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Verizon (NYSE: VZ)Q3 2017 Antithesis Appointment CallOct. 19, 2017, 8:30 a.m. ET

Good morning and acceptable to the Verizon Q3 2017 Antithesis Appointment call. At this time, all participants accept been placed in a listen-only admission and the attic will be opened for questions afterward the presentation. To ask a question, columnist brilliant one on your touchtone phone. If at any point your catechism has been answered, you may abolish yourself by acute brilliant two.

Today's appointment is actuality recorded. If you accept any objections, you may abstract at this time. It is now my amusement to about-face the alarm over to your host, Mr. Michael Stefanski, Senior Vice President, Broker Relations.

Thanks, Janice. Acceptable morning, and acceptable to our third division antithesis appointment call. This is Mike Stefanski, and I'm actuality with Matt Ellis, our Executive Vice President and Chief Banking Officer; and Brady Connor, who will be bold my role as the Arch of Broker Relations afterwards in the fourth quarter.

As a reminder, our antithesis release, banking and operating advice and the presentation slides are accessible on our Broker Relations website. A epitomize and archetype of this alarm will additionally be fabricated accessible on our website.

Before I get started, I'd like to draw your absorption to our Safe Harbor annual on Slide two. Advice in this presentation accommodate statements about accepted approaching contest and banking after-effects that are advanced and accountable to risks and uncertainties. Discussion of factors that may affect approaching after-effects is independent in Verizon's filings with the SEC, which are accessible on our website.

This presentation contains assertive non-GAAP banking measures. Reconciliations of these non-GAAP measures to the best anon commensurable GAAP measures are included in the banking abstracts we accept acquaint on our website. The anniversary beforehand ante appear in our presentation slides and during our academic animadversion are on a year-over-year basis, unless contrarily acclaimed as sequential.

Before Matt goes to the results, I'd like to highlight a few items. For the 3rd division of 2017, we appear antithesis of $0.89 per allotment on a GAAP basis. These appear after-effects accommodate a few appropriate items that I would like to highlight.

Our appear antithesis accommodate a net pre-tax accident of about $620 million, primarily associated with aboriginal debt accretion bulk of $454 actor and accretion and integration-related accuse of $166 actor pertaining to Yahoo! and added acquisitions. And any appulse of these afterwards tax was about $374 actor or $0.09 per share.

Excluding the aftereffect of these appropriate items, adapted antithesis per allotment was $0.98 in the third division compared to $1.01 a year ago. Included in our EPS is a $0.01 appulse due to the accustomed disasters in Texas and Florida during the quarter.

With that, I'll now about-face the alarm over to Matt.

Thanks, Mike. Acceptable morning to anybody on the call, and acknowledge you for abutting us today. Let me alpha by reviewing the beforehand in our cardinal initiatives afore accepting into abundant results.

The cornerstone of our action is to accommodate our barter with the Best Arrangement acquaintance available. We are steadily beforehand to beforehand our 4G LTE administration and actively architectonics the arrangement of the future. Our arrangement achievement administration was apparent by a ambit of third-party surveys for the aboriginal bisected of 2017 and the network's resiliency during the contempo hurricanes and wildfires.

We delivered solid operational and banking achievement in a aggressive environment. We grew our retail postpaid and prepaid wireless abject with new absolute abstracts options and maintained able chump retention. Annual acquirement aisle additionally improved, as expected.

Our wireline after-effects were constant with the accomplished abode admitting advancing chump video headwinds throughout the industry. Appeal for our high-quality fiber-based accessories charcoal strong. Our team's affiliation of AOL and Yahoo! is advanced of our centralized expectations.

We are assured in the beheading of our action to drive assisting growth, accomplish able banknote flows and aftermath abiding bulk for our shareholders. The Board of Directors approved our charge to acknowledgment bulk to our shareholders aback they declared the 11th afterwards anniversary allotment admission aftermost month.

We will alpha by reviewing the third division articulation operating achievement followed by a beforehand amend on our new businesses, a walk-through of circumscribed results, and finally, arrangement and technology updates.

Now on to the wireless articulation on Slide five. Our wireless business delivered accession able division of operational achievement in a awful aggressive environment. We grew and retained high-value postpaid chump relationships profitably.

In August, we broadcast our postpaid absolute abstracts affairs to accommodate a lower-priced admission admission point, which provides consumers with added choices to acquaintance the arch 4G LTE network. With aplomb in our network, we are now acclamation a beyond bazaar with unlimited.

Given our allowance commensurable annual bulk proposition, drive affiliated in the quarter. Smartphone net adds were 486,000 adjoin 242,000 aftermost year. Absolute postpaid net additions of 603,000 included buzz net adds of 274,000, 91,000 tablets and 238,000 added affiliated devices, led by wearables. We added 30,000 postpaid accounts adjoin a accident of 107,000 aftermost year.

Total retail postpaid agitate was 0.97% for the third quarter, which bigger by 7 abject credibility year-over-year. Postpaid buzz agitate was 0.75% and was the basic disciplinarian of the advance in absolute postpaid churn. Postpaid accessory activations were about 9.8 million, of which 82% were phones. Our retail postpaid advancement bulk was 5.5%. During the quarter, 6.1 actor phones were activated on accessory acquittal plans.

Prepaid net adds were 139,000 for the quarter, with an added focus on the smartphone bulk proposition. Additionally, we afresh broadcast our alms to acquiesce families the adaptability to amalgamate altered prepaid affairs at a abundant value.

Let's about-face to Slide six and booty a afterpiece attending at wireless acquirement and profitability. Absolute wireless operating acquirement abatement 2.4% in the third division as compared to a 3.9% abatement a year ago. On a year-over-year basis, annual acquirement beneath 5.1% adjoin a 6.7% abatement in the antecedent quarter. Sequentially, annual acquirement added for the aboriginal time in 12 quarters.

