Verizon delivers strong third quarter results with customer growth in mobility, extending industry leadership
Verizon (VZ) reported strong third-quarter 2024 results, showcasing customer growth in mobility and broadband. Key highlights include:
- Wireless service revenue of $19.8 billion, up 2.7% year-over-year
- 239,000 retail postpaid phone net additions
- 389,000 total broadband net additions
- Fixed wireless subscriber target achieved 15 months ahead of schedule
- Total operating revenue of $33.3 billion, flat compared to Q3 2023
- Consolidated net income of $3.4 billion, down from $4.9 billion in Q3 2023
- Adjusted EPS of $1.19, compared to $1.22 in Q3 2023
Verizon remains on track to meet its full-year 2024 financial guidance, with wireless service revenue and adjusted EBITDA trending at or above the midpoint of the guided range.
Verizon (VZ) ha riportato risultati forti per il terzo trimestre del 2024, mostrando una crescita dei clienti nei settori della mobilità e della banda larga. I principali punti salienti includono:
- Ricavi dei servizi wireless di 19,8 miliardi di dollari, in aumento del 2,7% rispetto all'anno precedente
- 239.000 nuove attivazioni di telefonia retail postpagata
- 389.000 nuove attivazioni totali di banda larga
- Obiettivo di abbonati wireless fissi raggiunto con 15 mesi di anticipo
- Ricavi operativi totali di 33,3 miliardi di dollari, stabili rispetto al terzo trimestre del 2023
- Utile netto consolidato di 3,4 miliardi di dollari, in calo rispetto ai 4,9 miliardi del terzo trimestre del 2023
- EPS rettificato di 1,19 dollari, rispetto a 1,22 dollari nel terzo trimestre del 2023
Verizon è in via di raggiungere le sue previsioni finanziarie per l'intero anno 2024, con ricavi dei servizi wireless e EBITDA rettificato che si attestano al livello medio o superiore dell'intervallo previsto.
Verizon (VZ) reportó resultados sólidos para el tercer trimestre de 2024, mostrando un crecimiento en clientes en movilidad y banda ancha. Los aspectos destacados incluyen:
- Ingresos por servicios inalámbricos de 19.8 mil millones de dólares, un aumento del 2.7% interanual
- 239,000 nuevas adiciones netas de teléfonos postpago minoristas
- 389,000 nuevas adiciones netas totales de banda ancha
- Objetivo de suscriptores inalámbricos fijos alcanzado 15 meses antes de lo programado
- Ingresos operativos totales de 33.3 mil millones de dólares, estables en comparación con el tercer trimestre de 2023
- Ingreso neto consolidado de 3.4 mil millones de dólares, disminuido desde 4.9 mil millones en el tercer trimestre de 2023
- EPS ajustado de 1.19 dólares, en comparación con 1.22 en el tercer trimestre de 2023
Verizon sigue en camino de cumplir su guía financiera para todo el año 2024, con ingresos por servicios inalámbricos y EBITDA ajustado que se mantienen en o por encima del punto medio del rango previsto.
버라이즌 (VZ)은 2024년 3분기 강력한 실적을 보고하며 이동통신 및 브로드밴드 분야에서 고객 성장세를 보였습니다. 주요 하이라이트는 다음과 같습니다:
- 무선 서비스 수익 198억 달러, 전년 대비 2.7% 증가
- 239,000개의 소매 후불 전화 신규 가입자
- 389,000개의 브로드밴드 총 신규 가입자
- 고정 무선 가입자 목표 15개월 앞당겨 달성
- 총 운영 수익 333억 달러, 2023년 3분기와 비슷
- 연결 순이익 34억 달러, 2023년 3분기 49억 달러에서 감소
- 조정된 주당 순이익(EPS) 1.19달러, 2023년 3분기 1.22달러 대비
버라이즌은 무선 서비스 수익 및 조정된 EBITDA가 안내된 범위의 중간값 이상 또는 그에 근접하게 유지되면서 2024년 전체 연도 재무 가이드를 충족할 예정입니다.
