威訊通訊 (VZ) 2026 Q1 法說會逐字稿

Good morning, and welcome to Verizon's first-quarter 2026 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 2026 年第一季財報電話會議。（接線員指示）本次會議將被錄音。如您有任何異議，請於此時中斷連線。

I would now like to turn the call over to Colleen Ostrowski, Senior Vice President, Investor Relations.

現在我想把電話會議交給投資人關係資深副總裁 Colleen Ostrowski。

Thanks, Brad. Good morning, and welcome to our first-quarter 2026 earnings call. I'm Colleen Ostrowski, and on the call with me this morning are our Chief Executive Officer, Dan Schulman; and Tony Skiadas, our CFO.

謝謝你，Brad。各位早安，歡迎參加我們 2026 年第一季財報電話會議。我是 Colleen Ostrowski。今天早上與我一同出席的還有我們的執行長 Dan Schulman，以及財務長 Tony Skiadas。

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.

在開始之前，我想請各位參閱我們的「安全港」聲明，可在財報簡報以及我們的投資人關係網站上找到。我們今天早上的發言可能包含前瞻性陳述，並受風險與不確定性影響。可能影響未來結果的因素已在我們向 SEC 提交的文件中討論。

This presentation also contains non-GAAP financial measures, and you can find reconciliations of these measures in the materials on our website. Finally, as a reminder, the results of Frontier Communications are included in our financial and operating results beginning on January 20, 2026, the date we closed the Frontier acquisition.

本簡報亦包含非 GAAP 財務衡量指標，您可在我們網站上的資料中找到這些指標的調節表。最後提醒各位，自 2026 年 1 月 20 日（我們完成 Frontier 收購交割之日）起，Frontier Communications 的業績已納入我們的財務與營運結果。

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

接下來我把時間交給 Dan。

Thank you, Colleen, and good morning, everyone.

謝謝你，Colleen。各位早安。

When I joined Verizon, I had a simple but ambitious goal. I wanted Verizon to reclaim its market leadership. Obviously, there are a lot of things we need to do right to make that happen. We need to delight our customers and put them at the center of everything we do. We need to drive consistent and fiscally responsible subscriber and revenue growth. We need to keep more of our customers, as measured by our churn rate, and convert that into stronger, more predictable cash generation for our shareholders.

我加入 Verizon 時，訂下了一個簡單但雄心勃勃的目標：讓 Verizon 重新奪回市場領導地位。顯然，要達成這個目標，我們必須把很多事情做對。我們需要讓客戶感到滿意，並把客戶置於我們一切工作的核心。我們需要推動持續且財務上負責任的用戶與營收成長。我們需要留住更多客戶（以流失率衡量），並將其轉化為更強勁、更可預測的現金創造能力，回饋股東。

With all of that in mind, we ended last year with our strongest quarter of Mobility and Broadband net adds in six years, and we entered 2026 with a clear set of priorities, a step function improvement and guidance and a realistic plan. Today, our first-quarter results show that our turnaround is not only progressing, it is gaining momentum, powered by a comprehensive transformation program that is reshaping how we operate and serve our customers. I'm also very pleased that our East unions recently ratified a new four-year contract that we believe will enable us to better serve our customers.

基於上述目標，我們在去年以六年來 Mobility 與寬頻淨增用戶最強的一季作結，並以明確的優先事項、階躍式的改善與指引，以及務實的計畫進入 2026 年。今天，我們第一季的結果顯示，我們的扭轉不僅在推進，且正在加速，動能來自一項全面的轉型計畫，正重塑我們的營運方式與服務客戶的方式。我也非常高興我們東部工會近期批准了一份新的四年期合約，我們相信這將使我們能更好地服務客戶。

Let me start by saying we delivered a strong quarter across our core operating metrics, and we translated that performance into solid operational and financial outcomes, some of which we haven't seen in over a decade. I'll briefly review the key highlights of the quarter, including the impact of the network outage we experienced earlier in January.

首先我要說，我們在核心營運指標上交出強勁的一季，並將該表現轉化為扎實的營運與財務成果，其中有些成果是十多年來未曾見過的。我會簡要回顧本季的重點亮點，包括我們在 1 月稍早經歷的網路中斷事件所帶來的影響。

Then, I'll walk through three key themes: how we will continue to drive healthier growth; second, how we will accomplish that with meaningfully better customer economics; and finally, how that leads to improved cash generation. I'll close with how these results and the transformation work underway support an increase in our 2026 guidance for both our adjusted EPS growth and our postpaid phone net adds.

接著，我會談三個關鍵主題：第一，我們將如何持續推動更健康的成長；第二，我們將如何以顯著更佳的客戶經濟效益來達成；最後，這如何帶來更好的現金創造。我也會以說明這些結果與正在進行的轉型工作，如何支持我們上調 2026 年指引作結，包括調整後 EPS 成長與後付費手機淨增用戶。

In the first quarter, total revenues grew 2.9% to $34.4 billion. While our reported Mobility and Broadband service revenue grew below our annual guided range, our reported growth includes a one-time pressure of 80 basis points on our Wireless service revenues from customer credits and other impacts related to our network outage.

第一季總營收成長 2.9%，達 344 億美元。雖然我們揭露的 Mobility 與寬頻服務營收成長低於全年指引區間，但在我們揭露的成長中，無線服務營收因客戶抵扣與其他與網路中斷相關的影響，承受一次性 80 個基點的壓力。

We ended the quarter with momentum, with March Mobility and Broadband service revenue growing in the middle of our guidance range, with Consumer Wireless service revenue approximately flat year over year. We anticipate Q1 Mobility and Broadband service revenues will be the low point of 2026, and we are highly confident that our forecast for Mobility and Broadband service revenue growth is in line with our 2% to 3% guidance for the year.

我們以動能結束本季：3 月 Mobility 與寬頻服務營收成長落在指引區間的中段，其中消費者無線服務營收約與去年同期持平。我們預期 2026 年第一季的 Mobility 與寬頻服務營收將是全年低點，並且我們對 Mobility 與寬頻服務營收成長的預測高度有信心，將符合全年 2% 至 3% 的指引。

Importantly, the quality of our revenue is improving. We are purposely shifting our mix towards durable, recurring service revenues and away from low-margin, highly promotional activity. We are prioritizing customer lifetime value over short-term revenue maximization. The benefits of that approach are obvious when looking at the combination of positive postpaid phone net adds, better churn, lower acquisition and retention costs, and higher free cash flow and adjusted EPS.

更重要的是，我們的營收品質正在改善。我們刻意將組合轉向更具持久性、可重複的服務營收，並遠離低毛利、促銷力度極高的活動。我們優先考量客戶終身價值，而非短期營收最大化。從後付費手機淨增用戶轉正、更佳的流失率、更低的獲客與留存成本，以及更高的自由現金流與調整後 EPS 的組合來看，這種做法的效益非常明顯。

We added 55,000 postpaid phone net adds in the quarter. That represents an improvement of over 340,000 postpaid phone net adds versus the same period a year ago. And it's the first time in 13 years that Verizon has had positive postpaid phone net adds in Q1.

本季我們後付費手機淨增 55,000 戶。這較去年同期改善超過 340,000 戶後付費手機淨增。這也是 13 年來 Verizon 首次在第一季出現後付費手機淨增為正。

Both Consumer and Business had significant improvements in postpaid phone net adds. Overall, we delivered almost 0.5 million net adds across our Mobility and Broadband platforms. This is a strong continuation of the momentum we established in Q4 of last year, and it is happening while we are also improving the overall quality and economics of our customer relationships.

消費者與企業兩個部門的後付費手機淨增皆有顯著改善。整體而言，我們在 Mobility 與寬頻平台合計淨增接近 50 萬戶。這是我們去年第四季所建立動能的強勁延續，同時我們也在提升客戶關係的整體品質與經濟效益。

I'm particularly pleased to see the early results of our transformation efforts on our customer retention. Consumer postpaid phone churn in the quarter was 90 basis points, a sequential improvement of 5 basis points from Q4. Importantly, churn improved throughout the quarter. And in March, Consumer postpaid phone churn improved further to below 85 basis points. That is a significant improvement both sequentially from Q4 and within the quarter, and it reversed the upward pressure we had seen in churn over the past several years.

我特別高興看到我們轉型努力在客戶留存方面的初步成果。本季消費者後付費手機流失率為 90 個基點，較第四季環比改善 5 個基點。重要的是，流失率在整個季度持續改善。而在 3 月，消費者後付費手機流失率進一步改善至低於 85 個基點。這不僅較第四季環比顯著改善，也在季度內持續走低，並扭轉了過去幾年我們在流失率上所看到的上行壓力。

As expected, when we stop imposing blunt price increases without corresponding value on our customers and begin to remove friction from the end-to-end customer experience, they reward us with their loyalty. At the same time, we are acquiring and retaining customers far more efficiently. Our cost of acquisition and retention in March was down approximately 35% relative to the end of Q4, and we expect to maintain a lower cost of acquisition and retention as we look forward.

如同預期，當我們不再在未提供相應價值的情況下對客戶施加粗糙的漲價，並開始移除端到端客戶體驗中的摩擦時，客戶會以忠誠回報我們。同時，我們獲取與留住客戶的效率也大幅提升。3 月的獲客與留存成本相較第四季末約下降 35%，而展望未來，我們預期將維持較低的獲客與留存成本。

I would point out that we accomplished these meaningful cost reductions while still delivering increasingly positive postpaid phone net adds versus a year ago. In other words, we are no longer predominantly reliant on expensive promotions to drive our growth. We are growing, and we are doing so in a much more disciplined, repeatable, and fiscally responsible manner.

我也要指出，我們在達成這些顯著的成本下降之際，仍持續交出相較去年同期愈來愈正向的後付費手機淨增。換言之，我們不再主要依賴昂貴的促銷來推動成長。我們正在成長，而且是以更具紀律、可複製、且財務上更負責任的方式成長。

We, of course, retain the flexibility and conviction to defend our base and have a large war chest, if necessary, to react to competitive moves in the market. These trends in churn and unit economics are lifting our Consumer lifetime value and are already flowing through to the bottom line and to our free cash flow.

當然，我們仍保有彈性與決心來捍衛既有客群，並在必要時擁有充足的資源，以因應市場中的競爭動作。這些在流失率與單位經濟效益上的趨勢，正在提升我們的消費者終身價值，並已開始反映在獲利與自由現金流上。

I'd also point out that a lower cost of acquisition will benefit our future revenue growth as the headwinds of promotion amortization finally begin to subside. Adjusted earnings per share for the quarter were $1.28, up 7.6% year over year, our highest adjusted EPS growth rate in over four years. Free cash flow is approximately $3.8 billion, up 4% year over year and represents a strong start to the year.

