Mike Coppola Overview Verizon Communications (NYSE:VZ) delivers a comprehensive range of communication, technology, information, and entertainment products and services globally. The company operates through two key segments: Verizon Consumer Group and Verizon Business Group. In the Consumer segment, Verizon offers wireless services through the Verizon and TracFone brands across U.S. wireless networks, utilizing wholesale agreements and other partnerships. Additionally, it provides fixed wireless access ...

Key PointsWalgreens-Boots Alliance will be the top dog in 2023 and will pay one of the highest yields of any Dow stock. 3M is turning a corner after dodging several legal bullets; the stock is a value and high-yield for Dog investors. Verizon still trades in deep value territory and yields more than 7%, an excellent return and a stock price rebound is in play. 5 stocks we like better than SPDR Dow Jones Industrial Average ETF TrustThe Dogs of the Dow theory assumes that this year’s worst performers will be ...

Mike Coppola Introduction I initiated coverage of Verizon Communications Inc. (NYSE:VZ) stock in July 2023 with a 'Buy' rating, when one share cost $34. Since then, probably against the backdrop of heightened market expectations about the imminent Fed rate cut, the stock has followed the market rally and outperformed it by almost three times, taking into account the dividend yield. SA, author's previous article on VZ Since almost six months have passed and a lot has happened in that time, both in the market ...

MIAMI, Dec. 21, 2023 (GLOBE NEWSWIRE) -- Whether enjoying connecting with friends and family while on the move, connecting their smart homes through Verizon Home Internet, or using Verizon service for small business or enterprise applications, Verizon customers throughout Florida just got a big boost. Verizon recently turned on new cell sites in Palm Beach County, Miami-Dade County, Port Charlotte, West Gainesville, North Sanford, North Fort Myers, and Suwannee County which now offers reliable 4G and high-s ...

Verizon Communications Inc. (NYSE:VZ) UBS Global Media and Communications Conference December 4, 2023 8:15 AM ET Company Participants Hans Vestberg - Chairman & CEO Conference Call Participants John Hodulik - UBS John Hodulik All right. We are set to begin with our first speaker of the day. Again, thank you all for joining us. I'm John Hodulik from the Telecom Media and Infrastructure team. And I'm very pleased to announce our first speaker today is Hans Vestberg, the Chairman and CEO of Verizon. Hans, than ...

Verizon Communications Inc. (NYSE:VZ) 2023 Wells Fargo 7th Annual TMT Summit Conference Call November 28, 2023 11:45 AM ET Company Participants Joe Russo - Executive Vice President & President of Global Networks and Technology Conference Call Participants Eric Luebchow - Wells Fargo Eric Luebchow Good morning. All right. Good morning, everyone. We'll go ahead and get it kicked off. I'm Eric Luebchow, Senior Analyst at Wells Fargo, covering Telecommunications Services and really pleased this morning to be jo ...

https://reportify-1252068037.cos.ap-beijing.myqcloud.com/media/production/s_m_content_ad641f13877cff1e1b1c548786b076e0.html ...