Verizon (VZ) a annoncé des résultats solides pour le troisième trimestre 2024, montrant une croissance des clients dans le secteur de la mobilité et du haut débit. Les principaux points forts comprennent :
- Revenus des services sans fil de 19,8 milliards de dollars, en hausse de 2,7 % par rapport à l'année précédente
- 239 000 nouvelles adoptions de téléphone postpayé au détail
- 389 000 nouvelles adoptions totales de haut débit
- Objectif d'abonnés fixes sans fil atteint 15 mois avant la date prévue
- Revenus d'exploitation totaux de 33,3 milliards de dollars, stables par rapport au troisième trimestre 2023
- Résultat net consolidé de 3,4 milliards de dollars, en baisse par rapport à 4,9 milliards de dollars au troisième trimestre 2023
- BPA ajusté de 1,19 dollar, comparé à 1,22 dollar au troisième trimestre 2023
Verizon est sur la bonne voie pour respecter ses prévisions financières pour l'année 2024, avec des revenus de services sans fil et un EBITDA ajusté tendant vers ou au-dessus du point médian de la plage guide.
Verizon (VZ) hat starke Ergebnisse für das dritte Quartal 2024 berichtet und ein Wachstum der Kunden in den Bereichen Mobilität und Breitband gezeigt. Die wichtigsten Höhepunkte umfassen:
- Drahtlose Dienstleistungsumsätze von 19,8 Milliarden Dollar, ein Anstieg um 2,7 % im Vergleich zum Vorjahr
- 239.000 Nettozugänge bei Einzelhandel-Postpaid-Handys
- 389.000 Gesamtnettozugänge im Breitbandbereich
- Ziel für feste drahtlose Abonnenten 15 Monate vor dem Zeitplan erreicht
- Gesamter Betriebserlös von 33,3 Milliarden Dollar, unverändert im Vergleich zum 3. Quartal 2023
- Konsolidierter Nettogewinn von 3,4 Milliarden Dollar, zurückgegangen von 4,9 Milliarden Dollar im 3. Quartal 2023
- Bereinigtes EPS von 1,19 Dollar im Vergleich zu 1,22 Dollar im 3. Quartal 2023
Verizon bleibt auf Kurs, um seine Gesamtjahresprognose für 2024 zu erfüllen, wobei die drahtlosen Dienstleistungsumsätze und das bereinigte EBITDA im oder über dem Mittelwert der angeführten Spanne liegen.
- Wireless service revenue increased by 2.7% year-over-year to $19.8 billion
- Retail postpaid phone net additions of 239,000
- Total broadband net additions of 389,000
- Fixed wireless subscriber target achieved 15 months ahead of schedule
- Consolidated adjusted EBITDA increased to $12.5 billion from $12.2 billion in Q3 2023
- On track to meet full-year 2024 financial guidance
- Consolidated net income decreased to $3.4 billion from $4.9 billion in Q3 2023
- Adjusted EPS decreased to $1.19 from $1.22 in Q3 2023
- Total operating revenue remained flat at $33.3 billion compared to Q3 2023
- Severance charges of $1.7 billion related to voluntary separation program and headcount reduction initiatives
Insights
Verizon's Q3 2024 results show mixed performance. Wireless service revenue grew
Notably, Verizon achieved its fixed wireless subscriber target 15 months ahead of schedule, with 363,000 net additions bringing the total to nearly 4.2 million. Fixed wireless revenue reached
Despite challenges, Verizon maintains its 2024 guidance, expecting wireless service revenue growth of
Verizon's Q3 results highlight its strategic pivot towards fixed wireless and broadband services. The company's success in this area, reaching its fixed wireless subscriber target well ahead of schedule, demonstrates the growing demand for alternative broadband solutions. This shift is important as traditional wireline revenues continue to decline.
The company's focus on profitable growth is evident in its Consumer segment, which saw a
However, the Business segment faces challenges, with total revenue declining
The pending acquisition of Frontier Communications and the agreement with Vertical Bridge for tower management indicate Verizon's strategic moves to strengthen its network infrastructure and expand its fiber footprint, which could provide competitive advantages in the 5G era.
