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Revenue Performance - Verizon's Consumer segment reported operating revenues of $24.6 billion for the three months ended June 30, 2023, a decrease of 4.1% compared to $25.6 billion in the same period of 2022[166]. - The Business segment's operating revenues for the same period were $7.5 billion, reflecting a decrease of 1.9% from $7.6 billion in the prior year[167]. - Consolidated operating revenues decreased by 3.5% to $32.6 billion for the three months ended June 30, 2023, down from $33.8 billion in 2022[175]. - Total operating revenues decreased by $1.046 billion (4.1%) to $24.558 billion for the three months ended June 30, 2023, compared to $25.604 billion in the same period of 2022[215]. - Total operating revenues decreased by $143 million, or 1.9%, to $7,483 million for the three months ended June 30, 2023 compared to $7,626 million for the same period in 2022[237]. Expenses and Costs - Cost of wireless equipment decreased by 22.8% to $5.8 billion for the three months ended June 30, 2023, compared to $7.5 billion in the same period of 2022[177]. - Selling, general and administrative expenses increased by 10.1% to $8.3 billion for the three months ended June 30, 2023, up from $7.5 billion in 2022[177]. - Cost of services decreased by $268 million due to the shutdown of competitors' 3G networks and migration of prepaid subscribers to Verizon[180]. - Cost of wireless equipment decreased by $2.6 billion, primarily due to a 26% decrease in the volume of wireless device upgrades[181]. - Cost of services increased by $96 million in personnel costs and $61 million in regulatory costs for the three months ended June 30, 2023 compared to the same period in 2022[226]. - Cost of wireless equipment decreased by $1.6 billion due to a 38% decrease in upgrades for the three months ended June 30, 2023 compared to the same period in 2022[228]. Profitability and Income - Consolidated net income for the six months ended June 30, 2023, was impacted by a decrease in the provision for income taxes, which fell by $196 million (12.7%)[191]. - Consolidated Net Income for Q2 2023 was $4,766 million, a decrease of 10.3% compared to $5,315 million in Q2 2022[198]. - Consolidated EBITDA for Q2 2023 was $11,756 million, slightly down from $11,963 million in Q2 2022, reflecting a decrease of 1.7%[198]. - Consolidated Adjusted EBITDA for Q2 2023 was $11,971 million, an increase of 0.8% compared to $11,873 million in Q2 2022[199]. - Segment operating income for the three months ended June 30, 2023 was $7,330 million, an increase of 2.5% compared to $7,150 million for the same period in 2022[233]. Capital Expenditures and Investments - Capital expenditures for the first half of 2023 totaled $10.1 billion, with full-year expectations ranging from $18.25 billion to $19.25 billion[170]. - The company is focusing on deploying its C-Band spectrum, which as of June 30, 2023, covers approximately 220 million people in the U.S.[171]. - Verizon's ongoing C-Band spectrum deployment will be funded through its general capital expenditure program[170]. - Capital expenditures decreased by approximately $421 million to $10.1 billion for the six months ended June 30, 2023, down from $10.5 billion in the prior year, primarily due to the completion of a $10 billion capital program related to C-band deployment[267]. Debt and Interest - Total debt as of June 30, 2023, was $152.7 billion, with an effective interest rate of 4.7%, up from $150.6 billion and 3.4% in the prior year[274]. - Interest income increased to $92 million in Q2 2023 from $21 million in Q2 2022, reflecting higher interest rates[188]. - Total interest expense increased by $500 million (63.7%) in Q2 2023 compared to Q2 2022, driven by higher average interest rates[190]. - The effective interest rate on debt increased to 4.8% in Q2 2023 from 3.4% in Q2 2022[189]. Customer Metrics - Wireless retail connections are calculated by adding total retail postpaid and prepaid new connections and subtracting disconnects, providing insight into customer growth[201]. - Wireless retail postpaid ARPA increased by $7.67 (6.2%) to $131.83 for the three months ended June 30, 2023, compared to $124.16 in the same period of 2022[215]. - The churn rate for wireless retail increased to 1.58% for the three months ended June 30, 2023, compared to 1.53% in the same period of 2022[215]. - The company reported a net addition of 304,000 wireless retail postpaid connections during the three months ended June 30, 2023, compared to a net addition of 84,000 in the same period of 2022[215]. - Wireless retail postpaid connections increased by 897, reaching 29,105, a 3.2% increase compared to the previous year[237]. Tax and Regulatory Matters - Unrecognized tax benefits remained at $2.8 billion as of June 30, 2023, with interest and penalties related to these benefits at $577 million[193]. - The company reported a provision for income taxes of $1,346 million in Q2 2023, down from $1,542 million in Q2 2022, indicating a reduction of 12.7%[198]. Other Financial Metrics - Free cash flow increased by $776 million to $7.95 billion for the six months ended June 30, 2023, compared to $7.17 billion in the same period of 2022, reflecting higher operating cash flows and lower capital expenditures[282]. - Cash dividends paid were $5.5 billion for the six months ended June 30, 2023, compared to $5.4 billion in the same period of 2022[278]. - Net cash provided by operating activities increased by $355 million to $18.02 billion for the six months ended June 30, 2023, compared to $17.67 billion in the same period of 2022[266].

