威訊通訊 (VZ) 2026 Q2 法說會逐字稿

Good morning, and welcome to Verizon's second-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 年第二季財報電話會議。(接線員指示) 今天的會議將被錄音。如有任何異議，您可於此時中斷連線。

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

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

Thanks, Brad. Good morning, and welcome to our second-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。早安，歡迎參加我們 2026 年第二季財報電話會議。我是 Colleen Ostrowski，今天早上與我一同出席的有我們的執行長 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. 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，我想提醒各位注意我們的「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。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。

As a reminder, on June 29, 2026, we filed an 8-K with the Securities and Exchange Commission, which disclosed our agreement to form a joint venture with BT Group Plc to combine our international wireline businesses. As such, the net assets that Verizon will contribute to the JV are now classified as assets and liabilities held for sale and have been moved from Verizon Business Group to Corporate and Other.

提醒各位，2026 年 6 月 29 日，我們已向美國證券交易委員會提交 8-K，揭露我們與 BT Group Plc 達成協議，將成立合資企業以整合我們的國際有線業務。因此，Verizon 將投入該合資企業的淨資產現已被分類為「持有待售」之資產與負債，並已自 Verizon Business Group 轉列至 Corporate and Other。

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 stepped into this role last October, I said we were going to do three things: put our customers at the front and center of every decision, run the company with operational discipline, and translate that into accelerating financial performance for our shareholders. In Q1, we highlighted the first proof points.

去年 10 月我接任這個職務時，我說我們會做三件事：把客戶放在每一項決策的最核心、以營運紀律來經營公司，並將其轉化為為股東加速提升財務表現。在第一季，我們已強調了第一批初步成果。

Today, with our second-quarter results, we see clear and compelling evidence that our transformation is driving a structural and meaningful inflection in our results. Tony will take you through our financials in more detail, but in a nutshell, we are accelerating across every key metric, and consequently, we are raising our Mobility and Broadband service revenue, free cash flow, and adjusted EPS guidance.

今天，透過我們第二季的結果，我們看到明確且具說服力的證據，顯示我們的轉型正在推動業績出現結構性且具意義的拐點。Tony 會更詳細帶各位檢視財務數字，但簡而言之，我們在每一項關鍵指標上都在加速，因此我們上調了行動與寬頻服務營收、自由現金流以及調整後 EPS 的指引。

Our operational metrics continue to shine. In the quarter, we delivered 184,000 postpaid phone net adds, a meaningful step-up from Q1 and an increase of 193,000 from last year. Our Consumer Q2 postpaid phone net adds were our best in five years, and our overall postpaid phone gross adds for Q2 were our best in the last eight years.

我們的營運指標持續亮眼。本季我們新增 184,000 條後付費手機淨增，用戶數較第一季明顯提升，並較去年增加 193,000。我們消費者業務第二季後付費手機淨增為五年來最佳，而第二季整體後付費手機總新增亦為近八年最佳。

In the first half of 2026, our postpaid phone net adds are up 537,000 versus a year ago, and we continue to expect postpaid phone net adds to be in the upper half of our 750,000 to 1 million range for the full year. In addition, we added 348,000 Broadband net additions, continuing the share-taking momentum we have built over the last several quarters. In total, our Mobility and Broadband net adds for Q2 were over 550,000.

2026 年上半年，我們的後付費手機淨增較去年同期增加 537,000，我們仍預期全年後付費手機淨增將落在 750,000 至 100 萬區間的上半部。此外，我們新增 348,000 寬頻淨增，延續過去幾季建立的市占提升動能。合計而言，我們第二季行動與寬頻淨增超過 550,000。

I'm also particularly pleased to say that our net new accounts have also been positive for the past two months. It's been a long time since we have been able to say that we are now growing both accounts and lines.

我也特別高興地表示，我們的淨新增帳戶在過去兩個月也轉為正成長。我們已經很久沒有能夠這樣說：我們現在同時在成長「帳戶數」與「線路數」。

Importantly, we are driving our postpaid phone net add growth in a fiscally responsible manner. Consumer postpaid phone churn was 84 basis points, down from 90 basis points in Q1 and 95 basis points in Q4 of last year, and it is an improvement of 6 basis points from a year ago. Verizon's overall postpaid phone churn also improved by 5 basis points from last year as our Business Group also drove a meaningful improvement year over year.

重要的是，我們以財務上負責任的方式推動後付費手機淨增成長。消費者後付費手機流失率為 84 個基點，低於第一季的 90 個基點與去年第四季的 95 個基點，且較去年同期改善 6 個基點。Verizon 整體後付費手機流失率也較去年改善 5 個基點，因為我們的企業事業群亦帶動了顯著的年對年改善。

I want to pause on our churn number because it is one of the most important metrics in assessing the health of our business model. Consumer postpaid phone churn of 84 basis points is a step change for Verizon. As all of you know, our churn had been steadily rising quarter after quarter, and it is now down year over year and down sequentially for the second consecutive quarter.

我想在流失率數字上稍作停留，因為它是評估我們商業模式健康狀況最重要的指標之一。消費者後付費手機流失率 84 個基點，對 Verizon 而言是一個階躍式的改變。各位都知道，我們的流失率曾一季又一季穩步上升，而現在已年對年下降，且連續第二季呈現季對季下降。

At the same time, we are improving the quality of our gross adds and lowering our costs to acquire and retain our customers. When you compound lower churn with healthier acquisition economics, you get exactly the kind of operating leverage you are seeing in our financial results.

同時，我們也在提升總新增的品質，並降低取得與留住客戶的成本。當較低的流失率與更健康的獲客經濟性相互疊加時，就會產生您在我們財務結果中看到的那種營運槓桿。

In fact, our financials all accelerated in Q2. Mobility and Broadband service revenue grew by 2.8%, up from 1.6% in Q1. We see this trend continuing to accelerate in the second half of the year. And as a result, we are now guiding our Q3 Mobility and Broadband service revenue to approach 3% year-over-year growth. And our Q4 Mobility and Broadband service revenue is now anticipated to grow at approximately 4% year over year. For the full year, we are now guiding revenues to grow 2.5% to 3%, the upper half of our previous 2% to 3% range.

事實上，我們第二季的各項財務指標全面加速。行動與寬頻服務營收成長 2.8%，高於第一季的 1.6%。我們預期此趨勢在下半年將持續加速。因此，我們目前指引第三季行動與寬頻服務營收年增率將接近 3%。而第四季行動與寬頻服務營收目前預期約年增 4%。就全年而言，我們目前指引營收成長 2.5% 至 3%，位於先前 2% 至 3% 區間的上半部。

Our bottom line also outperformed as our adjusted EPS grew by 6.6% year over year to $1.30. As a result, we are raising our adjusted EPS guidance to 6% to 7% growth for the year.

我們的獲利端同樣優於預期，調整後 EPS 年增 6.6% 至 1.30 美元。因此，我們上調全年調整後 EPS 指引至成長 6% 至 7%。

And one of the stars of the quarter was our free cash flow of $6.4 billion, up 24% year over year, one of the strongest cash flow quarters in our history. Consequently, we are raising our full-year guidance for free cash flow growth from approximately 7% or more growth to 9% to 10% growth. This is in sharp contrast to the past five years when both our average annual free cash flow and adjusted EPS grew at approximately negative 1% during that timeframe.

而本季的亮點之一是自由現金流達 64 億美元，年增 24%，為我們歷史上最強勁的現金流季度之一。因此，我們將全年自由現金流成長指引由「約 7% 或以上」上調至 9% 至 10%。這與過去五年形成鮮明對比；在那段期間，我們的平均年度自由現金流與調整後 EPS 均約為負 1% 的成長。

We also completed $1 billion of share repurchases in the quarter, bringing year-to-date buybacks to $3.5 billion, already ahead of our full-year commitment of at least $3 billion. We are now raising our full-year buyback target to up to $4.5 billion, reflecting both our accelerating free cash flow and our conviction that Verizon stock at current levels represents a compelling use of capital.

我們本季也完成 10 億美元的庫藏股回購，使年初至今的回購金額達 35 億美元，已超前我們全年至少 30 億美元的承諾。我們現在將全年回購目標上調至最高 45 億美元，反映我們自由現金流加速成長，以及我們相信以目前價位回購 Verizon 股票是極具吸引力的資本運用。

These results reflect the operating discipline we have been building across the company. I want to spend a moment on what is actually happening underneath these numbers because the drivers of our model are more important than any single metric.

這些結果反映了我們在全公司持續建立的營運紀律。我想花點時間談談這些數字背後實際發生了什麼，因為我們商業模式的驅動因素比任何單一指標都更重要。

First of all, our overall customer economics continue to improve. In Q2, our Consumer promotional cost of acquisition improved by approximately 15% year over year, while our promotional cost of retention also improved by approximately 17% year over year.

首先，我們整體的客戶經濟性持續改善。第二季，我們消費者業務的促銷獲客成本年對年改善約 15%，而促銷留客成本也年對年改善約 17%。

It's also important to note the net adds we are bringing into Verizon are of higher quality. Remember that we are no longer acquiring lines with zero revenue. We delivered Q2's net add and churn performance at those lower cost levels. And with our new value proposition, we expect our cost of acquisition and retention to continue to improve.