Achieves fixed wireless subscriber target 15 months ahead of schedule and double-digit growth in total broadband connections
Company remains on track to meet full-year 2024 financial guidance
3Q 2024 Highlights
Wireless: More than doubled wireless postpaid phone net additions year over year
- Total wireless service revenue1 of
$19.8 billion , a 2.7 percent increase year over year. - Retail postpaid phone net additions of 239,000, and retail postpaid net additions of 349,000.
- Retail postpaid phone churn of 0.89 percent, and retail postpaid churn of 1.16 percent.
Broadband: Achieved fixed wireless subscriber target 15 months ahead of schedule
- Total broadband net additions of 389,000. This was the ninth consecutive quarter with more than 375,000 broadband net additions.
- Total fixed wireless net additions of 363,000. At the end of third-quarter 2024, the company had a base of nearly 4.2 million fixed wireless subscribers. The company reached its fixed wireless subscriber target 15 months ahead of schedule, which is a reflection of the product's popularity and customer demand for high quality broadband services.
- Total broadband connections grew to more than 11.9 million as of the end of third-quarter 2024, representing a nearly 16 percent increase year over year.
- Fixed wireless revenue for third-quarter 2024 was
$562 million , up$215 million year over year.
Consolidated: Sustained focus on profitable growth
- Total operating revenue of
$33.3 billion , essentially flat compared to third-quarter 2023. - Consolidated net income for the third quarter of
$3.4 billion , down from consolidated net income of$4.9 billion in third-quarter 2023. This decrease was primarily driven by severance charges of$1.7 billion related to separations under the company's voluntary separation program for select U.S.-based management employees as well as other headcount reduction initiatives. Consolidated adjusted EBITDA2 for the third quarter of$12.5 billion , up from$12.2 billion in third-quarter 2023. - Earnings per share of
$0.78 , compared with earnings per share of$1.13 in third-quarter 2023; adjusted EPS2, excluding special items, of$1.19 , compared with$1.22 in third-quarter 2023.
NEW YORK, Oct. 22, 2024 (GLOBE NEWSWIRE) -- Verizon Communications Inc. (NYSE, Nasdaq: VZ) reported third-quarter 2024 results today with customer growth in mobility and broadband. The company also continued its momentum in its three financial priorities of wireless service revenue, consolidated adjusted EBITDA and free cash flow.
"This has been a pivotal quarter for Verizon, with transformative strategic moves and continued operational excellence. We continue to deliver strong results in mobility and broadband, and we are on track to meet our full-year 2024 financial guidance, with wireless service revenue and adjusted EBITDA trending at or above the midpoint of the guided range," said Verizon Chairman and CEO Hans Vestberg. "Our new products — myPlan, myHome and Verizon Business Complete — and our brand refresh are resonating with customers. Through our pending acquisition of Frontier Communications, and our agreement for Vertical Bridge to lease, operate and manage thousands of wireless communications towers, we have set Verizon up for disciplined growth, now and into the future."
For third-quarter 2024, Verizon reported earnings per share of
Reported third-quarter 2024 financial results reflected
Consolidated results: Financially disciplined, consistent with overall strategy
- Total consolidated operating revenue in third-quarter 2024 was
$33.3 billion , essentially flat compared to third-quarter 2023, as service and other revenue growth was offset by declines in wireless equipment revenue. - Total wireless service revenue1 in third-quarter 2024 was
$19.8 billion , a sequential increase of$70 million , and an increase of 2.7 percent year over year. This increase was primarily driven by pricing actions implemented in recent quarters and growth from fixed wireless connections. - Cash flow from operations year-to-date3 totaled
$26.5 billion , compared with$28.8 billion in 2023. This result reflects higher cash taxes, as well as higher interest expense primarily driven by the decrease in capitalized interest and higher interest rates. - Capital expenditures year-to-date3 were
$12.0 billion . - Free cash flow2 year-to-date3 was
$14.5 billion , compared with$14.6 billion in 2023. - Consolidated net income for third-quarter 2024 was
$3.4 billion , down from consolidated net income of$4.9 billion in third-quarter 2023, and consolidated adjusted EBITDA2 was$12.5 billion , up from$12.2 billion in third-quarter 2023. - Verizon's total unsecured debt as of the end of third-quarter 2024 was
$126.4 billion , a$1.1 billion increase compared to second-quarter 2024, and approximately$70 million lower year over year. The company's net unsecured debt2 at the end of third-quarter 2024 was$121.4 billion . At the end of third-quarter 2024, Verizon's ratio of unsecured debt to net income (LTM) was 12.3 times and net unsecured debt to consolidated adjusted EBITDA ratio2 was 2.5 times.
