威訊通訊 (VZ) 2025 Q2 法說會逐字稿

Good morning and welcome to Verizon's second-quarter 2025 earnings conference call. (Operator Instructions) Today's conference is being recorded. (Operator Instructions)

早安，歡迎參加 Verizon 2025 年第二季財報電話會議。（操作員指示）今天的會議正在錄製。（操作員指示）

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 second quarter 2025 earnings call. I'm Brady Connor, and on the call with me this morning are Hans Vestberg, our Chairman and Chief Executive Officer; and Tony Skiadas, our Chief Financial Officer.

謝謝，布拉德。早安，歡迎參加我們 2025 年第二季財報電話會議。我是布雷迪·康納 (Brady Connor)，今天早上與我一起通話的還有我們的董事長兼首席執行官漢斯·衛翰思 (Hans Vestberg) 和我們的首席財務官托尼·斯基亞達斯 (Tony Skiadas)。

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. Earlier this morning, information on our second quarter results and supplemental materials relating to today's call were posted to our Investor Relations 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。今天早些時候，有關我們第二季度業績的資訊和與今天電話會議相關的補充資料已發佈到我們的投資者關係網站上。

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

說完這些，我就把話題交給漢斯。

Good morning, everyone, and welcome to our earnings call of the second quarter 2025. Our performance in the first half of the year highlighted by a strong second quarter demonstrate that our strategy is working. We remain committed to disciplined execution and customer-centric innovation. We're growing profitable connections and the value of our customer relationships. While we always see opportunities to improve, I'm confident in the future of our business.

大家早安，歡迎參加我們 2025 年第二季的收益電話會議。我們上半年的業績，尤其是第二季的強勁表現，證明我們的策略正在發揮作用。我們始終致力於嚴謹的執行和以客戶為中心的創新。我們正在增加獲利聯繫並提高客戶關係的價值。雖然我們總是看到改進的機會，但我對我們業務的未來充滿信心。

Our financial performance was strong this quarter, with a market-leading wireless service revenue of $20.9 billion, up 2.2% from last year. We delivered an adjusted EBITDA of $12.8 billion, up 4.1% year-over-year, setting another record for the best reported quarter and the second consecutive quarter with growth exceeding our guided range for the year.

本季我們的財務表現強勁，無線服務收入領先市場，達到 209 億美元，比去年增長 2.2%。我們實現的調整後 EBITDA 為 128 億美元，同比增長 4.1%，創下季度最佳報告記錄，並且連續第二個季度的增長超出了我們今年的預期範圍。

Strong profitability drove free cash flow of $5.2 billion for the quarter. This brings our year-to-date free cash flow to $8.8 billion, an increase of over $300 million compared to the first half of 2024. Our cash flow from operation underscores the strength of our business and provide us flexibility to execute on our capital allocation priorities, which remain unchanged.

強勁的獲利能力推動本季自由現金流達到 52 億美元。這使得我們今年迄今的自由現金流達到 88 億美元，與 2024 年上半年相比增加了 3 億多美元。我們的經營現金流凸顯了我們業務的實力，並為我們執行保持不變的資本配置優先事項提供了靈活性。

As a result, we continue to lead in the industry with the nation's best network. Our segmented market strategy, which is a diverse portfolio of offerings is resonating with our customers. Our customer-first offering, such as MyPlan, MyHome and the new My Biz Plan, along with our Best Value Guarantee drove significant sales momentum.

因此，我們憑藉全國最好的網絡繼續在行業中保持領先地位。我們的細分市場策略，即多樣化的產品組合，引起了客戶的共鳴。我們以客戶為先的服務，例如 MyPlan、MyHome 和新的 My Biz Plan，以及我們的最佳價值保證，推動了顯著的銷售動能。

We're also deploying AI-powered innovations to enhance the customer experience on the nation's best network. On the infrastructure front, our execution is outpacing our targets. C-band deployment is ahead of schedule. Our fixed wireless base has surpassed 5 million subscribers, and our fiber build is tracking ahead of its plan. This demonstrates disciplined execution across our entire portfolio.

我們也正在部署人工智慧創新技術，以增強全國最佳網路上的客戶體驗。在基礎設施方面，我們的執行速度超出了我們的目標。C波段部署提前完成。我們的固定無線用戶數已超過500萬，光纖建設也正在按計畫進行。這顯示我們整個投資組合的執行都十分嚴格。

Given our financial performance and the momentum in the first half of the year, we are raising our full year guidance for adjusted EBITDA and adjusted EPS. We're also raising our guidance for free cash flow for the year, driven by our strong cash flow from operations and further supported by the positive impact from the tax reform. Tony will provide you with more details shortly.

鑑於我們的財務表現和上半年的發展勢頭，我們上調了全年調整後 EBITDA 和調整後 EPS 的預期。我們也提高了今年的自由現金流預期，這得益於我們強勁的營運現金流，並受到稅制改革的正面影響的進一步支持。Tony 很快就會向您提供更多詳細資訊。

Now, let's turn to our operational performance. In the second quarter, we delivered over 300,000 net additions across our mobility and broadband platforms. In mobility, we delivered year-over-year improvements in the combined postpaid and core prepaid phone net adds, including the fourth consecutive quarter of subscriber growth in core prepaid.

現在，讓我們來談談我們的營運表現。第二季度，我們的行動和寬頻平台淨增用戶超過 30 萬。在行動領域，我們的後付費和核心預付費電話淨增量年增，其中核心預付費用戶連續第四個季度成長。

The wireless market remains competitive, and we continue to take a strategic and segmented approach, maintaining our financial discipline. As expected, postpaid phone churn remained elevated this quarter, reflecting the lingering effects of our pricing actions and ongoing pressure from federal government accounts.

無線市場依然競爭激烈，我們將繼續採取策略性和細分化的方法，保持財務紀律。正如預期的那樣，本季後付費電話流失率仍然很高，反映了我們的定價行動的持續影響以及來自聯邦政府帳戶的持續壓力。

We're actively focused on improving retention by strengthening our value propositions and leveraging our AI-powered customer experience innovations. On upgrades after being down year-over-year for eight out of the last nine quarters, we saw an uptick in the second quarter, driven by our Best Value Guarantee.

我們積極致力於透過加強我們的價值主張和利用人工智慧驅動的客戶體驗創新來提高保留率。在過去九個季度中有八個季度的升級量同比下降之後，我們在第二季度看到了升級量的成長，這得益於我們的最佳價值保證。

We continue to expect mid single-digit growth in upgrade activity for the full year. Our dual Fixed Wireless Access and fiber broadband strategy continues to drive market share gains. A key highlight is Fixed Wireless Access, which surpassed the 5 million subscribers milestone, keeping us firmly on the track to achieve our goal of 8 million to 9 million subscribers by 2028.

我們仍然預計全年升級活動將實現中等個位數成長。我們的雙重固定無線存取和光纖寬頻策略持續推動市場份額的成長。一個關鍵亮點是固定無線接入，其用戶數量已突破 500 萬大關，使我們堅定地朝著 2028 年實現 800 萬至 900 萬用戶的目標邁進。

We achieved robust broadband growth even as our C-band build-out expands into less dense markets and despite a softer move environment in our Fios footprint. We continue to scale our private network business winning a landmark deal to deploy multiple private 5G networks across the Thames Freeport. This network will serve as a technology foundation for one of UK's busiest commercial corridors, fueling a multibillion-dollar regeneration project with advanced capabilities like AI and real-time logistics.

儘管我們的 C 波段建設擴展到密度較低的市場，並且我們的 Fios 覆蓋範圍內的行動環境較弱，但我們仍然實現了強勁的寬頻成長。我們繼續擴大我們的私人網路業務，贏得了一項具有里程碑意義的交易，在泰晤士自由港部署多個私人 5G 網路。該網路將成為英國最繁忙的商業走廊之一的技術基礎，為價值數十億美元的再生項目提供人工智慧和即時物流等先進功能。

Our AI Connect offerings are also generating strong interest. Our sales funnel has nearly doubled to $2 billion since launch earlier the year. While these are often complex deals with longer sales cycles, we're actively engaged in several sizable opportunities.

我們的 AI Connect 產品也引起了人們的濃厚興趣。自今年稍早推出以來，我們的銷售額幾乎翻了一番，達到 20 億美元。雖然這些交易通常很複雜且銷售週期較長，但我們積極參與了幾個相當大的機會。

This growth highlights the surging demand for high-bandwidth fiber capacity and diverse routes both lit and dark fiber to serve different customer needs. As AI transitions from centralized training to widespread real-time applications, compute power at the network edge becomes essential. Our existing infrastructure is uniquely positioned to support this evolution.

這種成長凸顯了對高頻寬光纖容量和多種路線（包括亮光纖和暗光纖）的需求激增，以滿足不同客戶的需求。隨著人工智慧從集中訓練轉向廣泛的即時應用，網路邊緣的運算能力變得至關重要。我們現有的基礎設施具有獨特的優勢來支持這一發展。

Our network is our key differentiator, consistently delivering top performance. This quarter, J.D. Power once again recognized Verizon for the best network quality and RootMetrics first half year 2025 awards named us the nation's best, fastest, and most reliable 5G network. We're building on this advantage every day.

我們的網路是我們的主要差異化因素，始終如一地提供最佳效能。本季度，J.D. Power 再次認可 Verizon 的最佳網絡質量，RootMetrics 2025 年上半年獎項將我們評為全美最好、最快、最可靠的 5G 網路。我們每天都在鞏固這項優勢。

Our C-band deployment is ahead of schedule and on track to cover 80% to 90% of planned sites by year-end, with nearly all sites now standalone capable. Our fiber build is tracking ahead of plan, and we're positioned to deliver 650,000 incremental passings this year.

我們的 C 波段部署提前完成，預計在年底前覆蓋 80% 至 90% 的計畫站點，幾乎所有站點現在都具備獨立運作能力。我們的光纖建設正在提前進行，我們計劃今年增加 65 萬條光纖。

Meanwhile, the regulatory approval process for our pending acquisition of Frontier is progressing as planned. We're encouraged by Frontier's performance and look forward to closing the transaction to further accelerate our fiber expansion.

同時，我們即將收購 Frontier 的監管審批流程正在按計劃進行。Frontier 的表現讓我們感到鼓舞，並期待完成交易以進一步加速我們的光纖擴張。

As we near the closing of Frontier acquisition, we will provide a comprehensive update on our strategy, broadband expansion and capital allocation considering all stakeholders. We look forward to providing an update in the next few months.