同樣重要的是，我們帶進 Verizon 的淨增用戶品質更高。請記得，我們已不再取得零營收的線路。我們是在這些較低成本水準下，交出第二季的淨增與流失率表現。而隨著我們新的價值主張，我們預期獲客與留客成本將持續改善。

That combination -- higher quality net adds, better volumes, lower churn, and lower unit cost economics -- is the engine behind the adjusted EPS and free cash flow performance you are seeing. And it is a meaningful and structural shift in our business model. It will also drive improving revenue growth as we add more net subscribers across Postpaid, Prepaid, and Broadband and begin to benefit from a reduction in our promo amortization headwinds.

這樣的組合——更高品質的淨增用戶、更好的量能、更低的流失率，以及更低的單位成本經濟性——正是您所看到的調整後 EPS 與自由現金流表現背後的引擎。而這是我們商業模式中一項重要且結構性的轉變。隨著我們在後付費、預付費與寬頻領域增加更多淨增訂戶，並開始受惠於促銷攤銷逆風的減輕，這也將帶動營收成長改善。

In Q4, we will also lap the year-over-year headwind from our decision to keep our pricing in line with the value we provide. As I've said, we will not raise prices without adding corresponding value for our customers.

在第四季，我們也將度過（lap）因我們決定讓定價與所提供價值保持一致而造成的年對年逆風。如我所說，除非為客戶增加相應價值，否則我們不會調漲價格。

Second, the network is delivering. Following the actions we took after the January event, our network performance metrics have improved sequentially every month as we embed sophisticated AI models that allow us to autonomously fix network issues in minutes, as opposed to hours, and with our success in the AWS spectrum auction we will add to our network superiority.

第二，網路表現正在兌現。在一月事件後我們採取行動之後，隨著我們導入可讓系統自主在數分鐘內（而非數小時）修復網路問題的先進 AI 模型，我們的網路績效指標每個月都呈現逐月改善；同時，憑藉我們在 AWS 頻譜拍賣中的成功，我們也將進一步強化網路優勢。

Third, convergence is real, and it's working. Our Frontier integration is ahead of plan. We are seeing the cross-sell economics we expected with converged Mobility and Broadband customer cohorts, churning materially less than single product customers. With 348,000 Broadband net adds this quarter, we continue to take share.

第三，融合（convergence）確實存在，而且正在奏效。我們對 Frontier 的整合進度超前於計畫。我們正看到我們預期的交叉銷售經濟效益：採用行動與寬頻融合方案的客群，其流失率顯著低於僅使用單一產品的客戶。本季寬頻淨增 348,000 戶，我們持續擴大市占。

Fourth, the transformation workstreams I described last quarter are producing tangible results, and we are fully on track to deliver at least the $9 billion of OpEx and CapEx savings we said we would. The 10 transformation initiatives we launched are no longer plans on a page. They are showing up as lower cost to serve, faster customer journeys, and a step change in productivity across the organization.

第四，我在上季所描述的轉型工作流正在產生具體成果，我們也完全按軌道推進，將至少實現我們所承諾的 90 億美元營運費用（OpEx）與資本支出（CapEx）節省。我們啟動的 10 項轉型計畫不再只是紙上談兵。它們已體現在更低的服務成本、更快的客戶旅程，以及全組織生產力的躍升。

We are rapidly becoming an AI-centric company in how we operate, and the operating leverage we are experiencing in our results reflect that. Our $9 billion cost program for this year is on plan, on pace, and is a multi-year tailwind that will continue to bear fruit in the years ahead.

在營運方式上，我們正快速成為一家以 AI 為核心的公司，而我們在業績中所體現的營運槓桿正反映了這一點。我們今年的 90 億美元成本計畫符合規劃、進度如期，並且是一項多年期的順風，將在未來幾年持續開花結果。

Before I wrap up, I want to highlight several important initiatives we recently launched. Each of these will fundamentally improve our ability to serve our customers while driving incremental value for our shareholders.

在我結束之前，我想強調我們近期啟動的幾項重要計畫。每一項都將從根本上提升我們服務客戶的能力，同時為股東創造額外價值。

Our new Consumer value proposition launched in mid-June, and it is delivering well beyond our expectations across every metric. It is built on a single idea that our customers should not have to do anything -- no plan changes, no upsells, no fine print -- to get more from the company they have chosen. They should get more just for being our customer. And there are three elements I'd like to highlight.

我們全新的消費者價值主張於 6 月中旬推出，且在各項指標上的表現遠超出我們的預期。它建立在一個單一理念之上：我們的客戶不應該需要做任何事——不必更換方案、不必被加購推銷、也沒有小字條款——就能從他們所選擇的公司獲得更多。他們只要是我們的客戶，就應該得到更多。我想特別強調其中三個要素。

First, we launched the most comprehensive Loyalty Program in our industry. Every Verizon customer -- not a tier, not a segment, not a subset -- has access to our full Loyalty Program with no plan change required. It includes monthly cash back, a redemption catalog that is genuinely differentiated from anything in this industry, and the elimination of activation and upgrade fees. We do not feel it is appropriate to charge a customer to join our network or upgrade their device. We are redefining what it means to reward customers for their loyalty.

第一，我們推出了本產業最全面的忠誠計畫（Loyalty Program）。每一位 Verizon 客戶——不是某個等級、不是某個區隔、也不是某個子集合——都能在不需要更換方案的情況下，使用我們完整的忠誠計畫。內容包括每月現金回饋、在本產業中真正具差異化的兌換目錄，以及免除開通與升級費用。我們認為向客戶收取加入我們網路或升級裝置的費用並不恰當。我們正在重新定義「以忠誠回饋客戶」的意義。

Our second innovation is Simplicity, a radically transparent and simplified Wireless plan, $45 with our best network performance. One plan, one price, no games. We are taking the complexity out of choosing a Wireless plan and trusting that a clean, honest offer wins. We are separating phone subsidies from our Wireless pricing. That translates into better transparency, more flexibility and choice for customers, and meaningfully better margins for Verizon.

我們的第二項創新是「簡單」（Simplicity）：一個徹底透明且簡化的無線方案，45 美元即可享有我們最佳的網路效能。一個方案、一個價格、不玩花樣。我們正把選擇無線方案的複雜性拿掉，並相信乾淨、誠實的方案能勝出。我們正將手機補貼與無線資費定價分離。這將帶來更高透明度、更多彈性與選擇給客戶，同時也為 Verizon 帶來顯著更佳的利潤率。

And finally, we launched a fully converged nationwide plan called Verizon One, $70 for Mobility and Broadband together, all taxes and fees included on one bill with integrated servicing across both products. This is what convergence is supposed to feel like for a customer: one price, one bill, one call if you need help, nationwide coverage, all backed by one company accountable for the entire experience. Nobody else in the industry is delivering that today.

最後，我們推出了一個完全融合的全國性方案「Verizon One」：行動加寬頻合計 70 美元，單一帳單包含所有稅費與各項費用，並在兩項產品間提供整合式服務支援。這才是客戶應該感受到的融合體驗：一個價格、一張帳單、需要協助時打一通電話、全國覆蓋，且由同一家公司對整體體驗負責。目前產業中沒有其他公司能做到這一點。

Our new value proposition is a structural repositioning of the Verizon brand around customer value. And it's just another step in our journey to put the customer at the center of everything we do: lower Consumer postpaid churn, healthier net adds, and a lower cost of acquisition and retention. Those numbers tell you that we have already begun to compete differently.

我們新的價值主張，是將 Verizon 品牌以「客戶價值」為核心進行結構性的重新定位。這也只是我們旅程中的又一步：把客戶放在我們所做一切的中心——更低的消費者後付費流失率、更健康的淨增，以及更低的獲客與留客成本。這些數字告訴您，我們已經開始以不同的方式競爭。

Simplicity, Verizon One, and the Loyalty Program are the customer-facing expressions of that shift. They are designed to drive volumes, further reduce churn, and enhance the lifetime value of our customers. We have been deeply thoughtful and fiscally conservative in how we have built this proposition. The economics have been pressure tested, the Loyalty Program is funded within our existing operating envelope, and every assumption underpinning Simplicity and Verizon One is grounded in discipline modeling.

「簡單」、Verizon One 與忠誠計畫，是這項轉變在客戶端的具體呈現。它們旨在帶動量能、進一步降低流失率，並提升客戶終身價值。在打造這套價值主張時，我們經過深思熟慮，並在財務上保持保守。其經濟性已經過壓力測試；忠誠計畫在我們既有的營運資源框架內籌措資金；而支撐「簡單」與 Verizon One 的每一項假設，都建立在嚴謹的模型推演之上。

The new value proposition and Loyalty Program are additive to our financial profile. They are fully contemplated in our outlook, they do not require us to spend our way to growth, and they are designed to compound the operating leverage you are already seeing. As I mentioned, our initial results are extremely encouraging across every metric.

新的價值主張與忠誠計畫，將為我們的財務輪廓帶來增益。它們已完整納入我們的展望之中，不需要我們以砸錢換成長，並且旨在複利化您已經在看到的營運槓桿。如我所提，我們的初步結果在各項指標上都非常令人鼓舞。

Our second announcement is our 50/50 joint venture with BT that combines our respective international wireline assets into a single focus entity. The combined JV will serve over 3,000 joint enterprise customers and represent roughly $4 billion of combined revenue at formation. We expect to close this transaction in the second half of 2027.