The key drivers of all-embracing advance in annual acquirement accommodate added admission acquirement through chump clearing to college admission points, new annual accumulation and the appendage end of the alteration of barter to unsubsidized pricing. We now accept about 78% of the postpaid buzz abject on unsubsidized affairs as compared to 60% a year ago. We apprehend the annual acquirement trend to abide to advance in the fourth division and to avenue the year with a abatement of beneath than 4% year-over-year.

In the third quarter, accessories acquirement added 5.5% due to a college accessory acquittal plan booty rate. The allotment of buzz activations on-device acquittal affairs was about 77% for the quarter, which is constant with the above-mentioned period. We apprehend the booty bulk for accessory acquittal affairs for the fourth division to admission seasonally due to acute chump accessories activity. About 49% of our postpaid buzz barter had an outstanding accessory acquittal plan antithesis at the end of the quarter.

Wireless EBITDA margin, as a percent of absolute revenue, was 46.2%, up hardly sequentially and up from 44.9% a year ago. In the fourth quarter, we apprehend the advance in annual acquirement to breeze through wireless EBITDA margin, partially offsetting pressures from college melancholia volume, advertisement expenses, and promotional activity.

Let's move abutting to our wireline articulation on Slide seven. Absolute appear wireline acquirement grew 1.1%, including added operations and abstracts centermost divestitures. On an amoebic basis, wireline articulation acquirement decreased 2.7%, which was constant with the above-mentioned quarter.

Our cilia offerings abide to accretion allotment and abound revenue, partially offsetting the abatement in bequest chestnut products. Chump markets acquirement added 0.9%, apprenticed by Fios Internet activity. Chump Fios acquirement grew 4.6%, including the appulse of 2 covering pay-per-view contest during the quarter.

Verizon was accustomed by a arch third-party abstraction as the top-rated residential Internet provider for chump achievement in the Fios footprint. Fios Gigabit Connection, which launched aboriginal this year, continues to accretion traction, alms balanced speeds of up to 1 gigabit per second. We added 66,000 Fios Internet barter in the quarter.

Fios Video after-effects were pressured due to advancing about-face from acceptable beeline video to over-the-top offerings as able-bodied as aggressive promotional activity. Fios Video losses were 18,000 in the quarter.

Enterprise solutions revenue, excluding XO, decreased 5%, while beforehand in fiber-based accessories continues. On a constant-currency basis, acquirement was bottomward 5.3%.

Partner solutions acquirement beneath 3.9% on an amoebic basis, which is an advance over above-mentioned periods. Aural business markets, cilia acquirement is increasing, apprenticed by appeal for Fios broadband products.

On an amoebic basis, absolute acquirement beneath 5.8% year-over-year. On a commensurable basis, the third division wireline EBITDA allowance was 21.1% compared to 20.3% a year ago and up 40 abject credibility sequentially, apprenticed by advancing bulk ascendancy measures.

Let's move abutting to Slide eight to altercate our beforehand in new businesses, starting with media. During the quarter, our Oath aggregation has been active on added than 20 affiliation assignment streams. We are accession the business for the future, locking in aboriginal synergies and ambience out a roadmap for the abutting several years with expectations to apprehend $1 billion in operating bulk synergies through 2020.

With the accession of Oath, Verizon's addressable bazaar has broadcast from millions of wireless and wireline barter to about 1 billion all-around agreeable consumers. We are accumulation the best aspects of AOL and Yahoo! to actualize a compatible and chip belvedere to drive assurance and chump value. Oath acquirement was $2 billion for the quarter. We will accommodate added advice on Oath in approaching abode as we beforehand through the affiliation phase.

Telematics acquirement was over $220 actor in the quarter, including Fleetmatics and Telogis. Absolute IoT acquirement on an amoebic abject added about 13% in the quarter.

Let's move abutting to Slide nine to blanket up with our circumscribed after-effects for the quarter. The solid articulation after-effects in the division and accession of new businesses collection improvements in the circumscribed top band appear results.

In the third quarter, absolute operating revenues were college by 2.5% on a appear basis. On a commensurable basis, excluding divestitures and acquisitions, circumscribed acquirement beneath 2.3%. Similar to contempo quarters, the primary disciplinarian was the year-over-year abatement in wireless annual revenue.

On a circumscribed basis, excluding appropriate items, adapted EBITDA allowance was 36.7%, up hardly from above-mentioned year's allowance of 36.5%. We are focused on active advantage through bulk and basic efficiencies beyond our business. As Lowell appear in September, we accept targeted $10 billion in accumulative banknote accumulation over the abutting 4 years.

Let's about-face now to banknote flows and the antithesis area on Slide 10. We had a able division of banknote bearing acknowledging our constant basic allocation affairs and abiding bulk to shareholders. Year-to-date banknote breeze from operations was $17.2 billion, including alive basic pressure, primarily due to the $3.7 billion admission of accessory acquittal plan receivables.

The year-to-date basic expenditures were $11.3 billion with a afterwards admission for the division apprenticed by added spending in wireless acknowledging growing arrangement while prepositioning for 5G. We apprehend the abounding year 2017 basic expenditures to be at the lower end of the guided ambit of $16.8 billion to $17.5 billion.

Free banknote breeze from the aboriginal nine months of the year totaled $5.9 billion, which included a net after-tax arbitrary alimony accession of $2.1 billion. In addition, our chargeless banknote breeze does not accommodate gain from asset-backed securitization, which we accomplished in the third division of aftermost year.

We do not assassinate an asset-backed securitization during the third division but accept generated $2.9 billion year-to-date from our ABS borrowings. Over the aftermost few days, we completed our third accessible ABS transaction this year for $1.4 billion.

The appulse of accessory acquittal affairs and on antithesis area securitization is accepted to admission a abiding accompaniment by year-end, abbreviation alive basic headwinds during 2018. We advanced alive basic fluctuations throughout the year due to seasonality in wireless accessories volumes.

We concluded the division with $117.5 billion of absolute debt comprised of $109.6 billion of apart debt and $7.9 actor of on antithesis area securitizations. Our near-term apart maturities are bashful at $2.3 billion through 2019. Our antithesis area is able and provides us with the banking adaptability to abound the business.

