威訊通訊 (VZ) 2025 Q3 法說會逐字稿

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

早安，歡迎參加Verizon 2025年第三季財報電話會議。（操作說明）今天的會議正在錄音。如果您有任何異議，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.

現在我將把電話交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 third quarter 2025 earnings call. I'm Brady Connor, and on the call with me this morning is our new Chief Executive Officer, Dan Schulman; and Tony Skiadas, our CFO. Before we begin, I'd like to point you to our safe harbor statement, which can be found in the earnings presentation on our Investor Relations website. Our comments this morning may include forward-looking statements, which are subject to risks and uncertainties.

謝謝你，布拉德。早安，歡迎參加我們2025年第三季財報電話會議。我是 Brady Connor，今天早上和我一起通話的有我們的新任執行長 Dan Schulman 和我們的財務長 Tony Skiadas。在開始之前，我想提醒大家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的收益簡報中找到。我們今天早上的評論可能包含前瞻性陳述，這些陳述存在風險和不確定性。

Factors that may affect future results are discussed in our SEC filings. This presentation also contains non-GAAP financial measures, and you can find reconciliations of these measures in the materials on our website. With that, I'll turn the call over to Dan.

可能影響未來績效的因素已在提交給美國證券交易委員會的文件中進行了討論。本簡報也包含非GAAP財務指標，您可以在我們網站的資料中找到這些指標的調節表。接下來，我會把電話交給丹。

Thanks, Brady, and good morning, everyone. On behalf of the Board and everyone at the company, I want to start off by thanking Hans for his leadership and passion and his many contributions to Verizon over the past eight years. Hans executed a series of technology-related investments that have positioned Verizon for success. By building an enviable network and a strong foundation we can leverage going forward. Hans been a friend for many years, and I appreciate his support as we enter this new chapter.

謝謝你，布雷迪，大家早安。我謹代表董事會和公司全體員工，首先感謝漢斯在過去八年中對 Verizon 的領導、熱情和許多貢獻。漢斯進行了一系列與技術相關的投資，使 Verizon 走上了成功之路。透過建立令人艷羨慕的人脈網絡和堅實的基礎，我們可以更好地向前發展。漢斯是我多年的朋友，我感謝他在我們進入這個新篇章時給予的支持。

Personally, I could not be more excited about the future of Verizon, and I am honored to be its next CEO. As most of you know, I come to this role with extensive experience in the technology, telecommunications, and wireless industries. In fact, I began my career as an Assistant Account Executive at New Jersey Bell and then spent 18 years at AT&T eventually becoming the President of its consumer division.

就我個人而言，我對Verizon的未來感到無比興奮，我很榮幸能成為下一任執行長。正如你們大多數人所知，我在科技、電信和無線通訊產業擁有豐富的經驗。事實上，我的職業生涯是從新澤西貝爾公司的助理客戶經理開始的，然後在AT&T工作了18年，最終成為其消費者部門的總裁。

So I have deep roots in the telecom sector and in many ways, this is like coming home for me. In the years since I've had the privilege to help lead and grow some of the most iconic consumer brands in the world, including AT&T, priceline.com, Virgin Mobile, American Express, PayPal and now Verizon. Those experiences have provided me with a strong perspective on customer-centric growth.

我在電信業有著深厚的根基，從很多方面來說，這就像回家一樣。在接下來的幾年裡，我有幸幫助領導和發展了一些世界上最具代表性的消費品牌，包括 AT&T、priceline.com、Virgin Mobile、美國運通、PayPal 以及現在的 Verizon。這些經驗讓我對以客戶為中心的成長有了深刻的理解。

And of course, I've served on the Board of Verizon for the past seven years. So while I am only a few weeks into my tenure as the company's CEO, I've had a front row seat into the company's evolution since 2018 and therefore, come into this role with a rich perspective of where Verizon is coming from and what the opportunities are.

當然，在過去七年裡，我一直擔任 Verizon 的董事會成員。雖然我擔任公司執行長才幾週時間，但自 2018 年以來，我一直近距離見證著公司的發展歷程，因此，我對 Verizon 的發展歷程和機會有著深刻的理解。

For many years, Verizon has led the industry with our reliable and scalable network, and we will continue to advance our network leadership. As you know, we're significantly investing in fiber and in the power of convergence with our acquisition of Frontier, which we expect to close early next year.

多年來，Verizon憑藉其可靠且可擴展的網路一直引領著業界，我們將繼續鞏固我們在網路上的領先​​地位。如您所知，我們正在大力投資光纖和融合技術，收購 Frontier 公司就是最好的證明，我們預計收購將於明年初完成。

Verizon has deep strength and incredible potential, but the blunt truth is we haven't captured the customer growth opportunities, this strong foundation enables. Verizon is at a critical inflection point. For years, our priority was clear, build the best and most reliable network.

Verizon 擁有雄厚的實力和巨大的潛力，但殘酷的現實是，我們還沒有抓住這強大基礎所帶來的客戶成長機會。Verizon正處於一個關鍵的轉捩點。多年來，我們的首要任務很明確，那就是建立最好、最可靠的網路。

With that foundation firmly in place, our next chapter is about serving and delighting customers by building the industry's best overall value proposition and the best customer experience on top of it. We must shift to a customer-first focus and redefine our trajectory.

有了這樣的堅實基礎，我們的下一個篇章將是透過打造業界最佳的整體價值主張和最佳的客戶體驗來服務和取悅客戶。我們必須轉變思路，以客戶為先，重新定義我們的發展軌跡。

This is not a course correction. It is a fundamental change in our strategic approach to customers. The only way we can drive sustainable value for our shareholders is by significantly raising our game and winning responsibly in the market. This is about financially disciplined growth, winning with the right customers at the right economics. Volume growth and profitability growth can go and will go hand-in-hand.

這不是航線調整。這是我們對待客戶的策略方針的根本轉變。我們只有大幅提升自身實力，並在市場中以負責任的方式取得成功，才能為股東創造永續的價值。這關乎財務紀律嚴明的成長，以適當的經濟效益贏得合適的客戶。銷售成長和獲利成長可以而且必將齊頭並進。

We are fully committed to achieving both simultaneously. Before I elaborate on my vision for a revitalized Verizon, I'm going to hand it over to Tony to cover our third quarter performance.

我們致力於同時實現這兩個目標。在我詳細闡述我對重振 Verizon 的願景之前，我將把發言權交給 Tony，讓他來介紹我們第三季的業績。

Great. Thanks, Dan, and good morning. Before I begin, I just want to take a moment to congratulate Dan on his appointment as CEO of Verizon. The leadership team and I are excited to work with him in creating this new chapter for our company. First and foremost, we remain on track to deliver our full year financial guidance, which includes our previously raised expectations for adjusted EBITDA growth, adjusted EPS growth, and free cash flow.

偉大的。謝謝你，丹，早安。在開始之前，我想藉此機會祝賀丹被任命為 Verizon 的首席執行官。我和領導團隊都非常高興能與他一起為公司開啟新的篇章。首先，我們仍有望實現全年財務預期，其中包括我們先前上調的調整後 EBITDA 成長、調整後 EPS 成長率和自由現金流預期。

In Consumer Mobility, we delivered strong postpaid phone gross adds up 8.4% from the prior year. However, gross add growth was offset by churn of 91%, which resulted in postpaid phone net losses of 7,000 in the quarter. We continue to see healthy retention benefits from our converged customers. At the end of the quarter, more than 18% of our consumer postpaid phone base took a converged offering, more than 200 basis points above last year. We see significant opportunities to increase convergence in the Frontier footprint after we close the transaction.

在消費者行動業務方面，我們的後付費手機毛利較前一年成長了 8.4%。然而，新增用戶數量的成長被 91% 的用戶流失所抵消，導致該季度後付費手機淨虧損 7,000 台。我們持續從融合客戶群中獲得良好的客戶留存率。截至本季末，超過 18% 的消費者後付費手機用戶選擇了融合套餐，比去年同期成長了 200 多個基點。我們認為，交易完成後，Frontier 的商業版圖將有很大的融合機會。

Importantly, converged customers on fiber have a mobility churn rate that's nearly 40% lower than our overall mobility base. We also saw a 16% year-over-year increase in consumer upgrades in the third quarter tied to our Best Value Guarantee, which is resonating with customers.

值得注意的是，光纖融合客戶的行動用戶流失率比我們整體行動用戶群低近 40%。第三季度，消費者升級率年增 16%，這與我們的最佳價值保證有關，該保證引起了客戶的共鳴。

Moving to core prepaid, we delivered 47,000 net adds, our fifth consecutive quarter of positive subscriber growth. The strength of our key brands as well as the continued expansion of Total Wireless distribution positions us to continue to grow our prepaid business. Verizon Business delivered 51,000 phone net adds. As expected, we continue to see disconnect pressure in the public sector, in part from ongoing government efficiency efforts. This was more than offset by strong demand from small and medium businesses and large enterprise customers as we continue to be the provider of choice for businesses.

