威訊通訊 (VZ) 2025 Q4 法說會逐字稿

Good morning, and welcome to Verizon's fourth-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年第四季財報電話會議。（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 fourth-quarter 2025 earnings call. I'm Brady Connor, and on the call with me this morning is our Chief Executive Officer, Dan Schulman; and Tony Skiadas, our CFO. Additionally, I'd like to introduce our new Head of Investor Relations, Colleen Ostrowski. She will be assuming the role on a go-forward basis.

謝謝你，布拉德。早安，歡迎參加我們2025年第四季財報電話會議。我是 Brady Connor，今天早上和我一起通話的是我們的執行長 Dan Schulman 和我們的財務長 Tony Skiadas。此外，我還要介紹一下我們新的投資人關係主管科琳‧奧斯特羅夫斯基。她將從此正式擔任該職位。

Before we begin, I'd like to point you to our Safe Harbor statement, which can be found in the earnings presentation and on our Investor Relations website. Our comments this morning may include forward-looking statements, which are subject to risks and uncertainties. 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.

在開始之前，我想提醒大家注意我們的“安全港聲明”，該聲明可以在收益簡報和我們的投資者關係網站上找到。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。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。

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

接下來，我將把麥克風交給丹。

Thanks, Brady, and thanks for all of your service to Verizon over the years and to me personally over these past 100 days. I'll miss working with you. And Colleen, welcome to the Verizon team. We are so lucky to have you. And thanks to everyone on the call for joining us this morning.

謝謝你，布雷迪，謝謝你多年來為 Verizon 所做的一切，也謝謝你在過去 100 天裡對我個人的幫助。我會想念和你一起工作的日子。Colleen，歡迎加入Verizon團隊。能有你，我們真是太幸運了。感謝今天上午所有參加電話會議的各位。

We have a tremendous amount of information to share with you from our fourth-quarter results, our Frontier acquisition, our renewed MVNO relationship with Comcast and Charter, and of course, our 2026 guidance, including an update on our capital allocation plans. I'm eager to dive into each of those topics, but first, I want to acknowledge the network outage that impacted our customers earlier this month.

我們有大量資訊要與您分享，包括我們第四季度的業績、對 Frontier 的收購、我們與 Comcast 和 Charter 重新建立的 MVNO 合作關係，當然還有我們的 2026 年業績指引，包括我們資本配置計劃的最新進展。我很想深入探討這些主題，但首先，我想就本月初影響我們客戶的網路中斷事件表示一下。

We did not meet the standard of excellence our customers expect and that we expect of ourselves. We let our customers down. The Verizon brand was built on superior network quality and reliability, and I'm committed to relentlessly working to deliver the service that our customers expect and deserve each and every day.

我們沒有達到客戶期望的卓越標準，也沒有達到我們對自己期望的卓越標準。我們讓客戶失望了。Verizon 品牌建立在卓越的網路品質和可靠性之上，我將致力於不懈努力，每天為我們的客戶提供他們期望和應得的服務。

We saw that resilience in action this past week under difficult circumstances. In response to the winter storm, I want to thank our technicians, fiber crews, and retail teams who have battled the ice and snow to serve our customers and keep them connected. We maintained seamless connectivity across the most heavily impacted regions.

過去一周，我們在艱難的情況下看到了這種韌性。面對這場冬季風暴，我要感謝我們的技術人員、光纖團隊和零售團隊，他們克服冰雪的侵襲，為我們的客戶提供服務，並保持他們的網路連線。我們在受影響最嚴重的地區保持了無縫連接。

Last quarter, I said that we would transform our company in a fiscally responsible manner with a clear focus on driving shareholder value. That volume growth and profitability growth can and will go hand in hand and that they can happen simultaneously. And as I talk to you today, I am more convinced of that than ever.

上個季度我曾說過，我們將以對財務負責的方式改造公司，並明確地專注於提升股東價值。銷售成長和獲利成長可以而且將會齊頭並進，並且兩者可以同時發生。今天我與你們交談時，我比以往任何時候都更加確信這一點。

Our transformation will be driven by bold and meaningful actions to affect what is essentially a turnaround story. We are already a leaner, more efficient, and intense organization. We are bringing in talent with new skill sets to complement our workforce. Every single year, we will become more efficient, more agile, more outcomes-oriented, and our speed of decision-making and product deployment will meaningfully increase.

我們將透過大膽而意義深遠的行動來推動轉型，從而實現本質上的扭轉。我們已經是一個更精簡、更有效率、更專注的組織了。我們正在引進擁有全新技能的人才，以補充我們的員工隊伍。每年，我們的效率、敏捷性和結果導向都會顯著提升，決策速度和產品部署速度也將大幅提高。

We are creating a new Verizon, one that does not settle for anything less than being the best. So far, I am very impressed with the reaction of our workforce as they begin to truly embrace, feel, and drive the level of commitment that is needed to transform our culture. That attitude is fully required from every single member of the Verizon team.

我們正在打造一個全新的Verizon，一個力求最好的Verizon。到目前為止，我對我們員工的反應印象深刻，他們開始真正接受、感受並推動轉變我們文化所需的承諾程度。Verizon團隊的每一位成員都必須具備這種態度。

There's no question that Verizon is at a critical inflection point, and there is no doubt that we must radically shift our culture towards the goal of delighting our customers and building a brand that stands for trust so that we can deliver for our shareholders. The prevailing attitude inside Verizon is that we are now going to play to win, and we will never again be content to be the hunting ground where our competitors take our share and our customers.

毫無疑問，Verizon 正處於一個關鍵的轉折點，毫無疑問，我們必須徹底改變我們的企業文化，朝著取悅客戶、打造值得信賴的品牌這一目標邁進，這樣我們才能為股東創造價值。Verizon 內部普遍的態度是，我們現在要全力以赴爭取勝利，我們絕對不會再甘願成為競爭對手奪取我們的市場份額和客戶的獵場。

These last 100 days have been full of change and a renewed sense of excitement about our future. And I expect that intensity to continue and grow. We moved quickly to rightsize our organization by aggressively removing pockets of underperformance, eliminating redundant organizational structures, reducing layers of hierarchy, and cutting resources not focused on our priorities with both our full-time employees and contractors.

過去的100天充滿了變化，也讓我們對未來重新燃起了興奮之情。我預計這種勢頭會持續並增強。我們迅速調整組織規模，積極清除績效不佳的部門，消除冗餘的組織結構，減少層級，並削減與我們的優先事項無關的資源，這其中既包括全職員工，也包括合約工。

We are building an in-year war chest of $5 billion in OpEx savings, with a substantial portion realized by headcount reductions, alongside marketing efficiencies, real estate rationalization, contract renegotiations, and more. This will allow us to be more agile and reinvest in our business for growth and loyalty, and this is just the beginning of the efficiencies we are uncovering in both our OpEx and CapEx.

我們正在建立一個年內節省 50 億美元營運支出的儲備金，其中相當一部分是透過裁員、提高行銷效率、房地產合理化、合約重新談判等方式實現的。這將使我們能夠更靈活地對業務進行再投資，以實現成長和提高客戶忠誠度，而這僅僅是我們在營運支出和資本支出方面所發現的效率提升的開始。

We aim to be the most efficient telecom company in our industry. As we continue to reduce complexity, eliminate structural inefficiencies, divest noncore assets, and deploy automation at scale, we will enable a growing stream of cost savings, providing us with ever more operational flexibility to invest for growth and provide meaningful and increasing returns for our shareholders. Make no mistake, our number one priority is to invest in our business to drive our future growth. No company ever cost cut its way to greatness.

我們的目標是成為業界效率最高的電信公司。隨著我們不斷降低複雜性、消除結構性低效、剝離非核心資產並大規模部署自動化，我們將實現不斷增長的成本節約，從而為我們提供更大的營運靈活性，以投資成長並為我們的股東帶來有意義且不斷增長的回報。毋庸置疑，我們的首要任務是投資自身業務，以推動未來的成長。沒有一家公司能透過削減成本走向偉大。

We are examining every dollar of OpEx and CapEx to ensure it is being spent on initiatives that will drive customer loyalty and brand trust. However, when we invest, the bar will be high. We will only do so when we know it drives growth, delights our customers, and delivers for shareholders. There is nothing more important than that.

我們正在仔細審查每一筆營運支出和資本支出，以確保每一分錢都花在能夠提高客戶忠誠度和品牌信任度的舉措上。但是，當我們進行投資時，門檻會很高。只有當我們知道這樣做能夠促進成長、讓客戶滿意並為股東帶來收益時，我們才會這樣做。沒有什麼比這更重要的了。

Our financial success will rely on subscriber growth, driven by convergence, a value-based pricing strategy, superior value-added services, and a fully revamped end-to-end customer experience. We will not rely on empty price increases to drive short-term revenue and earnings. That is not a sustainable financial model nor an engine of long-term growth.

我們的財務成功將依賴用戶成長，而用戶成長的驅動力是融合、基於價值的定價策略、卓越的增值服務以及全面改進的端到端客戶體驗。我們不會依靠空洞的價格上漲來推動短期收入和利潤成長。這既不是可持續的財務模式，也不是長期成長的引擎。

I strongly believe that Verizon, and possibly our industry, is only scratching the surface of meaningful increases in bottom-line performance. We began to see initial glimmers of our actions to play out in our fourth-quarter results. We were disciplined and we performed well in the market, achieving more than one million Mobility and Broadband net adds, our highest reported quarterly net adds since 2019, while simultaneously writing better business than we did in the fourth quarter of last year.

我堅信，Verizon，甚至可能是我們整個產業，在提升獲利能力方面僅觸及了冰山一角。我們從第四季的業績中開始看到我們採取的行動初見成效。我們保持了紀律性，並在市場上表現出色，行動和寬頻淨新增用戶超過 100 萬，這是我們自 2019 年以來報告的最高季度淨新增用戶數，同時業務業績也比去年第四季度更好。

Importantly, we added 616,000 postpaid phone net adds with 551,000 from Consumer, our highest postpaid phone net adds in the last five years, all while delivering on our 2025 financial guidance. I think by now it's clear, we are not satisfied with ceding market share to our competitors. Our fourth-quarter results show that we can compete effectively and win when we move with speed and consistency.

