And if you took the midpoint of this, I mean, we are being equal or better than 2024 when we take away the tower deal.

如果你取中間點，我的意思是，當我們取消鐵塔交易時，我們的水平將等於或優於 2024 年。

So we, as you understand, we feel confident that will help us with our capital priorities, to continue to invest in business.

因此，正如您所理解的，我們有信心這將幫助我們實現資本優先事項，並繼續投資於業務。

We have increased our dividend for 18 consecutive years.

我們連續18年增加股利。

We have paid down our debt and our team has done a great deal -- we're on [2.3] right now on the leverage, which is very close to the [2.25] when we're going to consider repurchasing shares.

我們已經還清了債務，我們的團隊也做了很多工作——我們現在的槓桿水平是[2.3]，這非常接近我們考慮回購股票時的[2.25]。

So that will put me and the board in a very different situation when it comes to the optionality of doing repurchases when that happens.

因此，當談到發生這種情況時進行回購的選擇時，這將使我和董事會處於非常不同的情況。

Perfect, guys.

完美，夥計們。

Thanks so much.

非常感謝。

Yeah, thanks, Dave.

是的，謝謝，戴夫。

Brett, ready for next question.

布雷特，準備好回答下一個問題。

Frank Louthan, Raymond James.

弗蘭克·勞森，雷蒙德·詹姆斯。

, guys.

， 夥計們。

Good morning.

早安.

This is Rob on for Frank.

這是羅布替補弗蘭克。

So you briefly touched on this earlier, but how would you assess the opportunity to expand Fios in your legacy footprint from here?

您之前簡要地談到了這一點，但您將如何評估從這裡開始在您的遺留足跡中擴展 Fios 的機會？

Do you expect to build faster going forward?

您希望未來建造得更快嗎？

And as a follow-up, how attractive is the [BEAD] opportunity for you guys?

作為後續行動，[BEAD] 機會對你們來說有多大吸引力？

Any updates you can share with us on how you're feeling about that would be great.

如果您能與我們分享您對此的感受，那就太好了。

Thank you.

謝謝。

So on the Fios, we have been on the Fios more than 20 years.

所以在 Fios 上，我們已經使用 Fios 20 多年了。

The product is resonating with customers.

該產品引起了客戶的共鳴。

As we outlined, our broadband strategy at the end of last year or October or whatever.

正如我們所概述的，我們在去年年底或十月或其他時間制定了寬頻策略。

We said that we're now going to increase basically 50% in open-for-sales, going to 650,000 in this year.

我們說現在開放銷售量基本上要增加50%，今年達到65萬輛。

We are scaling that is pretty easy for us.

我們正在擴大規模，這對我們來說非常容易。

And so we continue to scale.

所以我們繼續擴大規模。

We see more opportunities for, two reasons.

我們看到更多的機會有兩個原因。

First of all, the economic situation in the country is better today, I mean purchasing power.

首先，現在國家的經濟狀況比較好，我指的是購買力。

And number two, broadband is a necessity.

第二，寬頻是必需品。

And we will also find out that we can deploy fiber cheaper.

我們還將發現我們可以更便宜地部署光纖。

We outlined all of these in our broadband strategy.

我們在寬頻策略中概述了所有這些內容。

So all that is playing in that we can keep our return on investment on this increase of Fios.

因此，我們可以保持 Fios 增加的投資回報。

So we feel good about the Fios.

所以我們對 Fios 感覺很好。

On the BEAD, we will participate where it makes sense for us, where we think that we will have a good opportunity to get subsidy for building out in maybe rural areas, et cetera.

在 BEAD 上，我們將參與對我們有意義的地方，我們認為我們將有很好的機會獲得農村地區建設補貼等。

So we're going to participate.

所以我們要參加。

It's so far fairly little that has been out there because the states are sort of about doing it, but we will participate wherever we think it makes sense from a return on investment.

到目前為止，這方面的活動還很少，因為各州都在做這件事，但只要我們認為投資回報有意義，我們就會參與。

Yeah, great.

是的，太棒了。

Thanks, Rob

謝謝，羅布

Brett, ready for next question.

布雷特，準備好回答下一個問題。

Sam McHugh, BNP Paribas.

薩姆·麥克休，法國巴黎銀行。

Thanks, guys.

謝謝，夥計們。

Two questions.

兩個問題。

On the wireless service revenue, you obviously have a few puts and takes with the promo and the price-ups.

