威訊通訊 (VZ) 2025 Q1 法說會逐字稿

Good morning and welcome to Verizon's first-quarter 2025 earnings conference call. (Operator Instructions) Today's conference is being recorded. If you have any objections, you may disconnect at this time.

早上好，歡迎參加 Verizon 2025 年第一季財報電話會議。（操作員指示）今天的會議正在錄製。如果您有任何異議，您可以立即斷開連接。

I would now like to turn the call over to Mr. Brady Connor, Senior Vice President, Investor Relations.

現在我想將電話轉給投資者關係高級副總裁布雷迪康納先生。

Thanks, Brad. Good morning and welcome to our first quarter of 2025 earnings call and customer value update. I'm Brady Connor, and on the call with me this morning are Hans Vestberg, our Chairman and Chief Executive Officer; Tony Skiadas, our Chief Financial Officer; and we have our Consumer Group CEO, Sampath, who will provide an update on our consumer strategy.

謝謝，布拉德。早安，歡迎參加我們 2025 年第一季財報電話會議和客戶價值更新。我是 Brady Connor，今天早上與我一起通話的還有我們的董事長兼執行長 Hans Vestberg；我們的財務長 Tony Skiadas；我們的消費者集團執行長 Sampath 將介紹我們的消費者策略的最新情況。

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

在我們開始之前，我想提請您注意我們的安全港聲明，該聲明可以在我們投資者關係網站上發布的投資者簡報的開頭找到。本簡報中的資訊包含有關預期未來事件和財務結果的陳述，這些陳述具有前瞻性，並受風險和不確定性的影響。

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

有關可能影響未來結果的因素的討論包含在 Verizon 向美國證券交易委員會 (SEC) 提交的文件中，這些文件可在我們投資者關係網站上查閱。本簡報包含某些非公認會計準則財務指標。這些非公認會計準則指標與最直接可比較的公認會計準則指標的對帳包含在我們網站上發布的財務資料中。

Discussions and comments related to our 2025 guidance exclude any assumptions regarding the potential effects of the tariff environment owing to the uncertain and evolving nature of these impacts. Earlier this morning, a detailed overview of our first quarter results was posted to our Investor Relations website. We also posted supplemental materials relating to today's call on our website.

與我們的 2025 年指導相關的討論和評論不包括有關關稅環境潛在影響的任何假設，因為這些影響具有不確定性和不斷發展的性質。今天早些時候，我們第一季業績的詳細概述已發佈到我們的投資者關係網站上。我們還在我們的網站上發布了與今天的電話會議相關的補充資料。

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

說完這些，我就把話題交給漢斯。

Thank you, Brady. Good morning, everyone. Let me start by addressing the evolving policy and macroeconomic landscape. We continue to monitor the ongoing developments, and we're confident in our ability to effectively manage our business for our customers and shareholders.

謝謝你，布雷迪。大家早安。首先，我想談談不斷變化的政策和宏觀經濟情勢。我們將繼續專注於事態發展，並有信心我們有能力為客戶和股東有效地管理我們的業務。

In periods of heightened uncertainty, our business has demonstrated remarkable strength, given the importance and the essential nature of our connectivity services, the size and quality of our customer base, and the strength of our balance sheet.

在高度不確定的時期，鑑於我們的連結服務的重要性和必要性、我們客戶群的規模和品質以及我們資產負債表的實力，我們的業務表現出了非凡的實力。

Our diverse portfolio of offerings serves all market segments and positions us for success in any economic environment. And with our bias for action and position of strength, we expect that we will not only weather the current environment but thrive in it.

我們多樣化的產品組合服務於所有細分市場，並使我們在任何經濟環境中都能取得成功。憑藉我們對行動的偏好和實力地位，我們預期我們不僅能夠經得起當前的環境，而且能夠蓬勃發展。

Now let me turn to our results. We had an exceptional financial start of the year delivering strong growth across our key financial metrics. Wireless service revenue was up 2.7% at the high end of our guided range. Adjusted EBITDA of $12.6 billion was our highest reported result ever, growing 4% and exceeding our guided range.

現在讓我來談談我們的結果。今年我們的財務狀況開局良好，各項主要財務指標均實現強勁成長。無線服務收入成長 2.7%，達到我們預期範圍的高點。調整後的 EBITDA 為 126 億美元，是我們有史以來報告的最高業績，成長 4%，超出了我們的指導範圍。

Free cash flow was up over $900 million and enabled continued execution of our capital allocation priorities. Even with the recent declines in consumer confidence, we remain confident in our ability to deliver on our 2025 financial guidance.

自由現金流增加了 9 億多美元，使我們能夠繼續執行資本配置優先事項。即使最近消費者信心下降，我們仍然對實現 2025 年財務指引的能力充滿信心。

Our comprehensive portfolio of offerings and strategic moves we have made over the last year position as well for sustainable financial and subscriber growth while also improving the customer experience.

我們全面的產品組合和過去一年採取的策略性舉措也為永續的財務和用戶成長奠定了基礎，同時也改善了客戶體驗。

These moves include our brand refresh along with continuous evolution of customer first offerings such as myPlan, myHome, and My Biz Plan, organic and inorganic broadband expansion with the pending acquisition of Frontier, AI Connect and satellite partnerships that enables texting anywhere for free.

這些舉措包括我們的品牌更新以及 myPlan、myHome 和 My Biz Plan 等客戶至上產品的不斷發展，以及透過即將收購 Frontier、AI Connect 和衛星合作夥伴關係進行的有機和無機寬頻擴展，從而可以在任何地方免費發送簡訊。

RootMetrics recently recognized Verizon as the best, fastest and most reliable 5G network in the US, and our network continues to get even better. On mobility, we're on track to deploy C-band to 80% to 90% of our planned sites by year end, and we are aggressively rolling out 5G advanced features.

RootMetrics 最近將 Verizon 評為美國最好、最快、最可靠的 5G 網絡，而且我們的網絡還在變得更好。在移動性方面，我們預計在年底前將 C 波段部署到 80% 至 90% 的計劃站點，並且我們正在積極推出 5G 先進功能。

On Fios expansion, we're ahead of our plan year-to-date to deliver 650,000 incremental passings this year. On fixed wireless access, our multi-dwelling unit solution is expected to gradually ramp over time along with continued expansion of homes and businesses covered with ongoing C-band deployment.

在 Fios 擴張方面，我們今年提前完成計劃，實現了 650,000 次增量傳球。在固定無線存取方面，隨著 C 波段部署持續覆蓋的家庭和企業的不斷擴大，我們的多住宅單元解決方案預計將隨著時間的推移而逐步提升。

Turning to our operation performance, our segmentation strategy focused on delivering targeted offerings is yielding positive results. We delivered a year-on-year improvement in combined postpaid and prepaid phone net adds. We did have a slow start on postpaid phone net adds, largely driven by elevated churn due to recent price ups and pressure from federal government accounts.

談到我們的營運業績，我們專注於提供有針對性的產品的細分策略正在產生積極的成果。我們的後付費和預付費電話淨增量年增。我們的後付費電話淨增額起步較慢，主要是由於近期價格上漲導致客戶流失率上升以及聯邦政府帳戶的壓力。

However, our prepaid nets adds of 137,000 were the best since the TracFone acquisition. In broadband, we continue to take share. With fixed wireless access and fiber, we have the most complete offering covering all segments of the market, and we will cover more than 100 million premises over the time.

然而，我們的預付費淨增用戶數達到 137,000，是自收購 TracFone 以來的最佳成績。在寬頻領域，我們繼續佔據份額。透過固定無線存取和光纖，我們擁有覆蓋所有細分市場的最完整的產品，並且我們將在未來覆蓋超過 1 億個場所。

Our fixed wireless access product continues to lead our broadband growth, and we have great momentum to reach our next milestone of 8 million to 9 million fixed wireless access subscribers by 2028. We're excited to expand our broadband opportunity and continue to scale our mobile and home offerings as we work towards closing the Frontier transaction.

我們的固定無線接取產品持續引領我們的寬頻成長，我們擁有強大的動力，到 2028 年將實現 800 萬至 900 萬固定無線接取用戶的下一個里程碑。我們很高興能夠擴大我們的寬頻機會，並在努力完成 Frontier 交易的同時繼續擴大我們的行動和家庭服務。

The consumer group's multi-year business transformation effort is progressing as planned, and you'll hear more about that from Sampath shortly. In the business group, our private networks business continued to scale. We closed more than a dozen deals in the quarter, including private networks for AdventHealth and Nucor.

消費者團體多年的業務轉型工作正在按計劃進行，您很快就會從 Sampath 那裡聽到更多有關這方面的信息。在業務集團方面，我們的專網業務規模持續擴大。我們在本季完成了十多筆交易，包括 AdventHealth 和 Nucor 的私人網路。

We were named a leader in the Gartner Magic Quadrant for managed IoT connectivity services worldwide and reached an agreement to deliver a turnkey IoT solution for Atlanta Hawks. We have seen accelerated interest in AI Connect and continue to expand our partner ecosystem.

我們被評為 Gartner 魔力像限中全球託管物聯網連接服務的領導者，並達成協議為亞特蘭大老鷹隊提供交鑰匙物聯網解決方案。我們看到人們對 AI Connect 的興趣日益濃厚，並將繼續擴大我們的合作夥伴生態系統。

Looking ahead, our priorities are clear: a continued focus on growing wireless service revenue, expanding adjusted EBITDA and generating strong free cash flow, accelerating our mobility and broadband growth and scale private networks, leverage our existing fiber and edge compute assets to unlock new revenue stream through our AI connect offerings, focus on financial discipline, operational excellence and customer experience, and finally, execute on our capital allocation priorities, invest in the business, support and grow our dividends, pay down debt and eventually share repurchases.

展望未來，我們的優先事項很明確：繼續專注於成長無線服務收入，擴大調整後的 EBITDA 並產生強勁的自由現金流，加速我們的行動和寬頻成長並擴大私人網路規模，利用我們現有的光纖和邊緣運算資產透過我們的 AI 連接產品釋放新的收入來源，專注於財務紀律、卓越營運和客戶體驗，最後一點投資

With that, I’ll turn the call over to Tony.

說完這些，我就把電話轉給托尼。

Thanks, Hans. Good morning, everyone. As we reported earlier, the first quarter demonstrated our ability to drive strong financial growth with wireless service revenue growth at the upper end of our guided range. Additionally, we had our best ever reported adjusted EBITDA result at $12.6 billion and we delivered an over $900 million improvement in free cash flow from the prior year.

謝謝，漢斯。大家早安。正如我們之前報導的那樣，第一季展示了我們推動強勁財務成長的能力，無線服務收入成長達到了我們預期範圍的上限。此外，我們報告的調整後 EBITDA 業績達到了有史以來的最佳水平，達到 126 億美元，自由現金流較上年增加了 9 億多美元。

We improved our total combined postpaid and core prepaid phone net adds year over year. We're taking share on broadband, and we continue to innovate with myPlan, myHome and our new My Biz Plan to deliver best-in-class value across all of our customers.

我們的後付費和核心預付費電話網路增量總額逐年提高。我們正在佔領寬頻市場份額，並繼續透過 myPlan、myHome 和新的 My Biz Plan 進行創新，為所有客戶提供一流的價值。

Our consumer postpaid phone net losses of [356,000] reflect the impact of recent pricing actions. We exited the first quarter with positive momentum. Consumer Postpaid phone gross ads in March were up mid single-digits from the prior year, and the performance in April continues to be strong.

我們的消費者後付費電話淨損失為 [356,000]，反映了近期定價措施的影響。我們以積極的勢頭結束了第一季。3 月消費者後付費手機廣告總額較上年同期成長了中個位數，4 月的表現持續強勁。

Additionally, our new three-year price lock and free phone guarantee is resonating in the market. We remain confident in our ability to deliver better consumer postpaid phone net adds year over year for the full year. Business phone net adds were 67,000 in the period, impacted by pressure within federal government accounts.