隨著我們接近完成對 Frontier 的收購，我們將考慮到所有利益相關者，全面更新我們的策略、寬頻擴展和資本配置。我們期待在接下來的幾個月內提供更新。

With that, I'll turn it over to Tony to go into the financials in more detail.

說完這些，我會把話題交給東尼，讓他更詳細地介紹財務狀況。

Thanks, Hans, and good morning. The first half of the year reaffirms the strength of our business, highlighting the effective execution of our disciplined strategy and significant progress towards achieving our financial goals. As a leading provider of essential connectivity across the US, we are committed to offering the best value and delivering the best service and customer experience within the industry.

謝謝，漢斯，早安。今年上半年再次證明了我們業務的實力，凸顯了我們嚴謹策略的有效執行以及在實現財務目標方面取得的重大進展。作為美國領先的基本連接供應商，我們致力於提供最佳價值並提供業內最佳的服務和客戶體驗。

We are focused on driving wireless service revenue and adjusted EBITDA growth and robust free cash flow. The second quarter demonstrated our ability to deliver strong financial results even in a period of elevated promotional activity and broad economic uncertainty.

我們專注於推動無線服務收入、調整後的 EBITDA 成長和強勁的自由現金流。第二季表明，即使在促銷活動增加和經濟普遍不確定的時期，我們仍有能力實現強勁的財務表現。

We remain focused on high-quality, profitable growth, recognizing that volume growth is only valuable when aligned with our disciplined financial framework. Our goal is to improve volumes year-over-year, but we will not do this at the expense of delivering on our three key financial priorities.

我們仍然專注於高品質、獲利的成長，並認識到銷售成長只有與我們嚴謹的財務框架一致才有價值。我們的目標是逐年提高銷量，但我們不會以犧牲三大財務重點為代價來實現這一目標。

This past quarter, we achieved strong sales focusing on high-quality customers without overspending for growth. Even with Public Sector challenges and ongoing Consumer postpaid phone churn pressure, we maintained our financial discipline.

上個季度，我們專注於高品質客戶，實現了強勁的銷售，而沒有為了成長而過度支出。即使面臨公共部門的挑戰和持續的消費者後付費電話流失壓力，我們仍然保持了財務紀律。

Within Consumer, second quarter postpaid phone gross additions were up sequentially and year-over-year. Our sales execution remains strong, leveraging our attractive value proposition, including the recent launch of the Best Value Guarantee.

在消費者領域，第二季後付費電話總增量環比和年成長。我們的銷售執行力仍然強勁，充分利用了我們極具吸引力的價值主張，包括最近推出的最佳價值保證。

As expected, we saw the residual effects of our first quarter pricing actions impact our second quarter Consumer postpaid phone churn. Additionally, we continue to see elevated competitor promotional activity. As a result, second quarter Consumer postpaid phone churn remained consistent with the first quarter at that 0.90%.

正如預期的那樣，我們看到第一季定價行動的殘餘效應影響了第二季消費者後付費電話的流失。此外，我們繼續看到競爭對手的促銷活動不斷增加。因此，第二季消費者後付費電話流失率與第一季保持一致，為 0.90%。

We have taken a series of actions to address our elevated churn. On June 24, we launched initiatives designed to improve the customer experience, including leveraging AI for more personalized support. In addition, we continue to enhance our value proposition and build customer loyalty through the Best Value Guarantee.

我們已採取一系列措施來解決客戶流失率上升的問題。6 月 24 日，我們推出了旨在改善客戶體驗的舉措，包括利用人工智慧提供更個人化的支援。此外，我們繼續透過最佳價值保證來增強我們的價值主張並建立客戶忠誠度。

We provide exclusive access to the best events and experiences, and our refreshed app helps customers maximize the value of their plans. Mobility phone net adds, which includes both consumer and business retail postpaid as well as core prepaid, were 16,000 for the second quarter. This represents an improvement of 25,000 from the prior year period.

我們提供最佳活動和體驗的獨家訪問權，我們更新的應用程式可幫助客戶最大限度地提高其計劃的價值。第二季行動電話淨增用戶（包括消費者和企業零售後付費以及核心預付費用戶）為 16,000 部。這比去年同期增加了 25,000。

Consumer postpaid phone net losses totaled 51,000 for the second quarter compared to 109,000 net losses in the prior year period as we benefited from strong gross adds. Verizon Business delivered 42,000 phone net adds in the second quarter compared with 135,000 net adds in the prior year period.

由於我們受益於強勁的總增值，第二季度消費者後付費電話淨虧損總計 51,000 部，而去年同期淨虧損為 109,000 部。Verizon Business 第二季淨增電話用戶 42,000 部，而去年同期淨增用戶數為 135,000 部。

A significant majority of the year-over-year decline was driven by the Public Sector business. Though we anticipate Public Sector pressures to persist in the second half of the year, we expect the impact to subside towards the end of the year.

年比下降的很大一部分原因是公共部門業務。儘管我們預計公共部門的壓力將在今年下半年持續存在，但我們預計其影響將在年底消退。

Consistent with our wireline approach, we continue to remain disciplined and not pursue low-margin wireless business or overpay for volumes. We remain confident that the team has the tools to execute effectively in the current environment and deliver healthy volumes for the full year of 2025.

與我們的有線業務方法一致，我們繼續保持紀律，不會追求低利潤的無線業務或為數量支付過高的費用。我們仍然相信，該團隊擁有在當前環境下有效執行並在 2025 年全年實現健康業績的工具。

Core prepaid net additions were 50,000 for the quarter an improvement of 62,000 from the prior year period. This marks four consecutive quarters of positive core prepaid net adds, reflecting the strong execution of the team. The Visible, Total Wireless and Straight Talk brands continue to perform well and are progressively building a high-quality business.

本季核心預付淨增額為 50,000，較去年同期增加 62,000。這標誌著核心預付費淨增量連續四個季度為正，反映了團隊強大的執行力。Visible、Total Wireless 和 Straight Talk 品牌繼續表現良好，並正在逐步打造高品質的業務。

Overall, core prepaid ARPU rose above $32 and we have now reached an inflection point where after four quarters of volume growth, we expect prepaid to positively contribute to wireless service revenue growth for the remainder of the year.

總體而言，核心預付費 ARPU 已升至 32 美元以上，我們現在已經達到一個轉折點，經過四個季度的銷售增長，我們預計預付費將在今年剩餘時間內對無線服務收入增長做出積極貢獻。

Turning to total wireless postpaid upgrades. We saw a 14% increase in the first half of the year as compared to the same period of 2024. This result was driven by a healthy initial uptake of our Best Value Guarantee program, which is an investment in our high-quality customer base. As Hans said earlier, we continue to expect upgrade activity to increase by a mid single-digit percentage in 2025 as compared to 2024.

轉向全面無線後付費升等。與 2024 年同期相比，今年上半年成長了 14%。這一結果得益於我們最佳價值保證計劃的健康初始實施，這是對我們高品質客戶群的投資。正如漢斯之前所說，我們仍然預計 2025 年的升級活動將比 2024 年增加中位數個位數百分比。

Moving on to broadband. We delivered 293,000 net additions in the quarter. We are taking broadband share and see strong demand for both our fiber and Fixed Wireless Access offerings, even with seasonal impacts and a softer move environment as compared to prior years.

轉向寬頻。本季我們淨增了 293,000 名員工。我們正在佔據寬頻市場份額，儘管受到季節性影響且與前幾年相比行動環境較為溫和，但我們的光纖和固定無線存取產品的需求仍然強勁。

In Fixed Wireless Access, we delivered 278,000 net adds for the quarter, growing the base to more than 5.1 million subscribers. FWA demand remains strong, and we are on track to deliver our goal of 8 million to 9 million FWA subscribers by 2028.

在固定無線存取方面，本季我們淨增用戶 278,000 人，用戶總數則成長至 510 萬多。FWA 需求依然強勁，我們預計將實現 FWA 用戶數量達到 2028 年 800 萬至 900 萬的目標。

Fios internet net adds for the second quarter were 32,000 versus 28,000 in the prior year period. Fios provides customers with industry leading connectivity and delivers high customer satisfaction reflected in both robust ARPU and consistently low churn rates. We are expanding our Fios footprint and remain on track to deliver 650,000 new passings in 2025.

Fios 第二季網路淨增用戶數為 32,000 人，去年同期為 28,000 人。Fios 為客戶提供業界領先的連接，並透過強勁的 ARPU 和持續較低的客戶流失率實現較高的客戶滿意度。我們正在擴大 Fios 的覆蓋範圍，並預計在 2025 年實現 65 萬次新死亡。

As we talk about fiber, let me provide a brief update on the pending Frontier transaction. The team is working through the necessary steps to complete the acquisition, and we remain on track for an early 2026 close. We have received regulatory approvals from eight states as well as the FCC and DOJ and are productively engaged with the remaining state regulatory agencies.

當我們談論光纖時，讓我簡要介紹一下即將進行的 Frontier 交易的最新情況。該團隊正在採取必要步驟完成收購，我們仍有望在 2026 年初完成收購。我們已獲得八個州以及聯邦通信委員會和司法部的監管批准，並與其餘州的監管機構進行了富有成效的合作。

Based on Frontier's publicly reported results, the company continues to perform extremely well and remains on track with their fiber expansion goals. Our integration planning efforts are well underway, and we anticipate a smooth transition upon the deal closing. We are looking forward to having Frontier's assets serve as an important catalyst for our fiber expansion and broadband growth acceleration.

根據 Frontier 公開報告的業績，該公司繼續表現優異，並繼續實現其光纖擴張目標。我們的整合規劃工作正在順利進行，我們預計交易完成後過渡將順利進行。我們期待 Frontier 的資產成為我們光纖擴張和寬頻成長加速的重要催化劑。

Turning to our financial results. We delivered another strong quarter. Second quarter consolidated revenue reached $34.5 billion, up 5.2% year over year. This result was driven by solid wireless service revenue and a more than 25% increase in wireless equipment revenue. Services and other revenue rose 1.6%. Total wireless service revenue reached $20.9 billion in the second quarter, a 2.2% increase year over year.