重要的是，我們新增了 616,000 個後付費手機用戶，其中 551,000 個來自消費者，這是我們近五年來後付費手機用戶淨增數量最多的一次，同時我們也實現了 2025 年的財務目標。我想現在大家都很清楚了，我們不滿足於將市佔率拱手讓給競爭對手。我們第四季的業績表明，只要我們行動迅速且始終如一，就能有效地參與競爭並取得勝利。

While we are still in the very early stages of our transformation, and we are still predominantly competing with many of our existing and blunt tools, our execution in the fourth quarter was critical to establishing a strong baseline and momentum as we enter 2026. Before Tony reviews our fourth-quarter results and our 2026 guidance, there are a few topics I want to briefly cover. First, and obviously crucial to our converged future, is the closing of our Frontier acquisition.

雖然我們仍處於轉型初期，並且主要依靠許多現有的、粗糙的工具進行競爭，但我們在第四季度的執行對於在進入 2026 年之際建立強大的基礎和勢頭至關重要。在 Tony 回顧我們第四季業績和 2026 年業績展望之前，我想簡要介紹幾個主題。首先，也是對我們融合的未來至關重要的，是完成對 Frontier 的收購。

We now have over 30 million fiber passings with a huge cross-sell opportunity as we are significantly underpenetrated with our Wireless Services in Frontier markets. I want to thank the entire Frontier team for their focus and execution over the past 18 months. We intend to continue our fiber build-out, adding at least 2 million fiber passings this year, with our goal to reach 40 million to 50 million fiber passings over the medium term.

我們現在擁有超過 3000 萬根光纖，由於我們在新興市場的無線服務滲透率嚴重不足，因此存在巨大的交叉銷售機會。我要感謝 Frontier 團隊在過去 18 個月的專注與執行力。我們計劃繼續推進光纖網路建設，今年至少新增 200 萬根光纖，中期目標是達到 4,000 萬至 5,000 萬根光纖。

At the same time, we are aggressively driving efficiency through our integration. We now expect to realize over $1 billion of run rate operating cost synergies by 2028, double our initial estimate. These savings will be derived from network integration, third-party contract efficiencies, and go-to-market savings across marketing and advertising. The combination of our assets creates a powerful force in the market, and we intend to aggressively seize incremental net adds and share of both Mobility and Broadband services within Frontier markets.

同時，我們正透過整合積極提高效率。我們現在預計到 2028 年將實現超過 10 億美元的營運成本綜效，是我們最初估計的兩倍。這些節省將來自網路整合、第三方合約效率以及行銷和廣告方面的上市節省。我們的資產組合在市場上形成了一股強大的力量，我們打算積極搶先新興市場行動和寬頻服務的新增淨份額。

I'm also very pleased to announce that we have completed a comprehensive long-term agreement with Comcast and Charter to continue our partnership. We obviously can't reveal any of the details, but each of us agrees the partnership is on very solid footing financially, operationally, and strategically. It is an accretive deal that ensures their customers remain on the best network.

我非常高興地宣布，我們已與 Comcast 和 Charter 達成一項全面的長期協議，以繼續我們的合作關係。我們顯然不能透露任何細節，但我們每個人都認為，無論從財務、營運或策略角度來看，這種合作關係都建立在非常穩固的基礎上。這是一項互惠互利的交易，確保他們的客戶能夠繼續使用最好的網路。

Finally, we are targeting the launch of our new value proposition in the first half of this year. We are in deep market research with a very sophisticated conjoint analysis that is providing us with detailed customer feedback, projected market dynamics, and associated financial and operational metrics. I'm encouraged to say that the feedback is quite positive.

最後，我們計劃在今年上半年推出我們的新價值主張。我們正在進行深入的市場調查，採用非常複雜的聯合分析方法，為我們提供詳細的客戶回饋、預測的市場動態以及相關的財務和營運指標。令人欣慰的是，回饋相當正面。

Obviously, all of you and our competitors want the details. The good news is we have them, and we are now in the fine-tuning stage of our value proposition work. We are not going to show our hand until the day we launch, but our guidance incorporates our view of how the new value proposition will impact our volumes and financials based on significant market input and data analytics.

顯然，你們和我們的競爭對手都想知道細節。好消息是我們已經掌握了這些訊息，現在正處於價值主張工作的微調階段。在正式發布之前，我們不會透露任何細節，但我們的指導意見包含了我們對新價值主張將如何影響銷售和財務狀況的看法，而這種看法是基於大量的市場反饋和數據分析得出的。

We are driving a customer-obsessed culture deep into the organization. We are reducing complexity, eliminating the things customers hate and removing pain points to make it easier to do business with us. To do this successfully and efficiently, we are determined to be an AI-first company, deploying AI at scale. We will use AI to optimize our operations and fundamentally reshape the customer experience.

我們正在將以客戶為中心的文化深入組織內部。我們正在降低複雜性，消除客戶討厭的因素，並消除痛點，以便讓與我們開展業務變得更容易。為了成功且有效率地實現這一目標，我們決心成為一家人工智慧優先的公司，大規模部署人工智慧。我們將利用人工智慧優化運營，從根本上重塑客戶體驗。

We are leveraging it to simplify offers, personalize interactions, and reduce churn through smart, consistent marketing. By using predictive models, we can anticipate customer pain points before they happen, allowing us to solve problems proactively. We will use our data and AI capabilities to not just massively improve our efficiency and customer satisfaction, but to redefine our value propositions and deliver hyper-personalized experiences.

我們正利用它來簡化優惠活動、個人化互動，並透過智慧、持續的行銷來降低客戶流失率。透過使用預測模型，我們可以預見客戶痛點的發生，從而主動解決問題。我們將利用我們的數據和人工智慧能力，不僅大幅提高效率和客戶滿意度，而且重新定義我們的價值主張，並提供高度個人化的體驗。

Eventually, every individual customer will have a tailored proposition. Beyond these internal efforts, we are unlocking new revenue streams by reimagining our existing assets, leveraging our deep fiber footprint and distributed network facilities to enable AI at scale for our enterprise customers, including hyperscalers.

最終，每位客戶都將獲得量身訂製的方案。除了這些內部努力之外，我們還透過重新構想我們現有的資產，利用我們深厚的光纖網路和分散式網路設施，為我們的企業客戶（包括超大規模企業）大規模地提供人工智慧，從而開闢新的收入來源。

I'm proud of what we have accomplished in the last 100 days. We have a financial and operational plan that is truly transformative and appropriately conservative. Our 2026 guidance is significantly more robust than our recent performance, and it reflects the beginning of our turnaround.

我為我們在過去100天裡所取得的成就感到自豪。我們制定了一項真正具有變革意義且適當保守的財務和營運計劃。我們對 2026 年的業績預期比近期的業績預期要穩健得多，這反映了我們開始扭轉頹勢。

With that, let me turn it over to Tony, who will cover our fourth-quarter and full-year 2025 results and outline our 2026 financial guidance.

接下來，我將把發言權交給托尼，他將介紹我們 2025 年第四季和全年業績，並概述我們 2026 年的財務預期。

Thanks, Dan, and good morning. We finished 2025 with strong operational momentum while also achieving our full-year financial guidance. This includes our previously raised guidance for adjusted EBITDA, adjusted EPS, and free cash flow.

謝謝你，丹，早安。我們在2025年底保持了強勁的營運勢頭，同時實現了全年財務目標。這包括我們先前上調的調整後 EBITDA、調整後 EPS 和自由現金流預期。

In the fourth quarter, we added over 1 million net adds across Mobility and Broadband, our highest reported quarterly volumes in six years. We ended the year funding growth delivering high-quality net adds across Mobility and Broadband with healthy customer lifetime values. We accomplished this while taking decisive steps to transform our cost structure, ensuring that we have the necessary flexibility to invest in our customers and business going forward.

第四季度，我們在行動和寬頻業務方面新增了超過 100 萬淨用戶，這是六年來最高的季度新增用戶數。我們以良好的客戶終身價值結束了這一年，並在行動和寬頻領域實現了高品質的淨新增客戶，從而推動了業務成長。我們採取果斷措施改革成本結構，確保我們擁有必要的靈活性，以便未來能夠投資於我們的客戶和業務，從而實現了這一目標。

Fourth-quarter postpaid phone net adds were 616,000. This was our best net add quarter in six years as our offers resonated in the market. Our consumer team executed exceptionally well across the holiday season, especially with new to Verizon sales. Consumer postpaid phone net adds of 551,000 were driven by strong demand as we leveraged our financial strength and flexibility to fund growth opportunities.

第四季後付費手機淨新增用戶61.6萬。這是我們六年來淨增客戶最多的季度，因為我們的產品和服務在市場上引起了共鳴。我們的消費者團隊在整個假期季節表現出色，尤其是在Verizon新用戶銷售方面。消費者後付費手機淨新增用戶 55.1 萬，這得益於強勁的需求，因為我們利用自身的財務實力和靈活性為成長機會提供資金。

In our Business segment, we continued to see growth in the small and medium business and enterprise sectors. Public sector results were impacted by residual disconnects from government efficiency efforts as well as the federal government shutdown. However, public sector performance improved from the prior quarter. With the vast majority of these related disconnects behind us, we expect to see further improvements in public sector wireless volumes across the first half of 2026.

在我們的商業板塊，中小企業和大型企業領域持續成長。公共部門績效受到政府提高效率措施遺留問題以及聯邦政府停擺的影響。然而，公共部門的業績較上一季有所改善。隨著絕大多數相關脫節問題的解決，我們預計 2026 年上半年公共部門無線網路使用量將進一步提高。

Postpaid phone churn remained elevated in the quarter, largely from prior pricing actions as well as competition. Churn remains a pivotal opportunity in 2026, and we expect our investment in the customer as well as increased convergence opportunities to benefit retention over the next few quarters.