此外，我們新推出的三年價格鎖定和免費電話保證在市場上引起了反響。我們仍然有信心，我們有能力在全年為消費者提供比去年同期更好的後付費電話淨增值服務。受聯邦政府帳戶壓力的影響，該期間商業電話淨增量為 67,000 部。

We continue to work with customers of all sizes to deliver connectivity solutions that match their needs. Our momentum continued to build in core prepaid where we delivered 137,000 net adds. Our strong execution and investment in Visible, Total Wireless and Straight Talk is paying off, and we continue to expect positive service revenue contribution from core prepaid in the second half of the year.

我們將繼續與各種規模的客戶合作，提供滿足他們需求的連接解決方案。我們的核心預付費業務持續保持強勁成長勢頭，淨增用戶 137,000 人。我們對 Visible、Total Wireless 和 Straight Talk 的強勁執行和投資正在獲得回報，我們繼續預計下半年核心預付費服務收入將貢獻正成長。

In broadband, our Fios and fixed wireless access offerings are attracting new customers quarter after quarter. We had 339,000 net adds in the period and we continue to take market share. This is a solid start to the year and one we expect to build on as we expand our C-band and Fios availability.

在寬頻領域，我們的 Fios 和固定無線接取產品正在逐季吸引新客戶。在此期間，我們的淨增用戶數為 339,000，我們繼續佔據市場份額。這是今年的一個良好開端，我們希望在此基礎上繼續擴大 C 波段和 Fios 的可用性。

Shifting to financials. We delivered strong results with 2.7% wireless service revenue growth. This reflects the benefits of pricing actions, expansion of fixed wireless access subscribers and continued adoption of perks and premium plans.

轉向金融。我們取得了強勁的業績，無線服務收入成長了 2.7%。這反映了定價措施、固定無線存取用戶的擴大以及持續採用額外福利和優質計劃的好處。

Adjusted EBITDA of $12.6 billion grew 4% in the quarter, which represents our best quarter of year-over-year growth in nearly four years and demonstrates our sustained and disciplined approach to growth. Adjusted EPS was $1.19 for the quarter, up 3.5% year over year. Finally, our free cash flow of $3.6 billion positions us to continue to pay down debt in alignment with our capital allocation priorities and ahead of the anticipated close of the Frontier transaction.

本季調整後的 EBITDA 為 126 億美元，成長 4%，這是我們近四年來同比成長最好的一個季度，也體現了我們持續、嚴謹的成長方針。本季調整後每股收益為 1.19 美元，年增 3.5%。最後，我們 36 億美元的自由現金流使我們能夠按照資本配置優先事項並在 Frontier 交易預計完成之前繼續償還債務。

In closing, we are pleased with the financial performance we saw in the quarter. As Hans mentioned, we have a lot of experience managing through uncertainty in the broader economy, and we have a product portfolio that allows us to compete effectively in any environment. We remain confident in our ability to deliver on our operational and financial goals for 2025.

最後，我們對本季的財務表現感到滿意。正如漢斯所說，我們在應對整體經濟不確定性方面擁有豐富的經驗，並且我們的產品組合使我們能夠在任何環境中有效競爭。我們仍有信心實現 2025 年的營運和財務目標。

I will now turn the call back over to Hans.

現在我將把電話轉回給漢斯。

Thank you, Tony. Now, let's discuss our strategic approach to the consumer market to drive sustainable subscriber and financial growth. It all starts with how we compete and go to market. Our network is the foundation of everything we offer. We have the best and most reliable network, and we continue to extend our network leadership with our ongoing C-band deployment and broadband expansion with fixed wireless access and fiber, including the pending acquisition of Frontier.

謝謝你，托尼。現在，讓我們討論一下我們針對消費市場的策略方針，以推動可持續的用戶和財務成長。一切都始於我們如何競爭和進入市場。我們的網路是我們提供的一切服務的基礎。我們擁有最好、最可靠的網絡，並且我們將繼續透過正在進行的 C 波段部署和固定無線接入和光纖的寬頻擴展（包括即將收購 Frontier）來擴大我們的網路領導地位。

Our customer-first connectivity offerings deliver unmatched control, value and simplicity for all our customer segments. Over the last two years, we have introduced targeted offers for all customer segments across mobility and broadband. As the market leader, we remain committed to introducing new and innovative offerings that meet the evolving needs of our customers.

我們以客戶為先的連結產品為所有客戶群提供無與倫比的控制、價值和簡單性。在過去兩年中，我們針對行動和寬頻領域的所有客戶群推出了有針對性的優惠。身為市場領導者，我們始終致力於推出滿足客戶不斷變化的需求的全新創新產品。

Next is the value-added services, which is one of our key differentiators in the market. We offer add-on perks including exclusive discounts on some of the top streaming services such as Netflix and Max. Given the size and the quality of our base and the scale of our distribution network, we offer rates that customers cannot find anywhere else, and we will continue to expand our perk portfolio.

接下來是加值服務，這是我們在市場上的主要差異化因素之一。我們提供附加福利，包括 Netflix 和 Max 等一些頂級串流媒體服務的獨家折扣。鑑於我們客戶群的規模和品質以及分銷網絡的規模，我們提供客戶在其他任何地方都找不到的價格，並且我們將繼續擴大我們的福利組合。

Over the past few years, we have dedicated substantial resources and capital to enhance our customer experience through various initiatives including AI for customer care and personalization. Although the industry, including Verizon still has room to improve, we have made great progress towards our goal of seamless customer interactions.

過去幾年，我們投入了大量資源和資金，透過各種措施提升客戶體驗，包括用於客戶關懷和個人化的人工智慧。儘管包括 Verizon 在內的整個行業仍有改進的空間，但我們在實現無縫客戶互動的目標方面已經取得了巨大進步。

Lastly, our brand is a pivotal element in our go-to-market strategy. Recognizing its importance, we made a strategic decision to refresh our brand last year, and we are committed to further developing and strengthening our brand to drive continued growth and customer engagement.

最後，我們的品牌是我們行銷策略的關鍵要素。認識到其重要性，我們去年做出了更新品牌的策略決策，並致力於進一步發展和加強我們的品牌，以推動持續成長和客戶參與。

By focusing on these key pillars of our value proposition, we attract new customers, foster loyalty among existing ones and maximize the long-term value of each customer relationship. This holistic approach ensures that we remain competitive in the marketplace and drive sustainable subscriber and financial growth.

透過專注於我們價值主張的這些關鍵支柱，我們吸引新客戶，培養現有客戶的忠誠度，並最大限度地提高每個客戶關係的長期價值。這種整體方法確保我們在市場上保持競爭力並推動可持續的用戶和財務成長。

Now, let me turn to Sampath, who will provide more details on our consumer transformation journey.

現在，讓我轉向 Sampath，他將提供有關我們的消費者轉型之旅的更多細節。

Good morning, everyone. When I stepped into the role of Consumer Unit CEO, just over two years ago, Hans and I immediately set a course for a multi-year transformation that offers what customers need in today's increasingly dynamic economic environment. We committed to delivering real value to our customers while driving sustained long-term growth.

大家早安。兩年多前，當我接任消費者部門執行長一職時，漢斯和我立即制定了多年的轉型計劃，以滿足客戶在當今日益活躍的經濟環境中的需求。我們致力於為客戶提供真正的價值，同時推動長期持續成長。

Let me walk you through our transformation journey and the results so far. Beginning in 2023, we revamped our sales engine, moving to a regional model, individual sales incentives and a stronger focus on local marketing. We also launched myPlan, giving customers more control, value and simplicity.

讓我向您介紹我們的轉型歷程和迄今為止的成果。從 2023 年開始，我們改進了銷售引擎，轉向區域模式、個人銷售激勵措施並更加重視本地行銷。我們也推出了 myPlan，為客戶提供更多控制權、價值和簡單性。

This allowed us to significantly reduce our perceived price premium while driving higher average revenue per user through perks, insurance and financial services. In 2024, we relaunched our brand and accelerated myPlan and myHome adoption. We solidified the Verizon model of convergence with the announcement of the Frontier transaction and ramping up our current in footprint fiber builds.

這使我們能夠大幅降低感知價格溢價，同時透過福利、保險和金融服務提高每位用戶平均收入。2024 年，我們重新推出了品牌，並加速了 myPlan 和 myHome 的採用。我們透過宣布 Frontier 交易並加大當前的光纖覆蓋建設力度，鞏固了 Verizon 融合模式。

This transaction will help enable our long-term goal of offering broadband to over 100 million premises, including fiber passings of 35 million to 40 million. We also turned around our prepaid business, which includes the industry's largest portfolio of brands. This was driven by a revamp of our value propositions, expanded exclusive and third-party distribution, and instilling the same operational rigor we introduced in our postpaid business.

這項交易將有助於我們實現向超過 1 億戶家庭提供寬頻的長期目標，其中包括 3,500 萬至 4,000 萬戶光纖存取。我們也扭轉了預付費業務的頹勢，該業務擁有業內最大的品牌組合。這是由我們價值主張的改進、獨家和第三方分銷的擴大以及我們在後付費業務中引入的相同營運嚴謹性所推動的。

The core prepaid brands returned to subscriber growth in 2024 and achieved their best results since the TracFone acquisition this quarter. This demonstrates our ability to win across all market segments. Customers are responding to our offers and we anticipate gaining market share in prepaid this year.

核心預付費品牌在 2024 年恢復了用戶成長，並在本季度取得了自收購 TracFone 以來的最佳業績。這證明了我們有能力在所有細分市場中獲勝。客戶對我們的報價反應良好，我們預計今年預付費市場的份額將會增加。

As we enter year three, we are doubling down on our customer-first strategy with an increased focus on customer retention with the Verizon value guarantee, and industry leading 3-year price lock, free phone guarantee for everyone and savings you cannot get elsewhere.

進入第三年，我們加倍推行客戶至上策略，更加重視透過 Verizon 價值保證、業界領先的 3 年價格鎖定、人人享有的免費電話保證以及您在其他地方無法獲得的優惠來保留客戶。

Before I dive into the Verizon value guarantee, let us quickly recap what makes our offering stand out from the competition. Our strategic differentiation centers on creating real customer value through a unique combination of network superiority and customer first offerings. Our myPlan and myHome offerings have been the key drivers of our transformation.

在深入探討 Verizon 價值保證之前，讓我們先快速回顧一下我們的產品在競爭中脫穎而出的原因。我們的策略差異化集中在透過網路優勢和客戶至上服務的獨特組合來創造真正的客戶價值。我們的 myPlan 和 myHome 產品一直是我們轉型的關鍵驅動力。

These offerings go beyond basic connectivity to include premium entertainment and adjacent services that deliver significant savings for the customer. Today, you can get8 of the most popular streaming services from Verizon for $50. That is value customers can only get at Verizon.

這些產品不僅限於基本的連接，還包括優質娛樂和相關服務，可為客戶節省大量成本。今天，您只需花費 50 美元即可從 Verizon 獲得 8 種最受歡迎的串流媒體服務。只有 Verizon 的客戶才能享受這樣的價值。

Our portfolio of adjacent services include industry leading insurance products for both mobility and the connected home and give customers even more peace of mind. We offer even more ways to save through our financial service partners and products, including the Verizon Visa card and the Openbank high yield savings account with Santander, both exclusive to Verizon customers. This business is growing at a double-digit rate and bringing in margin rich service revenue.

我們的相關服務組合包括業界領先的行動和連網家庭保險產品，讓客戶更加安心。我們透過金融服務合作夥伴和產品提供更多儲蓄方式，包括 Verizon Visa 卡和 Santander 的 Openbank 高收益儲蓄帳戶，這兩項均為 Verizon 客戶專屬。該業務正以兩位數的速度成長，並帶來利潤豐厚的服務收入。

Finally, we launched Verizon Access loyalty program, giving customers access to events like the exclusive pre-sale of 100,000 Beyonce concert tickets, NFL, NBA and NHL games, and lifetime experiences such as the 140,000 free tickets we gave out to the first Verizon Super Bowl fanfest parties.