Revenue Performance - Consolidated operating revenues decreased by 2.6% to $33.336 billion for the three months ended September 30, 2023, compared to $34.241 billion in the same period in 2022[176] - Consumer segment operating revenues decreased by 2.3% to $25.257 billion for the three months ended September 30, 2023, compared to $25.840 billion in 2022[176] - Business segment operating revenues decreased by 4.0% to $7.527 billion for the three months ended September 30, 2023, compared to $7.837 billion in 2022[176] - Total operating revenues decreased by 2.3% to $25.257 billion for the three months ended September 30, 2023, compared to $25.840 billion in the same period in 2022[217] - Wireless service revenue increased by $446 million during the three months ended September 30, 2023, driven by a $348 million increase in postpaid access revenues and a $137 million increase in non-retail service revenue[219] - Wireless equipment revenue decreased by $656 million (11.8%) for the three months ended September 30, 2023, primarily due to a 30% decrease in device upgrades[224] - Fios service revenue remained relatively flat at $2.7 billion for the three months ended September 30, 2023, compared to the same period in 2022[223] - Enterprise and Public Sector revenues decreased by $153 million (3.9%) for the three months and $427 million (3.6%) for the nine months, driven by declines in networking and wireless equipment revenue[238][240][241] - Business Markets and Other revenues decreased by $52 million (1.6%) for the three months and $45 million (0.5%) for the nine months, primarily due to lower wireless equipment sales and reallocations of administrative charges[238][243][244] - Wholesale revenues declined by $105 million (15.9%) for the three months and $196 million (10.1%) for the nine months, driven by reduced traditional voice and network connectivity services[238][246] - Fios revenues remained flat at $230 million for the three months and $690 million for the nine months, showing stable performance in this segment[245] Cost and Expense Analysis - Cost of wireless equipment decreased by 13.1% to $6.353 billion for the three months ended September 30, 2023, compared to $7.308 billion in 2022[178] - Selling, general and administrative expenses increased by 7.7% to $7.995 billion for the three months ended September 30, 2023, compared to $7.422 billion in 2022[178] - Depreciation and amortization expenses increased by 2.5% to $4.431 billion for the three months ended September 30, 2023, compared to $4.324 billion in 2022[178] - Cost of services decreased by $163 million in Q3 2023 due to reduced access costs from competitors' 3G network shutdown and migration of prepaid subscribers to Verizon network[180] - Cost of services decreased by $431 million in the nine months ended September 30, 2023, primarily due to reduced access costs and lower professional services expenses[181] - Cost of wireless equipment decreased by $1.2 billion in Q3 2023 and $3.8 billion in the nine months ended September 30, 2023, driven by a 26% decrease in device upgrades[182] - Selling, general, and administrative expenses increased by $177 million in Q3 2023 due to higher device insurance program costs and business transformation expenses[184] - Selling, general, and administrative expenses increased by $544 million in the nine months ended September 30, 2023, primarily due to higher credit loss provisions and device insurance costs[185] - Depreciation and amortization expenses increased due to the deployment of C-Band network assets[187] - Total operating expenses decreased by 4.2% to $17.710 billion for the three months ended September 30, 2023, compared to $18.491 billion in the same period in 2022[227] - Cost of services decreased by $147 million (3.2%) for the three months ended September 30, 2023, primarily due to a decrease in access costs related to the 3G network shutdown[228] - Wireless equipment cost decreased by $1.2 billion (three months) and $3.5 billion (nine months) due to a 30% and 29% drop in upgrades, respectively, partially offset by a shift to higher-priced equipment[230] - Selling, general, and administrative expenses increased by $99 million (three months) and $424 million (nine months) due to higher credit loss provisions and advertising costs for the Total by Verizon brand and myPlan launch[231][232] - Cost of services decreased by $117 million (4.4%) for the three months ended September 30, 2023, and by $157 million (2.0%) for the nine months ended September 30, 2023, compared to the same periods in 2022[249][250][251] - Cost of wireless equipment decreased by $124 million (9.2%) for the three months ended September 30, 2023, and by $316 million (8.1%) for the nine months ended September 30, 2023, primarily due to lower volumes of wireless devices sold[249][252] - Selling, general and administrative expense increased by $42 million (2.0%) for the three months ended September 30, 2023, and by $118 million (1.9%) for the nine months ended September 30, 2023, driven by higher credit loss provisions[249][253] - Depreciation and amortization expense increased by $48 million (4.4%) for the three months ended September 30, 2023, and by $110 million (3.4%) for the nine months ended September 30, 2023, due to changes in asset mix and usage[249][254] Profitability and Financial Metrics - Consolidated Net Income for the three months ended September 30, 2023 was $4,884 million, compared to $5,024 million in the same period in 2022[201] - Consolidated EBITDA for the three months ended September 30, 2023 was $12,056 million, compared to $11,781 million in the same period in 2022[201] - Consolidated Adjusted EBITDA for the three months ended September 30, 2023 was $12,238 million, compared to $12,218 million in the same period in 2022[202] - Depreciation and amortization expense for the three months ended September 30, 2023 was $4,431 million, compared to $4,324 million in the same period in 2022[201] - Interest expense for the three months ended September 30, 2023 was $1,433 million, compared to $937 million in the same period in 2022[201] - Provision for income taxes for the three months ended September 30, 2023 was $1,308 million, compared to $1,496 million in the same period in 2022[201] - Non-strategic business shutdown costs for the three months ended September 30, 2023 were $158 million[202] - Business transformation costs for the three months ended September 30, 2023 were $176 million[202] - Severance charges for the nine months ended September 30, 2023 were $237 million[202] - Asset rationalization costs for the nine months ended September 30, 2023 were $155 million[202] - Segment operating income increased by $198 million (2.7%) for the three months and $158 million (0.7%) for the nine months, with EBITDA margins rising to 42.8% and 42.5%, respectively[234] - Segment operating income