我們的第二項宣布，是與 BT 成立 50/50 的合資企業，將雙方各自的國際有線資產整合至一個單一的專注實體之中。該合資公司在成立時將服務超過 3,000 家共同的企業客戶，合計營收規模約 40 億美元。我們預期將於 2027 年下半年完成此交易。

The deal sharpens our focus on where and how we win. It improves the financial profile of the remaining business immediately. We expect that we will realize annualized savings of approximately $200 million versus our current course and speed.

這筆交易讓我們更聚焦於我們在哪裡、以及如何取勝。它也會立即改善剩餘業務的財務輪廓。相較於我們目前的路徑與速度，我們預期可實現約 2 億美元的年化節省。

And most importantly, it allows us to significantly improve our ability to serve our enterprise customers. By uniting Verizon's network strength and international enterprise wireline team with BT's deep historic footprint, we are creating a standalone leader in the global connectivity market dedicated to supporting the digital future of multinational organizations.

而最重要的是，它讓我們能顯著提升服務企業客戶的能力。透過結合 Verizon 的網路優勢與國際企業有線團隊，以及 BT 深厚且歷史悠久的據點版圖，我們正在打造一家在全球連線市場的獨立領導者，專注支持跨國組織的數位未來。

Our third announcement is also quite consequential because it foreshadows where our revenue growth profile is going from here. We recently signed an agreement with Google valued at over $1 billion to use Verizon dark fiber to connect their data centers.

我們的第三項宣布同樣相當關鍵，因為它預示了我們未來的營收成長輪廓將走向何方。我們近期與 Google 簽署了一項價值超過 10 億美元的協議，使用 Verizon 的暗光纖（dark fiber）連接其資料中心。

We have other deals that we expect to announce by year-end that, taken together, are expected to be worth multiple billions of dollars in revenue over the next several years. These are long-duration, high-quality, contracted revenue streams from some of the most demanding infrastructure customers in the world.

我們還有其他交易預期在年底前宣布；綜合起來，預期在未來幾年可帶來數十億美元的營收價值。這些是來自全球最嚴苛基礎設施客戶之一的長期、高品質、合約式營收來源。

We believe that this is just the beginning. The build-out of AI infrastructure across the United States is one of the largest capital cycles of our lifetime, and Verizon is uniquely positioned to participate in it.

我們相信這只是開始。美國各地 AI 基礎設施的建置，是我們一生中規模最大的資本週期之一，而 Verizon 具備獨特優勢得以參與其中。

We own one of the most extensive long-haul and metro fiber footprints in North America. We have spent decades building the kind of carrier-grade, low-latency, highly resilient transport network that hyperscalers need to connect compute to compute, model to model, and region to region. We built that infrastructure for a different era, but it has turned out to be exactly the right asset for this one. We are also in the early stages of retrofitting many of our central offices into data centers for inference edge computing, with multiple conversations underway with partners who are eager to utilize these power-ready and permitted locations.

我們擁有北美最廣泛的長途與都會光纖網路版圖之一。數十年來，我們打造了超大規模雲端服務商（hyperscalers）所需的電信等級、低延遲、高韌性的傳輸網路，用以實現算力對算力、模型對模型、以及區域對區域的連接。我們為不同的時代建置了這些基礎設施，但結果證明，它正是這個時代最合適的資產。我們也正處於將多個中央機房改造為用於推論邊緣運算的資料中心的早期階段，並已與多位合作夥伴展開多項洽談，他們渴望利用這些具備電力就緒且已取得許可的據點。

We are moving quickly to expand our TAM into the rapidly growing AI infrastructure market. The agreements we have signed are the leading edge of a strategy that will become a meaningful, incremental leg of growth for Verizon. We expect this initiative to noticeably contribute to our revenue growth starting next year and to grow substantially from there.

我們正迅速推進，將我們的TAM擴展至快速成長的AI基礎設施市場。我們已簽署的協議是此一策略的前沿，該策略將成為Verizon一個具意義、可增量的成長支柱。我們預期這項計畫將自明年起對我們的營收成長帶來明顯貢獻，並在此基礎上大幅擴張。

I want to emphasize what that means in combination with everything else I've said today. In the back half of 2026, our Mobility and Broadband service revenue growth is expected to accelerate, with Q4 forecasted to grow by approximately 4% year over year. That acceleration is independent of the incremental AI infrastructure revenue that begins to layer into our results starting in 2027.

我想強調，這與我今天所說的其他內容結合起來意味著什麼。在2026年下半年，我們的行動通訊與寬頻服務營收成長預期將加速，其中第四季預估年增約4%。這一加速不包含自2027年開始逐步反映在我們業績中的AI基礎設施增量營收。

Said differently, our core business is accelerating, and a new revenue growth factor arrives on top of it next year. This is a very different revenue growth profile than Verizon has had in a very long time. And it is the foundation of why we believe that we are at the beginning of a multi-year growth story.

換句話說，我們的核心業務正在加速，而明年又會在其之上新增一個營收成長動能。這是Verizon在很長一段時間以來從未有過的營收成長樣貌。這也是我們相信自己正處於多年成長故事起點的基礎。

When I gave our initial 2026 outlook back in January, some of you rightly questioned if we could deliver this kind of acceleration in a single year. After almost a year into my tenure, we are not just on track; we are significantly raising the bar. And we are doing it the right way through healthier customer relationships, stronger network performance, and disciplined execution.

今年1月我提出初步的2026年展望時，你們當中有些人合理地質疑我們是否能在一年內交出這樣的加速表現。在我上任將近一年後，我們不僅按計畫推進；我們還大幅提高了標準。而且我們以正確的方式做到這一點：透過更健康的客戶關係、更強的網路表現，以及有紀律的執行。

Tony and I believe that this is what a disciplined focus on customers and shareholders look like. We are innovating and investing in the full end-to-end customer experience. We are investing in our network. We are investing in our Broadband footprint and the convergence opportunity.

Tony和我相信，這就是對客戶與股東保持有紀律聚焦的樣子。我們正在創新並投資於完整端到端的客戶體驗。我們正在投資我們的網路。我們正在投資我們的寬頻覆蓋範圍以及融合（convergence）機會。

We're investing in our AI tech stack, we are growing our dividend, and we are paying down our debt. We are returning incremental capital through buybacks, not as a one-time event, but as a sustainable feature of how we run this company going forward. Every one of those levers is moving in the right direction, and that is a function of the operating discipline across the company.

我們正在投資我們的AI技術堆疊、提高股利，並償還債務。我們也透過庫藏股回購返還增量資本，這不是一次性的事件，而是未來我們經營公司方式中可持續的特徵。上述每一個槓桿都朝著正確方向前進，而這是全公司營運紀律的結果。

The momentum we have in Q2 is driven by our leading indicators -- lower churn, quality net adds, increased customer satisfaction, network performance, convergence, and OpEx and CapEx efficiency -- and they are all pointing in the same positive direction. The back half of 2026 will be stronger than the first half, and 2027 should be stronger than 2026. This is a multi-year story, and we are early in it.

我們在第二季的動能來自領先指標——較低的流失率（churn）、高品質淨增、客戶滿意度提升、網路表現、融合，以及營運費用（OpEx）與資本支出（CapEx）效率——而且它們全都指向同一個正向方向。2026年下半年將強於上半年，而2027年應會強於2026年。這是一個多年期的故事，而我們才剛開始。

I want to thank the Verizon team for all your hard work. These results are yours. The customer-first mindset, the operational rigor, and the urgency you are bringing to this transformation every day, that is what's showing up in our numbers.

我要感謝Verizon團隊的辛勤付出。這些成果屬於你們。以客戶為先的思維、嚴謹的營運管理，以及你們每天為這場轉型帶來的緊迫感，正反映在我們的數字上。

And I want to thank our shareholders for believing in us. We want to earn back your confidence with execution, not with promises. Halfway through the year, the financial profile of Verizon is materially different than it was a year ago, and the trajectory from here looks to be even more promising.

我也要感謝我們的股東對我們的信任。我們希望用執行來重新贏回你們的信心，而不是靠承諾。在今年過半之際，Verizon的財務輪廓已與一年前有實質差異，而從現在起的走勢看來更具前景。

With that, let me turn it over to Tony to walk you through the financials in detail.

接下來，我把時間交給Tony，請他帶各位詳細說明財務表現。

Thanks, Dan, and good morning.

謝謝你，Dan，大家早安。

Our second-quarter results reflect another strong quarter of execution, driving further momentum with our operational and financial performance. The transformation efforts we've put in place are gaining traction as we continue to make progress around the customer experience while positioning ourselves to be even more efficient.

我們第二季的結果反映出又一個執行強勁的季度，進一步推動我們在營運與財務表現上的動能。我們已推動的轉型措施正逐步見效；我們持續在客戶體驗方面取得進展，同時也讓自己具備更高效率的定位。

As you heard from Dan, we are increasing our 2026 guidance for Mobility and Broadband service revenue, adjusted EPS, and free cash flow. This marks the second quarter in a row of raising components of our original full-year guidance. This was a direct result of strong operational execution and the progress we are seeing in the business.