最後，我們推出了 Verizon Access 忠誠度計劃，讓客戶可以參與各種活動，例如獨家預售 100,000 張碧昂絲演唱會門票、NFL、NBA 和 NHL 比賽，以及終身體驗，例如我們為第一屆 Verizon 超級碗球迷狂歡派對贈送的 140,000 張免費門票。

There is no other plan in the industry like myPlan in myHome, and the beauty of having them built side by side is our ability to offer seamless account linkage and promote joint offers. For converged customers, our retention rates are significantly better than those with just mobility or broadband validating our convergence strategy.

業界沒有其他計劃能與 myHome 中的 myPlan 相媲美，而將它們並排構建的優點在於我們能夠提供無縫的帳戶連結並推廣聯合優惠。對於融合客戶，我們的保留率明顯高於僅有行動或寬頻的客戶，這驗證了我們的融合策略。

Simply put, we offer the most differentiated value proposition in the industry and with our recently launched offers for both new and existing customers, we are delivering what people want and need on their terms.

簡而言之，我們提供業內最具差異化的價值主張，透過我們最近為新舊客戶推出的優惠，我們可以根據人們的條件提供他們想要和需要的東西。

So now let's turn to what we announced a few weeks ago. We launched a game-changing offer, a 3-year price lock and a free phone guarantee with trade in for new and existing customers. This offer was contemplated in our 2025 guidance and is a key component of our strategy to deliver sustainable growth.

現在讓我們回顧一下幾週前我們宣布的內容。我們推出了一項改變遊戲規則的優惠，為新舊客戶提供 3 年價格鎖定和免費電話以舊換新保固。這項提議已在我們的 2025 年指導方針中得到考慮，也是我們實現永續成長策略的關鍵組成部分。

The premise of this offer began several quarters ago as emerging consumer trends showed a growing desire for predictability, price control and value. All things that are particularly relevant in today's economic environment. Customers want peace of mind, and we are giving them just that.

這項優惠的前提始於幾個季度前，當時新興的消費趨勢顯示出對可預測性、價格控制和價值的日益增長的需求。所有這些事情在當今的經濟環境中都特別重要。客戶希望安心，而我們正好能滿足他們的需求。

The key elements of this offer include a 3-year price lock guarantee that covers the network portion of all tiers of myPlan and myHome, and current customers were automatically enrolled on day one. Guaranteed trade in credit for phones to new and existing customers within their plan tiers, free satellite text messaging on all plans. Customers should not have to pay for texting, and it's part of the value we provide to our customers.

此優惠的主要內容包括 3 年價格鎖定保證，涵蓋 myPlan 和 myHome 所有層級的網路部分，現有客戶在第一天就自動註冊。保證為新舊客戶提供其套餐等級內的手機以舊換新信用，所有套餐均提供免費衛星簡訊。客戶不應該為發送簡訊付費，這是我們為客戶提供的價值的一部分。

Customers love our perks and the massive savings they deliver. We had over 10 million perk subscriptions at the end of the first quarter. We now anticipate 15 million subscriptions on our platform by the end of this year, an increase of 1 million perks from our prior forecast in the year-end 2025.

客戶喜歡我們的優惠以及由此帶來的巨大節省。截至第一季末，我們的福利訂閱用戶已超過 1,000 萬。我們預計，到今年年底，我們平台的訂閱用戶數量將達到 1,500 萬，比我們先前預測的 2025 年底增加 100 萬。

They love getting more value for their money with Verizon Visa card and Openbank high-yield savings account. And customers with both mobile and home services get a free monthly perk that will drive customer loyalty. We did not just launch an offer, we set a new standard for customer value, and customers are responding very well.

他們喜歡使用 Verizon Visa 卡和 Openbank 高收益儲蓄帳戶來獲得更多的價值。同時擁有行動和家庭服務的客戶可享有每月免費福利，這將提高客戶忠誠度。我們不只是推出了一項優惠，我們還為客戶價值設立了新的標準，而且客戶的反應非常好。

Early indicators in April suggest strong gross add momentum and very good reception from customers, including many new customers attracted to Verizon. We expect the Verizon value guarantee to provide many benefits to Verizon.

四月份的早期指標顯示總成長勢頭強勁，客戶反應非常好，其中包括許多被 Verizon 吸引的新客戶。我們期望 Verizon 價值保證能為 Verizon 帶來許多好處。

First, growth. We will continue to drive revenue through higher volumes, higher premium mix, perk adoption and upgrading customers to myPlan. All of that is in addition to revenue benefits from a growing FWA base along with the wholesale business and the momentum with prepaid, which we expect to turn service revenue positive in the second half of the year.

第一，增長。我們將繼續透過提高銷售量、提高保費組合、採用額外福利以及將客戶升級到 myPlan 來增加收入。除此之外，我們還將受益於不斷成長的 FWA 基礎、批發業務和預付費業務的發展勢頭，我們預計這些因素將在今年下半年將服務收入轉為正值。

Second, better customer retention. In the past, we've made necessary price adjustments, which impacted churn, but we expect trends to improve through the year, and this launch puts us on a path to get back to the lowest churn in the industry over time.

第二，更好的客戶保留。過去，我們曾進行過必要的價格調整，這影響了客戶流失率，但我們預計全年趨勢將會改善，而此次發布將使我們走上一條隨著時間的推移回到行業最低客戶流失率的道路。

And third, we have constructed this offer in a flexible manner to give us continued financial discipline. The price lock applies to myPlan and myHome network plans only. It doesn't apply to perks, discounts, taxes or fees, and we can still adjust price on legacy plans or introduce new plans if we see an opportunity in the market. Another important note is that the free phone offer will be tiered by plan and require a device trade-in.

第三，我們以靈活的方式製定了這項報價，以確保我們持續的財務紀律。價格鎖定僅適用於 myPlan 和 myHome 網路方案。它不適用於福利、折扣、稅金或費用，如果我們看到市場機會，我們仍然可以調整舊計劃的價格或推出新計劃。另一個需要注意的是，免費電話優惠將根據計劃分級，並需要以舊換新。

Overall, we believe this is just the beginning of how we'll earn lasting customer loyalty and continue to grow the Verizon base, including deliver better consumer postpaid phone net adds in 2025 compared to 2024. We are back to leading the market, not reacting to it, and we are the only carrier with the brand portfolio covering every price point, positioning us for further growth across every segment of the market.

總體而言，我們相信這只是我們贏得持久客戶忠誠度和繼續擴大 Verizon 基礎的開始，包括在 2025 年與 2024 年相比提供更好的消費者後付費電話網路附加價值。我們重新引領市場，而不是對市場做出反應，我們是唯一一家品牌組合涵蓋所有價位的營運商，這使我們能夠在各個細分市場中實現進一步成長。

The 3-year price lock guarantee is the next phase in our consumer transformation, giving consumers the best network, value and 24/7 support with myPlan and myHome, plus additional peace of mind with the free phone and satellite texting. We want to be people's first choice, providing products, services and experience they can't get elsewhere.

3 年價格鎖定保證是我們消費者轉型的下一階段，為消費者提供最佳網絡、價值和 myPlan 和 myHome 的全天候支持，此外還提供免費電話和衛星短信，讓他們更加安心。我們希望成為人們的首選，提供他們在其他地方無法獲得的產品、服務和體驗。

With that, let me turn back to Hans.

說完這些，讓我再回頭談談漢斯。

Thank you, Sampath. In summary, we are on plan with our multi-year consumer transformation. We're offering the most differentiated value proposition, and we are well positioned to drive subscriber and financial growth.

謝謝你，Sampath。總而言之，我們正在按計劃進行多年的消費者轉型。我們提供最具差異化的價值主張，並且我們有能力推動用戶和財務成長。

I'm incredibly proud of the team's dedication and efforts transforming the business. I'm confident that the actions we are taking will set the business up for sustainable long-term growth and extend our industry leadership.

我為團隊為改變業務所付出的奉獻和努力感到無比自豪。我相信，我們正在採取的行動將為業務的長期可持續成長奠定基礎，並擴大我們的行業領導地位。

Now, Brady, we are ready for questions.

布雷迪，現在我們可以回答問題了。

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

謝謝，漢斯。布拉德，我們已經準備好回答第一個問題了。

(Operator Instructions) John Hodulik, UBS.

（操作員指示）瑞銀 (UBS) 的 John Hodulik。

Hey. Thanks and good morning guys. Two questions, if I could. Maybe first for Hans on the subject of tariffs. Any additional color you can give us on how tariffs on, I guess, first handsets and then telecom equipment could affect the business?

嘿。謝謝大家，早安。如果可以的話，我有兩個問題。這可能是漢斯第一次談論關稅問題。您能否進一步說明一下，首先是手機關稅，然後是電信設備關稅將如何影響業務？

On the handset side, you expect the promotions to scale with tariffs and what do you expect the impact to be on upgrades? And then on the equipment side, is tariffs on equipment coming into the US mean the budget stays the same and maybe you do less homes passed? Or just how that unfolds?

在手機方面，您預計促銷活動會隨著資費的增加而擴大，您預期這會對升級產生什麼影響？那麼在設備方面，對進入美國的設備徵收關稅是否意味著預算保持不變，並且通過的房屋數量可能會減少？或只是如何展開？

And then secondly, for Sampath, thanks for all the color on the consumers and the strategy. And thanks for the color on the gross adds leaving the quarter. Can we talk a little bit about churn? I mean, is all the new plans and promotions and offers you have in place, does that help churn in the second quarter? Or do we have to wait until the second half of the year?

其次，感謝 Sampath 對消費者和策略的貢獻。並感謝您在本季度留下的總計色彩。我們可以稍微討論一下客戶流失嗎？我的意思是，你們實施的所有新計劃、促銷和優惠是否有助於提高第二季的客戶流失率？還是要等到下半年？

And that comment on getting back to industry-leading churn, is that something you expect to achieve by the fourth quarter, by the end of this year, or just more color on how that plays out would be great? Thank you.

關於重返業界領先的客戶流失率，您是否預計在今年第四季或年底前實現這一目標，或者只是更詳細地說明這一目標將如何實現？謝謝。

Thank you, John. Let me talk about the tariffs. Of course, tariffs is a little bit of a moving target where they are. But if we take our capital expenditures, it's a very small portion of the [$18 billion], which is the midpoint of the guide this year that it is exposed to tariffs. And on top of that, we are working with all our suppliers, as we have done so.

謝謝你，約翰。我先來談談關稅問題。當然，關稅是一個不斷變化的目標。但如果算上資本支出，這僅佔 [180 億美元] 的一小部分，而這 180 億美元是今年關稅指導值的中點。除此之外，我們還在與所有供應商合作，正如我們已經在做的那樣。

I mean, during COVID-19, we had no impact at all with the supply chain issues there were because I think my team is the best in the industry to handle that. So that will not change any type of investments we're doing in CapEx or anything. We cannot foresee that.

我的意思是，在新冠疫情期間，我們對供應鏈問題完全沒有影響，因為我認為我的團隊是業界處理這個問題最好的團隊。因此，這不會改變我們在資本支出或任何方面所做的任何類型的投資。我們無法預見這一點。

When it comes to handsets, that's also, of course, very early to say where the tariff is going to go and what's going to happen. But in general, if the tariff is going to be as high as they say on the handsets, we are not planning to cover that in our work.

當然，就手機而言，現在談論關稅走向和後果還為時過早。但總的來說，如果手機的資費真如他們所說的那麼高，我們就不會在工作中涵蓋這些費用。

That's just not going to be possible. So we will continue to be with financial discipline in whatever promotions we have, but we will not cover any enormous increase on tariffs on handset. That's ultimately going to hit the consumer in the market. But again, it's too early to say. We don't know where tariff is going to go.

這根本就不可能。因此，無論我們推出什麼促銷活動，我們都將繼續嚴格遵守財務紀律，但我們不會承擔手機資費的大幅上漲。這最終將對市場消費者產生影響。但現在說這些還太早。我們不知道關稅將會走向何方。

But I think my team is well prepared for handling all of it. And on the consumer side, I think Sampath has talked quite a lot about it. I think that the team has done a tremendous work with doing all the new proposals and the new promotions we had all the way from myPlan and myHome home and all of that.