我也要指出，較低的獲客成本將有利於我們未來的營收成長，因為促銷攤銷所帶來的逆風終於開始消退。本季調整後每股盈餘為 1.28 美元，年增 7.6%，為四年多來最高的調整後 EPS 成長率。自由現金流約為 38 億美元，年增 4%，為今年開局奠定強勁基礎。

Our performance is consistent with and in a few key areas ahead of the guidance we laid out for 2026, driven by a better customer experience and operating efficiency. It is also the foundation for the capital allocation priorities we have outlined: investing to maintain our network excellence and our overall value proposition, maintaining our ironclad commitment to our dividend, steadily reducing our leverage, and returning capital to our shareholders.

我們的表現與我們為 2026 年提出的指引一致，且在幾個關鍵領域更優於指引，主要受更佳的客戶體驗與營運效率所驅動。這也為我們所闡述的資本配置優先事項奠定基礎：投資以維持我們的網路卓越與整體價值主張，維持我們對股利的堅定承諾，穩步降低槓桿，並將資本回饋給股東。

Now, let me come back to the three themes I mentioned earlier: healthier growth, better economics, and stronger cash generation. First, healthier growth. The story in Mobility and Broadband is that we are now consistently adding more of the right customers at the right economics. The dramatic year-over-year improvement in postpaid phone net adds over the past two quarters with continued momentum into Q2 all reinforce that our offers and our go-to-market strategies are working.

現在，讓我回到先前提到的三個主題：更健康的成長、更佳的經濟效益，以及更強的現金創造。首先是更健康的成長。Mobility 與寬頻的故事在於，我們現在能以合適的經濟效益，持續新增更多「對的」客戶。過去兩季後付費手機淨增用戶的年對年大幅改善，並在第二季延續動能，進一步印證我們的方案與市場進入策略正在奏效。

We are leaning into converged value -- Mobility plus Broadband, a simplified customer experience, and features that matter to customers -- rather than chasing every promotion in the market. We are also beginning to see the benefits of our transformation efforts, which make it easier for customers to do business with us and reduce friction in their interactions with us.

我們正加速推動「融合價值」——行動服務加上寬頻、更簡化的客戶體驗，以及客戶真正重視的功能——而不是追逐市場上的每一項促銷。我們也開始看到轉型努力帶來的效益，讓客戶更容易與我們往來，並降低互動過程中的摩擦。

In fact, I'm very pleased to say that our Consumer customer service team delivered its best quarter on record for customer satisfaction, driven by improved resolution, fewer handoffs, and faster response times. In Broadband, we continue to aggressively expand our footprint, increase penetration, and position those assets as a core part of our long-term growth story. We are solidly on track to have more than 32 million Fiber passings by the end of this year.

事實上，我很高興地表示，我們的消費者客戶服務團隊在本季創下史上最佳的客戶滿意度表現，這得益於更佳的問題解決率、更少的轉接，以及更快的回應時間。在寬頻方面，我們持續積極擴大覆蓋範圍、提升滲透率，並將這些資產定位為我們長期成長故事的核心部分。我們穩健朝著在今年年底前達成超過 3,200 萬戶光纖可服務覆蓋（Fiber passings）的目標前進。

We are early in the journey of fully monetizing the combination of best-in-class Mobility and a growing Fiber and Fixed Wireless Access footprint. But we already see in our net adds and in our improved churn that customers value having more of their connectivity needs met by a single trusted provider. Our Frontier integration is on track, and I'm extremely pleased with the level of teamwork and focus from go-to-market execution to network integration, and all with a keen focus on driving convergence and delivering on our more than $1 billion of run-rate operating cost synergies by 2028.

我們仍處於充分變現「同級最佳」行動服務與持續擴張的光纖及固定無線接取（Fixed Wireless Access）覆蓋組合的早期階段。但我們已從淨新增用戶以及改善的流失率中看到，客戶重視由單一、值得信賴的供應商滿足其更多連線需求。我們對 Frontier 的整合按計畫推進，我對從上市執行到網路整合各方面所展現的團隊合作與專注程度感到非常滿意；同時，我們也高度聚焦於推動融合，並在 2028 年前實現超過 10 億美元的年化營運成本協同效益（run-rate operating cost synergies）。

Now, let me turn towards our second theme, which revolves around driving better economics. The improvements in churn, acquisition costs, and retention costs are not one-off events. They are the result of specific choices we have made over the past 200 days and the early benefits of a broader transformation we have launched across the company.

接下來談第二個主題：推動更好的經濟效益。流失率、獲客成本與留存成本的改善並非一次性事件，而是我們在過去 200 天所做出具體選擇的結果，也是我們在全公司啟動更廣泛轉型所帶來的初期效益。

We have put in place an ambitious company-wide transformation built around 10 major work streams. These work streams span everything from becoming an AI-first company to reducing friction in every step of the customer journey to re-examining outdated internal policies and procedures that slow us down and add to bureaucracy. We aim to simplify our products and services, apply micro-segmentation to better match offers to customer needs, and drive towards our goal of being the most efficient telco in the world.

我們已推動一項雄心勃勃、全公司範圍的轉型計畫，圍繞 10 個主要工作流（work streams）展開。這些工作流涵蓋從成為 AI 優先（AI-first）公司、在客戶旅程的每一步降低摩擦，到重新檢視那些拖慢我們速度並增加官僚作風的過時內部政策與流程。我們的目標是簡化產品與服務，運用微分眾（micro-segmentation）更精準地讓方案符合客戶需求，並朝著成為全球最有效率電信業者的目標邁進。

Each workstream has a dedicated cross-functional Tiger team with clear monthly and annual targets and a disciplined governance process that reviews progress, unblocks issues, and reallocates resources where needed. This program is changing how we run the company day to day.

每個工作流都有一支專責的跨職能「Tiger team」，具備明確的月度與年度目標，並透過嚴謹的治理流程檢視進度、排除障礙，並在需要時重新配置資源。這項計畫正在改變我們日常營運公司的方式。

As I've mentioned before, we will not rely on empty across-the-board price increases that create short-term financial gains but erode the long-term trust of our customers. Instead, we aim to delight customers. A central pillar of our upcoming new value proposition is the end-to-end redesign of our customer experiences to ensure we delight each customer in every interaction. Our commitment to customer value and trust is becoming part of our corporate DNA, embedded in how we design offers, how we communicate with our customers, and how we measure success internally.

如我先前提到的，我們不會依賴空泛的全面性漲價——那種作法雖能帶來短期財務收益，卻會侵蝕客戶長期信任。相反地，我們的目標是讓客戶感到驚喜與滿意。我們即將推出的新價值主張的一個核心支柱，是端到端重新設計客戶體驗，確保在每一次互動中都能讓每位客戶滿意。我們對客戶價值與信任的承諾，正成為企業 DNA 的一部分，並內嵌於我們如何設計方案、如何與客戶溝通，以及我們如何在內部衡量成功。

We are in the final stages of extensive market research that will inform a new generation of offers built around the principles of transparency, simplicity, and genuine value delivery. We have begun to embed AI and automation into our operations and customer interactions, which is already significantly improving customer experiences and lowering costs.

我們正處於廣泛市場研究的最後階段，該研究將為新一代方案提供依據，並以透明、簡單與真正交付價值為原則。我們已開始將 AI 與自動化嵌入營運與客戶互動之中，這已顯著改善客戶體驗並降低成本。

We will encourage more volume into digital sales and service channels, which lowers costs, increases engagement, and leads to higher customer satisfaction. And we have begun to see meaningful cost benefits from our transformation efforts as we take out legacy structural costs from the business. Consequently, we are well on our way towards our OpEx savings target of $5 billion in 2026.

我們將鼓勵更多交易量轉向數位銷售與服務通路，這能降低成本、提升互動參與度，並帶來更高的客戶滿意度。隨著我們從業務中移除既有的結構性成本，我們也開始看到轉型努力帶來顯著的成本效益。因此，我們正穩步朝著在 2026 年達成 50 億美元營運費用（OpEx）節省目標前進。

Churn is the clearest measure of whether our efforts are resonating with our customers. When we achieve the kind of churn benefits we did during the first quarter, it has profoundly positive implications for our business model. Every cohort now contributes more revenue, more margin, and more cash.

流失率是衡量我們努力是否引起客戶共鳴的最清楚指標。當我們在第一季達成那樣的流失率改善時，對我們的商業模式具有深遠的正面意涵。現在，每一個客群（cohort）都能貢獻更多營收、更多毛利與更多現金。

That affect compounds over time. Lower churn also makes our marketing dollars work harder, because we are not simply replacing customers who leave, we are adding to a more stable base. Our advertising is also evolving, as exemplified by our Connor Storrie brand advertisement, which resonated powerfully across social media and focused on our service and our network, not promotions or handsets.

這種效應會隨時間累積放大。較低的流失率也讓我們的行銷預算更有效率，因為我們不只是補回流失的客戶，而是在更穩定的基礎上持續增加。我們的廣告也在演進，例如 Connor Storrie 的品牌廣告在社群媒體上引發強烈共鳴，聚焦於我們的服務與網路，而非促銷或手機終端。

The same is true for acquisition and retention economics. We were able to meaningfully drive year-over-year improvement in our postpaid phone net adds, while driving the cost of acquisition and retention lower by approximately 35%. Obviously, this fundamentally changes the return on investment we make to attract and keep our customers. And as I mentioned, the less we spend on promotions, the lower our amortization headwinds, enabling a step function change in our future revenue growth.

獲客與留存的經濟效益亦是如此。我們在推動後付費手機（postpaid phone）淨新增用戶年對年顯著改善的同時，將獲客與留存成本降低約 35%。顯然，這從根本上改變了我們為吸引並留住客戶所投入的投資報酬率。而且如我所說，我們在促銷上的支出越少，攤銷（amortization）帶來的逆風就越小，從而使我們未來營收成長出現階梯式的提升。

And these improvements come from the work our teams are doing in our transformation streams: smarter channel mix, less friction, better tools and modeling, the beginning of AI-enabled processes, and a tighter focus on fiscally responsible offers that drive profitable growth. We expect these more efficient levels to be sustainable under our current strategy, and we see additional opportunities to further improve our trends as our transformation matures.

