VZ - Earnings call transcript Q4 2021 | Verizon Communications Inc.

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Operator

Good morning, and welcome to the Verizon Fourth Quarter 2021 Earnings Conference Call. At this time, all participants have been placed in a listen-only mode, and the floor will be open for questions following the presentation. [Operator Instructions] Today's conference is being recorded.

If you have any objections, you may disconnect at this time. It is now my pleasure to turn the call over to your host, Brady Connor, Senior Vice President of Investor Relations.

Brady Connor

Brad. Thanks welcome quarter and conference our to morning, earnings fourth call. Good Chief here Brady Vestberg; Chairman our Connor, is with and Officer. and Ellis, Hans This Officer, I'm our Executive and Matt Financial Chief

presentation and our available earnings on be Investor and and on As a this slides A call release, available replay reminder, are website. made of operating our financial information website. the transcript Relations also our will

Slide that Safe X. I'd started, to your Harbor like factors contains statement affect our about risks and on and that in Before future we get of to statements Information website. of is financial attention draw Verizon's future uncertainties. presentation contained financial This are are this non-GAAP events to Discussions subject may SEC, these website. and filings expected financial forward-looking contains in on which the in certain measures to materials comparable measures. GAAP the posted directly non-GAAP our the on included most Reconciliations results with presentation measures our are available results

a be for spectrum will or the we the auction on so we X.XX not quiet period strategy. are As to mid-band spectrum gigahertz comment our holdings still able in reminder,

liabilities to annual $XXX credit a $X.X pretax related the of of mark-to-market million basis. severance, the take of fourth a charge debt, $X.XX investment. in the at look let's charge to earnings quarter from Reported include disposition earnings $X.X to of earnings items and our gain loss consolidated primarily year billion. net pension net In special extinguishment This on full billion Now $X.X $XXX full includes GAAP billion and quarter related an per share year. OPEB fourth for for for a reported a we of resulting quarter, early approximately fourth the of of share, and per the a a $X.XX a million earnings pertaining

quarter and was revenue per associated The approximately TracFone year. full in revenue $X.XX from of of of fourth We fourth with in items, quarter for acquisition adjusted the XXXX. XX. completed was $X.XX effect this the special these November earnings than received the the higher TracFone the share Excluding on TracFone the million $XXX year

revenue our of All through Group. Consumer flows this

press morning, beginning in exclude As amortization our per adjusted acquisition-related assets. noted share release earnings in our this of XXXX, intangible will

approximately intangible such for XXXX, XXXX, impacted For to negatively anticipate approximately earnings $X.XX. the we by adjusted $X.XX to share per amortization be $X.XX. impact And

our in year be us now further of event With York over will to provide Finally, hosting March X XXXX. call team City, a through will Day details on company's we on Investor our plans the New that, exciting to take for Hans our leadership turn Annual I'll this beyond. recap where and

Hans Vestberg

of Verizon. Thank on more for Americans Ultra has Wideband before past which go, one home joined the of you, Brady, January happy enable our power year network a their their in on will transformative to speed, C-band, and experience or This reliability been businesses. multipurpose you. best to XX, than ever I week successfully we On since of and all new the launched XG

delivering dedication V Our us growth. our discussing for will spend want and this throughout and communities. we and thank work how I work will customers XXXX moment, our to here throughout accomplishment accelerate and how XXXX your our to our I brought our for and this got incredible all hard call team for

and on our operational proud catalyst I'm many via we executed so strategic Verizon, was of We objectives in have so never as This very XXXX. did well work. a and

and is new an business society. have that customers era clear of and our We disciplined network broadband to in based where strategy creates economies on and a our essential multipurpose models scale

us sets a year transformative our clearly year that in that it and confirm for strategy XXXX a working clearly was high XXXX. for results up Verizon, impact is Our and

Verizon We have being XXth network We're network more years. J.D. as our the and Verizon technology ranked our support leads Power our accomplished and to in assets, quality. high-quality time we for to four J.D. now what both first opportunities stakeholders: customers, time, industry our shareholders, same in society address the row, best-in-class is of Award recognized the Quality for have the most business. extend market. portfolio in responsible leadership widely for a in Network This the to sustainability. leveraging we comprehensive than industry's assembled anyone else Power XX employees XXXth At a continue

XXX, long-term both shareholder will JUST and are Institute the value. we by peers, that Drucker ahead We multi-stakeholder confident of are and our strategy ranked our to lead

future. We the reliable expertise foundation a in into Verizon built team has and and engineers network. a vibrant forward lead and and have the computing mobile best the world, country This world they to a asset accelerating for have the growth. the our is scalable catalyst

assets. our and XXXX making executing on XG This We're progress So experience. strategy, sets vectors for momentum a a customer up we of portfolio beyond. us of five with our great premier XXXX significant begin and growth delivering strong

an financial Let on the me give update and metrics. operation

quarter, clear first set we XXXX's targets. During

for millions additional than on in more we brought our than Today, the team more accelerate spend cities, augment achievements more opportunities. close enter in greater value to million well XXXX, XXXX. making cells capital covered and plan POPs areas year, all Wideband X% to nearly XX exceeding our in Ultra we X,XXX will in only network incremental presence, progressing footprint Investor On Verizon We're multipurpose of million small expectation. performance. we have wave XX Wideband C-band XXXX far POPs from XX and Day state-of-the-art it's I'm service, what on than the our doubling this and strategy. network. excellent our goal XX%, our at This delivered a of last said confirms in almost had week's last out wave January millimeter annual XX,XXX launch. XG total proud millimeter pleased traffic them create cover covered also some, to we're Today, of with we business that exceeding plus excited and we more customer we XG to of creation capitalize our wave. deployment, millimeter and homes so reception to would our Ultra we As fiber report increasing XX% by than and as At our our seen stage even urban use is All have ahead

finished our adds with homes. our have wireless for XX network million covered T-band We households We millions grown XXXX solutions fixed access and significantly. over more

Verizon our across business, initial organizations For with C-band XG will XXX Internet million recover more than business X.X expansion cities.

options offering to relevant of and our plan business lives. capabilities a breadth that by make We will reach retail new their clients

home Our to new options XG plan pick X.X they offerings mix match and with savings allow on want for customers Internet. the

offer business that we businesses, professional bring unlimited and to choice the power market. For offerings

customers Apollo in retaining In strategic Verizon transaction minority strategic to addition of to our We Media completed we two at on new acquisition cements achievements, in and Walmart our one our as strong our Group deepen transactions forming opportunity services. us This is XXXX. number November, Management TracFone Verizon million $X as to and integrated TracFone, network to Best the a value sold operation. in a a retail more prepaid billion provider Buy added delivering large we into within XX ownership. enhanced segment. in our for And our foundation rapidly customers efforts. relationship model Global closed prepaid with September, the while closed vendor of Verizon acquisition that positioning being The enables leading

the XXXX and in services. were our We Internet XXXX, also Fios service. Internet best-in-class since bundled continue adds availability continue telephone to of reach television new and we customers expand through best to