本季後付費手機用戶流失率依然居高不下，主要原因是先前的價格調整以及競爭。2026 年，客戶流失仍然是一個關鍵的機遇，我們預計，未來幾個季度，我們對客戶的投入以及不斷增加的整合機會將有助於提高客戶留存率。

In core prepaid, we continue to take share. Fourth-quarter net adds were 109,000, our sixth consecutive quarter of positive customer growth. Our Visible and Total Wireless brands continued their strong performance. We finished the year with over 2,000 Total Wireless stores across the country, and we have good momentum with our key brands going into 2026.

在核心預付費市場，我們持續擴大市場佔有率。第四季淨增客戶10.9萬，這是我們連續第六個季度實現客戶正成長。我們的 Visible 和 Total Wireless 品牌持續保持強勁的業績表現。今年年底，我們在全國擁有超過 2000 家 Total Wireless 門市，並且我們的主要品牌在進入 2026 年時保持著良好的發展勢頭。

Moving to Broadband, we also continued to take meaningful share. Fourth-quarter net adds were 372,000, our highest of the year, reflecting strong customer demand across both fixed wireless access and fiber. Fixed wireless access net adds were 319,000. The quarter-over-quarter improvement was driven by our Consumer segment and reflects the innovation and expansion around the product offering. Fios Internet delivered 67,000 net adds, our highest fourth-quarter net additions since 2020.

進軍寬頻領域後，我們也繼續佔據了相當大的市場份額。第四季淨新增用戶37.2萬，創全年新高，反映出客戶對固定無線存取和光纖接入的強勁需求。固定無線接取網路新增用戶319,000戶。季度環比成長主要得益於消費者業務板塊，反映了產品供應的創新和擴張。Fios Internet 新增淨用戶 67,000 戶，這是自 2020 年以來第四季新增淨用戶數最高的一次。

Fios continues to be the gold standard for broadband connectivity. We are excited to grow our fiber footprint through the Frontier acquisition and the Tillman partnership. Frontier delivered an exceptional performance in the fourth quarter, generating 125,000 fiber net additions, representing a 29% increase over the prior year. This momentum was supported by strong operational pace. Frontier deployed approximately 1.3 million new fiber passings in 2025, bringing their footprint to more than 9 million fiber passings.

Fios 仍然是寬頻連線的黃金標準。我們很高興能夠透過收購 Frontier 和與 Tillman 的合作來擴大我們的光纖網路覆蓋範圍。Frontier 在第四季度取得了卓越的業績，淨增光纖 125,000 根，比上年增長 29%。這一發展勢頭得益於強勁的營運節奏。Frontier 於 2025 年部署了約 130 萬條新的光纖線路，使其光纖線路覆蓋超過 900 萬條。

We are incredibly pleased to have Frontier in our portfolio, and we're excited about the long-term growth potential these assets provide. When we combine Frontier, FWA, and fiber, net adds were almost 1.9 million for 2025, resulting in over 16.3 million connections. While we are in the initial stages of our strategic transformation, our execution is already yielding significant progress across both Mobility and Broadband platforms.

我們非常高興將 Frontier 納入我們的投資組合，並且我們對這些資產所提供的長期成長潛力感到興奮。如果將 Frontier、FWA 和光纖結合起來，到 2025 年淨新增用戶將接近 190 萬，連線數將超過 1,630 萬。雖然我們仍處於策略轉型的初期階段，但我們在行動和寬頻平台上的執行已經取得了顯著進展。

Turning to our financial results. We delivered on all of our 2025 financial guidance even as we undertook a change in strategy in the fourth quarter. This reflects the strength and resiliency of our business and provides a good jumping off point for 2026. Wireless service revenue for the full year grew 2%. The fourth-quarter performance reflects an increased emphasis on disciplined volume-based growth.

接下來來看看我們的財務表現。即使在第四季我們調整了策略，我們也實現了所有 2025 年的財務預期。這體現了我們業務的實力和韌性，並為 2026 年的發展奠定了良好的基礎。全年無線服務收入成長2%。第四季業績反映出公司更重視以銷量為基礎的穩健成長。

As the revenue benefits of volume-based growth model scale across 2026, we will continue to rely on growth from areas such as FWA, perks, premium mix, and prepaid to help offset continued promo amortization pressures as well as lapping last year's price increases. I'm proud of our team's efforts to meaningfully reduce our cost structure.

隨著基於銷售成長模式的收入效益在 2026 年逐步擴大，我們將繼續依靠 FWA、福利、高端產品組合和預付卡等領域的成長來幫助抵消持續的促銷攤銷壓力，並彌補去年的價格上漲。我為我們團隊在切實降低成本結構方面所做的努力感到自豪。

Our goal is to create flexibility to invest in the customer while also delivering strong financial results. Consolidated adjusted EBITDA was $11.9 billion for the quarter. Full-year adjusted EBITDA, which we expect to be industry-leading, was $50 billion. This was an increase of $1.2 billion or 2.5% from the prior year and within our guided range. Adjusted EPS for the fourth quarter was $1.09, bringing the full-year number to $4.71.

我們的目標是在為客戶投資的同時，創造靈活性，並取得強勁的財務表現。本季綜合調整後 EBITDA 為 119 億美元。全年調整後 EBITDA 為 500 億美元，我們預計將處於業界領先地位。這比上年增加了 12 億美元，增幅為 2.5%，符合我們預期範圍。第四季調整後每股收益為 1.09 美元，全年每股收益為 4.71 美元。

The 2025 growth of 2.6% from the prior year was driven primarily by the strength in adjusted EBITDA. Our cash generation remains a key strength for Verizon. Cash flow from operating activities was $37.1 billion for the full year, up year over year even with stronger volume growth. CapEx for the full year totaled $17 billion. We delivered on all of our growth initiatives across C-Band and Fios builds.

2025 年比前一年成長 2.6%，主要得益於調整後 EBITDA 的強勁成長。現金流仍然是Veron的關鍵優勢。全年經營活動產生的現金流量為 371 億美元，即使銷售成長強勁，也較去年同期成長。全年資本支出總額為170億美元。我們在 C 頻段和 Fios 建設方面的所有成長計劃均已實現。

The team has done a great job finding efficiencies across Mobility and Broadband with more to come in 2026. As of today, our C-Band build-out is about 90% complete and covers approximately 300 million POPs. Additionally, we exceeded our Fios build targets for the year. For the full-year 2025, we generated $20.1 billion dollars in free cash flow, which we anticipate will once again be industry-leading.

該團隊在行動和寬頻領域取得了顯著的效率提升，2026 年還將有更多成果。截至目前，我們的 C 波段建設已完成約 90%，覆蓋約 3 億人口。此外，我們超額完成了今年的 Fios 建設目標。2025 年全年，我們產生了 201 億美元的自由現金流，我們預計這將再次成為業界領先水準。

Net unsecured debt at the end of 2025 was $110.1 billion, a $3.6 billion improvement year over year. We continued to make meaningful reductions to our debt throughout the year, resulting in our net unsecured debt to consolidated adjusted EBITDA ratio ending at 2.2 times as of the end of 2025. This represents our second quarter in a row that we were inside of our leverage target prior to the Frontier closing.

截至 2025 年底，淨無擔保債務為 1,101 億美元，比前一年減少了 36 億美元。我們全年持續大幅減少債務，截至 2025 年底，我們的淨無擔保債務與合併調整後 EBITDA 比率為 2.2 倍。這標誌著我們在完成 Frontier 收購之前，連續第二個季度實現了槓桿目標。

Additionally, we had $1.3 billion in discretionary pension contributions during 2025, which resulted in the pension being fully funded as of the end of the fourth quarter. Funding for the Frontier transaction was completed in the fourth quarter. Both the amount we needed to raise for Frontier and the rates we achieved came in favorable to our original expectations.

此外，我們在 2025 年有 13 億美元的可自由支配退休金繳款，使得退休金在第四季末實現了全額資金到位。Frontier交易的資金已於第四季完成。我們為 Frontier 籌集的資金數量以及我們取得的利率都符合我們最初的預期。

By the end of January, we will have paid down approximately $5.7 billion of Frontier's debt since closing on the 20th, moving quickly to realize benefits from the strength of our balance sheet. As we indicated before, we expect our unsecured leverage ratio to increase by approximately 0.25 times once Frontier's EBITDA contributions are factored in.

到 1 月底，自 20 日完成交易以來，我們將償還 Frontier 約 57 億美元的債務，迅速行動，以實現我們強勁資產負債表帶來的好處。正如我們之前所指出的，一旦將 Frontier 的 EBITDA 貢獻考慮在內，我們預計我們的無擔保槓桿率將增加約 0.25 倍。

Looking ahead, 2026 represents an exciting opportunity for Verizon. Our guidance reflects the impact of the bold actions we have taken recently. We expect to deliver performance that is a step function improvement from our recent historical trends across our key metrics. We're taking actions to ensure we have the financial flexibility to invest in the customer, drive improvements in postpaid phone net adds, and expand our Broadband base.

展望未來，2026 年對 Verizon 來說是一個令人興奮的機會。我們的指導意見反映了我們近期採取的大膽行動所產生的影響。我們預期在各項關鍵指標上，業績將比近期歷史趨勢實現質的飛躍式提升。我們正在採取措施，確保我們擁有足夠的財務靈活性，以便投資於客戶、推動後付費電話網路新增用戶數量的成長，並擴大我們的寬頻用戶基礎。

Our guidance reflects the beginning of our transformation. For the first time, we're guiding to our consolidated postpaid phone net adds. We expect to deliver approximately 2 to 3 times of 2025 total, targeting a range of 750,000 to 1 million postpaid phone net adds in 2026. Our 2026 financial guidance includes Frontier from January 20, the closing date of the acquisition.