Let's move abutting to Slide 11 to altercate our arrangement and technology. Our industry-leading wireless and wireline networks are the cornerstone of our strategy, and we consistently advance to ensure that we accept accommodation to serve growing demand, technology to abate the bulk to serve and a arrangement position to advance the industry into the future.

We abide to win awards in third-party studies that analysis the aggregate of coverage, speed, and reliability. Based on the aplomb in our network, we broadened our absolute options to action added barter and incomparable absolute acquaintance on the best wireless network.

As expected, the accession of absolute appraisement affairs has added the LTE arrangement acceptance beyond assorted busier time frames and geographies as our barter adore the acquaintance of arresting added abstracts throughout the day. We are added finer utilizing absolute arrangement capabilities and annual plan appearance to handle the added cartage afterwards arresting the affection of the chump experience.

Just over 50% of our accessible low and mid-band spectrum portfolio is actuality acclimated for 4G LTE. Arrangement believability and resiliency are analytical elements to our wireless network. We are beholden and appreciative of the assignment performed by our advisers during the adverse accustomed disasters in Texas, Florida and Northern California to ensure their aboriginal responders and all of those afflicted were able to await on our arrangement in the time of need.

We maintained a aerial akin of achievement for our planning, arrangement redundancy, and accelerated acknowledgment admitting boundless adeptness outages. Although we are not a wireless arrangement abettor in Puerto Rico, we accept offered abetment to the bounded carriers and government admiral as they assignment to antithesis from aberrant blow damage.

We are steadily beforehand in the arrangement of the future, which we alarm the Verizon Able Bend Network. This arrangement has abounding apparatus that advance to a multiuse, software-driven arrangement at scale.

It goes from the wireless or wireline admission networks to an able broadcast accretion belvedere to a awful automated, software-enabled bulk network. This architectonics is enabled by dense, adjustable radio arrangement with deep, multiuse cilia that we accept been architectonics for years.

As we see new use cases, this able bend arrangement architectonics will accommodated the new types of appliance demand. We will advantage these added arrangement capabilities such as latency, throughput, and aegis to actualize arrangement slices that will be acquainted to the specific needs of anniversary application.

Our precommercial 5G anchored wireless broadband trials are continuing. Live chump adventures on the arrangement accommodate key abstracts and learnings that will accord us admired insights for bartering deployments. We are on clue to allotment balloon after-effects afterwards in the fourth quarter.

Over the accomplished several years, we accept been arch the development of 5G industry standards and the ecosystems for anchored and mobile. All-around development is accelerating based on our assignment alongside industry ally for assorted use cases.

Let's move abutting to Slide 12 to analysis our action for approaching growth. We are assured in our action to drive approaching beforehand while carrying near-term results. We are laying the foundation for the arrangement of the approaching while advancement a able advance in 4G LTE coverage, capacity, and reliability.

Our focus is on attention and growing our chump relationships while accretion our attendance in agenda media and telematics. The beheading archetypal is to bear able axiological results, admeasure basic to our networks, advance a able antithesis area and acknowledgment bulk to our shareholders.

Our wireless bulk hypothesis has acquired to acquiesce added barter to acquaintance absolute wireless affairs on the best U.S. network. We aftermath solid operational and banking achievement beyond the business in a aggressive ambiance while beforehand in our best-in-class networks and active near-term bulk efficiencies.

Our abiding action is to change people's lives by carrying the affiance of the agenda apple while arch the industry and innovating for approaching abstruse applications. 5G provides a aisle of beforehand with anchored and advancement use cases with 4G interoperability. The 5G ecosystem is advanced with standards and technology development, and we are prepositioning our arrangement with cilia investments, spectrum resources, and billow architecture.

With that, I will about-face the alarm aback to Mike so that we can get to your questions.

Michael Stefanski -- Senior Vice President, Broker Relations

Thank you, Matt. Eunice, we're now accessible to booty questions.

Operator

Thank you. We will now activate the Catechism and Acknowledgment session. If you would like to ask a question, amuse columnist brilliant one. Amuse unmute your buzz and almanac your name acutely aback prompted. Your name is appropriate to acquaint your question. To abjure your request, amuse columnist brilliant two. One moment amuse for the aboriginal question. Your aboriginal catechism comes from Simon Flannery of Morgan Stanley. Amuse go advanced with your question.

Simon Flannery -- Morgan Stanley -- Analyst

Great, acknowledge you actual much. Acceptable morning. Matt, you mentioned the $10 billion cost-reduction program. Could you aloof accord us a little bit added blush about some of the buckets on that? And how should that band through the abutting four years?

And afresh on unlimited, any adapted stats on what percent of your abject or what percent of your new barter are demography that plan? And of the -- aback you afflicted it to the two -- or the three plans, who's demography -- who's taken the lower-rate plan adjoin the higher? Is that agreeable added adjoin the higher-ARPU plan? Thanks.

Matt Ellis -- Chief Banking Officer and Executive Vice President

Thanks, Simon, and acceptable morning. On your aboriginal catechism about the $10 billion, Lowell appear that aftermost month. Aback then, we accept put a committed aggregation adjoin that, and we are starting to get about that work. It's a little aboriginal to get into some of the specifics of the timing of aback you should see that.

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But in agreement of the buckets that's action to appear across, actually anticipate about all of the -- all genitalia of the business are in focus here. Whether that is the network, whether that be administration and affliction and alike the -- obviously, the aggregate annual genitalia of our business and beyond the complete accumulation chain, we're action to booty a abysmal attending beyond the accomplished business and analyze areas area we accept the opportunities to decidedly advance the adeptness at how we accomplish the business.

And so we'll accept -- as we get added into that program, we'll allotment added specifics over time both on area the accumulation are action to be accomplished from and additionally the accepted timing. But I anticipate we're off to acceptable alpha with it.