在核心預付費業務方面，我們實現了 47,000 例淨增用戶，連續第五個季度用戶數量實現正成長。我們主要品牌的實力以及 Total Wireless 分銷管道的持續擴張，使我們能夠繼續發展預付費業務。Verizon Business新增電話用戶51000戶。正如預期的那樣，我們繼續看到公共部門面臨脫節壓力，部分原因是政府正在進行的提高效率工作。但這被中小企業和大型企業客戶的強勁需求所抵消，我們仍然是企業的首選供應商。

Shifting to Broadband. We once again delivered solid results with 306,000 net adds. Our broadband base is up 1.3 million subscribers from a year ago and is now over 13.2 million subscribers. Fios Internet delivered 61,000 net adds, our best quarterly result in two years. Given the demand for Fios, we're working to bring it to more and more premises within our footprint.

轉向寬頻。我們再次取得了穩健的業績，淨增用戶達 30.6 萬。我們的寬頻用戶數量比一年前增加了 130 萬，現在已超過 1,320 萬用戶。Fios網路新增用戶6.1萬，創下兩年來最佳季度業績。鑑於市場對Fios的需求，我們正在努力將其推廣到我們服務範圍內越來越多的場所。

In addition, we recently announced an initiative with Tillman that will enable us to bring our best-in-class Fios broadband offerings to even more households and businesses. The agreement combines Tillman's network design build and operations capabilities with Verizon scale, distribution strength and brand power. We will focus on markets outside of the Verizon and Frontier footprint, expanding our Fios business to new places across the country and driving more convergence in these markets.

此外，我們最近還宣布了一項與 Tillman 合作的計劃，這將使我們能夠為更多家庭和企業提供一流的 Fios 寬頻服務。該協議將 Tillman 的網路設計、建設和營運能力與 Verizon 的規模、分銷實力和品牌影響力相結合。我們將專注於 Verizon 和 Frontier 業務範圍之外的市場，將我們的 Fios 業務擴展到全國各地的新地區，並推動這些市場實現更大的整合。

Fixed Wireless Access net adds were 261,000 for the quarter. With approximately 5.4 million FWA subscribers, our annualized revenue has surpassed $3 billion and continues to grow. We believe FWA can be a long-term sustainable business. In addition, we recently announced an agreement to acquire Starry, which will enhance our MDU capabilities, combining our scale and resources with Starry's technical and go-to-market expertise.

本季固定無線存取淨新增用戶26.1萬。我們擁有約 540 萬 FWA 用戶，年收入已超過 30 億美元，並且持續成長。我們相信FWA可以成為長期可持續發展的企業。此外，我們最近宣布了一項收購 Starry 的協議，這將增強我們的 MDU 能力，將我們的規模和資源與 Starry 的技術和市場推廣專業知識相結合。

Moving to financials. Our third quarter performance keeps us on track to deliver on our financial guidance for the year. Third quarter consolidated revenue was $33.8 billion, up 1.5% from the prior year period. We delivered over $400 million of year-over-year wireless service revenue growth in the quarter. Wireless equipment revenue was 5.2% higher than the prior year, driven by higher gross adds and upgrade rates.

接下來進入財務板塊。第三季的業績使我們有望實現全年的財務目標。第三季合併營收為338億美元，較上年同期成長1.5%。本季度，我們的無線服務收入年增超過 4 億美元。無線設備收入比上年增長 5.2%，主要得益於新增用戶數量和升級率的提高。

Wireless service revenue was up 2.1% from the prior year, driven by continued ARPA growth from targeted pricing actions and further adoption of fixed wireless access and add-on services. Perks continued to provide a high-margin revenue stream, and we look forward to offering additional benefits for our customers.

無線服務收入較上年增長 2.1%，這主要得益於有針對性的定價措施帶來的 ARPA 持續增長，以及固定無線接入和附加服務的進一步普及。福利項目持續帶來高利潤的收入來源，我們期待為我們的客戶提供更多福利。

Additionally, prepaid revenue grew year-over-year for the first time since the TracFone acquisition. As expected, we faced a promo amortization headwind in the quarter, and we expect this headwind to continue. However, our underlying customer economics remain healthy.

此外，自 TracFone 收購以來，預付費收入首次實現年增。正如預期的那樣，本季度我們面臨促銷攤銷方面的不利影響，我們預計這種不利影響還會持續下去。然而，我們的基本客戶經濟狀況依​​然良好。

On the expense side, we have work to do to further reduce our cost of services and SG&A. As Dan will outline, we will be looking at cost with a new lens and will be focused on driving significant cost savings across all aspects of our business.

在支出方面，我們也需要努力進一步降低服務成本及銷售、一般及行政費用。正如丹將要概述的那樣，我們將以全新的視角看待成本，並將專注於在業務的各個方面實現顯著的成本節約。

Consolidated adjusted EBITDA was $12.8 billion, up 2.3% year-over-year. Year-to-date, we have generated almost $1.3 billion more in adjusted EBITDA compared to 2024, driven by a combination of pricing actions and cost reduction. Our adjusted EBITDA growth of 3.5% through the end of the third quarter is at the top end of our guided range. Adjusted EPS was $1.21 in the quarter, up 1.7% year-over-year, driven by growth in adjusted EBITDA.

調整後的綜合 EBITDA 為 128 億美元，較去年同期成長 2.3%。今年迄今為止，我們透過價格策略和成本削減等措施，實現了比 2024 年多出近 13 億美元的調整後 EBITDA。截至第三季末，我們調整後的 EBITDA 成長率為 3.5%，為我們預期範圍的上限。本季調整後每股收益為 1.21 美元，年增 1.7%，主要得益於調整後 EBITDA 的成長。

The cash generation of the business continues to be strong. Cash flow from operating activities was $28 billion for the first nine months of the year, up over $1.5 billion or 5.8% compared to the same period a year ago.

公司現金流依然強勁。今年前九個月，經營活動產生的現金流量為 280 億美元，比去年同期增加 15 億美元，增幅達 5.8%。

CapEx through the end of the third quarter totaled $12.3 billion compared to $12 billion in the prior year period. We're on track to meet all of our investment goals for the year and deliver within our guided range or better. The combination of our continued CapEx efficiency and our ability to drive profits to the bottom line resulted in third quarter free cash flow of $7 billion. This represents a nearly 17% improvement year-over-year and the highest reported in our industry by nearly $2 billion for the period.

截至第三季末，資本支出總額為 123 億美元，而去年同期為 120 億美元。我們預計將實現今年的所有投資目標，並達到或超過我們預期的目標範圍。我們持續提高資本支出效率，並持續提升利潤，最終實現了第三季 70 億美元的自由現金流。這比去年同期成長了近 17%，比我們產業同期報告的最高增幅高出近 20 億美元。

For the first three quarters of the year, we have generated $15.8 billion in free cash flow, an increase of 9% compared to the same period a year ago. In September, we raised the dividend for the 19th consecutive year reflecting our continued commitment to shareholder returns.

今年前三個季度，我們產生了 158 億美元的自由現金流，比去年同期成長了 9%。9 月份，我們連續第 19 年提高股息，這反映了我們對股東回報的持續承諾。

Net unsecured debt at the end of the quarter was $112 billion, a $9.4 billion improvement year-over-year. We continue to make meaningful reductions to our debt throughout the year, resulting in our net unsecured debt to consolidated adjusted EBITDA ratio dropping to 2.2 times as of the end of the third quarter. This puts us inside of our target leverage ahead of schedule and before the Frontier closing.

截至本季末，淨無擔保債務為 1,120 億美元，較上年同期減少 94 億美元。我們全年持續大幅減少債務，截至第三季末，我們的淨無擔保債務與合併調整後 EBITDA 比率降至 2.2 倍。這使我們能夠提前達到目標槓桿水平，並在 Frontier 交易完成之前實現。

We're focused on generating strong cash flow and committed to paying down our debt. We also remain committed to our long-term net unsecured leverage target range of 2.0 times to 2.25 times. This is not going to change.

我們專注於創造強勁的現金流，並致力於償還債務。我們也將繼續致力於實現長期淨無擔保槓桿目標範圍為 2.0 倍至 2.25 倍。這種情況不會改變。

Looking ahead, we remain on track to close the Frontier deal in the first quarter of 2026. We have received approvals from 11 of 13 states and are making good progress in the remaining jurisdictions. Integration planning is on track. And through the third quarter, based on their public disclosures, Frontier is performing extremely well across both their fiber build and customer growth. While we continue to execute within the parameters of our financial guidance, we recognize there is significant opportunity ahead.

展望未來，我們仍有望在 2026 年第一季完成 Frontier 的交易。我們已獲得 13 個州中的 11 個州的批准，並且在其餘地區也取得了良好進展。整合計劃正按計劃進行。根據 Frontier 的公開披露信息，該公司在第三季度的光纖建設和客戶成長方面都表現出色。儘管我們繼續在既定的財務指導框架內開展業務，但我們也意​​識到未來存在著巨大的機會。

And with that, I will turn the call over to Dan.

接下來，我會把電話交給丹。

Thank you, Tony. When I look at our performance objectively, Verizon is clearly falling short of our potential. And as a result, we are not delivering the shareholder returns our investors expect. Despite investing significantly in network leadership, we have not been able to translate that into winning in the market.

謝謝你，托尼。客觀地來看，Verizon 的表現顯然沒有發揮應有的潛力。因此，我們未能為投資者帶來他們期望的股東回報。儘管我們在網路領導力方面投入了大量資金，但我們仍未能將其轉化為市場勝利。

And consequently, we are not generating the financial profile necessary for share price appreciation. Our stock performance reflects this reality. My mandate from the Board is clear, unlock the growth potential of our platform while delivering strong financial results.