談到我們的財務結果。我們又度過了一個強勁的季度。第二季綜合營收達345億美元，年增5.2%。這一結果得益於穩健的無線服務收入和超過 25% 的無線設備收入成長。服務和其他收入增長1.6%。第二季無線服務總營收達 209 億美元，年增 2.2%。

Growth was driven by consumer ARPA, which rose 2.3% year over year. We realized benefits from recent pricing actions, expansion of Fixed Wireless Access, and increased revenue from perks and other adjacent services. Our robust perk offerings continue to grow at a steady pace, keeping us on track to achieve our goal of 15 million perks by year end and providing a healthy contribution to service revenue.

成長主要由消費者 ARPA 推動，較去年同期成長 2.3%。我們從最近的定價行動、固定無線存取的擴展以及額外福利和其他相關服務的收入增加中獲得了收益。我們豐富的福利產品持續穩定成長，使我們有望實現年底前 1500 萬項福利的目標，並為服務收入做出可觀的貢獻。

In addition, prepaid revenue has reached a turning point and was flat in the second quarter compared to the prior year period. We expect prepaid to positively contribute to wireless service revenue growth in the second half of the year. Overall, we are well positioned for continued service revenue growth with healthy underlying customer economics.

此外，預付收入已達到轉折點，第二季與去年同期持平。我們預計預付費將對下半年無線服務收入成長做出積極貢獻。整體而言，憑藉健康的潛在客戶經濟，我們已做好準備，繼續實現服務收入的成長。

Consolidated Adjusted EBITDA in the quarter was $12.8 billion which is the highest we have ever reported and an increase of 4.1% compared to the prior year period. Wireless service revenue growth coupled with the benefits from cost savings initiatives more than offset the impact from the elevated upgrade activity.

本季綜合調整後 EBITDA 為 128 億美元，這是我們報告以來的最高值，與去年同期相比成長了 4.1%。無線服務收入的成長加上成本節約措施帶來的好處足以抵銷升級活動增加所帶來的影響。

Through the first half of 2025, both wireless service revenue and Adjusted EBITDA are up nearly $1 billion from the prior year, reflecting strong operating leverage. Within that result, the Business segment EBITDA has now grown for three consecutive quarters on a year over year basis.

到 2025 年上半年，無線服務收入和調整後 EBITDA 均比上年增長近 10 億美元，反映出強勁的營運槓桿。在這一結果下，業務部門的 EBITDA 已連續三個季度同比增長。

From a cost perspective, our voluntary separation program is now complete, generating substantial savings. In addition, we're actively pursuing opportunities within our legacy businesses. These include copper decommissioning and savings from the managed services initiative within our business segment, among other cost efficiency programs. Adjusted EPS was $1.22 in the quarter, up 6.1% year over year, primarily due to the strength in Adjusted EBITDA.

從成本角度來看，我們的自願離職計劃現已完成，並節省了大量成本。此外，我們正在積極尋求傳統業務中的機會。其中包括銅線退役和我們業務部門內託管服務計劃帶來的節省以及其他成本效益計劃。本季調整後每股收益為 1.22 美元，年增 6.1%，主要得益於調整後 EBITDA 的強勁成長。

Turning to our cash flow summary, cash flow from operating activities for the first half of the year was $16.8 billion, up more than 1% compared with the same period a year ago. CapEx for the first half of 2025 came in at $8 billion compared to $8.1 billion in the prior year period. We continue to realize efficiencies in our C-band deployment and Fios expansion, enabling us to effectively meet or exceed our network goals well within our capital budget.

談到我們的現金流摘要，今年上半年經營活動現金流為 168 億美元，比去年同期成長 1% 以上。2025 年上半年的資本支出為 80 億美元，而去年同期為 81 億美元。我們持續提高 C 波段部署和 Fios 擴展的效率，使我們能夠在資本預算範圍內有效地實現或超越我們的網路目標。

For the first half of the year, the net effect of Cash flow from operations and CapEx resulted in free cash flow of $8.8 billion, an increase of 3.6% compared to the same period a year ago. Net unsecured debt at the end of the quarter was $116 billion, a $6.9 billion improvement year over year. In the first half of the year, our debt reduction was offset by non-cash mark to market adjustments.

上半年，經營活動現金流和資本支出的淨效應產生了 88 億美元的自由現金流，比去年同期成長 3.6%。本季末的淨無擔保債務為 1,160 億美元，年減 69 億美元。上半年，我們的債務削減被非現金的以市價調整所抵銷。

Our net unsecured debt to consolidated adjusted EBITDA ratio was 2.3 times at the end of the quarter, a 0.2 times improvement year over year and in line with the prior quarter. We continue to make progress towards our long-term leverage target ahead of the closing of the Frontier transaction.

本季末，我們的淨無擔保債務與合併調整後 EBITDA 的比率為 2.3 倍，年增 0.2 倍，與上一季持平。在 Frontier 交易完成之前，我們將繼續朝著長期槓桿目標邁進。

Our balance sheet remains a significant strength of our organization. Notably, we have under $700 million in unsecured debt maturities remaining in 2025. We will continue to focus on reducing debt ahead of completing the Frontier transaction.

我們的資產負債表仍然是我們組織的重要優勢。值得注意的是，到 2025 年，我們剩餘的無擔保債務到期金額不到 7 億美元。在完成 Frontier 交易之前，我們將繼續致力於減少債務。

As Hans mentioned earlier, our capital allocation framework remains unchanged. We will continue to strategically invest in the business, enhancing our mobile and broadband networks, support a healthy and growing dividend and paying down debt towards our long-term leverage target.

正如漢斯之前提到的，我們的資本配置架構保持不變。我們將繼續對業務進行策略性投資，增強我們的行動和寬頻網絡，支持健康成長的股息，並償還債務，以實現我們的長期槓桿目標。

As we've mentioned previously, we'll consider buybacks once we reach our leveraged target. Our strong operational execution in the first half of the year coupled with favorable tax reform gives us the confidence to increase our guidance for the full year.

正如我們之前提到的，一旦達到槓桿目標，我們就會考慮回購。我們上半年強勁的營運執行力加上有利的稅制改革使我們有信心提高全年業績預期。

Given the strong Adjusted EBITDA performance in the first half of the year, we are increasing our full year guidance to 2.5% to 3.5% growth, an increase of approximately $125 million at the midpoint.

鑑於上半年調整後 EBITDA 表現強勁，我們將全年成長預期上調至 2.5% 至 3.5%，中間值增幅約為 1.25 億美元。

We are increasing our guidance for Adjusted EPS growth to a range of 1% to 3% to reflect a new Adjusted EBITDA outlook.

我們將調整後每股盈餘成長預期上調至 1% 至 3% 之間，以反映新的調整後 EBITDA 前景。

We are raising our 2025 free cash flow guidance to a range of $19.5 billion to $20.5 billion. The increase is driven by an estimated benefit of $1.5 billion to $2 billion from the recently enacted tax legislation as well as the disciplined operational execution that drove our strong adjusted EBITDA and free cash flow performance in the first half of the year.

我們將 2025 年自由現金流預期上調至 195 億美元至 205 億美元。這一增長主要得益於最近頒布的稅收立法帶來的約 15 億美元至 20 億美元的收益，以及嚴格的營運執行，這推動了我們上半年強勁的調整後 EBITDA 和自由現金流表現。

Our wireless service revenue and CapEx guidance remains unchanged. As we get closer to the closing of the Frontier transaction, we expect to provide an update on our broadband plans as well as our capital allocation strategy.

我們的無線服務收入和資本支出指引維持不變。隨著 Frontier 交易的結束越來越近，我們期望提供有關我們的寬頻計劃以及資本配置策略的最新資訊。

In summary, we have a resilient business model with a high-quality customer base and continue to execute well on both mobility and broadband. Our second quarter financial performance reflects our disciplined approach to growth, and we are well positioned to deliver on our improved outlook in the second half of the year.

總而言之，我們擁有具有彈性的商業模式和高品質的客戶群，並且在移動性和寬頻方面繼續表現良好。我們第二季的財務表現反映了我們嚴謹的成長方針，我們已做好準備，在下半年實現更好的前景。

With that, I will turn the call back over to Hans.

說完這些，我會把電話轉回給漢斯。

Thank you, Tony. Our strong first half results reaffirm our confidence in Verizon’s strategy. Our strategic execution and the ongoing momentum across our business underpin our decision to raise full year guidance. Our focus remains clear. We are committed to growing wireless service revenue, expanding Adjusted EBITDA and generating strong free cash flow.

謝謝你，托尼。我們強勁的上半年業績再次堅定了我們對 Verizon 策略的信心。我們的策略執行和整個業務的持續發展勢頭支撐了我們提高全年業績指引的決定。我們的重點依然明確。我們致力於增加無線服務收入、擴大調整後 EBITDA 並產生強勁的自由現金流。

We will achieve this through three key priorities. First, building on our network leadership to create compelling customer offerings that accelerate growth in our mobility and broadband businesses. Secondly, maintaining operational excellence and financial discipline across the organization.

我們將透過三個主要優先事項實現這一目標。首先，鞏固我們在網路領域的領導地位，創造引人注目的客戶產品，加速我們的行動和寬頻業務的成長。其次，在整個組織內保持卓越的營運和財務紀律。

Thirdly, scaling our next-generation platforms from capturing new enterprise opportunities with private networks to enabling AI at scale and unlocking new revenue streams from our existing assets.

第三，擴展我們的下一代平台，從利用私有網路抓住新的企業機會到大規模實現人工智慧，並從現有資產中釋放新的收入來源。

The opportunities ahead are significant and the pending Frontier acquisition will accelerate our fiber strategy.

未來的機會龐大，即將進行的 Frontier 收購將加速我們的光纖策略。

Verizon's unique market position and the essential nature of our services are fundamental to empowering individuals, businesses and society. Verizon has the assets, the strategy, and most importantly, the team to deliver sustainable long-term growth. We are excited about the opportunities ahead.

Verizon 獨特的市場地位和我們服務的本質對於增強個人、企業和社會的能力至關重要。Verizon 擁有資產、策略，最重要的是，擁有實現永續長期成長的團隊。我們對未來的機會感到興奮。

With that, Brady, it's time for Q&A.

布雷迪，現在到了問答時間。

Thanks, Hans. Brad, we're ready for questions.

謝謝，漢斯。布拉德，我們已經準備好回答問題了。

(Operator Instructions) Ben Swinburne, Morgan Stanley.