Verizon Consumer: Seventh consecutive quarter of year over year growth in postpaid phone gross additions
- Total Verizon Consumer revenue in third-quarter 2024 was
$25.4 billion , an increase of 0.4 percent year over year as gains in service revenue were partially offset by declines in wireless equipment revenue. - Wireless service revenue in third-quarter 2024 was
$16.4 billion , up 2.6 percent year over year, driven by growth in Consumer wireless postpaid average revenue per account (ARPA) from pricing actions and continued fixed wireless adoption. - Consumer wireless retail postpaid churn was 1.07 percent in third-quarter 2024, and wireless retail postpaid phone churn was 0.84 percent.
- In third-quarter 2024, Consumer reported 81,000 wireless retail postpaid phone net additions, compared with 51,000 net losses in third-quarter 2023. This improvement was driven by a 5.9 percent year over year increase in postpaid phone gross additions. This marks the seventh consecutive quarter of year over year growth in postpaid phone gross additions. Excluding the contribution from the company's second number offering, Consumer reported 18,000 wireless retail postpaid phone net additions. Verizon expects to have positive Consumer postpaid phone net additions for full-year 2024, with and without the contribution from the second number offering.
- In third-quarter 2024, Consumer reported 80,000 wireless retail prepaid net additions, excluding Safelink, Verizon's brand offering access to government-sponsored connectivity benefits and programs.
- Consumer reported 209,000 fixed wireless net additions and 39,000 Fios Internet net additions in third-quarter 2024. Consumer Fios revenue was
$2.9 billion in third-quarter 2024. - In third-quarter 2024, Consumer operating income was
$7.6 billion , an increase of 0.8 percent year over year, and segment operating income margin was 30.0 percent, an increase from 29.9 percent in third-quarter 2023. Segment EBITDA2 in third-quarter 2024 was$11.0 billion , an increase of 1.8 percent year over year. This improvement can be attributed to service and other revenue growth partially offset by lower upgrade volumes. Segment EBITDA margin2 in third-quarter 2024 was 43.4 percent, an increase from 42.8 percent in third-quarter 2023.
Verizon Business: Continued mobility and broadband growth
- Total Verizon Business revenue was
$7.4 billion in third-quarter 2024, a decrease of 2.3 percent year over year, as increases in wireless service revenue were more than offset by decreases in wireline revenue. - Business wireless service revenue in third-quarter 2024 was
$3.5 billion , an increase of 2.9 percent year over year. This result was driven by continued strong net additions for both mobility and fixed wireless, as well as benefits from pricing actions implemented in recent quarters. - Business reported 281,000 wireless retail postpaid net additions in third-quarter 2024. This result included 158,000 postpaid phone net additions. The company experienced sustained growth in phone net additions across its small and medium business, enterprise, and public sector customers throughout the quarter.
- Business wireless retail postpaid churn was 1.45 percent in third-quarter 2024, and wireless retail postpaid phone churn was 1.12 percent.
- Business reported 154,000 fixed wireless net additions in third-quarter 2024.
