Verizon Communications (VZ) 22 Oct 242024 Q3 Earnings call transcript

Good morning. Hello, everybody. Welcome to the Essex House and welcome to our event this morning. And for everybody on the webcast, thank you for listening in. We got a couple of items that I need to cover upfront first. clicker. the missing I'm And Is there go. Safe statement. there clicker? Okay, we harbor a

with couple The those or the of things presentation that reconciliations and Those our non-GAAP of our today about items contain had uncertainties. harbor website website. A on covered disclosures So items. Also, contains some on are in risks are and statements the provided statement. safe forward-looking non-GAAP they we are the presentation.

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wrap to you I want I up, leave two As with thoughts.

we have that engines The Verizon them, unique at right of and have opportunity in two engines market that two first now, where engines for have as well. huge growth. but is position secular tailwinds growth have Two front we

with going extract give set and the We're which which services choice, top them -- ourselves for give see offer demand-led about is customers that. and value to of be going customers convergence, deepen us on our a is in You're for huge do and Verizon model to transparent relationship our pricing of them process. of the

X The the last our seen vision second quarters, execution is, and over on business. you've the

away. mobility to over Tony about to will and that things. capital we business. With our the for going to Tony talk converged XQ execute allocation. two pass that, business, on I'm that it going lot You're update to get to from of it and a give confidence more broadband take Verizon importantly, our business you're going

Thanks, Sampath morning. and good

really execution, Sampath is as the momentum fueling business. our strong, our it's So and said in

the quarter. about into I do we results, Our third it, quarter get before want third to talk

XXXX customer and with EBITDA. If in metrics mentioned, guided and from on segment, of business and the the net our ever wireless highest net is adds We're year, from testament strong drove improved both churn the our and we I we of and second range you That's mentioned, to above addition offering. and if positive reported continued to execution hallmark once think both delivered about significant a and adds financial add the and growth that's with year-over-year to day revenue after full quarter. have And ability in third quarter. quarter strength And number at in demonstrate adjusted for phone Hans Sampath that's and EBITDA expect quarter guidance, mobility, business in midpoint our for Our as and postpaid without phone the the service And year-over-year. that go to operational out. growth. or again adjusted to the consumer adds the day phone XXX,XXX our growth a gross consumer, that's business of net improvement in of as track, our

growing. subscribers period. inside adds for you EBITDA you base, expand opportunity cash about in move If measured, talked If base service time XX revenue, That's broadband, us. we've further. If how think more subscriber about that On our and and and think And we're for FWA service in XXX,XXX that, over flow. Fios broadband, almost grown of we strong the if team X.X us is very have quarter. start Hans quarter had And financials, to much another with our net million FWA, million you FWA in to I we both our revenue are there's as service we heard from today, revenue, the about healthy. free the

Our service revenue billion. was $X.X or wireless up year-to-date X.X%

in an allocation flexibility cash capital have funding business to priorities. The into generation and good the very capital and capital close if we we and well, to and performing quarter we strong that's XXXX. And EBITDA to over and be priorities delivered and shift ample And actions even of head have allocation Our we strong. $X.X to X is many up free be of continues XXXX increase strong, that momentum unchanged. business and flow consistent around a led in taxes. cash prior cost set of very adjusted EBITDA of with year-to-date, billion $XX.X on the know, of we we I for billion XXXX. That our to to allocation, The efficiencies EBITDA, $XX.X execute a revenue took us they remain billion cash includes year. as continues you And strong have as where

in first our Our And in that the priority infrastructure. capital network is to allocation invest business. investments includes

If it think about our strategy. think Fios, to about if M&A you C-Band, accelerate you includes

Cellular. being and last wireless week acquisition also spectrum you it If U.S. with the includes of the Frontier, we opportunistic think about with by deal signed evidenced pending as

on billion for includes expect we to of initiatives. As for the guidance range year. we our we're to all spend, next said we're $XX.X the of capital look track BAU billion to of XXXX, be terms before, that of capital we capital ahead $XX.X back all-in expenditures and XXXX growth our in program. to XXXX an If in levels XXXX that's number with And

mentioned. C-Band Fios on to the So C-Band. continuation XXX,XXX XX% rolling about XX% that by up out And Fios. XXXX. new it Joe and that talked MDU on for C-Band multi includes open-for-sale open [indiscernible] continued having includes of It Joe sale our solution, expansion end of includes the the our the to solution sites of broadband

XX.X range with and the spend. to these to us ] invest and efficient capital And included that [ of our in are things flexibility All gives disciplined that XX.X growth be number. for both

as a you've extremely the dividend for dividend recently, seen is raised position year. Board our of. That's increases. for an proud we're said is priority to times, the the the to commitment second And accomplishment as many we've our further Our we put consecutive XXth And goal dividend.