這些改善來自我們團隊在各轉型工作流中的努力：更聰明的通路組合、更少摩擦、更好的工具與模型、AI 賦能流程的起步，以及更聚焦於財務審慎、能推動獲利成長的方案。我們預期在現行策略下，這些更有效率的水準將可持續，並且隨著轉型成熟，我們也看到進一步改善趨勢的額外機會。

Finally, our third theme revolves around stronger cash generation. The combination of healthier subscriber growth and better economics is evident in our first-quarter free cash flow results, and we are confident in our annual guidance of approximately 7% or more growth. We are seeing the benefits of a more disciplined capital program, where we continue to invest in capacity, coverage, and reliability, but do so with sharper prioritization and better utilization of the assets we already have.

最後，第三個主題聚焦於更強的現金創造能力。更健康的用戶成長與更佳的經濟效益相結合，已在我們第一季自由現金流結果中清楚反映，我們對全年約 7% 或以上的成長指引充滿信心。我們正看到更具紀律的資本計畫所帶來的效益：我們持續投資於容量、覆蓋與可靠性，但以更精準的優先順序與更好的既有資產利用率來執行。

We are also continuing to execute on our operating expense initiatives, which are delivering a substantial war chest to continue our investments in driving our end-to-end value proposition, while driving continued shareholder returns. We see room for further meaningful efficiencies in the years ahead while simultaneously advancing our primary goal of delighting our customers and, by doing so, driving long-term sustainable revenue growth.

我們也持續推進營運費用計畫，這正提供一筆可觀的「戰備資金」，以便我們持續投資、推動端到端價值主張，同時持續為股東創造回報。我們認為未來幾年仍有進一步顯著提升效率的空間，同時也能推進我們的首要目標——讓客戶滿意，並藉此推動長期且可持續的營收成長。

We have also discussed in our previous earning calls that we aim to drive incremental margin by eliminating sunsetting or creating structures to dramatically reduce our exposure to non-core assets. We are well underway in this journey, and we look forward to sharing more details shortly.

我們也在先前的法說會中提到，我們的目標是透過淘汰（sunsetting）或建立結構，以大幅降低我們對非核心資產的曝險，來推動增量利潤。我們在這段旅程上已進展順利，並期待很快分享更多細節。

All that brings me to our updated outlook. On the back of our first-quarter performance, the leading indicators we see in our business and the traction we are seeing in our transformation work streams, we are raising our guidance for adjusted EPS growth to 5% to 6% versus the prior range of 4% to 5%. We also now anticipate our postpaid phone net adds to be in the upper half of our 750,000 to 1 million range.

以上帶我進入更新後的展望。基於第一季表現、我們在業務中看到的領先指標，以及轉型工作流所取得的進展，我們將調整後 EPS 成長指引上調至 5% 至 6%，高於先前的 4% 至 5% 區間。我們也預期後付費手機淨新增用戶將落在 75 萬至 100 萬區間的上半部。

We are reaffirming the balance of our guidance: Mobility and Broadband service revenue growth of 2% to 3%, with Q1 being the low point of 2026, and free cash flow growth of approximately 7% or more versus last year. We are making these changes early in the year because the data supports a higher level of confidence.

我們重申其餘指引不變：行動與寬頻服務營收成長 2% 至 3%，其中 2026 年第一季為低點；以及自由現金流相較去年成長約 7% 或以上。我們在年初就做出這些調整，因為數據支持我們具備更高程度的信心。

We are ahead of pace on postpaid phone net adds and doing so with lower churn, better unit economics, and record customer satisfaction scores. We have clear line of sight to the remaining cost and capital efficiency actions that underpin our free cash flow target, and the transformation program gives us additional levers as the year progresses.

我們在後付費手機淨新增用戶方面進度超前，且是在更低流失率、更佳單位經濟效益，以及創紀錄的客戶滿意度分數下達成。我們對支撐自由現金流目標的其餘成本與資本效率行動有清晰的可視性（clear line of sight），而轉型計畫也讓我們在年度推進過程中擁有更多可運用的槓桿。

At the same time, we are far from assuming a perfect environment. We operate in a dynamic and rapidly changing landscape. Our revised guidance continues to reflect a prudent view of competitive dynamics and the macro, political, and economic environment.

同時，我們遠未假設外部環境會完美無缺。我們身處一個動態且快速變化的局勢中。我們修訂後的指引仍反映對競爭態勢以及總體、政治與經濟環境的審慎看法。

Our capital allocation priorities remain unchanged. We will continue to invest in our network, our platforms, and our people to deliver the reliability and experiences our customers expect. We will, of course, maintain a strong and sustainable dividend, reflecting the cash-generating nature of our business, and as Tony will discuss, we are delivering on our commitment to return capital to shareholders. We will continue to use excess cash to strengthen our balance sheet over time, giving us flexibility as markets and opportunities evolve. And we remain on track to return to our target leverage ratio in 2027.

我們的資本配置優先順序維持不變。我們將持續投資於網路、平台與人才，以提供客戶所期待的可靠性與體驗。我們當然也會維持強勁且可持續的股利，反映我們業務具備現金創造特性；並且如 Tony 將會說明的，我們正在履行回饋股東資本的承諾。我們將持續運用超額現金，隨時間推進強化資產負債表，讓我們能在市場與機會演變時保持彈性。同時，我們仍按計畫在 2027 年回到目標槓桿比率。

To summarize, in the first quarter of 2026, Verizon grew underlying Mobility and Broadband service revenue in line with our annual guidance, delivered positive postpaid phone net adds in Q1 for the first time in 13 years, reduced churn meaningfully quarter over quarter, and exited the quarter with Consumer postpaid phone churn below 85 basis points, all while significantly lowering both acquisition and retention costs, driving our best adjusted EPS growth in four years and delivering strong free cash flow. We did all of this by addressing a significant network event transparently and decisively.

總結而言，2026 年第一季，Verizon 的行動與寬頻服務收入（基礎表現）符合我們的年度指引；我們在第一季實現了 13 年來首次的後付費手機淨增用戶為正；季度環比顯著降低流失率，並在季末使消費者後付費手機流失率降至 85 個基點以下；同時大幅降低獲客與留存成本，推動我們四年來最佳的調整後 EPS 成長，並帶來強勁的自由現金流。我們之所以能做到這些，是因為我們以透明且果斷的方式處理了一起重大的網路事件。

At the same time, we have launched and are executing against the 10-stream transformation program that is making Verizon an AI-first, simpler, more efficient, and more customer-centric company. On the strength of that performance, the transformation work already underway, and the trends we see in the business, we are raising our adjusted EPS growth outlook to 5% to 6%, and we anticipate our postpaid phone net adds will be in the upper half of our guided range while we maintain our free cash flow and Mobility and Broadband service revenue guidance.

同時，我們已啟動並正在推進 10 項主軸的轉型計畫，正將 Verizon 打造成一家以 AI 為先、更簡化、更高效率且更以客戶為中心的公司。基於上述表現、已在進行中的轉型工作，以及我們在業務中看到的趨勢，我們將調整後 EPS 成長展望上調至 5% 至 6%；並預期後付費手機淨增用戶將落在我們指引區間的上半部，同時維持自由現金流以及行動與寬頻服務收入的指引不變。

We still have much to accomplish, and we are far from our longer-term aspirations. But the direction of travel is clear. We are growing, our customers are staying longer, we are serving them more efficiently by executing on a disciplined transformation agenda, and we are converting all of that into stronger, more durable cash generation for our shareholders.

我們仍有許多工作要完成，距離更長期的願景也還有一段路。但前進方向已十分清楚：我們正在成長、客戶留存時間更長；透過執行嚴謹的轉型議程，我們以更高效率服務客戶；並將這一切轉化為更強勁、更具韌性的現金創造能力，回饋股東。

With that, I'll turn it over to Tony to provide more detail on the quarterly results, and then we will take your questions.

接下來我把時間交給 Tony，請他就本季業績提供更多細節，之後我們將回答各位的提問。

Thanks, Dan, and good morning.

謝謝你，Dan，各位早安。

Our first-quarter results reflect a strong start to the year. We built upon the operational momentum from the fourth quarter and continued executing on our transformation efforts to deliver on both volume and financial growth. Dan has discussed our plan to deliver long-term sustainable financial and operational growth, and our first-quarter results show the early impacts of that plan.

我們第一季的結果反映了今年強勁的開局。我們延續第四季的營運動能，並持續推進轉型工作，在量與財務成長兩方面交出成果。Dan 已談到我們推動長期、可持續的財務與營運成長計畫，而第一季的結果顯示該計畫已開始產生早期影響。

We're on track to deliver our 2026 guidance, including increased guidance for postpaid phone net adds and adjusted EPS growth. In Mobility, we are pleased that for the first time since 2013, we generated positive first-quarter total postpaid phone net additions. Our first-quarter results of 55,000 included significantly better performance from both our Consumer and Business segments.

我們正按計畫達成 2026 年指引，其中包括上調後付費手機淨增用戶與調整後 EPS 成長的指引。在行動業務方面，我們很高興自 2013 年以來首次在第一季實現後付費手機總淨增用戶為正。我們第一季淨增 55,000，用戶表現來自消費者與企業兩大部門的顯著改善。

Consumer postpaid phone net losses were 35,000, a 321,000 improvement year-over-year, driven by a higher mix of new to Verizon gross adds. In total, the year-over-year improvement of 344,000 reflects our consistent and disciplined go-to-market approach, solid execution of our volume growth strategy, and steady progress with churn.

消費者後付費手機淨流失為 35,000，年增改善 321,000，主要由「新加入 Verizon」的總新增用戶占比提高所帶動。整體而言，年增改善 344,000 反映了我們一致且嚴謹的市場進入策略、對量成長策略的扎實執行，以及在流失率方面的穩步進展。

While there is more work to be done with customer experience, which is the largest component of our transformation plan, we're pleased to see early signs of progress towards our goals. Total postpaid phone churn was down 5 basis points sequentially to 0.97% for the first quarter. Consumer postpaid phone churn was 0.90%, down 5 basis points sequentially and improved throughout the quarter as we took actions to delight and retain our customers.

雖然在客戶體驗方面仍有更多工作要做（這也是我們轉型計畫中最大的組成部分），但我們很高興看到朝目標前進的早期跡象。第一季後付費手機總流失率較前一季下降 5 個基點至 0.97%。消費者後付費手機流失率為 0.90%，較前一季下降 5 個基點，且隨著我們採取措施提升客戶滿意度並強化留存，該指標在整個季度持續改善。

In prepaid, we grew our customer base for the seventh consecutive quarter. We delivered 115,000 net adds, driven by our Visible and Total Wireless brands, demonstrating the continuing strength of our prepaid business and our segmentation approach. We look forward to optimizing the value of each of these brands as we continue our transformation.