- In third-quarter 2024, Verizon Business operating income was
$565 million , an increase of 4.8 percent year over year, and segment operating income margin was 7.7 percent, an increase from 7.2 percent in third-quarter 2023. Segment EBITDA2 in third-quarter 2024 was$1.6 billion , a decrease of 3.7 percent year over year, driven by continued declines in wireline revenues. Segment EBITDA margin2 in third-quarter 2024 was 21.8 percent, a decrease from 22.1 percent in third-quarter 2023.
Outlook and guidance: Verizon is on track to meet financial guidance
The company does not provide a reconciliation for any of the following adjusted (non-GAAP) forecasts because it cannot, without unreasonable effort, predict the special items that could arise, and the company is unable to address the probable significance of the unavailable information.
For 2024, Verizon continues to expect the following:
- Total wireless service revenue growth1 of 2.0 percent to 3.5 percent.
- Adjusted EBITDA growth2 of 1.0 percent to 3.0 percent.
- Adjusted EPS2 of
$4.50 t o$4.70 . - Capital expenditures between
$17.0 billion and$17.5 billion . - Adjusted effective income tax rate2 in the range of 22.5 percent to 24.0 percent.
1 Total wireless service revenue represents the sum of Consumer and Business segments.
2 Non-GAAP financial measure. See the accompanying schedules and www.verizon.com/about/investors for reconciliations of non-GAAP financial measures cited in this document to most directly comparable financial measures under generally accepted accounting principles (GAAP).
3 Nine months ended September 30, 2024.
Verizon Communications Inc. (NYSE, Nasdaq: VZ) powers and empowers how its millions of customers live, work and play, delivering on their demand for mobility, reliable network connectivity and security. Headquartered in New York City, serving countries worldwide and nearly all of the Fortune 500, Verizon generated revenues of
VERIZON’S ONLINE MEDIA CENTER: News releases, stories, media contacts and other resources are available at verizon.com/news. News releases are also available through an RSS feed. To subscribe, visit www.verizon.com/about/rss-feeds/.
Forward-looking statements
In this communication we have made forward-looking statements. These statements are based on our estimates and assumptions and are subject to risks and uncertainties. Forward-looking statements include the information concerning our possible or assumed future results of operations. Forward-looking statements also include those preceded or followed by the words “anticipates,” “assumes,” “believes,” “estimates,” “expects,” “forecasts,” “hopes,” “intends,” “plans,” “targets” or similar expressions. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The following important factors, along with those discussed in our filings with the Securities and Exchange Commission (the “SEC”), could affect future results and could cause those results to differ materially from those expressed in the forward-looking statements: the effects of competition in the markets in which we operate, including the inability to successfully respond to competitive factors such as prices, promotional incentives and evolving consumer preferences; failure to take advantage of, or respond to competitors' use of, developments in technology and address changes in consumer demand; performance issues or delays in the deployment of our 5G network resulting in significant costs or a reduction in the anticipated benefits of the enhancement to our networks; the inability to implement our business strategy; adverse conditions in the U.S. and international economies, including inflation and changing interest rates in the markets in which we operate; cyber attacks impacting our networks or systems and any resulting financial or reputational impact; damage to our infrastructure or disruption of our operations from natural disasters, extreme weather conditions, acts of war, terrorist attacks or other hostile acts and any resulting financial or reputational impact; disruption of our key suppliers’ or vendors' provisioning of products or services, including as a result of geopolitical factors or the potential impacts of global climate change; material adverse changes in labor matters and any resulting financial or operational impact; damage to our reputation or brands; the impact of public health crises on our operations, our employees and the ways in which our customers use our networks and other products and services; changes in the regulatory environment in which we operate, including any increase in restrictions on our ability to operate our networks or businesses; allegations regarding the release of hazardous materials or pollutants into the environment from our, or our predecessors’, network assets and any related government investigations, regulatory developments, litigation, penalties and other liability, remediation and compliance costs, operational impacts or reputational damage; our high level of indebtedness; significant litigation and any resulting material expenses incurred in defending against lawsuits or paying awards or settlements; an adverse change in the ratings afforded our debt securities by nationally accredited ratings organizations or adverse conditions in the credit markets affecting the cost, including interest rates, and/or availability of further financing; significant increases in benefit plan costs or lower investment returns on plan assets; changes in tax laws or regulations, or in their interpretation, or challenges to our tax positions, resulting in additional tax expense or liabilities; changes in accounting assumptions that regulatory agencies, including the SEC, may require or that result from changes in the accounting rules or their application, which could result in an impact on earnings; and risks associated with mergers, acquisitions and other strategic transactions, including our ability to consummate the proposed acquisition of Frontier Communications Parent, Inc. and obtain cost savings, synergies and other anticipated benefits within the expected time period or at all.
