威訊通訊 (VZ) 2026 Q3 法說會逐字稿

Good morning and welcome to Verizon's third 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 年第三季財報電話會議。(接線員指示) 今天的會議將被錄音。若您有任何異議，請於此時中斷連線。

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

現在我想把電話交給資深副總裁、財務長兼投資人關係主管 Colleen Ostrowski。

Thanks, Brad. Good morning, and welcome to our third 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. 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.

謝謝你，Brad。各位早安，歡迎參加我們 2026 年第三季財報電話會議。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，以及我們的財務長 Tony Skiadas。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。

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.

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相關資料中找到這些指標的調節表。

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

接下來我把時間交給 Dan。

Thank you, Colleen, and good morning, everyone. Thanks for joining us. It's been just over a year since I had the privilege to become the CEO of Verizon. As I reflect on the past 12 months, I'm incredibly proud of the Verizon team. We made bold decisions, we dramatically turned up our collective intensity, we put our customers front and center, and we vowed to reclaim our market leadership and play to win. We have accomplished a lot, and today's Verizon is in a fundamentally better position operationally, financially and competitively.

謝謝你，Colleen，各位早安。感謝各位加入我們。自從我有幸成為 Verizon 的執行長以來，至今已略超過一年。回顧過去 12 個月，我對 Verizon 團隊感到無比自豪。我們做出了大膽的決策，大幅提升了整體投入強度，把客戶置於核心位置，並立志重奪市場領導地位、全力以赴爭取勝利。我們已完成許多工作，而今天的 Verizon 在營運、財務與競爭力方面都處於根本上更佳的位置。

Q3 was another proof point that this is a structurally different Verizon. Our transformation has taken root and our results show it. In the third quarter, we delivered significantly improved performance across almost all of our key metrics. Our post-paid phone net additions were up 820% year over year to 406,000, our strongest Q3 in five years.

第三季再次證明，這是一家結構上已不同以往的 Verizon。我們的轉型已扎根，成果也反映在數據上。在第三季，我們在幾乎所有關鍵指標上都交出顯著改善的表現。我們的後付費手機淨增用戶數年增 820% 至 406,000，創下五年來最強的第三季表現。

Importantly, we also delivered 137,000 postpaid net account additions, our best quarterly net account performance in over a decade. This is growth that pays. Every new line we added delivered revenue. There were no free lines. We now expect our postpaid phone net adds for 2026 to be 1.1 million to 1.2 million, more than three times last year's result. Overall, postpaid phone churn was 94 basis points, an improvement of 4 basis points year over year, while consumer postpaid phone churn was 87 basis points, also down 4 basis points from last year.

更重要的是，我們也新增了 137,000 個後付費淨增帳戶數，創下十多年來最佳的單季淨增帳戶表現。這是能帶來回報的成長。我們新增的每一條新線都帶來營收。沒有任何免費線路。我們現在預期 2026 年後付費手機淨增用戶數將達 110 萬至 120 萬，超過去年的三倍。整體而言，後付費手機流失率為 94 個基點，年減 4 個基點；而消費者後付費手機流失率為 87 個基點，也較去年下降 4 個基點。

Year-over-year, our Q3 promotional cost of acquisition and retention once again declined, acquisition by 41% and retention by 30%. In broadband, we delivered 314,000 net adds, and our mix is continuing to shift towards fiber, which now makes up nearly half of our broadband net adds. That is a deliberate choice we have made. Putting customers at the center of every decision we make has changed how we go to market and what we are willing to sell.

以年對年來看，我們第三季的促銷獲客與留存成本再次下降：獲客成本下降 41%，留存成本下降 30%。在寬頻方面，我們淨增 314,000，用戶結構持續轉向光纖；光纖目前已占我們寬頻淨增的近一半。這是我們刻意做出的選擇。把客戶置於我們每一項決策的核心，已改變我們的市場策略，以及我們願意銷售的產品內容。

Our operating philosophy is to deliver the connectivity experience, that each customer segment demands, not simply the network and technologies we happen to have available. Between fiber and FWA, we have the assets to deliver great value in broadband. But it also demands a more sophisticated segmented approach to FWA where we can't deliver the speed a particular segment of customers expects from Verizon. We won't sell it. We began to implement that philosophy earlier this quarter. And as I told the team, we should never drive for a net add metric that runs counter to our customer-first philosophy.

我們的營運理念，是提供各客群所需求的連線體驗，而不只是銷售我們剛好擁有的網路與技術。在光纖與 FWA（固定無線接取）之間，我們具備在寬頻領域提供高價值的資產。但這也要求我們對 FWA 採取更精細的分眾策略：若我們無法提供某一客群對 Verizon 所期待的速度，我們就不會銷售。我們在本季稍早開始落實這項理念。正如我對團隊所說，我們不應為了追求淨增指標而做出與「客戶優先」理念相牴觸的事。

I'm very proud that our product and network teams have responded to our customers' need for greater FWA speed. Using our millimeter wave spectrum, we have developed an innovative solution that will enable us to deliver a 1 gig FWA product in metro areas across the country, complementing our fiber belts.

我非常自豪，我們的產品與網路團隊已回應客戶對更高 FWA 速度的需求。運用我們的毫米波頻譜，我們開發出一項創新解決方案，將使我們能在全國各地都會區提供 1Gbps 的 FWA 產品，並與我們的光纖覆蓋帶相互補強。

Over the medium term, it is our goal to substantially increase the number of premises we can serve with 1 gig of speed by an incremental 10 million to 15 million through FWA, and that is over and above our 40 million to 50 million fiber build.

在中期，我們的目標是透過 FWA 額外增加可提供 1Gbps 速度服務的可服務據點數 1,000 萬至 1,500 萬；這是在我們 4,000 萬至 5,000 萬光纖建設規模之外的增量。

We will begin to scale our new high-speed FWA service beginning this quarter and throughout 2027 and beyond in order to deploy the enhanced capabilities and performance our customers expect from us. Our 1,700 megahertz of millimeter wave spectrum has suddenly become a differentiated and competitive advantage. And it also has a dual benefit in that it will create substantial incremental efficiencies and capacity in our existing C-band spectrum. This is a technological breakthrough for us, with significant positive implications.

我們將自本季起，並在 2027 年及其後持續擴大新高速 FWA 服務的規模，以部署客戶對我們所期待的強化能力與效能。我們擁有的 1,700 兆赫毫米波頻譜，突然成為一項差異化且具競爭優勢的資產。同時它也帶來雙重效益，將在我們既有的 C 頻段頻譜中創造可觀的額外效率與容量。這對我們而言是一項技術突破，具有重大的正面影響。

In addition to strong operational metrics, we also had a strong quarter from a financial perspective. Mobility and broadband service revenue grew 2.9%, a further improvement from the 2.8% we delivered in Q2 and the 1.6% we delivered in Q1. More importantly, we expect that Q4 mobility and broadband service revenue growth will accelerate to approximately 4%. Wireless service revenue once again improved sequentially, and we expect to see year-over-year growth in Q4.

除了強勁的營運指標外，從財務角度來看我們本季也表現亮眼。行動與寬頻服務營收成長 2.9%，較第二季的 2.8% 以及第一季的 1.6% 進一步改善。更重要的是，我們預期第四季行動與寬頻服務營收成長將加速至約 4%。無線服務營收再次呈現季對季改善，我們預期第四季將看到年對年成長。

Our Q3 adjusted EPS of $1.31 grew 8% year-over-year, and we now expect our 2026 full year adjusted EPS growth to be 7% to 7.5%, up from our previous range of 6% to 7%. Free cash flow of $7.8 billion was our highest quarterly free cash flow since 2020, growing more than 12% year over year in Q3. Consequently, we are raising our full-year guidance for free cash flow growth to approach 12%, up from our previous guidance of 9% to 10%. We anticipate our full-year free cash flow will also be our highest total since 2020.

我們第三季調整後每股盈餘（EPS）為 1.31 美元，年增 8%；我們現在預期 2026 年全年調整後 EPS 成長為 7% 至 7.5%，高於先前 6% 至 7% 的區間。自由現金流為 78 億美元，為自 2020 年以來最高的單季自由現金流，且第三季年增超過 12%。因此，我們將全年自由現金流成長指引上調至接近 12%，高於先前 9% 至 10% 的指引。我們也預期全年自由現金流總額將是自 2020 年以來最高。

To summarize, this quarter, we delivered our strongest third quarter line and account growth in years at our lowest cost to acquire and retain in more than three years. Our mobility and broadband service revenue growth continues to accelerate, and our free cash flow and adjusted EPS continue to grow. This is high-quality growth delivered in a fiscally responsible manner.

總結來說，本季我們在多年來最低的獲客與留存成本下，交出多年來最強的第三季線路與帳戶成長。我們的行動與寬頻服務營收成長持續加速，自由現金流與調整後 EPS 也持續成長。這是以審慎財務紀律所實現的高品質成長。

We are not buying customers. We are winning them on revenue positive terms and keeping them longer. When you compound stronger net adds with net account growth, sequential ARPA growth, structurally lower churn, and healthier unit economics, you get exactly the kind of operating leverage you are seeing in our adjusted EBITDA, adjusted EPS and free cash flow this quarter and in our raised full-year guidance.