因此，我們無法創造出股價上漲所需的財務狀況。我們的股票表現反映了這個現實。董事會給我的指示很明確：在實現強勁財務表現的同時，釋放我們平台的成長潛力。

Today, I intend to discuss my priorities and areas of focus. Our plan will not be about incremental change. We intend to aggressively transform the culture and financial profile of our company operating under the principles of being bold, customer-centric and executing with financial discipline with a focus on shareholder value.

今天，我打算談談我的工作重點和關注領域。我們的計劃並非漸進式變革。我們計劃積極轉變公司的文化和財務狀況，秉持大膽創新、以客戶為中心、嚴格執行財務策略並注重股東價值的原則。

For the past few years, our financial growth has relied too heavily on price increases, a strategic approach that relies too much on price without subscriber growth is not a sustainable strategy. Every year, it gets harder to grow as we lap past price increases and experience higher churn. This cannot continue, and there is no question that meaningful change is needed.

過去幾年，我們的財務成長過於依賴價格上漲，這種過度依賴價格而沒有用戶成長的策略方法是不可持續的。每年，隨著價格上漲和客戶流失率上升，成長變得越來越困難。這種情況不能再繼續下去了，毫無疑問，我們需要做出有意義的改變。

As we shift to a customer-first culture, we will simultaneously drive a much more efficient cost structure, that fully supports our incremental investments in delighting our customers. I reject the premise that delighting customers and winning in the market means that margins will decrease.

隨著我們向以客戶為中心的文化轉型，我們將同時推動更有效率的成本結構，從而充分支持我們在提升客戶滿意度方面的增量投資。我不認同取悅客戶和贏得市場就意味著利潤率會下降這種說法。

I think this industry and clearly Verizon are only scratching the surface of increased bottom line performance. My top strategic imperative for Verizon is to grow our customer base profitably across our Mobility and Broadband subscription businesses. I strongly believe that growing volumes essential to drive sustainable long-term revenue and adjusted EPS growth. We are going to compete and grow responsibly across all market segments.

我認為這個行業，尤其是 Verizon，目前在提升獲利能力方面還只是略有起色。我為Verizon製定的首要策略要務是，透過我們的行動和寬頻訂閱業務實現客戶群的獲利性成長。我堅信，銷售成長是推動可持續的長期收入和調整後每股盈餘成長的關鍵。我們將以負責任的方式在所有細分市場中競爭並實現成長。

And over time, meaningfully increase our share of net adds, particularly in postpaid. We aim to win fairly by having the best overall value proposition and delighting our customers across all elements of the marketing mix. This is not going to be about promotional activities that can be quickly imitated. It is about true innovation, not easily replicated by our competitors. We will leverage our network excellence to drive growth, but we cannot rely on it exclusively.

隨著時間的推移，顯著提高淨新增用戶份額，尤其是在後付費用戶方面。我們的目標是透過提供最佳的整體價值主張，並在行銷組合的各個方面讓客戶滿意，從而贏得公平的勝利。這並非旨在進行可以迅速模仿的推廣活動。這才是真正的創新，我們的競爭對手很難複製。我們將利用我們卓越的網路優勢來推動成長，但我們不能完全依賴它。

Network quality is now foundational. Winning in the marketplace demands a revamped and superior customer value proposition and requires full attention to the entire customer experience. We will significantly elevate our game across multiple dimensions. We will work relentlessly to serve our customers, ensuring that every customer is fully satisfied with their Verizon experience. We must make it much easier to do business with us.

網路品質如今已成為基礎。要想在市場競爭中獲勝，就需要改進並提升客戶價值主張，並且需要全面關注客戶體驗的各個層面。我們將從多個方面大幅提升我們的遊戲水平。我們將不懈努力為客戶服務，確保每位客戶都對他們的 Verizon 體驗感到完全滿意。我們必須讓與我們做生意變得更容易。

You should expect bold execution powered by sophisticated and smart marketing, actions that strengthen loyalty and the elimination of practices and processes that detract from the customer experience. Raising rates without corresponding value rarely, if ever, delights customers.

你應該期待大膽的執行，輔以精明巧妙的營銷，採取能夠增強客戶忠誠度的行動，並消除有損客戶體驗的做法和流程。沒有相應增值而提高價格，很少（如果有的話）會讓顧客感到滿意。

Our primary objective is to build loyalty and drive significant improvements in retention to optimize the lifetime value of our customer base. Verizon will no longer be the hunting ground for competitors looking to gain share. We are reinventing how we operate to make Verizon more agile and efficient.

我們的主要目標是建立客戶忠誠度，並顯著提高客戶留存率，從而優化客戶群的終身價值。Verizon將不再是競爭對手爭奪市場佔有率的戰場。我們正在革新營運方式，使Verizon更加靈活高效。

You should expect disciplined execution across marketing, operations and service. We will invest significantly across all elements of our marketing mix and customer experience to drive mobility and broadband growth, and we will fund these investments by aggressively reducing our entire cost base. We will be a simpler, leaner and scrappier business. This work is overdue and will be multi-year and an ongoing way of life for us.

您應該期待行銷、營運和服務方面都能有嚴謹的執行力。我們將大力投資於行銷組合和客戶體驗的各個方面，以推動行動和寬頻業務的成長，並將透過大幅降低整體成本來為這些投資提供資金。我們將成為一家更精簡、更有效率、更具創新精神的企業。這項工作早就該做了，而且將持續數年，成為我們生活的一部分。

In addition, as some of you know, I am a strong believer in the growing power resulting opportunities created by AI. We have barely scratched the surface of how AI-powered innovation can transform our customer experience. I intend to use AI as a key tool to simplify offers, improve the customer experience and reduce churn through smart consistent and more personalized marketing and offers.

此外，正如你們中的一些人所知，我堅信人工智慧日益增長的力量將帶來機會。我們對人工智慧驅動的創新如何改變客戶體驗的探索還只是冰山一角。我打算利用人工智慧作為關鍵工具，透過智慧、一致且更個人化的行銷和優惠，簡化產品/服務流程，改善客戶體驗，並降低客戶流失率。

And we will leverage AI throughout the company to make it easier for our employees to delight our customers and to dramatically improve service while reducing cost and complexity across the vast majority of our business processes. While we narrow our focus to invest in key growth areas. We will also aggressively sunset or exit legacy businesses where we don't see a clear pathto profitable market leadership.

我們將利用人工智慧技術，讓員工更容易取悅客戶，並在絕大多數業務流程中大幅提高服務質量，同時降低成本和複雜性。同時，我們將投資重點放在關鍵成長領域。對於那些我們看不到明確獲利市場領導地位路徑的傳統業務，我們也會積極地逐步淘汰或退出。

We have a large opportunity to unleash meaningful margin improvement by doing so. And we will talk about this in more detail in January. Convergence is one of our most significant near-term growth opportunities. The pending acquisition of Frontier will enable us to serve approximately 29 million fiber passings creating a massive cross-sell opportunity. Our wireless share significantly under-indexes in Frontier's territory, and we intend to address this on day one.

這樣做，我們有很好的機會實現利潤率的顯著提升。我們將在1月更詳細地討論這個問題。融合是我們近期最重要的成長機會之一。在 Frontier 的收購完成後，我們將能夠為約 2,900 萬根光纖提供服務，從而創造巨大的交叉銷售機會。我們在 Frontier 的業務領域內的無線市佔率明顯低於預期，我們打算在第一天就解決這個問題。

This will create a significant runway to capture mobility volume from our broadband customers and cross-sell broadband to our existing mobility base, driving meaningful revenue synergies. I recently met with the Frontier senior leadership team. Their focus and performance is impressive. Their results are trending above the expectations when we signed the deal, and I am looking forward to having them join the Verizon team. We will continue to expand our fiber footprint through our own build and with strategic partnerships.

這將為我們獲取寬頻客戶的行動業務量創造重要空間，並向我們現有的行動業務用戶群交叉銷售寬頻服務，從而帶來顯著的收入協同效應。我最近與 Frontier 的高階領導團隊進行了會面。他們的專注力和表現令人印象深刻。他們的業績表現超出了我們簽訂協議時的預期，我期待他們加入 Verizon 團隊。我們將繼續透過自主建設和策略合作來擴大我們的光纖網路覆蓋範圍。

I expect the actions we are taking will enable us to generate higher free cash flow in 2026 than 2025, even when we include Frontier. Our business is generating strong cash flow today, but I believe it can be even stronger. I am committed to prioritizing the customer experience, while maximizing returns for our shareholders and doing both in a fiscally responsible manner.

我預計，即使算上 Frontier，我們採取的行動也將使我們在 2026 年產生比 2025 年更高的自由現金流。我們公司目前的現金流強勁，但我相信它還可以更強。我致力於優先考慮客戶體驗，同時最大限度地提高股東回報，並以對財務負責的方式實現這兩點。

I am closely examining not just our operating expenses, but also our capital spend, and our capital allocation framework. I believe that elements within our framework can change to optimize our capital structure and shareholder returns. This includes an ironclad commitment to our dividend, continued debt repayment and value-creating capital return.