在無線服務收入方面，很明顯，促銷和價格上漲帶來了一些影響。

How should we think about the phasing of these headwinds and tailwinds through the course of 2025?

我們該如何思考 2025 年期間這些逆風和順風的階段？

Number one.

第一。

And then secondly, on the business EBITDA, you mentioned some of the AI-related sales.

其次，在業務 EBITDA 上，您提到了一些與人工智慧相關的銷售。

Maybe you could elaborate on how material they are.

也許你可以詳細說明它們的重要性。

Are we at a place now where we should be confident on this inflection point in business EBITDA and can that be enough to support this?

我們現在是否應該對業務 EBITDA 的轉折點充滿信心？

Thanks very much.

非常感謝。

Yeah, good morning, Sam.

是的，早上好，山姆。

So on the service revenue, we feel very good about the shape.

所以在服務收入上，我們感覺形狀非常好。

It's based on $82 billion, as I said earlier.

正如我之前所說，它是基於 820 億美元計算的。

And the midpoint of the guide implies, and Sampath mentioned this earlier, about $2 billion of additional growth.

薩姆帕斯之前提到過，該指南的中點意味著大約 20 億美元的額外成長。

We executed a number of pricing initiatives, as Sampath mentioned, that carry into 2025.

正如 Sampath 所提到的，我們執行了許多定價舉措，這些舉措將延續到 2025 年。

We also talked about an improving volume profile in consumer, and Sampath talked about that, along with stable business volumes.

我們也談到了消費者銷售狀況的改善，薩姆帕斯也談到了這一點以及穩定的業務量。

We continue to see great volumes on the B2B side.

我們繼續看到 B2B 方面的大量交易。

And then fixed wireless access continues to grow.

然後固定無線接入繼續成長。

We have a $2 billion base of revenue in FWA, and that continues to scale and you saw the results in the fourth quarter there.

我們在 FWA 方面擁有 20 億美元的收入基礎，而這筆收入還在繼續擴大，您可以在第四季度看到結果。

The other thing that will inflect here is prepaid.

這裡影響的另一件事是預付費。

And the positive volumes and the turnaround that Sampath talked about will result in improving revenue profile towards the back half of 2025.

Sampath 談到的積極銷售和扭虧為盈將導致 2025 年下半年的收入狀況改善。

So that headwind will become a tailwind on prepaid.

因此，這種逆風將成為預付費的順風。

And then offsetting that, obviously, as Hans mentioned, is the promo amortization, and that we said would peak in 2025.

然後，正如 Hans 所提到的，顯然，抵消這一點的是促銷攤銷，我們說這將在 2025 年達到高峰。

But as Hans mentioned, the customer economics are very healthy, and we said we expect the headwinds to ease towards the end of the year and into 2026.

但正如 Hans 所提到的，客戶經濟非常健康，我們表示，我們預計逆風將在年底和 2026 年緩解。

But as Sampath mentioned, we're seeking a better balance of P&Q.

但正如 Sampath 所提到的，我們正在尋求 P&Q 的更好平衡。

I think you see that across both mobility and broadband, and we expect it to continue in '25.

我認為您在行動和寬頻領域都看到了這一點，我們預計這種情況將在 25 年繼續下去。

And the actions that Sampath outlined in terms of execution are positioning us for sustainable revenue growth.

薩姆帕斯在執行方面概述的行動使我們能夠實現可持續的收入成長。

On the Verizon Business Group, I'm going to ask Kyle to comment on it.

關於威瑞森商業集團，我將請凱爾對此發表評論。

But we -- of course, the AI Connect is one contributor, but I think that the whole Verizon Business Group team has done a great job, with many things.

但我們——當然，AI Connect 是貢獻者之一，但我認為整個 Verizon 業務集團團隊在許多方面都做得很好。

I mean the wireless growth have had the last couple of years, just keeping -- grinding between 125,000, 150,000 new net adds every quarter, the fixed wireless access that we were, I would say, a little bit surprised by how successful fixed wireless access is in the Business Group, then all the cost takeouts, and if you saw the fourth quarter turning to a positive year-over-year improvement, I think we are onto something even with the secular pressure.

我的意思是無線增長已經過去幾年了，只是保持 - 每個季度增加 125,000 到 150,000 個新網絡，固定無線接入，我想說，我們對固定無線接入的成功程度感到有點驚訝屬於業務集團，然後是所有成本支出，如果你看到第四季度同比出現積極改善，我認為即使面臨長期壓力，我們也正在做一些事情。

So I wanted to say, that's -- Kyle doesn't need to say it, but the guys have done a terrific job.

