Good morning, and welcome to the Verizon Third Quarter 2019 Earnings Conference Call. [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, Mr. Brady Connor, Senior Vice President, Investor Relations.

Thanks, Brad. Good morning, and welcome to our third quarter earnings conference call. This is Brady Connor, and I'm here with Hans Vestberg, our Chairman and Chief Executive Officer; and Matt Ellis, our Chief Financial Officer. As a reminder, our earnings release, financial and operating information and the presentation slides are available on our Investor Relations website. A replay and transcript of this call will also be made available on our website. Before I get started, I'd like to draw your attention to our safe harbor statement on Slide 2. Information in this presentation contains statements about expected future events and financial results that are forward-looking and subject to risks and uncertainties. Discussion of factors that may affect future results is contained in Verizon's filings with the SEC, which are available on our website. The presentation contains certain non-GAAP financial measures. Reconciliation of these non-GAAP measures to the most directly comparable GAAP measures are included in the financial materials on our website. The quarterly growth rates disclosed in our presentation slides and during our formal remarks are on a year-over-year basis, unless otherwise noted as sequential. As a reminder, we are in the middle of a millimeter wave spectrum auction, so we will not be able to comment on our current millimeter wave spectrum holdings or spectrum strategy. Now let's take a look at consolidated earnings for the period. For the third quarter, we reported earnings of $1.25 per share on a GAAP basis. These reported results contain two special items: a net pretax gain from dispositions of assets and businesses of $261 million, and a $291 million pretax pension remeasurement charge. The gain from dispositions includes several transactions during the quarter primarily the sale of our Sunnyvale Yahoo! campus as we look forward to moving to our new Verizon…

Thanks, Brady, and thanks, everyone, for joining the third quarter earnings call. I want to start by saying that I'm very pleased how well the team executed our strategy and operation this quarter. We made a lot of progress on our overall strategy, so I'm very happy with it. Let's start with the network. I think the network team has continued to execute extremely well. I'm confident in our ability to keep winning the third-party awards on the 4G network. We are just continuing to do a really good job there. At the same time, our team is executing on our 5G strategy, and we're now up to 15 markets where we have deployed our 5G Ultra Wideband. Our commitment with 30 markets by year-end is still committed, and we will continue to do so the rest of this year. At the same time, we also launched the 5G Home city based on the NR standard. That proves the model now is moving into the standard 5G to really see that we get the full benefit of the deployment and the development on the 5G standard when it comes to 5G Home. We're also doing a lot of things in One Fiber, continue to have a very high pace in that. And that One Fiber is so important for our overall Intelligent Edge Network that we are deploying in the company in order to realize the market-purpose network to gain all the efficiencies and serve our customers even better over time. So in short, a lot of progress in the network. At the same time, our strategy execution in the quarter showed a lot around our business model, the flexibility we have in the business model. Just recently, we made an announcement with Disney and our agreement when Disney when…

Thanks, Hans, and good morning, everyone. Let's start with a review of our consolidated operating and [Technical Difficulty] On a reported basis, third quarter consolidated revenue was $32.9 billion, up 0.9%. This growth was priority-driven by higher wireless service revenue, partially offset by lower wireless equipment revenue and ongoing declines in legacy wireline revenue, predominantly in our Business segment. Year-to-date consolidated revenue is up 0.5%, in line with our full year GAAP consolidated revenue guidance of low single-digit percentage growth for 2019. In the third quarter, we delivered strong adjusted EBITDA margin while positioning for future wireless revenue growth by updating our unlimited offer and executing effective promotions to drive strong wireless volumes. The headwinds that Brady mentioned earlier from the deferral of commission expense and the lease accounting standard lowered EBITDA by $240 million, which is approximately a 70 basis point impact on EBITDA margin in the quarter. As reported, third quarter consolidated adjusted EBITDA margin was 36.6%, down from 37.4% in the prior year. Since we initiated our business excellence program in 2018, we have realized cumulative cash savings of $4.6 billion and are on track to achieve our goal of $10 billion of cumulative cash savings by 2021. Our Voluntary Separation Program has produced approximately $900 million of expense savings year-to-date, including over $400 million of savings in the third quarter. The last tranche of employees exited the business in late June, so we have now reached our full run rate of expense savings for the VSP. As Brady mentioned, adjusted earnings per share for the quarter was $1.25, up from $1.22 a year ago. This is the third quarter this year with adjusted EPS growth of 2.5% or higher, highlighting the strength and momentum in the business. The combination of wireless service revenue momentum, solid margin…

Thanks, Matt. Brad, we're now ready to take questions.