我不僅要仔細檢視我們的營運費用，還要仔細檢視我們的資本支出和資本配置框架。我認為，我們框架內的某些要素可以調整，以優化我們的資本結構和股東回報。這包括我們對分紅的堅定承諾、持續償還債務以及創造價值的資本回報。

In short, we will be much more deliberate in how we allocate our spend to execute our strategy. Of course, we'll continue to invest in the business. and we will do so with a critical eye towards growth areas. You can expect our capital envelope to support the completion of our C-band build-out and our long-term objectives for fiber expansion, while preserving our financial capacity and flexibility for strategic investments as the landscape evolves.

簡而言之，我們將更加謹慎地分配支出，以執行我們的策略。當然，我們會繼續投資這項業務，並且會密切關注成長領域。您可以期待我們的資金支持完成 C 波段建設和光纖擴展的長期目標，同時隨著市場環境的變化，保持我們的財務能力和靈活性，以進行戰略投資。

To summarize, we understand change is needed, and we are aggressively making those changes. Our goals and our priorities are clear. First, delighting our customers to meaningfully increase our share of industry net adds. Second, cost transformation, fundamentally restructuring our expense base. Third, capital efficiency, optimizing how and where we invest. And fourth, accelerating shareholder returns by increasing our bottom-line growth, and a steadfast commitment to our dividend.

總而言之，我們認識到需要做出改變，我們正在積極地進行這些改變。我們的目標和優先事項很明確。首先，讓客戶滿意，從而顯著提高我們在行業淨新增客戶中的份額。其次，進行成本轉型，從根本上重組我們的支出基礎。第三，資本效率，優化我們的投資方式和投資地點。第四，透過提高淨利潤成長來加速股東回報，並堅定不移地履行分紅承諾。

You can expect to see a tangible difference in the way Verizon competes. Going forward, we will aggressively compete and fundamentally redefine what it means to be a Verizon customer. I'm confident in our strategy, our assets and the team's ability to execute. We have the network, the scale, the brand, and now the strategic clarity and commitment to drive sustainable growth. We are playing to win, and this will be a different Verizon than the market is used to.

您可以期待看到 Verizon 在競爭方式上發生實際的變化。展望未來，我們將積極參與競爭，從根本上重新定義成為 Verizon 客戶的意義。我對我們的策略、資產和團隊的執行能力充滿信心。我們擁有網路、規模、品牌，現在又有了推動永續成長的策略清晰性和決心。我們志在必得，這將是一個與市場上以往所見不同的Verizon。

This will not happen overnight, and there's no one silver bullet. It will require hard work, strategic focus and thoughtful execution. Importantly, much of the critical planning and evaluation is already well underway. We will provide 2026 guidance during our January earnings call, and we will report progress against these objectives quarterly.

這不會一蹴而就，也沒有什麼靈丹妙藥。這需要付出艱苦的努力、策略性的關注和周詳的執行。重要的是，許多關鍵的規劃和評估工作已經順利進行。我們將在1月的財報電話會議上提供2026年的業績指引，並將按季度報告這些目標的進度。

Our shareholders and our customers have been patient. It is now time for us to deliver. Thank you, and Tony and I look forward to your questions and comments.

我們的股東和客戶一直都很有耐心。現在是我們兌現承諾的時候了。謝謝，我和托尼期待您的提問和評論。

We're ready for questions.

我們已準備好回答問題。

(Operator Instructions)

（操作說明）

John Hodulik, UBS.

瑞銀集團的約翰‧霍杜利克。

Can you expand on your vision of the company and what you expect to accomplish, say, over the first 100 days? And specifically, if possible, can you touch on or provide more details in terms of how you expect to turn consumer volumes?

您能否詳細說明您對公司的願景，以及您期望在前100天內取得哪些成就？具體來說，如果可以的話，您能否談談或提供更多關於您預計如何提高消費者購買量的細節？

Nice to hear from you, John, and to work with you again. Look, let me take just a quick step back. I'm extremely excited about Verizon's potential. We are building off tremendous assets. We've got an excellent network.

很高興收到你的來信，約翰，也很高興能再次與你合作。讓我先退後一步。我對Verizon的潛力感到無比興奮。我們擁有巨大的發展優勢。我們擁有一個非常優秀的網路。

We have got an iconic brand. You've got tens and tens of millions of loyal customers. We have a really talented team, but it's clear we need to enter a new chapter. The existing status quo is not acceptable for us. And I wouldn't be here if I wasn't fully confident in our ability to pivot.

我們擁有一個標誌性品牌。你們擁有數千萬忠實客戶。我們擁有一支非常有才華的團隊，但很明顯，我們需要開啟新的篇章。我們無法接受現狀。如果我對我們轉型能力沒有十足的信心，我就不會站在這裡。

The vision has three pillars basically to it. The first pillar is about shifting from being a technology-centric to being a customer-centric company. This is about delighting our customers. This is about growing through retention basically, my aspiration is I want to have the lowest churn rate in the industry.

這個願景基本上由三大支柱構成。第一個支柱是將公司從以技術為中心轉變為以客戶為中心。一切都是為了讓我們的客戶滿意。這基本上是透過提高客戶留存率來實現成長的，我的目標是擁有業內最低的客戶流失率。

And when you talk about growing through retention, it is about creating the best value propositions segmented by the various segments in the market, looking at all elements of our marketing mix quite thoughtfully and looking at creating the best customer experience possible.

談到透過顧客留存實現成長，就是要針對市場中的各個細分市場，打造最佳價值主張，認真檢視行銷組合的各個要素，力求創造最佳的顧客體驗。

This is a full reboot of what Verizon means in the marketplace. And this is not about one-time noneconomic promotional activities. That's not how you're going to win over the medium and long term in this marketplace. It's about being thoughtful across all elements of the value proposition and marketing mix and winning responsibly.

這是對Verizon在市場上的定位的徹底重塑。而且這並非指一次性的非經濟性促銷活動。在這個市場中，靠這種方式是無法贏得中長期勝利的。關鍵在於對價值主張和行銷組合的各個要素進行深思熟慮，並以負責任的方式贏得勝利。

And that's kind of what we intend to do, and we are well underway throughout the organization in making that shift. But I don't want to underestimate or underplay how big a shift that is for us, but it is the way that we win over the long term.

而這正是我們打算要做的，目前整個組織都在穩步地推動這項轉變。但我不想低估或輕視這對我們來說是多麼大的轉變，但這是我們長期勝利的方式。

Second pillar that happens simultaneously with delighting customers because we want to drive shareholder return simultaneously. I want to deliver sustainable revenue growth and accelerated bottom line adjusted EPS growth. And as I mentioned in my script, the dividend is sacrosanct to us. We are going to examine every element of our OpEx and our CapEx, and we are going to fully fund all of our initiatives with OpEx savings and drop them to the bottom line so that we can accelerate EPS growth as well.

第二支柱與取悅客戶同時實現，因為我們也希望同時提高股東回報。我希望實現可持續的營收成長和加速的調整後每股收益成長。正如我在稿子裡提到的，分紅對我們來說是神聖不可侵犯的。我們將仔細審查營運支出和資本支出的每一個環節，並將所有措施的資金全部用於節省的營運支出，從而提高利潤，並加快每股收益成長。

And finally, the third pillar kind of supports all of this is a full review of our CapEx spend and our capital allocation. You can expect us to continue to invest heavily in growth areas with a path to profitability, whether that be completing our network, expanding our network, fiber aspirations, other opportunities as they become available to us in the ecosystem. We have a tremendous amount of financial flexibility on the balance sheet. We're going to do a hard look at portfolio rationalization and divest and exit legacy businesses where we don't see a clear path to profitability.

最後，支撐這一切的第三個支柱是對我們的資本支出和資本配置進行全面審查。您可以期待我們繼續大力投資於有獲利前景的成長領域，無論是完善我們的網路、擴展我們的網路、實現光纖願景，還是在生態系統中出現的其他機會。我們在資產負債表上擁有極大的財務彈性。我們將認真審視投資組合合理化方案，剝離並退出那些我們看不到明確獲利前景的傳統業務。

As Tony mentioned, we'll continue to pay down debt. We'll continue to be steadfastly committed to our dividend. And we will review, frankly, other opportunities to return capital to shareholders. And so I think just to summarize, we want to win responsibly in the market. We're going to do that through, let's call it, kind of growth through retention, looking at all elements of how we delight customers and at the same time drive shareholder returns.

正如托尼所說，我們會繼續償還債務。我們將繼續堅定不移地履行派息承諾。坦白說，我們還會考慮其他向股東返還資本的機會。所以總結起來，我們希望在市場競爭中以負責任的方式取得成功。我們將透過一種稱為「透過客戶留存實現成長」的方式來實現這一目標，著眼於我們如何取悅客戶並同時推動股東回報的各個方面。

We think we can do both, and we're committed to that.

我們認為我們可以兩者兼顧，我們也致力於做到這一點。

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

謝謝約翰，布拉德，我們已經準備好回答下一個問題了。

Ben Swinburne, Morgan Stanley.

本‧斯溫伯恩，摩根士丹利。

I had two questions sort of tied back to your comments. You made the point, Dan, that you think the reliance on price increases has been misguided or were not productive and not sustainable, I think it was your phrase.

