Summary of Verizon Communications Inc. Conference Call Company Overview - **Company**: Verizon Communications Inc. (NYSE: VZ) - **Event**: Morgan Stanley European Technology, Media & Telecom Conference - **Date**: November 21, 2024 Key Financial Metrics - **Customer Growth**: - 239,000 postpaid phone net adds [5] - 389,000 broadband subscribers added [5] - Over 12 million broadband subscribers in total [10] - **Financial Performance**: - Wireless service revenue increased by 3.1% year-to-date [6] - Adjusted EBITDA reached a new high of $12.5 billion [6] - Year-to-date cash flow of $14.5 billion, consistent with the previous year despite $2.5 billion in incremental cash taxes [6][7] Strategic Initiatives - **Broadband Expansion**: - Targeting over 100 million homes with broadband services, including fiber and fixed wireless access (FWA) [11] - Plans to increase Fios build pace to 650,000 new homes by 2025, with a goal of 30 million homes passed by 2028 [12][21] - FWA subscriber base expected to double to 8-9 million by 2028 [13] - **Capital Expenditure**: - Guidance for 2025 CapEx set at $17.5 billion to $18.5 billion, driven by C-Band rollout and Fios expansion [14][20] Regulatory and Legislative Environment - **Tax Reform**: - Anticipation of tax reform to support broadband infrastructure investments [29] - Cash taxes expected to increase to approximately $3 billion for the full year due to unwinding bonus depreciation [32] - **Spectrum Policy**: - Emphasis on advancing spectrum policy to facilitate commercial use [30] Frontier Acquisition - **Rationale**: - Acquisition of Frontier to expand total addressable market (TAM) in broadband [36] - Expected to add 10 million homes passed by 2026 [37] - **Synergies**: - Projected $500 million in operating expense run rate synergies by Year 3, primarily from network integration and sales efficiencies [42] Market Dynamics - **Churn Management**: - Churn rates are stable, with a focus on maintaining customer satisfaction and retention [51][71] - **Prepaid Business**: - Positive momentum in prepaid brands, with 80,000 net adds excluding Safelink [74] 5G and Fixed Wireless Access - **5G Monetization**: - Fixed wireless access is a key growth area, with over 4 million subscribers and $2 billion in revenue [88] - Plans to double FWA subscriber base by 2028 [89] - **Private Networks**: - Continued growth in private network deals, including partnerships with FIFA and Madison Square Garden [85] Customer Experience and Product Offerings - **MyPlan**: - New offerings aimed at enhancing customer experience and reducing churn [59][61] - **Device Upgrade Cycle**: - Customers are holding onto devices longer, with an average upgrade cycle exceeding 40 months [64] Conclusion - Verizon is positioned for growth with a strong focus on broadband expansion, strategic acquisitions, and maintaining financial health through effective capital allocation and cost management. The company is optimistic about its future prospects, particularly in the areas of fixed wireless access and private networks, while navigating regulatory challenges and market dynamics.

NEW YORK, Nov. 21, 2024 (GLOBE NEWSWIRE) -- Verizon is taking some of the pressure off of the holidays this year. With GenAI tools and more customer-friendly services, we're making your shopping experience more personalized and easier than ever, so you can spend less time stressing and more time celebrating. Here’s how: A Verizon retail store in your pocketThe new and improved myVerizon app puts an entire Verizon retail store in your pocket. Say goodbye to endless scrolling and confusing menus; the new myVe ...

WASHINGTON, Nov. 21, 2024 (GLOBE NEWSWIRE) -- Verizon Business has been awarded a new agreement with the United States Department of Agriculture (USDA), valued at over $21 million in the first year. The agreement will enable the USDA to enhance its connectivity capabilities across the nation, supporting over 60,000 lines of service. Verizon will deliver wireless services and service enabled devices. The contract also creates the potential for mobile broadband (MBB) for connected laptops across the agency’s ...

AUSTIN. Texas, Nov. 21, 2024 (GLOBE NEWSWIRE) -- Verizon, a global leader in driving virtualized and Open Radio Access Network (O-RAN) technologies, has deployed Open RAN (O-RAN) based Distributed Antenna Systems (DAS) systems with multiple vendor interoperability at The University of Texas Moody Center and the Austin Convention Center. These are the first DAS systems commercially deployed in the Verizon network using O-RAN interfaces between the various components of the cellular Radio Access Network from ...

NEW YORK, Nov. 18, 2024 (GLOBE NEWSWIRE) -- The following should be attributed to Hans Vestberg, Verizon, chairman and CEO: Verizon congratulates FCC Commissioner Brendan Carr on being named the next Chairman of the Federal Communications Commission. Commissioner Carr has been a champion for policy approaches that unleash robust investment and deployment in next-generation broadband networks that benefit all Americans. During his years on the FCC, Commissioner Carr has shown that he understands how policies ...

Verizon Networks, Inc. (VZ) recently announced that Knightscope, a renowned developer of autonomous security robots, has opted to utilize VZ’s industry-leading network portfolio. Notably, Knightscope has received endorsement from the U.S. Department of Veterans Affairs ("VA") for its security offerings. The partnership agreement with Knightscope aligns with Verizon’s long-term vision to expand its commercial footing in public-safety space and deepen its partnership with the U.S. Department of VA.In 2023, th ...

Verizon Communications' (VZ 1.83%) major news on Wednesday was entirely expected. Still, it helped push the company's stock into positive territory. Verizon's shares closed the trading session nearly 2% in response, providing a positive contrast to the flatlining S&P 500 index.Say hello to a shiny new assetIn this month of high-profile elections, Verizon's news had to do with a shareholder vote. Frontier Communications Parent (FYBR 1.52%) investors were polled in a special shareholders meeting to either acc ...

Verizon Communications Inc. (VZ) recently announced a two-year extension to its Global Network Solutions contract with the Department of Defense (DoD), bringing the total revenues for the contract, initially awarded in 2016, to over $98 million. The extension will focus on establishing a critical point-to-point network connection within Southwest Asia, providing essential communications capabilities for U.S. government operations. The task order is aligned with the DoD's initiatives to phase out Time Divisi ...

Verizon Communications Inc. (VZ) recently activated more than 740 new Fixed Wireless Access (FWA) lines with the Tri-County Metropolitan Transportation District of Oregon (TriMet) to improve the mass transportation capabilities in the Portland metropolitan region. The superior bandwidth of FWA will help the transit agency with state-of-the-art connectivity and on-the-go traffic updates for enhanced bus, light rail, commuter rail and paratransit service in the region.With fast, reliable and scalable wireless ...

CHICAGO, Nov. 11, 2024 (GLOBE NEWSWIRE) -- Verizon and ForgiveCo are proud to announce a transformative partnership to eliminate $3 million in consumer debt for veterans across Michigan, Missouri, and Wisconsin. For veterans in greater Detroit, St. Louis, and Milwaukee, Verizon and ForgiveCo will clear $1 million in debt in each metropolitan market, providing financial relief to Veterans and their families. Running from Thanksgiving through Christmas, the program will erase $250,000 in veteran debt each wee ...