Wireless Service Revenue Growth
Q: Can you maintain service revenue growth and pricing power?
A: We feel confident in our revenue guide, expecting sequential growth in service revenue in the second half of the year, despite more challenging year-over-year comparisons as we lap pricing changes from 2023. We continue to find a better balance of price and volume, and our assumptions in the service revenue guide have not changed.

EBITDA Growth Ahead of Revenue
Q: Can EBITDA sustainably grow ahead of service revenues?
A: Our goal is to leverage our service revenue growth to drive EBITDA expansion. We've implemented cost transformation initiatives that are driving improvements in EBITDA. While we don't guide on 2025 at this time, our work and KPIs are set up to achieve sustainable EBITDA growth ahead of service revenues.

Impact of Upcoming AI Phones on Upgrades
Q: How will new AI phones affect upgrade trends?
A: We acknowledge potential excitement around AI phones, but we have a disciplined approach to promotions and feel we're in a great position to handle the upgrade cycle. Many of our customers already use later versions of smartphones, and any impact is included in our guidance.

Capital Allocation and Leverage Targets
Q: How are you prioritizing capital allocation and leverage?
A: Our capital allocation priorities remain unchanged: investing in the business, maintaining our dividend, and paying down debt. We will not consider share buybacks until we achieve our unsecured leverage target of 2.25x in 2025.

Fixed Wireless Access Growth Potential
Q: What is the potential beyond 4–5 million fixed wireless customers?
A: We have strong momentum with fixed wireless access, adding 378,000 net adds this quarter. As we expand C-band to suburban and rural areas, we see more opportunities. We'll provide more clarity on potential beyond 5 million customers once we reach our target.

Cost Savings and Voluntary Separation Program
Q: How will cost initiatives impact margins and EBITDA?
A: We're on track with our cost transformation program, including a voluntary separation program announced in June. Savings will start manifesting in the back end of 2024 and into 2025. These initiatives were contemplated in our full-year guidance and are driving improvements in EBITDA.

Network Upgrades and Capacity
Q: Where are you with C-band upgrades and standalone deployment?
A: We've deployed C-band on nearly 60% of our planned sites, with about 50% of traffic now on C-band. We're expanding to suburban and rural areas, enhancing capacity and customer experience. While standalone 5G will bring efficiencies, we can already deliver mobile edge compute without it.

Free Cash Flow Expectations
Q: Do you anticipate free cash flow growth this year?
A: Cash generation remains strong, with free cash flow of $8.5 billion in the first half, up 7%. We expect free cash flow to build throughout the year, and we're on track to pay down debt in the second half of 2024.

Pricing Environment in Wireless Postpaid
Q: Can you address pricing strategy in wireless postpaid?
A: We're continuously evaluating pricing opportunities, aligning prices with the value proposition for customers. We have taken pricing actions in the first half that provide tailwinds to service revenue. Our back book is very strong, and we aim to find the right balance of price and volume.

Fixed-Mobile Convergence Importance
Q: How important is fixed-mobile convergence to Verizon?
A: We are well-positioned to meet customer demands for convergence with both Fios and fixed wireless access. If the market converges between mobility and broadband, we'll serve our customers accordingly. We're happy with our current assets and how we're deploying them.