如同Dan所提到的，我們上調了2026年行動通訊與寬頻服務營收、調整後EPS，以及自由現金流的指引。這是我們連續第二個季度上調原先全年指引的部分項目。這直接源於強勁的營運執行，以及我們在業務上看到的進展。

Let me begin with our operational results. In Mobility, we delivered 184,000 postpaid phone net additions, an improvement of 193,000 from the prior year. This performance was driven by a 5-basis-point year-over-year reduction in postpaid phone churn, reflecting the improvements we are making with the customer experience.

我先從營運成果談起。在行動通訊方面，我們實現了18.4萬的後付費手機淨增，較去年同期改善19.3萬。這項表現主要來自後付費手機流失率年減5個基點，反映我們在客戶體驗上的改善。

As Dan mentioned, Consumer postpaid phone churn was down 6 basis points year over year. This result led to Consumer having positive postpaid phone net adds in the second quarter for the first time since 2021. Additionally, we had solid business phone net add results in the quarter, driven by year-over-year improvement across all customer groups. Overall, postpaid phone net adds were 239,000 for the first half of the year, an improvement of 537,000 from the same period last year.

如Dan所提到，消費者後付費手機流失率年減6個基點。這使得消費者業務在第二季的後付費手機淨增自2021年以來首次轉為正值。此外，本季我們的企業手機淨增也表現穩健，主要由各客群的年對年改善所帶動。整體而言，上半年後付費手機淨增為23.9萬，較去年同期增加53.7萬。

We are writing good business, and we continue to focus on growing volumes, primarily by reducing churn. The key to reducing churn is becoming a customer-centric organization, and we are well on our way. In mid-June, we launched an industry-first Loyalty Program for all customers with Verizon Dollars and Verizon Shine.

我們正在取得優質業務，並持續聚焦於提升量能，主要透過降低流失率來達成。降低流失率的關鍵在於成為以客戶為中心的組織，而我們正穩步前進。在6月中旬，我們推出了業界首創、面向所有客戶的忠誠計畫，包含Verizon Dollars與Verizon Shine。

We also introduced our Simplicity and Verizon One offerings, which streamline our go-to-market approach. As Dan mentioned, the early results are very encouraging. We believe that the launch of Simplicity will be a key long-term driver for margin expansion.

我們也推出了Simplicity與Verizon One方案，簡化我們的市場進入（go-to-market）方式。如Dan所說，初期結果非常令人鼓舞。我們相信Simplicity的推出將成為長期推動利潤率擴張的關鍵動能。

Further, the double-digit growth in app traffic since the launch is a concrete sign of interest in our programs and likely a leading indicator of churn improvement. The growing benefits we're seeing from churn reduction are allowing us to drive more of our net adds from retention, enabling lower spend on both CoA and CoR. We are being disciplined and targeted, while also reducing churn with better segmentation. To that end, our second-quarter upgrade volumes were down nearly 27% from the prior year.

此外，自推出以來App流量出現兩位數成長，這是市場對我們方案感興趣的具體跡象，也可能是流失率改善的領先指標。我們從降低流失率中看到的效益日益增加，使我們能以留存帶動更多淨增，進而降低在CoA與CoR兩方面的支出。我們在保持紀律與精準投放的同時，也透過更好的分群來降低流失率。因此，我們第二季的升級量較去年同期下降近27%。

Moving on to prepaid. Our offerings continued their consistent volume growth and positive revenue contributions in the second quarter. Prepaid net adds were 73,000, our eighth consecutive quarter of positive net adds. As a result, prepaid revenue was up approximately $90 million year over year or nearly 5% growth.

接著談預付費。我們的方案在第二季持續維持穩定的量能成長，並對營收帶來正向貢獻。預付費淨增為7.3萬，為連續第八個季度淨增為正。因此，預付費營收年增約9,000萬美元，或接近5%的成長。

We continue to take share in Broadband with 348,000 net additions in the quarter. Notably, we now have over 17.1 million total Broadband subscribers in our base.

我們在寬頻方面持續提升市占，本季淨增34.8萬。值得注意的是，我們的寬頻用戶總數目前已超過1,710萬。

Fixed Wireless Access and Fiber delivered net adds of 193,000 and 155,000, respectively, demonstrating our continued success in capturing our Broadband opportunity with both technologies. We continue to build out Fiber at an aggressive pace and remain on track to end the year with over 32 million Fiber passings.

固定無線接入（FWA）與光纖分別貢獻19.3萬與15.5萬的淨增，展現我們以兩種技術持續成功掌握寬頻機會。我們仍以積極的速度擴建光纖，並維持在年底達到超過3,200萬戶光纖覆蓋（Fiber passings）的進度。

We like what we're seeing from the Frontier markets, both in terms of generating Fiber net adds and our execution against the significant cross-sell opportunity. We recently launched Verizon One, which is our first unified go-to-market approach for Mobility and Broadband for both Fiber and FWA. It is one of the many steps we are taking to improve the customer experience and make it easier to do business with us.

我們對Frontier市場的表現感到滿意，無論是在帶動光纖淨增，或是在把握龐大交叉銷售機會上的執行力。我們近期推出Verizon One，這是我們首個針對行動通訊與寬頻、同時涵蓋光纖與FWA的整合式市場進入方式。這是我們為改善客戶體驗、讓與我們做生意更容易所採取的眾多措施之一。

Overall, our operational results for the first half of 2026 are a step-function improvement in where Verizon has been over the past several years. We added over 1 million Mobility plus Broadband subscribers in the first six months of the year, positioning us well on the path to deliver long-term, volume-based sustainable revenue growth.

整體而言，我們2026年上半年的營運成果，相較Verizon過去數年所處的位置，呈現階躍式的改善。今年前六個月，我們新增超過100萬名行動通訊加寬頻用戶，使我們在實現長期、以量為基礎且可持續的營收成長道路上具備良好定位。

Moving to our financial results. The quality of the business we're writing and our cost efficiency efforts continue to drive strong adjusted EPS growth and industry-leading cash flows. We are accomplishing this even in the midst of our transitional year for Mobility and Broadband service revenue.

接著說明我們的財務結果。我們所承作業務的品質以及成本效率提升的努力，持續推動強勁的調整後每股盈餘（adjusted EPS）成長與業界領先的現金流。即使在行動與寬頻服務營收處於轉型年度之際，我們仍能達成這些成果。

As Dan mentioned, we drove an acceleration in our revenue growth rates compared to the prior quarter. Mobility and Broadband service revenue was $23.4 billion, up 2.8% year over year and 120 basis points better sequentially. Wireless service revenue declined 0.7% from the prior year to $20.8 billion.

如 Dan 所提到的，相較上一季，我們推動營收成長率加速。行動與寬頻服務營收為 234 億美元，年增 2.8%，且較前一季改善 120 個基點。無線服務營收較去年同期下滑 0.7% 至 208 億美元。

Total revenue for the second quarter was $34.3 billion, down 0.7% year over year. Sequential improvement in Mobility and Broadband service revenue was offset by lower equipment revenue, which was down nearly 20% or over $1.2 billion from the prior year, as we drove significantly lower upgrade volumes, another demonstration of a more disciplined approach as we structurally evolve our business model.

第二季總營收為 343 億美元，年減 0.7%。行動與寬頻服務營收的季比改善，被較低的設備營收所抵銷；設備營收較去年同期下滑近 20%，或超過 12 億美元，原因在於我們大幅降低升級量，這也再次展現我們在結構性演進商業模式時更為自律的作法。

The inflection in growth we saw in the second quarter, combined with our expectations for the rest of 2026, give us confidence in raising our Mobility and Broadband service revenue guide. We now expect to grow Mobility and Broadband service revenue 2.5% to 3% for the full year.

我們在第二季看到的成長拐點，加上對 2026 年其餘期間的預期，使我們有信心上調行動與寬頻服務營收指引。我們目前預期全年行動與寬頻服務營收將成長 2.5% 至 3%。

In addition, we continue to anticipate Wireless service revenue improving in the second half of the year. Importantly, we are confident that the headwinds from promo amortization have peaked and that these pressures will ease across the second half of the year and into 2027.

此外，我們仍預期無線服務營收將在下半年改善。重要的是，我們有信心促銷攤銷帶來的逆風已達高峰，且這些壓力將在下半年並延續至 2027 年逐步緩解。

Our cost efficiency work continues to drive operating leverage. As evident in our results, we're making tangible headway in our $5 billion operating cost efficiency program. We're also making great progress with the Frontier integration and remain on track to deliver over $1 billion in operating cost run-rate synergies by 2028.

我們的成本效率工作持續帶來營運槓桿。從我們的結果可見，我們在 50 億美元營運成本效率計畫上已取得具體進展。我們在 Frontier 整合方面也進展良好，並仍按計畫在 2028 年前實現超過 10 億美元的營運成本年化協同效益（run-rate synergies）。

Second-quarter adjusted EBITDA was $13.7 billion, up 7.2% year over year. Adjusted EBITDA margin was 40.1% and represents the highest that we've ever reported.

第二季調整後 EBITDA 為 137 億美元，年增 7.2%。調整後 EBITDA 利潤率為 40.1%，為我們歷來公布的最高水準。

Adjusted EPS was $1.30, up 6.6% year over year. With the strong year-to-date performance and our visibility into the second half, we now expect to grow our full-year adjusted EPS by 6% to 7%.