Importantly, our loyal, provided including wireless phone value high-quality X.X our relationships. We and our with This additional NFL, more for to with lives we net that partnership customers to our best our adding the more while unique Apple, postpaid through Niantic with relationship and adds, are brands name maintaining cultivating includes customers strengthened a Discovery million connections, businesses. content than new people, and Disney, few. strategy meaningful partnership

to mobile and XXXX industrial alongside leaders the demonstrated said, connectivity offer again, throughout affected consumer supply and capabilities, extending something our our working. world by Disruptions That as financial AWS, brought in Once launches. the strategy lives demonstrates all edge performance service to and stakeholders. in discussion executed we expansion network has first our year focus compute digital of Verizon central and network have this is successful and under businesses, Google chains effectively Microsoft. industries we're with the into industry like For our

revenue fourth quarter, focus Our XX% of compared our in continues in customers an And unlimited XX% on drive profitable the plan X.X% in of subscribed wireless to XXXX. to to volume service QX. growth

for one-third leaves over continued unlimited of This premium. subscribers step-up have unlimited Just room expansion. our

and XXXX throughout of handsets handsets saw XG will per also billion the in guidance in ahead both We of Our also services. multipurpose EPS third XG-enabled about share new quick We growth. in during the promised wireless adoption of XX% now network schedule. and XX% devices. on earnings our help upgrade compared of year savings, and We cost handsets and including plans deliver to we $XX deliver service quarter. anticipation to customers' raised are flexible and One-third our revenue customers

strong our XXth investments while strive to business. sheet. we a We support and more payments cash maintaining delivered However, we increased our flows consecutive healthy of to commitment, efficiently our generated balance manage financial continuously and dividend year

to XXXX service also towards energy We of Citizen, meeting to and XXXX delivered growth will Company bridge to as our promises. As our well achieve X% EBITDA including performance the has as and spending renewable positioning X% target of detail. in other over and divide capacity, for our action significant support technology contracting energy for will education focus XX% by X%. Verizon and goals, Matt on to adoption we highlight digital But XXXX. ESG, revenue on organic took goal around renewable on guidance its

assets and computing this. our XG potential. edge multipurpose to mobile unlimited in a XXXX demonstrate and Verizon will on reach right the place capabilities consumers sound businesses has strategy and network, With with

detail. you Now, I full over greater walk to fourth year call and turn Matt to performance in through the will our quarter

Matt Ellis

morning, to full everyone. continue strong financial Thank to fourth operating you I'm we to be year deliver results share XXXX performance. with pleased today you, and Hans, where and our quarter and good

I deployment us. many my for launch well the get build the congratulations to successful and C-band own ahead Before commercial schedule for add our team let C-band opportunities into of targets The me results, Verizon so provides week. XXXX for achieving the

demonstrate with our and results our to Hans discipline while do that strategy by this these serving attractive and our compete high-quality new As customers. the to deliver to strong best both revenue performance starts deliver healthy as our experiences to cash which profitability networks, services business with our products, generation. earnings organizations service is effectively It enable us We another customer ability to to award-winning evidenced best-in-class and growth with financial drive base. also mentioned, consumer the customers platforms our working enables and

With be is and innovative best of the acquisition mix deployment industry, spectrum, TracFone, match positioned C-band new team the our and year in to yet. most and of strongest XXXX plans, the the

these at wireline revenue the and look legacy Total for revenue quarter. in the and for a by acquisition. wireless a the fourth results were results on beginning revenue grew sale prior our equipment take was service wireless up X.X% the X.X% was consolidated growth, service ARPA consistent strategy were of from Verizon The Group X. TracFone on total Adjusting offset Let's revenue combination and down wireless revenue volume the continued driven $XX.X September billion, declines of by strong contribution consolidated Media growth X, with products. In Slide year. from quarter, X.X%, the

services. impact EBITDA from revenue FiOS other strong to Service ahead year fourth compared points Verizon the was adjusted up relatively quarter year. reported by Media, EBITDA For driven of the the in was year. billion, Group from higher and by the in the X.X% third increased acquisition. Consolidated billion, of equipment year grew for high-quality fourth approximately declined prior at the grew connectivity business for in customer $XX.X for flat full was guidance X.X% the Full XX $XX.X margin the and $XX.X revenue declines of offset revenues. line year. Media over service the the TracFone we basis The our X.X% sale business quarter, totaled Total cost revenue was growth end X.X% X.X%, our EBITDA the in while when in the was basis with billion was to Earlier quarter, the $X.X we adjusted including achieved it the excellent down excluding demand provided the prior the and adjusted fourth X.X% quarter prior sale. grew consolidated billion, $XX revenue Verizon and XX.X% primarily due consumer in savings as adjusted Full goal. schedule, of year TracFone, billion up last Fios year of wireless impact year, a and on

with our five continue efficiency structure expect industry drive business cost in strong the execute we We and as the all in of leverage the operating to vectors while operating of growth. across best

the for strength mentioned, was adjusted year-over-year, up demonstrating Brady fourth As X.X% EPS the business. of our $X.XX, quarter,

year, upwardly and of high is our EPS adjusted at guidance XXXX results. the end the full For increase range $X.XX of a revised XX% over was

let's take at combined in strategy of with strength go-to-market Now effective the are metrics. market. our brand, improved driving a consolidated competitive networks look The our and our performance