但我認為我的團隊已經做好了充分的準備來應對這一切。在消費者方面，我認為 Sampath 已經談論了很多。我認為團隊在製定 myPlan、myHome 等所有新提案和新促銷活動方面做出了巨大的貢獻。

And now we come to the third leg with the price lock and the phone guarantee. I think we're right in the moment, and we're leading from a very strong financial position. But I'll let Sampath talk a little bit more about the churn and where we are there.

現在我們來談談第三點：價格鎖定和電話保障。我認為我們現在正處於有利地位，我們的財務狀況非常強勁。但我會讓 Sampath 再多談一點有關客戶流失以及我們所處的位置。

Thank you, Hans. Look, we made a decision to price up certain cohorts in December and January, and they were the right trade-offs to make. It helped us lock our revenue for the rest of the year and it was the right thing to do. Look, in Q1, the cohorts that were priced up had higher elasticity than anticipated. And the higher churn can be largely attributed and isolated to those cohorts.

謝謝你，漢斯。你看，我們在 12 月和 1 月決定對某些群體進行定價，這是正確的權衡。它幫助我們鎖定了今年剩餘時間的收入，這是正確的做法。看看，在第一季度，價格上漲的群體的彈性比預期的要高。較高的客戶流失率很大程度上可以歸咎於這些族群。

So because of that, we think churn is transitory, it is abating, and we expect to get back to BAU by the second half of the year. And we've got other levers that we are deploying quite aggressively. The first and the biggest one is Verizon value guarantee. The 3-year price lock and the free phone base is resonating really well, both for our base and for new customers as well.

因此，我們認為客戶流失是暫時的，正在減弱，我們預計今年下半年將恢復到 BAU。我們也正在積極部署其他手段。第一個也是最大的一個是 Verizon 價值保證。3 年價格鎖定和免費電話基礎對於我們的現有客戶和新客戶來說都產生了很好的反響。

Our second is C-Band expansion. As Joe gets to between 80% and 90% of all macros to be C-Band enabled, you tend to see lower churn when that happens as well. And the Verizon model of convergence. Look, we added 339,000 broadband customers between consumer and business and strong volumes, but the vast majority of those customers are converged, which tends to give a benefit to churn.

我們的第二個目標是C波段擴展。當 Joe 將所有巨集中的 80% 到 90% 啟用 C 波段時，您往往也會看到較低的流失率。以及 Verizon 的融合模式。你看，我們在消費者和企業之間增加了 339,000 名寬頻客戶，數量非常大，但絕大多數客戶都是融合的，這往往會為客戶流失帶來好處。

And then lastly is better customer experience. We have a lot of AI-driven customer experiences, updates in the funnel in the second quarter and the rest of the year. So given all of this, we feel that churn is transitory, abating and expected to get back to a BAU posture by the second half of the year.

最後是更好的客戶體驗。我們有許多由人工智慧驅動的客戶體驗，在第二季和今年剩餘時間內進行通路更新。因此，考慮到所有這些，我們認為客戶流失是暫時的、正在減弱的，預計到今年下半年將恢復到 BAU 狀態。

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

是的。謝謝，約翰。布拉德，我們準備好回答下一個問題了。

Ben Swinburne, Morgan Stanley.

摩根士丹利的本‧斯溫伯恩 (Ben Swinburne)。

Thank you. Good morning. Maybe just to follow on the conversation with Sampath. Can you talk a little bit about the March and April gross adds improvement and how much that's been tied to specific promotions including the new 3-year price lock?

謝謝。早安.也許只是為了跟進與 Sampath 的對話。您能否談談三月和四月總收入的成長情況，以及這與包括新的三年價格鎖定在內的具體促銷活動有多少關係？

And there was a lot of talk during the first quarter at various conferences about competitive intensity. I didn't really hear you guys talk about that as being something that's incrementally more concerning, et cetera. So maybe frame the gross adds commentary, if you can, and the new plans in the context of the competitive environment.

第一季度，各種會議上都對競爭強度進行了大量的討論。我並沒有真正聽到你們談論過這是一件越來越令人擔憂的事情等等。因此，如果可以的話，也許可以建立總體增加評論，並在競爭環境下制定新計劃。

And then maybe for Tony, 4% EBITDA growth for the quarter. Obviously, sets you guys up really nicely for the year. I think your business margins were the highest in, I think, since '21. Anything in the quarter around expenses that we should think about as non-recurring? Or any commentary on how you're feeling about the EBITDA guidance for the year? It seems like you could be trending maybe to the upper end of the range, but I'll let you talk to that, if you will. Thank you.

對於 Tony 來說，本季的 EBITDA 成長率可能為 4%。顯然，這為你們今年的計劃做好了充分的準備。我認為您的業務利潤率是自 21 年以來最高的。本季中有哪些支出是我們應該視為非經常性支出的？或者您對今年的 EBITDA 指引有何看法？看起來你可能正趨向於該範圍的上限，但如果你願意的話，我會讓你談論這個。謝謝。

Thank you, Ben. I'll start and then I'm going to hand it over to Sampath and Tony. But on the competitive environment, I think we have seen that for quite a while. I mean, it is a competitive market. We perform well in that market. I think our propositions that we have had in the market that's really resonating with our customers, both on the business side and on the consumers and then adding also both the wireless business and the broadband business.

謝謝你，本。我先開始，然後我會把它交給 Sampath 和 Tony。但在競爭環境方面，我認為我們已經看到這種情況很長一段時間了。我的意思是，這是一個競爭激烈的市場。我們在那個市場表現良好。我認為我們在市場上提出的主張確實引起了客戶的共鳴，無論是在企業方面還是在消費者方面，也包括無線業務和寬頻業務。

I mean, the broadband business continued to gain share in this quarter. We have done -- that's why I'm not sure how many quarters right now as well as now we turned around the prepaid business as well, which I'm very proud of what the team has done. So I think we're competing well. But of course, it's going to be competitive.

我的意思是，寬頻業務在本季繼續獲得份額。我們已經做到了——這就是為什麼我不確定現在我們花了多少個季度扭轉了預付費業務的局面，我為團隊所做的感到非常自豪。所以我認為我們的競爭很激烈。但當然，競爭將會十分激烈。

It's a great product and it's a great market, but there's nothing new when it comes to that. I would ask Sampath to comment on the momentum that we have gained in March and April. But on the finance before I move it over to Tony, yeah, what you saw in this quarter is that how hard we worked with efficiency because we have leverage right now. We grew [Wireless Service Revenue by] (added by company after the call) 2.7%, and we have [grown Adjusted EBITDA by] (added by company after the call) 4%.

這是一個很棒的產品，也是一個很棒的市場，但就這一點而言並沒有什麼新鮮事。我想請 Sampath 評論一下我們在三月和四月的進展。但在我將話題轉交給托尼之前，關於財務問題，是的，您在本季度看到的是我們為提高效率而付出的努力，因為我們現在擁有槓桿作用。我們的 [無線服務收入]（電話會議後公司新增）成長了 2.7%，我們的 [調整後 EBITDA 成長了]（電話會議後公司新增）4%。

Our expenses, if you take it by the handsets, cost is down compared to last year. So we're coming down in expenses. And the team is doing a great job here. And I have to say also on the business group, they have been on the journey for years right now with the headwind of wireline to take down the cost, at the same time, building AI connect, fiber, broadband business, wireless business.

如果以手機計算，我們的開支與去年相比有所下降。因此我們的開支正在減少。團隊在這裡做得非常出色。我還必須說，就業務集團而言，他們多年來一直在努力克服有線網路的阻力，降低成本，同時建立人工智慧連接、光纖、寬頻業務和無線業務。

And now you start seeing that they turn around and this is the second quarter of year-over-year growth. And I know that Kyle and the team are committed to continue that work. So I will start with Sampath to talk about the momentum in March and April, and then we'll go over to Tony to talk a little bit more about leverage.

現在你開始看到他們出現好轉，這是第二季同比增長。我知道凱爾和他的團隊致力於繼續這項工作。因此，我將首先與 Sampath 討論 3 月和 4 月的勢頭，然後我們將與 Tony 進一步討論槓桿作用。

Look, it's always a competitive market. We pulse in and out promotions as we see volumes in the market. And when we have an opportunity to go for volumes, we go for it. Look, we have a playbook. We like our playbook. It's an aggressive playbook, but it's also a playbook that lets us win.

你看，這始終是個競爭激烈的市場。根據市場需求，我們會定時推出促銷活動。當我們有機會實現產量成長時，我們就會去爭取。看，我們有劇本。我們喜歡我們的劇本。這是一本正面的劇本，但也是一本讓我們獲勝的劇本。

In March, we started seeing mid single-digit growth in gross adds in March, and the last two weeks of March was very good and strong for us. As we came into April, we launched the Verizon value guarantee, and we are seeing double-digit growth in gross adds. I think that's largely because how well the offer is resonating both for base as well as new customers coming into the category.

3 月份，我們開始看到新增總數量出現中位數個位數成長，3 月份的最後兩週對我們來說非常好，而且成長強勁。進入四月份，我們推出了 Verizon 價值保證，並且我們看到新增用戶數量實現了兩位數的成長。我認為這主要是因為該優惠對於基礎客戶以及新客戶都產生了很好的共鳴。

So we have good momentum coming out of March and currently in April right now. And this gives us comfort that in 2025, we'll have better for net adds than in 2024. Because on the back half of the year, we see churn coming back to a BAU posture and continued momentum on gross adds, the combination of those two is what gives us comfort that will have a good result for net adds in 2025.

因此，從三月到四月份，我們的發展勢頭良好。這讓我們感到欣慰，2025 年的淨增人數將比 2024 年更好。因為在下半年，我們看到客戶流失率恢復到了 BAU 水平，並且總新增客戶數量保持了增長勢頭，因此，這兩者相結合讓我們有信心，2025 年淨新增客戶數量將取得良好的結果。

Okay. Good morning, Ben. So on the EBITDA in your question, look, we're off to a great start, and we're very confident in the EBITDA guide and it starts with the strong service revenue growth that Hans mentioned at 2.7%, and very healthy customer economics when you look at that versus the promo amortization as well.

好的。早安，本。因此，關於您問題中的 EBITDA，您看，我們有一個良好的開端，我們對 EBITDA 指南非常有信心，它始於 Hans 提到的 2.7% 的強勁服務收入增長，而且與促銷攤銷相比，客戶經濟狀況也非常健康。

And as Hans mentioned, we continue to focus on the cost transformation work and we always working to make the business more efficient, whether it's the customer care, managed services work that Kyle and Sampath are doing day in and day out or the network decommissioning as well.

正如漢斯所提到的，我們繼續專注於成本轉型工作，並始終致力於提高業務效率，無論是凱爾和薩姆帕特日復一日進行的客戶服務、託管服務工作，還是網絡退役工作。

And we also completed our voluntary separation program, and we expect to see a full run rate benefit of that for the balance of the year. And we've said many times, volumes are important, but we're going to drive volumes and be very disciplined in support of our service revenue, EBITDA and free cash flow guidance, and that has not changed at all.

我們也完成了自願離職計劃，我們預計該計劃將在今年餘下時間內帶來全面收益。我們已經多次說過，銷售很重要，但我們將推動銷售，並嚴格遵守服務收入、EBITDA 和自由現金流指導，這從未改變。

On your question on business margins, look, Hans mentioned this earlier, the team is doing a great job in growing the wireless portfolio. If you think about the mix of business shifting more wireless now, Kyle and the team have been growing both mobility and FWA for many quarters now.

關於您關於業務利潤率的問題，漢斯之前提到過，團隊在擴大無線產品組合方面做得很好。如果您考慮現在業務組合更多地轉向無線，那麼 Kyle 和他的團隊已經連續多個季度致力於發展移動性和 FWA。

So that mix shift is skewing more wireless. And as that skews more wireless, that brings more margin with it. And we're also seeing some early contribution from private 5G networks and also AI Connect, where we saw improvements in the fourth quarter.

