VZ - Verizon Communications Inc. (VZ) MoffettNathanson Media Internet & Communications Conference (Transcript)
2024-05-14 13:06:12 ET
Verizon Communications Inc. (VZ)
MoffettNathanson Media, Internet & Communications Conference
May 14, 2024 09:00 AM ET
Company Participants
Sowmyanarayan Sampath - EVP and CEO for Verizon Consumer Group
Conference Call Participants
Craig Moffett - MoffettNathanson
Presentation
Craig Moffett
Welcome, everybody, and thank you for joining us. Hopefully, my mic has been fixed since the last session. So -- for those of you that are joining us on the webcast. This is the 11th Annual MoffettNathanson Conference. And I started the last session by pointing out my own gray hair and pointing out that I've been on the stage with somebody for 22 years. You and I have known each other that long. We're part of the BCG mafia of the telecom industry. And so it is delightful to welcome you back, not only as a guest, but also as a friend. So thank you for being here.
Sampath, I want to talk about where we were a year ago because that was -- you were brand new in the role of consumer at the time. You actually broke news that morning of introducing my plan. Talk about what you've learned in your role and talk about what you've learned in a year of my plan?
Sowmyanarayan Sampath
Craig, very good morning to you. I'm so excited to be here today. Before that, let's get the safe harbor statement. You can pick it up at the Verizon IR website, if you want to read it in more detail, okay? Now that we've got that out of the way.
It's been a very positive first year for me. The momentum is good in the business right now. My first order of priority was to stabilize and grow the postpaid business. We made a lot of progress on that. The first piece of progress was just operational execution. We moved to a regional market structure. We did a lot more local marketing. We changed our compensation for our local sales teams, and you can see the production that's created on that. The second is the launch of myPlan.
It's been extremely successful, and it has changed the way customers look and buy our service. The third is look at the momentum that's coming out of our business. In the first quarter, overall industry gross adds on the postpaid phone side was down 3%. We grew 5%.
So our capture rate is growing in that space. Same with -- even on the net adds, most others had lower net adds than they had last year. We're the only ones we think 105,000 better than we had last year. So we have good momentum come out to our business....
Verizon Communications Inc. (VZ) MoffettNathanson Media, Internet & Communications Conference (Transcript)