Fios strong business. opportunity. expanding high-quality the with We same to At fixed time, broadband mobility expand our our continue sales consumer across growth performance complementing and accelerating wireless base results, are strong

simplicity totaled wireless and extraordinary over voluntary Fios consumer phone Fios, includes DSL times. reliability match phone period uptick and XXX,XXX XX,XXX, during churn, last year. broadband Internet than same net quarter through which to the for trust and with last and prior Total in customer achieved churn postpaid slight delivered the in loyalty continue our year. the year $XXX,XXX, network pricing. Internet churn the enduring business same strong XXX,XXX up roughly of line with we our levels, retail we an XX,XXX from mix quarter, Even fixed reflecting Fios the our customers low a base and the net ordinary Postpaid better experience wireless net X.XX%, another adds, was adds the increase the adds, period as exceptionally of For the result. of and were pre-pandemic

to FWA and both performance best and have year we approximately Our deployment. XXXX, fixed to full the our FWA end C-band continue This at XXX,XXX fixed year. million Fios our Internet consumer totaled products, the which annual represented services our before Demand customer now of Internet XX,XXX, even quarter. net include brings business access wireless for from adds total XXX,XXX last net customers. up in grow adds, wireless XX,XXX the of X.X base

results. consumer for area, highlighted represented performance momentum strong X.X revenue service healthy Now by let's profitability. another revenue in Fios our our to turn and consumer, wireless best Fourth financial quarter growth group the

revenue billion, the due versus are We quarter up up and contribution the operating fourth from strong to our go-to-market and revenue of of was focused was growth X.X% year-over-year. benefits year the Fios wireless clearing X.X% for organization. Service Consumer $XX.X other and prior quarter $XX.X billion revenue a partial TracFone.

from the the As million $XXX Brady was approximately revenue million of approximately revenue change included year-over-year. $XXX mentioned, which net quarter, service TracFone in incremental

a service reflecting $XX.X revenue full rose revenue ago from quarter and plans. as the year, billion, higher the growth in For and $XX.X $XX.X device rose as well by driven cloud to and year Consumer increased premium such the year other period X.X% step-ups the X.X% unlimited billion. content, plans X.X% and contribution into a to premium services, to and as Postpaid products wireless and for X.X% total TracFone. Consumer protection billion, from revenue unlimited service ARPA ago increased ongoing from mix

base. full year, our year-ago revenue primarily Consumer levels. For from wireless strong up $XX.X the Consumer fourth, by in billion, from revenue quarter the broadband X.X% totaled driven the service growth X.X% $X.X up was the billion period Fios for XXXX

driven increased EBITDA growth. or from by down associated Margins was revenues X.X% year quarter, $XXX year-over-year XX.X%, points the the For XX equipment due more were volumes. $XX.X revenue higher basis up to than billion, with last million, service

Margins as billion result EBITDA a prior For the in versus up $XX.X XX% of the approximately year. XX.X% year. growth X.X% was down equipment revenue year or in were XX.X% year, the prior the from billion X.X the full approximately

to let's our X Now metrics. discuss turn Slide to operating Consumer

to during strong as at Our phone period even competed of up were flexible last premium season, same to the XXXX our but remains the the effectively Postpaid the were XX% We continued promotions levels approximately net mix XX% marketplace. demand are mobility and compared go-to-market the due level. tier gross broadband quarter. quarter and for heart in pre-pandemic were holiday the elevated lower than in retention $XXX,XXX to match plans offerings. switcher the strategy, adds approximately compared higher supporting phone year, pool adds Fourth soft

accounts achieve taking phone compared premium XG phone of equipped to premium fourth device customers flat year continue pick. attracting relatively capable XX% unlimited penetration quarter, plan with our approximately as with of with at base churn momentum now XG a to year-end. X.XX% even retention customer and our pre-pandemic same We the with the postpaid continued We last new period below over XX% accounts well approximately maintained high-quality a volumes for of the tier. of one-third and to a levels of unlimited on now expand base trading

with further million Ultra than spectrum match with drive week month. C-band to introduced updated launch of expect XX Wideband We earlier and last the XG adoption our POPs, this our offerings mix to combined more

the of total included year approximately With acquired segment XX customers from in TracPhone results with We million nation's now provider acquisition, XX TracFone. customers as prepaid. value prepaid consumer finished the are the close leading the including million the approximately

supply on customer For in the net totaled that stemming plans for constraint. promos net coupled postpaid included businesses which segment, quarter, XX,XXX from due prepaid the to losses demand stronger TracFone $XX,XXX, with losses handset

and X.X% Now both in let's was was for expect revenue X.X% was group X.X% driven segment and these in enterprise the increased business moderate Full was revenue highest since for year-over-year. quarter. wireless Wireless operating start service improved we performance year growth XXXX. fourth review Wireless faced performance. wireless and to pressures the strong medium of pressures quarter and by the the fourth fourth $XX.X Slide and the We by public consecutive in move the equipment business revenue to in billion small down to and in quarter was in the the XX $X.X driven the elevated billion, Operating growth year-over-year up service wholesale, business revenue sector results. slightly quarter, revenue up pandemic.

elevated learning to Verizon stakeholders, Wireline a year offset customer in was pressure that activity ago comps this sector continue under as with growth. the public buying. distance While campaign drive helping remain new the resonating decline we partially prior our due to is frontline pandemic face by trends in year included period,

where our the market. services segment voice quarter, wireline products wholesale year feel segment one-third from product addition, was same our new to margin invest to year. year was of Full the We continue $X.X last exited in of low-margin XX.X%, momentum reflecting last EBITDA Business legacy approximately margins exit initiative demand products. our X.X% Business In the international year. growth to pressure our XXX our billion, voice customer came declines the activity demand we EBITDA points from the strategic down and in basis impact XX.X% drive for were for and solutions. with wireless and business in from in commitment wireless strong down quarter

launch in XXXX. throughout are needs serve C-band of spectrum, business recent even customers the position our of an we better our to XG the With

slightly medium since For XQ represented phone gross the the and XX% quarter gross prior postpaid performance which year. phone in Segment was quarterly quarter, from adds for were X.X. small The over Verizon the and X.XX% X% business phone fourth and approximately add quarter, was up churn enterprise year-over-year launching levels. the XXXX strongest up

adds pandemic. the total since $XXX,XXX, postpaid net result, quarterly were of best the a onset our As phone performance

over working making capital generate and XG to consolidated billion We on first of we cash performance increased CapEx summary. increasing from taxes. traffic The dividend move sheet. straight of phase TracFone our flow remains strong as XX $XX.X Capital EBITDA of to spent and the XXth a as XXXX slightly executed XXXX. the generation spending to support result we our healthy LTE Now billion. XXXX billion cash of higher payment adjusted with approximately million business in achieved our and spectrum with the device Cash capital a $XX activities covering continue network for expanded in C-band decline targets year business plan. reflects billion on portfolio receivables year, billion for our offset and for initiating strong totaled maintain flow our allocation our financial to progress the operating higher strong $X.X Cash the totaled continues all cash $XX.X flow. primarily balance while let's while C-band-related $X.X deployment C-band in This by POPs. growth billion, from was $X.X acquisition,

year was near-term We from maturity retire free XXXX. in deploying quarter. investment was result, our C-band XXXX cash down highlights while spectrum our flexibility profile on high-coupon accomplished the in our in then, financing $XX.X invest $XX.X further billion such position are reduce efficiently a full or in business maturities, fund funding this As extend acquisition. we activity The with flow debt to in of excess our optimizing the for Since billion, to activity first the to cash and while as recent maintaining bonds. ample cash focused TracFone longer-dated

receivables We exited funding $XXX.X device active the program are year the unsecured We a $X.X our of finance from with payment also increased the XG with phones. reduction billion of first net ABS upgrade end to the quarter. consumers debt, as billion to

line guidance. at unsecured our approximately Day times adjusted XXXX with ratio Our to Investor was EBITDA year-end, debt X.X in

average over albeit higher activities compared as our levels. reduced years with borrowing financing two have X% the Our by portfolio debt to past about XXXX, costs