decreased by $159 million (22.8%) for the three months ended September 30, 2023, and by $423 million (20.7%) for the nine months ended September 30, 2023, compared to the same periods in 2022[256] - Segment EBITDA decreased by $111 million (6.2%) for the three months ended September 30, 2023, and by $313 million (6.0%) for the nine months ended September 30, 2023[256] - Special items included in income before provision for income taxes totaled $579 million for the three months ended September 30, 2023, and $1,385 million for the nine months ended September 30, 2023[257][259] Cash Flow and Capital Expenditures - Capital expenditures for the nine months ended September 30, 2023 totaled $14.2 billion, with 2023 expected to be at the upper end of the guidance range of $18.25 billion to $19.25 billion[169] - Cash flows from operating activities increased by $599 million to $28,798 million for the nine months ended September 30, 2023, compared to the same period in 2022[270] - Cash flows from investing activities increased by $7,712 million to $(15,608) million for the nine months ended September 30, 2023, compared to the same period in 2022[270] - Cash flows from financing activities decreased by $6,188 million to $(11,641) million for the nine months ended September 30, 2023, compared to the same period in 2022[270] - Capital expenditures for the nine months ended September 30, 2023 were $14.2 billion, a decrease of $1.6 billion compared to $15.8 billion in the same period in 2022, primarily due to the completion of the accelerated $10 billion capital program related to C-Band deployment[275] - Net cash provided by operating activities increased by $599 million during the nine months ended September 30, 2023 compared to the same period in 2022, driven by improvements in working capital and lower inventory levels[274] - Free cash flow for the nine months ended September 30, 2023 was $14.6 billion, an increase of $2.2 billion compared to $12.4 billion in the same period in 2022, reflecting higher operating cash flows and lower capital expenditures[291] - The company made $3.7 billion in spectrum clearing incentive payments in October 2023, supported by its cash position as of September 30, 2023[273] - Net cash used in financing activities was $11.6 billion for the nine months ended September 30, 2023, primarily driven by $8.2 billion in cash dividends paid and $5.6 billion in repayments and repurchases of long-term borrowings[279][280] - Verizon made payments of $578 million during the nine months ended September 30, 2023 for obligations related to clearing costs and accelerated clearing incentives[305] - Verizon made additional payments of $3.7 billion in October 2023 related to accelerated clearing incentive obligations[305] - Verizon expects to make payments of approximately $400 million for remaining obligations through 2024[305] Debt and Financial Obligations - Total debt as of September 30, 2023 was $147.4 billion, with unsecured debt of $126.4 billion and secured debt of $21.0 billion, compared to $150.6 billion at December 31, 2022[281] - The company posted $2.1 billion of collateral related to derivative contracts as of September 30, 2023, compared to $2.3 billion at December 31, 2022[295] - The impact of a 100-basis-point change in interest rates on floating rate debt would result in a change in annual interest expense of approximately $409 million[296] - The notional amount of interest rate swaps was $26.1 billion as of both September 30, 2023 and December 31, 2022, with a fair value liability of $5.9 billion at September 30, 2023[298] - The fair value of cross currency swaps assets was $357 million at September 30, 2023, compared to $305 million at December 31, 2022[302] - The fair value of cross currency swaps liabilities was $3.1 billion at September 30, 2023, down from $3.6 billion at December 31, 2022[302] - The total notional amount of cross currency swaps was $33.5 billion at September 30, 2023, compared to $35.0 billion at December 31, 2022[302] - The total notional amount of foreign exchange forwards was $995 million at September 30, 2023, up from $920 million at December 31, 2022[303] Network and Spectrum Deployment - C-Band spectrum deployment as of September 30, 2023 covers approximately 233 million people in the U.S., with full access obtained in August 2023[170] - The company is focusing on building its next-generation 5G network and densifying its 4G LTE network to address increasing mobile video consumption and IoT demand[170] Acquisitions and Contingent Payments - Verizon completed the acquisition of TracFone in November 2021 for approximately $3.5 billion in cash and $3.0 billion in common stock[307] - Verizon made contingent consideration payments of $182 million during the nine months ended September 30, 2023 related to the TracFone acquisition[307] - Contingent consideration payments for the TracFone acquisition are expected to continue through 2024[307] Renewable Energy and Sustainability - Verizon has 26 renewable energy purchase agreements (REPAs) with third parties, planning to purchase up to 3.4 gigawatts of capacity across multiple states[292] Customer Metrics and Growth - Total wireless retail connections decreased by 0.4% to 114.124 million as of September 30, 2023, compared to 114.554 million in the same period in 2022[217] - Wireless retail postpaid ARPA (Average Revenue Per Account) increased by 4.5% to $133.47 for the three months ended September 30, 2023, compared to $127.76 in the same period in 2022[217] - Wireless retail postpaid net additions increased by 223,000 to 251,000 for the three months ended September 30, 2023, compared to 28,000 in the same period in 2022[217] - Total broadband net additions increased by 11.8% to 304,000 for the three months ended September 30, 2023, compared to 272,000 in the same period in 2022[217] - Wireless retail postpaid connections increased by 871,000 (3.0%) for the nine months, while Fios internet connections grew by 13,000 (3.5%)[238] - Total broadband net additions increased by 25,000 (23.8%) for the three months and 124,000 (45.6%) for the nine months, reflecting strong growth in broadband services[238] - Wireless retail postpaid phone net additions decreased by 46,000 (23.4%) for the three months and 249,000 (36.6%) for the nine months, indicating slower phone upgrade activity[238]

Verizon Communications Inc. (NYSE:VZ) Q3 2023 Earnings Conference Call October 24, 2023 8:30 AM ET Company Participants Hans Vestberg - Chairman & CEO Tony Skiadas - EVP & CFO Brady Connor - SVP, IR Conference Call Participants Phil Cusick - JPMorgan Simon Flannery - Morgan Stanley John Hodulik - UBS Brett Feldman - Goldman Sachs Michael Rollins - Citigroup Bryan Kraft - Deutsche Bank Frank Louthan - Raymond James David Barden - Bank of America Craig Moffett - MoffettNathanson Kannan Venkateshwar - Barclays ...