third acquisition sheet. the since balance balance priority C-Band. of We've sheet progress is delevering allocation significant a the strong capital having Our made

the third net ratio As X.XXx. of our debt of end of quarter, EBITDA. the the adjusted at stands unsecured leverage unsecured to That's

today, Our pay and leverage we're now target of to the an long-term debt X.X focus the is to between deal. And X.XXx. to closing continue of Frontier announcing our down update to

strength, to the to cash capital to is flexibility return for and business invest for range this overall our our shareholders. flows growth Given provide appropriate financial and

and unsecured target buybacks. is metric fourth leverage as we've allocation And X.XXx, priority unchanged. will share share that our consider reaches said buybacks we Our times, capital but is many

cash target, As we paying focus and we debt. on work generating strong towards continue that to flows down

opportunities our Our record, we'll and as we focus seen on deliver from and And strategy disciplined to capital back have execution Hans. and performance about I'll our that, the it on ahead. with track is you've continue turn commitments. We're to allocation excited operational deliberate. And

Tony. you, Thank

come to we Let me Q&A. summarize updates before

you that setting feeling this market a in to and us the well extend leadership hopefully are I for think 'XX up and beyond it. continue we got

the It talked should building. the be that performing. the we're and we networks best best So about

I quickly the focus and are States. you capital the to the it. been that's to focus. good been think to a really C-Band really of It's for prudent last research talked differentiating Fios being allocation. enormously our have build-out, we that us allocation, promised coming levels, important with and now really levels. deep BAU about And United wants. feel our We the doing we're come couple important in come down customer more the We every capital should offerings on know every organization, are BAU and for necessity our customers. than continuation. Tony a very support The on for services refreshed the proposition brand important, us seen a years us by value of and and from that differentiated person we're ever. they this together what And planet broadband course, have there To about mobility is for with on

we [indiscernible] market and our continue that see come network. addressable We're We have. profitability opportunity to flow. the offering, to great with we the with high create out there continue C-Band that, stay same were same a That's the that investment strategy cash to well saw have down. and We total because quickly doing grow and the expand we can to we and now coming

strategy, going X measured our stand very the assets and investments flow. we our whole adjusted we're here expand with cash the EBITDA the team and revenue service where onwards things: we So revenue, now with and the overall and are are we and EBITDA grow the and with right 'XX we cash service stand flow wireless our where committed, offering. to into doing the with stand we the that's the And on continue to strategy. And

I By feel products. Brady we're are where whole the we here, don't to to will all the close, you them here So manage webcast. feel we to even all, are our very have are. the now. if sitting pictures in have to Q&A. a team going and where know they on market management have right is who positive and positive open a for that. and help ones They we We left going on us my the that, I'm

You see them here. can

So they are all here.

Probably remember, answer, do answers Brady so it, So who I'm know going is Any you're going to asking to diligently to you the distribute some might us. present take questions any yourself for going them. going audience to to when have question. webcast myself.

Okay.

going the the please and back love go but And you're to row, in camera. Simon. firm front with name right just folks not again, since So I the announce to on start we're your and

on the Flannery, Simon was [indiscernible] Great. Morgan your interested program. Hans, Stanley. I thoughts latest in

leaning We're see the to some clearly broadband. You're up open their processes. states starting of into

So start an in around done [indiscernible] that opportunity think really fiber. the to How past, how hadn't be as if the bifurcate to do you start think you you beyond like do you fixed opportunity? these about this? And but you the would that does question then and I markets other had that Northeast where have wireless, fixed Because wireless fiber,

from it's program go both will help going Fios myself when The return but makes is, of later for in to a for I'm footprint, some sense take we on, Joe it I'm investment. BEAD the here. from first. have to everything contemplated us, on course, going obvious it we start In

and opportunities active will us -- footprint, to Fios we our be there's we be on for so And for in going sure, it. great

Joe On it access wireless on think fiber strategy on you hope I Fios a comes that heard I fixed versus wireless fixed the case when access, our secondary second -- business mobility. to or one, from is

our X that secondary access the And team have well then revenue as that of generation satisfaction. reasons: opportunity. for we build is a mobility. in mobility C-Band get fixed we Joe for wireless agreement So as whole deploy first we And and I we -- all, customer the

I customers. or are Fios. we just And do is that So it's others they that customers love access feel always what that wireless [indiscernible] But of create do fixed are do fixed for our not optionality really really We Then a thinking give and opportunities. doing we about do wireless to because we want Fios There Fios there's mobility. we where we access. have -- to and solution get because simplicity. we

And with takes. showed where actually regardless slide the I optionality. the to of it's saw the think that So framework, model, we're create what customer you Sampath called, is in offering same consumer going it everything

that's to something. to want come about we up you think So want something? add it. Do Please how Yes, here. you add

Okay. Yes.

Just on BEAD.