在預付費方面，我們連續第七個季度擴大客戶基礎。我們淨增 115,000，主要由 Visible 與 Total Wireless 品牌帶動，展現我們預付費業務的持續強勁，以及分眾策略的成效。我們期待在持續轉型的同時，進一步優化各品牌的價值。

Shifting to Broadband, we continued to take share in the first quarter and delivered 341,000 Broadband net adds. This includes 214,000 Fixed Wireless Access net adds and 127,000 Fiber net adds. We now have approximately 16.8 million Broadband subscribers.

轉向寬頻業務，第一季我們持續提升市占並實現寬頻淨增 341,000。其中包括固定無線接入（Fixed Wireless Access）淨增 214,000，以及光纖淨增 127,000。我們目前約有 1,680 萬名寬頻用戶。

We are confident in the long-term success of our Broadband strategy. Frontier accelerates our opportunity to grow our Broadband subscribers as well as our converged offerings, a key enabler to growing Wireless share in under-penetrated Frontier markets. In the first quarter, in addition to Frontier, we've also closed the Starry transaction, an investment that will enable us to drive further Broadband growth opportunities in multi-dwelling units within urban areas.

我們對寬頻策略的長期成功充滿信心。Frontier 加速了我們擴大寬頻用戶以及融合式產品（converged offerings）的機會；這也是在 Frontier 市場滲透率仍偏低的情況下，提升無線市占的關鍵推動因素。第一季除了 Frontier 之外，我們也完成了 Starry 交易；這項投資將使我們能在都會區的多住戶住宅（multi-dwelling units）中，推動更多寬頻成長機會。

Overall, we're pleased with our operating results for the first quarter as we have seen significant improvement in our net adds. We look forward to continuing our commercial momentum throughout the year.

整體而言，我們對第一季的營運結果感到滿意，因為淨增用戶已出現顯著改善。我們期待在全年持續延續商業動能。

Now, let's turn to our consolidated financial results. Our first-quarter financial results show our disciplined execution is directly translating into operating leverage. We are driving financial growth and strong free cash flow even as we undergo a transitional year for revenue.

接下來談合併財務結果。第一季財務結果顯示，我們嚴謹的執行正直接轉化為營運槓桿。即使今年是營收的過渡年，我們仍在推動財務成長並產生強勁的自由現金流。

Mobility and Broadband service revenue was $22.9 billion for the first quarter, a 1.6% increase year over year. This result includes $20.6 billion of Wireless service revenue, which was down 1% year over year. Customer credits associated with a network outage reduced first-quarter Wireless service revenue by approximately 80 basis points.

第一季行動與寬頻服務收入為 229 億美元，年增 1.6%。其中無線服務收入為 206 億美元，年減 1%。與網路中斷相關的客戶抵減（credits）使第一季無線服務收入約減少 80 個基點。

As previously communicated, we continue to absorb elevated promotional amortization pressures and are lapping approximately 180 basis points of pricing impacts implemented in the prior year. We expect to improve upon our first quarter's Wireless service revenue performance by maintaining low churn, being disciplined around cost of acquisition and cost of retention, and continuing to drive net adds.

如先前所溝通，我們仍在吸收較高的促銷攤銷壓力，且去年實施的定價影響約 180 個基點也進入比較基期。我們預期可透過維持低流失率、在獲客成本與留存成本上保持紀律，以及持續推動淨增用戶，來改善第一季無線服務收入的表現。

Additionally, we continue to see strong performance with PERC adoption, continued growth in premium base mix and prepaid. Given these factors, we are confident we will achieve our full-year revenue guidance and expect to have an even stronger and more sustainable revenue profile by the end of 2026.

此外，我們持續看到 PERC 採用表現強勁，高端用戶基礎組合占比持續提升，預付費業務也持續成長。基於這些因素，我們有信心達成全年營收指引，並預期在 2026 年底前形成更強勁且更可持續的營收結構。

Our disciplined financial approach and targeted actions led to strong profitability this quarter. Consolidated adjusted EBITDA was $13.4 billion, a 6.7% increase in the prior year. Adjusted EBITDA margin of 38.9% expanded by 140 basis points. This represents our highest-ever reported adjusted EBITDA performance, and we expect it to be an industry-leading result.

我們嚴謹的財務方法與聚焦的行動，帶動本季強勁的獲利能力。合併調整後 EBITDA 為 134 億美元，較去年同期成長 6.7%。調整後 EBITDA 利潤率為 38.9%，擴張 140 個基點。這是我們歷來最高的調整後 EBITDA 表現，我們預期也將是業界領先的成果。

We are growing responsibly with healthy economics in both the cost of acquisition and cost of retention. We are also making significant tangible progress with our cost efficiencies. During the quarter, we realized substantial savings in key areas, including advertising, network operating expenses, and workforce-related costs. A significant portion of these savings dropped directly to the bottom line, while we simultaneously reinvested a portion back into the customer experience.

我們以健全的經濟效益負責任地成長，無論在獲客成本或留存成本方面皆然。我們也在成本效率上取得顯著且具體的進展。本季我們在多個關鍵領域實現可觀節省，包括廣告、網路營運費用與人力相關成本。其中相當一部分節省直接反映在最終獲利，同時我們也將部分節省再投資於客戶體驗。

Our integration of Frontier operations is progressing well. We are on track to deliver over $1 billion in run-rate operating cost synergies by 2028. While there is more work ahead to drive further efficiencies, our first-quarter performance puts us on track to delivering our $5 billion of operating expense savings target for 2026.

我們對 Frontier 營運的整合進展順利。我們正按計畫在 2028 年前實現超過 10 億美元的營運成本協同效益（run-rate）。雖然後續仍有更多工作以推動進一步效率提升，但第一季的表現使我們有望達成 2026 年 50 億美元的營運費用節省目標。

Our focus on the customer and our cost discipline drove adjusted EPS of $1.28, up 7.6% year over year, even as we incurred the incremental depreciation and interest expense associated with the Frontier acquisition. Our performance reflects our responsible growth and our actions taken to streamline the business to make us more agile in serving our customers. This gives us the confidence to raise our guidance for adjusted EPS growth for the full year to 5% to 6%.

我們以客戶為中心的聚焦與成本紀律，推動調整後 EPS 達 1.28 美元，年增 7.6%，即使我們承擔了與 Frontier 收購相關的額外折舊與利息費用。我們的表現反映了負責任的成長，以及我們為精簡業務、提升服務客戶敏捷度所採取的行動。這也讓我們有信心將全年調整後 EPS 成長指引上調至 5% 至 6%。

Now, let's turn to our cash flow and balance sheet. Our financial foundation has never been stronger. Our cash flow generation remains a cornerstone of our financial strength and a testament to our high-quality earnings. Cash flow from operating activities was $8 billion for the first quarter. We achieved this strong result even after absorbing severance payments of approximately $1.1 billion related to our restructuring efforts, incurring costs associated with the Frontier integration and delivering higher gross add volumes.

接下來談現金流與資產負債表。我們的財務基礎從未如此強健。現金流創造能力仍是我們財務實力的基石，也證明我們獲利品質優良。第一季營運活動現金流為 80 億美元。即使我們吸收了約 11 億美元與重整相關的資遣費用、承擔 Frontier 整合相關成本，並交付更高的總新增用戶量，我們仍達成這項強勁成果。

We're on track to achieve our CapEx guidance of $16 billion to $16.5 billion for the full year. Capital expenditures for the quarter were $4.2 billion. We continue to invest strategically for network excellence and future growth opportunities in a disciplined way by prioritizing our Wireless and Fiber bills. As Dan mentioned, we expect to end the year with more than 32 million Fiber passings.

我們正按計畫達成全年資本支出（CapEx）指引 160 億至 165 億美元。本季資本支出為 42 億美元。我們持續以嚴謹方式進行策略性投資，以確保網路卓越並把握未來成長機會，並優先投入無線與光纖建設。如 Dan 所提，我們預期年底光纖覆蓋（Fiber passings）將超過 3,200 萬。

Free cash flow for the quarter was $3.8 billion, up 4% year over year. We expect our free cash flow performance to ramp as we further realize the full run rate of our operating expense savings and grow volumes responsibly. We are on track to deliver our full-year free cash flow guidance of $21.5 billion or more. Our robust cash flow enables the seamless execution of our capital allocation framework, including investing in our business, maintaining a strong dividend, strengthening our balance sheet, and returning additional value to shareholders through stock buybacks.

本季自由現金流為 38 億美元，年增 4%。隨著我們進一步實現營運費用節省的完整年化效益，並以負責任的方式提升量能，我們預期自由現金流表現將逐步加速。我們正按計畫達成全年自由現金流指引 215 億美元或以上。我們強勁的現金流使我們能順暢執行資本配置框架，包括投資於業務、維持穩健股利、強化資產負債表，以及透過股票回購為股東帶來額外價值。

Our net unsecured debt to consolidated adjusted EBITDA ratio increased due to the acquisition of Frontier to approximately 2.6 times at the end of the quarter. We are making good progress and have paid down about half of the Frontier debt since the acquisition closed, and we expect to repay substantially all of Frontier's debt by the end of the year. We remain firmly on track to achieve our target net unsecured leverage ratio of 2.0 to 2.25 times during the 2027 timeframe.

由於收購 Frontier，我們的淨無擔保負債對合併調整後 EBITDA 比率在季末上升至約 2.6 倍。我們進展良好，自收購完成以來已償還約一半的 Frontier 債務，並預期在年底前償還 Frontier 幾乎全部債務。我們仍堅定按計畫在 2027 年期間達成目標淨無擔保槓桿比率 2.0 至 2.25 倍。

Lastly, we are delivering on our commitment to enhance shareholder returns. In January, we declared an annualized dividend increase of $0.07 per share, up 2.5% from our prior annual dividend rate. This marks the 20th consecutive year of dividend increases, a track record we're extremely proud of.

最後，我們正履行提升股東報酬的承諾。1 月，我們宣布將年化股利每股提高 0.07 美元，較先前年度股利水準增加 2.5%。這是連續第 20 年調升股利，我們對此紀錄深感自豪。

In addition, our stock buyback program is off to a strong start. We successfully completed $2.5 billion in share repurchases during the first quarter. We are in a position of significant financial strength, generating the cash necessary to invest in our future, reward our shareholders, and maintain a healthy balance sheet.

此外，我們的股票回購計畫也有強勁開局。我們在第一季成功完成 25 億美元的股份回購。我們具備顯著的財務實力，能產生投資未來、回饋股東並維持健康資產負債表所需的現金。

In summary, our customer-centric approach has generated a step function change in our performance trajectory. We delivered positive first-quarter total postpaid phone net adds for the first time since 2013 and raised our full-year phone net add outlook. We achieved our best adjusted EBITDA in history, and we also delivered our best quarterly adjusted EPS growth rate since 2021 and raised our full-year adjusted EPS guidance. We returned a significant amount of capital to our shareholders, including commencing our first share buyback in over a decade.