我有兩個問題，都和你的評論有關。丹，你曾指出，你認為依賴提價是錯的，或者說是不高效的、不可持續的，我想這是你的說法。

I think there's a view in the market that Verizon's back book is overpriced relative to sort of where the consumer is. And I'm curious if you agree with that probably oversimplified generalization? And more specifically, how do you drive share for Verizon higher in -- particularly in consumer without going through sort of a painful kind of back book repricing exercise, which I'm hearing from your financial commentary about accelerating earnings growth and free cash flow that you're not expecting.

我認為市場上有一種觀點認為，Verizon 的老舊套餐價格相對於消費者的承受能力而言過高。我很好奇你是否同意這種可能過度簡化的概括？更具體地說，您如何提高 Verizon 的市場份額——尤其是在消費者領域——而無需經歷某種痛苦的賬簿重新定價過程，我從您關於加速盈利增長和自由現金流的財務評論中了解到，您並不預期會出現這種情況。

And then I just was curious, you guys were very clear on your balance sheet and leverage targets. But would you be open to flexing the leverage higher if the right opportunities presented themselves. There's a lot of spectrum in the market, more coming from the FCC down the road, you have this Tillman agreement. So just curious if you could talk a little bit about the potential to take leverage higher, at least temporarily if the opportunities were there.

然後我就很好奇，你們對資產負債表和槓桿目標的闡述非常清晰。但如果出現合適的機遇，您是否願意進一步擴大談判籌碼？市場上有很多頻譜資源，未來 FCC 還會提供更多，還有蒂爾曼協議。所以我很好奇，您能否談談如果機會出現，是否有可能至少暫時提高槓桿率？

Ben, thank you for all of your questions. I hope I remember a couple of them at least. Look, I think my view on our approach into the market is to be quite thoughtful and financially disciplined. I think that we need to look at the reasons why customers are leaving us.

本，謝謝你提出的所有問題。我希望至少能記住其中幾個。我認為，我們進入市場的方式是深思熟慮，並保持財務上的自律。我認為我們需要探究客戶離開我們的原因。

And there are basically four that customers there are more, but these -- the top four are price increases that we've done, that customers run into some friction in the experience with us and we need to fix that. There's a value perception. I think I call it a value perception, not pricing. Because the value is all about price to value. And I feel we offer good value and -- but there's a value perception.

基本上有四點是客戶遇到的問題，還有更多，但前四點是我們已經實施的價格上漲，客戶在使用我們的服務時遇到了一些摩擦，我們需要解決這個問題。這裡存在著一種價值感知。我認為這是一種價值認知，而不是定價。因為價值的關鍵在於價格與價值的比值。我覺得我們提供的產品物有所值，但是——但價值感知是存在的。

And then there's obviously competitive intensity. There are a lot of offers in the industry. Our game plan is going to address all of those pain points for our customers. We want to have the best-in-class experience I want to leverage things like convergence.

當然，競爭的激烈程度也是顯而易見的。業內有很多工作機會。我們的計劃旨在解決客戶的所有痛點。我們希望擁有最佳體驗，我希望利用融合等技術。

I want to create segmented and targeted value props and offers. I want to think carefully across all of the marketing mix. There are four marketing P's. I always throw a fifth one in there, which is Prayer. But I think like pricing is the last refuge of the market when desperate. It is what you pull when you have nothing else in your quiver. And frankly, we have a ton of things to pull in terms of creating incremental value for our Verizon customers.

我想創建細分化和針對性強的價值主張和優惠。我想認真考慮所有行銷組合因素。行銷包含四個P。我總是會加上第五個，就是祈禱。但我認為，定價是市場走投無路時的最後避難所。這是當你箭筒裡沒有其他箭的時候才會拔出來的箭。坦白說，我們在為 Verizon 客戶創造更多價值方面有很多可以發揮的空間。

And so although I won't go into specifics on how we're thinking about this because it's still early days and I'm actually never going to go into specifics because I don't want to tip off our competitors on what we're trying to do in the marketplace.

因此，雖然我不會詳細說明我們是如何考慮這件事的，因為這還處於早期階段，而且我實際上永遠不會詳細說明，因為我不想讓我們的競爭對手知道我們在市場上正在做什麼。

But I think that we can begin to take our fair share of the new to the industry, postpaid adds, we're going to start off by it by increasing it because today, we take somewhere between and some very low percent of the new-to-industry postpaid, we're clearly losing share, and that's not a sustainable path for Verizon. So we'll win eventually, our fair share of industry net adds going to reduce our churn to being the industry best. I want to responsibly win in a fiscally prudent manner.

但我認為我們可以開始在新加入行業的後付費用戶中佔有一席之地，我們將從增加用戶數量開始，因為目前我們在新加入行業的後付費用戶中所佔的比例非常低，我們顯然正在失去市場份額，這對 Verizon 來說不是一條可持續的道路。所以最終我們會贏，我們在行業淨增客戶中所佔的份額將降低我們的客戶流失率，使我們成為業內最佳。我希望以負責任且審慎的財政方式贏得勝利。

So hopefully, I hit a couple of your questions, at least there, Ben, anything else that you want me to hit on? Tony?

希望我至少回答了你的一些問題，本，你還有其他想讓我問的嗎？托尼？

No, that was really helpful, Dan. Just I was curious on the balance sheet, any openness to flexing up if you had the opportunities?

不，丹，那真的很有幫助。我只是好奇資產負債表方面，如果機會合適，你們是否有意願調整策略？

Sure. Hi, Ben, it's Tony, good morning. So a couple of things there, very comfortable with the long-term leverage target. And as you know, we've had a long and demonstrated track record of execution with the balance sheet. The target is very appropriate for the company of our size, and the way we expect it to perform in the future if you heard Dan talk about that.

當然。嗨，本，我是托尼，早安。所以有兩點要說明，我對長期槓桿目標非常滿意。如您所知，我們在資產負債表管理方面有著長期且卓著的執行記錄。這個目標非常適合我們公司這樣的規模，也符合我們對公司未來發展的預期（如果你聽過丹的講話的話）。

We have strong cash flows, as you've seen, we reiterated our guidance for the year at $19.5 million to $20.5 billion for 2025. And as you heard Dan in his prepared remarks, we expect to have higher cash flows in '26 versus 2025. And that leverage target gives us the ability to invest for growth. It all gives us a lot of flexibility and balance sheet capacity to be opportunistic should the need arise from a strategic standpoint.

正如你所看到的，我們擁有強勁的現金流，我們重申了對2025年和2025年1950萬美元至205億美元的業績預期。正如丹在事先準備好的演講稿中所說，我們預期 2026 年的現金流將高於 2025 年。而這個槓桿目標使我們能夠進行成長投資。這一切都賦予了我們很大的靈活性和資產負債表能力，以便在策略需要時抓住機會。

As we talked about, the deleveraging is on track. We're now inside of our long-term leverage target at 2.2 times. We have Frontier coming in, as we said previously, that will add about 0.25 turn to the metric and that will be for a short period of time. We are going to operate outside of it for a period of time. But the overall goal is not going to change. The focus is generating strong cash flows and execute across the entire capital allocation framework, and that includes continuing to pay down debt.

正如我們之前討論的，去槓桿化過程正在按計劃進行。我們目前的槓桿率已達到長期目標值 2.2 倍。正如我們之前所說，Frontier即將加入，這將使該指標增加約0.25個單位，但這只會持續很短的時間。我們將暫時脫離這個體系運作。但整體目標不會改變。重點是產生強勁的現金流，並在整個資本配置框架內執行，這包括繼續償還債務。

Michael Ng, Goldman Sachs.

Michael Ng，高盛集團。

Good to be reconnected with you, Dan. I just have to First, are there any parallels between Verizon and PayPal that inform your view of the opportunity for improvement? Where in the Verizon business, do you see the biggest need for a change agent.

很高興再次與你聯繫，丹。首先，Verizon 和 PayPal 之間是否存在任何相似之處，可以啟發您對改進機會的看法？您認為Verizon公司哪個部門最需要變革推動者？

And then second, Verizon's Perks and myPlan seems like a strategy where it puts it closer to a super app strategy relative to peers. Is this something that is important to your strategic blueprint any opportunities or key benefits that you would call out?

其次，Verizon 的 Perks 和 myPlan 似乎是一種策略，使其相對於同業更接近超級應用策略。這在您的策略規劃中是否重要？您認為有哪些機會或關鍵優勢值得關注？

It’s good tohear your voice again, Mike. I look forward to seeing you again as well. I think when I think about kind of when I first started at PayPal and now for starting here with Verizon, there are definitely similarities, one of the big things that we did at PayPal when I first came on was declare that we were going to be a customer champion.

很高興再次聽到你的聲音，麥克。我也期待再次見到你。我認為，當我回想起我剛加入 PayPal 的時候，以及現在剛加入 Verizon 的時候，兩者之間肯定有很多相似之處。我剛加入 PayPal 時，我們做的一件大事就是宣布我們要成為客戶的擁護者。

And declaring you're going to be a customer champion is kind of easy words. But if you're really going to be a customer champion, it takes hard work and it takes challenging your business model as well. It means doing what customers expect and addressing all of their pain points and then figuring out how to delay and surprise them going forward.

宣稱自己要成為客戶擁護者，這話說來容易做來難。但如果你真的想成為客戶至上的擁護者，你需要付出艱苦的努力，也需要挑戰你的商業模式。這意味著要滿足客戶的期望，解決他們的所有痛點，然後想辦法在未來給他們帶來驚喜。

At PayPal, that was giving customers full choice on how they could pay, not by forcing them to pay with what was the highest margin funding instrument that they had in their wallet for us. And that unleashed a huge amount of growth for the company. And I think the same thing can happen here. We're going to invest heavily in our value proposition.