Non-GAAP Reconciliations - Consolidated Verizon
| Consolidated EBITDA and Consolidated Adjusted EBITDA | ||||||||||||||||||||||||||
| (dollars in millions) | ||||||||||||||||||||||||||
| Unaudited | 3 Mos. Ended 9/30/24 | 3 Mos. Ended 6/30/24 | 3 Mos. Ended 3/31/24 | 3 Mos. Ended 12/31/23 | 3 Mos. Ended 9/30/23 | 3 Mos. Ended 6/30/23 | 3 Mos. Ended 3/31/23 | |||||||||||||||||||
| Consolidated Net Income (Loss) | $ | 3,411 | $ | 4,702 | $ | 4,722 | $ | (2,573 | ) | $ | 4,884 | $ | 4,766 | $ | 5,018 | |||||||||||
| Add: | ||||||||||||||||||||||||||
| Provision for income taxes | 891 | 1,332 | 1,353 | 756 | 1,308 | 1,346 | 1,482 | |||||||||||||||||||
| Interest expense | 1,672 | 1,698 | 1,635 | 1,599 | 1,433 | 1,285 | 1,207 | |||||||||||||||||||
| Depreciation and amortization expense(1) | 4,458 | 4,483 | 4,445 | 4,516 | 4,431 | 4,359 | 4,318 | |||||||||||||||||||
| Consolidated EBITDA | $ | 10,432 | $ | 12,215 | $ | 12,155 | $ | 4,298 | $ | 12,056 | $ | 11,756 | $ | 12,025 | ||||||||||||
| Add/(subtract): | ||||||||||||||||||||||||||
| Other (income) expense, net(2) | $ | (72 | ) | $ | 72 | $ | (198 | ) | $ | 807 | $ | (170 | ) | $ | (210 | ) | $ | (114 | ) | |||||||
| Equity in (earnings) losses of unconsolidated businesses | 24 | 14 | 9 | 11 | 18 | 33 | (9 | ) | ||||||||||||||||||
| Severance charges | 1,733 | — | — | 296 | — | 237 | — | |||||||||||||||||||
| Asset and business rationalization | 374 | — | — | 325 | — | 155 | — | |||||||||||||||||||
| Legacy legal matter | — | — | 106 | — | — | — | — | |||||||||||||||||||
| Verizon Business Group goodwill impairment | — | — | — | 5,841 | — | — | — | |||||||||||||||||||
| Legal settlement | — | — | — | 100 | — | — | — | |||||||||||||||||||
| Business transformation costs | — | — | — | — | 176 | — | — | |||||||||||||||||||
| Non-strategic business shutdown | — | — | — | — | 158 | — | — | |||||||||||||||||||
| 2,059 | 86 | (83 | ) | 7,380 | 182 | 215 | (123 | ) | ||||||||||||||||||
| Consolidated Adjusted EBITDA | $ | 12,491 | $ | 12,301 | $ | 12,072 | $ | 11,678 | $ | 12,238 | $ | 11,971 | $ | 11,902 | ||||||||||||
| Footnotes: | ||||||||||||||||||||||||||
| (1) Includes Amortization of acquisition-related intangible assets and a portion of the Non-strategic business shutdown, where applicable. | ||||||||||||||||||||||||||
| (2) Includes Pension and benefits remeasurement adjustments, where applicable. | ||||||||||||||||||||||||||
| Consolidated EBITDA and Consolidated Adjusted EBITDA (LTM) | ||||||||
| (dollars in millions) | ||||||||
| Unaudited | 12 Mos. Ended 9/30/24 | 12 Mos. Ended 6/30/24 | 12 Mos. Ended 12/31/23 | |||||
| Consolidated Net Income | $ | 10,262 | $ | 11,735 | $ | 12,095 | ||
| Add: | ||||||||