因此，混合轉變更加偏向無線。隨著無線化程度的提高，其利潤空間也隨之增加。我們也看到私人 5G 網路和 AI Connect 的一些早期貢獻，我們在第四季度看到了改進。

And then on the cost side, the team continues to take cost out, being very disciplined at the deal desk, particularly on business wireless and also the work we're doing around HCL with managed services and also the network decoms as well. So we're pleased to the start to the year. Obviously, the goal here is to grow the business margins for the full year, and we're off to a great start.

然後在成本方面，團隊繼續削減成本，在交易台上非常嚴謹，特別是在商業無線方面，以及我們在 HCL 周圍開展的託管服務和網路分解工作。我們對新的一年的開始感到非常高興。顯然，我們的目標是提高全年的業務利潤率，而且我們已經有了一個很好的開始。

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

是的。謝謝，本。布拉德，準備好回答下一個問題。

Jim Schneider, Goldman Sachs.

高盛的吉姆·施耐德。

Good morning. Thanks for taking my question. Maybe first off, on the consumer side, maybe Sampath or Hans, you could talk to the broad behavior you're seeing from consumers from March into April. Are you seeing any kind of significant change in consumer behavior, trade downs, more reticence to upgrade phones?

早安.感謝您回答我的問題。首先，從消費者方面來說，也許是 Sampath 或 Hans，您可以談談從 3 月到 4 月看到的消費者的廣泛行為。您是否發現消費者行為發生了顯著變化，例如降價、不願升級手機？

Or actually are you seeing potentially consumers react to the potential for tariffs and actually pulling forward some upgrades into the month of April. I mean, maybe how are you thinking about that, the impact of the sort of knock-on impact of tariffs on consumer behavior. Anything you're seeing in terms of the deterioration of consumer in terms of health, credit metrics or whatnot?

或者實際上您是否看到消費者可能對關稅的可能性做出反應，並實際上將一些升級提前到四月。我的意思是，也許您是如何看待關稅對消費者行為產生的連鎖影響的。您是否看到消費者健康狀況、信用指標或其他方面惡化？

And then maybe as a second question, can you maybe just sort of talk about following on the business EBITDA question. I mean, that really sticks out to me as the best growth you've seen in quite some time. Can you maybe talk about the cost metrics underlying that? Are those structural in nature due to the HCL arrangement? Or are there any onetime effects that we should think about? And do you think business EBITDA growth is sustainable from here? Thank you.

然後也許作為第二個問題，您能否談談有關業務 EBITDA 的問題。我的意思是，在我看來，這是相當長一段時間以來看到的最好的成長。您能談談背後的成本指標嗎？這些本質上是由於 HCL 排列而產生的結構性現象嗎？或者是否存在一些我們應該考慮的一次性影響？您認為從現在起企業的 EBITDA 成長可持續嗎？謝謝。

Thank you. When it comes to consumer behavior, I mean, in general, we haven't seen any major consumer shifts in behavior, even though we read the same articles that everybody else that consumer sentiment come back or coming down. Of course, we have a product, the mobility and broadband. It's so essential for our consumers and for our business customers because it's just relevant. So we haven't seen that.

謝謝。說到消費者行為，我的意思是，總的來說，我們還沒有看到消費者行為有任何重大轉變，儘管我們讀到的文章和其他人一樣，都表明消費者情緒有所回升或下降。當然，我們有產品，移動性和寬頻。這對我們的消費者和商業客戶來說非常重要，因為它是相關的。所以我們還沒有看到這一點。

And Tony can talk a little about the payments as well, but they are continue very intact, no deterioration on payments. And then there have been speculation also of any growth in handsets due to worries for tariffs. I think what we can see, and I think Sampath can talk about it is that we have seen a somewhat uptick.

托尼也可以談付款問題，但付款情況仍然完好無損，沒有惡化。此外，由於對關稅的擔憂，也有人猜測手機銷量將會成長。我認為我們可以看到，而且我認為 Sampath 可以談論的是，我們已經看到了一定程度的上升。

But I think it comes more from our offering that we start with a new 3-year price lock-in as well as that we had any phone guarantee trade-in. I think that has driven a little bit more handsets for us, not per se. But maybe Sampath and Tony will talk a little bit, and Tony will talk about the margin as well. So let's start with Sampath about the momentum there.

但我認為這更多的是因為我們推出了新的 3 年價格鎖定以及任何手機保證以舊換新服務。我認為這為我們帶來了更多的手機銷量，但並非如此。但也許 Sampath 和 Tony 會聊一聊，Tony 也會談利潤問題。那麼讓我們從 Sampath 開始討論那裡的勢頭。

Look, we have good momentum in our business that March and April were very strong, and April have double-digit growth there. We're seeing good premium mix, in other words, a portion of our base new customers that is taking our premium plans. That mix has actually grown higher.

你看，我們的業務勢頭良好，三月和四月非常強勁，四月實現了兩位數的成長。我們看到了良好的高級組合，換句話說，我們的一部分新客戶正在採用我們的高級計劃。這種混合實際上已經變得更高了。

So that suggests that a value prop is resonating well and customers like what we offer. In terms of upgrades, look, Q1 was a bit soft, and we didn't chase volumes where there was no demand, we didn't think it made sense for us to chase volumes there.

這表明價值主張引起了良好共鳴，客戶喜歡我們提供的產品。就升級而言，你看，第一季有點疲軟，我們沒有在沒有需求的地方追逐銷量，我們認為在那裡追逐銷量是沒有意義的。

For the whole year, I think we're still committing to a mid single-digit growth in overall upgrade. There will be some volatility quarter-to-quarter as that works through. As we come into April, there will be some pent-up demand mostly from the Verizon value guarantee. Customers really like that. So they're going to take advantage of that. But overall, for the year, we still think mid single-digit growth for upgrade holds. Tony?

就全年而言，我認為我們仍將致力於實現中等個位數的整體升級成長。隨著這一進程的推進，季度間將出現一些波動。進入四月，將會出現一些被壓抑的需求，主要來自 Verizon 價值保證。顧客確實喜歡這樣。所以他們會利用這一點。但總體而言，我們仍然認為今年升級將保持中等個位數成長。托尼？

Yeah. Sure. Good morning, Jim. So on the customer payment trends, look, Hans said this in the prepared remarks. The business is very resilient, and the demand and priority for connectivity is still high, and the payment trends we see are still very stable in both consumer and business and very much at normal historical levels.

是的。當然。早安，吉姆。關於客戶支付趨勢，你看，漢斯在準備好的發言中提到了這一點。業務非常有彈性，對連接的需求和優先順序仍然很高，我們看到的支付趨勢在消費者和企業方面仍然非常穩定，並且處於正常的歷史水平。

The agings and the quality of the receivables continue to be very strong. And the bad debt we see -- and as you know, we have a very high-quality customer base. And the bad debt that we do see trends with volume growth, and you see the gross add growth. But as always, we're going to continue to monitor the trends very closely, but no change in trends there.

應收帳款的帳齡和品質仍然非常強勁。我們看到壞帳——正如你所知，我們擁有非常高品質的客戶群。我們確實看到壞帳數量呈現成長趨勢，而且總額也在增加。但與往常一樣，我們將繼續密切關注趨勢，但趨勢不會改變。

And then on the Verizon Business Group's performance, I think that they are now into year-over-year improvements and the focus for Kyle and the team together with Tony is to continue to drive year-over-year improvements. That can be a little bit up and down.

關於威瑞森商業集團的業績，我認為他們現在已經實現了逐年改善，而凱爾和團隊與托尼的重點是繼續推動逐年改善。這可能會有點起伏。

But definitely, the focus and the target is clear for us, continue to grow our Verizon Business bottom line. And they have proven it in two quarters right now. So we're pleased with what we're seeing right now.

但毫無疑問，我們的重點和目標很明確，那就是繼續提高 Verizon Business 的獲利能力。他們現在已經用兩個季度證明了這一點。因此，我們對目前看到的情況感到滿意。

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

偉大的。謝謝，吉姆。布拉德，我們已經為下一步做好了準備。

Michael Rollins, Citi.

花旗銀行的麥可‧羅林斯。

Thanks. Good morning. So as you're looking to still target better consumer phone net adds in '25 over '24, can you give us an update on how you're seeing postpaid phone industry growth and the volumes you're expecting for the year, and how important that is relative to your target for your own volume?

謝謝。早安.因此，由於您仍希望在 2025 年實現比 2024 年更好的消費者電話網絡增加目標，您能否向我們介紹一下您對後付費電話行業增長的看法以及您對今年的預期數量，以及這與您自己的數量目標相比有多重要？

And then within that, are you seeing any impacts from changes in immigration policy? And do you have a better sense of how to frame the potential sensitivities to the forward operating prospects?

那麼，您是否看到移民政策改變帶來的影響？您是否對如何建立未來營運前景的潛在敏感度有了更好的認識？

And then just one more, if I could. You mentioned some impact from the federal government on business postpaid phone net adds. I'm just curious if there's additional impacts that you could see as you move through this year, whether it's on the wireless side or on the business wireline side? Thanks.

如果可以的話，我再說一次。您提到了聯邦政府對商業後付費電話網路增加的一些影響。我只是好奇，隨著今年的推進，您是否還會看到其他影響，無論是在無線方面還是在商業有線方面？謝謝。

Let me start. First of all, I'm going to let Sampath comment on the postpaid market. But I would say, on the immigration, we don't have any impact of that and that's not something that we have seen anything from. When it comes to the federal government, what we comment on in the quarter was wireless, where we had a little bit reduction in wireless as we saw some impact of the new government and their efficiency work.

讓我開始吧。首先，我要讓 Sampath 對後付費市場發表評論。但我想說，在移民問題上，我們沒有受到任何影響，我們也沒有看到任何影響。就聯邦政府而言，我們在本季評論的是無線業務，由於我們看到新政府及其效率工作的影響，無線業務略有減少。

But all in all, all other things in wireless when it comes to large enterprises and SMBs, very strong and continue to take share. I'm not sure how many quarters we have now with Kyle and team taking share and continue to grow the wireless portfolio. So I'm pleased with what I see. So that's where it is. But Sampath, talk about the postpaid market business and consumer.

但總而言之，當涉及大型企業和中小型企業時，無線領域的所有其他技術都非常強大，並將繼續佔據市場份額。我不確定凱爾和他的團隊現在已經有多少個季度佔據了市場份額並繼續擴大無線產品組合。所以我對我所看到的感到滿意。事實就是這樣。但 Sampath，談論的是後付費市場業務和消費者。

Look, earlier in the year, we had estimated that the market is likely to grow between 8 million and 8.5 million postpaid phones, both for the consumer and the business segment. Sitting where we are right now, we think that number holds. But remember that more than 50% of that is pre to postpaid migration, i.e., customers who are on prepaid plans migrating to postpaid.

今年早些時候，我們曾估計，無論是針對消費者還是商業領域，後付費手機市場可能會成長 800 萬至 850 萬部。就目前情況而言，我們認為這個數字是成立的。但請記住，其中超過 50% 是從預付費到後付費的遷移，即採用預付費方案的客戶遷移到後付費。

This is not a segment Verizon typically plays in directly. We play through our partners, but directly, we do not play in the space there. So that segment could have some impact, but very little impact to Verizon. The second is on the prepaid side, immigration could impact the lower end of prepaid. That's also not a segment where Verizon has a high level of participation in that segment.

這不是 Verizon 通常直接涉足的領域。我們透過我們的夥伴進行比賽，但是我們並不直接在那裡的空間裡比賽。因此該部分可能會產生一些影響，但對 Verizon 的影響很小。第二是預付費方面，移民可能會影響預付費的低端市場。這也不是 Verizon 在該領域的參與度很高的領域。

And on prepaid, despite lower immigration last three quarters, we're actually seeing our best performance in a very long time. We are gaining on the higher end of prepaid, which is why we are seeing strong performance despite low immigration in those segments.

在預付費方面，儘管過去三個季度移民人數減少，但我們實際上看到了很長一段時間以來的最佳表現。我們在預付費市場的高端領域取得了進展，這就是為什麼儘管這些領域的移民人數較少，但我們仍能保持強勁的業績。

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

謝謝，麥克。是的。布拉德，我們準備好回答下一個問題了。

Peter Supino, Wolfe Research.