在 PayPal，我們讓客戶完全自主選擇付款方式，而不是強迫他們使用錢包裡利潤最高的支付工具進行付款。這為公司帶來了巨大的成長。我認為同樣的事情也可能發生在這裡。我們將大力投資提升我們的價值主張。

We're going to fund all of that cut in our cost structure. We have a tremendous amount of opportunity to be more efficient, to be scrappier. In many ways, this is a turnaround for us and making sure that, culturally, we're ready to make that move from being technology-centric to being customer-centric. It takes some time, but there is no question that what I saw in PayPal. I see it here in Verizon, too .

我們將透過削減成本來彌補所有損失。我們有很多機會可以提高效率，更有彈性應變。從很多方面來說，這對我們來說是一次轉變，我們要確保在文化上做好準備，從以技術為中心轉向以客戶為中心。雖然需要一些時間，但我在PayPal上看到的內容毫無疑問。我在Verizon這邊也看到了。。

The team here wants to reclaim their market leadership. And they will do anything that they can. Big companies are extraordinarily good at responding to a crisis. They're not necessarily good at day-to-day but responding to a crisis are amazing.

該團隊希望重奪市場領導地位。他們會不擇手段。大公司非常擅長應對危機。他們未必擅長日常事務，但應對危機的能力卻非常出色。

And this is really a clarion call to the company to refocus, regain our leadership by focusing on customers, delivering what they want, not doing things that don't delight customers. And so there are a lot of similarities, obviously, very different industries, different ways of thinking about it.

這實際上是向公司發出的號召，要重新聚焦，透過專注於客戶、提供他們想要的東西來重獲領導地位，而不是做那些不能讓客戶滿意的事情。所以，兩者之間有很多相似之處，當然，它們又是非常不同的行業，思考問題的方式也不同。

And when you talk about the value prop and things like Super App versus how we might think about that. Just give us a little bit of time to develop our thoughts more from where we are at a full effort underway right now, and you'll hear more about that as we go into January and beyond.

當你談到價值主張以及像超級應用這樣的東西時，我們會如何看待它？請給我們一點時間，讓我們在目前全力以赴的基礎上，進一步完善我們的想法，隨著一月份及以後的發展，你們將會聽到更多相關消息。

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

謝謝你，麥克。布拉德，我們準備好回答下一個問題了。

Mike Rollins, Citigroup.

麥克羅林斯，花旗集團。

Dan, welcome back, and congratulations on taking over as CEO. You mentioned a few times the importance of convergence. I'm curious to get your perspective on where you would like convergence to go over time in terms of the physical fiber footprint, how many passings you want to see that get to and the path potentially to get there as well as how you're looking at fixed wireless and whether it's time to incrementally invest in fixed wireless as also a way to drive more broadband business for the company.

丹，歡迎回來，恭喜你接任執行長一職。你曾多次提到融合的重要性。我很想了解您對未來融合發展方向的看法，包括實體光纖覆蓋範圍、您希望達到的傳輸距離以及可能的實現路徑，還有您如何看待固定無線網絡，以及是否應該逐步投資固定無線網絡，以此來推動公司更多的寬頻業務。

And then just secondly, following on your comments about accentuating the growth side of the business and deemphasizing or exiting legacy business. I was curious if you could put more context around that as -- when you look at the Verizon portfolio in totality, how much of Verizon do you view today as strategic and growing versus legacy. And what are the ways you're trying to better frame that internally as well as externally for shareholders?

其次，接著您剛才提到的要強調業務的成長面，而弱化或退出傳統業務。我很好奇您能否就此提供更多背景資訊——當您整體審視 Verizon 的業務組合時，您認為 Verizon 目前有多少業務是具有戰略意義且正在發展壯大的，又有多少業務是傳統業務。那麼，你們正在嘗試透過哪些方式，在公司內部以及外部（包括股東層面）更好地闡述這一點？

Yes. Mike, it's great to hear from you again. You've been around this industry for a long time, and I appreciate your thoughts and your questions. I’m a very big believer in convergence. I think it is extremely powerful. I think offers not just meaningful revenue synergies, but as Tony mentioned and as we see, when you combine mobility with fiber, you see churn rates that are almost 40% less than what we see with our traditional mobility.

是的。麥克，很高興再次收到你的消息。您在這個行業摸爬滾打了很久，我很欣賞您的想法和提出的問題。我非常相信融合。我認為它非常強大。我認為這不僅能帶來有意義的收入協同效應，而且正如 Tony 所提到的，我們也看到，當行動性與光纖結合時，用戶流失率比我們傳統的行動性降低了近 40%。

And I think, thinking innovatively about how we bundle together broadband, writ large, and that includes both fixed wireless and fiber with our mobility to drive both incremental broadband revenues as well as incremental mobility revenues will definitely beyond the plate.

我認為，創新地思考如何將寬頻（包括固定無線和光纖）與行動業務捆綁在一起，從而推動寬頻收入和行動業務收入的成長，絕對是明智之舉。

So expect us to continue to invest in our broadband footprint and our fiber footprint as well as our fixed wireless as well, but also expect us to think about that innovatively as I mentioned, because I think there's a ton of opportunity in that. And as I mentioned in my opening remarks, we'll continue to invest appropriately and aggressively in that expansion.

所以，請期待我們繼續投資於寬頻網路、光纖網路以及固定無線網絡，但同時也請期待我們像我提到的那樣，以創新的方式思考這些問題，因為我認為這其中蘊藏著巨大的機會。正如我在開場白中提到的，我們將繼續對這一擴張進行適當且積極的投資。

In terms of kind of portfolio optimization, I think that's what you were talking about, kind of legacy versus broadband and mobility, Clearly, we're focusing on broadband and mobility. There are other areas, by the way, that I think we can focus that are maybe potentially large opportunity areas. Clearly, AI infrastructure is booming, and we can be a part of that and should be a part of that. But we have parts of our business that are costing us billions of dollars of margin.

就投資組合優化而言，我想這就是你剛才說的，傳統業務與寬頻和行動業務之間的對比。顯然，我們正在專注於寬頻和行動業務。順便說一句，我認為我們還可以關注其他一些領域，這些領域可能蘊藏著巨大的潛在機會。顯然，人工智慧基礎設施正在蓬勃發展，我們可以也應該成為其中的一份子。但我們業務的某些部分正在讓我們損失數十億美元的利潤。

And I think we can think much more clearly about how we invest in growth areas and divest or exit those that are not that for us and are actually hemorrhaging margins for us. We'll spend more time on that in January and lay that out for you in more detail, but you can probably imagine what we're thinking about and talking about that. But I'll be more specific about that, and Tony and I will be more specific about that as we get into early next year.

我認為我們可以更清楚地思考如何投資於成長領域，以及如何剝離或退出那些對我們來說並非成長領域，實際上卻在不斷虧損的領域。我們將在1月花更多時間研究這個問題，並向你們詳細說明，但你們大概可以想像我們正在思考和討論什麼。但我會更具體地說明這一點，我和東尼也會在明年年初對此進行更具體的討論。

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

謝謝你，麥克。布拉德，我們準備好回答下一個問題了。

Sebastiano Petti, JPMorgan.

塞巴斯蒂亞諾·佩蒂，摩根大通。

Dan, congratulations on the role. I look forward to working together. Just maybe following up on the 2026 free cash flow. I mean, we're -- I understand the cost efforts will help -- basically help fund a lot of the growth initiatives that you're discussing here today and the pivot and your vision for the company. But relatedly and basically to Mike's question, and about the longer-term fiber footprint.

丹，祝賀你獲得這個角色。我期待著共同合作。或許可以跟進一下 2026 年的自由現金流。我的意思是，我理解成本控制措施將有助於——基本上可以幫助資助您今天在這裡討論的許多成長計劃、轉型以及您對公司的願景。但與 Mike 的問題相關，並且基本上是關於長期的光纖覆蓋範圍。

How do we square 2026 free cash flow growth? I mean it sounds like CapEx is coming down this year. implication would be free cash flow probably trends towards the higher end of the range. And as you -- and Frontier is burning $1 billion of cash today. And so just trying to help understand that the question we've been getting incoming from investors this morning.

我們如何解釋 2026 年的自由現金流成長？我的意思是，聽起來今年的資本支出會下降。這意味著自由現金流可能會趨向區間的高端。如你所知——而 Frontier 今天正在燒掉 10 億美元的現金。所以，我只是想幫助大家理解我們今天早上收到的來自投資者的問題。

And then secondarily, I guess, just maybe thinking about the accounts growth in the core accounts decline in the quarter in the consumer as well as in the total wireless segment. Anything to help square there was the highest losses we've seen since the first quarter of 2020, rather, the pandemic quarter. So just helping us understand the trajectory there, and how should we should be thinking about that trend over time as you kind of focus in on convergence.