我們的指導方針體現了我們轉型的開始。我們首次引導用戶追蹤我們整合後的後付費電話網路新增用戶。我們預計 2026 年的新增後付費手機用戶數量將達到 2025 年總數的 2 到 3 倍，目標為 75 萬至 100 萬。我們的 2026 年財務預期包含了 Frontier 從 1 月 20 日（收購完成日）開始的業績。

As we work towards driving sustainable and disciplined volume-based revenue growth, we anticipate that 2026 will be a transitional year for revenue as we lap prior year price increases, absorb promotional amortization, and await the benefits from churn reduction and increased volumes. We are guiding to 2% to 3% Mobility and Broadband Service revenue growth, which equates to approximately $93 billion.

在我們努力推動可持續、有紀律的銷售收入成長之際，我們預計 2026 年將是收入的過渡年，因為我們將消化前一年的價格上漲，吸收促銷攤銷，並等待客戶流失率降低和銷量增加帶來的好處。我們預計行動和寬頻服務收入將成長 2% 至 3%，相當於約 930 億美元。

We expect Wireless Service revenue growth to be approximately flat in 2026. Having Broadband in our service revenue guidance reflects the importance of both Mobility and Broadband as key growth drivers in the future. We have streamlined our organizational structure and are conducting a rigorous bottoms-up review of our entire cost base.

我們預計 2026 年無線服務收入成長將基本持平。在我們的服務收入預期中納入寬頻業務，體現了行動業務和寬頻業務作為未來關鍵成長驅動因素的重要性。我們精簡了組織結構，並正在對所有成本基礎進行嚴格的自下而上的審查。

Over the last 100 days, we have implemented several actions that would deliver multibillion-dollar benefits in 2026, including a reduction in workforce as well as asset and business rationalization efforts. The work on our cost structure will continue in 2026 as we simplify operations, deliver Frontier synergies, and exit low-margin businesses.

在過去的 100 天裡，我們實施了幾項將在 2026 年帶來數十億美元收益的措施，包括裁員以及資產和業務合理化工作。2026 年，我們將繼續推進成本結構優化工作，簡化運營，實現 Frontier 的協同效應，並退出低利潤業務。

As Dan mentioned, we have line of sight to delivering $5 billion of operating expense savings in 2026. We are reinvesting a portion of these savings to drive a higher quality revenue profile, which in turn creates a more profitable and stable foundation for sustainable long-term growth. Based on our anticipated revenue performance, combined with the strength of our cost efficiencies, we expect adjusted EPS to be in the range of $4.90 to $4.95 for the full year, or year-over-year growth of 4% to 5%.

正如丹所提到的，我們預計在 2026 年實現 50 億美元的營運費用節省。我們將部分節省下來的資金再投資，以提升收入質量，從而為可持續的長期成長創造更盈利、更穩定的基礎。根據我們預期的營收表現，加上我們成本效益的優勢，我們預計全年調整後每股收益將在 4.90 美元至 4.95 美元之間，年增 4% 至 5%。

This represents a significant acceleration compared to our recent historical performance. While we were not guiding on adjusted EBITDA, we do expect adjusted EBITDA to grow at a faster rate than adjusted EPS. Our 2026 CapEx spending is expected to be in the range of $16 billion to $16.5 billion, a combined improvement of $4 billion from Verizon and Frontier's capital expenditures from 2025.

這代表著與我們近期的歷史表現相比，實現了顯著的加速。雖然我們沒有對調整後 EBITDA 進行指引，但我們預期調整後 EBITDA 的成長速度將快於調整後 EPS 的成長速度。我們預計 2026 年的資本支出將在 160 億美元至 165 億美元之間，比 Verizon 和 Frontier 從 2025 年開始的資本支出總計增加 40 億美元。

We are bringing the same rigor to our capital expenditures as we are to our P&L, while not sacrificing any of our network excellence for Mobility and Broadband. The efficiency work that helped us come in below our 2025 CapEx range has only just begun. In addition, our C-Band will be substantially complete in 2026 and any initiatives outside of Mobility and Broadband are being aggressively rationalized.

我們對資本支出採取與對損益表同樣嚴格的管理方式，同時不會犧牲我們在行動和寬頻網路方面的卓越表現。幫助我們將資本支出控制在 2025 年預期範圍內的效率提升工作才剛開始。此外，我們的 C 頻段將於 2026 年基本建成，移動和寬頻以外的任何計劃都將積極合理化。

We expect free cash flow to be $21.5 billion or more, growing approximately 7% or more, which will mark our highest free cash flow generated since 2020. As we communicated at the announcement of the Frontier acquisition, we anticipated the inclusion of Frontier's results to be cash flow dilutive in 2026, given the investments being made to expand the fiber footprint.

我們預計自由現金流將達到 215 億美元或更多，成長約 7% 或更多，這將標誌著自 2020 年以來我們產生的最高自由現金流。正如我們在宣布收購 Frontier 時所溝通的那樣，考慮到為擴大光纖覆蓋範圍而進行的投資，我們預計 Frontier 的表現在 2026 年會稀釋現金流。

However, because of the work being done to streamline our cost structure, grow adjusted EPS, and drive CapEx efficiencies, we are now in a position to grow our free cash flow in 2026 even with the inclusion of Frontier and our investments in the customer. Our strong free cash flow generation enables us to execute on our capital allocation priorities, including strategic investments and paying down debt.

然而，由於我們致力於精簡成本結構、提高調整後每股盈餘並提高資本支出效率，即使計入 Frontier 和我們對客戶的投資，我們現在也能夠在 2026 年實現自由現金流的成長。我們強勁的自由現金流使我們能夠執行資本配置優先事項，包括策略性投資和償還債務。

We expect to return to our target leverage range of 2.0 to 2.25 times in the 2027 timeframe. To summarize, we delivered strong volumes in the fourth quarter, delivered on our 2025 financial guidance, and we have a plan for 2026 that accelerates our trajectory.

我們預計在 2027 年期間，槓桿率將恢復到 2.0 至 2.25 倍的目標區間。總而言之，我們在第四季度實現了強勁的銷量，達到了 2025 年的財務預期，並且我們制定了 2026 年的計劃，這將加速我們的發展軌跡。

I will now hand the call over to Dan to discuss more on our 2026 capital allocation priorities.

現在我將把電話交給丹，讓他進一步討論我們 2026 年的資本配置重點。

Thanks, Tony. Our 2026 guidance reflects our conviction that this year is not just a time of transition, but of measurable and improved performance that will only accelerate as we go into 2027 and 2028. Our guidance for our adjusted EPS growth, our free cash flow growth, and our postpaid phone net add targets are all significantly above historic trends for Verizon.

謝謝你，托尼。我們對 2026 年的業績預期反映了我們的信念，即今年不僅是過渡時期，而且是業績可衡量和改善的時期，隨著我們進入 2027 年和 2028 年，這種改善只會加速。我們對調整後每股收益成長、自由現金流成長以及後付費手機淨新增目標的預期均遠高於 Verizon 的歷史趨勢。

For instance, our guidance for adjusted EPS growth of 4% to 5% represents a meaningful acceleration, increasing our growth rate by more than 70% at the midpoint of our guide compared to 2025. It is also significantly better than our five-year historical average adjusted EPS growth rate of approximately negative 1%.

例如，我們對調整後每股盈餘成長的預期為 4% 至 5%，這代表著顯著的加速成長，與 2025 年相比，我們預期成長率的中點將提高 70% 以上。這比我們五年來的平均調整後每股盈餘成長率（約為-1%）要好得多。

Also, our guidance for free cash flow of $21.5 billion or more is expected to be our highest performance since 2020. The guided growth rate of approximately 7% or more eclipses our average free cash flow growth rate of approximately negative 1% over the last five years. We are targeting a range of 750,000 to 1 million postpaid phone net adds, approximately 2 to 3 times our 2025 total and the highest since 2021. With Frontier, we expect our Mobility and Broadband service revenues to grow 2% to 3%, even as we lap billions of dollars of price increases from last year that we will not repeat.

此外，我們預計自由現金流將達到 215 億美元或更多，這將是自 2020 年以來的最高表現。預計成長率約為 7% 或更高，遠超我們過去五年平均自由現金流成長率約為 -1%。我們的目標是新增 75 萬至 100 萬後付費手機用戶，大約是 2025 年總數的 2 到 3 倍，也是自 2021 年以來的最高水準。我們預計，即使去年數十億美元的價格上漲（我們不會再重複），Frontier 的行動和寬頻服務收入仍將成長 2% 至 3%。

I want to close by discussing our capital allocation strategy. Our framework remains unchanged. However, we are also making meaningful improvements in our capital allocation to shareholders, while maintaining significant flexibility. We will be much more deliberate in how we allocate our capital spend across four key priorities.

最後，我想談談我們的資本配置策略。我們的框架保持不變。然而，我們也正在對股東的資本配置進行有意義的改進，同時保持相當大的彈性。我們將更加審慎地將資本支出分配到四個關鍵優先事項。

Our first priority is to invest in our business. We simply won't be satisfied without delighting our customers, investing in our employees, and delivering for our shareholders. We will continue to invest to maintain and improve the network excellence our customers expect. Importantly, we are applying the same rigor towards CapEx as we are on OpEx efficiencies.

我們的首要任務是投資我們的業務。如果我們不能讓客戶滿意、無法投資員工、無法為股東創造價值，我們就絕對不會滿足。我們將繼續投資，以維持和提升客戶所期望的卓越網路品質。重要的是，我們對資本支出採取了與營運支出效率相同的嚴格標準。

As Tony mentioned earlier, we expect CapEx to be in the range of $16 billion to $16.5 billion for 2026. Our investment is focused squarely on our growth areas. In Mobility, we are focused on the completion of our C-Band build-out and increasing our investments to assure our track record of unparalleled reliability. In Broadband, we are focused on achieving our goal to reach 40 million to 50 million fiber passings over the medium term.

正如東尼之前提到的，我們預計 2026 年資本支出將在 160 億美元至 165 億美元之間。我們的投資完全集中在我們的成長領域。在行動通訊領域，我們專注於完成 C 頻段的建設，並加大投資，以確保我們擁有無與倫比的可靠性記錄。在寬頻方面，我們的目標是在中期內實現 4,000 萬至 5,000 萬根光纖通過量。

Second is our commitment to our dividend. That commitment is ironclad. We are pleased to announce that we are pulling forward our annual dividend increase to the first dividend declaration of the year. Today, the Board declared a dividend payable in May, which represents an annualized increase of $0.07, a 2.5% per share increase from our prior annual dividend rate. This marks our 20th consecutive year of dividend increases, and our goal is to put the Board in a position to continue to increase our dividend per our track record.