所以我想說，那就是──凱爾不需要說，但這些人做得非常好。

And I'm cautiously optimistic that we can continue that work.

我對我們能夠繼續這項工作持謹慎樂觀的態度。

Thank you, Hans, and thanks for the question, Sam.

謝謝你，漢斯，謝謝你的提問，山姆。

I won't belabor that.

我不會詳細說明這一點。

I think the revenue we booked that helped with EBITDA as far as AI Connect is small.

我認為就 AI Connect 而言，我們預訂的對 EBITDA 有幫助的收入很小。

That was our first quarter that we booked revenue there.

那是我們在那裡登記收入的第一個季度。

So that did have a little impact.

所以這確實產生了一點影響。

But it's mainly due to the factors that Hans spoke about.

但這主要是由於漢斯所說的因素。

It's relentless focus on our cost and driving efficiencies as well as finding new opportunities in the revenue line.

它不斷關注我們的成本和提高效率，並在收入領域尋找新的機會。

And the team has done a good job with that.

團隊在這方面做得很好。

And if you could see, we've had sequential growth since first quarter.

如果您看到的話，我們自第一季以來就實現了連續成長。

So we've had three quarters in a row of sequential growth of EBITDA.

因此，我們的 EBITDA 已經連續三個季度連續成長。

And for the first time in a long time, we've had growth year-over-year in the fourth quarter of EBITDA.

長期以來，我們第四季的 EBITDA 首次實現年成長。

And I expect those trends to continue in 2025 given the groundwork that we've laid.

鑑於我們已經奠定的基礎，我預計這些趨勢將在 2025 年繼續下去。

And what I would say, Hans talked about FWA, that's turned into a really good news story for us.

我想說的是，Hans 談到了 FWA，這對我們來說是一個非常好的新聞故事。

Because we have certain expectations of the product, and now that we see customers are getting much more comfortable, business customers, with using this as a primary option for them for connectivity.

因為我們對該產品有一定的期望，而且現在我們看到客戶變得更加舒適，商業客戶將其作為他們連接的主要選擇。

We continue to see great growth and great interest in the product.

我們繼續看到該產品的巨大增長和巨大興趣。

As a matter of fact, a lot of large customers who we were -- first, we weren't sure they would use this as a primary use case, are.

事實上，我們的許多大客戶——首先，我們不確定他們是否會將此作為主要用例。

We have big banks, we have big retailers, et cetera, going and doing this.

我們有大銀行、大型零售商等等，都在做。

And then you just saw an announcement we made with Brightspeed, and I think this is a new area of the market that we can tap, and we call this really Copper Catch.

然後你剛剛看到了我們與 Brightspeed 發布的公告，我認為這是我們可以開發的新市場領域，我們稱之為真正的 Copper Catch。

So it's using our fixed wireless access network to help people who have old kind of copper lines out there, low bandwidth lines, replace it and modernize it with FWA.

因此，它使用我們的固定無線存取網路來幫助那些擁有舊式銅線、低頻寬線路的人們，更換它們並使用 FWA 對其進行現代化改造。

And we see this as a great place that we can sell into to.

我們認為這是一個可以出售產品的好地方。

And as -- we talked about private wireless and AI Connect.

我們討論了私人無線和 AI Connect。

So we have a lot of great things on board here, and I feel good about our trajectory into 2025.

因此，我們這裡有很多偉大的事情，我對我們進入 2025 年的軌跡感到滿意。

Awesome, Kyle.

太棒了，凱爾。

Thank you.

謝謝。

Yeah, thanks, Sam.

是的，謝謝，山姆。

Brett, we have time for one more question.

布雷特，我們還有時間再問一個問題。

Kannan Venkateshwar, Barclays.

Kannan Venkateshwar，巴克萊銀行。

Thank you.

謝謝。

It sounds like maybe on the consumer side, you mentioned a couple of drivers of growth, Tier 1 markets, for instance, the Latino segment and so on.

聽起來也許在消費者方面，您提到了一些成長驅動因素，一級市場，例如拉丁裔市場等。

And your lines have obviously grown on the postpaid side, but the account growth is still negative.

而你的後付費方面的線路明顯增長了，但帳戶增長仍然是負數。

So is there an opportunity to turn account growth positive with some of these newer segments that you're targeting?