其次，我想，或許應該考慮一下本季消費者核心帳戶成長下降以及整個無線業務板塊帳戶下降的情況。任何有助於彌補損失的因素，都是自 2020 年第一季（更確切地說是疫情爆發的第一季）以來我們所見到的最大損失。所以，這能幫助我們理解發展軌跡，以及隨著我們越來越關注融合，我們應該如何看待這種趨勢的演變。

Hi, Sebastiano, just on your question on free cash flow. So look, in the prepared remarks, we said we expect free cash flow growth for 2026 year-over-year. And that's all in, including Frontier. So some points on that, but that give us confidence in that statement. So first, we have a very good starting point.

你好，Sebastiano，關於你提出的自由現金流問題。所以你看，在準備好的發言稿中，我們說過我們預計 2026 年自由現金流將比去年同期成長。所有這些都包含在內了，包括 Frontier。所以，關於這一點還有一些需要注意的地方，但這讓我們對這個說法更有信心。首先，我們有一個很好的起點。

The cash flow generation of the business continues to be very strong, and we have the strongest free cash flow in the industry. So we start there. And then in terms of actions, and I think Dan covered this multiple times, you should expect to see significant cost transformation. Dan talked about running leaner. Those plans are already underway.

公司現金流持續強勁，我們擁有業界最強勁的自由現金流。我們就從這裡開始。至於行動方面，我認為丹已經多次提到這一點，你應該會看到成本有顯著變化。丹談到如何更精簡地跑步。這些計劃已經在實施中。

In terms of the portfolio, we're looking at everything and everything is on the table for us. So -- and it also entails being very efficient with our capital spend. And what we said in the prepared remarks that we expect 2025 to get all our initiatives completed and will be [within the range or better](corrected by company after the call), and that's the goal.

就投資組合而言，我們正在考慮所有選項，一切皆有可能。所以——這也意味著我們要非常有效地利用資本支出。我們在準備好的發言稿中表示，我們預計到 2025 年，我們所有的計劃都將完成，並且會[在預期範圍內或更好](電話會議後公司進行了更正)，這就是我們的目標。

And then as we look ahead, we said prioritizing investments focused on both mobility and broadband and being very efficient with our capital spend. We know how to do this, and that includes maintaining network excellence and also making sure we deliver on the promise for customers.

展望未來，我們表示將優先投資於行動和寬頻領域，並盡可能提高資本支出效率。我們知道如何做到這一點，這包括保持卓越的網路效能，並確保我們兌現對客戶的承諾。

And as Dan said, areas not aligned to growth will be deemphasized. And those actions are underway, and we're acting with a sense of urgency. So we'll be back in January with the full view of that, Dan?

正如丹所說，與成長不相關的領域將被弱化。這些行動正在進行中，而且我們正以緊迫感採取行動。所以，丹，我們一月就能看到全部情況了？

Yes. Look, on account growth, I mean it just plays basically into what I was talking about before. The status quo doesn't work for us. We're going to be much more aggressive in delighting customers, and that has to happen.

是的。關於帳戶成長，我的意思是，它基本上和我之前說的內容有關。維持現狀對我們行不通。我們將更積極主動地取悅客戶，而且這是必須的。

Look, it's a competitive industry. And to all attractive and great industries are competitive. That's why people come into them because they're super important industries and most industries follow the rule of three, and wireless is no different in that.

你看，這是一個競爭激烈的行業。所有有吸引力且偉大的行業都充滿競爭。這就是為什麼人們會進入這些行業，因為它們是非常重要的行業，而且大多數行業都遵循三的法則，無線通訊行業也不例外。

I think about competition, a little bit how I think about gravity. When I get out of bed in the morning, I don't think, oh my gosh, gravity is pulling me down, it wasn't around, I could jump 20 feet high in the air, same way about competition. If it wasn't around, I'd have 100% share, but it is.

我對競爭的思考，有點像我對重力的思考。早上起床的時候，我不會想，哦天哪，重力把我往下拽，以前沒有重力，我可以跳到20英尺高，比賽也是一樣。如果沒有它，我將擁有 100% 的股份，但它確實存在。

And both AT&T and T-Mobile are excellent companies. And with strong leaders in John and Srini, I have a ton of respect for both of them and their companies. But I feel like there's still plenty of room for growth in this industry. And depending on how you count it, somewhere between 5 million and 8 million new postpaid subs that enter into the industry every year. There's obviously switcher pools that are available is new and growing services, whether that be convergence or AI-powered infrastructure that can come in.

AT&T 和 T-Mobile 都是非常優秀的公司。約翰和斯里尼都是非常優秀的領導者，我對他們以及他們的公司都非常尊敬。但我感覺這個行業仍然有很大的發展空間。根據不同的統計方法，每年約有 500 萬到 800 萬新的後付費用戶進入該行業。顯然，在新興和不斷發展的服務中，無論是融合還是人工智慧驅動的基礎設施，都有可用的切換池。

So there's a lot of opportunity in the industry. The key here for us is to win smart and responsibly, focus on what our customers want, not on our competitors. I feel like we can win this fight the right way. We earn it every single day. There's no need to ratchet up high promotional spend.

所以這個行業有很多機會。對我們來說，關鍵在於以智慧和負責任的方式贏得勝利，專注於客戶的需求，而不是競爭對手。我覺得我們可以用正確的方式贏得這場戰鬥。我們每天都在努力爭取。沒有必要大幅增加促銷支出。

We want to be competitive. Obviously, we want to be consistent, but there's no reason for us to be irrationally aggressive to win our fair share out there. So we'll focus heavily and you'll see that in creating the best value propositions. They'll be very different than what you see today, make sure that we have the very best customer experience, and we are to do everything in our power to make sure we delight customers. And again, thoughtful around all elements of the marketing mix.

我們想要保持競爭力。顯然，我們希望保持一致性，但我們沒有理由為了贏得我們應得的份額而採取非理性的激進做法。因此，我們將重點關注這一點，您將透過創造最佳價值主張來看到這一點。它們將與你今天看到的截然不同，確保我們擁有最好的客戶體驗，我們將竭盡全力讓客戶滿意。再次強調，要對行銷組合的各個要素進行周全考慮。

Look, we want to be so good that prospects want to come to Verizon, and our Verizon customers never want to leave us in. So a lot of work to do underway with that, but we feel good that we've got a head start on that, and we know what we want to go do.

聽著，我們希望做到如此優秀，以至於潛在客戶都想選擇 Verizon，而我們的 Verizon 客戶也永遠不想離開我們。所以這方面還有很多工作要做，但我們感覺很好，因為我們在這方面已經有了先機，我們知道我們想做什麼。

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

謝謝你，塞巴斯蒂亞諾。布拉德，我們準備好回答下一個問題了。

Michael Funk, Bank of America.

麥可‧芬克，美國銀行。

Dan, welcome back and congratulations, too. So Dan, I heard you loud and clear on growing through retention. So curious to hear from you, what strategies or tools you think best to reducing churn? And then how we should think about these as being proactive versus reactive when you think a subscriber might be on the verge of churning. And a couple more, if I could.

丹，歡迎回來，也恭喜你。所以丹，我完全明白你說的透過提高客戶留存率來實現成長的意思了。很想聽聽你們的看法，你們認為降低客戶流失率的最佳策略或工具是什麼？那麼，當您認為訂閱用戶可能即將流失時，我們應該如何考慮主動預防和被動應對呢？如果可以的話，我還想再加幾個。

So curious to hear if you think about utilizing AI to address the efficiency offers you laid out for us in retention as well. And then you threw in your comments about AI infrastructure is booming. And love to know what that means for Verizon an opportunity?

我很想知道您是否考慮利用人工智慧來解決您先前為我們提出的提高客戶留存率的方案。然後你又補充了一句關於人工智慧基礎設施正在蓬勃發展的評論。我很想知道這對Verizon來說意味著什麼——一個機會？

A bunch of good questions on the -- as I mentioned, we have a pretty good idea of what's driving churn. And so we have a pretty good idea on how to address all of those. In many ways, this is a multipart complicated business. And otherwise, it's pretty straightforward, honestly. And so we just need to hit these things one by one to reduce churn, continue to grow by retention, but also we'll have the right offers in the marketplace, will be competitive.

關於這個問題，大家提出了很多很好的問題——正如我所提到的，我們對導致客戶流失的原因已經有了相當清晰的認識。因此，我們對如何解決所有這些問題已經有了比較清晰的想法。從很多方面來看，這都是一項涉及多個方面的複雜業務。除此之外，其他方面都很簡單明了。因此，我們需要逐一解決這些問題，以減少客戶流失，透過提高客戶留存率持續成長，同時我們也會在市場上提供合適的優惠，保持競爭力。

And I think you'll start to see evidence of that even beginning this quarter. But as I mentioned, this will take some time as well. When you want to turn around your entire offer into the marketplace when you want to redefine the culture, financial profile of a large company like Verizon. We need to do it in a very thoughtful provision manner, but with a nod to urgency and moving as fast as we can. We're going to be a much scrappier company than we've been before. We have a lot to do, and we're going to go out and do that.

我認為從本季度開始，你就會看到這方面的跡象。但正如我之前提到的，這也需要一些時間。當你想徹底改變你在市場上的形象，當你想要重新定義像 Verizon 這樣的大公司的文化和財務狀況。我們需要以非常周全的方式進行安排，但同時也要考慮到緊迫性，盡可能快速地推進。我們將成為一家比以往更積極進取的公司。我們有很多事情要做，我們會出去完成這些事情。

(inaudible) On AI, I have spent a lot of time before I got here within the AI community help advise some of the CEOs in the AI community. So I have a really keen understanding of where it's going. I think AI is the only technology I've seen in my lifetime where it does step function improvement every two to three months. The models that we have today are by far and away the worst models we're ever going to have. You can see anywhere between 300% and 600% improvement in those models over the next year.