調整後每股盈餘（adjusted EPS）為 1.30 美元，年增 6.6%。基於年初至今的強勁表現以及我們對下半年的能見度，我們目前預期全年調整後 EPS 將成長 6% 至 7%。

Turning to cash flow. The high quality of our business and our customer relationships continue to generate strong free cash flow and support a healthy balance sheet.

接著談現金流。我們業務與客戶關係的高品質，持續帶來強勁的自由現金流並支撐健康的資產負債表。

Cash flow from operations was $18.4 billion for the first six months of the year, up over $1.6 billion or nearly 10% higher year over year. This was primarily driven by improved adjusted EBITDA performance and continued working capital benefits, primarily tied to lower upgrade volumes.

今年前六個月的營運活動現金流為 184 億美元，較去年同期增加超過 16 億美元，或年增近 10%。這主要由調整後 EBITDA 表現改善，以及持續的營運資金效益所帶動，而後者主要與較低的升級量相關。

Capital expenditures were $8.2 billion through the end of the second quarter. We are executing towards our full-year guide of $16 billion to $16.5 billion as we continue to focus on future growth opportunities within Mobility and Broadband.

截至第二季末，資本支出為 82 億美元。我們正朝全年 160 億至 165 億美元的指引執行，同時持續聚焦行動與寬頻領域的未來成長機會。

The net of these resulted in industry-leading free cash flow of $10.2 billion for the first half of the year. This represents a $1.4 billion or a 16% improvement from the prior year. As Dan mentioned, the strength of our year-to-date results and the operational momentum of the business gives us confidence to increase our free cash flow guidance. We now expect to deliver 9% to 10% free cash flow growth year over year for 2026.

綜合上述，今年上半年我們創造了業界領先的自由現金流 102 億美元。這較去年同期增加 14 億美元，或提升 16%。如 Dan 所提到的，年初至今結果的強勁表現以及業務的營運動能，使我們有信心上調自由現金流指引。我們目前預期 2026 年自由現金流將年增 9% 至 10%。

The strength of our cash flow allows us to execute on all aspects of our capital allocation framework. Our first priority continues to be investing in the business. You saw us taking meaningful action to accomplish that in FCC Auction 113. We're very pleased to have obtained high-quality AWS-3 spectrum that will enhance our network experience in alignment with our commitment to our customers.

強勁的現金流使我們得以執行資本配置框架的各個面向。我們的首要優先事項仍是投資於業務。你們也看到我們在 FCC 第 113 號拍賣中採取了具體行動以達成此目標。我們非常高興取得高品質的 AWS-3 頻譜，這將提升我們的網路體驗，並與我們對客戶的承諾一致。

In total, we acquired 82 licenses for approximately $3.2 billion, which is a slight discount to their original auction price from 2015. The licenses are complementary to our existing spectrum and can be deployed with no capital investment. This reflects our prudent approach to spectrum acquisition. We expect to have this additional spectrum deployed within weeks of the FCC issuing these licenses.

總計而言，我們以約 32 億美元取得 82 張執照，價格較其 2015 年原始拍賣價格略有折讓。這些執照可與我們既有頻譜互補，且可在無需資本投資的情況下部署。這反映我們在頻譜取得上的審慎作法。我們預期在 FCC 核發這些執照後的數週內，即可部署這些新增頻譜。

We also continue to deploy Fiber at scale to capture growth opportunities, including AI infrastructure builds across the country. As Dan said, we expect the amount of revenue associated with these deals to be in the billions over the next several years. AI infrastructure represents a large opportunity with a new long-term high-quality revenue stream that we expect to ramp over the next few years.

我們也持續以規模化方式部署光纖，以掌握成長機會，包括全國各地的 AI 基礎設施建置。如 Dan 所說，我們預期未來數年與這些交易相關的營收規模將達數十億美元。AI 基礎設施代表一項重大機會，將帶來新的、長期且高品質的營收來源，我們預期未來幾年將逐步放量成長。

From a balance sheet perspective, we continue to pay down debt in the period. As of the end of the second quarter, we have paid off substantially all of Frontier's debt six months ahead of schedule. Our net unsecured debt to consolidated adjusted EBITDA ratio at the end of the quarter was 2.5 times, a 0.1 times improvement from the previous quarter. We remain on track to reach our target leverage range during the 2027 timeframe.

就資產負債表而言，我們在本期持續償還債務。截至第二季末，我們已提前六個月、償清 Frontier 幾乎所有債務。本季末我們的淨無擔保債務對合併調整後 EBITDA 比率為 2.5 倍，較上一季改善 0.1 倍。我們仍按計畫在 2027 年期間達成目標槓桿區間。

Lastly, year-to-date, we've delivered shareholder returns of $9.4 billion, up more than 60% year over year. This includes $5.9 billion of dividends and $3.5 billion of share repurchases. Our cash generation and the strength of our balance sheet provide significant optionality, which gives us the confidence to raise our full-year 2026 target for share repurchases to up to $4.5 billion.

最後，年初至今我們已向股東回饋 94 億美元，較去年同期增加逾 60%。其中包括 59 億美元股利與 35 億美元庫藏股回購。我們的現金創造能力與資產負債表的強勁，提供了顯著的彈性選項，這也使我們有信心將 2026 年全年股票回購目標上調至最高 45 億美元。

In closing, our second-quarter results represent a clear step-function improvement across our entire business. Our transformation is taking hold, and we are actively translating operational momentum into sustainable, profitable growth. There are three key pillars to this.

總結而言，我們第二季的結果顯示整體業務出現明顯的階躍式改善。我們的轉型正在發揮成效，我們也正積極將營運動能轉化為可持續且具獲利性的成長。這背後有三大關鍵支柱。

First, our operational momentum is very strong. We added over 1 million Mobility and Broadband subscribers in the first half of the year. This was driven by customer experience improvements and a 5-basis-point year-over-year improvement in postpaid phone churn in the quarter.

第一，我們的營運動能非常強勁。今年上半年我們新增超過 100 萬名行動與寬頻用戶。這主要由客戶體驗改善所帶動，且本季後付費手機流失率（postpaid phone churn）較去年同期改善 5 個基點。

Second, disciplined financial execution. We generated our best-ever reported adjusted EBITDA and adjusted EBITDA margin. This reflects our relentless focus on cost efficiencies and writing high-quality business as our operating expense savings program remains squarely on track.

第二，嚴謹的財務執行。我們創下歷來公布的最高調整後 EBITDA 與調整後 EBITDA 利潤率。這反映我們對成本效率與承作高品質業務的持續專注，同時我們的營運費用節省計畫仍完全按進度推進。

Third, we continue to evolve our offerings to be customer-centric. With the launch of Simplicity, Verizon One, and our Loyalty Programs, we are successfully capturing new customers and retaining existing ones with robust economics.

第三，我們持續演進產品與方案，以客戶為中心。隨著 Simplicity、Verizon One 以及我們的忠誠度計畫推出，我們以良好的經濟效益成功吸引新客戶並留住既有客戶。

We are focused on putting the customer first, growing volumes responsibly, and driving meaningful returns for our shareholders. We're executing on our transformation and delivering on our plan. We are playing to win.

我們專注於以客戶為先、負責任地擴大規模，並為股東創造具意義的報酬。我們正推進轉型並落實我們的計畫。我們要全力以赴、爭取勝利。

Before we go to Q&A, I want to share that our Board of Directors has extended Dan's contract to December 31, 2028. This reflects the Board's confidence in our trajectory, our strong results, and the momentum of our ongoing transformation under Dan's leadership. The entire Verizon team is thrilled by this development, and we look forward to building the new Verizon. Congratulations, Dan, from all of us. More details are in the 8-K that we just released.

在進入問答之前，我想分享我們董事會已將 Dan 的合約延長至 2028 年 12 月 31 日。這反映董事會對我們發展軌跡、強勁成果，以及在 Dan 領導下持續轉型動能的信心。整個 Verizon 團隊都為此感到振奮，我們也期待共同打造全新的 Verizon。Dan，謹代表大家向你致賀。更多細節請參閱我們剛發布的 8-K。

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

那麼，我現在把電話會議交給 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) Sean Diffley, Morgan Stanley.

(接線員說明) Sean Diffley，摩根士丹利。

Great. Thanks very much. I had a question for Dan on the competitive backdrop and your new value proposition. I was hoping you could provide an assessment on the competitive landscape in Wireless and whether you're expected to intensify with a new device launch in the fall. Obviously, the market is competitive but not worsening and you're seeing less handset promos. You guys had your best postpaid nets in five years and Consumer churn's getting better.

太好了。非常感謝。我想請教 Dan 一個關於競爭環境以及你們新價值主張的問題。我希望你能評估一下無線業務的競爭態勢，以及隨著秋季推出新裝置，你們是否預期競爭會加劇。顯然，市場競爭激烈但並未惡化，而且你們看到手機促銷變少。你們創下五年來最佳的後付費淨增，消費者流失率也在改善。

Can you elaborate on which parts of your new go-to-market strategy are resonating most and with which cohorts? And then, how should we think about the line versus account growth going forward following the recent momentum with two months of accounts growing? Thanks very much.