（操作員指示）摩根士丹利的本‧斯溫伯恩 (Ben Swinburne)。

Thank you. Good morning. I want to ask about free cash flow, capital allocation and then also the outlook for consumer wireless. Hans and Tony, you guys have meaningfully more cash flow to play with now. I know you said $1.5 billion to $2 billion this year. I think these tax benefits continue beyond '25, what's the best use of incremental capital at Verizon from your perspective? I know you laid out your priorities. But can you help us think about your ambition to get to buy back sooner build more fiber faster, et cetera, et cetera.

謝謝。早安.我想問一下自由現金流、資本配置以及消費者無線的前景。漢斯和東尼，你們現在有更多的現金流可供使用。我知道您說過今年要達到 15 億到 20 億美元。我認為這些稅收優惠將持續到 25 年以後，從您的角度來看，Verizon 增量資本的最佳用途是什麼？我知道你已經列出了你的優先事項。但您能否幫助我們思考一下您的雄心壯志，即盡快回購、更快地生產更多光纖等等。

And then on the consumer wireless front, should we still expect consumer net add improvement postpaid net add improvement in 2025 versus 2024? I don't think that was reiterated in the prepared remarks. And maybe you could talk a little bit about the churn outlook in the second half, where you'll be moving beyond the price increases. And so, whether we should still be expecting kind of churn normalization? Thanks so much.

那麼在消費者無線方面，我們是否仍應預期 2025 年與 2024 年相比，消費者淨增加值將有所改善，後付費淨增加值也將有所改善？我認為準備好的發言稿中沒有重申這一點。也許您可以稍微談談下半年的客戶流失前景，屆時您將不再只專注於價格上漲。那麼，我們是否仍應該預期客戶流失率正常化？非常感謝。

Thank you. Let me start with the capital allocation. I think your comments and question there is more than valid. As you saw, we raised our guidance for free cash flow, partly because of our cash flow from operation is improving, but also the tax reform that we indicated on how much it is.

謝謝。讓我先從資本配置開始。我認為您的評論和問題非常有道理。正如您所看到的，我們提高了自由現金流的預期，部分原因是我們的營運現金流正在改善，但也因為我們指出的稅制改革的幅度。

As I said before, I mean, our capital allocation priorities are unchanged. I mean it's, first of all, in our business, and we have increased the CapEx this year compared to 2024. The dividend, of course, 18 years of increase. We want to put the Board in a position to continue to grow. We paid down our debt. We paid down our debt again with almost $3 billion in the first half, and then it will be buybacks.

正如我之前所說，我們的資本配置優先順序並沒有改變。我的意思是，首先，在我們的業務中，與 2024 年相比，我們今年的資本支出有所增加。當然，股息是18年來增加的。我們希望董事會能夠繼續成長。我們還清了債務。我們在上半年再次償還了近 30 億美元的債務，然後就會回購。

Now, we are in a situation where we are getting closer to the expected (corrected by company after the call)next year closing of Frontier. So what I said in my prepared remarks is I want to get a holistic view on all the capital allocation. I mean how we're going to invest in fiber, what synergies we see, how we're going to do the capital allocation priorities.

現在，我們的情況是，我們越來越接近 Frontier 預計的明年關閉時間（電話會議後公司進行了修正）。所以我在準備好的發言中說的是，我想對所有資本配置有整體的了解。我的意思是我們將如何投資光纖，我們看到什麼樣的協同效應，我們將如何進行資本配置優先事項。

But clearly, the tax reform is helping us to get faster to the priorities we have. So we feel good about that. But let me come back to that. So I think we can give you a holistic view on capital allocation. But clearly, we're very excited about Frontier. The performance is great. The synergies are great. And of course, the convergence and the fiber opportunities are also great. So very excited for that. And so far, Frontier has performed really good.

但顯然，稅制改革正在幫助我們更快地實現我們的優先事項。因此我們對此感到很高興。但讓我回到這個問題。所以我認為我們可以為您提供有關資本配置的整體看法。但顯然，我們對 Frontier 感到非常興奮。表演很棒。協同效應非常好。當然，融合和光纖機會也很大。我對此感到非常興奮。到目前為止，Frontier 的表現確實非常出色。

On the wireless consumer, I think that our ambition as was outlined by Sampath in the beginning of the year doing better this year is still valid. I mean there's no difference on that. However, we're going to continue to be very financially disciplined.

對於無線消費者而言，我認為，正如 Sampath 在今年年初所概述的，我們的目標——今年做得更好——仍然有效。我的意思是這沒有什麼區別。然而，我們將繼續嚴格控制財務。

For us, we will not sacrifice our financials, but you're still getting net adds if it doesn't make sense. If it's too expensive. You saw us in the fourth quarter last year being aggressive because we saw the opportunities of creating and gaining a lot of high-quality customers.

對我們來說，我們不會犧牲我們的財務狀況，但如果這沒有意義，你仍然會獲得淨增值。如果太貴的話。您會看到我們在去年第四季表現積極，因為我們看到了創造和獲得大量優質客戶的機會。

You saw our gross adds in second quarter. So it all depends on where the market is and where we go, but ultimately, our goal is to increase our service revenue and then expand our Adjusted EBITDA and cash flow. That's our main KPIs.

您看到了我們第二季的總增幅。所以這一切都取決於市場在哪裡以及我們要去哪裡，但最終，我們的目標是增加我們的服務收入，然後擴大我們的調整後 EBITDA 和現金流。這是我們的主要 KPI。

And then on churn, Tony will probably chime in on all of this. But on churn, expected in the second quarter was elevated coming from the prices, but also from the competitive environment. I think the whole industry is up, Sampath put in a lot of very important churn measurements, 624. That now is working going through our system. All our AI-empowered customer service impacting.

然後，關於客戶流失，托尼可能會對此發表意見。但就客戶流失率而言，預計第二季的客戶流失率會上升，這不僅源自於價格，也源自於競爭環境。我認為整個產業都在上升，Sampath 提出了許多非常重要的客戶流失測量數據，624。現在它正在通過我們的系統運作。我們所有由人工智慧支援的客戶服務都產生影響。

So very encouraged about what the team is doing and how they are working on the loyalty and retention of our customers. So that's all. A little bit Tony will chime in on all three, I guess.

我對團隊的工作以及他們如何提高客戶忠誠度和保留率感到非常鼓舞。就這樣吧。我想，托尼會對這三個問題發表一點意見。

Yeah. Thanks, Hans. Good morning, Ben. So a couple of things on churn. Obviously, we're focused on reducing churn in a financially disciplined manner. And as Hans mentioned, we have a great value proposition with the Verizon value guarantee and also My Biz on the business side.

是的。謝謝，漢斯。早安，本。關於客戶流失，有幾件事要注意。顯然，我們專注於以財務嚴謹的方式減少客戶流失。正如漢斯所提到的，我們透過 Verizon 價值保證以及業務方面的 My Biz 提出了非常有價值的主張。

We have further deployment of C-band. We said we're going to get to 80% to 90% of C-band this year deployed, and we see lower churn where C-band is deployed. And then the work that Hans mentioned on customer experience, we did a CX launch on June 24. And that work is also augmented by AI, and we expect to see improvements there. And then obviously, convergence will also reduce mobility churn. And the team has the retention tools to get there, and they're focused on it.

我們對C波段進行了進一步部署。我們說過，今年我們將部署 80% 到 90% 的 C 波段，而且我們看到部署 C 波段的地方的用戶流失率會降低。然後是 Hans 提到的有關客戶體驗的工作，我們在 6 月 24 日發布了 CX。這項工作也得到了人工智慧的增強，我們期待看到其進展。顯然，融合也會減少移動性的流失。並且該團隊擁有實現這一目標的保留工具，並且他們專注於此。

And then one other comment just on tax reform as your question around looking ahead, we're not going to guide on 2026, but the extensions of bonus and R&E are permanent. So while we won't guide on '26, yeah, I would expect that the impacts in 2026 would be significant.

然後關於稅收改革的另一個評論，正如您所問的關於未來的問題，我們不會在 2026 年提供指導，但獎金和 R&E 的延長是永久性的。因此，雖然我們不會對 26 年做出指導，但我預計 2026 年的影響將是巨大的。

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

是的。謝謝，本。布拉德，我們準備好回答下一個問題了。

John Hodulik, UBS.

瑞銀的約翰·霍杜利克（John Hodulik）。

Great. Thanks. Good morning, guys. Two, if I can. First, it looks like you saw a further deceleration in postpaid ARPA growth. Can you just talk a little bit about the drivers that are causing that deceleration?

偉大的。謝謝。大家早安。如果可以的話，兩個。首先，看起來您看到後付費 ARPA 成長進一步放緩。能否簡單談談造成這種減速的因素？

And then a follow-up on one of the comments. The upgrade rates in the teens in the first half, do you expect mid-single digits for the year. What's the driver of the -- what would suggest to be a pretty rapid deceleration in the upgrades? Thanks.

然後跟進其中一則評論。上半年的升級率在十幾位，您預計全年的升級率將達到中位數個位數嗎？導致升級速度迅速減速的因素是什麼？謝謝。

Thank you. On the postpaid ARPA, I think, again, I mean, we have been growing our ARPA for a long time, and we continue to. We have many levers in there all the way from our broadband by step-ups, only 50% of our customers on MyPlan. We had the adjacent services. You heard when we had our prepared remarks on our perks basically doubling this year, up to 15 million perks. So we have a lot of drivers for it. So we still believe that we have a good run rate on that.

謝謝。關於後付費 ARPA，我想，我的意思是，我們已經長期發展我們的 ARPA，我們會繼續發展。從寬頻帶到升級，我們設定了許多槓桿，但只有 50% 的客戶使用 MyPlan。我們有相鄰的服務。大家在準備好的發言中已經聽說，今年我們的福利基本上翻了一番，達到了 1500 萬。所以我們對此有很多驅動力。所以我們仍然相信我們在這方面有良好的運行率。

On the upgrades, as you articulated, we have been down eight quarters of the last nine when it comes to upgrades for many reasons. This quarter, we put in, first of all, a couple of incentives for customers to upgrade. So that's why we saw a little bit higher. But remember, when we talk about the mid single digits, that both business and consumer. That's the total investment we're having in upgrades.