[Operator Instructions]. Your first question comes from Brett Feldman of Goldman Sachs.

If we look at some of your most recent moves with the unlimited price adjustment and now the partnership with Disney to give away Disney+ for free for a year, it certainly seems like you're assuming a bit more of a growth posture than we've seen from the company recently. And I was hoping you could maybe just sort of frame to us why you see this opportunity as we're sort of late in the 4G cycle, not quite in the 5G cycle yet. How are you hoping this is going to position you as you do get ready to ramp more aggressively in 5G? And then of course, anytime we see an operator become a little more growth-centric, there's always some degree of investment to create that growth. How do we think about the level of spending you're going to have to incur to make sure you can keep this momentum going?

Thank you very much. I think that when we -- this is part of the overall strategy that we outlined in the beginning of the year. We have a great network. We have the distribution and, of course, the brand. We -- when it comes to Disney+, we can partner with the best partners, and it's actually a win-win. I mean actually, they are gaining a lot to be partnering with us as we are gaining a lot as well. And I think this is a differentiation we can provide to our customers and given the flexibility and so on. So I think that first of all, not assuming that this is a heavy investment, it's actually a win-win in all aspects. I think that's very important. Then when it comes to our move on mix and match early in the quarter, that has been part of a very rigid planning, very disciplined way of viewing things where we are actually ramping and doing a pathway for our customers to come into unlimited, moving up in unlimited, where ultimately, when 5G comes, we're going to have ubiquitous 5G coverage, they can move up to that higher level. So it's all a plan, but we also said all the time, we see opportunities on 4G as well. I mean we know that we outlined a great opportunity on 5G with 4 different business cases. But hey, we can execute on what we have on the assets we have today, and we are very happy that -- with that in this -- and we use our strength right now to really see that we are using the market opportunities that we see. And I think that the whole team has been executing very well this quarter, and that's what you see. And we have also done other type of partnership, and that's part of our network-as-a-service strategy that we outlined in the beginning of the year. So I think you see that we see a possibility of continued to grow even in the 4G area, and I think that's important.

Yes. And Brett, if I would just add on a couple of points. You mentioned us having a growth posture. We've really been leaning forward for over a couple of years now. From when we launched unlimited, we've been continuing to update our Consumer offerings, our customer offerings. You see those resonate. It's built on the backbone of having the best network experience. So this is an ongoing process that you've seen from us over the past couple of years. And you should expect us to stay on the front foot going forward. In terms of -- you mentioned investment in growth. If you look at the wireless numbers as a whole, so -- as you say, very strong growth. But when you adjust out for the accounting, our EBITDA margin was in line with last year. So it's a great performance from the team that we can focus on growth and continue to report strong margins. So it's well-balanced there as well.

Your next question comes from Phil Cusick of JPMorgan.

How effective were the new plans in driving more subs to unlimited? I heard you mention you still have 50% or so. And I appreciate the commentary on service revenue on 4Q. What does that tell us about unlimited take rates and moving up or down tiers?

In general as I said, for us, it's a way for seeing that our customer get the best value. They can mix and match. I think that resonates well with the marketplace that you can do it. I think that, as Matt said, we have been on the forefoot since unlimited come out in new ways of both offering, but also giving a wide breadth of opportunities for our wireless customers. So I think that's what we're seeing. And as you heard from Matt, that means we come in with a good momentum in the fourth quarter, and our wireless service revenue is now increasing our guidance for the fourth quarter. But remember also, it's both Consumer, and we're doing very well on the Business side as well. I think that Tami and the team are doing great [indiscernible] on wireless. And then if you see the numbers, we continue to do really solid work across the board here.

Yes. Yes. And to follow on from that point, if you think about the 444,000 phone net adds we had in the quarter, we had more than 200,000 in each of the Consumer and Business segments. So that wireless growth is very well balanced across the totality of our customer portfolio, which is very good to see. You mentioned the unlimited percentage. Prior couple of quarters, we were saying we're still less than 50%. This quarter, we had approximately 50%. The new plans give people -- a lot have moved up to unlimited, a great opportunity to do so. We're seeing them do that. There's still plenty of space and more customers to come there, Phil, and as you see the service revenue guide for the quarter. And obviously when you have increase in net adds, that gives us greater confidence around service revenues as we look into the future.