你能否進一步說明你們新的上市策略中，哪些部分最能引起共鳴、又是在哪些客群中？另外，隨著最近連續兩個月帳戶數成長的動能，往後我們應如何看待「線數」相對於「帳戶」的成長？非常感謝。

Thanks for that question, Sean. Let me try and address most of it, at least. Let me start off with our value proposition and put that in some context. Our value proposition is just another step in our desire to put our customers front and center. We've been investing in every part of that end-to-end customer journey, from the in-store experience to our digital channels, to our billing, to our customer service.

謝謝你的問題，Sean。我至少先嘗試回答大部分。我先從我們的價值主張談起，並提供一些背景。我們的價值主張，是我們把客戶放在核心位置這項承諾的又一步。我們一直在投資端到端的客戶旅程各個環節，從門市體驗到數位通路、到帳單、到客服。

We literally have hundreds of micro initiatives running in the company going after every single pain point that consumers might have with Verizon, and we're making great progress on that. Like you can see our Consumer postpaid churn down 6 basis points, down sequentially two quarters in a row to 84 basis points. And honestly, that's before our value proposition is really kicking in, and we expect to see improved performance, not just in churn, but in our cost of acquisition, our cost of retention.

我們公司內部實際上有數百個微型專案在運作，針對消費者可能對 Verizon 的每一個痛點逐一改善，而且進展非常好。例如你可以看到我們的消費者後付費流失率下降 6 個基點，且連續兩季季比下降至 84 個基點。坦白說，這還是在我們的價值主張真正發揮效益之前；我們預期不僅流失率會改善，獲客成本、留客成本也會改善。

I will say we're now 40 days into our launch of our new value proposition. And in all my years in the business, I've never seen a launch go as smoothly and as well as this one did. I think our marketing was bold. It was segmented. It was extraordinarily well-received.

我想說的是，我們推出新價值主張至今已 40 天。在我多年從業經驗中，從未見過一次上市推廣像這次一樣順利、效果這麼好。我認為我們的行銷很大膽。也做了分眾。市場反應極為正面。

And consequently, our results across the board are much better than we even anticipated. Our gross adds are about 16% better than we forecasted. And really importantly, our net new accounts are 31% greater than we forecasted. We are seeing tremendous growth in new account growth. As we mentioned in my remarks, for the past two months, we've seen positive growth in our new accounts, and I would expect that, for Q3, you will see positive new account growth as well.

因此，我們各方面的成果都比我們原先預期的還要好。我們的總新增用戶（gross adds）比預測高約 16%。更重要的是，我們的新淨增帳戶數比預測高 31%。我們看到新帳戶成長非常強勁。如同我在發言中提到的，過去兩個月我們的新帳戶呈現正成長，我也預期在第三季你們同樣會看到新帳戶正成長。

And the quarter is off to a strong start, quite frankly. We are seeing new segments being penetrated based on the new value proposition. We're getting a lot more one- and two-line accounts, a lot more of the youth market, a lot more diverse accounts coming in. And our assumption sets around what would happen in base migration and ARPA. So base migration is maybe a third of what we expected, and Simplicity has been ARPA accretive as well.

而且坦白說，本季開局很強。基於新的價值主張，我們正在滲透新的客群。我們吸引到更多一線與兩線的帳戶、更多年輕族群、更多元的帳戶加入。此外，我們對於用戶基礎遷移（base migration）與每帳戶平均收入（ARPA）會如何變化的假設也出現差異。用戶基礎遷移大約只有我們預期的三分之一，而 Simplicity 方案也帶來 ARPA 的增厚（accretive）。

And I would also just say that every new account onto Simplicity is basically subsidy-free, which, of course, that's just a huge structural improvement to our financial model. And it goes to your point around competition. I think the basis of competition is fundamentally changing.

我也想補充，每一個轉到 Simplicity 的新帳戶基本上都是免補貼（subsidy-free），當然，這對我們的財務模型而言是非常重大的結構性改善。這也呼應你提到的競爭問題。我認為競爭的基礎正在發生根本性的改變。

It's moving away from subsidies, at least for us, and it's moving to the overall end-to-end customer experience, like what do the products and services look like, what does your servicing look like, what does your loyalty look like. And there's a new basis of competition going on that is much more structurally beneficial to Verizon. And frankly, we're seeing that throughout the industry.

至少對我們而言，競爭正在遠離補貼，轉向整體端到端的客戶體驗：產品與服務長什麼樣、服務支援做得如何、忠誠度機制如何。目前正在形成一種新的競爭基礎，從結構上看對 Verizon 更有利。坦白說，我們在整個產業都看到了這個趨勢。

Our Loyalty Program has got a ton of enthusiastic reaction from our customers. And really importantly now, we're seeing a huge number of partners reach out to come into our program with very aggressive promotions for our customers. And so all in, I'd say, really, we couldn't have a better start. We're seeing incremental volumes, a very strong start to Q3. Customer feedback has been positive, and obviously, it's making a big difference in our financials.

我們的忠誠度計畫獲得客戶非常熱烈的回饋。而且更重要的是，我們現在看到大量合作夥伴主動接洽，希望加入我們的計畫，並為我們的客戶提供非常積極的促銷。因此整體而言，我會說我們的開局再好不過。我們看到增量的量能，第三季開局非常強勁。客戶回饋正面，而且顯然也對我們的財務表現帶來很大的影響。

I hope that answered most of your questions.

希望這回答了你大部分的問題。

Very helpful. Thank you.

非常有幫助。謝謝。

You bet.

不客氣。

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

Brad，請進行下一個問題。

Michael Rollins, Citi.

Michael Rollins，花旗。

Thanks, and good morning. I'm just wondering if I could drill a little bit more into the subject. So as we've been following the refreshed go-to-market, I think what's interesting is you're taking away, as you described, some of the customer pain points. But that does also take away some sources of revenue. So within the guidance, as you're improving service revenue growth, and you just described the better ARPA coming from the Simplicity plan, can you further unpack the ways in which you're replacing and improving service revenue growth?

謝謝，早安。我想再更深入追問一下這個主題。我們一直在追蹤你們更新後的上市策略，我覺得有趣的是，如你所述，你們正在消除一些客戶痛點。但這也同時會拿掉一些收入來源。因此在你們的財測指引中，當你們改善服務收入成長、且你剛提到 Simplicity 方案帶來更好的 ARPA 時，你能否進一步拆解你們是如何替代並提升服務收入成長的？

And then secondly, I was curious if you could further discuss the hyperscale Fiber opportunity in terms of the revenue. And is that dark fiber, lit fiber, and the types of investments that might be needed on an incremental basis to deliver on those opportunities? Thanks.

第二個問題，我想請你再談談超大規模（hyperscale）光纖機會在收入面向的情況。那是暗纖（dark fiber）、點亮纖（lit fiber），以及為了實現這些機會，可能需要哪些額外的增量投資？謝謝。

Yeah. Hey, Mike. It's Tony. I'll take the revenue question, and then I'll pass it back to Dan on the AI question.

好的。嗨，Mike。我是 Tony。我先回答收入的問題，然後再把 AI 的問題交回給 Dan。

So on the revenue, I would say we've made good progress in the second quarter. As we mentioned in the prepared remarks, we're up 120 basis points from Q1, and we said Q1 would be the low point of the year. And based on the strength of the core business, we increased the guide to 2.5% to 3% for Mobility and Broadband revenue. And we said the third quarter would be approaching 3% and Q4 growing around 4%, and underpinning this is our Wireless service revenue.

就收入而言，我會說我們在第二季取得了不錯的進展。如同我們在事先準備的發言中提到的，我們較第一季上升了 120 個基點，而我們也說過第一季會是全年低點。基於核心業務的強勁表現，我們把行動與寬頻收入的指引上調至 2.5% 到 3%。我們也表示第三季將接近 3%，第四季成長約 4%；支撐這一切的是我們的無線服務收入。

And as we think about looking ahead, we expect Wireless service revenue to be about flat for the full year, which implies that the second half would suggest that we see positive revenue growth. And this comes from a few key areas. I mean, first is the volume growth that you see. Our Mobility net adds are up over 500,000 year-to-date year over year. And even on FWA, we're up over 1 million subs, 1.1 million subs year over year.

展望未來，我們預期全年無線服務收入大致持平，這意味著下半年應該會呈現正向的收入成長。這主要來自幾個關鍵領域。第一是你看到的量的成長。我們的行動業務淨增用戶年初至今較去年同期增加超過 50 萬。即使在 FWA（固定無線接入）方面，我們的用戶數也較去年同期增加超過 100 萬，達 110 萬。

As we mentioned in the prepared remarks, the promo amortization headwinds have peaked and will ease across the second half of the year into 2027. And then, we have things like value-added services such as perks. I mean, the number of perks are up like 40% year over year, so that's driving revenue growth. Prepaid is growing. We're growing volumes, and now we're growing revenue, which is great to see.

如同我們在事先準備的發言中提到的，促銷攤銷帶來的逆風已達高峰，並將在今年下半年一路到 2027 年逐步緩解。此外，我們還有像是福利（perks）等加值服務。我的意思是，福利的數量年增約 40%，因此帶動營收成長。預付（Prepaid）也在成長。我們的量在成長，而現在營收也在成長，這很高興看到。

And then, we're lapping the pricing increases from the second half of 2025. And as Dan mentioned, on Simplicity, we're seeing good green shoots in terms of ARPA accretion and as we look at each segment cohort. So that's very promising.

