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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 ...

Summary of Verizon Communications Inc. Conference Call Company Overview - **Company**: Verizon Communications Inc. (NYSE: VZ) - **Event**: 51st Annual JPMorgan Global Technology, Media and Communications Conference Call - **Date**: May 23, 2023 - **Participants**: Hans Vestberg (Chairman and CEO), Phil Cusick (JPMorgan) Key Points Industry and Technology - **5G Development**: Verizon is in the second phase of 5G technology, focusing on innovation and advanced applications, with predictions of significant advancements in the next five years [3][4] - **5G Applications**: Key applications include fixed wireless access, private networks, and enterprise solutions, leveraging low latency and high throughput capabilities of 5G [4][8][12] - **Consumer Adoption**: The company has seen substantial growth in fixed wireless access, adding approximately 400,000 new subscribers in the first quarter [8][20] Business Strategy - **Network Infrastructure**: Verizon has built a robust fiber network to support its wireless services, with over 50% of radios connected to its own fiber [22][24] - **Service Revenue Growth**: The company aims to grow service revenue through a new flexible pricing plan called "myPlan," which allows customers to customize their service options [29][30] - **Market Segmentation**: Verizon is focusing on both high-end and low-end market segments, with recent strategies aimed at improving performance in the lower segment [38][41] Financial Performance - **Capital Expenditure**: Verizon's capital spending is projected to decrease from nearly $24 billion in 2022 to a range of $18.25 billion to $19.25 billion in 2023, with expectations of stabilization around $17 billion in the future [63][64] - **EBITDA Goals**: The company has a long-term goal of achieving a 25% EBITDA margin, supported by cost-cutting measures and growth in wireless and fiber services [62][68] Market Position and Competition - **Wireless Market Resilience**: Despite perceptions of maturity in the wireless market, Verizon believes there are significant growth opportunities driven by innovation and the increasing necessity of wireless services in society [16][19][72] - **Churn Management**: The company has seen a decrease in churn rates, attributed to the introduction of the myPlan and the bundling of services [46][47] Future Outlook - **Growth Potential**: Verizon is optimistic about the future of wireless services, citing the importance of mobility, broadband, and cloud services as essential infrastructure for society [16][72] - **Business and Consumer Segments**: The company expects continued growth in both business and consumer segments, with a focus on leveraging its strong network and customer relationships [57][72] Additional Insights - **Consumer Sentiment**: Research indicates that consumers value control, simplicity, and value in their service plans, which has influenced Verizon's new pricing strategy [29][30] - **Competitive Landscape**: The company acknowledges the competitive nature of the industry but remains confident in its ability to maintain a leading position through innovation and customer-centric strategies [72]

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 ...

“Safe Harbor” Statement NOTE: In this presentation 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,” “believes,” “estimates,” “expects,” “forecasts,” “hopes,” “plans” or similar expressions. For those stat ...

Verizon Communications Inc. (NYSE:VZ) Morgan Stanley Technology, Media & Telecom Conference March 7, 2023 11:00 AM ET Company Participants Matt Ellis - Chief Financial Officer Conference Call Participants Simon Flannery - Morgan Stanley Simon Flannery All right. Good morning, everybody, and welcome to Day Two of the TMT Conference. We're delighted you could all join us right on early this morning, and we're particularly happy to have Matt Ellis here today from Verizon. Thanks for joining us again, Matt. I w ...