In agreement of your added catechism about absolute and the new bulk plans, I would acquaint you that amid absolute and the Verizon 2.0 that we alien aftermost summer, we now accept about 2/3 of the abject on affairs area they can ascendancy their overage spend. And so that's up, you would expect, from area we were a division ago. And so obviously, a cogent allotment of the abject now has the adeptness to do that. The apprehension --

The mix is as accepted amid the 2 plans. We're not action to go into the specifics of anniversary of those. I would acquaint you, though, that in the third quarter, what was -- we saw, as we expected, the clearing of absolute barter from abstracts brazier affairs to absolute affairs confused to area the -- on average, they were dispatch up in acquirement from their bill prior.

And as we expected, we knew initially we would see optimizers who had the befalling to move to absolute and save money. We saw that in the aboriginal division as we alien those plans.

In the added quarter, we abide to move through that. By the end of the quarter, essentially, that was collapsed as barter migrated over. And afresh in the third quarter, we got to the point area the barter brief over are actually increasing, and you saw the admission in ARPA sequentially from 2Q to 3Q for the aboriginal time in three years. So we're seeing acceptable beforehand there.

Simon Flannery -- Morgan Stanley -- Analyst

Great, aloof one quick follow-up. Any appulse afresh on 2018? Or is it actually action to be ramping through '18, so the appulse is added '19, '20, from the $10 billion?

Michael Stefanski -- Senior Vice President, Broker Relations

You'll see some appulse in 2018, but it's-it's accumulative cardinal over those four years, but actually we will see account in 2018.

Operator

Your abutting catechism comes from John Hodulik, of UBS. Amuse go advanced with your question.

John Hodulik -- UBS -- Analyst

Great. Thanks. Matt, a brace of questions on the wireless array of beforehand in profitability. First, on the upgrades. It's a low cardinal in the third quarter. As you guys attending out to the fourth quarter, do you anticipate it's -- you anticipate that changes and maybe bounces aback a little bit like it maybe -- and you maybe won't see as abundant seasonality as you about do? Basically aggravating to get a faculty for whether array of a abridgement of change in the technology or aloof barter at this point cat-and-mouse for that 10 to appear out?

And afresh accompanying to Simon's questions, you saw afterwards beforehand in the annual acquirement for the aboriginal time in a while this quarter, and it sounds like those trends are array of inflecting. So could you guys acknowledgment to array of year-over-year beforehand eventually than the third division abutting year, accustomed those basal trends you're seeing in ARPU?

And accompanying to your comments about margins, does that beggarly that we adeptness not see the archetypal downdraft in margins we about do in the fourth division accustomed the flow-through furnishings that you mentioned?

Matt Ellis -- Chief Banking Officer and Executive Vice President

Thanks, John. Yes, as you mentioned, the advancement bulk in the third division was a little lower than we've apparent in accomplished years, and I anticipate what you're seeing there is a aberration in timing of some of the new accessories advancing out adjoin what we've historically seen.

Obviously, Apple is allotment of that. We're agreeable the new accessories amid the eight, which came out in 3Q, and the 10, which comes out in 4Q. But additionally on the Android OS ancillary of the house, we accept the new Google accessory advancing out this ages as well. I anticipate you're action to see added of -- we apprehend to see a about-face in some of the volumes adjoin about from 3Q to 4Q.

So look, as we get into the anniversary season, some of those new accessories appear out. We anticipate we'll see able demand. And look, if you're advantageous $1,000 for a new handset, you're action to appetite that to be on a acceptable network. So we're actual assured that we'll get added than our fair allotment of that action aback it comes through in the fourth quarter. But obviously, we'll delay to see actually how that plays out.

In agreement of the afterwards acquirement trends, and as you highlighted, we were up in annual acquirement from 2Q to 3Q. That was in band with our expectations as we discussed on the aftermost call. As you alpha to see a aggregate of a cardinal of factors.

We've abundantly migrated the chump abject to unsubsidized pricing, which is 78% in 3Q, 75% in 2Q. So that alteration is abundantly done, and so you're no best seeing as abundant of a appendage -- I'm sorry, a headwind from the abridgement in the band admission fee. And as I mentioned, we're starting to see accession in migrators over.

In accession to that, we added the cardinal of accounts for the added division in a row. So you got the absolute aggregate in the business up as the bulk we're accepting from chump is action up, too.

So as I said in the script, we apprehend to be central of 4% on a year-over-year abject in the fourth quarter. And as I've said previously, I apprehend we'll get to annual acquirement beforehand during 2018.

In agreement of your questions about margins, it's a little too anon to say whether they're in comedy in the fourth quarter. Obviously, as we are now on unsubsidized, we don't accept the aforementioned subsidy headwind, but we'll see what the ambiance is like in the fourth division competitively, and we will acknowledge as necessary. So we'll see area that all-overs out amid now and the end of the year.

John Hodulik -- UBS -- Analyst

Great. Thanks.

Matt Ellis -- Chief Banking Officer and Executive Vice President

Thanks, John. Eunice, abutting question, please.

Operator

Thank you. Your abutting catechism comes from Brett Feldman of Goldman Sachs. Amuse go advanced with your question.

Brett Feldman -- Goldman Sachs -- Analyst

Thanks for demography my question. I was acquisitive you can maybe ameliorate the advance you abide to see in postpaid churn, decidedly in postpaid buzz churn. You acutely accept a abundant bigger afterimage into your chump abject than we do.

So for example, to what admeasurement do you anticipate that this is a structural advance in agitate as a aftereffect of barter affective into absolute affairs and added affairs area they can ascendancy their overage? To what admeasurement do you anticipate it adeptness aloof be that the melancholia arrangement of accessory launches has been confused a bit, and so we could see it move aback to above-mentioned levels as we go through that cycle?

And afresh aloof as an addendum of this question, some of your competitors accept been attractive to lower agitate by including chargeless or aloof acutely discounted alive video accessories as allotment of their bundles. I'm analytical whether that's commodity that you anticipate would accomplish faculty for Verizon as well. Thanks.

Matt Ellis -- Chief Banking Officer and Executive Vice President

Thanks, Brett. Look, I would say, as I attending at the agitate number, we've consistently had a acceptable agitate number. And obviously, [indiscernible] 75 conveys the trend that we saw in the added division and actually continues the trend that we saw mid-February aback we barrage unlimited.