另外，我們也正在對比 2025 年下半年調價的高基期。如 Dan 所提到的，在 Simplicity 方面，我們在 ARPA 提升（accretion）以及觀察各分群（segment cohort）時，都看到了良好的初步跡象。所以這非常令人鼓舞。

And we have, as we mentioned on the call -- in the remarks, that we have some early wins on AI Connect that Dan will get into in a second. And that's an opportunity for us above the core business, and we expect it to become meaningful in 2027. So when you put it together, the actions we've taken are driving durable improvements in our revenue and sets us up well for the strength as we head into 2027.

而且我們也在電話會議上——在發言中提到，我們在 AI Connect 上已經有一些早期勝利，Dan 等一下會進一步說明。這對我們而言是核心業務之外的機會，我們預期在 2027 年會變得具有實質意義。因此綜合來看，我們採取的行動正在推動營收的持續性改善，並讓我們在邁向 2027 年時具備良好的動能。

And with that, I'll hand it to Dan on the AI question.

接下來我把 AI 的問題交給 Dan。

Yeah. I'll just first go a little bit into what you just said, Tony.

好的。我先就你剛才說的內容再補充一下，Tony。

I mean, I think we're driving revenue and volumes in the right way. We're redefining our business model as well. The cost structure is improving, our cost of acquisition down 15%, our cost of retention down 17%. Those are before the Simplicity impacts. And with churn beginning to come down, I think we not only will be able to drive our top line consistently and in an accelerating manner, but also begin to see that manifest itself in our bottom line and cash flow as well.

我的意思是，我認為我們正以正確的方式推動營收與量的成長。我們也在重新定義我們的商業模式。成本結構正在改善，我們的獲客成本下降 15%，留存成本下降 17%。這些都還是在 Simplicity 影響之前。而且隨著流失率開始下降，我認為我們不僅能夠持續、並以加速的方式推動營收（top line），也會開始看到這反映在獲利（bottom line）與現金流上。

Mike, let me go into what we call AI Connect, our initiative inside the company. But this is the first time we're talking about it publicly. Our first focus was obviously to address our Mobility and Broadband end-to-end customer experience, fix that, launch our new value proposition, put into place our transformation work streams, and assure that we have the right cost structure in place to invest where we needed so that we could drive the results that you're seeing and the returns for our investors. And we're clearly beginning to see signs of that success as we look not just at Q2, but as we look ahead.

Mike，我來談談我們在公司內部稱為 AI Connect 的計畫。不過這是我們第一次對外公開談這件事。我們的第一個重點顯然是處理我們的行動與寬頻端到端客戶體驗，把它修好，推出新的價值主張，建立轉型工作流，並確保我們具備正確的成本結構，好讓我們能在需要的地方投資，從而推動你們所看到的成果，以及為投資人帶來回報。而且我們很明顯開始看到成功的跡象，不僅是看第二季，也包括展望未來。

But behind the scenes, it was clear that there was a kind of once-in-a-generation opportunity for Verizon to participate in the massive AI infrastructure build-out. As we talked to hyperscalers, alternative cloud providers, enterprises, there's a need for ever-increasing compute power. I mean, everybody knows that, everybody's hearing about it.

但在幕後，我們很清楚，Verizon 有一個可說是「一代一次」的機會，能參與龐大的 AI 基礎設施建置。當我們與超大規模雲端業者（hyperscalers）、替代型雲端供應商、企業客戶交流時，大家都需要持續增加的運算能力。我的意思是，大家都知道，也都在聽到這件事。

And the way that that compute power has moved over the last year or so is, at first, it was about optimizing racks, and then it was basically saying how do we combine racks within a data center to optimize compute power. And now, it really is about how do you connect data center to data center to assure that you can optimize and maximize the ever-expanding need for compute.

而過去一年左右，運算能力的演進方式是：一開始是著重在機櫃（racks）的最佳化，接著基本上是在說如何在同一座資料中心內把機櫃組合起來，以最佳化運算能力。而現在，真正的重點是如何把資料中心與資料中心連接起來，確保能夠最佳化並最大化對持續擴張的運算需求。

And while that data center connectivity demand is exploding, there's an equal amount of desire and demand to power inference models and applications that need ultra-low latency, like robotics or remote surgery, autonomous driving, and move that out into the edge as opposed to these big massive data centers. And clearly, our long-haul and metro fiber networks, whether that's dark or lit, depends on the customer.

同時，在資料中心互連需求爆發的情況下，市場也同樣強烈希望並需要為推論模型與應用提供算力，這些應用需要超低延遲，例如機器人、遠端手術、自動駕駛，並把這些能力部署到邊緣端，而不是只集中在大型資料中心。而很明顯地，我們的長途與都會光纖網路，不論是暗纖（dark）或點亮（lit），取決於客戶需求。

Some of them want it dark, so they can do the electronics around it. Some of it want it lit, so we do all of the servicing around it. But whether it's dark or lit, our assets are kind of suddenly in tremendous demand for that data center connectivity. And we have thousands of central offices, many of which we're taking copper out of, and we are retrofitting them to be remote data centers that are power-ready, permitted, fully redundant infrastructure. And those, we did a small trial on that and sold out capability in 24 hours, so we're seeing large demand for that as well.

有些客戶想要暗纖，這樣他們可以自行配置周邊電子設備。有些客戶想要點亮光纖，則由我們提供完整的維運服務。但不論暗纖或點亮，我們的資產突然之間在資料中心互連方面出現極高需求。我們有數千個中央機房，其中許多正在汰除銅纜，我們正將其改造為遠端資料中心，具備可供電（power-ready）、已取得許可、完全備援的基礎設施。我們對此做了一個小型試點，24 小時內就把可用容量賣光，因此也看到非常大的需求。

We're just announcing this partnership with Google for several of our dark fiber routes for well in excess of $1 billion. The demand for these fiber routes that we currently have and that we are building is ultimately limited, and that capacity and pricing is -- we're going to have to think about how we handle the demand for that.

我們剛宣布與 Google 的合作，針對我們數條暗纖路由，金額遠超過 10 億美元。對於我們現有以及正在建置的這些光纖路由，需求最終是有限供給的，而其容量與定價——我們將必須思考要如何因應這樣的需求。

We're clearly an attractive player with differentiated assets that are in high demand. We've been building carrier-grade fiber routes for decades. We know how to get it done. We understand permitting. We do our own construction. And we have a solid balance sheet and a solid service reputation that the AI ecosystem needs and counts on.

我們顯然是一個具吸引力的參與者，擁有差異化且需求旺盛的資產。我們數十年來一直在建置電信等級（carrier-grade）的光纖路由。我們知道如何把事情做成。我們了解許可申請流程。我們自行施工建設。而且我們有穩健的資產負債表與良好的服務口碑，這是 AI 生態系所需要並仰賴的。

The revenues that we're talking about are meaningful. They've got margins that are equal to or greater than our existing margin structures, and they will begin to impact our revenues and margins beginning next year and grow substantially over the next five to 10 years.

我們所談的營收規模是有意義的。其毛利率與我們現有的利潤結構相當或更高，並將從明年開始對我們的營收與利潤率產生影響，且在未來 5 到 10 年大幅成長。

And as Tony said, and I said, these AI Connect revenues are on top of what is an accelerating core Mobility and Broadband business. We're fortunate to be in a position where our assets and expertise intersect with this kind of generational demand. All of this is success-based kind of capital that we are putting in. And we see this accelerating business, plus our AI Connect infrastructure, providing us with a very different revenue feature than we've had in a long, long time.

而如同 Tony 與我所說，這些 AI Connect 的營收是在我們正加速成長的核心行動與寬頻業務之上額外疊加的。我們很幸運，能處在資產與專業能力正好與這種世代級需求交會的位置。我們投入的資本屬於以成功為前提（success-based）的資本。我們看到這個加速中的業務，再加上 AI Connect 基礎設施，將為我們帶來一種我們很久很久沒有見過的營收特性。

Thank you.

謝謝。

You bet.

不客氣。

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

Brad，請進行下一個問題。

John Hodulik, UBS.

John Hodulik，瑞銀（UBS）。

Great. Thanks, and good morning, everyone. Dan, can we talk a little bit about Fixed Wireless? It seems that the adds there are on a bit of a downward trend. Can you talk about the performance of the product and maybe the runway you see with it?

很好。謝謝，大家早安。Dan，我們能否談談固定無線（Fixed Wireless）？看起來那邊的新增用戶有些下滑趨勢。你能談談產品表現，以及你認為它還有多大的成長跑道嗎？

And then number two, I mean, obviously, satellite competition is a key theme in the connectivity space these days. How does your Broadband product portfolio, and especially Fixed Wireless, sort of stack up to competition from these LEO constellations as you see it evolve? Thanks.

第二點，顯然衛星競爭是近來連線領域的一個關鍵主題。就你所看到的演進而言，你們的寬頻產品組合，特別是固定無線，與這些低軌道（LEO）星座的競爭相比，整體競爭力如何？謝謝。

Yeah. Thank you, John, for that question. It's a great one.

是的。謝謝你，John，提出這個問題。這是個很好的問題。

We're very pleased with our Broadband net adds. We continue to take share. As Tony mentioned, we have 17.1 million Broadband customers. By the way, 58% of them have Mobility as well. So we are doing a really great job at cross-sell, and that's accelerating.