So we've good built our Fios a subsidies. we've process very already for managing footprint. And subsidies and in been winning receiving

deployed, get deploy without the I that a million BEAD And we XX that million those we'll to it very, XX So XX think XX with be to funding. think to very processes BEAD. we will participate. When of BEAD standards as million, about or and percent small getting foresee million will kind to starts same is be

up. Okay, to here. we're We'll row. a to going the going over go way second work end our I'm on Hodulik go

wireless. fixed with starting First,

is slowing like the cadence seems it math, bit. quick the on a Just

these should doing -- just want under different guys that's there's are or sort You like great. just expect the if sort XXX make of initiatives looks then in It it doing quarter. a we to slows what like I of something XXX,XXX to if sure ratably see that to numbers? And XXX,XXX. to new are

guidance You here, -- to don't guys in we this an should but growth Obviously, 'XX growth want from revenue acceleration expect these guidance service revenue full service quarter. X.X% you did [indiscernible] give

to Tony. On leave to I'm the that future guidance, going

to going I'm question, first the On start.

extent, to think some I right. you're

create I'm XXX,XXX think quarter. subscribers I broadband sure had to every many we about we've not to between think get So this, have and but quarters. that, a target And had XXX,XXX how new

XXX. What sometimes XXX, up Sometimes is north things. two bit now of to happening is little a right

is the but in all, equally is because a is First course, of less. virus access sort second the fixed going density the going rural. of well, transformation the And C-Band of is not into suburban big, to opportunity

we're as less. And going second bit a be we're it's up is, that for a to ramping So see the to while the little Fios. one going OFS,

XXX some doing a is going that XXX, ramp-up. we XXX to saw are to You

I up both in And the that think So in you be different. to of you're lower think of the end when term, going XXX. to them, the see going bit little short ramping then I a see you're of

up our we're changed Fios So build technicality wouldn't It's anything have we to the that I on going right actually pace. a suburban of just C-Band. and ramping now how we with rural say how and

XX you So about want those are do the to things. Tony, talk guidance, now?

Sure.

Great. I'm eager to hear.

for John, question. the thanks

to said think the with track about 'XX at So we revenue, we'd guide be midpoint we're year, and taken But this a right lot said not service position as we actions If look, next in morning, on we terms of ourselves revenue. growth. above for of going now. service sustained our on or puts I'm and to takes, on we've

and you growth So great access, as you now, on that includes Sampath the turned P&Q wireless heard fixed [indiscernible] improvements seen from fixed and that includes it also that wireless positive. see in Sampath the mentioned, access. Prepaid, pricing, we've volume

still this primary would year. amortization. year. been expect next to with that So facing to We're a headwind We that's turn start headwinds

to and back as and we head puts the it January. takes next are bring into year, those you So we'll in

on first we'll way to We're front tall the We're up the -- go working person. row. our going Barden end, go to the here

from Barden America. Bank Dave of

is Cash go that remains the is So CapEx thing, capital, going going if my up. not the becomes a up. bigger down, it's might tax same. base if it up. regime case going iPhone the Working is tax

assumptions continue. of lot A here,

free and to going deal, you're not positive. the then Frontier And do cash flow they're

and the spoke there's Frontier flow that passed you cash to of there's a lot of to be agitators homes So have the deal to against kind in lot to important you high I would willing about better. And a free Verizon watermark version that is What million that price, the And a at question, higher of XXX do to and a Tony second for is to turn pay Verizon doesn't at bid financially it the it dials that you to it seem lot this want make process. XXXX done? could, because some how get guys are message if like yourselves convergence. is you get

always that, the you, I'll Okay. can of for capital find leave I headwinds. think allocation course, but you

lot we on a flow, well be or focused have very cash as in that. of tailwinds and will We

will I on that. the and let puts Tony So go takes through

all, of you you done, were which proxy, final. a for the and if mean, We it the On We read competitive the process. best Frontier probably best deal, a and was have I first have final. asked gave

frontiers always make vote. We different contract strategies. up We for a shareholders merger. have have to the signed type agreement of a Nice a and the

to see to in this going and is This continue will We all fitting now. well fair have for Tony? to that. right we We're that happen, good really what's confident going stakeholders. feel but

but Dave, year the that same few not still intact. cash so guide free on beginning I we're a we takes puts remain the and to the flow, shared going things. at mean, of

capital, down so. Sampath this that far ] upgrades big seeing average see deleveraging, they're their hang but on They're front. be happens now. phones EBITDA So and Right have and can mentioned, for have choice. see probably we this [ a not choosing now, the we'll $X.X year. working the where that's on where focus to have months The an customers And XX%. year. XX see then -- We'll to next so up right correct by longer, will year. were up rates a billion goes. And to to upgrade and the growth, of The legislative we're in as to are or lot cycle go. impact. We'll upgrade see Interest going terms what That you that's it's cash taxes, me rate, said

So that hasn't changed.

segmented thoughts cash on January. back to and in So we'll back in come our to and our stay disciplined continue then we're flow on going Thanks. approach

Peter next. front here over going row I'm to

of lot on the and much target plus question about a Population nobody today? yet A million as of summed to want your with expansion, homes. couple density has other think about other homes a that many private perfect of there information, [indiscernible] targets maybe the -- Wolfe are targets Peter available current a you speed build that can. to the is velocity Wondering And laid how to at than expansion as in should companies. your hurry fiber you Research. XXX still out over publicly really country And in slower pursue be how the Supino you many us rate here of lead fiber. other think the passings about you observations, which you