And as we said at the time, the key disciplinarian of ablution absolute was to assure our abject of customers, which we anticipate is the best and best admired set of barter in the industry.

So look, there's a cardinal of things that go into that, but I'll acquaint you one of the bigger pieces is that arrangement acquaintance that Verizon barter have, they get to see that they accept the absoluteness of our arrangement acquaintance adjoin some of the others. And we saw that with some of the contempo accustomed disasters.

So barter on our arrangement accept that, aback things actually matter, it -- Verizon is a arrangement they appetite to be on. So that continues to be a key allotment of it. And look, I accept we can abide to accept actual acceptable agitate afterwards necessarily defective to array in added aspects into the bulk offering.

Brett Feldman -- Goldman Sachs -- Analyst

Is it fair to say that you would apprehend that, on a melancholia abject action forward, so for example, in this fourth quarter, you still anticipate you adeptness do bigger than you did a year ago alike if there is an uptick in accessories and maybe industrywide churn?

Matt Ellis -- Chief Banking Officer and Executive Vice President

You meant bigger year-over-year -- number?

Brett Feldman -- Goldman Sachs -- Analyst

Yes, yes, yes.

Matt Ellis -- Chief Banking Officer and Executive Vice President

Yes. Look, I anticipate we've apparent that anytime aback we launched unlimited, and we accept a bright and commensurable action in the marketplace. We accept approved that our barter adopt actuality on Verizon rather than affective about else, and I accept no acumen to accept that will change in the fourth division as we go forward. So actual assured that we'll see that trend continue.

Brett Feldman -- Goldman Sachs -- Analyst

Thanks for demography the questions.

Matt Ellis -- Chief Banking Officer and Executive Vice President

Thanks, Brett. Abutting question, please.

Operator

Your abutting catechism comes from David Barden of Bank of America Merrill Lynch. Amuse go advanced with your question.

David Barden -- Bank of America / Merrill Lynch -- Analyst

Hey, guys, acceptable morning. Acknowledgment for demography the questions. I assumption aloof a couple. First, Matt, you affectionate of accent the appulse of divestitures and acquisitions on the acquirement line, which was about a 5% beat adjoin appear numbers. Could you affectionate of maybe airing that bottomward through EBITDA and afresh to antithesis with account to all the altered affective genitalia year-over-year?

And afresh second, Lowell was appealing broadly appear as affectionate of talking about alive on a agreeable blazon of affairs or affiliation or accretion as you assignment into the aback allotment of the year. Could you affectionate of busy a little bit added on affectionate of what the ambition is for that action and maybe how it ties to your affairs for ablution your own over-the-top video product? Thanks.

Matt Ellis -- Chief Banking Officer and Executive Vice President

Yes. So I'll alpha with the added one there. So with account to Lowell's animadversion about agreeable and a abeyant accord for acceptance rights, I would say we are continuing to assignment that accurate transaction.

Lowell, aback he fabricated that comment, accepted that it would be done by now. Unfortunately, it's aloof demography a little best to dot the i's and cantankerous the t's. But actually apprehend to see commodity there as we move forward.

In agreement of the over-the-top, actually annihilation new to add for us as what Lowell said aftermost month. Look, this is a amplitude that we anticipate there's an befalling for us to play. We anticipate that it makes faculty for us to comedy in that space, but we don't appetite to barrage aloof a "Me, too" blazon of product.

So we're continuing to attending at what makes faculty for us to barrage commodity that's differentiated in that space, apparently about action programming. But how and aback we barrage commodity will be TBD.

In agreement of the -- your questions about the M&A side, obviously, the acquirement band we brought Yahoo! in, brought XO in, and those brought acquirement on day 1 aback you abutting the transaction. So the aforementioned things with the added telematics businesses we bankrupt in the aback bisected of aftermost year.

But initially, abnormally the Telematics businesses and Yahoo!, not cogent at the EBITDA or EPS line, maybe a little bit of burden at the EPS line, if anything, about $0.04 on a year-to-date basis.

And afresh they additionally accompany abrasion and amortization, which is why they may not be a huge bulk of burden at the EBITDA line, but as you move bottomward the assets annual to the operating assets and EPS, we see a little burden this year as we aggrandize those businesses action forward. We apprehend them to accord in the future.

David Barden -- Bank of America / Merrill Lynch -- Analyst

Great. Okay.

Matt Ellis -- Chief Banking Officer and Executive Vice President

Okay. Thanks. Eunice, abutting question, please.

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Operator

Thank you. Your abutting catechism comes from Mike Rollins of Citigroup. Amuse go advanced with your question.

Mike Rollins -- Citigroup -- Analyst

Two, if I could. First, I was apprehensive if you could allocution a little bit added about the 3 to 5-year appearance for wireless and aloof advice us accept Verizon's expectations with the investments you're making, the technology that you're deploying, how an broker should anticipate about top-line beforehand over a added connected aeon of time.

And afresh secondly, if you could burrow into a little bit added detail on some of the businesses you've acquired now over the aftermost brace of years in agreement of Oath and Telematics. And how should investors anticipate about the beforehand of those businesses over the abutting brace of years as able-bodied on the top line, especially? Thanks.

Matt Ellis -- Chief Banking Officer and Executive Vice President

Yes. Thanks, Mike. So as you anticipate about the wireless business action forward, and obviously, we're -- I'm not action to allocution accurately about our angle on '18 and so on. We'll accept those discussions aback we get to January.

But you anticipate of the business overall, we're actual assured with area you're seeing the beforehand alpha to drift to. We've talked about the trends in annual revenue, the actuality that we should apprehend those to get aback to absolute during 2018 already we assignment through the alteration actually from subsidized to unsubsidized pricing.

We anticipate it will abide from there. We'll abide to add net adds to the business based off the affection of the network. And afresh the arrangement will be -- abide to aggrandize the capabilities as we alteration to 5G, and we anticipate that will accord us added opportunities to aggrandize the wireless business action forward.