我們對寬頻淨新增用戶非常滿意。我們持續取得市占。如 Tony 提到的，我們有 1,710 萬名寬頻客戶。順帶一提，其中 58% 也同時有行動服務。因此我們在交叉銷售方面做得非常好，而且正在加速。

And as I mentioned on our last earnings call, you're going to continue to see a mix shift towards Fiber. We're growing our homes passed with that line of sight to at least 32 million homes passed by the end of the year.

而且如同我在上一次財報電話會議提到的，你們將會持續看到組合朝向光纖（Fiber）移轉。我們正在擴大可覆蓋住戶數（homes passed），目標是在年底前把具備可視線（line of sight）的 homes passed 提升到至少 3,200 萬戶。

And in our way of thinking, Broadband is Broadband. Where we don't have the fiber, we'll offer FWA for a true nationwide service. Customers don't distinguish between the two. They think about what speed are they going to get. Typically, on FWA, we're at least 300 meg down speeds.

以我們的思維方式來看，寬頻就是寬頻。在我們沒有光纖的地方，我們會提供 FWA，以實現真正的全國性服務。客戶不會區分這兩者。他們在意的是能拿到什麼速度。通常在 FWA 上，我們至少能提供 300Mbps 的下載速度。

And I really like what we're seeing with our convergence efforts here. Obviously, we've got lower churn, but we're seeing increased ARPA as well. It's interesting with our Verizon One product that we just launched, well over 50% of the people signing on to Verizon One with Fios are [choosing a premium Fios speed]. (corrected by company after the call) So that's incremental ARPA. We have room to sell them more lines, more perks, that kind of thing. And so from a lifetime value perspective, we just want to drive as much convergence as we possibly can.

而且我非常喜歡我們在這裡推動融合（convergence）所看到的成果。顯然，我們的流失率更低，但同時也看到 ARPA 提升。有趣的是，我們剛推出的 Verizon One 產品，使用 Fios 申辦 Verizon One 的人當中，超過 50%[選擇了高階的 Fios 速度]。（公司於電話會議後更正）因此這帶來了增量 ARPA。我們也有空間向他們銷售更多門號、更多加值權益之類的。所以從終身價值（lifetime value）的角度來看，我們就是希望盡可能推動更多融合。

In terms of satellite, we see no impact from satellite providers on our Broadband penetration and our Broadband capabilities. And by the way, that's not surprising. It is very difficult for satellite providers to provide a service that's even close to what we can provide with our Broadband services.

就衛星而言，我們沒有看到衛星供應商對我們的寬頻滲透率與寬頻能力造成任何影響。順帶一提，這並不令人意外。衛星供應商要提供一個哪怕接近我們寬頻服務水準的服務，都非常困難。

I mean, today's satellites, their beams cover hundreds of square miles. Even at the very lowest Broadband speeds, call it 100 meg down and 20 up, the ceiling that they can provide service without degrading quality for everyone is very small. I mean, even if you look five years out and assume that these three satellites are in place at very low Earth orbits that you've got 1,000 gig down, 100 gig uplinks, it takes five to seven years for them to scale out that. And when they do, maybe they take their beam size down from hundreds of miles to 25.

我的意思是，今天的衛星，其波束覆蓋範圍達數百平方英里。即便以最低的寬頻速度來看，比如下載 100Mbps、上傳 20Mbps，在不讓所有人服務品質下降的前提下，他們能提供服務的上限其實非常小。即使你把時間拉到五年後，假設這三顆衛星都部署在非常低的近地軌道，具備 1,000Gbps 下載、100Gbps 上行鏈路，也需要 5 到 7 年才能把規模擴展到那個程度。而當他們做到時，或許能把波束大小從數百英里縮小到 25。

In suburbs and in urban areas, but let's just call suburbs right now, the ceiling for them before they degrade service is 10 to 40 homes passed per square mile at the lowest Broadband speed, at 100 meg. If they try and compete against FWA at 300 meg, that ceiling drops to 5 to 20 homes per square mile versus what we can do is anywhere between 500 and 2,000. So we're like 100 times to 1,000 times more efficient. Our speeds and our capabilities are much higher.

在郊區與都會區——但我們先以郊區為例——以最低寬頻速度、也就是 100Mbps 來看，他們在服務品質開始劣化前的上限，是每平方英里僅能覆蓋 10 到 40 戶（homes passed）。如果他們想用 300Mbps 與 FWA 競爭，這個上限會降到每平方英里 5 到 20 戶；相較之下，我們能做到每平方英里 500 到 2,000 戶。所以我們的效率大約高出 100 倍到 1,000 倍。我們的速度與能力都高得多。

And it's basically not possible because of physics, not because of execution, but because of physics, for satellites to effectively compete against the terrestrial network in either Mobility or Broadband in urban and suburban geographies, which, by the way, is where like [a vast majority] (corrected by company after the call) of our revenues are. Satellite does have a TAM, for sure. It's probably somewhere between 6 million and 8 million homes in the US, but it's in primarily very rural geographies, where building out a terrestrial network just is cost prohibitive. It doesn't pencil out.

而且基本上，因為物理限制——不是執行問題，而是物理限制——衛星不可能在都會與郊區地理環境中，有效與地面網路在行動（Mobility）或寬頻上競爭；順帶一提，那裡正是我們營收的[絕大多數]（公司於電話會議後更正）來源。衛星當然有其 TAM（可服務總市場）。在美國大概介於 600 萬到 800 萬戶之間，但主要是在非常偏遠的地區，因為在那裡建置地面網路的成本高到不具經濟性。算不過來。

I would also say -- although you didn't ask this question, but I've read it in speculation out there -- that there is no backdoor to our MVNOs in any structure. And we think that satellite is very complementary to our service. We want to work with the satellite providers, primarily through the JV with T-Mobile and AT&T. But there is no reason that we can seek to extend an MVNO to any satellite player, and there's no way that anyone can get access to our MVNOs as well.

我也想說——雖然你沒有問這個問題，但我看到外界有一些揣測——任何架構下都不存在透過後門進入我們 MVNO 的情況。而且我們認為衛星與我們的服務是高度互補的。我們希望與衛星供應商合作，主要是透過與 T-Mobile 和 AT&T 的合資企業（JV）。但我們沒有理由把 MVNO 延伸給任何衛星業者，而且也沒有任何方式讓任何人取得我們 MVNO 的存取權。

So I hope that answers your question.

所以希望這回答了你的問題。

Yeah, that was great. Thanks, Dan.

是的，這很棒。謝謝你，Dan。

You bet.

不客氣。

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

Brad，我相信我們還有時間再接一個問題。

Your final question will come from Michael Ng.

最後一個問題將由 Michael Ng 提問。

Great. Good morning. Thank you for squeezing me in. It was great to hear about the Mobility and Broadband service revenue accelerating in both 3Q and 4Q. I was just wondering if you could talk about whether or not that 4% is a good starting point for how we might think about 2027 in Mobility and Broadband service revenue growth, just given that it seems like you're only picking up momentum from here. Thank you.

太好了。早安。謝謝你讓我插進來提問。很高興聽到行動（Mobility）與寬頻（Broadband）服務營收在 3Q 與 4Q 都加速成長。我想請教的是，考量看起來你們接下來只會更有動能，這個 4% 是否可以作為我們思考 2027 年行動與寬頻服務營收成長的良好起點？謝謝。

Yeah. Thanks, Mike.

是的。謝謝你，Mike。

Clearly, our anticipation is that the second half accelerates nicely. As Tony mentioned, our Wireless service revenue will turn positive. We're seeing a number of structural capabilities. Our volumes are growing. Our new accounts are growing. Our net adds are accelerating. Our ARPA is increasing; we anticipate it turning positive as well.

很明顯，我們預期下半年會有不錯的加速。如 Tony 提到的，我們的無線服務營收將轉為正成長。我們看到多項結構性的能力在發揮作用。我們的銷量在成長。我們的新帳戶在成長。我們的淨增用戶在加速。我們的 ARPA 在提升；我們也預期它會轉為正成長。

We're going to be lapping pricing in Q4. Given what we're seeing on the new model around subsidies, which are going down pretty dramatically, promo amortization is going to turn from making a headwind to a tailwind for us next year we layer in AI Connect revenues.

我們在第 4 季會進入價格因素的比較基期（lapping pricing）。依據我們在補貼新模式上看到的情況，補貼正相當大幅度地下滑，促銷攤銷（promo amortization）明年在我們納入 AI Connect 營收後，將從拖累（headwind）轉為助力（tailwind）。

With that, we continue to see our cost of acquisition and cost of retention go down. Our cost cutting is on track and is a multi-year process. So there's a lot of positive momentum that we see. We'll talk about 2027 when we report our Q4 results. But as I said, the second half of 2026 will be better than the first half, and we see 2027 being better than 2026 as well.

同時，我們持續看到獲客成本與留存成本下降。我們的成本削減按計畫推進，且是一個多年期的流程。因此我們看到很多正向動能。我們會在公布第 4 季結果時再談 2027 年。但如我所說，2026 年下半年會比上半年更好，而我們也認為 2027 年會比 2026 年更好。

Thank you, Dan.

謝謝你，Dan。

You betcha. Thank you.

不客氣。謝謝。

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 會議服務。您現在可以掛線。