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

I guess a couple for Matt on the financials. I think, Matt, we saw a kind of spike in wireless cost of service in the quarter kind of anomaly I think relative to history that it could have -- wireless margins could have been a lot -- even better. If you could kind of address that spike, it will be helpful. And then similarly on the flip side on wireline, kind of almost a 2 percentage point sequential step down in wireline margins. I know you mentioned that we've hit the full run rate from the voluntary departure plan, which I thought would have kind of supported that. So could you kind of walk us through what happened in the wireline margin side, too?

Yes. Thanks, David, for the question. So on the wireless cost of service side, I mentioned that the phone net adds split was fairly even between Consumer and Business. Business had a more than 10% increase in phone gross adds. And as you are aware, our -- a lot of our Business customers are still on a subsidy model rather than device payment model, so I think you see the impact of that. But as I said earlier, we had great growth in the quarter in wireless. And overall margins were in line with a year ago. So we are very happy with the balance of that performance between growth and the margins. On the wireline side, obviously, we still have work to do there as you look at wireline. Certainly, we see the continued effect of the revenue declines in legacy products. That's not new. We've had that for a number of quarters, and we expect that's obviously going to continue. The key for us in wireline is to develop products and services that will offset those legacy products and services. And by bringing the Business segment together where we're bringing both wireless and wireline products to our Business customers holistically, this puts us in a better position to really be that partner of choice for our Business customers as we move into a 5G world. So as we develop those product and services, we look forward to seeing what comes from those segments as we go forward.

And I can only add on the wireline side there, the whole transformation we're doing with the new segments is, of course, paving the way for actually thinking about the customer. This customer extremely important for the digital transformation when it comes to private 5G networks, to mobile edge compute in the future. So the customer relationship is very important there. And secondly, as Matt said, the investment that we're doing in the network right now with mobile edge compute with fiber and all of that, that's of course things that are going to offset that all the time. It's not immediate because we have a secular decline on the product portfolio. It's known, and -- but we constantly work with the front end of it, and I think that putting together what we have done is really, really good. I mean I have, together with Tami and the team, visited, I would say the majority of all the large Fortune 50 companies in this country right now and talking about our offerings and what we can do for them in the future. I think we had a really good a good start there, but it will take some time. So I think this is a very, very important asset that we have, that we need to work on it. That's why we're taking out cost to do it all the time. As I said, it will not be an immediate recovery, and we will -- but I think we have plans for the future to really do this well. And I see so much encouraging signs just lately on how we work with this, so yes, that's where we are with wireline.

Your next question comes from John Hodulik of UBS.

Two questions. First, anything you guys can tell us about the financial impact to the Disney partnership? And then more specifically, what kind of lift are you guys seeing from an ARPU standpoint as you guys get sort of non-unlimited customers moving up to unlimited? And then second, could we talk about use of cash as you guys get to your leverage targets? It looks like you're going to get below -- at or below 2x sometime early next year. How do you prioritize your returns of cash to shareholders versus sort of other needs, like spectrum for instance? And is there a chance that we could see buybacks come back into the cards next year?

Thank you. If we start with the Disney+ agreement. I think, first of all, we learn to look from our exclusive agreement without the music. Both how we do these as a win-win for both the partner and us. And remember, we are I would say fairly picky who we do this type of partnership. We do with the best brand, with great products. The same go for Disney+. Remember, we are offering a lot to these companies as well. I mean we offer a base, solid distribution that no one else has in this country, definitely the best customer base at the same time, the best network. So I think it's a much more win-win than you might believe as I hear your questions coming out. I think that we are offering something fantastic for them. At the same time, as you well pointed out, we have a chance right now to move our customers in our value chain of unlimited again given that we are adding these types of things. So I think we have a good metrics. We have a good experience from app and music that we now take to the streaming, and we're going to have a win-win. It's going to be great for Disney. It's going to be good for us. So I think that's what we have. On the capital allocation, I mean as Matt said, first of all, we invest on our business. Our CapEx, whatever tuck-ins we need, that's really #1 priority right now. Secondly, we're putting our Board in a good position to continue to increase the dividend, 13 years in a row all dividend increase. We want to have them in that. And then, of course, we continue to do our commitment, which was to get back to pre-Vodafone ratings and pre-Vodafone measurements. So we're doing that. That's what we execute all the day. And yes, we're getting very close, and we will give a lot of opportunities for the Board in the next step to think about what they want to do. And that's what Matt and I are doing and the whole treasury team, which I think is doing an excellent job. So that's where we are with the capital allocation.