總結而言，我們以客戶為中心的方法，讓我們的績效軌跡出現階躍式的改變。我們自 2013 年以來首次在第一季實現後付費手機淨增用戶為正，並上調全年手機淨增用戶展望。我們創下史上最佳調整後 EBITDA，同時也繳出自 2021 年以來最佳的單季調整後 EPS 成長率，並上調全年調整後 EPS 指引。我們向股東返還了可觀的資本，包括啟動十多年來首次股票回購。

Our first-quarter results demonstrate that our transformation is gaining momentum and we're delivering on our plan. This is a new Verizon, playing to win.

我們第一季的結果顯示，我們的轉型正在加速，我們也正在落實計畫。這是一個全新的 Verizon，志在必勝。

With that, I will now hand the call over to Colleen to take your questions.

接下來，我把電話交給 Colleen 來回答各位的提問。

Thank you, Tony. Brad, we are now ready to take questions. (Event Instructions)

謝謝你，Tony。Brad，我們現在準備開始提問。（活動說明）

(Operator Instructions) Michael Rollins, Citi.

（接線員指示）Citi 的 Michael Rollins。

Thanks. Good morning, and congratulations on the early progress. I'm curious if you could discuss the performance of accounts in ARPA with agentic in the quarter, as well as what that means for the go-forward outlook for these measures, including how the current promotional environment and your pricing strategy are influencing the performance. Thanks.

謝謝。早安，也恭喜你們早期進展。我想請教你們本季在 ARPA（每帳戶平均收入）與 agentic 方面的帳戶表現，以及這對未來這些指標的展望意味著什麼；也包括目前促銷環境與你們的定價策略如何影響表現。謝謝。

I think I'll jump on that, Mike, and then we'll -- Tony can add color if he so desires.

我想我先回應這題，Mike，然後我們——如果 Tony 想補充，也可以再補充一些說明。

I think if we take a step back, clearly, we're now orienting everything we do around a customer-centric approach. And just by definition, that means that we're thinking about accounts and not just lines.

我想如果我們先退一步看，很明顯地，我們現在把所有作為都圍繞在以客戶為中心的方法上。而就定義而言，這代表我們思考的是「帳戶」而不只是「門號」。

And I would say previously, the company predominantly focused on lines, and that's just not our approach going forward. And as a result of that focus, our trajectory is moving in the right direction. Account net adds improved year over year in both Consumer and total retail postpaid. And that's in the same quarter we delivered our best first quarter postpaid phone net adds in 13 years (corrected by company after the call).

我會說過去公司主要聚焦在門號，而這不是我們未來的做法。也因為這個聚焦，我們的趨勢正朝正確方向前進。無論在 Consumer 或整體零售後付費方面，帳戶淨增都較去年改善。而且就在同一季，我們繳出 13 年來最佳的第一季後付費手機淨增（公司於會後更正）。

And that's not a coincidence. Our customer-centric approach is driving our progress on both fronts. The net adds we're adding are higher quality than those that are rolling off. Our new accounts are being added with more lines per account. Our percent of new to Verizon continues to climb, and that's a leading indicator of where our account number is headed next.

這並非巧合。我們以客戶為中心的方法正在推動兩方面的進展。我們新增的淨增用戶品質高於流失的用戶。我們新增的新帳戶，每個帳戶帶入的門號數更多。我們「新加入 Verizon」的占比持續攀升，而這是預示我們下一步帳戶數走向的領先指標。

But we're also very focused on driving higher revenue with every line. We are no longer giving away lines for free. Our entire approach is to grow our accounts and lines and overall ARPA. And I think there are a lot of different ways that we can do that. We can do that through convergence. Clearly, as we are more disciplined in our CoR and our CoA, we believe we're going to start to see the headwinds of promotion amortization on our revenue growth rate start to flip and become tailwinds.

但我們也非常專注於讓每一條門號帶來更高收入。我們不再免費送門號。我們的整體策略是成長帳戶數、門號數以及整體 ARPA。我認為我們有很多不同方式可以做到這點，例如透過融合（convergence）。此外，隨著我們在 CoR 與 CoA 上更有紀律，我們相信促銷攤銷對營收成長率造成的逆風將開始反轉並成為順風。

And the majority of the ARPA decline in the first quarter came from our decision to do the right thing for customers on the network outage and to immediately give them credits, because we absolutely always want to do the right thing for customers and we value the long-term relationship with our customers. And so we feel really good about the way we reacted to our network outage, but obviously that's a one-time event and doesn't come and follow us through the rest of the year. So I would say in general, we expect to see account net adds continue to improve as well as ARPA as we go through 2026 and as we go into 2027.

而第一季 ARPA 下滑的主要原因，是我們在網路中斷事件上選擇做對客戶最正確的事，立即提供帳單抵扣（credits），因為我們始終希望為客戶做正確的事，也重視與客戶的長期關係。因此我們對於面對網路中斷時的反應方式感到非常好，但顯然這是一次性事件，不會在今年其餘時間持續影響我們。整體而言，隨著我們走過 2026 年並進入 2027 年，我們預期帳戶淨增與 ARPA 都會持續改善。

Yeah. Just to add a couple of things to that, Mike, we exited the quarter with good momentum. The team is focused on writing good business, and the new to Verizon is up 150 basis points, which is great to see. We see a lot of opportunities with convergence, and we saw that in the quarter with bringing Frontier to the fold. And then also, we've done a lot of work on bringing value to customers, things like Perks -- we've seen significant uptake in Perks -- step-ups, and, of course, in FWA.

是的。再補充幾點，Mike，我們在季末帶著不錯的動能收官。團隊專注於承作優質業務，「新加入 Verizon」的占比上升了 150 個基點，這點很令人振奮。我們在融合方面看到很多機會，本季把 Frontier 納入體系也印證了這點。另外，我們也做了很多工作為客戶帶來價值，例如 Perks——我們看到 Perks 的採用顯著提升——以及升級（step-ups），當然還有 FWA。

So as Dan mentioned, we do expect improvements in ARPA as the year progresses. And as we continue to reduce our reliance on expensive promotions, that will obviously reduce the headwind on promo amortization as we move ahead. So that's how we're thinking about it.

因此如 Dan 所說，我們確實預期 ARPA 會隨著年度推進而改善。並且，隨著我們持續降低對昂貴促銷的依賴，促銷攤銷帶來的逆風也將在往前推進時明顯減輕。這就是我們的思考方式。

Thank you.

謝謝。

Brad, let's take the next question, please.

Brad，請進行下一題，謝謝。

Michael Ng, Goldman Sachs.

Goldman Sachs 的 Michael Ng。

Good morning. Thanks for the question. I wanted to ask about upgrade rates and the changing approach to device subsidies. What are you expecting around upgrade activity for the rest of the year? And how do you balance improved profits on some of these lower device subsidies versus opportunities to use devices to drive gross adds, given that it should be a strong device for fresh air? Thank you.

早安。謝謝提問。我想問關於升級率（upgrade rates）以及對裝置補貼策略的改變。你們對今年剩餘時間的升級活動有何預期？另外，在降低部分裝置補貼可提升獲利的同時，你們如何在這與利用裝置來推動總新增（gross adds）的機會之間取得平衡，尤其今年應該會是強勁的換機年？謝謝。

Yeah. Well, I'd say both on our cost of acquisition and our cost of retention, the improvements that we saw throughout the quarter, these are structural changes. They're not one-time or seasonal. We would expect that based on that micro-segmentation, really understanding what our customers exactly want and what our customized offer to them will be will result in us being able to be much more disciplined in how we think about retention.

是的。我會說，無論在我們的獲客成本（cost of acquisition）或留客成本（cost of retention）方面，本季看到的改善都是結構性變化，不是一次性或季節性因素。我們預期，透過微分眾（micro-segmentation），真正理解客戶到底想要什麼，以及我們要提供給他們的客製化方案，將使我們在留客策略上能更有紀律。

Not every retention is going to be a free handset. In fact, quite the opposite. I mean, I think our industry has been too dependent on free handsets being the solution for everything. And I think all of us, and I know for sure Verizon, can be much more profitable when we start to micro-segment, really listen to what a customer wants and not just give them a free handset for everything. So I'll give you an example of that.

並不是每一次留客都要送免費手機。事實上恰恰相反。我認為我們這個產業過度依賴「免費手機」作為萬靈丹。我想我們所有人——我也很確定 Verizon——在開始做微分眾、真正傾聽客戶需求，而不是什麼都送免費手機之後，獲利能力可以更強。我舉個例子。

If a customer calls us and says that they're having a difficulty with service in their home, previously, what we would have done is send them a free handset so that they wouldn't churn. And what would happen at that point is a customer would have a nice new handset and still have poor service at their home. So we just spent like $1,000 and did not solve the customer's issues. If we had listened and sent a femtocell to be installed at the house, we could have done that at one-third the cost and made the customer happy.

如果客戶打電話來說家裡的服務訊號不好，以前我們可能會送他一支免費手機，避免他流失。結果是客戶拿到一支很新的手機，但家裡訊號仍然很差。所以我們花了大約 1,000 美元，卻沒有解決客戶的問題。如果我們有聽懂需求，改派人到府安裝一個 femtocell，我們可以用三分之一的成本做到，並讓客戶滿意。

And so that's what's happening right now. We're listening to what customers really want, we're customizing offers to exactly their needs, and we're moving away from just having one tool in our toolbox, becoming much more sophisticated. And as we continue to micro-segment, we're going to become much, much better at this. And so I think we will continue to be ferociously focused on retention and acquisition, but doing it in a smart, fiscally micro-segmented manner should really improve our unit economics going forward.

所以這就是目前正在發生的事。我們在傾聽客戶真正想要什麼，依照他們的需求精準客製化方案，並且不再只靠工具箱裡的一種工具，而是變得更為成熟精細。隨著我們持續進行更細緻的微分眾，我們在這方面會做得更、更加出色。因此我認為，我們仍會以極強的力度聚焦於留存與獲客，但以聰明、在財務上以微分眾方式執行，確實應能在未來改善我們的單位經濟效益。

Yeah. And then, Michael, just a couple of things to add to that.

是的。然後，Michael，我再補充幾點。

So obviously, the strong cash flow generation that we have in the business gives us a lot of optionality and scenario planning. In the quarter, we were able to absorb about 6% higher upgrade volumes year over year, being more surgical, as Dan mentioned, with retention offers and also having strong cash flow.