Thank you.

that's the That about have think our how the seen as fixed have, I access doing our as team that's both of I has well, well lately, means broadband, we and well. broadband Fios you create we thinking as them. And the about and that as that customers, as optionality. solutions. think And include we both wireless there

are in it. pace we And at the that build decide remember, once. think what are else the nobody That's network, the of is then network connections on we of So of building I have. we the we that type thinking. And combination the doing edge we how

it's sometimes wireless XG, do then one. invested because investment Sometimes the and the fixed on we access, Fios, it's it something we XG, on sometimes capital is get best return

that's that's customers. our serve and thinking So we we have, how the

Okay, add to you feel something pace behind deploying investment see the have get to. financial how for in with again don't on to mind we're we the about that shareholders. Anybody the need want I that? it we best to and then our good return So this

Next.

the Jim we'll Sebastiano. do Come then here, the and in back of room middle

Goldman from Sachs. Schneider Jim

I Just the side, a network could. on couple of if quick questions

wireless of of much longer of purely include sort not term, of that, on CapEx cetera? those talk then macro much spending And wireless is or on know any you any? And if is the I can the wireless? include about of sales, of include How -- side said it's XXXX, the maybe fixed increase targets, is is small cells? which coming but fixed just about on for that? et of that terms in First dedicated any part do for the it tactically increase. talk you does that the from drivers the How coming maybe fiber, mobility-led,

exclude principles optionality makes plan no, it have again, there's in the in of we Right believe capital. it That's access That operation makes capacity. the It then question is first more better fixed design the it wireless I'm we for today. is we're no Joe will that future access. an the our success-based that that sure makes for for easier in now, that fixed presenting the wireless it And because customer, success-based On building doesn't we our future. easier. have course,

and it's in this has our But an mobility leverage C-Band. Kyle plan, to Sampath all So first opportunity that. in on

were now, The what the XXX [ increase the second We how of And about you is you heard we our go see planned have or about ]. much macro? C-Band. [indiscernible] to trying then up level to question You XX%,XX% Fios BAU said. the right is to

There build those are some sort come things down on the because think extent we two on in much the pretty to other XG. ones. normal we coming traffic I have important more are see far of and XG, our

gone on it. of don't believe in lot traffic our smaller That far doesn't think our have important. a is today. capturing wave small That's very cell it's we bit that areas. little We millimeter in We with dense mean super a

puts the are and takes those Joe? think CapEx. I So in the

small it cell more we that cells, probably and and on just small months and our network, wireless putting cells and small I certainly started on -- success really both X capacity vast technology fixed access. ago on about have coverage now I'll mentioned add for with good more but mobile during seen C-Band giving us deploying

this is in continue So will program. my view that build X-year

and cell we've wave As really we'll network C-Band both with significant leverage and the XG tool had our add done cells, coverage be now pretty a great small even has we those to proven to what network. small capacity. on millimeter a for Leveraging

access, thing fixed the was, one have And of mentioned using we course, wave. that you for wireless millimeter solution now other MDU which increasing, is

We going commercial next in that in to talked have it. use year. put We're about

a but an with course, of opportunity, of course, that's, also on investment. So great return

to Sebastiano, we'll and row front then Greg. here go up

years well several because guess, JPMorgan. I the Petti, think basis, but XX.X the CapEx billion shape over of ] us on of as MDUs, XX.X next on help the stand-alone Jim just to as the XXX... the a as guess XX.X billion following Dave's kind wideband includes question I Sebastiano well, -- the and build ultra up [ about

between range XX.X a It's XX.X. and

Yes.

things or build, the year any it that range, the over begin So that, milestones maybe within several that think we to more being more off as state that years? next are there elevated peel wideband or like about should MDU ultra like next is steady perhaps the

I coming a grow in BAU not As that state. in that to invest explain I'm don't going that right where we always go of XG auctions and will we the outside now, records level we for a moment. can future that I CapEx, think the the or faster We opportunity an at plan any we is we about, no Right normal spectrum think more triggering have of even steady see BAU for if Usually, we years. have have now. see guide can there's Remember, this I we out talked that levels. said, if we that. [indiscernible]. don't is we said is in

a We So things now. lot it's investment see the that don't right them of level. catapult usually higher

shareholders. our to sometimes we're XX.X on have, its go us now, can to additionally that moment. what to where with I the levels going now to we we that's The big you BAU of to spend level at can triggering and are want see spend But explain from you have this BAUs also now. remember XX.X, right it. events we But that something that the we don't are up going right we is the visibility So opportunities, share get we but see in come allocation that it spectrum auction. business, XG, ultimately, if going XX, it's priorities, right capital anything

of the service I underlies maybe think kind the volume we gross think of the comps side, maybe And equation for the confidence about of about and guess, one sustainability us growth dynamics think EIP as and levers kind on Okay. the consumer I of, side of as then about revenue the help Sampath. the XX-XX volumes? maybe add tougher you the sustained what mean

put Yes. market it improvement gross ground, just in, back see going forward. we we've all -- our this. sales Look, in comes growth structure, marketing, incentive, on to year-on-year business think coming local going the strong add add continue and back to efforts the that execution X we've it's I quarters had gross whether myPlan into of better And

and the going So I think phase, that's in a machine to see continued to that you're right we've back that. growth gotten