那麼，是否有機會透過您所瞄準的一些新細分市場來實現帳戶的積極成長？

And is that something that we'll start to see over the course of the year?

我們會在今年開始看到這種情況嗎？

And then secondly, on immigration, I may have missed this as a response to the prior question, but is there a way for us to -- or understand how you guys are thinking about the impact on overall volumes for the industry as a whole over the course of this year or beyond?

其次，關於移民，我可能錯過了對前一個問題的回答，但我們有沒有辦法——或者了解你們如何考慮對整個行業總體數量的影響今年或以後的進程？

Thank you.

謝謝。

Thank you, Kannan.

謝謝你，康南。

I will ask Sampath to answer those questions, but I think we're in a really good position with our offerings to continue regardless of, so.

我會請 Sampath 回答這些問題，但我認為我們處於一個非常有利的位置，我們的產品無論如何都會繼續下去，所以。

But, Sampath.

但是，薩姆帕斯。

Yeah, Thank you.

是的，謝謝。

Kannan, question on the overall market growth, we think postpaid is expected to grow between 8 million and 8.5 million lines in 2025 all in for Business and Consumer.

Kannan，關於整體市場成長的問題，我們認為到 2025 年，後付費線路預計將增加 800 萬至 850 萬條線路，全部用於企業和消費者。

It's a robust market.

這是一個強勁的市場。

It's a very resilient market.

這是一個非常有彈性的市場。

And similar to 2024, pre to post migration makes up almost half of that.

與 2024 年類似，遷移前後幾乎佔了一半。

It's not a segment we play in on the retail side, but we leverage our wholesale channel to go after that segment aggressively.

這不是我們在零售方面涉足的細分市場，但我們利用我們的批發管道積極進軍該細分市場。

Despite there has been lower immigration in the last few quarters, yet we are seeing really strong performance in our value business.

儘管過去幾季的移民數量有所減少，但我們的價值業務表現確實強勁。

I think our refreshed value brands, our value proposition, our relationship with Walmart as well as expanded total wireless distribution is working very well.

我認為我們更新的價值品牌、我們的價值主張、我們與沃爾瑪的關係以及擴大的總無線分銷都運作良好。

So we can continue to grow net adds in this environment, and we feel very comfortable with that.

因此，我們可以在這種環境下繼續增加淨增量，我們對此感到非常滿意。

Now to answer your first question on account growth, we saw account growth in Q4.

現在回答您關於帳戶成長的第一個問題，我們看到第四季度的帳戶成長。

You see that.

你看到了。

But I think at the end of the day, what we are focused on is building deep relationships with our customers.

但我認為歸根結底，我們的重點是與客戶建立深厚的關係。

If you look at the way our offering framework works is we start with connectivity.

如果您看看我們的產品框架的工作方式，您會發現我們從連接性開始。

We want to offer the best connectivity products, both home and on-the-go and mobility and, of course, on the value side.

我們希望提供最好的連結產品，無論是家庭、行動或行動性，當然還有價值。

And then on that foundation of that relationship, we start selling more to those customers, whether it's some of our entertainment products with Perks, it gives you savings that others can't give, our TMP protection products, our cloud products.

然後在這種關係的基礎上，我們開始向這些客戶銷售更多產品，無論是我們的一些帶有Perks 的娛樂產品，它為您提供其他人無法提供的節省，我們的TMP 保護產品，我們的雲產品。

So we want to deepen our relationship with customers.

因此，我們希望加深與客戶的關係。

And I think that's the way we see long-term growth in our business.

我認為這就是我們業務長期成長的方式。

You saw very strong ARPA growth in north of 4%, and underlying growth is, of course, much higher than that when you take care of promo amortization.

您看到 ARPA 成長非常強勁，超過 4%，而且潛在成長當然比考慮促銷攤銷後的成長要高得多。

So account growth is important to us, but what is important to us is profitable customers who value quality of the network and our offering framework.

因此，客戶成長對我們來說很重要，但對我們來說重要的是重視網路品質和我們的產品框架的獲利客戶。

We want to grow in those.

我們希望在這些方面成長。

Thank you.

謝謝。

Yes.

是的。

Thanks, Kannan.

謝謝，康南。

Brett, that's all the time we have today.

布雷特，這就是我們今天的全部時間了。

This concludes the conference call for today.

今天的電話會議到此結束。

Thank you for your participation and for using Verizon Conference Services.

感謝您的參與和使用 Verizon 會議服務。

You may now disconnect.

您現在可以斷開連線。