Yes. If I will just add a couple of things to that, Hans. And I would say while we're not going to provide any more details about specifically where we'll be next year, you should not expect us to want to aim to go outside the bottom end of that range, below the 1.75, and you should not expect us to build significant cash balance on the balance sheet.

The next question comes from Simon Flannery of Morgan Stanley.

Hans, I wanted to talk on 5G a little bit. You rolled out the new standards-based 5G Home in Chicago. Can you just give us a little bit of color about what difference that makes and how aggressively you're going to lean into this in terms of new markets and households until you get the next generation with the new chipsets? And then related to that, you've got a number of 5G Ultra Wideband devices in your handset mix. Obviously, you're waiting for the iPhone. But how do you see that -- those devices penetrating your subscriber base over the last few months? And what does the pipeline look for new devices with that capability over the next few months?

Thank you very much. When it comes to the 5G Home that we launched now with the NR standard, that was an important thing for us because as you remember, we launched in 4 cities with our proprietary software. Now we have it on the global standard software. So that's an important event for us. And the second important event though of these launches, that we are now having the cell set-up. Remember, we had a North Star, how we want to do this so differently. So yes, you are right, we are launching this, and it's a lot of new experience that we're giving to our consumers but also that we are now taking as we have been working since the early launch on the first 4 cities. As you rightfully point out and I said several times as well, that there's coming a next-generation chipset in the second half of 2020. That's really when we think we're going to have a more massive deployment of it. And until then, we are deploying in the millimeter wave with the ultra wideband in so many cities. So when we get that more -- the next-generation CPE, then based on the next-generation chipset, we're going to be in a very good position second half to actually come out much wider. So this is just the next step for us to get all the insights, billing, experience for our consumers, so we can really take a big step when it come to the next-generation chipset. When it comes to the smartphones, as you rightfully said, we have launched all the iconic 5G phones so far this year. We see an exciting take up on that because many of our customers are taking the phones. And even if you have not launched all…

Your next question comes from Michael Rollins of Citi.

How do you see the pricing model evolving with 5G in terms of the opportunity to charge by rate of speed instead of by the current model, which are unlimited per gigabytes or a certain quantum of gigabytes?

Thank you. Of course, as we get into 5G, you get a fair amount of new potential ways of charging. I still think that our model for unlimited is really both helping us and our consumers to go to actually move up in the value chain from getting into the, let's say, the lower tier of unlimited coming up to the sort of the highest. It's a wide range and, of course, the highest is including 5G. Today, we're waiving that, but all time we see that if you're going to get that ubiquitous sort of coverage and capacity, and -- that will give us an opportunity. At the same time, we started adding our flexibility in our business model, having Apple Music, having Disney+ and all of that in the same time. So I think that we have a lot of tools in our portfolio to continue to drive this forward. And I think that as I always say, I have a lot of confidence in the Consumer team. And as they have come together today, you see clearly new potentials. I mean remember we have 5G Home coming, we have 5G Mobility at the same time. There's a lot of things that can be done for us to continue to this journey. And I think that one of the proof points of the whole new structure is, of course, also that Disney+ is not only for mobility, it's for our Fios customers, and it's for our 5G Home customers. And suddenly, we think about Consumer as a full segment, which I think it was the whole idea with the new structure we have.

The next question comes from Tim Horan of Oppenheimer.

Hans, can you give us maybe some more thoughts what you think people are going to do with gigabit speeds instead of megabits? When we rolled out 4G, we had a lot of new innovative kind of applications. Just any thoughts on that as you're talking to the Fortune 500 companies. And are there ways for you maybe to participate in some of the revenue from some of these new applications with lower -- also maybe lower latency? Just any more thoughts what you're seeing on use cases.