The comes churn. down to second

converged probably on down. strategic there's some We offerings customer trade-offs, which churn some do. position of structurally well. myPlan, over right are our from retention But then execution then mentioned, is just leadership biggest loyalty period Mobile a churn. as that programs will piece offerings, getting I As the us the that lever home time, on nothing to and made short-term churn of start the But have coming prevents back to there. plus we and better things

put time both things coming see sustain that's in, When going and then growth progression together, churn. we're going add you're better net to them on gross a So period to add do a of you of that. continued both over how to

less price thought what side. years. increases the case, how you on the in Look, is second in. The the been every X depending on And churn X than last we've has had we or over coming it count price

continued they price of going like and last another trust which customer. The offering, product, earn has the to in earned of our a is can which like ways type is customers increase, increase. you're the there we see So price one

upsell the type and perks at upsell Upsell other framework, look the them to If you had I but things. also plans, on customers. able chart our where on customer the offering we are of them

That's perks in this million time business our have We right double now. X going next year. to

just So ability those you're have. momentum going on of to see side price a our price-ups earn by lot to we the that

some When comfortable connectivity combination to customer of out, about all you LG that better offerings gross and path on [ put there. going our on we we and the that in, that both laid get XX a of to upsell are ] framework right get the we ability So also churn I adds, other of really have. that the

going around. start to the front we're we'll go and then Yes, over here, row mixing in Greg

more situated the on question, opportunity. BXB CapEx Another but

and been releases has And and in you the build [indiscernible] press peers from few fiber AI of One putting acquisition. fiber. fiber, a out Gen your footprint of on a lot One have both

opportunities I'm on your just there. the curious So and thinking latest economics on the

you. Thank

to talk to I'm about comment ask talked Kyle going about have. If think we we I AI strategy opportunities. I that. Gen GenAI on a the X-pronged

to already in employee agents, now experience right it the when market improvements call comes We et have cetera.

the a our bit assets our have already maybe, which you having as there, see revenue business given a we then to, our about we've And Kyle, for we have have But personalization opportunities in for network, opportunity. can chance it. alluded more little customers. I done. talk to We great we And earn

a which have lot know of we have space getting not high the [indiscernible] on [ [ done, the that, say and all it's see we've and reimagining actually, As right assets ] lot we're and and either good We're CEOs or is you more investments now, we've ] of growing. that to area. and it. power all orders do up, bring in demand. we a sell selling and the we made right this. before fiber, that we're And One the of assets fiber dark And -- already really into is than just rightly from hyperscalers everything in cooling, fiber other into kind latent we those we're the now can going how fiber how and But you

off we're together. the moment, we're pretty -- and of we're going out -- a going exactly market. to back this at others, into opportunity better -- a you than twice figuring we once. putting huge It's be but we'll measure there not somebody go to So us. cut how for in We're to market. we're before, might that's I soon can't it all, It's cover are about great it. kind We certain it We're you to talking and to segments talked be

We're to then here. go We're Okay. Mike Rollins. going going to and go over Brandon,

KeyBanc. versus maybe you with of Nispel and percentage Tier Tier Brandon a the proportion Tier versus unpack single-family, was X, millimeter targets X wave could markets I of maybe hoping perspective the passed fixed the homes wireless of MDUs C-Band? in from X,

before, areas in to C-Band unpacking the we opportunity. another we we to it opportunity, of the lot do deployment and suburban It's that of Joe because I you great a That's in spectrum or ruling said got want But I'm as -- because goes a density. that's started That's but not where first. the [indiscernible]. sure urban course, less one.

thing that's we I can solution. one happening. The with areas the dense the some places MDU of do So think to MDU where is just adding that's

get combination a just I'm special it's with we a -- CapEx it. distribution step-ups to all. here churn sort But when not access, if So view, technology it's opportunities point access. wireless I all wireless again, no we're everything fixed a somebody along else for wants great something our or we then it's from around performing them and the investment. Mobility deploy of mobility is doing. of there's sure success think we from comes will better have of both from and C-Band, and fixed which a we then Again, based

how is So those sense doing. C-Band the Anything then comes is it deploying coming or way the record, -- to for the that find the to revenue, that's Sampath plan Kyle have it where from sort either selling we question, and makes into and framework and along our we else all the understand of we're of you add? sale it the both right what deploy and for that. And out this us deployment. MDUs with this, in open are from but is Okay. I Joe want

maybe to a Citi. up from different but Rollins on follow Mike wanted way. in I this question,

the ultra-wideband plus? take unlock to in What let's the XX% points households I and relative catalyst the a say, penetration holds case what's to to the the second what penetration? And So roughly but target additional is try for maybe team builds, When first question, And population homes. dynamics, fiber be percent could. mobility time, to like over year of a of of you next just that XX by of if end building the look the XX-plus to and the going from mentioned building period? ARPUs over is X-year FWA progress then and and base would at percentage some XX% that presumably of to XX% XX% fiber and back

assume my the first always team [indiscernible] want beat you targets. one the one, give better do be working On faster. to and really team I to and it is We

we You beat X XX last months. what million. million saw that target We We need with X time. to said