很明顯，我們業務強勁的現金流創造能力，讓我們在選擇上更有彈性，也能做更多情境規劃。本季我們能夠吸收升級量年增約6%的提升；如 Dan 所提，我們在留存方案上更精準、更具手術刀式的操作，同時也受惠於強勁的現金流。

And the one thing I can say is the rate of growth in upgrades has slowed the last couple of months and into the second quarter, and that's both reflective of the work we're doing, particularly in our retention and being very segmented in our approach and very disciplined, and also customer choice, customers choosing to hang on to their phones for longer periods of time. Obviously, we don't guide on this, but we'll see how it plays out, but we're being very disciplined in our approach.

我可以說的是，過去幾個月以及進入第二季後，升級的成長率已經放緩；這一方面反映了我們正在做的工作，特別是在留存上採取非常分眾、非常有紀律的做法；另一方面也反映客戶的選擇——客戶選擇把手機使用更久。當然，我們不對此提供指引，但我們會看後續如何發展；不過我們的做法非常有紀律。

Thanks, Dan. Thanks, Tony.

謝謝你，Dan。謝謝你，Tony。

Let's take the next question, please.

請進行下一個問題。

John Hodulik, UBS.

UBS 的 John Hodulik。

Great. Thanks. Maybe two, if I could. First on the cost cutting, maybe for Tony, any color on sort of how much of the $5 billion in OpEx savings we've seen thus far and how it ramps through the year?

很好，謝謝。若可以我想問兩個。第一個關於削減成本，可能問 Tony：在50億美元的營運費用（OpEx）節省中，到目前為止我們已經看到多少？以及它在今年內會如何逐步體現？

And then a lot of sort of bullish commentary on volume trends in the Wireless business on -- how should we expect the Fixed Wireless and Fiber Broadband trends to sort of play out through the year as you sort of digest the Fiber assets and get the converged offerings sort of up to speed? Thanks.

第二個，關於無線業務量的趨勢有不少偏樂觀的評論——在你們消化光纖資產、並讓融合式方案逐步到位的過程中，固定無線與光纖寬頻的趨勢在今年內應該如何演變？謝謝。

Sure. Good morning, John.

當然。早安，John。

So on the cost transformation, let me just start big picture. So obviously, we're making significant progress on the transformation work and the cost work, and it's showing up in the Adjusted (added by company after the call) EBITDA. And as we said in the prepared remarks, we expect Adjusted (added by company after the call) EBITDA to grow at a faster rate than adjusted EPS when you factor in both the Frontier acquisition interest expense, which is about $1 billion, and also the depreciation from the asset base, which is about $1.5 billion. And obviously, we had good acceleration in Adjusted (added by company after the call) EBITDA and really good operating leverage.

關於成本轉型，我先從大方向說起。很明顯，我們在轉型工作與成本工作上取得了顯著進展，並反映在調整後（added by company after the call）EBITDA 上。如同我們在事先準備的發言中所說，當你把 Frontier 併購的利息費用（約10億美元）以及資產基礎帶來的折舊（約15億美元）納入考量後，我們預期調整後（added by company after the call）EBITDA 的成長速度會快於調整後 EPS。而且很明顯，我們的調整後（added by company after the call）EBITDA 有不錯的加速，營運槓桿也非常好。

And to your question, we're off to a great start on the $5 billion of cost transformation, and we're seeing proof points in the quarter. Maybe I can break down between the first quarter and also what's in progress and coming ahead. So in terms of what we're seeing right now, first and foremost on the network side and network operating costs, the team is doing a great job in continuing to decommission legacy elements in the network, and that includes copper and recycling that copper and also monetizing that copper, as well as optimizing our third-party access costs with our larger footprint. And there's a lot more we can do here when you think about Frontier coming into the fold.

回到你的問題，我們在50億美元的成本轉型上有一個非常好的開局，本季也看到一些佐證。我可以把它拆成第一季已體現的，以及正在進行、未來將到來的部分。就目前看到的來說，首先在網路端與網路營運成本方面，團隊持續汰除網路中的舊有元件，做得非常出色；這包括銅纜的退役、回收與再利用，以及將銅材變現；同時也利用我們更大的覆蓋版圖來優化第三方接取成本。當你想到 Frontier 納入版圖後，這裡還有更多可以做的事。

Second, from an advertising and marketing perspective, continued efficiencies in our spend, including use of digital. And as Dan mentioned, our cost of acquisition, cost of retention, structural improvements there since year-end, and particularly on cost of retention, really being targeted with our retention spend. And then from a workforce perspective, we're exiting the first quarter, we're running leaner with the 13,000 reduction behind us, as well as reduced third-party contractor and outsource spend.

第二，在廣告與行銷方面，我們的支出持續提升效率，包括更多使用數位化工具。如 Dan 所提，自去年底以來，我們在獲客成本、留存成本上都有結構性改善；尤其在留存成本上，我們的留存支出更具針對性。第三，在人力方面，第一季結束時，我們在已完成13,000人的縮減後，組織運作更精實，同時也降低了第三方承包商與外包支出。

And then in terms of what's the opportunities ahead and things that are underway, we talked about in the prepared remarks around customer experience, and that is the largest part and the largest facet of our transformation program. And that's addressing customer pain points, as Dan mentioned, reducing complexity and call volumes. If you think about both the IT and the real estate continuing to rationalize IT platforms, including AI enablement, along with reducing the real estate footprint, both on the network side and the admin side.

至於未來的機會與正在推進的事項，我們在事先準備的發言中談到客戶體驗，而這是我們轉型計畫中最大的一塊、也是最大的面向。這包括如 Dan 所說，解決客戶痛點、降低複雜度與來電量。再看 IT 與不動產，我們會持續精簡 IT 平台（包含 AI 賦能），並縮減不動產占用面積，涵蓋網路端與行政端。

And then from a Frontier perspective, the integration work is well on track, and we said we expect at least $1 billion of operating expense run rate synergies by 2028, and those synergies ramp as we execute on our integration plans. And as we continue through the cost transformation, the expectation is that we'll continue to reduce -- to further reduce costs beyond 2026.

另外，從 Frontier 的角度來看，整合作業進展順利；我們也說過，預期到2028年可達到至少10億美元的營運費用年化協同效益，並且這些協同效益會隨著我們執行整合計畫而逐步爬升。隨著我們持續推進成本轉型，我們的預期是，將在2026年之後仍能持續——進一步降低成本。

And then when you put that together, the Adjusted EBITDA and the cost reductions allow us to do a number of things. [company clarification] First is run a lot more efficiently. Second is to absorb the transitional year that we have in service revenue. The third is to invest in the customer experience, and that includes defending our base if we need to do so. And lastly, returning a significant amount of capital to shareholders. And overall, we see a great path to both adjusted EBITDA and EPS growth for the year, and that gave us the confidence to raise the Adjusted EPS guide for the year. [company clarification]

把這些整合起來，調整後 EBITDA 與成本下降讓我們能做幾件事。[company clarification] 第一是以更高效率運作。第二是吸收我們在服務營收上所面臨的過渡年度。第三是投資客戶體驗，其中也包括在必要時捍衛我們的客戶基礎。最後是向股東回饋相當可觀的資本。整體而言，我們看到今年調整後 EBITDA 與 EPS 成長的良好路徑，這也讓我們有信心上調今年的調整後 EPS 指引。[company clarification]

And then I'll hand the Broadband question over to Dan.

接著我把寬頻的問題交給 Dan。

Thanks for the question, John.

謝謝你的問題，John。

So convergence, obviously, is one of our key vectors of growth. We intend to fully leverage our growing Fiber footprint. As I mentioned in the last earnings call, we're still very focused on driving our Fiber footprint of 40 million to 50 million over the medium term. We made good progress this quarter towards that and expanding our Fixed Wireless Access capacity.

融合（convergence）顯然是我們關鍵的成長向量之一。我們打算充分運用我們持續擴大的光纖覆蓋版圖。如我在上一次財報電話會議提到的，我們仍非常專注於在中期把光纖覆蓋從4,000萬提升到5,000萬。本季我們在朝這個方向取得了不錯的進展，同時也擴充了固定無線接取（FWA）的容量。

In Q1, we continued to take Broadband share. We have absolutely no intention to slow down, in fact, quite the opposite. We have a huge cross-sell opportunity. Only approximately 20% of our consumer postpaid phone base has Broadband, and so we see large go-to-market opportunities for us there. (corrected by company after the call)

第一季，我們持續提升寬頻市占。我們完全沒有放慢的打算，事實上正好相反。我們有很大的交叉銷售機會：我們的消費者後付費手機用戶中，只有約20%同時有寬頻，因此我們在那裡看到很大的市場推進（go-to-market）機會。(corrected by company after the call)

Fiber has inherent advantages over FWA, and we're going to prioritize it where we have coverage. And therefore, you should expect a mix shift from where we've previously been. We have very positive owners economics on both our Broadband and our Wireless. Churn is almost 30% less on converged offers and has a higher of LTV and ARPA. However, be sure we're going to continue to drive FWA, and we entered the year with more available capacity in our network for Fixed Wireless Access than when we began 2025, and we intend to take advantage of that.

光纖相較於 FWA 具有先天優勢，因此在我們有覆蓋的地方會優先推動光纖。因此，你應該會看到組合相較於過去出現轉移。我們在寬頻與無線兩者上都有非常正向的用戶經濟效益。融合方案的流失率低了將近30%，且 LTV 與 ARPA 更高。不過請放心，我們仍會持續推動 FWA；我們在今年開始時，網路可用於固定無線接取的容量就比2025年初更高，我們也打算善用這一點。

Q1 is seasonally our slowest quarter, but even so, we added 341,000 Broadband subscribers. And by the way, that excluded the first 20 days of January for Frontier. You can probably do the math on what our numbers could have been on Broadband had we had a full quarter of Frontier in our numbers. So we're quite pleased with where we are in our Broadband net additions, and we expect to see that accelerate as we go forward.

第一季在季節性上通常是我們最慢的一季，但即便如此，我們仍新增了341,000名寬頻用戶。順帶一提，這個數字不包含 Frontier 在一月前20天的貢獻。你大概可以算一下，如果我們的數字納入 Frontier 的完整一季，寬頻的表現可能會是什麼樣子。因此我們對寬頻淨新增的表現相當滿意，並預期隨著往後推進會加速。

We're going to continue to invest heavily in Broadband. We're going to have at least 32 million passings. We're looking at more partnerships, potential acquisitions to speed the number of homes past. There's no question, we think that Fiber is a key differentiator against competitors who don't have it.