Our to balance the end down $X.X at levels. us approximately sequentially, cash billion normal the $X.X year billion, was back of bringing

to for XX outlook discuss our Let's move Slide to on XXXX.

disclosures in X% our revenue momentum actions into service provide position Day well other great last is reflected and guidance the year, year, the XXXX our XXXX. are We outlook. we many provided strategic At Investor insight last guidance and financial year of least guidance financial better XXXX. and our for have We new that heading the our greater operating and and strong Company for and from growth to results increased for into at took positioned momentum

basis, is on service contribution. impact unlimited growth Similarly, growth service a fixed Media strategy, ownership of access X.X% the TracFone from reported expect growth which Verizon expected of wireless and the net revenue For X.X%. service range the sale organic TracFone, of XX%, driven between and XXXX, to around revenue includes our and X%. is to Group of other a expected be other growth of the the On XXXX range revenue impact to in and a our for of tiered reported X% ramping acquisition, wireless and basis, by we

of Excluding the acquisition, service to is grow the wireless least revenue X%. impact TracFone expected at

XXXX, line year X% We $X.XX expect to to total EBITDA earnings and top $X.XX. adjusted adjusted growth to driven by X% be grow per in expected ongoing Full to cost discipline. is share

including spectrum higher As These OPEB growth, we adjusted pension as a a result be TracFone in expense. $X.XX offset such into and as and the we waterfall the positive issued D&A from expect other capitalized transactions C-band from include by share small put chart items. from to the as shows, of impacts depreciation TracFone interest and EBITDA our $X.XX lower service, shares and headwinds including contribution dilution acquisition, Media noncash approximately investment, net items and below-the-line the

Our markets anticipated begin and income Capital Phase capital in to as we to for billion progress as intensity. be have deploying full XXXX, decrease spectrum. preparations capital between C-band, $XX.X is started towards billion adjusted we billion to billion in and to the a $X spend initial be C-band is be based $XX.X of expected continue II expected XX% legislation. current $X build to to and spending to lower out our the the between effective $XX.X on billion, the XX% from range year, tax excluding rate is

cash well increased expected operations flow be XXXX, cash offset working operating by payment taxes. driven For as higher are income, to device capital from receivables by from as higher

yet. it for be and extremely our to are XXXX We biggest expect year excited

and leading the are wave into here, of the way second The connectivity. future XG of we is

and our the will With vectors. XXXX it assets have over full growth potential strategic the We to that, necessary strategy to our unlock priorities. I to discuss Hans hand of

Hans Vestberg

XG and in The in we yet. place assets on to make laid growth we to best off year, are execute are deliver of excited a the Day last Thank XXXX financial our back our catalyst out Coming year Verizon's year. at you, Matt. Investor March targets

clear have the priorities We for year.

legacy financial and continue delivering just targets and that look our will to We forward Matt our disciplined execution operation of outlined. against

enhance We combining to experiences X% increase and expect X% other the Wideband continue Verizon our with organic By of X%. revenue growing we plans, Verizon per supercharge And our mix Ultra increase commit to service EBITDA XXXX. around new unique business positioning strengthen the by We Wideband revenue and fixed adoption reach. market and Verizon's next also wireless expect and to growth the will our expand we to share to in broadband premier commercializing believe nationwide XG At our match growth, a and We leg wire average offering user. time, as to of assets. drive can provider. core customer will we access same our and that fixed increasing broadband access Ultra

innovate offerings, a computing to enterprise and mobile We business clients bringing the Internet of to transform our of vision reality. from business in our will edge Things

mobile You should edge examples and provide the continue us is sign clients of customers. addressing needs complex to expect the new to on how our compute

in position productive segment. value of and throughout to deep meet We customers' integration the will leading life. form the TracFone that will our of our basis grow can changing from needs The benefit relationships

will We Verizon as continue a organization. to run purpose-driven

not pursue all, and because leadership We for for and are prosperity driving Verizon. these technologies innovation will economic for critical just C-band XG

Day March at shareholders, again all will Investor hand hope With our to We also I see it continue you stakeholders, back lastly, upcoming to customers, on Brady. to our and X. of that, I employees all And society. serve

Brady Connor

Brad, Hans. you, we're Thank now ready to questions. take

Operator

Thank you.

comes Your from question-and-answer Brett will Feldman first session. question [Operator Goldman We of Instructions] begin now the Sachs.

sir. is line Your open,

Brett Feldman

And more about for the us growth you In words, And revenue, to other to be to growth extent more edge wireless an your insight begin follow-up fixed expecting a given straight we are story. the that the actually wireless to taking tier to going primarily of they higher they're forward? getting it's other it's going where X% then as adds to you driver up what of should the from? one in little be those a other customers contribution to are wireless anticipate a where those we expect just net continuing give broadband, compute? drivers? reaching to Verizon some you more predominant service very of you've into and a now you to opportunities, material whether net regards in broadband are for sort similar see give coming emerging much starting guidance revenue. meaning, as And plans, insight some demographic? bundle? or Could mobile point is mobile With that growth Thank new very principal to In just you. target us RPA-driven a aggregate adds to upgrade this your what service customers ramp, see people are you're there we're on could Or fixed words,

Hans Vestberg

Thank you, Brett.

a feel me Let new comes start the excited in on our performance it momentum growth done the XXXX, of with more a more first our of at Matt have coming continuing even do of and up ARPA side we're step though of and we have couple in great end in we the are great additional what expansion. that to that, very, this match customers, talking from into there. we're C-band them momentum with which course, we great, and as the and of step-ups we with in and course, to me we all, XXXX, and mix year, and business Both business units. When That have have all all growth matter. both and a consumer the great think, also I our And get with for a even we that. a coming the our last about, offerings, coming good of see both us, of Topping is of job very years to heard you very consumer side year. launch, and from

year the broadband. of back. we into also best about just market. opportunity are wireless coming was we, really the piece, the come feel quickly good year, on but we last excited Matt So very the have, we the then, in But on What year course, the about over broadband in Fios market momentum the saw XXXX. will

have it. We that, said, it because on different now and is coming expand of a wirless customers top a good the on will I into continue performance model. access and such then we to fixed And as totally love footprint

on it have We XG.