其次是我們對分紅的承諾。這項承諾堅如磐石。我們很高興地宣布，我們將把年度股息成長提前至今年的第一次股息派發。今天，董事會宣布將於 5 月派發股息，這意味著每股年化股息增加 0.07 美元，比我們之前的年度股息率增加 2.5%。今年是我們連續第 20 年提高股息，我們的目標是讓董事會能夠以我們以往的表現繼續提高股息。

Third is maintaining a strong balance sheet. We remain committed to paying down debt and achieving our long-term net unsecured leverage target of 2.0 to 2.25 times within the 2027 timeframe. We have a strong balance sheet with significant financial capacity and flexibility for strategic investments.

第三點是維持穩健的資產負債表。我們仍致力於償還債務，並在 2027 年之前實現長期淨無擔保槓桿率目標為 2.0 至 2.25 倍。我們擁有穩健的資產負債表，具備雄厚的財務實力和彈性，可進行策略性投資。

Fourth is returning cash to shareholders. I am pleased to announce that our Board has authorized up to $25 billion of share repurchases, which we expect to complete over the next three years with at least $3 billion of repurchases in 2026. This plan underscores our confidence in the strength of our business, our cash flow generation, and our dedication to driving meaningful shareholder returns.

第四點是向股東返還現金。我很高興地宣布，董事會已批准高達 250 億美元的股票回購計劃，我們預計將在未來三年內完成，其中至少 30 億美元將在 2026 年完成回購。該計劃彰顯了我們對公司實力、現金流創造能力以及致力於為股東帶來豐厚回報的信心。

Consistent with our growth profile and cash flow generation, we expect to significantly increase our total return of capital to shareholders over the next three years. This is a defining time for Verizon. We have lots of hard work ahead of us. We know we are only at the beginning of our transformation, it will take time, and it won’t always be a straight line.

與我們的成長動能和現金流生成情況相符，我們預計在未來三年內，股東的總資本回報將大幅提高。這是Verizon的轉捩點。我們面前還有很多艱苦的工作要做。我們知道我們才剛開始轉型，這需要時間，而且轉型之路不會一帆風順。

But we have a clear and doable plan for 2026, a value proposition that we believe will resonate with customers, momentum from the fourth quarter with volumes that we haven't seen in five-plus years, and a financial plan that is significantly more robust than any in recent history, with room for us to continue to improve as we go through the year and into 2027.

但我們為 2026 年制定了清晰可行的計劃，提出了我們相信能夠引起客戶共鳴的價值主張，第四季度銷量達到了五年多來的最高水平，財務計劃也比近年來的任何計劃都更加穩健，並且還有空間讓我們在今年以及 2027 年繼續改進。

Our targets reflect a step function change in our performance trajectory. The Board has been clear that my mandate is to not only deliver for our customers, but also for our shareholders. We are heads down focused and ready to show the world that a fiscally responsible Verizon is playing to win.

我們的目標反映了我們業績軌跡的階躍式變化。董事會已明確表示，我的職責不僅是為我們的客戶創造價值，還要為我們的股東創造價值。我們正全力以赴，準備向世界證明，一個財政穩健的Verizon正在全力以赴爭取勝利。

We look forward to your questions.

我們期待您的提問。

Yeah, Brad, we're ready for questions.

是的，布拉德，我們準備好回答問題了。

(Operator Instructions) Michael Ng, Goldman Sachs.

（操作員指令）Michael Ng，高盛。

I just have two, if I could. First, it was really encouraging to see this strong outlook for postpaid phones in 2026. Would you talk a little bit about the investments needed to drive that subscriber growth? Will we see the improvements more on the churn rates or will it be more marketing and promotions to drive gross adds? And then I have a quick follow up.

如果可以的話，我只想要兩個。首先，看到後付費手機在 2026 年擁有如此強勁的前景，真是令人鼓舞。您能否談談推動用戶成長所需的投資？我們會看到客戶流失率的改善更多體現在客戶流失率上，還是會看到行銷和促銷活動更能推動新用戶成長？然後我還有一個簡短的後續問題。

I think maybe I'll start and then Tony can come in if he's got any additional color to add. If I just take a step back, we delivered 616,000 postpaid phone net adds in Q4. And we did that in what I thought was a very fiscally responsible manner, just no actions on our core base pricing.

我想也許我可以先開始，如果托尼還有什麼補充的話，他可以再加入。如果我只回顧一下，我們在第四季度新增了 616,000 個後付費手機用戶。我認為我們採取了非常負責任的財務方式，沒有對核心基礎定價採取任何行動。

We went into the ring, we offered a set of promotions. We are consistent in that and the market reaction was excellent to that. We met every single day. We looked at what was happening in the market. We made changes where we needed to. And I felt really good about how the team executed against that.

我們進入了擂台，我們提出了一系列促銷方案。我們始終堅持這一點，市場對此反應也非常好。我們每天都見面。我們觀察了市場正在發生的事情。我們根據需要做出了改變。我對團隊應對這種情況的表現非常滿意。

As I look to next year, we're targeting 750,000 to 1 million postpaid phone net adds. That is 2 to 3 times what we did last year, but that's only about 10% to 15% of the net new to the industry. So I think it's a very doable target for us in year one of our transition. We don't need to overutilize promotions or pricing to achieve those targets. There's absolutely no need, in my mind, for that to happen. If we reduce churn by 5 bps, we are already halfway to our target.

展望明年，我們的目標是新增 75 萬至 100 萬後付費手機用戶。這比我們去年的產量高出 2 到 3 倍，但這只佔該產業淨新增產量的 10% 到 15% 左右。所以我認為，在我們轉型的第一年，這是一個非常可行的目標。我們不需要過度依賴促銷或定價策略來實現這些目標。在我看來，完全沒有必要發生這種事。如果我們能將客戶流失率降低 5 個基點，我們就已經完成了目標的一半。

And think about some of the things that we're doing, like our churn is driven by price increases without corresponding value. And we've already said in our remarks that we're not going to do that. By the way, that is exactly the right thing for us to go and do. Although that puts about 180 basis points of pressure on our revenues for this year, what happens is when we raise rates without corresponding value, our churn rate goes up.

想想我們正在做的一些事情，例如我們的客戶流失是由價格上漲驅動的，而價格上漲並沒有帶來相應的價值提升。我們在講話中已經說過，我們不會那樣做。順便說一句，這正是我們應該做的。雖然這會給我們今年的收入帶來大約 180 個基點的壓力，但問題是，當我們提高利率而沒有相應的價值時，我們的客戶流失率就會上升。

And right now, our churn over the last three years has gone up by 25 basis points, every single basis point is 90,000 net adds. 25 basis points times 90,000 is about 2.25 million net adds that we've lost. Obviously, not all of it because of price increases, but that would generate $3 billion-plus revenues a year for us. And so we're not going to go do that going forward, and that should help churn.

而現在，我們過去三年的客戶流失率上升了25個基點，每個基點都意味著淨增加9萬個客戶。 25個基點乘以9萬，大約就是我們流失了225萬淨增客戶。顯然，這並非完全是由於價格上漲，但這每年將為我們帶來超過 30 億美元的收入。因此，我們以後不會再這樣做了，這應該有助於降低人員流動率。

Second, we're going to be investing in our overall customer experience. We have a large amount of flexibility with the $5 billion of OpEx savings that we have. We're going to be able to be -- to compete in the market, invest in improving our end-to-end customer experience. And the third thing they have is we're going to leverage strongly all the convergence opportunities we have.

其次，我們將加大對整體客戶體驗的投入。我們擁有50億美元的營運支出節省，這給我們帶來了很大的靈活性。我們將能夠－在市場中競爭，投資改善我們的端到端客戶體驗。第三點是，我們將充分利用我們所擁有的所有融合機會。

We did [nearly 1.2 million](corrected by company after the call) of fixed wireless net adds last year, and we entered 2026 with more capacity in our network to do fixed wireless access than we did when we started 2025. Obviously, Frontier is a huge opportunity for us in net adds as well. We're significantly underpenetrated in Frontier markets on Wireless. And when we bundle together, we see a 40% reduction in churn versus stand-alone Mobility.

去年我們新增了近 120 萬個固定無線網路用戶（電話會議後公司進行了更正），進入 2026 年時，我們的固定無線接取網路容量比 2025 年初時更大。顯然，Frontier 對我們來說也是一個巨大的淨成長機會。我們在無線領域的邊遠市場滲透率嚴重不足。當我們把所有功能捆綁在一起時，與單獨提供行動解決方案相比，客戶流失率降低了 40%。

And so our goal over time is to win our share of new to market net adds, win responsibly in a manner that sustainably grows our top line and allows us to drive shareholder value. And so I think you're going to see a combination of us spending a lot to improve our overall value proposition, leveraging convergence, seeing churn go down, and then being appropriately aggressive where we need to in the market. But this is not going to be anything on price where a lot of promotional expenses is about investing in our customers.

因此，我們長期的目標是贏得新市場淨增份額，以負責任的方式贏得份額，從而可持續地提高收入，並提升股東價值。所以我認為你會看到我們投入大量資金來改善我們的整體價值主張，利用整合效應，降低客戶流失率，然後在市場中需要的地方採取適當的積極行動。但這與價格無關，我們的大部分促銷費用都用於投資我們的客戶。

Great. Dan, thank you for all that. That was all very clear and comprehensive. I appreciate that. And then just on the follow up, I think you guys raised the fiber passings outlook to 40 million to 50 million over the medium term. I think the old target was 35 million to 40 million.