Yes. I think that is an excellent question. I mean the first, which is a totally new business model, is 5G Home. That's a totally new way how we use the technology, which we have never been able to do before because a stand-alone fixed wireless access can never be sustainable financially. In this case, it is. Then of course when you think about the 8 currencies coming out from 5G, I think that our conversation with the large enterprises today is a lot about the latency and the mobile edge compute. Because suddenly, you can transform your factory with robotics by having a low latency. You don't need a wired factory, so the future digital factory will have 5G. We see also much bigger 5G private networks, where you get security much higher because it's going to be your network. You define your network, you have a compute and storage for your enterprise. This is a new way of charging and actually interacting with our customer. And sometimes, there's going to be a software in between that come from a software company, so we need to work with them as well. And as I said earlier, I mean this quarter, we're going to launch our first 5G mobile edge compute center. So we are on the path of doing this, which actually will add more opportunity. Then on the Consumer side, which usually question starts with, which are now end with because I see so many other opportunities, is of course AR/VR. We see now quite a lot of money coming into the ventures side when it comes to 5G innovation. And I think that as we move into 2020, we're going to see much more. We have our 5G challenge, which we announced at CES where we had a lot of companies participate what they're going to do with 5G. It ranged from everything what they can do with 5G. I think we're at the moment of 4G, but way bigger. When 4G came, I didn't know what type of application and new service companies would show up. I think this is far bigger that we're standing in front of right now, and we have much more insights to it as well.

The next question comes from Colby Synesael of Cowen and Company.

Two questions, if I may. Number one, can you talk about the revenue impact of the step-up in the insurance fee on a full year basis and the amount you expect to reinvest in things like promos and marketing and things like Disney+, so we can get a better sense of the net benefit to the company? And then secondly, given the slower deployment for small cells, not fiber, but for small cells that's being seen really across the industry, are you considering shifting more of your investment dollars back to the macro network as we shift into 2020?

I can start with the second question. I'm not sure where you say is slow. The definition what is a small cell is, number one, I mean I'm not sure there is a good definition on that. Of course we deploy a lot of urban cells right now. In my book, that's actually small cell, so I don't think you're referring to us when you talk about less deployment because we are in the midst of our 5G deployment right now, which is very focused on the dense urban places where there's no macros, it's small cells. But it depends on what you define as a small cell. They're everything from micro to medium-sized hybrids to the macros. And -- but in our case, it's not that we're slowing down anything here.

Yes. So Colby, on the question on the revenue impact of the step-up in our insurance products, Total Mobile Protection, from a geography standpoint, that's in the other revenue line, so that the contribution from that step-up is not in the service revenue line. But as you say, it's -- you saw a good increase in that line in the quarter. We continue to add value to our customers. It's an example of how we think about the Consumer offering holistically, whether that be the core service and having it on the best network; whether it be bringing value like we have this year, first with Apple Music and now with Disney+; and how we bring other services, such as Total Mobile Protection, cloud storage, et cetera, et cetera. So we continue to look for those opportunities to add value for our customers. And as we do that, you see the impact on revenue, and you see the impact on volume. So coming out of the third quarter, very strong volumes, great momentum coming out of the quarter, and we've seen that continued strong momentum here in October as we start the fourth quarter and head into the holiday season. So all of those things that we're doing around the customer proposition are really driving a lot of positive trajectory for the business right now. We have good line of sight for that continuing as we go forward.

The next question comes from Doug Mitchelson of Crédit Suisse.

So for Disney+, you're the national partner for Disney, and the impact for both of you is highly dependent upon getting Verizon customers to sign up and use Disney+. What would you consider a good conversion rate for unlimited customers to Disney+ customers? And should we benchmark it to Apple Music usage? And any sort of go-to-market strategy commentary around that would be interesting. But also, you're proving that you could partner with great content, and I do -- I'm interested in your comments on the benefit of owning media and then particularly the Verizon Media Group.