earlier of on we then, opened And new for this just the course, wave. opportunities millimeter us. C-band turning have up month, We

to Of course, team. grow want we is comes. continue see to for fixed-wire access the asked super a And the customer us, focus where you and for this

on the these all on broadband That's of we important They have. virus them. for them. as because First customers all, the fixed usage will see solution use the primary very that

are saw broadband customers areas secondary that. you where fixed primary up they cable usage. is So coming or on access virus And basically line DSL using and back the from are secondly, these

they not them So as we where take are sometimes broadband even customers, that's from. They customers. and are to us new. new They're wireless

So that's that, when spot from right And broadband now where sweet provider. get our we that's a think them right now. I we're national

right with have we sort that in with C-band. 'XX year us so excited with is all, the getting of assets in all for year all we're the coming hey, early now together what and, all the of So into

Matt Ellis

Yes. Thanks, Brett.

of couple follow-ups a on the service just and So revenues. other

the new of certainly, saw as such But us, the approximately about out about X% we and Hans think growth as will last vectors. coming excited driven that five momentum the be So mentioned, we're by year. wireless, fixed XXXX, largely you all ahead opportunities organic as other of

volumes platform number. great the in service the the that it and last a Global strong did build side, in the at or expect year Enterprise, on. VBG the On of wireless X.X% above business second I very they in to growth us half above to SMB gives be year revenue would

through the there. VBG the coming see half second of benefit in we'll strong So,

customers as On XX% mentioned, -- Hans of premium unlimited with approximately we the our consumer have side, a tier. on

So stepping the those new plans opportunity we even set we bigger give earlier reasons to for have customers with more premium the customers we announced an this up. month, to And up tiers.

into a to about have, momentum we'll get So see coupled excitement major the weeks year. gives built We as base great the us think really contribute of the the of 'XX. activities drivers on past start second during year, but fixed over the that half would especially with we lot the growth as that there, few wireless, the grows, of start to be we our

Operator

Phil of from comes question next The Cusick JPMorgan.

open. Your line is

Phil Cusick

the that the slowed like this on looks Maybe of an is like seasonally year's in first case fourth the year, year. it this it's It And down the sort -- come $X $X in the and XXXX? follow-up the Any And even next is on. basis. think of Matt, year? below much your then second, to $XX typically sort I the in billion? might the be happens going deployment quarter year assume from industry to subscriber to your of comment billion isn't that fair billion we C-band was from lower comment pace assume reason momentum done seems CapEx be you're earlier Should to this first beginning on majority the think, to quarter. remaining that ex-C-band in

Hans Vestberg

you. Thank

going saying to have what when guidance course, That's we different difference. their competitive first On for year that in it's assets. and quarter Ultra Wideband is, other we of believe the we XG And C-band. we but environment, of the saw many years we that for called fourth the the yes, be are big continue a XXXX, to And quarter. this competitive, is in course, have great

and our our excited and XX we for piece saw, that topping and offerings consumers mobility for really We And that have business customers than are announcement. you and fixed more then cover POPs, access we as the now to great over case. million

we in compute. the on, come talk our also later augment and to edge mobile -- mobile edge potential because can So about compute this

CapEx, see we're Matt the do BAU to and guidance what I now. year, last see said years Matt want I going that to we you Day what right is capital at I going our down right comment intensity say the on the the over in now Before just Investor and what let partly

years. fiber have a of our We done for couple

ongoing reduce of clearly is Network And on from we that expansion We that C-band, of see majority much for with center the long a Verizon we XG Edge And the the the been while. to the that can commonality offset has that. so that data on also edge, say. on have also Intelligent hauls, we to done XG the see over an time

because to about C these $XX team do last So that's we right band, and now, as what X% soon the why we the want is see you're possible. faster you year. BAU to and amount spend decided assets can coming are billion the we the told we as the And X% we running And absolutely good on Kyle right, feeling down. up that's then and you the

CapEx, to here. future a that. with two capital is the it in to that's efficient with roughly wait on come. So, be very the our to calculation normal when is to I have that But comes year all think we clearly, Matt? to guidance target left in continue the But time

Matt Ellis

BAU fairly a and I'll five but and see pleased the No, end in And see year through, a able in small CapEx of we're to opportunities been of reiterate see really -- now, on that, that just just plus adopt with really year, C-band amount pace Hans to mentioned, of we leaves Yes. mean, six we're our we've that network. come one Very discussed accelerate come to incremental. those which XXXX. there. couple of we team as what capacity we is capital come those while part will as the absolutely, back intensity additional through last -- to the to item And starting add to means number those there, 'XX, billion the aggressive with we did for down I the sticking becomes $XX the comments. and a have after Kyle they

where over the had the build XXXX, the where we of On we just of end the markets completed one build. point XX% core at doing network fiber have we've been we reached a

there's So market the build course fiber We'll in the of build the years. of next those complete success-based of only market. couple on core place the over taking network XX% across completely all

on remarks, you to large started capacity. replace feel reasons you it the to as number in Hans reduction how forward of in mentioned capacity as terms that, of a there's much So well. amounts we BAU. good spend of pick have carrying of prepared really in LTE the have the see his millimeter starts about wave intensity why up And capital can you has going here XG

going will great we be in So forward. a place

of As we here quarter up will for an basis, that that's on in obviously for you show first spend a activity last pay in and part when a on incurred the look November C-band items. the as December, those X.X, year the on at cash basis CapEx large

is see the network so So, was what running month build, now the in really year. last strong this that speed flywheel The you activity with terms C-band doing momentum full of the far. at and team on

Philip Cusick

about can follow anyway. was Hans, If you up, on I I something mentioned, thinking

You available. C-band becomes said that

go market? position time. You now but hasn't the does your C-band a been of And you lot you to excess capacity, all an capacity, long have desire it the chase a change have to change hasn't in And capacity. Verizon go that market that does been on way tight share?