偉大的。丹，謝謝你為我所做的一切。內容非常清晰全面。我很感激。然後，關於後續問題，我認為你們將中期內光纖通行量的預期上調至 4,000 萬至 5,000 萬。我認為之前的目標是3500萬到4000萬。

So could you just talk a little bit about whether you saw more opportunities in footprint, opportunities to go out of footprint? Any thoughts there would be great.

那麼，您能否談談您是否看到了更多拓展現有業務範圍的機會，以及拓展業務範圍之外的機會？歡迎大家提出任何想法。

Yeah. Well, first of all, we're really pleased with the closing of the Frontier acquisition. Our partnership with Tillman, we acquired [Starry], which is going to help us with MDUs as we pass those passings as well. And the more I look at convergence, the more optimistic I am that that's going to be a major part of our future. So we want to double down on that.

是的。首先，我們對完成對 Frontier 的收購感到非常高興。我們與 Tillman 建立了合作關係，收購了 [Starry]，這將有助於我們處理 MDU 的相關事宜，因為我們也會處理這些事宜。我越深入研究融合，就越樂觀地認為這將是我們未來發展的重要組成部分。所以我們要加倍投入。

We want to get to at least 40 million or 50 million fiber passings. We said in our CapEx guidance that we'll do at least 2 million organically. Obviously, we'll look at a possibility of both inorganic and partnerships. That is something we're always looking at. We have plenty of capacity and flexibility on our balance sheet to do any one of those acquisitions and other things that we might consider.

我們希望至少達到 4,000 萬到 5,000 萬根光纖的傳輸量。我們在資本支出指導中提到，我們將至少實現 200 萬美元的有機成長。顯然，我們會考慮非有機成長和合作兩種可能性。這是我們一直在關注的問題。我們的資產負債表有足夠的實力和靈活性，可以進行任何一項收購以及我們可能考慮的其他事項。

And so the combination of what we're seeing at Frontier and what we can do internally here at Verizon, [leads me] to be comfortable with that 40 million to 50 million.

因此，結合我們在 Frontier 看到的情況以及我們在 Verizon 內部可以做的事情，[讓我]對 4000 萬到 5000 萬美元的目標感到滿意。

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

偉大的。謝謝你，麥克。布拉德，我們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。

Again, you talked through some of the strategies around go to market. But I guess I'm just wondering how -- if you could talk about how you're thinking about customer lifetime values as you move forward relative to the past. There's probably some concern out there that CLVs will be lower for Verizon, if not the industry in '26 and '27 versus the last several years. So what does Verizon doing to make sure it's bringing on high-value customers and it takes us more aggressive posture?

您再次談到了一些市場推廣策略。但我猜我只是想知道——您能否談談您如何看待客戶終身價值，以及您如何看待客戶終身價值與過去相比的發展？或許有人擔心，與過去幾年相比，Verizon 乃至整個產業的客戶生命週期價值 (CLV) 在 2026 年和 2027 年將會下降。那麼，Verizon 正在採取哪些措施來確保吸引高價值客戶，並採取更積極的姿態呢？

And I just wanted to ask, maybe for Tony on CapEx. You mentioned CapEx efficiencies. Looks like you're taking a couple of billion roughly out of kind of the previous run rate. You said no impact to revenue. Just could you talk a little bit about where you found all this CapEx opportunity that's not going to impact the business, if anything, might help the business grow faster?

我只是想問，也許是替托尼問一下關於資本支出的問題。您提到了資本支出效率。看起來你們要從之前的運行速度中削減大約幾十億。你說過對收入沒有影響。您能否談談您是如何找到這些不會對業務造成影響，反而可能有助於業務更快發展的資本支出機會的？

Yeah. I guess, I'll start and then turn it over to you to Tony. I can add on the CapEx side, too. So I have some thoughts on that. So on LTV, I was really pleased not only with the number of net adds that we added in Q4, but the quality of the business.

是的。我想，我先開始，然後交給你和東尼。我也可以補充資本支出方面的資訊。我對此有一些想法。因此，就 LTV 而言，我不僅對我們在第四季度新增的淨客戶數量感到非常滿意，而且對業務品質也感到非常滿意。

We had a lot of new to Verizon. As you know, new to Verizon is our highest LTV value. And LTV is driven by a number of things. One of the biggest things is churn. And to me, we have a large opportunity to address churn. I think it's one of the biggest opportunity sets we have.

我們對Verizon有很多新需求。如您所知，Verizon 新用戶擁有最高的客戶終身價值 (LTV)。LTV（客戶終身價值）受多種因素影響。其中最大的問題之一就是客戶流失。在我看來，我們有很大的機會來解決客戶流失問題。我認為這是我們面臨的最大機會之一。

As I mentioned on the pricing side, there are four reasons why people leave us. It's price increases without corresponding value. That just irritates our customers, and we've seen the churn arise as a result of that, and we've stopped doing that, and we're going to start adding value to it.

正如我在定價方面提到的，人們離開我們有四個原因。它的價格上漲，但價值卻沒有相應提升。這樣做只會惹惱我們的客戶，我們已經看到由此導致了客戶流失，所以我們已經停止這樣做，我們將開始為它增加價值。

Second is friction in the process, whether it's onboarding, the billing, when they call our customer service, that needs to be flawless. And we need to reduce complexity, and we need to address that. And we already have initiatives underway to address each and every one of those things.

其次是流程中的摩擦，無論是客戶註冊、帳單處理，或是客戶致電客戶服務，這些環節都需要完美無瑕。我們需要降低複雜性，我們需要解決這個問題。我們已經啟動了多項措施來解決這些問題。

And then there's price perception and competitive intensity. And we want to be very rational and very fiscally responsible when it comes to promotional activity. Again, I think we are targeting a very reasonable number given our momentum and given the percentage of the net new to the market.

此外，還有價格認知和競爭強度。在促銷活動方面，我們希望做到非常理性，並且對財務負責。再次強調，考慮到我們的發展動能以及新進入市場的淨百分比，我認為我們設定的目標數字非常合理。

And so I think we're going to be able to move after our targets in a fiscally responsible way without stepping up on the promotional side. I think we're going to be able to lower churn. I think we have a lot of opportunity there. And then as I look at convergence, that combination of having an ARPU associated with your Broadband Service and an ARPU with your Mobility at much lower churn rate is a higher LTV for us as well.

所以我認為，即使不加大促銷力度，我們也能以對財政負責的方式實現我們的目標。我認為我們能夠降低客戶流失率。我認為我們在那裡有很多機會。然後，當我審視融合時，寬頻服務的平均每用戶收入 (ARPU) 與行動服務的平均每用戶收入 (ARPU) 相結合，同時客戶流失率更低，這對我們來說也是更高的客戶終身價值 (LTV)。

And when we sell broadband, the majority of our customers have our Mobility solution with that, too. We're really pleased with the attach rate on that as well. And so I'm hopeful that LTVs go up this year as we act responsibly, and we reduce churn. Churn will be a key lever for that.

而且，當我們銷售寬頻服務時，我們的大多數客戶也會同時擁有我們的行動解決方案。我們對這方面的附加率也非常滿意。因此，我希望今年隨著我們採取負責任的行動並降低客戶流失率，客戶終身價值能夠提高。人員流動將是實現這一目標的關鍵因素。

And Ben, on your question on CapEx, as we said in the prepared remarks, our first priority is to invest in the business, that hasn't changed. And the guidance that we gave at $16 billion to $16.5 billion is all in and sufficient to address all of the growth initiatives that we have in the business. And we're going to continue to invest in the RAN, the wireless RAN.

Ben，關於你提出的資本支出問題，正如我們在準備好的演講稿中所說，我們的首要任務是投資於業務，這一點沒有改變。我們給予的160億至165億美元的營收預期已全部納入考量，足以應對我們業務中的所有成長計畫。我們將繼續投資無線無線接入網（RAN）。

We talked about 90% of our plant sites have C-Band, and we expect to be substantially complete with our C-Band build here in 2026. And the remaining C-Band additions, just for some color, are mostly on small cells where lower CapEx is required.

我們談到，我們90%的工廠都配備了C波段設備，我們預計到2026年，我們這裡的C波段建設將基本完成。至於其他 C 波段新增功能，僅供參考，主要集中在資本支出較低的小型電池。

And then from a fiber perspective, we're not slowing down. Dan touched on this. We'll continue the fiber build pace at at least 2 million times passed, which is at least the combined pace of both Verizon and Frontier from last year, and 40 million to 50 million passings over time. We have the Tillman partnership as well that can -- we can scale and build to our standards at very good economics.

從光纖的角度來看，我們並沒有放慢腳步。丹也提到了這一點。我們將繼續保持光纖建設速度，至少每年通過 200 萬次，這至少是 Verizon 和 Frontier 去年速度的總和，並且隨著時間的推移，最終將達到 4000 萬至 5000 萬次。我們還有 Tillman 合作夥伴關係，我們可以——我們可以以非常好的經濟效益，按照我們的標準進行規模化建設。

And then in terms of our CapEx spend relative to history here, we really have narrowed our focus to Mobility and Broadband. And as we said earlier, we're applying the same rigor to CapEx as we are to OpEx. And noncore areas that are not aligned to growth, including legacy areas are being significantly reduced and/or eliminated, and that includes areas such as Business Wireline, nondirectional products, technology as well, wholesale, legacy copper, and voice platforms and even projects with too long of a payback.

就我們相對於歷史的資本支出而言，我們確實已經將重點縮小到行動和寬頻領域。正如我們之前所說，我們對資本支出和營運支出都採取了同樣的嚴格標準。與成長不符的非核心領域，包括傳統領域，正在大幅縮減和/或取消，這包括商業有線、非定向產品、技術、批發、傳統銅纜和語音平台，甚至投資回報期過長的項目。

So the team has done a great job in finding unit cost efficiency as we build both in wireless and in fiber, cost for Prem Pass, et cetera. So there's a lot of good work being there, and that helps us get to a lower CapEx envelope, but we're very focused on being very efficient with our capital deployment this year.