So I building think ahead. team the are and [indiscernible]

target. when right So technology always and It's you the the that's lag a -- revenue when the now, and a but time from get deploy you subscribers.

those I are So questions. two guess

can On answer question, I that. the second Sampath, think you on

You on correct first if can me. to answer want you the one,

think No, Look, I is you -- penetration. will not way do that first the today. second, on about the

years, Just in have penetration space. our that of well been XX% in see this north we as we'll do for space XX business

space get more now bear have think comfort as mobility that we'll I well. to we more because into

to we is we better to north previous cohort So well in XX% cohort. every are tends of penetration, than the the bring second thing do that. But have seeing new we the market X-year penetration that

but think gives -- to us would attractive, end build, you our not that and the more get less we we're to the it that's case. So confidence when getting the of

other. last this Our actually it than year was first year year better penetration and is

team the together do to of and that. to that market way has we Some capacity way some Joe with do my presell work to the and

a we don't do I we In know broadband ARPU, well. terms number. specific to look, very But of ARPU report tend

industry-leading. are We

look, that If connectivity they because sit And you -- continuous X of piece. customers ARPU on customers plan at growth my Frontier's -- the coming numbers, they gig our we'll broadband come, have the look where our on in. top in buy will we plus the Home of framework majority take

start on So top ARPU. services in that that. adjacent boost perks gives us And and selling we other of then a

growth a plus growth gig So we'll penetration see north good and our well. fiber plan, ARPU the across much XX% footprint ARPU pretty comfortable as on with that of

Okay.

in back row. up We're we'll come go. to front here back go row, to Tim the going Let's Frank then back the and in

Frank Louthan with James. Raymond

And you M&A? million is a Can other So what comment Or wireless, the on the side? subs percentage. wireless, so include or then for high X there million, that X,X -- business, of on Is Type is get business million government or additional subsidy? that XX include those X homes XX are sort that? fixed -- replacement, outlook without getting the you on pretty does with to BEAD passed

Joe that [indiscernible] said, will include that And besides [ -- B, one M&A. one any not there's announced. the second pieces we have And you there's have doesn't ] about. planned small The as no

numbers make regardless our We [indiscernible] will of not.

BEAD We in course, do. will, we of participate can

Kyle. side. I those yes, of and wireless On X business talk side, about on things the to the And Kyle is number are the one I the of on more business the side, surprised have Maybe have X, the to are success is, in that businesses others side course, included. we should on access fixed than business it had say you

thanks question. for the Frank, Listen,

actually before. than we connectivity. what's not see thought continue just businesses ways consumer little you world. to this a We broadband use like for did we great as like this might. a said better interesting figuring see I this out different We bit a with small is to would in It's are And enterprises, product opportunity,

So with we to think to innovate people continue going are it.

MDUs and open we the these this for what for Joe together so his A MDU. about also -- these putting for team excited -- the using accelerate new about are this And have can feel that into lot sales really businesses or wave us, sell them. stores millimeter we new and you of also thing. I'm in hear

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the put out plans we're to of lot sell a work but really us for that with Joe do, into. has happy to So

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Next.

Tim here the up Come row. front to in

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time I definitely think is a frame. AI over

data AI, beginning and especially, AI language the see to about big we all I the now, So large modules how time. think to out right centers the going the Kyle in generative market

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opportunities about So talked top those X are everything new in. on of we've revenue

Okay. fine doing time. We're on

going be we're to get just to So to everybody patient.

So with we're going to row Walt front here. go very

from Piecyk LightShed. Walt

whether concerned had the you the at a but going it it right? quarter had postpaid the time the P&Q some people going there. X.X% lot it's of strength Obviously, fourth you've the which a was the come happening, like on of down So to the is just about -- in looks growth historically, deliver to the a Sampath economy, like when should units. are increase, decent accelerate price So got quarter, to growth doubts seems X% is there fourth in Q

inflation investing is the you're postpaid X% higher Who fiber, but knows growth? in where now wireless. you've than Again, you in fixed expecting Board deliver working. investing got you're this Now to is,