Hans Vestberg

in I talking adding aggregation into But XG. using part we we us together. forget in us capacity which I just XXXX room of carrier New think wave, about now. high-volume York coming coming where I wanted and the sort was network. market some was customers. as hey, across enormous C-band because is a is starting of Verizon working And to do take to this full millimeter a envisioned of And is the that the of This the strategy conference with that type the and the needed of areas even and lot all lot in millimeter capacity us. serve Verizon build for of and to the of spectrum haven't is our Edge really don't unleash spectrum. out wave for we well in mean, strategy clearly, for network a all intelligent yet order connectivity

management I it, about on were be have access have wires engineers more the aggressive industry. strategies feel because fixed never say, will we put we that good up. we so They in the failed the the best and would especially clearly, capacity on So,

we about want. can capacity. wherever We feel really So, go our good I

units, our hard in to the of CEOs two going products the Manon, all and on have all the we Tami network. of have angles We

our capacities yes, doing, is team what really the we feel right I amazing. So now it's about think good and just

Operator

from of next Hodulik The John question comes UBS.

sir. line Your open, is

John Hodulik

a net we that fixed on continue for had adds run see sequential sub the And of get trends, incremental the following of do impact Thanks. nice or you wireless better really there change normalized Should How behind on that I year? got the to to expect I at the us? rolled mean, expect running you thus fixed first additional Continuing a point mobile production. standpoint, a the C-band the fixed I a we safe out that capacity, gets of and is and fixed side. more and and you on into And any side? to going bigger third getting ramp any net guess, affected up C-band the we've guess to either on guess that, adds a on what from your from all, Phil's expect in those And to of sort ramp? immediate an FAA guess issues visibility wireless is with And Hans, it You in as rate on quarter. the change processes growth? far the quarter follow-on C-band, then I should has I up sort do spectrum say in And business sort question, to fourth the to better? get your that of with saw

Hans Vestberg

Thank you.

so of all, is heard, a has you ahead, that amazing. been know focused. sites that's close extremely of deployment and this is to voluntary, basically has much deliver say turn also as you the just the up quarter Then smaller we the airports, portion is totality. first on which a good would of to progress. agreed some site portion on Everybody our I So not the brought C-band guys successful,

But resolved from soon we our impact and that is person assurance meaning clearly, that business the portion this can moment, as The resolved But big to customers as House the want White a be highest the follow thing the by have this serve. at possible. I network. doesn't soon. it's will We of smaller myself. be very we again, this

When make that's billing, right. wireless comes fixed access, with is think to now, to access. into a this So all couple of mean we care really for everybody the wireless to years, into way from fixed. work good learned And access. pressure on involved learn the fixed I have comes to way for to going I 'XX fixed virus the customer second it or it us a how when you're

internally for fixed So high wireless of it. well course, prepared ambitions and we really have access team for the is

Operator

of Simon The question Flannery from comes Morgan Stanley. next

Simon Flannery

inflation and about down billion presumably inflation. are retail you synergy EBITDA, you on you what realization, could on you I but beyond, and are overall if this at $XX far? about to stores, wondering to so then But And look you And et opportunities XXXX? in how 'XX you thinking pull know, seeing how some track the costs update sort ability thinking the was of you're are facing I us the mentioned wage program how are the in What phone environment? the Matt, does flow particularly the productivity, integration. in cetera, continue that into

Hans Vestberg

It's to faster. need correct so just going I Okay. myself.

said I million XX with covered So C-band. POPs

I XX%, have as of We today. said, as

us So about integration. I going just the here wanted comment here. fast to that. didn't talked for correct that On It's TracFone, that. colleagues I My remember when we

where a the course, in November, is, of Verizon are and market of As we going the these way of network, course, took seeing platforms, of their and doing them. the doing bringing. we our the what Then, that, That's job their serving we're end together the from with we over have synergies. bring in together. bringing products, that to we're What great side all brands this IT we team coexist is experience that's

be some and is a is beginning. will really addition the good over is to said. beginning us, incremental as time, be bringing But what really that should we investments So then it out from in the this

the full well. one with excited that really I'm segment So market we being now because as in and serve number TracFone

and growth, more to Matt? us. places anybody thinking the So vector else the just overall about plays this just into for it than our market, another grow five in having excise is

Matt Ellis

Yes.

work both we just inflation, on a that as the stopped improve quarters look more great you question us teams ways and hit completed That continuing reduction the the cost So improve to first processes, I experience. efficient target. because of and three inflation your successfully them think efficient haven't make our the really because mentioned, at as to our on by and of got mean program customer also Simon, employee really muscle end our place to ahead we -- around you about but target we get the in puts the developed it more continue quarter,

certainly to levers and certainly, an to But continued have in evolves. same was news the is So, inflation real. see address into inflation we at take that to we'll industries see we inflation of seeing. teams expectation number it's know at part XXXX. see good if gave We We'll our actions for year. in uptick which The head some have of going that this that. that tied guidance as other -- if the of is pace can situation there's we our pull are And longer-term good a off of based The out have we targets and the not impact that. a to contracts, we the space is full there strong necessarily cost all base we're means

Operator

David Barden The of America. Bank next comes from of question

Your line is open, sir.

David Barden

margin quick -- customers wholesale then into getting on of I right? to be to be customers. Simon's And to on into those follow those network. TracFone. migrating question the wanted the onto guys There's -- kind from the wanted the There's the non-Verizon then to the of the And second three be grooming I base to up realizing going postpaid. piece handset third prepaid going be is going is first going the hands phases, to really question, cost the for the benefit just

tailwinds you that could phone nets of could agree of to a and was margins start I in where merge. And and kind postpaid kind wondering so or see maybe if timetable those disagree with we give

wireless I access as now, it's interaction just bigger extraordinarily and of input are only, question competitive low cable thinking long the They pincer a the the has into fiber maturity And now given on acts becomes fixed the is, kind you're a about getting second four. them. ask the of to investments. between putting which us business to think fixed I cable. also had kind of wanted a movement it's year churn for And time, telco bars not the for

kind Comcast of level need I -- concerned? in on think to going to going Could cable just saw us $XXX Hans Or retention evolve wireless, of maybe excite do you we your evolve rational that's start give offer Thanks. to a is how initiatives. thoughts is something to versus in in particular, concern. we way? be and it Temperature you

Hans Vestberg

prepare we that. before, I wireless compete a for And and that very and we course, customer on many we have nobody best a partnerships then will access, TracFone. they then network I'll including think recipe start else has. with well proposition both our great pick mean, strong. we on support, than walk Matt Fios second match we Ultimately, on we and through ourselves where Yes, you market, a can have the to bit of shoes. question, is the mix little finally, market, a the And as all in our our fixed competitive different value wireless said I with have and offerings, and others,

with last working. years, going doing this we feel been we into good why we couple And really the of that's year. So have everything in know it's

customer of and there of us. equipment. we them And data think And here. owners' whatever this unique type the decide if center a And applications I then solutions. have have for depending wireless broadband, commonality, Disney+, bundles what also and from is working then have have with that's are we we we we solutions and give the other testing actually different the type to edge, the access that on at is and edge points basically, or strategy from we Our network with on which both owner clearly, built else because anybody different economics