沃爾夫研究公司的彼得·蘇皮諾（Peter Supino）。

Hey. Good morning, everybody. Two, if I may. Marketing, in light of your churn experience over the last two years, does the market's ARPA expectations need to adapt to a less aggressive pricing growth trajectory? Are you feeling too much pressure from whatever the expectations are about pricing to serve all your needs?

嘿。大家早安。如果可以的話，我說兩個。行銷，根據您過去兩年的客戶流失經驗，市場對 ARPA 的預期是否需要適應不那麼激進的定價成長軌跡？無論對價格的期望有多高，您是否感到壓力太大，無法滿足您的所有需求？

And then secondly, on FWA, I'm wondering when that multiyear expansion plan might begin to pressure either or both of CapEx or tower rental costs as some of your 5G sales become more utilized? Thank you.

其次，關於 FWA，我想知道，隨著你們的部分 5G 銷售得到更廣泛的利用，這個多年擴展計劃何時會開始對資本支出或塔租賃成本之一或兩者施加壓力？謝謝。

I can start with the second question on fixed wireless access. I'm not sure, I 100% understood it. But what we see in fixed wireless access is exactly what I articulated in the second half of 2024. That is when -- we now start deploying C-band in the suburban markets, our OFS is a little bit smaller. And remember, our priority is mobility first when we roll out C-band.

我可以從固定無線存取的第二個問題開始。我不確定，但我 100% 理解了。但我們在固定無線存取中看到的正是我在 2024 年下半年所闡述的。那時——我們現在開始在郊區市場部署 C 波段，我們的 OFS 會比較小。請記住，當我們推出 C 波段時，我們的首要任務是移動性。

So that means that the potential open for sale is a little bit smaller. And we said that's going to happen in the first half of the year. What we're doing to add to that is, of course, number one, the MDU solution that we now have launched in more than 15 markets will start ramping during the year, and that will help us to have more. And then, of course, we're going to bring out the C-band more widely.

這意味著待售的潛力會小一些。我們說過這將在今年上半年發生。當然，我們正在做的是，首先，我們目前已在超過 15 個市場推出的 MDU 解決方案將在今年開始普及，這將有助於我們獲得更多市場。然後，當然，我們將更廣泛地推廣 C 波段。

Our plan is to go to 80% to 90% this year. So that's going to increase. And then we have our Fios, which last year was roughly 450,000 OFS, we're ramping up to 650,000. That will help us to continue. So there is no slowdown in speed or appetite or interest on customers, it's just technically how the rollout is working with fixed wireless access.

我們的計劃是今年達到80%到90%。所以這個數字還會增加。然後我們有 Fios，去年大約有 450,000 OFS，我們正在增加到 650,000。這將有助於我們繼續前進。因此，速度、需求或客戶興趣不會減慢，只是技術上如何採用固定無線存取。

So again, we're super happy with the product, and we think that we have the two superior products in the market with Fios and fixed wireless access, and we are the most covered broadband provider in the market. So very excited over that and continue with that. I will leave the question to Sampath around the business. I didn't really get it.

所以，我們對產品非常滿意，我們認為我們在市場上擁有 Fios 和固定無線接入這兩款優質產品，而且我們是市場上覆蓋範圍最廣的寬頻供應商。我對此感到非常興奮並將繼續這樣做。我將把有關業務的問題留給 Sampath。我不太明白。

Hans, if I could just briefly follow up before we get to pricing. The purpose of my question was a bit more focused on your multiyear guidance as opposed to your 2025 execution. As I think we can all agree that in certain locations, you're going to experience more highly utilized cells over time as you achieve your success in FWA. And I'm wondering what year should we expect to see some pressure on CapEx as a result of that given the desire to achieve a lot of FWA growth?

漢斯，在我們討論定價之前，我可以簡單跟進一下嗎？我的問題更著重於您的多年指導，而不是 2025 年的執行情況。我認為我們都同意，在某些地方，隨著您在 FWA 中取得成功，隨著時間的推移，您將體驗到利用率更高的小區。我想知道，考慮到希望實現大量的 FWA 成長，我們應該在哪一年看到資本支出的壓力？

So in the multiyear plan, we have to '28, there's no pressure. That's part of our normal rollout. And as always, Joe and network team, they're always building more capacity as needed. So there's no particular pressure in the multiyear plan, where I said to reach 8 million to 9 million subscribers, that's going to be managed with the BAU rollout of C-band.

因此，在多年計劃中，我們必須實現‘28’，沒有壓力。這是我們正常推出的一部分。像往常一樣，喬和網路團隊總是根據需要建立更多容量。因此，在多年計劃中沒有特別的壓力，我說過要達到 800 萬到 900 萬用戶，這將透過 BAU 推出 C 波段來實現。

Thanks, Peter, for the question. Look, I don't want to use -- this is not the time to discuss future pricing. So what I will talk about more is wireless service revenue and how we think about it in the medium term. As far as the Verizon value guarantee, it was contemplated in our '25 guidance. But let me talk about some of the puts and takes that we have in our wireless revenue.

謝謝彼得提出這個問題。聽著，我不想使用——現在不是討論未來定價的時候。因此，我更多想談的是無線服務收入以及我們對此的中期看法。就 Verizon 價值保證而言，它已在我們的 25 年指導中考慮到。但讓我來談談我們在無線收入方面的一些得失。

The first is higher volumes. We'll have higher volumes in '25 compared to '24, and that will help with wireless service revenue. Second is only 50% of our base is on myPlan with the Verizon value guarantee, there are more incentives for customers to migrate to my plan, which tends to be accreted to revenue immediately.

首先是更高的音量。與 2024 年相比，2025 年我們的業務量會更高，這將有助於增加無線服務收入。其次，我們的用戶群中只有 50% 使用 myPlan，並且有 Verizon 價值保證，因此，客戶遷移到 myPlan 的動機更強，而且往往會立即增加收入。

Longer term, look, we have step-ups. There's a lot of value in our ultimate high-end plan, including an upgrade to unlimited hotspot, which we did last week, and it's really helping with the premium mix. Perks is another area that we'll continue to grow. We had said that we'll get to 14 million perks by the end of this year. I'm happy to say that I think we have line of sight to 15 million perks, an increase of 1 million perks by the time the year ends.

從長遠來看，我們有進步。我們的終極高端計劃有很多價值，包括升級到無限熱點（我們上週完成了升級），這對高端組合確實很有幫助。福利是我們將繼續發展的另一個領域。我們曾說過，到今年年底，我們的福利將達到 1400 萬。我很高興地說，我認為我們的目標是達到 1500 萬個福利，到年底將增加 100 萬個福利。

FWA, look, that's a place for good, strong service revenue growth, both on volume, but also on ARPU with a much higher premium mix that we had planned. Value on our prepaid business, historically, has been a drag on our service revenue.

FWA，你看，這是一個服務收入成長良好、強勁的地方，不僅在數量上，而且在 ARPU 上，而且我們的計劃的保費組合也高得多。從歷史上看，我們的預付費業務的價值一直拖累著我們的服務收入。

In 2024, it was a 0.8% drag on our overall service revenue. We expect that to turn positive in the second half as volumes grow nicely, and that will help with the long-term service revenue growth. The last is our wholesale business. It has healthy service revenue growth margin in it. So those are all the different levers that we have at our disposal to drive long-term wireless service revenue growth, and we are very comfortable with sustained growth in our business.

到2024年，這將對我們的整體服務收入造成0.8%的拖累。我們預計，隨著銷售量的良好成長，下半年這一數字將轉為正值，這將有助於長期服務收入的成長。最後是我們的批發業務。其服務收入成長率十分健康。這些都是我們可以利用的不同手段來推動長期無線服務收入成長，我們對業務的持續成長感到非常有信心。

Thanks, Peter. Brad, ready for the next.

謝謝，彼得。布拉德，準備好迎接下一個。

Sebastiano Petti, JPMorgan.

摩根大通的塞巴斯蒂亞諾·佩蒂。

Hi. Thank you for getting me back in the queue. Just one quick question just on EBITDA in the first quarter here and how we should be thinking about that. Obviously, EBITDA, there is SG&A side in consumer was -- I wouldn't necessarily say depressed, but was there any perhaps savings or a pullback in spend related to SG&A that will resurface or be a bit more aggressive in 2Q and beyond as we think about the price guarantee and getting some, I guess, advertising and sales and marketing push behind that? So that's a quick just housekeeping question.

你好。感謝您讓我重新回到隊列中。這裡只有一個關於第一季 EBITDA 的簡單問題，以及我們應該如何看待這個問題。顯然，EBITDA，消費者的銷售、一般及行政費用方面——我不會說是低迷，但是，在我們考慮價格保證並獲得一些廣告、銷售和營銷推動的情況下，是否有可能節省或削減與銷售、一般及行政費用相關的支出，而這些節省或支出將在第二季度及以後重新出現或更加積極？這是一個簡單的常規問題。

And then as you're thinking about the company's broader multiyear convergence strategy, obviously, there is some fiber available in the market as well as others looking for potential partners. But if you step back, how do you think about perhaps -- or does it make sense to either partner with additional fiber providers to accelerate the fiber-to-the-home or your fiber locations push? Or does it perhaps make sense to accelerate your fiber footprint build engine somewhat at the expense of leverage and free cash flow in the interim ahead of the Frontier deal close? Thank you.

然後，當您考慮公司更廣泛的多年融合策略時，顯然，市場上有一些可用的光纖，而其他光纖正在尋找潛在的合作夥伴。但如果你退一步考慮，你會如何考慮——或者與其他光纖供應商合作以加速光纖到戶或光纖位置的推廣是否有意義？或者，在 Frontier 交易結束之前，以犧牲槓桿和自由現金流為代價來加速光纖覆蓋範圍建設引擎是否有意義？謝謝。

Thank you. I think I can start with the fiber, and I will leave it to Tony talk about EBITDA and the cost savings. On the fiber, we're already ramping up right now our fiber deployment, and that's contemplated in our CapEx from [$450 million OFS to $650 million]. That's ongoing. And our focus right now is, of course, to close Frontier.

謝謝。我想我可以從光纖開始，然後我會讓 Tony 來談論 EBITDA 和成本節約。在光纖方面，我們現在已經在加大光纖部署力度，這已納入我們的資本支出。[OFS 為 4.5 億美元至 6.5 億美元]。這仍在進行中。當然，我們現在的重點是關閉 Frontier。

And when we have Frontier closed, we have said initially as we didn't have all the data, that plus 1 million OFS a year should be what we're targeting and plus means plus. We haven't defined in that we need to get closer to the closing to give you an update, and we will do that.

當我們關閉 Frontier 時，我們最初說過，由於我們沒有全部數據，所以每年增加 100 萬個 OFS 應該是我們的目標，增加就意味著增加。我們還沒有明確說明我們需要在接近結束時向您提供最新消息，我們會這樣做。

So we are very focused on that and see that we're doing the right thing. And then on convergence, the only thing I would say, first of all, I think we have owner economics on everything in broadband and mobility, which means that we have a great position on convergence. And a big portion, I would say, the majority and maybe Sampath can comment on it.

因此，我們非常關注這一點，並認為我們正在做正確的事情。關於融合，我唯一想說的是，首先，我認為我們在寬頻和行動領域的一切都擁有所有者經濟學，這意味著我們在融合方面佔據著重要的地位。我想說，大多數人，也許還有 Sampath 都可以對此發表評論。

If you take the majority of all the customers coming in on broadband this quarter, they're [mostly] (corrected by company after the call) converged. So it's actually working for us. So maybe Sampath, you can comment on that first, and then we'll go to Tony on the EBITDA.

如果將本季度使用寬頻的所有客戶中的大多數考慮在內，他們[大多數]（電話會議後公司進行了更正）都是融合的。所以它確實對我們有用。因此，也許 Sampath，您可以先對此發表評論，然後我們再找 Tony 討論 EBITDA。

Hans, we saw 339,000 broadband net adds, both for the business and consumer side spread over FWA and Fios. And the vast majority of them were in a converged offering, aka, they had mobility and broadband together with us. And we are still holding on our plan that every time you combine the two, we tend to see a 50% reduction in mobility churn when we have fiber and a reduction in mobility churn when we have FWA as well.