我們不是用補貼去「買」客戶。我們是在能帶來正向營收的條件下贏得客戶，並讓他們留得更久。當更強勁的淨增用戶與淨增帳戶成長、ARPA（每帳戶平均收入）季對季成長、結構性更低的流失率，以及更健康的單位經濟效益相互疊加時，就會形成您在本季調整後 EBITDA、調整後 EPS 與自由現金流中所看到的那種營運槓桿效果，也反映在我們上調的全年指引之中。

Let me spend a moment on a few key strategic initiatives. First, the customer value proposition we launched in mid-June continues to deliver beyond our expectations. Simplicity, Verizon One and our loyalty program are resonating with our customers. Our loyalty program enrollment is scaling quickly across our base and the customer feedback data, whether it be Net Promoter Score, overall customer satisfaction or first call resolution is moving in the right direction on every dimension we track.

接下來我花一點時間談幾項關鍵策略性計畫。首先，我們在 6 月中旬推出的客戶價值主張持續帶來超出預期的成果。「簡單化」、Verizon One 以及我們的忠誠計畫正引起客戶共鳴。我們的忠誠計畫註冊人數在既有客群中快速擴張，而客戶回饋數據——無論是 NPS（淨推薦值）、整體客戶滿意度或首次來電解決率——在我們追蹤的每一個面向都朝正確方向改善。

All of our extensive efforts to focus on the end-to-end customer experience are paying off and showing up in our year-over-year improvements in our churn rate, our increasing postpaid phone net adds and accounts, and the simultaneous reduction in our cost to acquire and retain customers. This is a fundamentally different financial and operational model than in years past.

我們在聚焦端到端客戶體驗方面所做的大量努力正在獲得回報，並體現在我們的客戶流失率年對年改善、後付費手機淨增用戶與帳戶數增加，以及同時降低我們獲取與留存客戶成本等方面。這在財務與營運模式上，與過去幾年相比有著根本性的不同。

Second, convergence continues to compound. Our Frontier integration remains ahead of plan. Postpaid phone customers are attaching our broadband solutions, and our broadband customers are attaching postpaid phone service with both cohorts churning materially less than single product customers. And we are seeing over 55% of our new fiber broadband customers take 1 gig or more download speeds, driving significant incremental ARPA and customer satisfaction.

第二，融合（convergence）持續產生複利效應。我們對 Frontier 的整合仍領先於計畫進度。後付費手機客戶正在加購我們的寬頻解決方案，而我們的寬頻客戶也在加購後付費手機服務；這兩個族群的流失率都明顯低於僅使用單一產品的客戶。此外，我們看到超過 55% 的新光纖寬頻客戶選擇 1Gbps 或以上的下載速度，帶動顯著的 ARPA 增量與客戶滿意度提升。

In Q3, our overall broadband ARPU increased year-over-year. We continue to anticipate our fiber passings will exceed 32 million by year-end. And over the medium term, we remain on track to deliver 40 million to 50 million fiber passings, with an incremental 10 million to 15 million premises covered by our new high-speed FWA technology. Our goal is to have the largest footprint in the country of premises covered with at least 1 gig of download speeds.

在第三季，我們整體寬頻 ARPU 年對年提升。我們仍預期年底前光纖覆蓋（passings）將超過 3,200 萬。而在中期，我們仍按計畫達成 4,000 萬至 5,000 萬的光纖覆蓋，並透過我們新的高速 FWA 技術，額外覆蓋 1,000 萬至 1,500 萬個處所（premises）。我們的目標是成為全美擁有最大覆蓋範圍、且至少提供 1Gbps 下載速度之處所覆蓋的業者。

Third, our transformation program is on track, and it is delivering results earlier than we initially expected. The 10 transformation work streams we launched earlier in the year are producing tangible improvements for customers and meaningful cost reductions across the business. Our $9 billion cost reduction plan across our OpEx and CapEx remains fully on track, and the operating leverage in this quarter results reflects the pace at which those savings are showing up.

第三，我們的轉型計畫進展順利，且比我們最初預期更早交付成果。我們在年初啟動的 10 項轉型工作流，正在為客戶帶來具體改善，並在全公司範圍內實現有意義的成本降低。我們涵蓋營運費用（OpEx）與資本支出（CapEx）的 90 億美元降本計畫仍完全按軌道推進，而本季結果所呈現的營運槓桿，反映了這些節省以多快的速度開始顯現。

We are increasingly running our transformation through our newly completed AI tech stack for applications that help us better serve customers, increase our network performance, and drive cost reductions and productivity increases.

我們正日益透過新近完成的 AI 技術堆疊來推動轉型，將其用於應用程式，以協助我們更好地服務客戶、提升網路效能，並推動降本與生產力提升。

Fourth, our network performance continues to improve. Customers notice and they're voting with their wallets by staying. The spectrum we won in the AWS 3 auction is already enhancing our network, and it will enable us to further improve our capabilities and performance in key metro areas as we continue to deploy it.

第四，我們的網路效能持續改善。客戶感受得到，並以錢包投票選擇留下。我們在 AWS 3 頻譜拍賣中取得的頻譜已在強化我們的網路；隨著我們持續部署，這也將使我們在關鍵都會區進一步提升能力與效能。

Finally, AI infrastructure is becoming a real growth driver for Verizon. Today, we announced that we have signed a dark fiber agreement with Amazon Web Services valued at over $2 billion, building on the Google agreement we announced last quarter. These two contracts are a clear signal that the largest builders of AI infrastructure in the world are choosing Verizon as a strategic connectivity partner.

最後，AI 基礎設施正成為 Verizon 真正的成長驅動力。今天，我們宣布已與 Amazon Web Services 簽署一項價值超過 20 億美元的暗纖（dark fiber）協議，並在我們上季宣布的 Google 協議基礎上再進一步。這兩份合約清楚表明：全球最大的 AI 基礎設施建置者正選擇 Verizon 作為其策略性連線合作夥伴。

We now have an active pipeline of additional hyperscalers, neo cloud providers and large enterprise clients who are in negotiations to have us supply them with either dark or lit fiber connectivity. I'm also pleased to report that we are seeing momentum with numerous partners to use our network hubs for AI inference edge computing. And that momentum is already turning into signed deals.

我們目前有一條活躍的商機管線，包含其他超大規模雲端業者（hyperscalers）、新型雲端供應商（neo cloud providers）以及大型企業客戶，正就由我們提供暗纖或點亮光纖（lit fiber）連線進行洽談。我也很高興報告，我們正與眾多合作夥伴看到動能，將使用我們的網路樞紐（network hubs）進行 AI 推論的邊緣運算。而這股動能已開始轉化為已簽署的交易。

Our first long-term contracts are expected to generate hundreds of millions of dollars in revenue over their term. We now have signed contracts for approximately $4 billion. And based on the demand we are seeing, we expect both our fiber and edge computing to add meaningfully to our future growth.

我們首批長期合約預期在合約期間內可帶來數億美元的營收。目前我們已簽署的合約金額約為 40 億美元。基於我們所看到的需求，我們預期光纖與邊緣運算兩者都將對未來成長做出實質貢獻。

All of these revenues come with attractive margins and we will begin to see their impact in 2027. These are long-duration contracts with high-quality counterparties that leverage our fiber capabilities and existing real estate assets. The incremental capital required to deliver against these agreements is modest and success-based and tied to defined contracts. And we've locked in the fiber to deliver.

所有這些營收都具備具吸引力的利潤率，我們將在 2027 年開始看到其影響。這些是長天期合約，交易對手品質高，並能運用我們的光纖能力與既有不動產資產。為履行這些協議所需的增量資本支出不高，且以成功為基礎，並與明確合約綁定。同時，我們已鎖定可用以交付的光纖資源。

Last month, we announced a multi-year, multi-billion dollar agreement with Corning for more than 80 million miles of fiber through 2032, supporting both our fiber broadband expansion and the long-haul backbone that AI hyperscalers need. Taken together, this opportunity significantly extends our addressable market, our revenues and our profits, and we will talk about how it helps to drive our 2027 growth on our next earnings call.

上個月，我們宣布與 Corning 達成一項多年期、數十億美元的協議，至 2032 年前供應超過 8,000 萬英里的光纖，以支援我們的光纖寬頻擴張，以及 AI 超大規模業者所需的長途骨幹網路。綜合而言，這項機會將大幅擴展我們的可服務市場、營收與利潤；我們將在下一次財報電話會議中說明其如何助力我們 2027 年的成長。

In the past year, we have delivered on our promises and raised the bar every single quarter. Given the strength of the third quarter and our visibility into the fourth, we are raising our annual guidance for postpaid phone net adds, adjusted EPS and free cash flow, and we now expect mobility and broadband service revenue growth to be in the upper half of our 2.5% to 3% range.

在過去一年，我們兌現了承諾，並在每一季都提高標準。鑑於第三季的強勁表現以及我們對第四季的能見度，我們上調全年指引：後付費手機淨增用戶、調整後 EPS 與自由現金流；同時，我們現在預期行動與寬頻服務營收成長將落在 2.5% 至 3% 區間的上半部。

We are growing the right way through healthier customer relationships, stronger network performance, disciplined execution, lower costs with revenue positive net adds and now account growth. In many ways, we have redefined how we compete with a new business model for the mobile industry. When we put our customers front and center, the aperture for growth at Verizon opens substantially.

我們以正確的方式成長：透過更健康的客戶關係、更強的網路效能、嚴謹的執行、更低的成本，以及帶來正向營收貢獻的淨增用戶，並且如今也帶動帳戶成長。在許多方面，我們以行動產業的新商業模式重新定義了競爭方式。當我們把客戶放在核心位置時，Verizon 的成長空間將大幅打開。

We believe that the momentum we are seeing in Q3 will continue. Our leading indicators, churn, net adds, customer satisfaction, network performance, broadband cross-sell, cost out execution, and our hyperscaler pipeline all point in the same positive direction. This is a multi-year story, and we are just getting started.