Verizon Communications Inc. (NYSE:VZ) Q2 2023 Earnings Conference Call July 25, 2023 8:30 AM ET Company Participants Hans Vestberg - Chairman & CEO Tony Skiadas - EVP & CFO Brady Connor - SVP, IR Conference Call Participants John Hodulik - UBS Brett Feldman - Goldman Sachs Simon Flannery - Morgan Stanley Phil Cusick - JPMorgan Frank Louthan - Raymond James David Barden - Bank of America Michael Rollins - Citigroup Craig Moffett - MoffettNathanson Bryan Kraft - Deutsche Bank Tim Horan - Oppenheimer Peter Sup ...

Verizon Communications Inc. (NYSE:VZ) 51st Annual JPMorgan Global Technology, Media and Communications Conference Call May 23, 2023 9:30 AM ET Company Participants Hans Vestberg - Chairman and Chief Executive Officer Conference Call Participants Phil Cusick - JPMorgan Phil Cusick Hi, thanks for joining us. Welcome to the second day of the 51st Annual JPMorgan TMC Conference. I'm Phil Cusick. I follow the communications and media space here, and I'm happy to welcome Hans Vestberg. Hans Vestberg Thank you. Ph ...

Verizon Communications Inc. (NYSE:VZ) SVB MoffettNathanson Inaugural TMT Conference May 16, 2023 8:00 AM ET Company Participants Sowmyanarayan Sampath - EVP and CEO for Verizon Consumer Group Conference Call Participants Craig Moffett - MoffettNathanson Craig Moffett So good morning, everybody. First, I want to say thank you to those of you in the room and everyone who is listening via webcast and welcome to the first annual MoffettNathanson TMT Conference. This would be the 10th MoffettNathanson Media & Co ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) ☒ OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) ☐ OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 1-8606 Verizon Communications Inc. (Exact name of registrant as specified in its charter) Delaware 23-2259884 (State or other juris ...

Verizon Communications Inc. (NYSE:VZ) Q1 2023 Earnings Conference Call April 25, 2023 8:30 AM ET Company Participants Brady Connor - Senior Vice President, Investor Relations Hans Vestberg - Chairman & Chief Executive Officer Matt Ellis - Chief Financial Officer Tony Skiadas - Chief Financial Officer Conference Call Participants John Hodulik - UBS Brett Feldman - Goldman Sachs Simon Flannery - Morgan Stanley Phil Cusick - JPMorgan David Barden - Bank of America Michael Rollins - Citi Craig Moffett - Moffet ...