漢斯，我們看到寬頻淨增加 339,000 個，包括企業和消費者端，分佈在 FWA 和 Fios 上。他們中的絕大多數都提供融合服務，也就是說，他們與我們一樣擁有行動和寬頻。我們仍然堅持我們的計劃，每當將兩者結合起來時，當我們擁有光纖時，我們往往會看到移動性流失減少 50%，而當我們擁有 FWA 時，移動性流失也會減少。

So, A, volumes have been very strong, but second is our converged posture is improving every single day that happens. And that helps with long-term churn, but also proves the Verizon model of convergence, which tends to be very demand-led, it's based on a strong offering and giving customers what they want, which is flexibility, not just using price and promotions to get a converged offering.

因此，首先，交易量一直非常強勁，其次，我們的融合態勢每天都在改善。這有助於長期客戶流失，同時也證明了 Verizon 的融合模式，該模式往往非常以需求為導向，它基於強大的產品並為客戶提供他們想要的東西，即靈活性，而不僅僅是使用價格和促銷來獲得融合產品。

Yeah. Hey, Sebastiano, your question on EBITDA, look, we started out of the gate very strong with 4% growth. And we were very disciplined in our approach. We didn't chase volumes in the first quarter as we knew we had the Verizon value guarantee launching in early April. So we stayed very disciplined there.

是的。嘿，塞巴斯蒂亞諾，你關於 EBITDA 的問題，你看，我們一開始就表現非常強勁，實現了 4% 的增長率。我們的方法非常嚴謹。我們在第一季並沒有追求銷量，因為我們知道 Verizon 價值保證將於 4 月初推出。所以我們在那裡保持著非常嚴格的紀律。

And we launched it from a position of financial strength, and that was very important. If you look across the margin profiles, it’s a team sport. So whether it's consumer or business, we guide at the consolidated level. And we also had very strong cash flow in the quarter as well, and I'm proud of the cash flow result having $900 million of free cash flow improvement and a lot of on the operating cash flow side. So we're very confident in the EBITDA growth and the start to the year.

我們以雄厚的財力啟動了這個項目，這一點非常重要。如果你看一下邊緣概況，你會發現這是一項團隊運動。因此，無論是消費者或企業，我們都在綜合層面進行指導。本季我們的現金流也非常強勁，我對現金流結果感到自豪，自由現金流改善了 9 億美元，而且營運現金流也大幅增加。因此，我們對 EBITDA 成長和今年的開局非常有信心。

Thanks. Brad, ready for the next question.

謝謝。布拉德，準備好回答下一個問題。

Craig Moffett, MoffettNathanson.

克雷格·莫菲特（Craig Moffett），MoffettNathanson。

Hi. Good morning. You just talked about what my previous question was going to be about convergence. So let me shift a little bit to -- there's a lot of talk and expectation about a renegotiation of your MVNO agreement with the cable operators.

你好。早安.您剛才談到了我之前關於融合的問題。因此，讓我稍微轉換一下主題——關於與有線電視營運商重新談判 MVNO 協議，有很多討論和期待。

Can you just talk about that a little bit as to how the relationship with the cable operators as customers has been evolving. And what you expect to happen with the renegotiation this year? Do you -- maybe just conceptually, do you think of the cable operators as part of your convergence solution in the sense that they are offering Verizon wireless service themselves? Or do you think of them as a convergence competitor?

您能否簡單談談與有線電視業者作為客戶的關係是如何發展的？您預計今年的重新談判將有什麼成果？您是否——也許只是從概念上來說，您是否認為有線電視運營商是您的融合解決方案的一部分，因為他們自己提供 Verizon 無線服務？還是您認為他們是融合競爭對手？

Thank you, Craig. You know that we cannot deep dive in our MVNO relationship, but I will try to do my best here. Number one, our strategy is to build a network once and have as many profitable connections on top of it. That's also where our MVNO partners are playing a role. I would say we have a very good relationship with our MVNO partners and a business-to-business relationship.

謝謝你，克雷格。您知道我們無法深入探討我們的 MVNO 關係，但我會盡力而為。首先，我們的策略是一次性建立網絡，並在其上建立盡可能多的有利可圖的連接。這也是我們的 MVNO 合作夥伴發揮作用的地方。我想說我們與 MVNO 合作夥伴有著非常好的關係，並且是企業對企業的關係。

So we continue to have a good conversation with them and offering the service on the best network in the United States. So the only thing I can say. But this is an accretive business for us that is important in our overall strategy. And hopefully, our partners and our customers on the MVNO side feels the same, but that's at least what I believe.

因此，我們繼續與他們進行良好的對話，並在美國最好的網路上提供服務。所以我唯一能說的是。但這對我們來說是一項增值業務，對我們的整體策略至關重要。我希望我們的 MVNO 合作夥伴和客戶也有同樣的感受，至少我是這麼認為的。

Brad, ready for the next question.

布拉德，準備好回答下一個問題。

Kannan Venkateshwar, Barclays.

巴克萊銀行的 Kannan Venkateshwar。

Thank you. So starting with fiber once again. Just for the framework that we're using the 35 million to 40 million number in terms of the goal post, what did that mean is the right number? Why not better ineffective or whatever month we get state may take?

謝謝。因此再次從纖維開始。就我們在目標框架中使用的 3500 萬到 4000 萬這個數字而言，這個正確的數字意味著什麼？為什麼不是更好的無效或無論我們得到狀態可能需要的月份？

And secondly, there's some spectrum bands that may come up for auction this year and maybe over the next couple of years as well. So would it take to get an update in terms of your spectrum position and how you guys are thinking about some of the bands coming up in this year and beyond? Thank you.

其次，有些頻譜帶可能會在今年甚至未來幾年內進行拍賣。那麼，您是否需要更新您的頻譜位置以及您對今年及以後出現的一些樂隊的看法？謝謝。

Thank you, Kannan. And I hope that you're not using a Verizon line because it was a little bit wobbly. Anyhow, I think I heard your question. And the first one was around the long-term plan of 35 million to 40 million fiber coverings. Yeah. That's the long-term plan we have. And again, we did that communication when we just had made the offer to acquire Frontier.

謝謝你，Kannan。我希望您沒有使用 Verizon 線路，因為它有點不穩定。無論如何，我想我聽到了你的問題。第一個是圍繞3500萬到4000萬根光纖覆蓋物的長期規劃。是的。這是我們的長期計劃。當我們剛提出收購 Frontier 的要約時，我們就進行了這樣的溝通。

We are, of course, in the planning stage right now and of course, working through the regulatory approvals. As soon as we get more clarity and closer to the closing of Frontier, we will do more updates where we are and timing, et cetera. And secondly, I would say, everything with the Frontier transaction is going as planned. Our plan is to close it in the first quarter.

當然，我們現在正處於規劃階段，並且正在努力獲得監管部門的批准。一旦我們獲得更清晰的資訊並且接近 Frontier 的關閉，我們將對我們所在的位置和時間等進行更多更新。其次，我想說的是，Frontier 交易的一切進展都按計劃進行。我們的計劃是在第一季完成它。

So that is going according to plan, but we are in the planning stage right now as we have not that acquired entity in our hands. But as soon as we are closing in on that, we will have more updates where we are. But that was a long-term number we gave when we made the acquisition.

一切都按計劃進行，但我們現在還處於規劃階段，因為我們還沒有收購到該實體。但一旦我們接近目標，我們就會對現狀進行更多更新。但這是我們收購時給出的長期數字。

When it comes to spectrum, I think, first of all, we have a really good position on spectrum. I think the C-band and the millimeter wave positions that we have is really yielding. And we have talked about it on previous calls that when we deploy C-band, we have lower churn, better step-ups.

說到頻譜，我認為首先我們在頻譜方面佔據著非常有利的地位。我認為我們擁有的 C 波段和毫米波位置確實很有優勢。我們在之前的電話會議上討論過，當我們部署 C 波段時，我們的客戶流失率更低，升級效果更好。

We are creating fixed wireless access opportunities. So it is really making a difference for us. So the second-hand market or spectrum is always coming in and out. We always do an evaluation if it makes sense for us to buy it. It's a buy versus build, but I don't see any major second-hand market spectrum coming up.

我們正在創造固定無線存取機會。所以這對我們來說確實有很大影響。因此二手市場或頻譜總是有進有出。我們總是會評估購買是否有意義。這是一場購買與建造之間的較量，但我看不到任何大型二手市場出現。

I think it's more important long term for the US government for the competitiveness of the US to actually bringing out spectrum over time in order for the carriers to continue to grow. And I think that we all are aligned at that in the industry, it's going to be important.

我認為，從長遠來看，對美國政府來說，為了美國的競爭力，更重要的是隨著時間的推移，真正擴大頻譜，以便營運商能夠繼續成長。我認為我們行業內的所有人都認同這一點，這一點很重要。

But that's not a short-term issue, not even medium for us. But over long term, US need to come up with spectrum to continue to compete, especially with 5G advanced and 6G coming later on.

但這對我們來說不是一個短期問題，甚至不是一個中期問題。但從長遠來看，美國需要提供頻譜來繼續競爭，特別是5G先進和6G即將到來。

Brad, ready for the next question.

布拉德，準備好回答下一個問題。

Sam McHugh, BNP.

英國國家黨的薩姆·麥克休。

Thanks, guys. Just two quick ones. On the tariffs, you sounded pretty relaxed. And so, I was just wondering why you added the caveat for the guidance. Where could we see an impact from tariffs potentially part one?

謝謝大家。只需簡單兩句話。關於關稅問題，你聽起來相當放鬆。所以，我只是想知道為什麼你在指導中添加了警告。我們可能在哪裡看到關稅第一部分的影響？

And the second question on broadband? Obviously, there's a lot of talk about kind of market weakness in wireless. What are you seeing in broadband? Do you think there's -- are you seeing higher churn? Is that why subs are a bit weaker? Or is it more of a gross add and market growth issue? Thanks.

第二個問題是關於寬頻的嗎？顯然，人們對無線市場疲軟的討論很多。您在寬頻中看到了什麼？您是否認為－您看到了更高的客戶流失率？這就是潛艦力量較弱的原因嗎？或者這更多的是一個整體增加和市場成長的問題？謝謝。

Yeah. On the tariffs, I mean, I don't think anybody but is relaxed on tariffs, given what the volatility of where tariffs are going. I just conclude that if I take the midpoint or $18 billion guide on capital expenditures this year, it's a very small portion that is exposed to tariffs. We are a US-based company, investing in US. Fiber is US centric, everything we do with labor, product is fiber-based.

是的。關於關稅，我的意思是，考慮到關稅走勢的波動性，我認為沒有人會放鬆關稅。我的結論是，如果我採用今年資本支出的中間值或 180 億美元指導價，那麼受到關稅影響的部分就非常小。我們是一家總部位於美國的公司，在美國進行投資。纖維以美國為中心，我們所做的一切勞動、產品都是以纖維為基礎的。

Wireless equipment, of course, were importing, but a smaller portion of the total $18 billion. That's why I'm saying that this we're going to handle. We have handled it before with our suppliers, strategic suppliers, and I don't see that we will not handle it this time. So that's why I'm talking about that.

當然，無線設備也是進口的，但在總額 180 億美元中只佔較小部分。這就是為什麼我說我們要處理這個問題。我們之前已經與我們的供應商、策略供應商處理過這個問題，我認為這次我們也能處理。這就是我談論這個的原因。

Then what I said on handsets, it still remains. If we're going to see those type of increases on handsets that we've heard, we are not planning to absorb those. I mean that needs to be passed on to the customers. That's the only way to do it because that's so much money. And then on the broadband, we continue to see very good performance on broadband. The Fios, I think is just doing great, the churn is extremely low.