我們相信第三季所看到的動能將會延續。我們的領先指標——流失率、淨增用戶、客戶滿意度、網路效能、寬頻交叉銷售、降本執行，以及我們的 hyperscaler 商機管線——都指向同一個正向方向。這是一個跨多年的故事，而我們才剛剛開始。

We have not yet captured the full multi-year benefit of the $9 billion cost transformation. We have not yet fully scaled our new consumer value proposition. We have not yet begun to recognize significant revenue from our AI Connect business, and we have meaningful additional capacity to return capital to shareholders through both our growing dividend and incremental buybacks. Each of those is a tailwind into 2027, and we look forward to sharing our 2027 outlook with you at our next earnings call.

我們尚未完全取得 90 億美元成本轉型在多年期內的全部效益。我們尚未將新的消費者價值主張全面規模化。我們也尚未開始認列 AI Connect 業務帶來的顯著營收；此外，我們仍有相當的額外能力，透過持續成長的股利與額外回購，向股東回饋資本。上述每一項都將成為推動至 2027 年的順風，我們期待在下一次財報電話會議中與各位分享我們對 2027 年的展望。

I'd like to thank all of our employees. Your efforts to satisfy our customers are inspiring. The customer first mindset, the operational rigor, and the urgency you are bringing every day, that is what is showing up in our results. And to our shareholders, we are hyper-focused on earning your confidence with continued execution. Over the past year, we have delivered a step function improvement in our competitive positioning and our financial profile, and we believe the trajectory from here is even more compelling.

我想感謝我們所有員工。你們為滿足客戶所付出的努力令人振奮。以客戶為先的心態、營運上的嚴謹，以及你們每天帶來的緊迫感，正是反映在我們成果中的關鍵。也對我們的股東，我們高度聚焦於透過持續執行來贏得你們的信心。在過去一年，我們在競爭定位與財務體質上實現了階躍式的改善，我們相信從現在起的發展軌跡將更具吸引力。

And with that, let me turn the call over to Tony.

接下來，讓我把電話會議交給 Tony。

Thanks, Dan, and good morning. Our third quarter represents another key milestone in our transformation as we continue to see the benefits from our efforts reflected in our operational and financial results. This starts with our significantly improved performance in both postpaid phone and postpaid account net adds. Growing both lines and accounts is important to us, and we delivered our best account growth in over a decade.

謝謝你，Dan，大家早安。我們第三季是轉型過程中的另一個關鍵里程碑，因為我們持續看到努力的成果反映在營運與財務表現上。首先是我們在後付費手機淨增用戶與後付費帳戶淨增方面的表現顯著改善。同時推動用戶線數與帳戶成長對我們很重要，而我們交出了逾十年來最佳的帳戶成長。

Postpaid phone net adds are almost 900,000 better than in the same period last year, with broad-based improvement across our Consumer and Business segments. This gives us significant flexibility to deliver on our increased guidance of 1.1 million to 1.2 million postpaid phone net adds for the full year and do it in a fiscally responsible manner.

後付費手機淨增用戶較去年同期多了將近 90 萬，且在消費者與企業兩大部門均呈現廣泛改善。這讓我們在以財務上負責任的方式下，具備相當的彈性，以達成我們上調後的全年指引：後付費手機淨增用戶 110 萬至 120 萬。

Continuing our momentum from the third quarter, we also expect to have positive account growth in the fourth quarter. Our investments in the customer experience and innovation are working. Customers love our Simplicity plan. We are writing high-quality business, and we're pleased with how it's driving both account and lines phone gross adds. This successful launch delivered 266,000 consumer postpaid phone net adds in the period. This represents our best third quarter performance in five years.

延續第三季的動能，我們也預期第四季將實現正向的帳戶成長。我們在客戶體驗與創新方面的投資正在奏效。客戶很喜歡我們的 Simplicity 方案。我們正在承作高品質的企業業務，並對其如何帶動帳戶與手機線數的總新增（gross adds）感到滿意。這次成功的推出在本期帶來 266,000 的消費者後付費手機淨增用戶。這是我們五年來最佳的第三季表現。

The strong uptake of Simplicity enables us to accelerate our plan for volume growth in a meaningfully more cost-effective way compared to the more seasonally aggressive offers that we've historically relied on. In fact, our cost of acquisition in the third quarter declined 41% year-over-year.

Simplicity 的強勁採用使我們得以加速推動用戶量成長計畫，且相較於我們過去歷來依賴、季節性更具侵略性的優惠方案，能以顯著更具成本效益的方式達成。事實上，我們第三季的獲客成本較去年同期下降 41%。

The subsidy-free, flexible and transparent nature of Simplicity has allowed us to win customers in a financially disciplined manner. We are also winning across customer groups where we have historically under-indexed.

Simplicity 免補貼、彈性且透明的特性，使我們能以嚴守財務紀律的方式贏得客戶。我們也在過去相對滲透不足的客群中持續取得勝利。

We also had solid performance in mobility for Business with 140,000 net adds in the period. Enterprise and small business customers continue to have strong demand in the period, and we returned to growth in the public sector. Together with our lower cost of acquisition, we are reducing churn while spending less to win and keep customers.

我們在企業行動通訊（mobility for Business）方面亦有穩健表現，期間淨增 14 萬戶。企業與小型企業客戶在本期間的需求仍然強勁，我們也在公部門重回成長。結合較低的獲客成本，我們在花更少的成本爭取並留住客戶的同時，也在降低流失率。

For the second quarter in a row, we drove year-over-year improvements in retention with the overall cost of retention declining by 30%. Our continued focus on micro segmentation, our disciplined approach to upgrades and our customer-first focus all contributed to this result. This approach contributed to lower third quarter upgrade volumes year-over-year and, consequently, lower equipment revenue.

連續第二個季度，我們在留存方面實現年對年改善，整體留存成本下降 30%。我們持續聚焦微分群、對升級採取嚴謹做法，以及以客戶為先的專注，皆促成了此成果。此一做法也導致第三季升級量較去年同期降低，因而設備營收較低。

Notably, upgrade volumes were down over 20% from the prior year. Additionally, with the success of Simplicity and our focus on giving more choice to customers, we expect the trend of lower upgrades to continue in the fourth quarter.

值得注意的是，升級量較去年下降超過 20%。此外，隨著 Simplicity 的成功以及我們聚焦為客戶提供更多選擇，我們預期第四季較低升級量的趨勢將持續。

In broadband, we continue to take share and we've now added over 1 million customers year-to-date. Similar to mobility, we're taking steps to improve the overall customer experience, including simplifying our fiber pricing. We are looking to compete more on our value proposition and less on promotions.

在寬頻方面，我們持續取得市占，且今年迄今已新增超過 100 萬名客戶。與行動通訊類似，我們正採取措施改善整體客戶體驗，包括簡化我們的光纖定價。我們希望更多以價值主張競爭，而較少依賴促銷。

Our third quarter fiber net adds reflect sustained demand for our products while also driving towards better customer lifetime values and margin performance. Our fiber build is on track and we continue to expect to end the year with over 32 million fiber passings. We continue to see a shift in the net add mix between fiber and fixed wireless access. We are focused on growing our FWA base and further segmenting the market.

我們第三季光纖淨增用戶反映出對我們產品的持續需求，同時也朝向更佳的客戶終身價值與利潤率表現推進。我們的光纖建設進度如期，並仍預期年底光纖覆蓋（passings）將超過 3,200 萬戶。我們持續看到淨增用戶組合在光纖與固定無線接入（FWA）之間出現轉移。我們專注於擴大 FWA 用戶基礎，並進一步細分市場。

We see opportunity to meet the rise of AI-based applications and are bringing gigabit speeds to more and more consumers and businesses. We are scaling our MDU program, which will enable us to deliver fiber-like speeds over an FWA connection.

我們看見滿足 AI 應用崛起的機會，並正將 Gigabit 等級速度帶給愈來愈多的消費者與企業。我們正在擴大多住戶單位（MDU）計畫規模，這將使我們能透過 FWA 連線提供類光纖的速度。

Overall, our operational results continue to outpace our expectations. We are very pleased to have added nearly 1.7 million mobility plus broadband subscribers in the first nine months of the year and are confident that we will finish 2026 strong.

整體而言，我們的營運成果持續優於預期。我們非常高興在今年前九個月新增近 170 萬名行動通訊加寬頻訂戶，並有信心在 2026 年以強勁表現收官。

The improvements in our volumes in the third quarter are reflected in our financial results. The benefits of providing better business and cost savings efforts continue to drive adjusted EPS growth and strong free cash flow generation. Additionally, in the quarter, we saw our mobility and broadband service revenue growth improve as volumes continue to scale and promo amortization headwinds moderate.

第三季用戶量的改善已反映在我們的財務結果中。提供更佳業務表現與成本節省措施的效益，持續推動調整後 EPS 成長與強勁的自由現金流產生。此外，本季我們看到隨著規模持續擴大以及促銷攤銷的不利因素趨緩，行動通訊與寬頻服務營收成長有所改善。

Total revenue for the third quarter was $34.3 billion, up 1.5% year-over-year. Similar to last quarter, mobility and broadband service revenue growth of 2.9% was offset by lower equipment revenue, which was down 9% from the prior year as we drove significantly lower upgrade volumes. Additionally, wireless service revenue was just over $20.9 billion. We continue to expect to return to wireless service revenue growth in the fourth quarter.