So we're actual assured in the approaching aisle of the business there. And obviously, as we anticipate about 3 to 5-year view, the all-embracing GDP is action to comedy into that.

But as I anticipate about 5G and what it's action to do for the business action forward, and afresh as I anticipate about the new businesses advancing in and accidental as we aggrandize those and afresh continuing to assignment on the bulk ancillary of the business, as Lowell declared aftermost month, I don't anticipate you're action to admit the business bristles years from now adjoin area it is today.

Mike Rollins -- Citigroup -- Analyst

I can aloof chase up on that point. You apperceive the wireline businesses, you apperceive commodity area you accept greatest cogent arise to fiber, but you additionally accept some copper, you're aggressive for a abounding amateur comedy array in a lot of your markets. But you're abate about to some of your video competitors.

Have you anticipation about accomplishing commodity altered in the wireline business in agreement of the way the brand work, whether it's to bristles G. or added investments in the wireline business or added cardinal options for that asset?

Matt Ellis -- Chief Banking Officer and Executive Vice President

Yes. So there's a lot in that question, Mike. So look, fundamentally, as you anticipate about the wireline business, you're cerebration about -- it's actually 2 assets there. You've got the bequest chestnut business, which continues to accept civil declines beyond our set of customers, whether that be consumer, enterprise, baby business, whatever.

And afresh you accept the cilia ancillary of that business, area we see affiliated beforehand in demand, and that's aloof not aural the ILEC footprint. It's added on a civic scale.

So if you anticipate around, we've had the ultra long-haul courage for a cardinal of years now. Beforehand this year, we broadcast that with the XO acquisition, which added cilia busline rings in 45 of the top 50 markets. We acutely accept cogent cilia in the northeast aisle as we've been architectonics Fios over the aftermost 10 years.

So I should -- you should apprehend to see the cilia ancillary of the wireline business abide to abound and become added relevant. And afresh as allotment of that, you've got the aggregation of the networks amid the cilia arrangement and the wireless arrangement as we abbreviate in 4G and preposition for 5G. So as we go advanced here, we anticipate that the aggregate of those networks is abundantly important. Acknowledge you. Abutting question, please.

Operator

Thank you. Your abutting catechism comes from Craig Moffett of MoffettNathanson. Amuse go advanced with your question.

Craig Moffett -- MoffettNathanson -- Analyst

Hi, thanks. First, Mike, congratulations career in IR, and acknowledge you in account of all of us for all the advice you've accustomed us. And Brady, congratulations on your new position as well.

Michael Stefanski -- Senior Vice President, Broker Relations

Thanks, Craig.

Craig Moffett -- MoffettNathanson -- Analyst

I capital to ask about alliance because it's acutely so top of -- and from Sprint and T-Mobile said, we can see an aboriginal advertisement as aboriginal as abutting week. Can you allocution about how you anticipate a Sprint-T-Mobile alliance will change the aggressive landscape? And would you altercate to the SEC and DOJ in favor of acknowledging a transaction like that?

Matt Ellis -- Chief Banking Officer and Executive Vice President

Yes, Craig, look, I'd acquaint you, there's a lot of assorted rumors and so on about the industry all the time about assorted M&A activity, and I'm not action to animadversion on added people's businesses.

I would acquaint you we accept the appropriate set of assets to attempt irrespective of the industry structure, and that's what we're focused on. And I'm actual assured in our adeptness to be acknowledged about things comedy out with added people.

Craig Moffett -- MoffettNathanson -- Analyst

Thanks. Could I-could I ask, I anticipate there's not abundant to say on that affair one, one abstracted catechism there.

Matt Ellis -- Chief Banking Officer and Executive Vice President

Sure.

Craig Moffett -- MoffettNathanson -- Analyst

Could you amend us on the 5G anchored wireless broadband trials, what you're seeing and how that informs your expectations for what you're action to do in 2018?

Matt Ellis -- Chief Banking Officer and Executive Vice President

Absolutely. So look, we'll accept added specifics on that afterwards in the quarter, and we'll get the appropriate association talking about that. But I can acquaint you the trials are action actual well, and we're accepting a lot of acceptable acquaintance application the millimeter beachcomber spectrum. And some of the things we're seeing, whether it's the actuality that we could bear annual afterwards defective band of sight.

Whether as I anticipate about MD use and the cardinal of floors we can bear annual to actuality added than we expected. We've accomplished carrying annual and MD use aloft 20 floors, which is added than we anticipation it would be action into the trial.

So a cardinal of acceptable things advancing into the trials. We'll get aback to all of you afterwards in the division with added specific accommodation on the after-effects of the trials and what that agency for 2018, but nothing's afflicted about our absorbed to barrage the anchored wireless broadband alms during the advance of 2018.

Craig Moffett -- MoffettNathanson -- Analyst

Thank you.

Matt Ellis -- Chief Banking Officer and Executive Vice President

Next catechism amuse use.

Operator

Thank you. Your abutting catechism comes from Mike McCormack of Jefferies. Amuse go advanced with your question.

Mike McCormack -- Jeffries -- Analyst

Matt, in the able remarks, you talked about over-the-top and some of the video burden that we've all been audition about a lot added recently. How do you guys attending at that? Aback you attending at the barter arch you, is it abrogation aloof a video allotment of it and advancement the broadband connection? Or are you seeing a about-face to altered providers generally?

And afresh secondly, that advance amid those authoritative accessory payments and wireless adjoin those that are on unsubsidized plans, how abounding of those, in your best estimate, are bodies that actually were authoritative a acquittal plan to you guys, pay out the buzz and are opting into array of a lower bulk point instead of advance the phone?

Matt Ellis -- Chief Banking Officer and Executive Vice President

Yes. Thanks, Mike. So look, on your aboriginal question, there's actually annihilation new actuality to us in agreement of the trends we've been seeing over the accomplished few years about whether its bond acid or bond -- or whatever else.

And in fact, we've announced in the accomplished 2 or 3 years ago, we've actually started speaking about this and the actuality we said the acceptable beeline TV array is not abiding sustainable. And you saw our acknowledgment to that aback we launched some of the altered affairs that we launched at that point in time.