因此，團隊在尋找單位成本效率方面做得非常出色，因為我們在建立無線和光纖網路、Prem Pass 的成本等方面都做得很好。所以，這方面有很多卓有成效的工作正在進行，這有助於我們降低資本支出，但我們今年的重點是提高資本部署的效率。

Yeah. Maybe just a little bit. I thought it was a pretty comprehensive answer. Look, network excellence across Mobility and Broadband is foundational for us, and we will not compromise on that one iota. Look, $16 billion to $16.5 billion, yeah, I may be old fashioned, but that's a lot of money.

是的。或許只有一點點。我覺得這個回答相當全面。對我們而言，行動和寬頻網路的卓越性至關重要，我們絕不會在這方面做出絲毫妥協。你看，160億到165億美元，是的，我可能有點老派，但這可是一大筆錢。

When I think of $1 billion, I think it's a lot of money. When I think of $16 billion to $16.5 billion, it's a tremendous amount of money. Honestly, I don't know if we need all $16 billion to $16.5 billion for our CapEx projects, but I think it's a responsible number to have there.

一想到10億美元，我就覺得那是一大筆錢。當我想到160億到165億美元時，那可是一筆巨款。說實話，我不知道我們是否真的需要160億到165億美元用於資本支出項目，但我認為這是一個合理的數字。

As Tony said, there are a lot of things that we spent pretty heavily on in the last couple of years. They're predominantly complete. We're almost done with all of our nationwide 5G advanced stand-alone features as well. And so I feel really good about this CapEx envelope. We'll be able to do all the things we need to go do.

正如托尼所說，過去幾年我們在許多方面都投入了大量資金。它們基本上都已完成。我們的全國性 5G 高級獨立網路功能也即將全部完成。因此，我對這筆資本支出預算感到非常滿意。我們將能夠完成所有我們需要做的事情。

And as Tony said, we're not going to invest in places where we're losing money right now. As I mentioned, I think last quarter, we have a number of places where you add it all up, and we're losing $1 billion to $1.5 billion a year in margin. Like we are either going to sunset those, retire those, or divest those things, and there's no need for us to continually invest in places where we're just going to lose money forever on that.

正如托尼所說，我們不會投資那些目前正在虧損的地方。正如我之前提到的，我認為上個季度，我們有很多方面加起來，每年利潤損失高達 10 億至 15 億美元。就像我們要嘛會逐步淘汰這些項目，要嘛會停止投資這些項目，要嘛會剝離這些項目，我們沒有必要繼續投資那些我們只會永遠賠錢的地方。

And so I think the team did a great job here, frankly. This is one of the easier places where we were able to look aggressively at our CapEx, and I think we'll feel really comfortable at these levels.

所以坦白說，我認為團隊這次做得非常出色。這是我們能夠積極審視資本支出的相對容易的領域之一，我認為我們對目前的水平感到非常滿意。

Thank you, both.

謝謝你們兩位。

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

謝謝你，本。布拉德，我們準備好回答下一個問題了。

John Hodulik, UBS.

瑞銀集團的約翰‧霍杜利克。

Maybe two questions, if I could. Maybe first for Tony. Any [key] parts or components you could give us on the flat service revenue growth in Mobility or the organic EBITDA growth on a consolidated basis? On the service revenue side, there's a lot of moving parts, you got better subscriber growth, probably a nice wholesale growth, but there's probably a higher promo amort than we saw last year. But -- so any color there on that or the organic EBITDA growth would be great.

如果可以的話，我想問兩個問題。或許對托尼來說是第一個。關於行動業務服務收入成長停滯或合併後的有機 EBITDA 成長，您能否提供一些關鍵資訊或組成部分？在服務收入方面，有許多變數，用戶成長更好，批發業務成長可能也不錯，但促銷攤銷可能比去年更高。但是——所以，如果能提供一些關於這方面或有機 EBITDA 成長的資訊就太好了。

And then for Dan, you gave us the volumes on the postpaid phone side. What about the Broadband side? Any color you can give us on sort of what you expect in volumes this year, certainly as it relates to both fiber and fixed wireless would be great?

然後，丹，你給我們提供了後付費電話方面的銷售數據。寬頻方面情況如何？如果您能透露今年的銷售預期，特別是光纖和固定無線方面的銷售預期，那就太好了？

Okay. John, so I'll start on the revenue and EBITDA. So we -- on the revenue side, we guided to 2% to 3% Mobility and Broadband Service revenue growth. And right after we closed Frontier, we were in market with competitive offers there to attract the Frontier customers to the Verizon network and experience. As Dan mentioned, we see strong convergence opportunities, particularly where we under-index in those Frontier markets, and we do see convergence improving our churn profile.

好的。約翰，那我就先從收入和 EBITDA 開始講起。因此，在營收方面，我們預計行動和寬頻服務營收將成長 2% 至 3%。在 Frontier 關閉後，我們立即推出了具有競爭力的優惠方案，以吸引 Frontier 的客戶加入 Verizon 的網絡並體驗 Verizon 的服務。正如丹所提到的，我們看到了強勁的融合機會，尤其是在我們那些前沿市場投資不足的情況下，而且我們確實看到融合改善了我們的客戶流失。

As we said, in terms of revenue composition, we expect to have flat Wireless Service revenue in 2026 as we lap prior year price increases, as Dan mentioned, about 180 basis points or so of headwind, absorb the ongoing promo amortization, so that's continuing, and work towards driving sustainable volume-based revenues and doing that in a very disciplined way.

正如我們所說，就收入組成而言，我們預計 2026 年無線服務收入將持平，因為正如 Dan 所提到的，我們將克服前一年的價格上漲帶來的約 180 個基點的不利影響，吸收持續的促銷攤銷，因此這種情況仍在繼續，我們將努力推動可持續的基於銷量的收入，並以非常嚴謹的方式實現這一目標。

To give additional context, maybe some assumptions in the revenue guide. In terms of tailwinds, obviously, on the Mobility side, we said we expect volume growth of 750,000 to 1 million postpaid phone net adds, and we're writing good business, and that's the focus there. We also have areas like perks and step-ups. We continue to see growth in customers taking perks as well as step-ups to premium plans.

為了提供更多背景信息，或許可以在收入指南中加入一些假設。就利好因素而言，顯然在行動業務方面，我們預期後付費手機淨新增用戶數將成長 75 萬至 100 萬，而且我們的業務發展良好，這也是我們關注的重點。我們還有福利和晉昇機會等內容。我們持續看到越來越多的客戶選擇享受優惠，以及升級到高級套餐。

And then on Broadband, continued volume growth in both FWA and fiber, including Frontier. Frontier put on almost 500,000 net adds this past year. So we have now combined 16 million, over 16 million broadband subs in the base, and that includes a little over 10.5 million fiber customers. And then also prepaid, our prepaid business continues to perform well. Six straight quarters of volume growth has translated also into revenue growth.

在寬頻方面，FWA 和光纖（包括 Frontier）的銷售量均持續成長。Frontier去年淨增用戶近50萬。所以我們現在共有超過 1,600 萬寬頻用戶，其中包括超過 1,050 萬光纖用戶。此外，我們的預付費業務也持續表現良好。連續六個季度的銷售成長也轉化為收入成長。

In terms of headwinds, I mentioned promo amortization, and that pressure will continue and be a headwind in 2026. And we're still lapping, as Dan mentioned, pricing actions from 2025, and we'll work our way through it. But as we said, 2026 is going to be a transitional year for revenue as we push on volume-based growth across both Mobility and Broadband and setting up for a stronger revenue profile exiting 2026 and doing it in a very fiscally responsible way. So that's on the revenue.

就不利因素而言，我提到了促銷攤銷，這種壓力將持續到 2026 年，並構成不利因素。正如丹所提到的，我們仍在逐步推進 2025 年的定價行動，我們會努力完成這項工作。但正如我們所說，2026 年將是營收的過渡之年，我們將推動行動和寬頻業務的銷售成長，為 2026 年底更強勁的營收成長奠定基礎，並以非常負責任的財政方式實現這一目標。這是收入方面的情況。

On the EBITDA, while we didn't guide on the EBITDA, I can certainly share some additional context for you. Obviously, it starts with the revenue growth that I just described. Frontier brings a substantial EBITDA contribution with it as well. And in the prepared remarks, we said we expect [Adjusted EBITDA](corrected by company after the call) to grow at a faster rate than adjusted EPS. When you factor in the Frontier acquisition-related interest expense, that's about $1 billion, and the depreciation and amortization from the asset base that we acquired, which is about $1.5 billion.

關於 EBITDA，雖然我們沒有給出 EBITDA 的指引，但我可以和您分享一些額外的背景資訊。顯然，這一切都始於我剛才所描述的營收成長。Frontier 也帶來了可觀的 EBITDA 貢獻。在事先準備好的發言稿中，我們表示，我們預計[調整後 EBITDA](公司在​​電話會議後進行了更正)的增長速度將快於調整後每股收益的增長速度。如果將與收購 Frontier 相關的利息支出考慮在內，約為 10 億美元，再加上我們收購的資產基礎的折舊和攤銷，約為 15 億美元。

So when you look at the EBITDA, it's an acceleration in the EBITDA growth rate and great operating leverage. And then when you look underneath that, from a cost transformation perspective, we mentioned that we're carefully examining all areas of our cost structure to run leaner and be more agile.

因此，從 EBITDA 來看，EBITDA 成長率加快，經營槓桿作用顯著。然後，從成本轉型的角度來看，我們提到過，我們正在仔細審查成本結構的各個方面，以求營運更精簡、更靈活。

And we have $5 billion of cost transformation in our plans for 2026, and that work is already well underway, whether it's the continued decommission of legacy elements in the network, including copper, and you think about the legacy areas as well in Frontier, whether it's customer experience and addressing customer pain points and reducing call volumes, or on the IT side in terms of rationalizing platforms and including AI enablement.