Now new T-Mobile like but Shouldn't X% at expectation what prepaid, doing, is type considered I so investments. you're wireless total that you're XXXX a growth making some That's my what company, growth? the is guide, mean, delivering getting a to growing, first that Tony, -- X%, number, talking about considered point, like growth, not like are they of question. be --

was things you're things It lot question, ultimately, doing. was good Walter. unpack a of right a many There to there. we're on But

trying headwinds some that for amortization, We're that right. program headwind but us. turn also to right, a You're with everything example, had we is for

for we to that So Not do focus X, really but right do and more value we we now last is the X do are our our all it. in that I going all, talked And think can quarters about customers. have go that. of numbers growth we all service grow your to the that's are incentivized to that's or sitting there our -- [indiscernible] of part confirming the any into revenue, they [indiscernible] team are incentivized all wireless and percentages to do proven

is and even then If focus we leverage improve we because it can be flow our adjusted our we to basically more have falls the course, both going of cash grow, So to that EBITDA. down bottom and model. line, a

going flow So any on. all cash and the I'm because stop things to us we that invest our an you return shareholders that attractive what be are or we continue time not to is to for are to important to very commit both saying That's over is be in. is sustainable. numbers. to faster clearly, doing grow how But

I one because Apple stuff. know Okay. like about And you one then care just the quick

over I new though the now, where better years. upgrade to But is, sucks oh, current be next it's going couple AI are. the the rates of even think narrative clear Tony on was very

to is or but within your industry. X of the is have the rates you on that you stimulate because do kind over think just going manage AI on -- years, right, upgrades broadly the Just upgrade there's viewpoint the Verizon in based cash, something next to wireless --

application, bit little a mean something if So innovative. you consumer application, want comes really it power to to the very are devices, many early I course, of think about to for to of need this the helpful. do we processing When say. too AI also

a say, industry call too to think I our [indiscernible]. seen are in redesign. historically, it's to I XG hardware usually So have we've sort when that been XG cycles early or Those bit that's things of that. the

too is we going haven't I'm do least, we're software for say it. It's Now to my we're so seen talking us cycle's and looking at to far, early a about that. at colleagues,

right creating haven't promotions segment the that in at to very with going moment going seen to of We say we're cycle. the in But value. right we We're discipline continued we're type do going right if the for going is right the be it's the [indiscernible] happen, how to promotions. be -- to have the customers right to

we started look doing. as we're at the somewhere everything this retention the we I investment promotions, media. have, So that Remember, and of way with customer 'XX we a all will continue work segmenting sort in approach on from

bucket, one but market. the it's us, drive I flexible. how a that's me for budget For very And that's tight

is such here, we an we on down more all As bit [indiscernible] be where should been That we promotions, in important Historically time marketing. super customer see -- static. But better that has put should us on We We here We media. is segment offerings more AI to work in to have retention, the dynamic need market you and necessity. see here now, a is comes ongoing come are we is have sit our -- need here. is Kyle more do a this. Sampath need do is here. more is right is And the for nowadays. be it. so broadband from in, little here, to more and this word where to then that needs wireless All a is we world even media. good that more Everybody more should where new needs retention. can at a

enormous If our see we you're We best as we as our with consumer, don't go lot that for phase where can new into we I getting think just time good industry the all been upwards. creating I spent a think ever we of now. and This are something because both them. or have an have them position well right the of business a is that if products to need in we you're on are and we individual customers, value

All right. -- there's We're well, going still to hands go up.

and going then and cut with come Jonathan finish in, Okay. John. in And to over back going to Laurent. cook here to we'll then We're we're

guess, you exclusive is I approach like maybe, fixed mutually the So if don't fixed go-to-market to start path. with sense the between people it funnel, approach becomes on upgrade in know some understanding peers taking the this is fiber different and but are of top or the I the don't to is where that's strategy feels and I fiber mean I that your of a it wireless. wireless think wireless correct, fixed

the it you opportunity where seems For a like TAM expand market. you

I get of understanding first, go-to-market an want whether that's to approach? So the

I can any want want that one. that that's want create and is to on it. how out We product fiber confirm build like of wireless other. segments miss want that the I access. the Yes, to and We mean to because they we don't opportunity. And networks. optionality one create fixed want or and we customers others Different then Fios the

We are see both That's here. you what to address trying them. of plan the

sheet followed you And an this something made that choice JVs. on-balance Is on perspective, deliberate different about comes a you've and it capital the is... from a these using is obviously option approach. they're a slightly more JVs approach that in using an these of a mean, of think your this future structures? maybe localized I an And of when fiber to investing you then allocation peers, in approach have country more in different of you when parts at kind some with that Or to the look

on it has It everything choice. a we a look be it's but return not is into -- it's and No, again, investment. an to good option, deliberate

with see in that, haven't to been that third-party of it we So those then the told on return our are organic. attractive say on then do on not. can the capital I of we our any and here. everybody you I think We're suddenly so shareholders. say that say is we found nothing CEO, capital that -- is you couldn't in the it, don't industry it never else we allocation far, found attractive -- one best capital want return that we capital doing on our is exclude But usually I haven't has to so somebody have and it, we But models models into where it. to and never far, you and capital because continues. so excluded the mean, any -- us and far, really but the return going that our do