第三季總營收為 343 億美元，年增 1.5%。與上季類似，行動通訊與寬頻服務營收成長 2.9%，被較低的設備營收所抵銷；由於我們大幅降低升級量，設備營收較去年下降 9%。此外，無線服務營收略高於 209 億美元。我們仍預期第四季無線服務營收將恢復成長。

Our improving revenue profile and cost efficiency work continues to drive strong profitability. Our third quarter adjusted EBITDA was $13.8 billion, up 8% year-over-year. Our adjusted EBITDA margin of 40.2%, up 240 basis points year-over-year, is our highest reported and demonstrates the power of our business transformation.

我們持續改善的營收結構與成本效率工作，持續帶動強勁獲利能力。第三季調整後 EBITDA 為 138 億美元，年增 8%。調整後 EBITDA 利潤率為 40.2%，年增 240 個基點，為我們所揭露的最高水準，展現我們業務轉型的威力。

We saw improvements in both Consumer and Business as we continued to write profitable growth. We are also continuing to make great progress on our $5 billion operating cost efficiency program and expect to meet our goal for this year. Our efforts on cost of acquisition and retention drove our lowest net equipment subsidy in two years.

隨著我們持續實現具獲利性的成長，消費者與企業兩大業務皆見改善。我們也在 50 億美元營運成本效率計畫上持續取得重大進展，並預期可達成今年目標。我們在獲客成本與留存成本上的努力，使我們達到兩年來最低的設備淨補貼。

We are also making meaningful strides on network modernization, copper decommissioning and advertising and marketing spend to optimize our expense profile. As we look ahead to 2027, we expect to drive further efficiency gains in our cost structure.

我們也在網路現代化、銅纜退網（copper decommissioning），以及廣告與行銷支出方面取得顯著進展，以優化費用結構。展望 2027 年，我們預期將在成本結構上推動進一步的效率提升。

The Frontier integration is also on track to deliver over $1 billion in run rate operating cost synergies by 2028. Our third quarter adjusted EPS of $1.31 was up 8.3% year-over-year and reflects our continued progress on profitable growth. We now expect adjusted EPS to grow 7% to 7.5% for the full year.

Frontier 的整合也按計畫進行，預計至 2028 年可帶來超過 10 億美元的年化營運成本協同效益（run rate）。第三季調整後 EPS 為 1.31 美元，年增 8.3%，反映我們在具獲利性成長上的持續進展。我們目前預期全年調整後 EPS 成長 7% 至 7.5%。

As mentioned, our cash flow generation remained very strong in the period. Cash flow from operations was $29.9 billion for the first nine months of the year, up over $1.9 billion or nearly 7% year-over-year. We continue to benefit from working capital improvements due to our ongoing cost efficiency work as well as lower upgrades. Capital expenditures were $11.9 billion through the end of the third quarter. We are on track to meet our full year guide of $16 billion to $16.5 billion inclusive of success-based capital related to AI Connect.

如前所述，本期間我們的現金流產生能力仍然非常強勁。今年前九個月營運活動現金流為 299 億美元，較去年同期增加超過 19 億美元或近 7%。我們持續受惠於營運資金改善，這得益於我們持續推動的成本效率工作以及較低的升級量。截至第三季末，資本支出為 119 億美元。我們正按計畫達成全年指引 160 億至 165 億美元（包含與 AI Connect 相關、以成功為基礎的資本支出）。

The net of these resulted in free cash flow of $18 billion, up 14.3% for the first nine months of the year. We expect this to be an industry-leading result, and it represents both the strength of our year-to-date results and the operational momentum of the business. With this strong result and the underlying performance of the business, we are now raising our free cash flow guidance to approach 12% growth for the full year.

綜合上述，今年前九個月自由現金流為 180 億美元，成長 14.3%。我們預期這將是業界領先的成果，反映我們今年迄今業績的強勁，以及業務的營運動能。基於此一強勁成果與業務基本面表現，我們現將全年自由現金流指引上調至接近 12% 的成長。

The strength of our cash flow allows us to execute on all aspects of our capital allocation framework, which remains unchanged. Our first priority continues to be investing in the business, and we remain on track with our mobility and fiber builds.

強勁的現金流使我們能執行資本配置框架的各個面向，而該框架維持不變。我們的首要任務仍是投資於業務，我們的行動通訊與光纖建設也仍按計畫推進。

Further, customers are already realizing the network performance enhancements being delivered by the AWS 3 spectrum licenses we won during FCC Auction 113. We've also continued to execute on our deleveraging plan in the period. Our net unsecured debt to consolidated adjusted EBITDA ratio at the end of the quarter was 2.3 times, which represents a 0.2 times improvement from the prior quarter. We remain on track to reach our target leverage range during the 2027 timeframe.

此外，客戶已開始感受到我們在 FCC 第 113 次頻譜拍賣中取得的 AWS 3 頻譜執照所帶來的網路效能提升。本期間我們也持續執行去槓桿計畫。截至本季末，我們的淨無擔保負債對合併調整後 EBITDA 比率為 2.3 倍，較上季改善 0.2 倍。我們仍按計畫在 2027 年期間達到目標槓桿區間。

Lastly, year-to-date, we've returned $12.8 billion of capital to shareholders, up 49% year-over-year. This includes $8.8 billion of dividends and $4 billion of share repurchases. We remain committed to growing the dividend and delivering enhanced returns to our shareholders through share repurchases. We continue to expect to repurchase up to $4.5 billion for the full year.

最後，今年迄今我們已向股東返還 128 億美元資本，年增 49%。其中包含 88 億美元股利與 40 億美元庫藏股回購。我們仍致力於提高股利，並透過股票回購為股東帶來更高回報。我們仍預期全年回購金額最高可達 45 億美元。

To summarize, our third quarter results demonstrate our continued progress in delivering for our customers and our shareholders. Our transformation continues to progress, and we have good momentum heading into the fourth quarter and beyond. We've added nearly 1.7 million mobility and broadband subscribers this year, a major improvement year over year. We're driving improved retention. We're drastically reducing our cost of acquisition and cost of retention.

總結而言，我們第三季的成果展現我們持續為客戶與股東創造價值的進展。我們的轉型持續推進，並在邁向第四季及其後展現良好動能。今年我們新增近 170 萬名行動通訊與寬頻訂戶，較去年有重大改善。我們正推動留存改善。我們正大幅降低獲客成本與留存成本。

We're driving some of the best account growth we've seen in years, and we're doing all of this while producing record-high margins and strong free cash flow. We continue to execute on all four pillars of our capital allocation framework, delivering improved shareholder returns, while investing in the business to ensure our network excellence. And we are well positioned to capture future growth opportunities, including within our AI Connect business.

我們正推動近年來所見最強勁的帳戶成長之一，同時也創造了創紀錄的高利潤率與強勁的自由現金流。我們持續落實資本配置框架的四大支柱，在投資業務以確保網路卓越的同時，為股東帶來更佳回報。此外，我們也已做好準備把握未來的成長機會，包括在我們的 AI Connect 業務之內。

Our plan is working, customers are responding positively, and we're driving meaningful returns for our shareholders. We're pleased with the progress we've made, and there's more to come. We are playing to win.

我們的計畫正在奏效，客戶反應正面，我們也正在為股東帶來具實質意義的回報。我們對目前取得的進展感到滿意，而且後續還會有更多成果。我們要以勝利為目標。

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. As a reminder, we would ask you to please limit yourself to one question.

謝謝你，Tony。Brad，我們現在準備開始提問。提醒各位，請每位僅限提一個問題。

(Operator Instructions) John Hodulik, UBS.

(接線員指示) UBS 的 John Hodulik。

Can we talk about pricing and volumes in the postpaid market and continue with that commentary? It looks like you've got some nice momentum on the volume side, both from accounts and gross adds. Can that continue as we look out into '27? And can you talk about what's resonating with customers that you're seeing such strong demand?

我們可以談談後付費市場的定價與量能，並延續你們先前的評論嗎？看起來你們在量的面向有不錯的動能，無論是帳戶數或總新增用戶。展望到 2027 年，這樣的趨勢能否延續？另外，能否談談你們看到哪些因素打動客戶，讓需求如此強勁？

And then on the pricing side, I think you guys have talked about some potential room for targeted price increases as churn came down. Can you just talk about your overall view on sort of pricing power in the industry? Thanks.

再來談定價面，我想你們曾提到，隨著流失率下降，可能有空間進行針對性的漲價。能否談談你們對整體產業「定價能力」的看法？謝謝。

Hey, John, it's Dan. We obviously had a good strong quarter on both lines and accounts. That's the first time we've had that kind of account growth in over a decade. But the thing that I'm most proud about in the quarter is kind of the way that we did it.

嗨，John，我是 Dan。我們這一季在用戶線數與帳戶數兩方面都表現強勁。這是十多年來第一次出現這種帳戶成長。但我這一季最引以為傲的，其實是我們達成的方式。

I always tell the team that our business model is a multivariable equation, that solving for just one variable is insufficient and it's not acceptable. And net adds are easy if your cost of acquisition goes way up and you give away free lines.

我一直跟團隊說，我們的商業模式是一個多變數方程式，只解其中一個變數是不夠的，也不可接受。如果你的獲客成本大幅上升、又送出免費門號，那麼淨新增其實很容易做出來。

I don't consider free lines to even be net adds. I think they're churn waiting to happen. And this quarter, if we operated in the same way that we did a year ago, we could do multiple hundreds of thousands more net adds, if you give away free lines and free phones.

我甚至不把免費門號視為淨新增。我認為那只是「等著發生的流失」。而這一季，如果我們用跟一年前相同的方式營運，只要送免費門號與免費手機，我們的淨新增還可以再多出好幾十萬。

That's why I'm so proud of the Q3 results, because not only were our postpaid net adds up nine fold from last year -- in fact, when we presented that to the Board, they questioned whether that was a typo or not. And our postpaid net accounts, best in a decade.