關於升級，正如您所說，由於多種原因，過去九個季度中有八個季度我們的升級量都出現了下降。本季度，我們首先為客戶提供了一些升級激勵措施。這就是為什麼我們看到的價格略高一點。但請記住，當我們談論中等個位數時，既包括企業，也包括消費者。這就是我們在升級方面的總投資。

And then just a couple of other points on the upgrades. I mean, we absorbed the higher upgrades. The upgrades were up 30% year-over-year, and we still produced strong EBITDA and cash flow in the quarter. So we had good operating leverage across the board there.

然後是關於升級的另外幾點。我的意思是，我們吸收了更高的升級。升級量年增了 30%，本季我們仍然實現了強勁的 EBITDA 和現金流。因此，我們在各方面都擁有良好的經營槓桿。

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。

Sebastiano Petti, JPMorgan.

摩根大通的塞巴斯蒂亞諾·佩蒂。

Hi. Thanks for the question. Just a follow up on Ben and John's theme there for a second. As we think about the consumer net add results in the quarter, any way to unpack maybe free line contribution intra core? I know that was a below-the-line offer that was in market as well.

你好。謝謝你的提問。只要稍微跟進一下 Ben 和 John 的主題。當我們考慮本季的消費者淨增加結果時，有沒有辦法解開核心內的免費線路貢獻？我知道這也是市場上的低於底線的報價。

Anything to quantify or read through from the deceleration in core prepaid down pretty materially sequentially. Is there any migration activity within the quarter there? And then lastly, on the Frontier deal close, you said early 2026. Is that implying a later-than-expected close versus 1Q '26 was the previous guidance given maybe some utility commission reviews that are ongoing out there. Thank you.

任何可以量化或解讀的東西，都是從核心預付款的減速中相當實質地連續下降的。該季度內有移民活動嗎？最後，關於 Frontier 交易的結束，您說是在 2026 年初。這是否意味著與 26 年第一季相比，收盤價將晚於預期，這是先前的預測，因為可能考慮到一些正在進行的公用事業委員會審查。謝謝。

No. We can start with the Frontier. No, nothing has changed. It's on the plan. We said actually since we announced acquisition. So it's the first quarter of 2026. So nothing has changed on that. And then on any particular things on our net adds. First of all, we had a great gross adds. I mean the team did a great job. Our sales channels were working. Our product is resonating with the market.

不。我們可以從邊境開始。不，什麼都沒有改變。這是在計劃中。事實上，自從我們宣布收購以來，我們就說過。所以現在是 2026 年第一季。因此這一點沒有任何改變。然後針對我們網路上的任何特定事物進行新增。首先，我們有一個很棒的總廣告。我的意思是團隊做得很好。我們的銷售管道正在發揮作用。我們的產品引起了市場的共鳴。

The free lines was insignificant. It was part of the 624 launch, and it just was on for a very short time period then it's off right now. So that had nothing to do with it. It was a really good execution by the team.

免費線路並不重要。它是 624 發射的一部分，只運行了一小段時間，然後就停止了。所以那與此無關。團隊的執行確實非常出色。

And then on prepaid, as you can see, the segmentation strategy is working and the operational rigor now that we have is paying dividends, and we have four straight quarters of growth in our prepaid business. And we're seeing good results across all of our main brands, whether it's Straight Talk, Visible or Total Wireless, and we continue to scale the distribution there.

然後關於預付費，正如您所看到的，細分策略正在發揮作用，我們現在的營運嚴謹性正在帶來回報，我們的預付費業務已經連續四個季度實現成長。我們所有的主要品牌，無論是 Straight Talk、Visible 還是 Total Wireless，都取得了良好的業績，並且我們將繼續擴大這些品牌的分銷規模。

And the other thing I want to point out on prepaid is now that we have four straight quarters of volume growth, we've reached an inflection point, and we now expect prepaid will be a contributor to service revenue growth in the second half of 2025. So we feel good about the progress and the momentum we have in the prepaid business.

關於預付費，我想指出的另一件事是，現在我們的業務量已經連續四個季度增長，我們已經達到了一個拐點，我們現在預計預付費將成為 2025 年下半年服務收入增長的貢獻者。因此，我們對預付費業務的進展和發展動能感到滿意。

Just a quick follow-up there. Within prepaid to postpaid migration, the 19% increase in gross additions in the quarter, would that reflect any migrations across the base?

這只是一次快速的跟進。在預付費到後付費的遷移中，本季總增量增加了 19%，這是否反映了整個基數的遷移？

No. It's not significant for us.

不。這對我們來說並不重要。

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

謝謝，塞巴斯蒂亞諾。布拉德，我們準備好回答下一個問題了。

Jim Schneider, Goldman Sachs.

高盛的吉姆·施耐德。

Good morning. Thanks for taking my question. I was wondering if you maybe broadly comment on the broadband market trends that you're seeing right now. I think you talked about a softer move environment, but what are you seeing in terms of the gross add environment more broadly across both fixed wireless and Fios heading into the back half of this year?

早安.感謝您回答我的問題。我想知道您是否可以廣泛評論一下您目前看到的寬頻市場趨勢。我認為您談到了更溫和的行動環境，但就今年下半年固定無線和 Fios 的總增加環境而言，您看到的情況如何？

Any change in competitive dynamics that would make you feel more or less confident about your ability to sustain better net additions in the back half. And specifically, can you maybe comment on your expectation for fixed wireless ads and whether they can improve and recovery heading into your end?

競爭動態的任何變化都會讓您對自己在下半年維持更好的淨增值的能力更有信心或更沒有信心。具體來說，您能否評論一下您對固定無線廣告的期望，以及它們是否會在您看來有所改善和復甦？

Thank you, Jim. When it comes to broadband, the first half year, I mean, Fios has been fairly consistent. But of course, what we saw here in the second quarter was a way lower mover market. I mean, the product is the best product out there. The churn is very low, performing really well.

謝謝你，吉姆。說到寬頻，我的意思是，上半年 Fios 的表現相當穩定。但當然，我們在第二季看到的是市場波動幅度大大降低。我的意思是，該產品是最好的產品。客戶流失率非常低，表現非常好。

On the Fixed Wireless Access, it's the same phenomenon we talked before, as we go suburban and rural to the 80%, 90% of C-band, that's where we create the opportunities for Fixed Wireless Access as is a secondary business case on our build.

關於固定無線接入，這和我們之前談到的現像是一樣的，當我們將 80%、90% 的 C 波段覆蓋到郊區和農村時，我們就為固定無線接入創造了機會，這是我們建設的次要商業案例。

And that means that we have less passing or whatever we call it, in Fixed Wireless Access world, where less open for sale. So that's very natural. If I look into the second quarter, I'm pretty certain we will do better on broadband in the second half this year than we did in the first.

這意味著，在固定無線存取領域，我們的傳輸量或無論我們怎麼稱呼它，都會減少，可供出售的量也會減少。這是很自然的。如果我看一下第二季度，我確信今年下半年我們的寬頻業務將比第一季做得更好。

And maybe could you just comment on the status of your MDU rollout? I know it's in trial phases right now, but would you expect that to be a significant contributor as we ahead 2026?

您能否評論一下 MDU 推出的現況？我知道它現在處於試驗階段，但您是否認為它會在我們邁向 2026 年時做出重大貢獻？

So the MDU solution, which is a world first (corrected by company after call) using licensed spectrum, again, Verizon is leading with a solution that nobody else has done. That is more than trials right now, even though it's a smaller scale, where in many states, we'll start rolling it out. And we want to have a short time period between we have the product and we talk to the landlords.

因此，MDU 解決方案是世界上第一個使用授權頻譜的解決方案（該公司在電話會議後進行了更正），Verizon 再次憑藉其他任何人都沒有做過的解決方案處於領先地位。儘管規模較小，但目前這已不僅僅是試驗，我們將在許多州開始推廣。我們希望在獲得產品和與房東交談之間有一個短暫的時間間隔。

It's going to start scaling even more in the second half. I think it will be a bigger contributor in '26 than in '25, but it's a great product that can get very, very good broadband services all the way up to 1 gigabyte, which is something extraordinary that the guys have been doing. But we will scale to see that we have the highest quality that Verizon is known for and is our trademark.

下半年，這一規模將進一步擴大。我認為它在 26 年的貢獻將比 25 年更大，但它是一款很棒的產品，可以提供非常非常好的寬頻服務，最高可達 1 GB，這是這些傢伙一直在做的事情，非常了不起。但我們會擴大規模，以確保我們擁有 Verizon 所聞名的、也是我們商標的最高品質。

Thanks, Jim. Brad, ready for the next.

謝謝，吉姆。布拉德，準備好迎接下一個。

Mike Rollins, Citigroup.

花旗集團的麥克羅林斯。

Thanks, and good morning. Two topics, convergence and EBITDA. So first, on convergence. Curious if you could share an update on how Verizon is progressing with the uptake of these converged bundles within the base. And if you can share how Verizon is looking to differentiate your converged offers versus the competition.

謝謝，早安。兩個主題，融合和 EBITDA。首先，關於融合。我很好奇您是否可以分享一下 Verizon 在基礎中採用這些融合捆綁包的進展。您是否可以分享 Verizon 如何使您的融合服務與競爭對手區分開來？

And then on EBITDA, you referenced that it was up 4% in the second quarter, first half and that's better than the guidance range of 2.5% to 3.5%. So can you unpack within the full year guidance, like what you're anticipating for the rest of the year? And what are the factors that would put you at the high end versus the low end of that range?

然後關於 EBITDA，您提到第二季、上半年成長了 4%，這好於 2.5% 至 3.5% 的預期範圍。那麼，您能否在全年指引中解釋您對今年剩餘時間的預期？那麼，哪些因素會讓您處於該範圍的高端或低端呢？

I can start and then I'm going to hand it over to Tony. But on the convergence, I think that, of course, our main key differentiator is that we have owner’s economics on mobility and broadband. We have the biggest mobility base and we're now adding our fiber base with Frontier.

我可以開始，然後我會把它交給東尼。但在融合方面，我認為，我們的主要關鍵區別當然在於我們在行動性和寬頻方面擁有所有者經濟。我們擁有最大的行動基礎，現在我們正在透過 Frontier 添加我們的光纖基礎。

So we're going to have an unparalleled opportunity for convergence that our customers have a chance to work on both. And as I said before, we have a very high degree of our broadband net adds per quarter that are already converged.