我們將持續大力投資寬頻。我們至少會達到3,200萬戶可覆蓋（passings）。我們也在尋找更多合作夥伴關係、以及可能的併購，以加快可覆蓋住戶數的成長。毫無疑問，我們認為光纖是對抗沒有光纖的競爭對手時的一項關鍵差異化優勢。

And I'd also point out that our attachment rate of Wireless when a customer has Broadband, I think it's best in the industry at approximately 55% right now [company clarification]. So expect that you'll see improvement in our Broadband numbers as we go through the year, and we're looking for the optimal, most efficient way to deliver Broadband to the home.

我也想指出，當客戶同時擁有寬頻時，我們無線業務的搭售率，我認為目前約為 55%，是業界最佳水準 [company clarification]。因此，預期隨著我們在今年逐步推進，你會看到我們的寬頻數據有所改善；同時，我們也在尋找將寬頻以最佳、最高效率的方式送達家庭的方案。

Great. Thank you both.

很好。謝謝你們兩位。

Next question, please.

下一個問題，請。

Sebastiano Petti, JPMorgan.

JPMorgan 的 Sebastiano Petti。

Hi. Thank you for taking the question. Dan, just a quick follow-up to John's question there, just in regards to your FWA commentary, I mean, should we still anticipate 8 million to 9 million FWA (inaudible) by 2028? Is that still a target for the management team? That's my first question.

嗨，謝謝讓我提問。Dan，針對剛才 John 的問題我想快速追問一下，關於你對 FWA 的評論，我的意思是，我們是否仍應預期到 2028 年 FWA 會達到 800 萬到 900 萬（聽不清）？這仍然是管理團隊的目標嗎？這是我的第一個問題。

And then, Tony, the buybacks, $2.5 billion, great to see in the quarter, you're not surprised given the momentum. How should we think about the expectations for buyback in 2026? I think you previously talked about $3 billion, clearly seems conservative at this point. And I didn't see any commentary in the press release, but I mean, how should we think about the, I guess, phasing or cadence of buybacks from here over the multi-year period? Thank you very much.

然後 Tony，關於庫藏股回購，本季回購 25 億美元，很高興看到這個數字，在目前動能之下也不令人意外。我們應該如何看待 2026 年的回購預期？我記得你之前談到 30 億美元，顯然以目前情況看起來偏保守。而且我在新聞稿中沒有看到相關評論，但我的意思是，我們應該如何看待從現在起到未來多年期間回購的節奏或步調？非常感謝。

Yeah. I'll first jump on the FWA question. I don't think you should really adjust any of your thoughts around that. We're going to drive quite aggressively on the Broadband side. Again, there may be more of a shift to Fiber than FWA. We've had a lot of progress on FWA over the years, and we'll continue to drive it.

好，我先回答 FWA 的問題。我認為你不需要真的調整你對這件事的任何看法。我們會在寬頻端相當積極地推進。再說一次，可能會有更多從 FWA 轉向光纖的移動。我們這些年在 FWA 上已經取得很多進展，而且我們會持續推動。

Yeah. And then Sebastiano, on your question on capital allocation, I mean, as we said in the remarks earlier, that the pillars are the same. Our first priority is still investing in the business, and you see us doing that with our capital program of $16 billion to $16.5 billion and our acquisition of Frontier as well. The dividend is still ironclad for us, and we raised the dividend $0.07 back in January, and that's the 20th consecutive year.

對。Sebastiano，關於你資本配置的問題，如同我們先前在談話中所說，支柱不變。我們的第一優先仍是投資於業務，你也看到我們透過 160 億到 165 億美元的資本計畫，以及收購 Frontier 來做到這點。股利對我們而言仍然是鐵一般的承諾，我們在 1 月把股利提高了 0.07 美元，這也是連續第 20 年調升。

And the third is having a strong balance sheet and paying down debt. And as we said, there's no change to our long-term leverage targets, and we said we'd be there in the 2027 timeframe. We've also paid down about half of Frontier's debt stack already, so we're well on our way there. And then fourth, as you mentioned, we have our share buyback program underway. We did $2.5 billion of share repurchase in the first quarter, so we're off to a great start. And that reflects the strong cash generation and the conviction -- our conviction in the value of the stock at current levels.

第三是維持強健的資產負債表並償還債務。如同我們所說，我們的長期槓桿目標沒有改變，我們也表示會在 2027 年左右達成。我們也已經償還了 Frontier 債務組合大約一半，所以我們正朝目標穩步前進。第四，如你提到的，我們的股票回購計畫正在進行中。我們在第一季回購了 25 億美元股票，開局非常好。這反映了強勁的現金創造能力，以及——我們對目前股價水準下股票價值的信心。

In terms of your question, I can't talk about hypotheticals. If we have additional excess cash flow beyond our plan and maintain our leverage commitments and invest in the business and things like that, we would have the ability to do more, but our plan of at least $3 billion is appropriate at this time.

至於你的問題，我無法談假設情境。如果我們在計畫之外還有額外的超額現金流，同時又能維持槓桿承諾並持續投資於業務等，我們就有能力做得更多；但就目前而言，我們至少 30 億美元的計畫是合適的。

But the overall goal doesn't change. It's generating strong cash flows and being able to execute across all four pillars of our capital allocation strategy and doing that simultaneously. As you saw, we returned a significant amount of capital to shareholders. It was $5.4 billion in the first quarter. And we're doing all of this while we're executing on our transformation plan as well.

但整體目標不變：產生強勁的現金流，並能同時在我們資本配置策略的四大支柱上執行到位。如你所見，我們向股東返還了相當可觀的資本，第一季合計為 54 億美元。而我們在做這一切的同時，也正在推進我們的轉型計畫。

Great. Thank you both.

很好。謝謝你們兩位。

Next question, please.

下一個問題，請。

Sean Diffley, Morgan Stanley.

Morgan Stanley 的 Sean Diffley。

Thanks very much. Dan, you spoke recently about AI transforming the economy and impacting jobs. I was hoping you could elaborate a bit on how you think about the ability to take out more costs across the business. Obviously, you referenced it a bit on the OpEx commentary. But any tangible examples of AI use cases that are being implemented at Verizon, how you think about total headcount growth over time?

非常感謝。Dan，你最近談到 AI 正在改造經濟並影響工作。我希望你能更詳細說明，你如何看待在整個業務中進一步降低成本的能力。顯然你在 OpEx 的評論中有稍微提到。但能否提供一些在 Verizon 正在落地的 AI 用例的具體例子？以及你如何看待總人力規模隨時間的變化？

And then one on CapEx. Can you elaborate on investing in Wireless versus Fiber? And anything to say on Spectrum acquisition interest going forward? Thanks very much.

另外一個關於 CapEx 的問題。你能否說明在無線與光纖之間的投資取捨？以及對未來頻譜收購意向是否有任何看法？非常感謝。

Sean, it's like 12 questions. Let me jump on the AI piece of it.

Sean，這像是 12 個問題。我先從 AI 的部分開始。

Obviously, I'm quite outspoken about the time we live in. It's one of ferocious technological change, not just AI, quantum coming in the next three years, humanoid robotics coming after that. I think it's important we openly talk about it and talk about the implications or potential implications of it. I also feel it is absolutely essential that Verizon uses the tools of this era to compete.

顯然，我對我們所處的時代相當直言不諱。這是一個技術劇烈變革的時代，不只是 AI，量子技術會在未來三年內到來，之後還會有人形機器人。我認為我們應該公開談論這些，以及其影響或潛在影響。我也認為 Verizon 必須使用這個時代的工具來競爭，這絕對至關重要。

I want us to be not an AI-first company. I want us to be an AI-native company. And I think there are three areas where you're going to see us utilize AI to its fullest. One is around operational efficiency, taking out costs, improving productivity, delivering more value to customers. The second, and really important, I'll give some examples of this, is customer satisfaction improvements, how can we better serve our customers through the use of AI. And then finally, how do we fully ingest AI capabilities into our value proposition? How do we take that so that we micro-segment down to every single customer?

我希望我們不是一家 AI-first 的公司；我希望我們是一家 AI-native 的公司。我認為你會看到我們在三個領域把 AI 的效用發揮到極致。第一是營運效率：降低成本、提升生產力、為客戶交付更多價值。第二個也非常重要——我會舉一些例子——是提升客戶滿意度：我們如何透過 AI 更好地服務客戶。最後，我們如何把 AI 能力完整納入我們的價值主張？我們如何運用它，將微分眾做到每一位客戶？

We have an initiative inside the company, we call it Every Customer Has a Name, and that is about full micro-segmentation. And that is where we will fully ingest all of our data, structured, unstructured, external data into creating customized propositions for every individual customer.

公司內部有一個倡議，我們稱之為「Every Customer Has a Name（每位客戶都有名字）」，這就是關於全面的微分眾。我們會把所有資料——結構化、非結構化以及外部資料——完整導入，用來為每一位個別客戶打造客製化的方案。

Our AI tech stack has four different layers to it right now. We have a data and intelligence layer, where we're taking, again, formatting all of our data, and we have a huge amount of data that's both structured and unstructured, putting it into the right formats, layering on top of that both LLMs and SLMs. We've got a second layer, which is our development factory layer, which is kind of our middleware. It's where we generate agents. It's where we have agent-building capabilities.

我們目前的 AI 技術堆疊有四個不同層次。第一是資料與智慧層，我們會把所有資料進行整理與格式化；我們有大量結構化與非結構化資料，將其放入正確格式，並在其上疊加 LLM 與 SLM。第二層是我們的開發工廠層，有點像中介軟體；我們在那裡生成代理（agents），並具備建置代理的能力。

We have a third layer to our stack, which is what we're calling runtime engines, which is where we can deploy agents, we deploy business features and impact how we serve customers. And then surrounding all of that, we have a control plane, which looks at security, identity, guardrails, safety, observability, traceability, those kinds of things. We are going to be substantially complete with that entire AI tech stack by July, and we hope to be fully done by November.

第三層是我們所稱的執行期引擎（runtime engines），在那裡我們可以部署代理、部署業務功能，並影響我們服務客戶的方式。而在這一切之外，我們還有一個控制平面（control plane），用來檢視安全性、身分識別、護欄、安控、可觀測性、可追溯性等事項。我們將在 7 月前大致完成整套 AI 技術堆疊，並希望在 11 月前全面完成。

I would say we've recruited quite a number of AI-savvy individuals into the company over the last seven months or so. We've done more in the last three months than we've done in the last three to four years around this. We had a previous project on this that had a four-year completion date. We, again, will be substantially complete on all of this by July.