Thank you very much. No, I think that it's a little bit different, of course, Apple Music from Disney+ given that the Disney+ is, of course, a heavy streaming and Apple Music is a fairly light audio. So of course, it also -- when you think about the conversion rate, you need also to understand you need to be on unlimited when you come up to this one and moving up in unlimited. So of course, it might be a little bit lower conversion rate. But I still think that our team knows this very well right now. We do the co-marketing. It's great for our customers. It creates loyalty, but not only that, we give something more for our customers. So I think that we have a good -- we're not giving away the conversion rates right now, and I think that will put more pressure on Disney than us. So I think that that's a -- but I think we have a good grip on it. When it comes to our -- my -- or our view on content, I think that first of all, when it comes to streamed content or linear content and then all of that, I think that we are -- we like the model we have. We have a lot of flexibility. We partner with the best. We offer our asset so you're going to see us doing that in the right places. But anyhow, Verizon Media Group fits very well into our because what we see they are doing is of course over-the-top sort of Yahoo! Finance, Yahoo! Sports, Yahoo Entertainment, Yahoo! News, all of that is over-the-top services. Where we get engagement, we learn how content is working. And of course, then we have our advertising platform then that is getting then owned and operated content that drives the flywheel of our advertising platform. So it all sinks in. And then you -- we also need to have that a lot of the content that we now are trialing out for 5G is coming from our Verizon Media Group because one of the first 5G labs we have actually inside Verizon Media Group for them to be innovating on the next-generation content, with animation, and holograms and whatever you can think about. So we have good synergy between Verizon Media Group and our network business, which is extremely crucial for our success going forward.

Your last question comes from Mike McCormack of Guggenheim Partners.

Hans, maybe just a quick comment on the wireless side. Obviously, very strong phone adds in the quarter. Just from a competitive landscape, are you seeing a share-taking opportunity here with, I guess, potentially Sprint and T-Mobile -- I don't want to call it distracted, but obviously quite busy. And how that situation might change as you go through 2020? Then secondly, I guess for Hans also, on the wireline side, are there any opportunities to carve out some of those assets? I know we've been talking about this for years. But anything that you can see out there that might make sense? And then maybe just one last one for Matt on the legacy pricing pressure within wireline. What exactly are seeing? Maybe just elaborate on what you're seeing as far as pricing pressures go.

So when it comes to the wireless, and the -- first of all, we think the third quarter was very similar in -- the competitive landscape in the third quarter was very similar to the second quarter. I mean there were some iconic launches there. So first of all, it is a competitive market. We need to remember that. It's just that we are having -- we are on the forefoot right now, as Matt said. We have a good chance to continue to monetize on that, then I think we have a good, compelling network and customer offerings. So I think that's what is important for us. Of course, as I've said before, the landscape will change in the future here when it comes to competition. Our strategy will not change. How we are executing right now will be the same. We'll continue to go hard on the network, seeing that the customer-centric organization that we have is really making the right decision for our customer, creating the products they want. So I think that that's what we're going to do, and we're going to have the flexibility to see market opportunities that we saw in the third quarter. We move on them, and we are preparing our structure, our products and our organization for doing that.

Yes, Mike. On the wireline side, the legacy pricing pressures that you questioned about. I mean obviously, we're seeing the pressure, both from volume and a pricing standpoint. It's not really dissimilar to what we've seen in the past few quarters, but that's going to continue as customers continue to transition to fiber-based services. That's why we have been doing -- rolling out more fiber, as you know in our One Fiber initiative that's going to give us more opportunities to sell into those customers as they move off of legacy products. And our fiber build has continued to gain momentum, increased a little bit in third quarter of over 1,500 route miles a month on average in the quarter. So we're getting to a good momentum there, and that will open up additional opportunities for us as we go forward to replace those legacy volumes.

Hey, Matt, any comment just on the wireline assets? Anything out there that might be interesting?

No. I think we've done a good job over the years. And when you look at the assets we have now, they fit within the portfolio. Obviously, if anything comes up, we continue to look but nothing major that we see immediately in front of us there.

Hey, look that's all the time we have for questions today. Before we end the call, I want to hand it back over to Hans for a few closing comments.

So a quick summary. I mean as I said in the beginning, I mean, I'm satisfied how the team have executed on our strategy in this quarter. We continue to execute well on our network, 4G and 5G, and One Fiber, as Matt talked about. Our customer-centric model is starting to pay off big time with the concerted offerings in the market, both for Verizon Business Group, Verizon Media Group and Verizon Consumer Group. You continue to see us hammering on the leadership in 5G, very important for us. A lot of headway or a lot of progress in this quarter especially, and now 50 markets up, 13 NFL stadiums, a couple of arenas that host both hockey and basketball as well. So -- and 5G Home coming out. So continued progress there. We have more to do in the fourth quarter, which is exciting. And then, of course, we continue with the discipline in the financial environment that we're all in and executing very carefully but also taking opportunities when we see them in the marketplace. So all in all, I'm pleased with the quarter, and we are happy with the momentum that we're creating going into the fourth quarter. So thank you very much for being on the call today.

Yes. Thanks, everyone.

Thank you.

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