因此，我們將擁有一個無與倫比的融合機會，我們的客戶有機會同時進行這兩項工作。正如我之前所說，我們每季的寬頻淨增量已經達到很高的融合程度。

So it's more about when we're going to scale that opportunity, we have even more chances and if you think about coming into the Frontier footprint when that's approved, we have a huge opportunity for convergence. So we're excited over that and that's our offering.

因此，更重要的是我們何時擴大這個機會，我們擁有更多的機會，如果你考慮在獲得批准後進入前沿領域，我們就有巨大的整合機會。所以我們對此感到非常興奮，這就是我們提供的服務。

And on EBITDA, before Tony says something, I think you see right now our leverage, the cost takes out we've done, the growth we're doing and it’s falling straight down to the bottom line and we will continue to focus on that. As I said so many times before, the whole executive management and the whole company had three KPIs. It's the wireless service revenue growth, and then it's Adjusted EBITDA and cash flow generation. So very good start of the year.

關於 EBITDA，在 Tony 發表任何評論之前，我想您現在應該已經看到了我們的槓桿作用、我們所做的成本削減、我們正在實現的增長，這些都直接影響到了利潤，我們將繼續關注這一點。正如我之前多次說過的，整個執行管理層和整個公司都有三個 KPI。這是無線服務收入的成長，然後是調整後的 EBITDA 和現金流的產生。今年的開始非常好。

Thanks, Hans. Hey, Mike. So on the Adjusted EBITDA, we were up over $500 million in the quarter and about $1 billion of Adjusted EBITDA growth year-to-date, and that's also in light of having a pretty significant upgrade activity mostly driven by the launch of our Value Guarantee.

謝謝，漢斯。嘿，麥克。因此，就調整後的 EBITDA 而言，我們本季成長了 5 億多美元，年初至今的調整後 EBITDA 成長了約 10 億美元，這也是因為我們推出了價值保證，從而進行了相當重大的升級活動。

And we stayed very disciplined in the quarter. We didn't chase volumes. And they gave us the confidence that resiliency in the business gave us the confidence to raise the guide. And it starts with the top line revenue and wireless service revenue is up 2.4% year-to-date. So we're seeing great operating leverage, as Hans mentioned.

本季我們保持了高度紀律性。我們並沒有追求數量。他們給了我們信心，業務的彈性給了我們提高指南的信心。首先從營業收入來看，今年迄今無線服務收入成長了 2.4%。正如漢斯所提到的，我們看到了巨大的經營槓桿。

And there's a lot of work going on the cost side of the house to continue to make the business a lot more efficient in serving customers day in and day out. If you think about the customer care and the work we launched on June 24, that includes having AI enabled customer care, managed services.

我們在成本方面做了大量工作，以繼續提高企業在日常客戶服務方面的效率。如果你考慮一下客戶服務和我們在 6 月 24 日啟動的工作，其中包括支援人工智慧的客戶服務和託管服務。

We're seeing great progress now with the managed services work that Kyle and the team are doing, and we're seeing good savings here ramping up in 2025. The network team continues to take out cost and legacy network elements that includes copper decommissioning and that work is ongoing.

我們現在看到 Kyle 和團隊所做的託管服務工作取得了巨大進展，我們看到 2025 年的節省效果顯著。網路團隊繼續消除成本和遺留網路元素，包括銅線退役，這項工作仍在進行中。

And then even in Business Wireline, we continue to de-emphasize low-margin deals and stay very disciplined there. And then from a headcount standpoint, the voluntary separation program is now behind us, and we're seeing a full run rate benefit for the balance of the year.

即使在商業有線領域，我們也繼續淡化低利潤交易的重要性，並保持嚴格的紀律。然後從員工人數的角度來看，自願離職計畫現在已經結束，我們將看到今年剩餘時間的全面運作效益。

So there's really no assumption changes in upgrades, as you asked before. We said mid single-digits for the full year. That still stays intact. And what we've said is volumes are important, but we're going to stay disciplined in our approach and in support of the three measures that Hans mentioned wireless service revenue, Adjusted EBITDA and free cash flow.

因此，正如您之前所問，升級中實際上沒有假設變化。我們預計全年成長率將達到中等個位數。它仍然完好無損。我們說過數量很重要，但我們會繼續嚴謹行事，支持漢斯提到的三個指標：無線服務收入、調整後 EBITDA 和自由現金流。

And we'll pulse in pulse out where it makes sense. But we're not going to chase on profitable growth for the sake of net adds. So but very pleased with the progress on Adjusted EBITDA in the first half of the year and very comfortable raising the guidance for the back half.

我們會以合理的方式進行脈衝輸入和輸出。但我們不會為了淨增而追求獲利成長。因此，我們對上半年調整後 EBITDA 的進展感到非常滿意，並且很樂意提高下半年的業績預期。

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

是的。謝謝，麥克。布拉德，我們準備好回答下一個問題了。

Kutgun Maral, Evercore ISI.

Kutgun Maral，Evercore ISI。

Good morning and thanks for taking the question. I want to ask about your wireless go-to-market strategy. I know you pulse in and out of the market, Tony, just like you said, but looking through some of your postpaid offers in the second quarter, at times, there seems to have been a bit more promotional activity on the device side, targeting the value end.

早上好，感謝您回答這個問題。我想問一下你們的無線行銷策略。東尼，正如您所說的，我知道您對市場變化的動態很敏感，但縱觀您第二季度提供的一些後付費優惠，有時似乎在設備方面有更多促銷活動，瞄準價值端。

Over the last few years, you've expanded your portfolio in the segments that you target with TracFone and Fixed Wireless, for example. But the value end had historically been perhaps less of a focus on the postpaid side. So I was curious if this was more of an opportunistic tilt that was specific to the quarter or if it's part of a more strategic shift in the way that you expect to go to market moving forward? Thank you.

例如，在過去幾年中，您已經擴大了 TracFone 和固定無線等目標領域的投資組合。但從歷史上看，價值端可能不太關注後付費方面。所以我很好奇，這是否只是本季特有的機會主義傾向，還是您預期未來進入市場的方式的更具策略性的轉變的一部分？謝謝。

Thank you. First of all, Sampath and the team together with our CMO, Leslie, have been working really hard to segment up our market because as we see the market having less and less new customers come into the market, a segmented approach becomes important. We are running now, I think, eight or nine different brands. All of them have different brand attributes and appealing to different segmentations.

謝謝。首先，Sampath 和他的團隊以及我們的首席行銷長 Leslie 一直在努力細分我們的市場，因為我們看到市場上進入市場的新客戶越來越少，因此細分方法變得非常重要。我認為我們現在經營著八、九個不同的品牌。它們都具有不同的品牌屬性，並吸引不同的細分市場。

So this is sort of a segmented growth strategy we have in wireless for Consumer, and that will continue. And you just refine and see that we have the right offerings in all the different type of brands we have. I would say some of the brands are doing extraordinary well. I mean, Total Wireless, Visible, very good, very targeted. Some of them have some sort of promotions. Some of them are just having a service fee.

這是我們針對消費者無線業務所製定的一種分段式成長策略，而且我們將繼續這種策略。您只需進行改進，就會發現我們為所有不同類型的品牌提供了合適的產品。我想說有些品牌做得非常好。我的意思是，Total Wireless、Visible，非常好，非常有針對性。其中一些有某種促銷活動。有些只是收取服務費。

So it's very different, and you're going to see us continue doing that work because that is part of our growth story that we can actually meet any consumer with different economical background with the service. And as you can see in this quarter and the previous quarters, we're actually excited about those opportunities.

所以這是非常不同的，你會看到我們繼續做這項工作，因為這是我們成長故事的一部分，我們實際上可以透過服務滿足任何具有不同經濟背景的消費者。正如您在本季和前幾季所看到的，我們確實對這些機會感到興奮。

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

是的。謝謝，Kutgun。布拉德，我們準備好回答下一個問題了。

Frank Louthan, Raymond James.

法蘭克洛森、雷蒙詹姆斯。

Great. Thank you. Can you talk to us about the pace of the Fixed Wireless deployment? Are you seeing that increase or doing more investment there? Or is that kind of staying the same? And then can you characterize the promotion activity in July. Do you think that's going to be similar this quarter with seasonality? How should we think about that? Thanks.

偉大的。謝謝。能跟我們談談固定無線部署的速度嗎？您是否看到了這種增長或在那裡進行了更多投資？還是說會維持不變？那麼，您能描述一下七月份的促銷活動嗎？您認為本季的季節性情況會類似嗎？我們該如何看待這個問題？謝謝。

Thank you. On the pace on Fixed Wireless Access, that's not changing at all. I mean, we are gearing up for reaching 80%, 90% of C-band this year, and that's where we followed through with our Fixed Wireless Access opportunities. And by next year, we're going to have basically built all our C-band on top of the grid we defined from the beginning. And after that, we can always debate how we're going to continue to allocate capital.

謝謝。就固定無線存取的步伐而言，這一點都沒有改變。我的意思是，我們正準備在今年達到 80%、90% 的 C 波段，這就是我們利用固定無線接取機會實現的目標。到明年，我們將在最初定義的網格上基本上建造所有 C 波段。此後，我們總是可以討論如何繼續分配資本。

But right now, we allocate capital for mobility for the simple reason that where we build the C-band, we have better step ups, we have better upgrades from our customers. So that's the number one. But let us finish this and then we're going to see, but the pace has not changed, the same C-band build-out.

但目前，我們為行動業務分配資金，原因很簡單，在我們建造 C 波段的地方，我們可以獲得更好的提升，我們的客戶可以獲得更好的升級。這就是第一點。但讓我們完成這個，然後我們會看到，但步伐沒有改變，同樣的 C 波段建設。

What you see on the CapEx is actually also an efficiency work. We're doing everything that was planned for '25 right now, but we do it more efficient. The network team is doing a great job, actually creating efficiencies on our CapEx. And that's very important for us going forward when we're also going to have Frontier inside.

您在資本支出上看到的實際上也是一項效率工作。我們目前正在進行 25 年計劃的所有工作，但我們會做得更有效率。網路團隊表現出色，實際上提高了我們的資本支出效率。當我們將 Frontier 納入其中時，這對我們未來的發展非常重要。

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

謝謝，弗蘭克。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. I want to follow-up to Ben's first question where you talked about capital allocation. Under the new budget or the One Big, Beautiful Bill, there is an expectation of significant spectrum sales, even though the spectrum hasn't been identified, can you just talk a little bit about that as to how you would prioritize spectrum purchases. If there's either a government action or alternatively if private market spectrum comes available from EchoStar as to how that might affect, for example, your discussion about possible share buybacks.