| Provision for income taxes | 4,332 | 4,749 | 4,892 | |||||
| Interest expense | 6,604 | 6,365 | 5,524 | |||||
| Depreciation and amortization expense(1) | 17,902 | 17,875 | 17,624 | |||||
| Consolidated EBITDA | $ | 39,100 | $ | 40,724 | $ | 40,135 | ||
| Add/(subtract): | ||||||||
| Other expense, net(2) | $ | 609 | $ | 511 | $ | 313 | ||
| Equity in losses of unconsolidated businesses | 58 | 52 | 53 | |||||
| Severance charges | 2,029 | 296 | 533 | |||||
| Asset and business rationalization | 699 | 325 | 480 | |||||
| Legacy legal matter | 106 | 106 | — | |||||
| Verizon Business Group goodwill impairment | 5,841 | 5,841 | 5,841 | |||||
| Legal settlement | 100 | 100 | 100 | |||||
| Business transformation costs | — | 176 | 176 | |||||
| Non-strategic business shutdown | — | 158 | 158 | |||||
| 9,442 | 7,565 | 7,654 | ||||||
| Consolidated Adjusted EBITDA | $ | 48,542 | $ | 48,289 | $ | 47,789 | ||
| Footnotes: | ||||||||
| (1) Includes Amortization of acquisition-related intangible assets and a portion of the Non-strategic business shutdown, where applicable. | ||||||||
| (2) Includes Pension and benefits remeasurement adjustments, where applicable. | ||||||||
| Net Unsecured Debt and Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio | ||||||||||||
| (dollars in millions) | ||||||||||||
| Unaudited | 9/30/24 | 6/30/24 | 12/31/23 | 9/30/23 | ||||||||
| Debt maturing within one year | $ | 21,763 | $ | 23,255 | $ | 12,973 | $ | 12,950 | ||||
| Long-term debt | 128,878 | 126,022 | 137,701 | 134,441 | ||||||||
| Total Debt | 150,641 | 149,277 | 150,674 | 147,391 | ||||||||
| Less Secured debt | 24,272 | 24,015 | 22,183 | 20,951 | ||||||||
| Unsecured Debt | 126,369 | 125,262 | 128,491 | 126,440 | ||||||||
| Less Cash and cash equivalents | 4,987 | 2,432 | 2,065 | 4,210 | ||||||||
| Net Unsecured Debt | $ | 121,382 | $ | 122,830 | $ | 126,426 | $ | 122,230 | ||||
| Consolidated Net Income (LTM) | $ | 10,262 | $ | 12,095 | ||||||||
| Unsecured Debt to Consolidated Net Income Ratio | 12.3x | 10.6x | ||||||||||
| Consolidated Adjusted EBITDA (LTM) | $ | 48,542 | $ | 47,789 | ||||||||
| Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio | 2.5x | 2.6x | ||||||||||
| Adjusted Earnings per Common Share (Adjusted EPS) | ||||||||||||||||||||
| (dollars in millions, except per share amounts) | ||||||||||||||||||||
| Unaudited | 3 Mos. Ended 9/30/24 | 3 Mos. Ended 9/30/23 | ||||||||||||||||||
| Pre-tax | Tax | After-Tax | Pre-tax | Tax | After-Tax | |||||||||||||||
| EPS | $ | 0.78 | $ | 1.13 | ||||||||||||||||
| Amortization of acquisition-related intangible assets | $ | 186 | $ | (46 | ) | $ | 140 | 0.03 | $ | 224 | $ | (56 | ) | $ | 168 | 0.04 | ||||
| Severance charges | 1,733 | (429 | ) | 1,304 | 0.31 | — | — | — | — | |||||||||||