[indiscernible] We'll go next. to

the partners X ISI. is going Are see I pretty impressive, million about in Evercore a [indiscernible] subscriptions, mentioned the dynamic that economics that, you perks question forward. expand evolve, targets for had ambitious does wholesale with your as fairly relationship entertainment double you changing? especially to have? Maybe you portfolio. Sampath, And with Do that partnerships, happy portfolio change your with that now? you does your And you that

started sales motion. myPlan, I our think teams this. to were was getting It selling used we when launching

it. Our to are also customers getting used

year attach at look we you if from we teams -- significantly getting of when more So now, launched rate, beginning are our at the are again, beginning of than comfortable year, grown has it where to the the that.

on the why that double to X math customer. that's we perks we savings to million. then can is that find one exclusive goes. What So very and that a for well We'll the have strong us are tend prop have are ones for ones just where you the maximum get at do us, that $XX to do a pop, value it

do very the a tail what digital sales have efforts us focus it does is see teams and that. attention of not doesn't it you'll Because that. on long the So our to

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it in more process. we part second pool fewer, right drives the the a tend a that pretty answers partners and now. economics with of to And kind sense. of makes double getting this our perks excited have we're lot concentrated about leverage better portfolio more if for we over to margin-rich So more us that have your perk question, that really But

you, only that flexibility unique. the the adding combinations example, be for they're [indiscernible] we Netflix of And only our well. they it who because us ultimately, do then all combinations, And have for we MAX acquisition. accretive customer, go a cost that. partners the combine -- That's course, quite But customer. for for forward we lot is Sampath Has have it's unique have saving can driving to And can for is then and have accretive the had, and is very as also of are we to of so again, our We're and in and has don't us, this of a all, model. negotiated, and wholesaling to we we exclusivity saving market. some it's be accretive Nobody do one every to those we in when for a perk we the how creating do it, a things. that have what also

is you IT. [indiscernible] But simple. head sometimes, at looking our And think this I'm of might pretty

into store be customer and to you actually a remember Verizon. Netflix Just that your The need to back thing take to all over We and is care imagine of only customer of password. end. a Netflix move be the you can come

you a I is all, to much so to behind replicate unique And imagine And might of need that that you're just number things first two, hard be Shankar it cancer tell a sometimes experience in this that's them off But make that right replicate, exclusive. the of go -- and make have low. home the Extremely thought to work you Sampath our problem, with going of this log is know. I so then some log to and do heat I if you think lot way. offering a customers. are how done we have we then low. And about you the for much And Leslie on and we team everything. have why whole here simple and worked rate can and to the and how customer because

So I just is the using a of as think distribution the strategy. beginning us this

We have the network.

to and We thing going off long We're for do customers here, to our pay that's for us. the just have distribution. term going to continue the right

right. All

clock ticking down. is the So

back. We're go time have We more. the to for one Laurent going here in

for more Laurent [indiscernible] you. ] one Sampath Bernstein. question from [

mentioned have secondly, to any You give going fiber point that Is number? And on causation Can incremental XXX expectation that correlation explicitly. that and how us wireless you business million penetration for more passes? of your case important to into of of is color the you observation basis some fiber. XX or incremental XX million the versus wireless built where

Yes.

Joe, I on XX% Let Look, me time. answer and the second part this first. Tony better comfortable we getting is Two over between reasons. to XX% is economics feel

as The on said, cost first to we're process. technology, cost, take the getting able better Joe one is better out of systems,

XX%. That's how also north another Second is XX% quickly to penetration. get but North of penetration, we of factor. that important

Lauren, factor, penetration. And first quickly to of get the penetration in we important X we getting year that. Another first year penetration. as keep better we get year How said, quickly on year to I every how is

now really home we've top some that enough on. benefits mobile plus you had fiber So not that spent the or have of of that, those not attractive. On historically, are factors time the make

driven top fiber or we question, brand, Fios we're get we X markets. Two wireless Historically, have first because So that. To of why strong looks able where have really that's to X do fiber. to better money in our of you had we've kind the distribution. forward also spend better there marketing market Sunday of your not basis causation, is large in X% in a of local Look, think part if XXX share answer cherry Tier the it on involved of economics whole markets those in on is, terms Tier points sale. stores going see is by I lot more

in our get motion in more sale. all stores, where Fios a have the the we sales Northeast, Now involved especially

this it we actually quarter this do that saw You when that. quarter, we launched

the So down marketing, in better that. opportunity double cross-sell also get we're to to you but tend efforts able

So lot I forward. of is causation think a going it

be as of mobility to fiber in So homes million upside to continue case definitely. we there to will get XX XX million our

I guess you. Thank wrapping up. we are

coming you, for thank everyone will both third our have more other all, to got of as here our but expanded with to quarters sure, quarter, Hopefully, we to everyone First webcast, face-to-face New York. in more information the insights, come we [indiscernible] also back and you've activities. on broadband more

you. again, for you once so thank much, Thank guys, So coming.