2024-03-05 15:54:40 ET
Verizon Communications Inc. (VZ)
Morgan Stanley Technology, Media & Telecom Conference
March 05, 2024 11:45 AM ET
Company Participants
Tony Skiadas - Executive Vice President & CFO
Conference Call Participants
Simon Flannery - Morgan Stanley
Presentation
Simon Flannery
All right. Good morning, everybody. Great pleasure to welcome Tony Skiadas from Verizon. Welcome, Tony. I think you have a safe harbor for us.
Tony Skiadas
Thanks, Simon, and good to be here. So before we get started, I need to draw your attention to our safe harbor statement and our SEC filings, which are -- can be found on Verizon's Investor Relations website and some statements that I may make today might be forward-looking in nature and are subject to risks and uncertainties. With that, we can get started.
Simon Flannery
Great. Thank you. And for Morgan Stanley disclosures, please see morganstanley.com/disclosures, or talk to your Morgan Stanley sales representative. So we're coming off a surprisingly strong fourth quarter where you really showed some good momentum in the consumer business. I want to get into all of that, but perhaps just remind us of both the priorities for '24 and sort of the key elements of your guidance?
Tony Skiadas
Sure, Simon. So the team is very focused and aligned on growing wireless service revenue, adjusted EBITDA and free cash flow. And within that framework, we see three key growth areas: Mobility, broadband and private networks. On the mobility side, you've seen the improvements we made in the consumer business in the last few quarters as well as the steady growth that we've had in the business part of the B2B space. And then on broadband, steady growth, both in Fios and in fixed wireless access. We have over three million fixed wireless access subs in our base right now. So we're very pleased with the progress there.
And then the early adoption and early leadership on private 5G networks. We've signed some deals, as we've talked about previously with the NFL Cleveland Clinic and BlackRock and see good adoption there. And then in turns in diving down into my priorities, I have three of them. First, support the leaders in the business and continue to narrow the focus and make sure we're focused on operational performance and execution. I think you've seen the results here in the last few quarters of 2023. The second priority is to deliver on our 2024 guidance and ensuring that we set the company up for growth ahead. And then my third priority is to execute on our capital allocation priorities and those four capital allocation priorities remain unchanged. So that's how we think about the priority setting up for '24....
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Verizon Communications Inc. (VZ) Morgan Stanley Technology, Media & Telecom Conference (Transcript)