這就是為什麼我對第三季的結果如此自豪，因為我們的後付費淨新增較去年成長了九倍——事實上，當我們向董事會報告時，他們還質疑那是不是打錯字。而我們的後付費淨新增帳戶數，是十年來最佳。

But the quality of all those were exactly what we wanted. No free lines. Every single line and account came with revenue. And the cost to acquire those net accounts and net lines were down 41%. Postpaid churn continues to come down, it's down 4 points.

但更重要的是，這些新增的品質完全符合我們的期待。沒有免費門號。每一條線、每一個帳戶都帶來營收。而取得這些淨新增帳戶與淨新增門號的獲客成本下降了 41%。後付費流失率持續下降，下降了 4 個百分點。

I think we can continue to do year-over-year declines as I look ahead and I think we can even do better than where we are. But cost of retention was also down 30%. And if you remember, last year, churn rose every single quarter.

展望未來，我認為我們仍能持續做到年對年下降，甚至可以比目前更好。同時，留存成本也下降了 30%。而如果你還記得，去年流失率每一季都在上升。

And I said a year ago that we were no longer going to be prey, that we were going to stop losing market share, and that was true this quarter. And we did all of that in what I think was a very fiscally responsible manner. I mean we're competing the right way to win in the market.

我一年前就說過，我們不再當獵物，我們會停止流失市占，而這一季確實做到了。而且我認為我們是在非常審慎負責的財務方式下完成這一切。我們是在用正確的方式競爭，才能在市場中取勝。

We aren't competing on promotions or free phones or subsidies, which, by the way, to me, gives no one in the market any competitive advantage. Anybody launches something against us, we can respond in two hours. And if somebody tries to hit us, we hit back harder. There's no competitive advantage gained.

我們不是靠促銷、免費手機或補貼來競爭；順帶一提，在我看來，那些做法並不會讓市場上任何人取得競爭優勢。任何人推出針對我們的方案，我們兩小時內就能回應。如果有人想打我們，我們會更強力反擊。那並不會帶來任何競爭優勢。

The way to gain competitive advantage is to make sure that you look at your overall end-to-end customer experience, your value proposition, the strength of your network. Because there, you can create sustainable and lasting competitive advantage.

取得競爭優勢的方法，是確保你檢視端到端的整體客戶體驗、你的價值主張，以及你網路的強度。因為在這些方面，你才能建立可持續且長久的競爭優勢。

And clearly, our value proposition is resonating with our customers. Simplicity, Verizon One, our loyalty plan, as Tony said in his remarks, our customers love it, and we're seeing it in all of our results. What I really like about it is for that segment of the market, it's ARPA accretive. And as we look ahead, we expect to see net account growth in Q4 as well.

很明顯，我們的價值主張正在打動客戶。Simplicity、Verizon One、我們的忠誠方案，正如 Tony 在談話中提到的，客戶非常喜歡，我們也從各項結果中看得出來。我特別喜歡的一點是，對那個市場區隔而言，它能提升 ARPA。展望未來，我們預期第四季也會看到淨新增帳戶成長。

In terms of pricing, I've always said like, I'm not against taking up pricing as long as we add value to that. In the past, we took up pricing without adding any value to customers. And eventually, that comes back to haunt you.

就定價而言，我一直說，只要我們能增加相對應的價值，我並不反對調高價格。過去我們在沒有為客戶增加任何價值的情況下就調漲價格。而最終，那會反過來困擾你。

Your churn starts to go up, you lose the trust of your customers. We've added a tremendous amount of value in the last year, and there's potentially room for us to adjust that price-to-value equation by increasing pricing as well. I think we're in a place where we can start to think about that.

你的流失率開始上升，你會失去客戶的信任。過去一年我們增加了大量價值，因此我們可能也有空間透過提高價格來調整「價格對價值」的關係。我認為我們已經來到可以開始思考這件事的位置。

John, just to add a couple of things. Our gross adds were up 11% in the quarter, and that's driven by new to Verizon. And Simplicity being subsidy-free and transparent for customers, as Dan mentioned, allowed us to win a fiscally responsible way. And across segments where we've under-indexed, for example, in single-line and two-line accounts, we performed extremely well.

John，我再補充幾點。我們本季總新增用戶成長 11%，主要由「新加入 Verizon」的客戶所帶動。而如 Dan 所提到，Simplicity 不含補貼且對客戶透明，讓我們能以財務上負責任的方式取勝。此外，在我們過去滲透率偏低的區隔，例如單門號與雙門號帳戶，我們表現非常出色。

And we also delivered very strong margins in the quarter as well. Our EBITDA margin was over 40%, 40.2%, and our reported EBITDA was the highest that we've reported. So we're really proud of that and doing it in a responsible way.

同時，我們本季的利潤率也非常強勁。我們的 EBITDA 利潤率超過 40%，達 40.2%，而我們揭露的 EBITDA 也創下我們所報告過的最高水準。因此我們對此非常自豪，而且是以負責任的方式做到的。

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

Brad，請進行下一個問題。

Frank Louthan, Raymond James. Mr. Louthan, please check the mute button on your phone. And we've had no response from Frank.

Raymond James 的 Frank Louthan。Louthan 先生，請檢查您電話上的靜音鍵。我們沒有收到 Frank 的回應。

Michael Ng, Goldman Sachs.

Goldman Sachs 的 Michael Ng。

I just had two on Verizon AI Connect. First, great to see the momentum in that business. Could you talk a little bit more about the pipeline and the opportunity for the future hyperscale and neocloud deals that you talked about in prepared remarks for both distributed compute, but also edge?

我有兩個關於 Verizon AI Connect 的問題。首先，很高興看到該業務的動能。能否更詳細談談你們在先前準備稿中提到的未來超大規模（hyperscale）與新雲（neocloud）交易，在分散式運算以及邊緣（edge）方面的案源（pipeline）與機會？

And then second, anything you could share as it relates to the details of these deals? For instance, how long are the typical deal wins? And anything you could share as it relates to the expected cash margins? Thank you.

第二，關於這些交易的細節，有沒有什麼可以分享的？例如，典型的得標案合約期間通常多長？以及在預期現金利潤率方面，有沒有任何可以分享的資訊？謝謝。

Thanks, Mike, for that. I'll start off and then maybe Tony can add. I guess the way I would put it is AI Connect is a real business for us and a tremendous opportunity, and we're seeing that momentum. Customer demand across dark fiber, lit fiber or edge compute locations is exceptionally strong. I mean, obviously, it represents a significant growth opportunity for us and a large new and it's a rapidly growing TAM for us, addressable market.

謝謝你，Mike。我先回答，之後 Tony 也許可以補充。我會這樣說：AI Connect 對我們而言是一門真正的業務，也是非常巨大的機會，我們正看到這股動能。客戶對暗纖（dark fiber）、點亮纖（lit fiber）或邊緣運算據點的需求都異常強勁。顯然，這對我們而言代表重大的成長機會，也是我們一個龐大且快速成長的 TAM（總可服務市場）、可觸及市場。

As I mentioned, we already have approximately $4 billion of signed deals, and we're just getting started on that. And that includes hundreds of millions of dollars of revenues from our edge computing locations, and we're just scratching the surface there.

如我先前提到的，我們已經有約 40 億美元的已簽署交易，而且這才剛開始。其中包含來自我們邊緣運算據點的數億美元營收，而在那方面我們也才剛觸及皮毛。

Obviously, with the explosion of agents right now, the need for distributed inference computing, move from GPUs to CPUs, like the assets we have for that edge computing are exactly in the right place, and we're seeing a ton of demand for what are scarce assets.

顯然，隨著目前代理（agents）的爆發式成長，對分散式推論運算的需求，以及從 GPU 轉向 CPU 的趨勢，我們用於邊緣運算的資產正好位於最合適的位置；我們也看到對這些稀缺資產有大量需求。

From a financial point of view, these revenues come with attractive margins because of the demand and the scarcity of that, and we will begin to see their impact in 2027. There's no change to our 2026 CapEx envelope. And as I said in my remarks, we'll see some modest success-based CapEx associated with AI Connect in 2027.

從財務角度來看，由於需求強勁且資產稀缺，這些營收具備具吸引力的利潤率，我們將在 2027 年開始看到其影響。我們 2026 年的資本支出（CapEx）總額框架沒有變化。而且如我在發言中所說，2027 年我們會看到一些與 AI Connect 相關、以成功為基礎的適度資本支出。

We are clearly an attractive option and partner for the most demanding of customers. We know how to build networks. We have assets in place. We are amongst, if not the best-in-class, in terms of service and performance.

對於要求最嚴苛的客戶而言，我們顯然是一個具吸引力的選擇與合作夥伴。我們知道如何建置網路。我們已有資產到位。在服務與效能方面，我們是同業中名列前茅，甚至可說是最佳。

We have a solid balance sheet. And we now have plenty of supply because fiber itself is a scarce commodity as well. We're obviously really pleased to be partnering with Google and Amazon and others. And this is going to be an exciting new growth vector for us over the years to come.

我們的資產負債表穩健。而且我們現在也有充足的供給，因為光纖本身也是一種稀缺商品。我們當然非常高興能與 Google、Amazon 以及其他夥伴合作。這將在未來幾年成為我們令人振奮的新成長動能。

Yes. And just to add to that, on your question on the deals themselves, the deals are very customer specific. So no two deals are alike. So it's very much to customer specifications. As Dan mentioned, we're very happy with the Amazon deal that we announced this morning.