（聽不清楚）關於人工智慧，在我來到這裡之前，我花了很多時間在人工智慧社區，幫助人工智慧社群的一些執行長提供建議。所以我對它的發展方向有著非常敏銳的理解。我認為人工智慧是我有生之年見過的唯一一種每兩到三個月就能實現階梯式提升的技術。我們今天擁有的這些模型，絕對是我們未來將要擁有的最糟糕的模型。未來一年，這些模型的效能可能會提升 300% 到 600%。

And obviously, they are becoming more and more powerful, and they are able to do more and more things. The other thing that AI is doing is clearly shifting the way the internet operates on its head. The internet is much more of a wide cast broadcasting and AI is much more narrow cast, much more individualized to you.

顯然，他們的權力越來越大，能夠做的事情也越來越多。人工智慧正在做的另一件事顯然是徹底改變網路的運作方式。網路更像是廣撒網式的廣播，而人工智慧則更像是窄播式的，更個人化，更貼近你的需求。

I think that, as I mentioned, we are just scratching the surface of how we use AI inside Verizon. AI can obviously be used to be more efficient to do things and satisfy customers in ways that we can do today and do so at a much lower cost, and that goes for across multiple functions inside any organization, including Verizon.

正如我之前提到的，我認為我們目前對 Verizon 內部人工智慧的應用還只是冰山一角。人工智慧顯然可以提高我們今天做事的效率，並以更低的成本滿足客戶的需求，這適用於任何組織內部的多個職能部門，包括 Verizon。

But really importantly, AI can be used to dramatically improve the value proposition that we put in front of customers. To your point, we can anticipate when customers want to upgrade when they have an issue, what that might be proactively address it before it happens, tailor and customize offers at micro segment levels that can radically change kind of where Verizon is today and frankly, where our industry is as well. And so I think that AI is today, a very large opportunity. And as the years go on, will be an increasingly large opportunity for not just Verizon, but American industry.

但更重要的是，人工智慧可以用來大幅提升我們向客戶展示的價值主張。正如您所說，我們可以預測客戶何時想要升級，以及他們遇到什麼問題，從而主動解決問題，並在問題發生之前就主動解決，在細分市場層面量身定制優惠，這可以徹底改變 Verizon 目前的狀況，坦白說，也可以改變我們整個行業的狀況。所以我認為，人工智慧如今蘊藏著巨大的機會。隨著時間的推移，這不僅對 Verizon，而且對美國工業來說，都將是一個越來越大的機會。

Great. Thanks, Mike. Brad, we have time for one more question.

偉大的。謝謝你，麥克。布拉德，我們還有時間再問一個問題。

Peter Supino, Wolfe Research.

Peter Supino，Wolfe Research。

And Dan nice to meet you in this way. I wanted to ask you two questions. One about costs and the other about fiber. On costs, I wonder if you could discuss the nature of the cost opportunities you see if there are some common threads or themes through them. Verizon looks productive on a headline sort of benchmark to peer's level?

丹，很高興以這種方式見到你。我想問你兩個問題。一個是關於成本的，另一個是關於光纖的。關於成本方面，我想請您探討一下您所看到的成本機會的性質，看看它們之間是否存在一些共同的線索或主題。從某種意義上說，Verizon 的業績是否達到了同業的水準？

And then on fiber, Verizon on course this year to pass about 650,000 homes incrementally with fiber organically. And at the same time, it's laying out $10 billion to buy Frontier. And the two seem somewhat inconsistent in the sense that it's a rather slow organic fiber expansion in a rather aggressive external fiber expansion. I wonder if you could sort of reconcile those and let us know what you think an ideal organic expansion rate for Verizon's ILEC footprint for the organic fiber extension might be over time?

在光纖方面，Verizon 今年可望逐步為約 65 萬戶家庭提供光纖服務。同時，該公司斥資 100 億美元收購 Frontier 公司。兩者似乎有些矛盾，因為有機纖維擴張速度較慢，而外部纖維擴張速度較快。我想知道您能否將這些因素綜合起來，並告訴我們您認為 Verizon 的 ILEC 業務覆蓋範圍的有機光纖擴展的理想有機擴張速度會是多少？

Yes. So Peter, on fiber, I'll start there, and I'll hand it to Dan on the cost. So on few things here. So number one, I mean, fiber is not new for us. I mean we've been at it for 20 years, and there's plenty of room out there in our combined -- outside of the fiber footprint that we have today and with Frontier to be first on fiber.

是的。所以彼得，關於光纖，我從這裡開始說起，至於成本，我把問題交給丹來回答。所以這裡有幾點要說明。首先，纖維對我們來說並不新鮮。我的意思是，我們已經為此努力了 20 年，而且在我們現有的光纖覆蓋範圍之外，還有很大的發展空間——我們可以與 Frontier 合作，率先實現光纖覆蓋。

And as you saw recently, we signed a deal with Tillman to further expand our broadband build and maybe just some aspects of that deal. It's a capital-light partnership and it gives us the opportunity to go outside in markets outside of the pro forma footprint that we have and Frontier has and to increase the conversion opportunity.

正如您最近看到的，我們與 Tillman 簽署了一項協議，以進一步擴大我們的寬頻建設，也許只是該協議的某些方面。這是一個輕資本合作項目，它讓我們有機會進入我們和 Frontier 現有業務範圍之外的市場，並增加轉換機會。

And look, in this case, the fiber is going to be built to our standards, leveraging the Verizon brand and bringing Fios to more and more location into a long-term deal, and it gives us a lot of optionality in the footprint in the future and really go outside the footprint with good economics, and we did not have that ability before. And to your point, we're on track with our 650 in terms of Prems pass and Frontier is, as you saw the results last night. We're also pacing to their fiber build.

而且，在這種情況下，光纖將按照我們的標準建造，利用 Verizon 品牌，並透過長期協議將 Fios 服務擴展到越來越多的地區，這讓我們在未來擁有很大的選擇餘地，能夠以良好的經濟效益真正地拓展業務範圍，而我們以前沒有這種能力。正如你所說，我們在Prems pass方面已經達到了650的目標，而Frontier也是如此，正如你昨晚看到的結果一樣。我們也在加快他們的光纖建設步伐。

So we're not stopping. So -- and I think you see that in the results in the quarter and where we're heading and with the deal with Tillman, we have a lot of runways ahead with fiber. And then I'll hand it to Dan on the cost.

所以我們不會停止。所以——我認為從本季的業績和我們的發展方向，以及與 Tillman 的交易中可以看出這一點，我們在光纖領域還有很多發展空間。然後我會把錢交給丹。

Yes, thanks for the question. First of all, our goal is to reclaim our market leadership, simple as that. And we need to invest to be the best in the marketplace. And that's going to take significant investment to go and do that, and we're fully committed to that, and we're fully committed to covering all of those investments through cost reductions, and redeployment of those cost reductions into our value proposition.

是的，謝謝你的提問。首先，我們的目標是重奪市場領導地位，就這麼簡單。我們需要投資才能成為市場上的佼佼者。而要做到這一點，需要大量的投資，我們對此完全致力於此，並且我們完全致力於透過降低成本來彌補所有這些投資，並將這些成本削減重新部署到我們的價值主張中。

Cost reductions will be a way of life for us here. Honestly, I'm not that interested in comparing our productivity ratios to others and looking at how productive can we be as a company? What is the right place for us to invest, where are the right places for us to be leaner than we have, how do we use technology to do so.

降低成本將成為我們這裡的生活方式。說實話，我不太有興趣將我們的生產力與其他公司進行比較，也不太關心我們公司能有多高的生產力。我們應該在哪些方面進行投資？我們應該在哪些方面精簡營運？我們如何利用科技來實現這些目標？

This is all about satisfying our customers, but there's tremendous opportunity for us to be a more nimble and agile organization. Think everybody inside the company knows that we need to invest in our value proposition that we need to be customer champions, and that there's a lot of area for us to find efficiencies.

這一切都是為了滿足客戶的需求，但我們還有巨大的機會成為一個更靈活敏捷的組織。公司內部每個人都知道，我們需要投資我們的價值主張，我們需要成為客戶的擁護者，我們還有很多提高效率的空間。

We'll talk more details about that as we're working through our plans, but we see plenty of opportunity to be the most efficient company in the industry. Again, we're looking at every element of our OpEx and our CapEx spend to make sure that we invest wisely, that we capture the growth areas in front of us and that we drive bottom line performance for our shareholders.

隨著我們計劃的推進，我們會詳細討論這方面的問題，但我們看到了許多機會，可以成為業內效率最高的公司。再次強調，我們正在審視營運支出和資本支出的每一個環節，以確保我們進行明智的投資，抓住眼前的成長領域，並為股東帶來切實的獲利。

Yes. Great. Thanks, Peter. Brad, that's all the time we have today.

是的。偉大的。謝謝你，彼得。布拉德，今天時間就到此為止了。

This concludes the 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。感謝您的參與以及使用Verizon會議服務。您現在可以斷開連線了。