We we compete years, that have feeling, here we're to this the that's even and going competitive. three sit created why well though right now it's last market in and in

Matt Ellis

Hi, Dave, on track.

to the step Verizon the think over. bring you of performance to you of over expect TracFone the described they customers XX there, I get would through you that things those XX So course certainly, the the the network base all that ability in onto months, have as walk next and come we'll up when

was So of recall, the two-thirds network. base roughly already on track as Verizon you the

ability the structure place with wasn't move best as over The The be other But piece as final And postpaid. to position on the them want get step about to complement what over the you've was owner's over can up we to look, Hans there. the the propositions to given have. up they we'll one-third mentioned we will to prepaid do that so. to those based have and to customers' economics match in the you a once postpaid. them We in options want postpaid, already TracFone people more acquisition postpaid. the move ability great With, mentioned, customers marketplace mix step in the migrated bringing was to migrated to

for that we we today postpaid, excited full do the that, can have opportunities have and that stay to in TracFone We're best move ownership with are offer of want about customers now the too for to we best the want very those going so, that position And to prepaid. just brands. to on

Operator

Michael Your next of Rollins Citi. comes from question

is line open. Your

Michael Rollins

you update terms in contributions Macro for to And made there's topic in just compares the a in about then an if growth from industry separately, hit to earlier postpaid what's is the financial to the growth mention of embedded volume wireless of And for to the the earlier. arena are 'XX? how for that edge want objectives go phone the just to guidance, that unpack Hans, opportunities financial curious industry 'XX from Verizon. Verizon and compute set? mobile I'm the 'XX that important specifically, in expectation back I discussion how in what's a 'XX and

Hans Vestberg

Yes, age a I'll we mobile have start that. the with you progress as have seen, great compute. No, on

on we of again right the bit where working them. edge same a are and mobile what all, XG mobile the of course, And of we cases, compute different the now. First use is cases That's they have on of network. infrastructure private compute, different have where we're public three all business little private

a industry bringing that we have and with with together if market, we you little in B that doing with are of all course, more these. announcement are solution, edge now our And to working bit to live on Some all three solutions What of really B C that's to some I is, the right largest normal and B. web-scale in we network mean are partners, the built B compute. what players see in it's we the every seeing or us suddenly, IoT start the Metaverse

our So commercial proof-of-concept together application this large year, deals. I'm looking of enterprises with developers for taking many and to

access, little edge would we is If and first earlier, case all and a XG, a about fixed The timing, you in bit as talked would then put mobility then time. we the it I wireless say the wire that said on fixed is compute. mobile access lot

going to only winning and businesses we about in the more the the mobile in us compute. So, market you're one of age gaining are because a see lot

you're see to what that's to base then we're 'XX. revenue going And course, up our going in So of going into build 'XX.

Matt Ellis

around first on the the revenue. Mike, question guidance on your

So earlier, And them heard have. to Matt's perform revenue 'XX at We We're strong in least continue into will half from or service growth the excited strongly as group above. assume of performance second specifically, a segment, we I saw at is at the that they from when expect standpoint the about momentum by it business that from they very look be the volume standpoint, to you the year. XXXX.

that the in on Global side, the pool marketplace. we in SMB strength will the then by be and activity based driven assume Enterprise. continued consumer be the So to switcher that on will And continue constrained

to be step strong very customer we will up. and to retention, continue of We in the have opportunity terms customers

new plans with additional the last saw have And with now the and come that mix C-band. we that do that, You match on year. opportunities us

great some say, assume we But I we the show limitations the that, switch of And wireless think of year. subsequent have will even of there. out to But the just as service think of other pool next have getting opportunity we there. because So some with bring on year the then, as fixed back access growth revenue you we that, strong we'll end very periods. about in top of activity into

So very see that excited revenue standpoint. a about we from the momentum

Operator

Colby of The next question comes Cowen. Synesael from

Your line is open.

Greg Williams

to be? up including could just how us think you up Williams free capital around billion the on in Two phones. billion Obviously, may. about billion see second cash rates. Greg the 'XX, that to flow. proper X% CapEx, the should range and in is the the drag call XG cash you're you drag X% if We working XXXX guiding is on and realize capital and I not guiding at but sitting up on Can $XX be free CapEx, set Then mentioned working $XX.X coming One your to $XX midpoint. it, bogey in it, question we could It's here flow framework with pension Colby. flow C-band. billion. it? with And the What your puts free questions, help to rising I $X for cash EBITDA the on takes, the big

target? of your eclipsing With allocation view you. XX-year and Thank on do X%, capital how your the leverage rising the expectations change rates

Matt Ellis

Greg. So thanks for the questions,

with on EBITDA, generation it in business plus of the strong with EBITDA and cash puts So saw from good driven you from XXXX, X% a That starts us cash the the free growth for guide the line. the X% the nasty we'll increases, customer I top especially flow expect do payment But plans. device activity, increase increasing place. we as as of habit capital profitability year taxes to cash the a have and revenues see next as related continue support our Also well. to working to

of CFFO. that years. of then down will, we'd mentioned, be billion, rest come that over five million billion said course, that the being to years. flow, So million not two biggest to but year, versus incremental done $XX.X to going $XX last the you we've CapEx in this We year-over-year, part seeing spend there. the the the But year. of And as range in get you're see last as cash lower just $XX.X of year play that CapEx number the $XX.X through free last you will We're also

across year, really So to ability same question, come invest is model, the you'll kind the all business not at -- time, execute parts that really second the spectrum, of in accelerating in with And that your with but but investing the what you it, the the through. linking capital buying the allocation be see at quarter just see hit by of of Investor sheet. X.Xx deployment to Day the first and target. our TracFone increasing about last with that in financing year. be we'd continuing the the end the for ratio the the said year We at XXth the balance end a We row, the all X.Xx strengthen our would dividend of at leverage of for spectrum, the

spend. see while already additional down So you that coming doing

then done the the generation and that great of maximizing us, the portfolio. debt job business excited team of rising has you about opportunities So the as certainly the rates, about cash give think a

You The debt see that our fixed in the interest of majority rate. is expense.