是的。我再補充一下，針對你關於交易本身的問題，這些交易非常依客戶而定。因此沒有任何兩筆交易是相同的。基本上都是依照客戶規格量身打造。如 Dan 所提到的，我們對今天早上宣布的 Amazon 交易非常滿意。

And on the Google deal, we've already -- we're already processing orders for fiber, so we're moving along there. And as Dan mentioned, these are very good margin deals for us, and they'll start layering into the results in 2027. And it's growth on top of our core business as well, which is really important for us, and we're really excited about the potential.

至於 Google 的交易，我們已經——我們已經在處理光纖的訂單，所以那邊正持續推進。而如 Dan 所說，這些對我們而言都是利潤率非常好的交易，並將在 2027 年開始逐步反映在業績中。而且這也是在我們核心業務之上的成長，這對我們非常重要；我們也對其潛力感到非常興奮。

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

Brad，請進行下一個問題。

Michael Rollins, Citi.

Michael Rollins，花旗（Citi）。

So I'm curious if you could discuss your latest thoughts on the potential impacts from a possible LEO and Starlink entry into the core mobile business. And if there's any developments on how you're looking at strategic alliances with LEO constellations in the category and whether or not you would offer an MVNO to LEO constellations, including Starlink.

我想了解你們對於可能的 LEO 與 Starlink 進入核心行動通訊業務，對你們造成的潛在影響，最新的看法是什麼。以及在這個類別中，你們是否有任何關於與 LEO 星座建立策略聯盟的最新進展；另外，你們是否會向 LEO 星座（包括 Starlink）提供 MVNO 服務。

Thanks, Mike, I'll take that. First of all, I appreciate the question and the concern. I'll just start off by saying my operating philosophy in general is to be very thoughtful, analytical, and to never take anything for granted. I always have my eyes wide open. Clearly, the tech and the wireless landscape is rapidly evolving, and we need to rapidly evolve along with that.

謝謝，Mike，我來回答。首先，我很感謝這個問題以及你的關切。我先說明一下，我的營運理念一向是要非常審慎、具分析性，且絕不把任何事視為理所當然。我始終保持高度警覺。很明顯，科技與無線通訊的環境正在快速演變，我們也必須跟著快速演進。

That's why I've been so demanding from everyone at Verizon. I mean I just don't want us to get incrementally better. I want us to leapfrog, I want us to think about not improving by 10%, which is great, but that we improve by 10 times. How do we do that in months, not years? And I'm pushing hard on everyone. So that we can shape the market and not react to it. And I want to be sure that we're always in a position to play to win.

這也是為什麼我對 Verizon 的每個人都要求很高。我的意思是，我不希望我們只是逐步變得更好。我希望我們能超越對手，我希望我們思考的不是提升 10%（那當然也很好），而是提升 10 倍。我們要如何在幾個月內做到，而不是幾年？我正在對所有人施加很大的推動力。讓我們能塑造市場，而不是被動反應。我也希望確保我們永遠處在能夠爭勝的位置。

I also operate under the assumption that everything SpaceX says they will do, they will do, and that they will execute flawlessly. That's my operating assumption on it. I think to assume anything else makes no sense from my perspective. And everything that we've seen so far, all of their announcements, everything we're hearing in the market, and I'll talk about that in just a second, is, so far, the path that we've basically predicted that they would do.

我也以這樣的假設來運作：SpaceX 說他們會做的事，他們都會做到，而且會完美執行。這就是我對此的基本假設。在我看來，做其他假設沒有意義。而且到目前為止，我們看到的一切——他們所有的公告、我們在市場上聽到的一切（我等一下會談到）——基本上都符合我們先前預測他們會走的路徑。

We always knew that they needed a terrestrial network to have any chance at providing a competitive service. I don't really need to rereview the satellite beam physics, but just suffice it to say that without a terrestrial network, their addressable market for broadband services is relatively small.

我們一直都知道，他們若要有任何機會提供具競爭力的服務，就需要地面網路。我不需要重新講解衛星波束的物理限制，但簡單來說，若沒有地面網路，他們在寬頻服務上的可服務市場相對有限。

It's in very rural areas. And their service just can't compete with the terrestrial network. In suburban and urban areas where like [a vast majority](Corrected by company after the call) of our revenues are, we're somewhere between 100 to 1,000 times more efficient than they are. And when you think about wireless, it's even more difficult with them to compete on a satellite basis.

那主要是在非常偏遠的地區。而他們的服務無法與地面網路競爭。在郊區與都會區——也就是我們營收的[絕大多數](公司於電話會議後更正)所在之處——我們的效率大約是他們的 100 到 1,000 倍。而當你談到無線通訊時，他們要以衛星方式競爭就更困難了。

So I think that SpaceX realizes this, and they're exploring a potential path to creating a terrestrial network. It's not surprising. They said it on their call. So I think we should take it quite seriously. And from what we see and what we hear in the market, because there are no secrets in the market, we know exactly what they're going to do.

所以我認為 SpaceX 也意識到這點，他們正在探索建立地面網路的可能路徑。這並不令人意外。他們在自己的電話會議上也說了。因此我認為我們應該非常嚴肅地看待。而且根據我們所見、以及我們在市場上聽到的情況——因為市場上沒有秘密——我們很清楚他們將要做什麼。

We know what their RFIs are. We know who they're talking to on towers. We know who they're talking to put terrestrial equipment in place. Like inside the industry, we know exactly what they're thinking about doing it. And if they build a terrestrial network, it will basically look and feel like every other network, right? There's no magic wand.

我們知道他們的 RFI（資訊徵詢）內容是什麼。我們知道他們在塔台方面正在跟誰洽談。我們知道他們在與誰洽談部署地面設備。就產業內部而言，我們非常清楚他們在考慮做什麼。而如果他們建置地面網路，基本上看起來、用起來都會和其他所有網路一樣，對吧？沒有什麼魔法棒。

There's no secret sauce. There's no shortcut. There's no radically lower structural cost advantage. If they build one, they're going to look at 65,000 to 80,000 macro sites. They're going to need backhaul, some combination of fiber and maybe some satellite. They're going to need RAN.

沒有什麼獨門祕方。沒有捷徑。也不存在結構性成本大幅更低的優勢。如果他們要建，將會面對 65,000 到 80,000 個宏站點。他們需要回傳（backhaul），可能是光纖與部分衛星的組合。他們需要 RAN（無線接取網路）。

They're going to need a tremendous amount of spectrum. And assuming that's the case and assuming they try to go do that, it's going to take a minimum of four to six years to fully build that out. It's going to cost hundreds and hundreds of billions of dollars, I assume somewhere between $300 billion and $0.5 trillion over the next, like, seven or eight years.

他們需要大量的頻譜。而假設情況如此、也假設他們真的要去做，完整建置至少需要 4 到 6 年。我認為成本將高達數千億、數千億美元；我估計在未來大約 7 到 8 年間，可能介於 3,000 億美元到 0.5 兆美元之間。

And then they need to build retail, customer service, back-office systems, et cetera. And all of that gets them basically the same network and saving capabilities and same cost structure as what we have today. And then sometime over the next four to six years, they have the possibility of becoming the sixth, not the fourth, the sixth competitor in the market.

接著他們還需要建立零售通路、客服、後台系統等等。而所有這些投入，最終基本上只會讓他們得到一個在節省能力與成本結構上，與我們今天相同的網路。然後在未來 4 到 6 年的某個時間點，他們有可能成為市場上的第六個——不是第四個——第六個競爭者。

And frankly, at that point, welcome the opportunity to compete against them. It's very hard to throw a punch against something that doesn't exist. But once they come into the market, we will be ferociously competitive. We already have America's best network in terms of coverage, performance and reliability. We already compete against three.

坦白說，到了那個時候，我們歡迎有機會與他們競爭。要對一個不存在的東西出拳是非常困難的。但一旦他們進入市場，我們將以極具侵略性的方式競爭。就覆蓋、效能與可靠性而言，我們已經擁有全美最佳網路。我們也已經在與三家競爭。

I mean two of our competitors out there offer free wireless service, and we are not only competing extremely well, but we're now holding share and beginning to gain share. And you can sure, over these next three to five years or six years, we're not going to be standing still.

我的意思是，我們有兩家競爭對手提供免費無線服務，而我們不僅競爭得非常好，現在還守住市占並開始提升市占。而且你可以確定，在接下來三到五年或六年裡，我們不會停滯不前。

I mean four to five years from now, we will be two to three generations better than where we are today. We'll have high-speed broadband, gig-plus coverage across the country with our millimeter wave, which has now become this tremendous advantage for us with 1,700 megahertz of millimeter wave, 2 times that of any of our competitors.

我的意思是，四到五年後，我們將比今天領先兩到三個世代。我們將擁有高速寬頻，並透過毫米波在全國提供 gig-plus 覆蓋；我們擁有 1,700 兆赫的毫米波頻譜，已成為我們巨大的優勢，是任何競爭對手的 2 倍。

We'll put that and deploy that we are ahead of most people and already experimenting with what 6G applications will look like. We are going to have a host of AI-enabled new value propositions using our data, our information, our AI tech stack to create new products, new services to be able to play into edge computing and all of the applications around that, whether it be robotics or agents.

我們會把這些部署出去；我們領先多數人，並且已經在試驗 6G 應用會是什麼樣子。我們將推出一系列由 AI 驅動的新價值主張，運用我們的數據、資訊與 AI 技術堆疊來打造新產品、新服務，進而切入邊緣運算以及其周邊的各種應用，不論是機器人或代理（agents）。

In three to five years, most of our base will be fully bundled and we will be massively more efficient and massively more optimized in terms of our cost structure. And of course, AI Connect is going to be a major business for us.