你好。我想跟進本的第一個問題，您談到了資本配置。根據新預算或《一項大而美麗的法案》，預計會有大量的頻譜銷售，儘管頻譜尚未確定，您能否稍微談一下您將如何優先考慮頻譜購買。如果政府採取行動，或者 EchoStar 提供私人市場頻譜，這可能會對您關於可能的股票回購的討論產生什麼影響。

Thank you. When it comes to spectrum, I mean, I think that what we are -- we're sitting on a really good position on spectrum and with a C-band, millimeter wave, or a low band, and that's what you see we are deploying right now. So we feel good about where we are with spectrum.

謝謝。說到頻譜，我的意思是，我認為我們在頻譜方面處於非常有利的位置，擁有 C 波段、毫米波或低波段，這就是我們現在正在部署的。因此，我們對目前的頻譜狀況感到滿意。

Then I've said all the time that the US over time needs more spectrum, especially as 6G comes up, et cetera, in order to stay competitive and being the most digitalized country in the world. So we're, of course, thinking is good. That's part of the bill. But as you rightfully said, it still needs to be freeing up spectrum and all of that, and that will take some time.

我一直說，隨著時間的推移，美國需要更多的頻譜，特別是隨著 6G 的出現等等，以保持競爭力並成為世界上數位化程度最高的國家。因此，我們當然認為這是好的。這是該法案的一部分。但正如您所說，它仍然需要釋放頻譜等等，這需要一些時間。

When it comes to in general capital allocation of spectrum, we always do the build versus buy. I mean, we have done it way before I joined. We look into will this -- buy the spectrum being better than building our own spectrum today. That's the comparison of what it's going to do when we see spectrum in the market.

當談到頻譜的一般資本配置時，我們總是選擇自建而不是購買。我的意思是，在我加入之前我們就已經這樣做了。讓我們研究一下——購買頻譜是否比今天建立我們自己的頻譜更好。這就是我們在市場上看到頻譜時將會做的事情的比較。

But again, we feel good about the position we have. And we are encouraged that the government is planning over time to bring more spectrum to the market for the competitiveness of the United States of America.

但我們對自己目前的地位感到滿意。我們感到鼓舞的是，政府正在計劃逐步向市場推出更多的頻譜，以增強美國的競爭力。

Thanks, Craig. Ready from the next question.

謝謝，克雷格。準備回答下一個問題。

Michael Funk, Bank of America.

美國銀行的麥可‧芬克。

Yeah. Hi, good morning. Thank you for the question. So on postpaid phone subscriber acquisition cost, what are you seeing for the increase in acquisition cost year-over-year? And then what are you modeling for second half? And what's the right mix of budget for retention versus acquisition?

是的。嗨，早安。謝謝你的提問。那麼，就後付費電話用戶獲取成本而言，您認為其年增長情況如何？那麼下半場你準備要塑造什麼形象呢？那麼，保留和獲取客戶的預算的正確組合是多少呢？

This is close to how we work constantly between Sampath, me and Tony, seeing that we have an envelope for the full investment of customers, which is including acquisition, retention and media. To give you an exact number, that wouldn't be appropriate.

這與 Sampath、我和 Tony 之間的持續合作方式很接近，我們看到我們有一個用於客戶全部投資的信封，其中包括獲取、保留和媒體。給你一個確切的數字，那是不合適的。

But I think that what you should be feeling confident about it that we weekly think about what is the best allocation that we get the best return on investment on the LTV and getting the right customers of retention or acquisitions.

但我認為你應該對此充滿信心，我們每週都會思考最佳配置是什麼，以便我們在 LTV 上獲得最佳投資回報並獲得合適的保留或收購客戶。

So that is a fluid work we're doing constantly, and we have improved this dramatically over the years. Before it was an overall budget. Now, it's a much more dynamic, but we stay within the financial discipline we have. So we're not overshooting on anything.

所以這是我們一直在進行的一項流暢的工作，多年來我們已經取得了顯著的進步。以前它是一個總體預算。現在，情況更加活躍，但我們仍遵守現有的財務紀律。所以我們並沒有在任何事情上做得太過頭。

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

謝謝，麥克。布拉德，準備好回答下一個問題。

Greg Williams, TD Cowen.

格雷格威廉斯 (Greg Williams)，TD Cowen。

Great. Thanks for taking my questions. First one is just on the consumer phone gross adds. You guys said you're disciplined in not chasing volumes, but it's up 19%. I think that's a 2Q record. How sustainable is this level of gross adds going forward in the balance of the year?

偉大的。感謝您回答我的問題。第一個是關於消費者手機總量的增加。你們說你們很嚴謹，不會追求銷量，但價格卻漲了 19%。我認為這是第二季的記錄。在今年餘下的時間裡，這一水準的總增幅能持續多久？

And the second question, just on the customer experience that you guys launched on June 24 because you're talking it up quite a bit here. I wanted to get more color on what it is in the specifics, and you mentioned AI enabling customer care, et cetera. So any color there would be great. Thanks.

第二個問題是關於你們在 6 月 24 日推出的客戶體驗，因為你們在這裡談論了很多。我想更詳細地了解它的具體內容，您提到了人工智慧支援客戶服務等等。所以任何顏色都很棒。謝謝。

Okay. Sure, Greg. On the gross adds, a couple of things here. The strength came from two places. First, we had very strong sales execution in our stores and distribution. The team did a great job. And then secondly, the value proposition when you think about -- we launched the Best Value Guarantee back at the beginning of April, and that is resonating with customers in the market.

好的。當然，格雷格。總的來說，這裡有幾件事。力量來自兩個地方。首先，我們的商店和經銷商的銷售執行力非常強。團隊表現非常出色。其次，當您考慮價值主張時—我們在 4 月初推出了最佳價值保證，這引起了市場上客戶的共鳴。

And we see a healthy mix of new to Verizon in the quarter, and we're also writing good business as well. And what we said many times is volumes are important, and we'll pulse in and pulse out where it makes financial sense. And then as we said earlier, the biggest opportunity for us is loyalty and retention, and the team is focused on it.

我們看到本季 Verizon 的新業務組合良好，而且我們的業務也表現良好。我們多次說過，數量很重要，我們會在財務上合理的情況下進行投入和退出。正如我們之前所說，對我們來說最大的機會是忠誠度和保留率，團隊也專注於此。

Yeah. And if we talk about what was launch 624, I think that it was a lot of AI supported customer experience tools we put in. I mean, first of all, when it comes to the process, we now will have a customer care employee following a request or a complaint from our customers all the way. So we actually finish it out with the same person starting and ending and also having uptake. That was a concern for our customers that we heard through the year and that we needed to improve.

是的。如果我們談論 624 號發表會，我認為我們投入了大量由人工智慧支援的客戶體驗工具。我的意思是，首先，就流程而言，我們現在會有一名客戶服務員工全程追蹤客戶的請求或投訴。因此，我們實際上由同一個人開始、結束並完成整個過程。這是我們一年來聽到的客戶擔心的問題，也是我們需要改進的問題。

The other thing is we're also opening up for our customer service 24/7, very important. Again, that was a feedback that people are having different work hours. They want to call different times. We're going to fix that. And then, of course, we're giving our customer care employees an AI tool so they can treat our customer better and know their problems better because this could be stressful. We know that having the connectivity is such an essential service mobility in broadband.

另一件事是，我們也提供全天候客戶服務，這非常重要。再一次，這是人們有不同的工作時間的回饋。他們想在不同的時間打電話。我們會解決這個問題。當然，我們會為我們的客戶服務員工提供人工智慧工具，以便他們能夠更好地對待我們的客戶，並更好地了解他們的問題，因為這可能會帶來壓力。我們知道，連線是寬頻服務移動性的重要內容。

And then the last thing, we're going to leverage even more our stores. I mean, 93% of the US population has less than 30 minutes of Verizon store. We're going to leverage that more, see that's going to be a place where you can get more support and help as well. So we leverage all the assets and all our employees to see that we're treating our customers better.

最後一點，我們將進一步利用我們的商店。我的意思是，93% 的美國人口距離 Verizon 商店不到 30 分鐘。我們將進一步利用這一點，讓您可以在這裡獲得更多支持和幫助。因此，我們利用所有資產和所有員工來確保更好地對待我們的客戶。

And I think it's an area we can excel in, and then we basically have worked a lot on our product side, where we have MyPlan, My Biz, MyHome, all of that with perks, which is really resonating. We have worked on a brand that we refreshed the brand last year, and that is actually going really good as well. And the network is, of course, the best network in the market that once again was proven by J.D. Power and RootMetrics.

我認為這是我們可以擅長的領域，然後我們基本上在產品方面做了很多工作，我們有 MyPlan、My Biz、MyHome，所有這些都有額外福利，這確實引起了共鳴。我們致力於打造一個品牌，去年我們對該品牌進行了更新，事實上，進展也很好。當然，該網絡是市場上最好的網絡，這再次得到了 J.D. Power 和 RootMetrics 的證明。

So we're working on all the cylinders how we compete for any type of customer all the way from enterprise government, small and medium to prepaid, postpaid customers, and broadband and mobility. So it's a holistic thinking how we're going to do this. Thank you for the question.

因此，我們正在全力以赴地爭取各種類型的客戶，從企業、政府、中小型企業到預付費、後付費客戶以及寬頻和行動客戶。因此，我們需要全面思考如何做到這一點。謝謝你的提問。

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

謝謝，格雷格。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)。

Hi. Good morning, everybody. A question about costs and want to know about churn. On costs, you mentioned your expectations for continuing cost efficiency. And we see, obviously, headcount is flat year-to-date in your reporting compared to 5% improvement or decline in 2024.

你好。大家早安。一個關於成本的問題，想了解客戶流失狀況。關於成本，您提到了對持續提高成本效率的期望。顯然，我們看到，你們報告中今年迄今為止的員工人數持平，而 2024 年的員工人數則增加了或減少了 5%。

And so, thinking out medium term, thinking about 2026, 2027, I wonder if you could describe any opportunities you see for ongoing efficiency gains outside of price increases. And then on churn, now that we're well past the impact of extended installment plans on consumer churn, what do you think is the cause of today's churn levels? Obviously, your initiatives in June indicate some incremental concern. And does that trend require less aggressive, less positive price increases in the future? Thanks.