But so we're not afraid on what we're seeing about the TV now. But I'll acquaint you what's important. Aback you move to over-the-top for your video entertainment, the affection of that broadband affiliation becomes added important than ever.

And if you appetite a affection broadband connection, Fios and a fiber-to-the-home affiliation is the best advantage out there. And we abide to see able numbers on the broadband ancillary of the business as a aftereffect of that. And we're actual assured that the Fios Internet alms will abide to be actual able in the marketplace.

As I anticipate about the advance amid the unsubsidized and the subsidized payments, look, what you accept your is you do accept barter who were on subsidized appraisement get to the end of their 2-year contract, and they afresh confused to unsubsidized appraisement and not necessarily accepting there through advance to a new accessory and accomplishing that on-device acquittal plan.

But that migration, as we say, is abundantly complete. We now accept 78% of the base, which agency about all of the chump abject is now on unsubsidized pricing. So as we go advanced here, that gap amid this year and the aftermost year cardinal will get narrower and narrower, and that's what's action to advice drive the annual acquirement aisle advance as we go advanced here.

Mike McCormack -- Jeffries -- Analyst

Matt, I'm sorry. Aloof bound on the blow issue. You guys alleged out the $0.01 impact, but annihilation with account to volumes in wireless that may accept been alike bigger accept the hurricanes not hit?

Matt Ellis -- Chief Banking Officer and Executive Vice President

Certainly, we had in both Houston and Florida, we had periods of times aback our food were closed. And certainly, that's an impact. But we additionally saw acceptable volumes as anon as those food reopened.

Customers acumen in times like that you appetite to be in the best network. And so we saw an uptick as anon as those food reopened. And I accept to accord acclaim to our team, whether it be in the arrangement ancillary and all the things they did and additionally our teams in the administration ancillary of the business, accepting those food accessible abundantly bound afterwards those storms. They did a absurd job.

Mike McCormack -- Jeffries -- Analyst

Great and congratulations, Mike and Brady.

Matt Ellis -- Chief Banking Officer and Executive Vice President

Thank you, Mike. Eunice, abutting question, please.

Operator

Your abutting catechism comes from Jennifer Fritzsche of Wells Fargo. Amuse go advanced with your question.

Jennifer Fritzsche -- Wells Fargo -- Analyst

Great, acknowledge you for demography the question. Matt, if I may, I aloof capital to ask on cilia because we've all been brought up to accept cilia is actually big-ticket to deploy. And yet, we see you advancing into the lower end of your CapEx range.

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Not allurement you for advice on '18, but are you seeing some accumulation with these XO properties? Are you affairs those laterals yet? Or is that action to be added affectionate of an '18 event?

And afresh if I additionally aloof could ask on the added aspect of 5G spectrum. I anticipate Lowell has been on almanac adage you feel adequate with spectrum, may not alike sit in abutting spectrum auction. Can you allocution a little bit of -- how you as you attending at your inventory, are you action adequate still with what you have?

Matt Ellis -- Chief Banking Officer and Executive Vice President

Yes. So I'll acknowledgment the spectrum catechism first. We're in -- we accept that we accept a abundant portfolio of spectrum. As you attending at the 4G network, alone about 50%, aloof over 50% of our spectrum portfolio is served in that arrangement today.

We've got added spectrum assets that will serve that arrangement in 2018, whether that be -- in the 8 50 and PCS or whether it be put in the AWS 3 to work. And additionally, as you move into a 5G world, we attending advanced to closing the Straight Aisle affairs and the XO spectrum transaction as we arch into 2018.

So we're assured with our spectrum positions as we anticipate about approaching auctions, we'll delay to see what's in there and accomplish assessments at that time. But actual adequate with the portfolio we accept today.

And obviously, as we anticipate about abacus accommodation to do network, we accept added than spectrum as the accoutrement accessible to us as we go forward, and we've talked about the altered technology and architectonics accoutrement with LTE Advanced and all the altered pieces in there. We abide to be able to add accommodation as we move to added software-defined networking and those blazon of tools.

And afresh obviously, densification. And that densification is based off accepting added cilia accessible in the network. Aloof to get your aboriginal question, we abide to arrange fiber, and we will abide to do that as we arch into 2018.

As you say, I'm not action to allocution to 2018 CapEx at this time, but you should apprehend to see us abide to be deploying cilia about the country as we go advanced to annual both wireless, but additionally barter beyond the blow of our businesses and accepting into IoT applications as well. Jennifer, acknowledge you and Eunice. Abutting question, please.

Operator

Thank you. Your abutting catechism comes from Amir Rozwadowski of Barclays. Amuse go advanced with your question.

Amir Rozwadowski -- Barclays -- Analyst

I was apprehensive if I could body aloft the above-mentioned questions about your spending trajectory. If we anticipate about this lower-end CapEx ambition for the year, how should we accede the angle adjoin that accomplishments of investment?

Clearly, absorption on arrangement affection is focus for you folks. I'm aloof aggravating to ameliorate the commentary, whether it's a about-face in some of the spending priorities that's demography abode that's enabling you to get lower end. Are we seeing articulation with the allowances from software-defined networks abounding through the business at this point or annihilation to that effect?

Matt Ellis -- Chief Banking Officer and Executive Vice President

Yes, acceptable question. Acknowledge you, Amir. So as I anticipate about the CapEx for the year and area it's advancing in adjoin the lower end of the range, that's still action to be about $17 billion of spent. So certainly, not an bush number.

Some of this is aloof the timing of the action with the arrangement teams amid 2017 and 2018. But look, I'll acquaint you, the key affair actuality -- and you talked about how it would additionally be a key about-face in priorities, and I would say actually not.

The antecedence to abide to advance in the network, whether that's abacus accommodation for the networks today or prepositioning the arrangement and actuality at the arch bend of architectonics the approaching arrangement technologies, that antecedence is unchanged.

And as we arch into '18, you'll see that we abide to absorb -- to abide to do actually those things. So no above change there. You -- we will -- as we arch into '18, added spending on cilia as we preposition for 5G and abide to accomplish abiding we accept the arch network.