在三到五年內，我們的大多數用戶基礎將完成全套綑綁（fully bundled），而我們在成本結構上將大幅提升效率並大幅優化。當然，AI Connect 將成為我們的一項主要業務。

So we are more than ready to compete on our network, on our value prop on our service and much more. And there's no reason to think that with the same network, same cost structure, that we won't be very successful by continuing to grow our business and compete strongly.

因此，我們已經非常準備好在網路、價值主張、服務等各方面競爭，而且還不止於此。也沒有理由認為，在相同的網路、相同的成本結構下，我們無法透過持續成長業務並強力競爭而取得非常成功的成果。

I do think there is a role for satellite, for sure. In remote areas, it's a great service for those customers. And I do think there are ways that we can work together, either directly or through our JV, with satellite providers, to provide a complementary service and a differentiated value proposition.

我確實認為衛星一定有其角色。在偏遠地區，對那些客戶而言這是一項很棒的服務。而且我也認為，我們可以透過直接合作或透過我們的合資企業（JV），與衛星供應商合作，提供互補性的服務與差異化的價值主張。

I will say, and I'll repeat it again, that there are no back doors to any of our MVNO agreements. And I see absolutely no benefit whatsoever to extending an MVNO deal to any satellite provider. I don't buy into the idea of this prisoner's dilemma. That's ridiculous.

我要說，而且我再重申一次，我們任何 MVNO 協議都沒有後門。而且我完全看不出把 MVNO 合約延伸到任何衛星供應商有任何好處。我不認同所謂「囚徒困境」的說法。那太荒謬了。

There is no benefit to Verizon extending an MVNO deal. And we look forward to being able in four to six years to finally punch back, and we'll punch back hard when that happens.

Verizon 延伸 MVNO 合約沒有任何好處。我們期待在四到六年後終於能夠反擊，而到那時我們會強力反擊。

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

Brad，請進行下一個問題。

Sean Diffley, Morgan Stanley.

Morgan Stanley 的 Sean Diffley。

Thanks very much, team. And that was very clear, Dan. I wanted to hear your thoughts on where you see fixed wireless fitting into the broader equation in the next three to five years. You mentioned hit some speed standard issues, I guess, intra quarter. Maybe just double-click on that. Walk us through what those are. You mentioned a kind of 1 gig fixed wireless product in metros, if you could elaborate? And do you guys have enough spectrum to scale where you want to be in this business?

非常感謝，各位團隊。Dan，你剛才講得很清楚。我想聽聽你對於未來三到五年固定無線（fixed wireless）在更大格局中會扮演什麼角色的看法。你提到在季度內（intra quarter）遇到一些速度標準的問題。能否再深入說明一下？帶我們了解一下那些問題是什麼。你提到在都會區有一種 1 gig 的固定無線產品，能否多談一些？另外，你們的頻譜是否足以支撐你們希望在這項業務中達到的規模？

Yes. Okay. Those are a lot of questions. Let me try and get as many of them as I can. First of all, on broadband, fixed wireless access and convergence. So we continue to take share. We did 314,000 FWA and fiber net adds.

是的。好的。問題很多。我盡量回答越多越好。首先談寬頻、固定無線接入（FWA）以及融合（convergence）。我們持續提升市占。我們的 FWA 與光纖寬頻淨增用戶為 314,000。

We've done over 1 million year-to-date. We have 17.4 million broadband subs in our base. We have strong ARPUs. We actually have growing ARPUs in our broadband service, were up year-over-year in Q3. And we're seeing no discernible impact from any alternative providers.

年初至今我們已新增超過 100 萬。我們的用戶基礎中有 1,740 萬寬頻訂戶。我們的 ARPU 很強。事實上，我們寬頻服務的 ARPU 還在成長，第三季（Q3）年增；而且我們看不到任何替代供應商帶來的明顯影響。

So broadband and convergence are going to be key priorities for us. There will be substantial growth drivers in both the short and the medium term. The strong consumer demand, really pleased with the uptake of Verizon One. And increasing demand for higher download speeds. I think that will just continue to increase with what's happening with AI.

因此，寬頻與融合將是我們的關鍵優先事項。短期與中期都會有可觀的成長動能。消費者需求強勁，我們對 Verizon One 的採用情況非常滿意；而且對更高下載速度的需求也在增加。我認為隨著 AI 的發展，這種需求只會持續上升。

And I would just point out, when I was talking about satellite, their physics get even worse as you have higher and higher broadband speeds to serve. The congestion happens much quicker at that -- at those levels.

我也想指出，當我談到衛星時，隨著要提供的寬頻速度越來越高，衛星在物理限制上的劣勢會更明顯。在那樣的速度等級下，壅塞會更快發生。

So there are two implications that became very clear to me. One is we need to be way more sophisticated and segmented in our go-to-market approach. Like I want to assure we sell consumers the right service to meet their needs versus selling what we have available in our network.

因此，有兩個含意對我來說變得非常清楚。第一，我們在上市策略（go-to-market）上需要更成熟、更細分。例如，我想確保我們賣給消費者的是能滿足其需求的正確服務，而不是賣我們網路上剛好能提供的服務。

If a customer needs 1 gig of speed and we can only offer them 300 meg, we shouldn't sell the service. It's just going to be something that disappoints the customer. And a customer need is always going to supersede any internal metric, from my perspective.

如果客戶需要 1 gig 的速度，而我們只能提供 300 meg，那我們就不該賣這個服務。那只會讓客戶失望。從我的角度來看，客戶需求永遠優先於任何內部指標。

And then the second implication was like we need a much wider footprint in which we can provide 1 gig or more of speed. And that really was the genesis of our millimeter wave solution. How can we take this massive spectrum holding that we have, 1,700 megahertz of spectrum, that was largely underutilized, and turn it into a competitive and differentiated advantage for us? Not just against competitors, but in serving our customers as well.

第二個含意是，我們需要更廣的覆蓋範圍，才能提供 1 gig 或更高的速度。而這正是我們毫米波解決方案的起點。我們如何把手上這個龐大的頻譜持有量——1,700 兆赫的頻譜——過去多半未被充分利用的部分，轉化為我們具競爭力且差異化的優勢？不只是對抗競爭對手，也是在服務我們的客戶。

And our goal now with this new service, and we trialed it and now we're having operational success with it, we'll start to roll it out this quarter and into '27, and beyond, is to have the nation's largest high-speed footprint with a medium-term target of 50 million to 65 million prems passed with 1 gig or more of download speed.

我們現在對這項新服務的目標是：我們已經試點，且目前在營運上取得成功；我們將在本季開始推出，並延續到 2027 年（'27）及之後，打造全美最大的高速覆蓋範圍；中期目標是讓 5,000 萬到 6,500 萬個可服務據點（premises passed）具備 1 gig 或更高的下載速度。

People ask me like, are you still comfortable with the 8 million to 9 million of FWA by 2028? The answer would be absolutely, we are. But the truth of the matter is now that we have high-speed FWA offer, we'll go well beyond that now, because we have a lot more capabilities, we have a lot more capacity to do that.

有人問我：你們對 2028 年 FWA 達到 800 萬到 900 萬用戶的目標還有信心嗎？答案是：絕對有。但事實是，現在我們有了高速 FWA 方案，我們將會遠超過那個數字，因為我們具備更多能力，也有更大的容量去做到。

And clearly, another obvious ancillary benefit is it makes our entire network more efficient. It offloads C-band capacity. It gives our network more capacity and runway. And it significantly alters our spectrum positioning. And by the way, that rollout, which will start in Q4 and, again, do it market by market in '27, and beyond, is much more cost efficient than rolling out fiber, significantly so. There's no right of way, no digging, no permitting.

而且很明顯，另一個附帶的好處是，這會讓我們整體網路更有效率。它能分流 C-band 的容量。它讓我們的網路擁有更多容量與更長的成長跑道。並且顯著改變我們的頻譜布局。順帶一提，這個部署將在第四季（Q4）開始，並且如我所說，於 2027 年（'27）及之後按市場逐一推進；相較於鋪設光纖，成本效率高得多，顯著更省。不需要路權、不需要開挖、不需要許可。

And so we would expect to see our broadband pickup throughout 2027 and beyond on both fiber and a revamped high-speed FWA service. I think you'll see broadband convergence be a substantial growth driver for us. And these new solutions provide technological competitive advantage that others don't have.

因此，我們預期從 2027 年及之後，無論在光纖或經過改造的高速 FWA 服務上，寬頻表現都會持續回升。我認為你會看到寬頻融合成為我們重要的成長動能。而這些新解決方案帶來其他人所沒有的技術競爭優勢。

And when it comes to like spectrum in general, I think there's a lot of thought around spectrum, obviously, a lot of speculation. You got upper C-band coming in the first half of next year. That's 160 megahertz speculation. Will SpaceX be a part of that or not? Remember on that, that that will take four to five years to clear. And you need different equipment associated with that.

至於一般所說的頻譜，我認為大家對頻譜有很多想法，當然也有很多揣測。明年上半年會有上層 C-band（upper C-band）。那是 160 兆赫的揣測空間。SpaceX 會不會參與其中？請記住，那需要四到五年才能清頻（clear）。而且還需要搭配不同的設備。

So even if SpaceX, and I'm assuming they bid in it. I'm not sure one way or another what we will do, given our new spectrum position, but say they get some spectrum, they can't deploy that for four or five years. I mean it's just -- it is spectrum that is, I think, reasonable spectrum, but it takes quite some time to clear.