因此，從中期來看，考慮到 2026 年、2027 年，我想知道您是否可以描述一下除了價格上漲之外，您認為持續提高效率的任何機會。那麼關於客戶流失，既然我們已經遠遠超過了分期付款計劃對消費者流失的影響，您認為當今客戶流失水平的原因是什麼？顯然，你們六月的舉措顯示了一些逐漸增加的擔憂。這種趨勢是否意味著未來價格上漲幅度會減弱、積極性會下降？謝謝。

First of all, any future commercial plans, I will not share. That I cannot do. I start with the cost. I think that both Tony and I see more cost opportunities than we have seen in a long time. And that's what you see in our leverage right now. Many of the AI solutions were put in, we talked about them last year, we're putting into both in the capital planning for our customers, for our employees. That's still not into any cost base for us.

首先，任何未來的商業計劃，我都不會分享。這是我做不到的。我先從成本說起。我認為托尼和我都看到了比我們長期以來看到的更多的成本機會。這就是您現在看到的我們的槓桿作用。我們去年就討論過許多人工智慧解決方案，現在我們將其納入為客戶和員工製定的資本規劃中。對我們來說這還不屬於任何成本基礎。

The headcount, we have been very, very good and it's going down all the time. So we have been very efficient on managing our resources that is handling this market. So very happy with that. And I hand it over to Tony to talk a little bit more about cost and churn.

我們的員工人數一直非常非常好，而且一直在下降。因此，我們非常有效率地管理我們的資源來應對這個市場。我對此非常高興。我把時間交給東尼，讓他進一步談論成本和客戶流失問題。

Thanks. So Peter, a couple of things. The headcount is down 3.7% year-over-year. And as I said earlier, we had a lot of Adjusted EBITDA margin expansion in the first half and continue to take cost out, whether it's AI, whether it's network, the team continues to take copper out of the network, and that work continues. And whether it's IT or real estate, IT platform consolidation of real estate, we're continuing to push cost out of the business.

謝謝。彼得，有幾件事。員工人數較去年同期下降3.7%。正如我之前所說，上半年我們的調整後 EBITDA 利潤率大幅擴大，並繼續降低成本，無論是人工智慧還是網絡，團隊繼續從網絡中提取銅線，這項工作仍在繼續。無論是 IT 還是房地產，無論是房地產的 IT 平台整合，我們都在持續降低業務成本。

And even on Business Wireline, as I said before, we're being really disciplined at the deal desk. And even on wireless, we're being disciplined at the deal desk as well, and we're not chasing growth for the sake of growth. So as Hans said, we're operating differently, and we feel good about the cost actions that are driving the Adjusted EBITDA improvements and also the increase in the guide.

正如我之前所說，即使在商業有線上，我們在交易櫃檯也非常嚴格。即使在無線領域，我們在交易台也同樣嚴格，我們不會為了成長而追求成長。正如漢斯所說，我們的營運方式有所不同，我們對推動調整後 EBITDA 改善和指南增加的成本行動感到滿意。

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

謝謝，彼得。布拉德，我們準備好回答下一個問題了。

Bryan Kraft, Deutsche Bank.

德意志銀行的布萊恩·克拉夫特。

Hi. Good morning. I just had a question on BEAD. With the recent changes in the program, I was wondering how you're thinking about the opportunity to participate and maybe make some incremental investments into footprint expansion through that program. Thanks.

你好。早安.我剛剛對 BEAD 有一個疑問。隨著該計劃的最新變化，我想知道您如何考慮參與該計劃的機會，並可能透過該計劃對足跡擴展進行一些增量投資。謝謝。

Thanks. Yeah. There are some slight changes to the BEAD program rules, which opened up some opportunities for us, of course, and then it's a process of rebuilding. I think that's one area. The other areas, of course, we have been building since the first BEAD opportunity came up.

謝謝。是的。BEAD 計劃規則有一些細微的變化，當然，這為我們帶來了一些機會，然後這是一個重建的過程。我認為這是一個領域。當然，自從第一個 BEAD 機會出現以來，我們一直在建立其他領域。

So the combination of this is probably that we have the same opportunities as we had when the BEAD program started. We're going to BEAD where we see that we have a good return and with some subsidies from the government. So no major change for us. We are in this process right now. So I need to come back to you when we see the outcome of that rebuilding.

因此，綜合起來看，我們可能擁有與 BEAD 計劃啟動時相同的機會。我們將進行 BEAD，我們看到我們獲得了良好的回報，並且獲得了政府的一些補貼。所以對我們來說沒有什麼重大改變。我們現在正處於這過程中。所以當我們看到重建的結果時我需要回來告訴你。

Thanks, Bryan. Brad, we have time for one more question.

謝謝，布萊恩。布拉德，我們還有時間再問一個問題。

Tim Horan, Oppenheimer.

提姆霍蘭，奧本海默。

The business revenues and margins have improved pretty substantially. Just any more color on what you're doing there? I know you touched on it a little bit, but can you give us a little bit more samples of what's going on? And I guess the key question is it secular and I guess particularly on the margins.

業務收入和利潤率都有了大幅提高。您在那裡做什麼？還有什麼好說的嗎？我知道您稍微提到了這一點，但是您能否給我們更多正在發生的事情的例子？我想關鍵問題是它的世俗性，特別是在邊緣領域。

Thank you. Yeah, it's a lot going on there. I mean, some of you have been following us for quite a while. You know that somewhere in '23, our performance was not the best. We took a lot of decisions, including getting basically a new management team. Since then, we have been aligning on what we need to do, and you see so many vectors of growth that we didn't have before. I mean, all the way from fiber, Fixed Wireless Access and of course the fiber will be added in the Frontier over time.

謝謝。是的，那裡發生了很多事。我的意思是，你們中的一些人已經關注我們很久了。你知道，在 23 年的某個時候，我們的表現並不是最好的。我們做出了很多決定，包括組成一個新的管理團隊。從那時起，我們就一直在協調我們需要做的事情，你會看到我們之前沒有的許多成長動力。我的意思是，從光纖到固定無線接入，當然，隨著時間的推移，光纖也會添加到 Frontier 中。

You see our AI Connect that we talk about on the business side so that we can leverage our assets on the on the fixed side. We have the adjacent services that for a couple of years ago were very small. Now, with the perks and all of that we're doubling the growth there.

您可以看到我們在業務方面談論的 AI Connect，以便我們可以在固定方面利用我們的資產。我們提供的相鄰服務在幾年前規模還很小。現在，憑藉這些福利和所有這一切，我們的成長速度翻了一番。

So we have the convergence coming up as well. We have prepaid that Tony talked about that was zero or negative for us for quite a while. Now, we're basically flattish and of course, expecting that the team is going to. And then we have all the step up and the segmented growth that I talked about.

因此我們也面臨融合的問題。我們已經預付了托尼所說的款項，但在很長一段時間內，這筆款項都是零或負數。現在，我們基本上處於平穩狀態，當然，我們也期待球隊能夠這樣做。然後我們就實現了我之前談到的所有進步和分段式成長。

So the team is executed really good and, in the foundation, we have a great network that we now are sort of capturing all the opportunities we receive an investment we did for a couple of years ago, and that's what you see. And then on top of that with the discipline from Tony and the team, we're taking out cost and then you see the leverage and sometimes we just underestimate what great business this is.

因此，團隊的執行力非常好，在基礎上，我們擁有一個強大的網絡，我們現在正在抓住幾年前投資時獲得的所有機會，這就是你所看到的。除此之外，在東尼和團隊的嚴格管教下，我們降低了成本，然後你就看到了槓桿作用，有時我們只是低估了這門生意有多偉大。

I mean, it's an enormous business when it comes to revenue and subscriber-based services and the generation of cash is extraordinary. We will just continue to drive that and see that we have the right offerings for our customer, but that's what's behind it. We're really well executed and what you should expect from Verizon, which is our trademark.

我的意思是，就收入和基於用戶的服務而言，這是一項巨大的業務，而且產生的現金量非常驚人。我們將繼續推動這項進程，並確保我們能為客戶提供合適的產品，但這就是背後的原因。我們確實執行得很好，正如您所期望的，Verizon 就是我們的商標。

Thanks. And then Hans, just a couple of things to add, Tim, on the on the business segment. The team continues to grow volumes, both mobility and FWA and the business continues to skew more wireless, which is great to see, and we said the goal was to improve the EBITDA profile in this segment, and we saw really good progress in the first half of the year.

謝謝。然後，漢斯，提姆，我只想補充幾件關於商業部分的事情。團隊的業務量持續成長，包括行動性和 FWA，業務也繼續向無線領域傾斜，這是令人高興的，我們說目標是改善這一領域的 EBITDA 狀況，我們在上半年看到了非常好的進展。

We have three straight quarters now of growth. So if you look at between the revenue and the margins on the revenue side, as I said, more wireless FWA and mobility growing even though we're growing through even the Public Sector pressures as well. And we're also seeing contributions from private 5G networks and AI Connect, and that's also offsetting some of the wireline decline that we see.

我們現在已經連續三個季度實現成長。因此，如果你看一下收入和收入方面的利潤率，正如我所說，儘管我們也在透過公共部門的壓力進行成長，但無線 FWA 和行動性仍在不斷增長。我們也看到了來自私人 5G 網路和 AI Connect 的貢獻，這也抵消了我們看到的部分有線網路的下滑。

And then on the cost side, Kyle and the team are doing a great job with our managed services transformation, the deal we signed with HCL is providing a lot of benefits this year and a lot of good discipline in terms of moving customers off of legacy progress -- products rather, and de-emphasizing low margin deals and also operating with lower headcounts. So we're well positioned to continue to improve the business EBITDA margins this year, very happy with the progress.

在成本方面，Kyle 和團隊在託管服務轉型方面做得非常出色，我們與 HCL 簽署的協議今年帶來了很多好處，並且在將客戶從傳統流程（更確切地說是產品）中轉移出來、不再強調低利潤交易以及以較低的員工人數進行運營方面提供了許多良好的紀律。因此，我們已做好準備，在今年繼續提高業務 EBITDA 利潤率，我們對此進展感到非常滿意。

Thanks, Tim. Brad, that's all the time we have today.

謝謝，蒂姆。布拉德，我們今天的時間就這麼多了。

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

今天的電話會議到此結束。感謝您參與並使用 Verizon 會議服務。您現在可以斷開連線。