| Asset and business rationalization | 374 | (90 | ) | 284 | 0.07 | — | — | — | — | |||||||||||
| Business transformation costs | — | — | — | — | 176 | (45 | ) | 131 | 0.03 | |||||||||||
| Non-strategic business shutdown | — | — | — | — | 179 | (83 | ) | 96 | 0.02 | |||||||||||
| $ | 2,293 | $ | (565 | ) | $ | 1,728 | $ | 0.41 | $ | 579 | $ | (184 | ) | $ | 395 | $ | 0.09 | |||
| Adjusted EPS | $ | 1.19 | $ | 1.22 | ||||||||||||||||
| Footnote: | ||||||||||||||||||||
| Adjusted EPS may not add due to rounding. | ||||||||||||||||||||
| Free Cash Flow | ||||||||
| (dollars in millions) | ||||||||
| Unaudited | 9 Mos. Ended 9/30/24 | 9 Mos. Ended 9/30/23 | ||||||
| Net Cash Provided by Operating Activities | $ | 26,480 | $ | 28,798 | ||||
| Capital expenditures (including capitalized software) | (12,019 | ) | (14,164 | ) | ||||
| Free Cash Flow | $ | 14,461 | $ | 14,634 | ||||
Non-GAAP Reconciliations - Segments
| Segment EBITDA and Segment EBITDA Margin | ||||||||||||||||
| Consumer | ||||||||||||||||
| (dollars in millions) | ||||||||||||||||
| Unaudited | 3 Mos. Ended 9/30/24 | 3 Mos. Ended 9/30/23 | 9 Mos. Ended 9/30/24 | 9 Mos. Ended 9/30/23 | ||||||||||||
| Operating Income | $ | 7,604 | $ | 7,547 | $ | 22,580 | $ | 21,976 | ||||||||
| Add Depreciation and amortization expense | 3,411 | 3,272 | 10,114 | 9,733 | ||||||||||||
| Segment EBITDA | $ | 11,015 | $ | 10,819 | $ | 32,694 | $ | 31,709 | ||||||||
| Year over year change % | 1.8 | % | 3.1 | % | ||||||||||||
| Total operating revenues | $ | 25,360 | $ | 25,257 | $ | 75,344 | $ | 74,672 | ||||||||
| Operating Income Margin | 30.0 | % | 29.9 | % | 30.0 | % | 29.4 | % | ||||||||
| Segment EBITDA Margin | 43.4 | % | 42.8 | % | 43.4 | % | 42.5 | % | ||||||||
| Business | ||||||||||||||||
| (dollars in millions) | ||||||||||||||||
| Unaudited | 3 Mos. Ended 9/30/24 | 3 Mos. Ended 9/30/23 | 9 Mos. Ended 9/30/24 | 9 Mos. Ended 9/30/23 | ||||||||||||
| Operating Income | $ | 565 | $ | 539 | $ | 1,464 | $ | 1,623 | ||||||||
| Add Depreciation and amortization expense | 1,040 | 1,127 | 3,246 | 3,324 | ||||||||||||
| Segment EBITDA | $ | 1,605 | $ | 1,666 | $ | 4,710 | $ | 4,947 | ||||||||
| Year over year change % | (3.7 | )% | (4.8 | )% | ||||||||||||
| Total operating revenues | $ | 7,351 | $ | 7,527 | $ | 22,027 | $ | 22,504 | ||||||||
| Operating Income Margin | 7.7 | % | 7.2 | % | 6.6 | % | 7.2 | % | ||||||||
| Segment EBITDA Margin | 21.8 | % | 22.1 | % | 21.4 | % | 22.0 | % | ||||||||
| Media contacts: |
| Katie Magnotta |
| 201-602-9235 |
| katie.magnotta@verizon.com |
| Eric Wilkens |
| 201-572-9317 |
| eric.wilkens@verizon.com |
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