我想說的是，過去大約七個月，我們已招募了相當多熟悉 AI 的人才加入公司。過去三個月我們在這方面做的事情，比過去三到四年加起來還多。我們之前有一個專案，原本的完成期是四年。而我們同樣會在 7 月前把這些工作大致完成。

We are working very closely with Google and Anthropic and other best-of-breed AI players to bring this to life. This isn't our own stack. We are using best-of-breed to go and make it happen. We're very close, obviously, with Anthropic. We are part of Glasswing. We are working with Mythos and have been for some time across all of our cybersecurity efforts, and it has given us great insight in terms of what we need to do to continue to have the world's most reliable, secure, and safe network.

我們正與 Google、Anthropic 以及其他頂尖的 AI 業者非常密切合作，把這些落地。這不是我們自建的堆疊；我們採用業界最佳方案來實現。顯然我們與 Anthropic 的合作非常緊密。我們是 Glasswing 的一員。我們也與 Mythos 合作一段時間了，涵蓋我們所有的資安工作，這讓我們對於需要做什麼才能持續擁有全球最可靠、最安全、最具防護性的網路，有了很好的洞見。

We have been now for the past three months, we saw some of those results happen in this quarter, looking at working with Sierra, Levin Labs, Google to start to put into place of voice agents into some of our customer service operations. Again, we are testing these models and we are fine-tuning them. But what we are seeing already is a 1,280-basis-point improvement in customer SAT scores year over year in March 2026 (corrected by company after the call). I mean, these are quite astonishing step-ups in our ability to satisfy our customers.

在過去三個月，我們——你在本季也看到其中一些成果——一直在與 Sierra、Levin Labs、Google 合作，開始在部分客服營運中導入語音代理（voice agents）。同樣地，我們正在測試並微調這些模型。但我們目前已看到，2026 年 3 月的客戶滿意度（SAT）分數較去年同期提升了 1,280 個基點（公司於電話會議後更正）。我的意思是，這些都是我們提升客戶滿意能力上相當驚人的躍升。

We're deploying quad code across our software development lifecycle. This is not just around coding, but across the entire lifecycle. We see opportunities to do an increase in our delivery by 40% plus. And we spend a ton of money on vendor support here, and we see our way to reducing those costs by over 70% as a result of what we're doing with AI.

我們正在把「quad code」部署到我們的軟體開發生命週期中。這不只是圍繞寫程式，而是涵蓋整個生命週期。我們看到有機會把交付能力提升 40% 以上。而且我們在這裡花了大量資金在供應商支援上；透過我們在 AI 上所做的事情，我們看到有望將這些成本降低 70% 以上。

And in the network -- we have really deployed quite extensively inside our network. Up to 85% of our domain issues are autonomously resolved (corrected by company after the call). That means we are resolving issues before our customers even see them. We used to have in our network, like the bill of material, it was over like 1 million different combinations, thinking about the cost and the complexity around that. Using AI, we've driven that down now to about 20 kits. So our ability to deploy safe costs because of this is radically improved.

在網路方面——我們其實已在網路內部相當廣泛地部署。高達 85% 的網域問題可由系統自主解決（通話後由公司更正）。這代表我們在客戶甚至還沒看到問題之前就已經把問題解決了。我們過去在網路中，例如物料清單（bill of material），有超過約 100 萬種不同的組合，想想其成本與複雜度。運用 AI，我們現在已把它降到大約 20 套套件。因此，我們因而能夠以更安全的方式降低成本，這方面的能力有了根本性的提升。

We already have over $200 million of energy savings as a result of deploying AI into the network and looking at how we can optimize on energy, and we're doing things now at industrial scale. And so yeah, I'm quite pleased with the amount of progress we've made in a short period of time.

由於在網路中部署 AI 並檢視如何在能源上進行最佳化，我們已經實現超過 2 億美元的節能成效，而且我們現在是在工業規模上做這些事情。所以，是的，我對我們在短時間內取得的進展幅度感到相當滿意。

And I would also point out, on the commercial side, we are in quite deep discussions right now with hyperscalers, with alternative cloud providers, large enterprises to integrate our Fiber, both dark and lit, and our 5G assets to support their AI infrastructure efforts. And that can include data center connectivity, ability to help them with their training and inference.

我也想指出，在商業端，我們目前正與超大規模業者（hyperscalers）、替代性雲端供應商以及大型企業進行相當深入的討論，將我們的光纖（包含暗纖與點亮光纖）以及 5G 資產整合進去，以支援他們的 AI 基礎設施建置。這可能包括資料中心連線，以及協助他們進行訓練與推論的能力。

And that is the potential for multi-billions in revenues, quite frankly. We'll have more specifics on that in the next three to six months, but the world is moving towards edge computing, towards data connectivity, and we are in a real good place to play inside that AI infrastructure revolution that's going on.

坦白說，這有可能帶來數十億美元規模的營收。我們會在接下來三到六個月提供更具體的資訊，但世界正朝向邊緣運算、朝向資料連結性發展，而我們在這場正在發生的 AI 基礎設施革命中，處於非常有利的位置可以參與其中。

Brad, I believe we have time to take one more question.

Brad，我相信我們還有時間再回答一個問題。

Michael Funk, Bank of America.

Michael Funk，美國銀行（Bank of America）。

Yeah, great. Thank you guys for fitting me in. So Dan, one for you, theme of the call has clearly been customer lifetime value and micro-segmenting as well. So just kind of curious about the save budget as part of that micro-segmenting and churn reduction effort and how much you've improved or increased the save budget, how that might impact the repricing of the back book. And one follow-up, do you still expect your postpaid phone net adds to be 10% to 15% of the net new?

好的，太好了。謝謝你們把我安排進來。Dan，有一題想問你，本次電話會議的主題顯然是客戶終身價值以及微分群（micro-segmenting）。所以我想了解一下，作為微分群與降低流失（churn）努力的一部分，關於「挽留預算」（save budget）你們的做法：你們把挽留預算改善或提高了多少？這可能會如何影響對既有客群（back book）的重新定價？另外一個追問，你們是否仍預期後付費手機（postpaid phone）的淨新增（net adds）會占淨新增總量的 10% 到 15%？

Okay. A lot of different questions in there. One, on our postpaid phone net adds, yeah, I mean, I still think that's probably a good estimate of the 10% to 15% of new. We'll have to see where the industry comes out, what is new, what's real in those numbers.

好，裡面有很多不同的問題。第一個，關於我們後付費手機的淨新增，是的，我仍然認為把它估在新增的 10% 到 15% 可能是個不錯的估計。我們還得看看產業最後會怎麼呈現，哪些是新增，哪些數字是真實的。

One thing I would say, though, on that that we haven't really talked about is I think it's obvious now that at least half, if not more than half, of our net adds are going to come from improvements in churn. And what that means is that the amount of dollars that we will spend on driving our net add number will be reduced because the bottom of our funnel is tightening. We're at 95 bps in Q4, 90 bps overall in Q1, 85 bps at the end of the quarter. [company clarification: metrics are consumer postpaid phone churn]

不過有一點我們其實還沒怎麼談到：我想現在很明顯，至少一半、甚至超過一半的淨新增將來自流失率的改善。這代表我們為了推動淨新增數字所需投入的金額會下降，因為我們漏斗底部正在收緊。我們在第四季是 95 個基點（bps），第一季整體是 90 個基點，季末是 85 個基點。[company clarification: metrics are consumer postpaid phone churn]

And so that obviously is an extraordinarily important element and a demonstration of how putting the customer at the center of everything you do when you stop raising prices with no corresponding value when you start improving the customer experience, which, by the way, is very difficult to do and is a differentiating thing and hard for others to follow. You put out a price plan, people can follow that. You put out a promotion, people can follow it. But the hard work of improving the customer experience, that comes day by day. One initiative after another to make that happen, and that's why I really am pleased to see an all-time record of our customer satisfaction when people interact with our customer service teams on our Consumer side.

因此，這顯然是一個極其重要的要素，也展現了當你把客戶放在所有事情的中心——當你停止在沒有對應價值的情況下調漲價格、當你開始改善客戶體驗（順帶一提，這非常難做到，也是差異化所在，別人很難跟上）——你推出一個資費方案，別人可以跟；你推出一個促銷，別人也可以跟。但改善客戶體驗這種艱難的工作，是日復一日累積出來的；一個接一個的倡議去促成它。也因此，我非常高興看到，在消費者端，當客戶與我們客服團隊互動時，我們的客戶滿意度創下歷史新高。

On cost of retention, the cost of retention and cost of acquisition have come down substantially through the quarter. We believe that those lower levels will continue to play out through the year, and that really has to do with micro-segmentation and really understanding what a customer needs.

關於留存成本（cost of retention）方面，留存成本與獲客成本（cost of acquisition）在本季都大幅下降。我們相信這些較低水準會在全年持續發酵，而這確實與微分群、以及真正理解客戶需要什麼有關。

The era of just the free handset, that's gone right now. We're looking at what does a customer need, can they have a handset that -- it's last year's model that's been refurbished, do they need a new handset. Many of them, because of the economy, are keeping their handsets longer right now. And so I believe that you're going to continue to see CoR and CoA at reduced levels.

那種只靠免費手機的時代，現在已經過去了。我們在看的是客戶需要什麼：他們是否可以用一支——去年的機型、翻新過的手機；他們是否需要一支新手機。由於經濟因素，現在很多人都把手機用得更久。因此我相信，你會持續看到 CoR 與 CoA 維持在較低水準。

But of course, as Tony mentioned, we have a substantial war chest and we will defend our base whenever we see any competitive activity on that. But we think right now that the competitive intensity in the industry is moderating, quite frankly, and I think everybody is thinking about how do we look at acquisition, how do we look at retention in a much more segmented and much more fiscally responsible way than maybe we were several years ago.

但當然，正如 Tony 提到的，我們有相當充足的資金彈藥（war chest），只要看到任何競爭動作，我們就會捍衛我們的基本盤。不過坦白說，我們認為目前產業的競爭強度正在趨緩；我想大家都在思考，如何以更分眾、也更符合財務紀律的方式來看待獲客與留存，而不是像幾年前那樣。

So I appreciate the question.

所以我很感謝這個問題。

Yeah. Thank you, Dan, for that. I appreciate it.

好的。謝謝你，Dan，這樣的說明。我很感激。

You bet.

不客氣。

That's all the time we have for questions. Thank you all for your time today.

我們的提問時間就到這裡。感謝各位今天撥冗參與。

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。感謝各位的參與，並使用 Verizon Conference Services。您現在可以掛線。