那麼我所說的關於手機的事情仍然存在。如果我們看到我們所聽說的那種手機價格上漲，我們就不會打算承擔這些上漲。我的意思是這需要傳遞給客戶。這是唯一的辦法，因為錢太多了。在寬頻方面，我們繼續看到寬頻的良好表現。我認為 Fios 表現非常好，客戶流失率極低。

On the fixed wireless access, we have good gross adds it's a very attractive product from (inaudible) and then what we see is, of course, our churn that it is higher than on Fios because it's a -- product is in early stages compared to Fios that has been around for 25 years or at least 20-plus -- 22, Tony tells me. But we're seeing now improvements quarter-by-quarter. So we're doing that as well.

在固定無線存取方面，我們有很好的總收入，這是（聽不清楚）非常有吸引力的產品，然後我們看到，我們的客戶流失率當然高於 Fios，因為它是一個 - 產品處於早期階段，而 Fios 已經存在了 25 年或至少 20 多年 - 22 年，托尼告訴我。但我們現在看到情況逐季度都在改善。我們也這麼做。

But maybe Sampath can add something about we see on the usage and the step-ups.

但也許 Sampath 可以補充一些關於我們看到的使用情況和升級情況的內容。

Yeah. What we are seeing is, look, it's a normal market on broadband. It is competitive. But what's interesting for us is because of our segmentation approach on FWA and Fios, where on FWA, we lead with value for money, we lead with convenience. And on Fios, we lead with just incredible reliability and performance.

是的。我們看到的是，這是一個正常的寬頻市場。它很有競爭力。但對我們來說有趣的是，由於我們對 FWA 和 Fios 的細分方法，在 FWA 方面，我們以物有所值為先，以便利性為先。在 Fios 上，我們憑藉令人難以置信的可靠性和性能處於領先地位。

That segmentation strategy is working well, and we are growing on both sides. That's why we had a very strong quarter at 339,000 broadband net adds for both consumer and business.

這種細分策略效果很好，我們在兩個方面都實現了成長。這就是為什麼我們本季表現非常強勁，為消費者和企業增加了 339,000 個寬頻淨增用戶。

On churn, Fios had its best churn in a very, very long time this quarter and it goes back to the strong NPS customer satisfaction and reliability of the fiber plant. On FWA, we are seeing sequential improvement in churn, which is really important for us as the product matures, and we get more comfortable, and customers get more comfortable with the piece.

在客戶流失率方面，Fios 本季的客戶流失率達到了很長一段時間以來的最低水平，這要歸功於光纖工廠強勁的 NPS 客戶滿意度和可靠性。在 FWA 方面，我們看到客戶流失率不斷改善，這對我們來說非常重要，因為產品日益成熟，我們變得更加滿意，客戶也對產品更加滿意。

In terms of ARPU, we are seeing good ARPU growth across both Fios and our FWA products. Two things are happening. One is we're getting better price realization. Two is a better premium mix in terms of higher-end plans on FWA and 1 gig-plus plant on Fios. A combination of those two is giving us good ARPU growth in the pace.

就 ARPU 而言，我們看到 Fios 和 FWA 產品的 ARPU 均實現了良好的成長。有兩件事正在發生。一是我們的價格實現情況正在好轉。就 FWA 的高端計劃和 Fios 的 1 gig-plus 設施而言，Two 是更好的優質組合。兩者的結合使我們的 ARPU 實現了良好的成長。

So overall, it's a really good market for us. We are doing extremely well. We are taking share every single quarter in the market. We are growing on volume and we are growing on price. And that's the perfect thing to build a long-term sustainable business in the broadband space.

所以總的來說，這對我們來說是一個非常好的市場。我們做得非常好。我們每季都在佔領市場份額。我們的銷量正在成長，價格也在上漲。這對於在寬頻領域建立長期可持續發展的業務來說是完美的選擇。

Brad, we have time for one last question, please.

布拉德，我們還有時間回答最後一個問題。

Bryan Kraft, Deutsche Bank.

德意志銀行的布萊恩·克拉夫特。

Good morning. Thank you. I had two, if I could. First is a follow-up question on the March and April gross adds strength. I think early in 1Q, industry volumes were pretty soft. So just wondering if part of the March and April strength has been from a pickup in those industry volumes or if it's more market share take driven by your new offers?

早安.謝謝。如果可以的話，我有兩個。首先是關於三月和四月總產量增加力道的後續問題。我認為在第一季初期，行業交易量相當疲軟。所以我想知道 3 月和 4 月的強勁表現是否部分源自於這些產業銷售的回升，還是源自於你們的新報價所推動的更多市場佔有率的提升？

And then second question I had relates to your MDU solution for fixed wireless. I was wondering if you could talk about the breadth of that launch, maybe comment on what some of the markets are that you've launched in, how available the product is in those markets? Any comment on homes available?

我的第二個問題與您的固定無線 MDU 解決方案有關。我想知道您是否可以談談此次發布的廣度，或許可以評論一下您已在哪些市場推出了該產品，以及該產品在這些市場上的供應情況如何？對可用的房屋有什麼評論嗎？

And then also, how is the product performing? What kinds of speeds and reliability you're seeing? And then lastly, can you talk about what's involved in expanding that services availability from here? What are the sort of gating factors to doing that? Thank you.

那麼，產品的性能如何？您看到了什麼樣的速度和可靠性？最後，您能否談談從現在開始擴展該服務可用性需要做些什麼？實現這目標的限制因素有哪些？謝謝。

On the first question about the momentum we are seeing in March and April, and I think what we see that's because of our offerings. I mean, I don't see anything else if the industry is coming back or not. I think this is related to us how we perform.

第一個問題是關於我們在三月和四月看到的勢頭，我認為我們看到的這種勢頭是因為我們提供的產品。我的意思是，我不知道這個行業是否會復甦。我認為這與我們的表現有關。

And remember, this is a plan that Sampath and his team together with our CMO has had for a long time to take the next step with our offering, and it resonates with our customers because, I mean, whatever we have learned from our customer is that they want the control or predictability about the offerings, they want the simplicity of the offers and they want the value and we're hitting on all three of them.

請記住，這是 Sampath 和他的團隊與我們的首席行銷長長期共同製定的計劃，旨在推動我們產品的下一步發展，並且它引起了我們客戶的共鳴，因為，我的意思是，我們從客戶那裡學到的是，他們想要對產品進行控製或可預測性，他們想要產品的簡單性，他們想要價值，而我們正在滿足這三個方面。

So I think that maybe Sampath can comment after this, but I can talk about the MDU. Yeah, we have launched the MDU solution in more than 15 markets. And of course, in the beginning, you start with certain high rises.

因此我認為也許 Sampath 可以在此之後發表評論，但我可以談談 MDU。是的，我們已經在超過 15 個市場推出了 MDU 解決方案。當然，一開始，你會從某些高樓大廈開始。

And this is, of course, a Fios work. You need to see that the landlords in every house is accepting our solution and then you can sell it into the whole household. So of course, we are working in parallel with a technical solution as well as seeing that we are opening up more and more MDUs. And that is going to roll out over the year.

當然，這是 Fios 的作品。你需要確保每家每戶的房東都接受我們的解決方案，然後你才能將其推銷給整個家庭。因此，我們當然正在同時努力尋找技術解決方案，並致力於開放越來越多的 MDU。這項計劃將在一年內逐步實施。

And it's both for the business side, but I would say, mainly by the consumer side, this is opening up. We have different type of solutions on technology, both on Fios like performance down to fixed wireless access performance. And that's how we're going to work it because ultimately, we want to give choice for our customers for different type of speed tiers as we did the fixed wireless access, et cetera.

這對商業方面來說都是如此，但我想說，這主要是對消費者方面而言，正在開放。我們在技術上擁有不同類型的解決方案，包括 Fios 的效能以及固定無線存取的效能。這就是我們要採取的做法，因為最終，我們希望為客戶提供不同類型的速度等級的選擇，就像我們所做的固定無線接入等等一樣。

So this is going to ramp over the year, and we just came out. So we feel good about the solution and the technology, and this is just adding opportunity for us to grow our broadband. But maybe, Sampath, you can add something.

因此，這一趨勢將在今年逐漸好轉，我們剛剛宣布了這一消息。因此，我們對該解決方案和技術感到滿意，這為我們發展寬頻增加了機會。但是，Sampath，也許你可以添加一些內容。

Yeah. Look, March and April -- March was mid single-digit growth in gross adds. April, we saw double-digit growth, largely on the back of our Verizon value guarantee. It's resonating really well with customers. It's very easy to explain. Our sales team is doing an incredible job of explaining it to customers.

是的。看看三月和四月——三月的總增量是中等個位數成長。四月份，我們實現了兩位數的成長，這主要得益於我們的 Verizon 價值保證。它確實引起了顧客的強烈共鳴。這很容易解釋。我們的銷售團隊正在出色地向客戶解釋這一點。

And then lastly, is impact on the base because to get the Verizon value guarantee, the base has to do absolutely nothing. They all get locked in for three years with a price guarantee. And they like that and hence, it's driving add aligned opportunity for us as well in the space.

最後，這是對基礎的影響，因為為了獲得 Verizon 價值保證，基礎根本不需要做任何事情。它們均享有三年鎖定期，並有價格保證。他們喜歡這樣，因此，這也為我們在該領域帶來了更多一致的機會。

What we are seeing is good performance on a prepaid side of our business. That's a base that's been incredibly strong in the first quarter. We're likely taking share in prepaid. And we're seeing good performance across all our core brands. Total, Visible and Straight Talk are probably the brands that had the strongest performance.

我們看到預付費業務表現良好。這是第一季非常強勁的基礎。我們可能會佔據預付費市場。我們看到所有核心品牌都表現良好。Total、Visible 和 Straight Talk 可能是表現最強的品牌。

And it's the same playbook that we had in postpaid. We are rolling out that same playbook in prepaid, which is execution, better distribution, disciplined financials and just getting to better outcomes on that. And then lastly is our portfolio of brands. We are in a very unique position where we have a brand in every segment of the market, and more importantly, a leading brand in every segment of the market.

這與我們在後付費業務中採用的策略相同。我們正在預付費領域推行同樣的策略，即執行、更好的分銷、嚴格的財務，並在此方面取得更好的結果。最後是我們的品牌組合。我們處於一個非常獨特的地位，我們在每個細分市場都有自己的品牌，更重要的是，我們在每個細分市場中都是領先品牌。

So irrespective of how the economy moves and what level of economic uncertainty there is, we'll always have a place and a place for the customer to go through. So that gives us comfort, and that's a little bit of commentary about the March and April performance. Hans?

因此，無論經濟如何發展，無論經濟不確定性程度如何，我們總是會提供客戶一個可以去的地方。這讓我們感到安慰，這是對三月和四月表現的一點評論。漢斯？

Yeah. Maybe before we end up, I mean, people usually ask me what questions I will not answer, I think what we haven't gotten any questions on our prepaid business. And I would say this is Verizon at its best in execution. Taking it from where it was, the whole team with Sampath has turned this around with branding, segmenting the market. And basically, all our brands are growing at the moment in prepaid.

是的。也許在我們結束之前，我的意思是，人們通常會問我一些我不會回答的問題，我想我們還沒有收到任何關於我們預付費業務的問題。我想說，這是 Verizon 執行力最好的體現。從原來的狀況來看，Sampath 的整個團隊透過品牌推廣和市場區隔扭轉了局面。基本上，我們所有的品牌目前在預付費領域都在成長。

And I think that we're going to see that going forward. I'm really excited, and this was the right decision for Verizon to buy TracFone and we can be in all segments of the market with wireless, and that's where we should be as a leader and number one in this market. So that was answer your question I didn't get.

我認為我們將會繼續看到這種情況。我真的很興奮，Verizon 收購 TracFone 是一個正確的決定，我們可以透過無線技術進入市場的所有領域，我們應該成為這個市場的領導者和第一名。這就是我沒有得到的關於您問題的答案。

Thanks, Bryan. Thanks for asking that at the end. Brad, I think that's all the time we have for today. Thank you.

謝謝，布萊恩。最後謝謝你提出這個問題。布拉德，我想我們今天的時間就這麼多了。謝謝。

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

今天的電話會議到此結束。感謝您的參與和使用 Verizon 會議服務。您現在可以斷開連線。