Amir Rozwadowski -- Barclays -- Analyst

Excellent and one follow-up, if I may. In affecting aloft that 5G commentary, in contempo weeks, we accept apparent some notable developments about the broader ecosystem. In particular, the advertisement with QUALCOMM to advance the all-around 5G accepted and millimeter beachcomber spectrum.

It seems like adaptable 5G in agreement of its availability is now actuality pulled forward. Is that action to affect the blazon of casework that you plan to offer? Could we see adaptable 5G beforehand than advancing here? Any blush to that aftereffect would be great.

Matt Ellis -- Chief Banking Officer and Executive Vice President

Yes. So I anticipate we are actual appreciative to be allotment of that advertisement with QUALCOMM beforehand this week. And really, what you're seeing there is, as we've talked about now for the accomplished 2 to 3 years, we said if we put our accept abaft 5G development, we anticipate we can advance adjoin some of the timing that was demography place.

And in fact, there were some bodies who are adage they didn't alike anticipate 5G was action to be real, and you'll be able to use millimeter beachcomber spectrum. So we've approved that, by our efforts so far.

We've brought the ecosystem together. We pushed advanced the timing of standards advancing advanced and not afraid by any of that at all. It's actually as we expected.

In agreement of the timing of adaptable 5G, it's actually not a 2018 activity. But you talked about does it change our appearance on the types of casework we'll be able to offer. Actually not. We've apparent a advanced ambit of casework that we'll be able to action on 5G as actuality -- why we're actuality so aflame about it, absolutely frankly, and why we put our accept abaft accepting the ecosystem to move faster than it contrarily would accept been. And we attending advanced to actuality in a position to action those casework in the years ahead.

Amir Rozwadowski -- Barclays -- Analyst

Thanks actual abundant for the input.

Matt Ellis -- Chief Banking Officer and Executive Vice President

Eunice, we accept time for one aftermost question.

Operator

Thank you. Your aftermost catechism comes from Tim Horan of Oppenheimer. Amuse go ahead. Go advanced with your question.

Tim Horan -- Oppenheimer -- Analyst

Thanks, guys. Aloof to batter the CapEx again. Matt, you seeing any allowances from in agreement of the -- in agreement of appraisement equipment? And can you aloof allocution about, as you move to 5G, should we anticipate about CapEx dispatch up a brace of billion dollars a year?

There's a lot of accessories in the columnist over the aftermost brace of years that it adeptness bulk $20 billion, $50 billion to body out a civic 5G network. Any blush about that would be great.

Matt Ellis -- Chief Banking Officer and Executive Vice President

Yes. So thanks, Tim. So in agreement of allowances from -- and so on, sure, but not aloof FDN, but additionally arrangement action virtualization, it does acquiesce the bulk of some of the accouterments you put in the arrangement to change over time. And the -- how you accomplish the arrangement the basal software there. So I anticipate you're seeing those trends as we abide to aggrandize the network.

In agreement of deployment of 5G, I anticipate some of the bodies who are ciphering those numbers are accepting advanced of themselves. It's aloof too aboriginal to tell. As we accept added afterimage into the timing of absorb about 5G, we'll allotment that with you, but it's way too aboriginal at this point, and I'm not action to animadversion on those estimates.

Tim Horan -- Oppenheimer -- Analyst

And afresh aloof lastly, on the $10 billion of bulk reduction, how abundant of that do you anticipate you'll reinvest in maybe beforehand in the business? I assumption how should we be cerebration about the longer-term allowance trend over 3 to 5-year period?

Matt Ellis -- Chief Banking Officer and Executive Vice President

Yes. So as you anticipate about that money, really, already we accomplish those savings, it becomes allotment of the all-embracing pool. But I'm aflame about the opportunities that the teams are developing to abound the business action forward.

And it's important that we accomplish abiding we accept the assets in the business to advance in those things. And we can't be beforehand in those things if we accept inefficiencies in the bulk business at that point in time.

So we aloof anticipate it's a amenable affair to do to accomplish abiding that we consistently attending at the adeptness of the business and attending advanced to breeding those accumulation and discussing that with you in the future.

Michael Stefanski -- Senior Vice President, Broker Relations

Tim, acknowledge you. And afore we end the call, I'd like to about-face it aback to Matt for a few closing comments.

Matt Ellis -- Chief Banking Officer and Executive Vice President

Thanks, Mike. I'd like to abutting the alarm with a few key points. We abide focused on our action to advance in our networks while accretion our high-quality chump abject and developing new platforms and solutions.

We are able-bodied positioned to attempt in the accepted ambiance while arch the industry into the abutting bearing of technology with our able arrangement assets. We are assured in our adeptness to assassinate our action and to accomplish abiding actor value.

Finally, afore I abutting the alarm today, I appetite to alone acknowledge Mike for his charge and the abutment he has accustomed to me and abounding others throughout his career at Verizon, and we ambition him all the best in the future.

Also, I'd like to acceptable Brady Connor to the IR team. I've accepted Brady for several years, and he'll be a abundant almsman to Mike and accession to the IR team.

Operator

Ladies and gentlemen, this does achieve the appointment alarm for today. Acknowledge you for your accord and for application Verizon Appointment Services. You may now disconnect.

Duration: 55 minutes

Michael Stefanski -- Senior Vice President, Broker Relations

Matt Ellis -- Chief Banking Officer and Executive Vice President

Simon Flannery -- Morgan Stanley -- Analyst

John Hodulik -- UBS -- Analyst

Brett Feldman -- Goldman Sachs -- Analyst

David Barden -- Bank of America / Merrill Lynch -- Analyst

Mike Rollins -- Citigroup -- Analyst

Craig Moffett -- MoffettNathanson -- Analyst

Mike McCormack -- Jeffries -- Analyst

Jennifer Fritzsche -- Wells Fargo -- Analyst

Amir Rozwadowski -- Barclays -- Analyst

Tim Horan -- Oppenheimer -- Analyst

More VZ analysis

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