我們在 2026 年的計畫中投入了 50 億美元用於成本轉型，這項工作已經進展順利，無論是繼續淘汰網路中的傳統元素（包括銅纜），還是考慮 Frontier 的傳統領域，無論是客戶體驗、解決客戶痛點和減少呼叫量，還是 IT 方面，例如平台合理化和引入人工智慧。

On the workforce side, we reduced our workforce by 13,000 in the fourth quarter, 80% of which were off payroll in Q4, with the remainder coming off payroll in the first quarter. And then we mentioned the Frontier integration, and we said we expect 2 times the operating expense run rate synergies, so at least $1 billion of synergies by 2028, and those synergies will ramp as we execute on our integration work.

在員工方面，我們在第四季度減少了 13,000 名員工，其中 80% 的員工在第四季度被裁員，其餘員工在第一季被裁員。然後我們提到了 Frontier 的整合，並表示我們預計營運費用運行率協同效應將達到原來的兩倍，到 2028 年至少可實現 10 億美元的協同效應，隨著我們整合工作的推進，這些協同效應將會不斷增強。

And when you think about the EBITDA and the cost reduction actions that we have in place, it allows us to do a number of things. First, run more efficiently. The second thing it allows us to absorb the transitional year for revenue. It also allows us to invest in the customer experience and return a significant amount of capital to shareholders. So we see a great path for both EBITDA and EPS growth.

考慮到 EBITDA 和我們已採取的成本削減措施，這使我們能夠做很多事情。首先，要提高運作效率。第二點是，它使我們能夠消化過渡年的收入。這也使我們能夠投資於客戶體驗，並向股東返還大量資金。因此，我們看到 EBITDA 和 EPS 都有很好的成長前景。

And I'll hand it to Dan.

我會把票投給丹。

Yeah, it's hard to expand on that. A comprehensive answer. I'll just say this. I think all of this kind of hangs together and integrated all in my view. But one of the reasons why we have such high churn rate, one of the reasons why we've been losing share over the last several years is because we keep raising our pricing without corresponding value.

是的，很難就此展開討論。一個全面的答案。我就說一句。我認為這一切都是相互關聯、融為一體的。但我們客戶流失率如此之高的原因之一，也是我們在過去幾年裡市佔率不斷下降的原因之一，就是我們不斷提高價格，卻沒有提供相應的價值。

And that is the primary reason why our customers churn. And the number one rule of getting out of a hole is stop digging. And we're just not going to do that again. And if we did just do what we were doing in previous years, we would have guided to 4% to 5% revenue instead of 2% to 3%. But then at the end of the year, we would have had another couple of billion of things we have to lap and higher churn rate and would be deeper in the hole.

這就是客戶流失的主要原因。擺脫困境的第一法則就是停止挖掘。我們絕對不會再做那種事了。如果我們繼續沿用前幾年的做法，我們預計營收成長率將達到 4% 至 5%，而不是 2% 至 3%。但到了年底，我們又會有幾十億件東西需要處理，客戶流失率也會更高，我們會陷入更深的困境。

And so our view is, as we go into 2027, that 180 basis points of headwind goes away for us. We start now to have volumes-based revenues coming in. We do 750,000 to 1 million net postpaid [phone net adds](corrected by company after the call) as well as continue to aggressively move in our broadband and convergence place. You only have several billion dollars of revenues coming in there. And so that's how you create sustainable, long-term revenue growth.

因此，我們認為，進入 2027 年，180 個基點的不利因素將消失。我們現在開始獲得基於銷量的收入了。我們新增後付費用戶 75 萬至 100 萬（電話淨增用戶）（通話後公司已更正），同時我們將繼續積極拓展寬頻和融合業務。你們那裡只有幾十億美元的收入。這就是實現可持續的長期收入成長的方法。

And then when you combine that on top of us being ever more efficient every year, and we're looking at $5 billion this year and we see billions more as we look forward into 2027 and 2028. We're just at the beginning of our efficiency journey. And then we're buying back shares, and you can really see that you have both top-line and adjusted EPS growth that it sets us up for having a delighted customer base because we're doing the right thing.

再加上我們每年都在不斷提高效率，今年我們預計收入將達到 50 億美元，展望 2027 年和 2028 年，我們預計收入將達到數十億美元。我們才剛開始提升效率的旅程。然後我們回購股票，您可以清楚地看到，營收和調整後每股收益都有所增長，這讓我們能夠擁有一個滿意的客戶群，因為我們正在做正確的事情。

And hopefully, a delighted shareholder base because we're creating a model that can create sustainable long-term growth, both on the top line and the bottom line.

希望股東們會感到高興，因為我們正在打造一個能夠實現可持續長期成長的模式，無論是在營收或利潤方面。

Thanks, guys.

謝謝各位。

Yeah. Good. Brad, we're ready for the next questions. Last one.

是的。好的。布拉德，我們準備好回答下一個問題了。最後一個。

Michael Rollins, Citi Group.

麥可‧羅林斯，花旗集團。

I also want to express my thanks to Brady, and welcome Colleen. Dan, you've been very clear about the problems that come from empty price increases. And I'm curious if you could discuss the opportunity for the alternative. Just given the maturation of industry penetration rates, do you see opportunities for Verizon and/or the industry to inject more value into these services to capture better ARPUs over time? And is there a sense if that is an opportunity when Verizon can go after that?

我也要向布雷迪表示感謝，並歡迎科琳的加入。丹，你已經非常清楚地指出了空頭支票式漲價帶來的問題。我很想知道您是否可以討論另一種選擇的可能性。鑑於產業滲透率已經趨於成熟，您認為 Verizon 和/或整個產業是否有機會為這些服務注入更多價值，從而隨著時間的推移獲得更高的 ARPU 值？而Verizon是否認為這是一個可以把握的機會？

And then just secondly, on the cost side. Tony, I think you were just talking about the different layers of getting savings. Can you discuss what Verizon has identified for savings after 2026, specifically for '27 and '28, as you're looking to continue to fund the top-line strategy as well as the new capital allocation targets that were set today?

其次，從成本方面來看。托尼，我想你剛剛是在談論獲得儲蓄的不同層次。您能否談談 Verizon 在 2026 年後，特別是 2027 年和 2028 年，為節省開支制定了哪些計劃？因為您希望繼續為營收成長策略以及今天制定的新資本配置目標提供資金。

Well, because I love cost as much as I do revenues, I'm going to jump on that. Look, I see kind of three waves of efficiency. The first wave is basically what we talked about today on the call, take out pockets of underperformance, structural inefficiencies, unnecessary layering of management structures, take people off of the places where we are no longer focused going forward.

嗯，因為我既重視成本又重視收入，所以我肯定會抓住這個機會。你看，我看到了效率提升的三個階段。第一波基本上就是我們今天在電話會議上討論的內容：清除績效不佳的環節、結構效率低下的問題、不必要的管理結構層級，並將人員從我們未來不再關注的領域調離。

That was the first, but the second wave is taking complexity out of our business. And that's about looking at the customer promise that we have, the value proposition that we have. And complexity adds a ton of cost internally to us. And so we're going to go heavy at this end-to-end customer experience at our value proposition and it's going to be around simplicity and reducing complexity because that's really important.

那是第一波浪潮，但第二波浪潮正在降低我們業務的複雜性。這關乎我們對客戶的承諾，以及我們所擁有的價值主張。而且，複雜性會為我們的內部成本增加很多。因此，我們將大力打造端到端的客戶體驗，這是我們價值主張的核心，我們將圍繞簡潔性和降低複雜性展開，因為這真的非常重要。

And then the third thing is when you take out your complexity, then you automate your processes that are left. And so there are three waves that we have identified that we understand quite well, and that we're very comfortable with. On the values basis this kind of pricing, and can you add more value into it?

第三點是，當你消除了複雜性之後，就可以自動化剩下的流程了。因此，我們已經確定了三種浪潮，我們對它們有相當深入的了解，並且對此感到非常放心。這種定價方式是基於價值基礎的，你還能在此基礎上增加更多價值嗎？

I think the answer to that is yes. I think that is the answer, but it comes with brand trust. And so everything we are trying to do this year -- we have a three-year plan. We've got very concrete metrics for the 12 months. And I know what we want to do and then I actually have a vision for where we want to be in three years from now as well.

我認為答案是肯定的。我認為這就是答案，但這需要建立在品牌信任的基礎上。因此，我們今年所做的一切都是一個三年計畫。我們有非常具體的12個月指標​​。我知道我們想做什麼，我對三年後我們想達到的目標也有了願景。

But the first thing is stop doing things customers hate. That's not rocket science on that. Fix the end-to-end experience, again, not rocket science, but hard to do on that. And then you start to regain trust. And when you start to regain trust and you can start to put either promises or incremental value in it, then -- like I'm not saying that we don't do price increases, I'm saying we will not do price increases without value. But I do think that there are lots of places where we can add value.

但首先要做的就是停止做顧客討厭的事。這沒什麼高深的。再次強調，修復端到端體驗並非難事，但在這方面卻很難做到。然後你開始重新贏得信任。當你開始重新獲得信任，並且能夠開始做出承諾或增加價值時，——我不是說我們不會漲價，我是說我們不會在沒有價值的情況下漲價。但我認為，我們可以在很多方面發揮價值。

Honestly, I think some of the Broadband stuff that we're doing, where you're putting 1 gig plus out there, that's real value to customers. And so I think there are areas where there is value that we should be able to capture through the appropriate pricing, but we're not going to capture temporary value short term at the risk of upsetting our customers and increasing our churn. Again, that defeats the purpose of long-term sustainable growth. And that is what this transformation is all about.

說實話，我認為我們正在做的一些寬頻項目，例如提供 1 Gbps 以上的網速，對客戶來說真的很有價值。因此，我認為有些領域存在價值，我們應該能夠透過適當的定價來獲取這些價值，但我們不會為了短期利益而冒著惹惱客戶和增加客戶流失率的風險去獲取暫時的價值。這同樣違背了長期可持續成長的初衷。這就是這場變革的意義。

Perfect. Great way to end. Brad, that's all the time we have today. And thanks, everybody, for being on the call.

完美的。完美的結尾。布拉德，今天時間就到此為止了。感謝各位參加電話會議。

This concludes the conference call for today. Thank you for your participation and for using Verizon Conferencing 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。