flow would through a at for long So into to our period rates for it elevated time debt complex. being that levels interest take

managing rate that here. on that capital think allocation aggressively change think I about the the pillars all of not to means execute focused And will to cause environment how certainly, us continuing the debt So we're against profile the we way we're model of model. the

Operator

Moffett next Craig The question comes from MoffettNathanson. of

Your open. line is

Craig Moffett

about I want on to primarily generate wireless. some think wireless? you revenue of the should the How fixed XG about to we to opportunity it return made an Is comments fixed convergence country. toward the bundle across across available? a your whole it's primarily just access home it of but is footprint because selling and wireless play wireline platform a not and Or

sort the Do the for sale offering is to going that households And that envision a evolving? latter industry? you become to converged of do you on the point, norm expect how

Hans Vestberg

the Thank question. you for

for this we're designed network with have what the If will and and to convergence, go-to-market We're optionality think nationwide our our goes I going definitely, broadband, all, be be we of market customers. we to to going First there. wireless. scale. more way IP, scale If is the way to can have we customer our now, have care, a right to we from network, nationwide go-to-market, our because the as with that our our all we all to capacity, the business, do stand-alone well be

the So goes They continue is they we The are can just or they if content see can to keep our customers want I choose mean for playing with going that with they see can it. and and trying deals. the -- it. want pick same optionality. where it the our and what market giving

and is all mix set in our up of with all, So for customer optionality our match, everything choice. a network,

have then and in give of Company the are we We economies either scale of customer that solution. can the choice

market this be be will the the and to going If have and the it's for of. there, we're go it we're one to comes because if going to there. way we're when us So to one both increase our go market go converges, going economies leverage separate, network profitability -- to regardless to is it

Operator

of is from Peter next The question Bernstein. Supino

open. is line Your

Peter Supino

to hear love of a X% follow if access. could. and the fixed revenue to bit just model the questions, XXXX your expect you on where just might deleverage growth service wondering, the Matt, more Hans, I'm operating mentioned is in I growing And I'd Two slower. that you Craig's XXXX guidance leverage up to when little question to bit a for prepared organic see in wireless the about remarks? then for EBITDA about relative

unlimited last You're then in year access XX% EDLP Verizon off wireless providing premium sub. fixed broadly for the in using of and Fios

interpretation, And in when it might if it you more pricing a bundling is, driving focused the your that's on very in wondering that's you behaving think seems marketing is way and the ratios. so, be like business? broadband I'm focused on if right

Matt Ellis

question with 'XX I'll start taking the at your look a so the around off guidance. Peter, --

in bringing wireless service also revenue with another the and add we mix 'XX, coming expect out the TracFone in to certainly have momentum And business good starting have pricing. new that and consumer. to year both So then we the obviously C-band and in with and of match

the legacy the been secular But the the see the providing as that on X% as continue, growth, wireline opportunities vectors as execute all So good C-band And we expect we further an and we also increase grow, experiencing to we've in in We business go of years number trends of certainly, is there expand business impact the about profitability. bring now there. years offset you would continues some online to margin a that see for subsequent the continues we feel think that as of EBITDA, -- across X% generation. see the even we shows and five to that line think have of to to cash here. you

So you not the just to Hans, years do the but be want cash wireless. in the business number 'XX, growth fixed margin a across speak to growth, strong continue should of to for out. flow

Hans Vestberg

wireless. Yes, on I answer will fixed the

strategy have we it think when I our acquisitions. comes all, long-term of not to discipline our financial changed to First customer be

to are focused continue We do we high-quality customers, and on will so.

comes methodical and do to them. what we the Our give team for us see and long-term it these benefit for is customer extremely when offerings and the

that we think we see to have standalone fixed with our have. said, And it I all pricing. we can have bundle we wireless. in right again, the on can have them. again, what both market premium economics But optionality access, this or do We all, the wants now, if our I do wire to in on is ones As of

all the doing be customer my platforms, team use a is and using have here. can the to team. as formula can have the of good our us. great the XXXX we be really, base the and do good sort doing right same actuals mobility And type why we that's opportunity. but long-term wireless put we well, we business they of And about strategy solutions we scale and forget feeling for guidance that order Again, a don't I again, team it. very financially and is our in to business we in, they're and possibly well, team, So, in confidence have convinced for it that should really consumer fixed the The as now

Operator

Tim final of come Horan Your will for from question today Oppenheimer.

Your line is open, sir.

Tim Horan

On out the you will we bit with done? for spend, Can is spectrum all more? that's POPs. build $XX your I about And same that all million the little be talk online? basically will C-band XX have total cell question sites billion guess the in built a the And the

idea on maybe measurements locations And online? most operating C-bank, sites spectrum us what capacity helpful. increase in and have is you're of maybe give the an would the built overall can that So other then in you in cell is now the percentage you those of what be the latency and

Hans Vestberg

Got start. so Matt questions... let I'll many

Matt Ellis

The incremental. complete So $XX we not billion on C-band a the with $XX coverage initial certainly, build, look, the billion. is standpoint from are so with build

parts our certainly, first in on ones million the on the said, markets, within build CapEx. and once are the And of XX I the turned our other December ongoing C-Band out of turned us build $XX heard around As early But $XX begin BAU we that last got significant in part expectation becomes continued we comments be to scheduled billion week. markets bill 'XX. spend the access of also And earlier capital you intensity. for improved is helping the

to how C-band down, billion, part So, going LTE LTE network to moves forward the efficiencies. built those $XX result C-Band as continue that, on not other need we'll But get off for with comes as then the the traffic we a whole our the do we'll network capacity of certainly spend continue of of the a substantial fund coverage to that's to the and build thing.

that provides detail on more hopefully, So a the... little

Hans Vestberg

the build, sites vast, addition No, of to mean would when is, this have. majority is vast initial that the comes I I on it we only already do course,

the same as unusually we When And nothing C We have a great XG, is is said performance of time, but which of it how sort perfect this to grid the before. It's have that's the early. comes the for this. do us, we expansions then cliffhanger. band, normal It's it over CAU. little a bit

technology talk into we the March. team but so Of And on our But the course, really far, will and it, probably of think tune and X Day we have in about of partners stay if performance about I excited, done for I'm our C-band. the X we're but more have pleased we March, early Investor that tuned what there, that. something have you'll get done

Brady Connor

Yes. today. that's to end. the time Thanks, a have way Tim. Brad, we all That's great

Operator

conference this Verizon for for Services. your gentlemen, conclude today. the and does using Thank call Ladies and Conference participation for you

may disconnect. You now

Verizon Communications (VZ) 25 Jan 222021 Q4 Earnings call transcript