所以即使是 SpaceX，而且我假設他們也有參與投標。以我們目前新的頻譜位置來看，我不確定我們會怎麼做，但就算他們拿到一些頻譜，他們也要四到五年後才能部署。我的意思是——我認為那是合理的頻譜，但要完成清頻需要相當長的時間。

And we'll evaluate our spectrum needs. We always look at build versus buy. We look at densification alternatives. I'm really pleased with the network efficiencies that our guys have done in terms of improving our network capacity. And now we have the ability to put our millimeter wave spectrum to use.

我們會評估我們的頻譜需求。我們一向會比較自建與收購。我們也會看網路加密（densification）的替代方案。我對團隊在提升網路容量方面所做的網路效率改善感到非常滿意。而現在我們也有能力把毫米波頻譜投入使用。

I mean it's early days, but it is a technological breakthrough, and it's very exciting. We have basically 2 times that of our competitors. I like the way our millimeter wave spectrum is laid out. It's a real competitive advantage. It will offload C-band. And it reframes the way that we're thinking about our spectrum needs.

我的意思是，現在還在早期階段，但這是一項技術突破，非常令人振奮。我們基本上是競爭對手的 2 倍。我喜歡我們毫米波頻譜的配置方式。這是真正的競爭優勢。它將分流 C 頻段的負載。也會重新塑造我們思考頻譜需求的方式。

The good news is, as Tony has pointed out, is we have plenty of flexibility. We have very strong free cash flow. Our balance sheet is in really good shape. We'll hit our leverage targets early next year. And our priority is to invest in our business, then keep growth in our dividend per share, pay down debt, return to our leverage ratios and return capital to shareholders.

好消息是，如 Tony 所指出的，我們有很大的彈性。我們有非常強勁的自由現金流。我們的資產負債表狀況非常好。我們將在明年初提前達成槓桿目標。我們的優先順序是先投資於業務，其次維持每股股利成長、償還債務、回到我們的槓桿比率，並回饋資本給股東。

I think at the end of the day, as I think about all the things the team has done, all the work they've done around creating some innovative solutions and capabilities, is all of a sudden our spectrum position is suddenly in a much better place than we expected and there is a robust pipeline of upcoming spectrum auctions beyond '27, that give us additional flexibility.

我想最終來看，當我回顧團隊所做的一切、以及他們在打造創新解決方案與能力方面的努力時，我們的頻譜位置突然變得比預期好得多；而且在 2027 年之後還有一個強勁的後續頻譜拍賣管線，讓我們擁有額外的彈性。

So all in all, the picture has changed quite a bit for us. We have a lot of flexibility. And we'll be thoughtful about how we approach the market.

所以整體而言，我們的情勢已經改變了不少。我們有很大的彈性。我們也會審慎思考如何切入市場。

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。

Greg Williams, TD Cowen.

TD Cowen 的 Greg Williams。

Great. Thanks for taking my questions. Just had one on the rise of agentic AI and the talk about use and potential impacts on ARPU?

很好。謝謝讓我提問。我只有一個問題，關於代理式 AI（agentic AI）的興起，以及大家在談它的使用與對 ARPU 的潛在影響？

I'll take that one. I guess. Look, clearly, we are entering into the age of AI, of agents, I think AGI, depends on who you talk to, is one to three years away. I mean it's clearly upon us. Quantum hitting shortly thereafter, robotics through that. All of these things are going to fundamentally change the face and nature of every single business.

我來回答這題。我想。你看，很明顯我們正在進入 AI 的時代、代理的時代；我認為 AGI 距離現在一到三年，這要看你問的是誰。也就是說，它顯然已經來了。量子運算很快也會接續而來，還有機器人技術。所有這些都將從根本上改變每一個企業的面貌與本質。

And I'm pretty excited about the opportunity that that affords us. We have an opportunity to dramatically improve our productivity and our cost structure. We are already utilizing AI to increase customer satisfaction, whether that be fixing issues before they even pop up to customers, and our network through our customer service. It's going to open tremendous new TAMs for us.

而我對這帶來的機會感到相當興奮。我們有機會大幅提升生產力並改善成本結構。我們已經在運用 AI 來提升客戶滿意度，不論是問題在客戶察覺前就先行修復，或是透過客服來優化我們的網路體驗。這將為我們開啟龐大的新 TAM（總可服務市場）。

AI Connect, talking in six months, we've already signed up almost $4 billion of signed contracts. There are going to be all sorts of new value props that we develop using our data, our network infrastructure, our quite extensive customer relationships and our trusted brand. And so, you're going to see a very different Verizon going forward with all sorts of new adjacencies opening up for us.

AI Connect，才談了六個月，我們就已經簽下將近 40 億美元的已簽約合約。我們會利用數據、網路基礎設施、相當廣泛的客戶關係以及值得信賴的品牌，開發各式各樣新的價值主張。因此，未來你會看到一個非常不同的 Verizon，並且會有各種新的相鄰領域（adjacencies）為我們打開。

Look, I think as I look out over the next couple of years, there'll be something like 8.5 billion people in the world, but I think there could be at least 100 billion agents. There is going to be an explosion in data traffic, and our network will become a scarce and crucial asset. And we will price it as such. You'll see different pricing plans.

你看，我認為在未來幾年，全球人口大概會有 85 億，但我覺得代理至少可能有 1,000 億個。資料流量將會爆炸性成長，而我們的網路將成為稀缺且關鍵的資產。我們也會以此來定價。你會看到不同的資費方案。

You'll see us take advantage of our national fiber network backbone to be competitively differentiated. Consumers and agents will need a trusted and safe and secure environment to protect against fraud and to protect their privacy.

你會看到我們善用全國性的光纖網路骨幹，形成具競爭差異化的優勢。消費者與代理都需要一個可信賴、安全且具資安防護的環境，以防範詐欺並保護隱私。

And we'll be sure that we won't allow agents to access our platforms unless we're 100% certain that it's truly a customer and not a rogue agent, and that the purchase decisions that that agent is doing are aligned with what a customer is giving them permission to go do so.

我們也會確保，除非我們 100% 確定那確實是客戶而不是惡意代理，否則不會允許代理存取我們的平台；並且確保該代理所做的購買決策，與客戶授權其執行的範圍一致。

I do think purchase decisions in wireless are complex. They have to do a lot with coverage and quality, speeds, family plans, perks, loyalties, converged bundles. It's not a straight to straight price comparison. And I do think that's possibly a huge opportunity for us to deliver agents to our consumers to sell more. You think about our bundles.

我確實認為無線服務的購買決策很複雜。它與覆蓋與品質、速度、家庭方案、加值福利、忠誠度、融合式組合方案等高度相關。這不是單純的價格對價格比較。我也認為，這可能是我們向消費者提供代理、以帶動更多銷售的一個巨大機會。你想想我們的組合方案。

Our bundles are always better than any stand-alone offer out there. And you can imagine how much more bundles, of how much more subscriptions we could get utilizing agents who can go and find the right password, which is typically a lot people don't change because they don't remember their passwords.

我們的組合方案永遠都比市面上任何單一（stand-alone）的方案更好。而你可以想像，若運用代理去找出正確的密碼，我們能推動更多組合方案、更多訂閱；因為通常很多人不更改密碼，是因為他們記不得自己的密碼。

And so I think there's a huge opportunity for us to drive incremental revenues, for us to be able to utilize Verizon dollars, our new loyalty structure with agents so they can go out and purchase things with that. And so overall, I see a tremendous opportunity, and it is something that we are doubling down on to take full advantage of everything going on with agentic commerce, but with AI in general.

因此我認為，我們在帶動增量營收方面有很大的機會；我們也能運用 Verizon 點數（Verizon dollars）以及我們新的忠誠度架構，搭配代理讓它們出去完成購買。總體而言，我看到非常巨大的機會；而這也是我們正在加碼投入的方向，去充分掌握代理式商務（agentic commerce）以及整體 AI 所帶來的一切。

I'd say just to wrap up, I think there are really like three big takeaways for the quarter. I mean, obviously, our results were really strong for the quarter. And what I'm most pleased about is the momentum that we see as we're going into the fourth quarter. As Tony mentioned, we're off to a strong start. And we have strong momentum going into 2027. Second thing is that AI Connect is now real.

我想最後做個總結，我認為本季大概有三個重點。很明顯，我們本季的業績表現非常強勁。而我最滿意的是，我們在邁入第四季時所看到的動能。如 Tony 所提到的，我們開局很強。而且我們一路到 2027 年都有強勁動能。第二點是，AI Connect 現在已經成真。

In six months, we have $4 billion of signed contracts. It's a large and growing TAM, and we have strong momentum in that. And finally, this technological breakthrough with millimeter wave is now a real substantial strategic asset and competitive advantage for us, and all our relative spectrum position has flipped, and our goal there now is to be the largest high-speed provider in the country at the lowest cost. And when I say lowest cost, it's to deploy.

在六個月內，我們已簽下 40 億美元的合約。這是一個龐大且持續成長的 TAM，我們在其中也有強勁動能。最後，毫米波的這項技術突破，現在已成為我們真正重要的策略資產與競爭優勢；我們相對的頻譜位置已經翻轉，而我們在那裡的目標，是以最低的部署成本，成為全國最大的高速服務提供者。我所說的最低成本，是指部署成本。

So thank you, everybody, for your time. We appreciate it, and look forward to conversations in the future. Colleen?

所以謝謝各位撥冗參與。我們非常感謝，也期待未來的交流。Colleen？

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

我們今天的時間就到這裡。謝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，以及使用 Verizon 會議服務。您現在可以掛線。