Verizon(US:VZ)2024-10-22 11:00Wireless Service Revenue - Total wireless service revenue for Q3 2024 was $19.8 billion, a 2.7% increase year over year[1] - Verizon expects total wireless service revenue growth of 2.0% to 3.5% for 2024[14] - Wireless service revenue increased by 2.6% to $16,377 million from $15,965 million[29] - Wireless service revenue rose by 2.9% to $3,466 million from $3,367 million[34] - Wireless service revenue for the total wireless segment grew by 2.7% to $19,843 million from $19,330 million[36] Postpaid and Prepaid Connections - Retail postpaid phone net additions for Q3 2024 were 239,000, with retail postpaid net additions of 349,000[1] - Wireless retail postpaid connections increased by 1.4% to 94,005,000 from 92,704,000[29] - Wireless retail prepaid connections decreased by 5.7% to 20,206,000 from 21,420,000[29] - Wireless retail postpaid connections increased by 3.7% to 30,532,000 from 29,455,000[34] - Retail postpaid phone net additions were 239,000 compared to 100,000 in the previous year[36] Broadband and Fixed Wireless - Total broadband net additions for Q3 2024 were 389,000, marking the ninth consecutive quarter with over 375,000 additions[1] - Fixed wireless net additions for Q3 2024 were 363,000, reaching a base of nearly 4.2 million subscribers[1] - Total broadband connections grew to more than 11.9 million, a nearly 16% increase year over year[1] - Fixed wireless access (FWA) broadband connections surged by 52.2% to 2,498,000 from 1,641,000[29] - Total broadband connections grew by 11.0% to 9,762,000 from 8,792,000[29] - FWA broadband connections surged by 63.6% to 1,698,000 from 1,038,000[34] - Total broadband connections grew by 43.9% to 2,157,000 from 1,499,000[34] Financial Performance - Consolidated net income for Q3 2024 was $3.4 billion, down from $4.9 billion in Q3 2023[3] - Adjusted EBITDA for Q3 2024 was $12.5 billion, up from $12.2 billion in Q3 2023[3] - Earnings per share for Q3 2024 were $0.78, compared to $1.13 in Q3 2023[4] - Total Operating Revenues for Q3 2024 were $33.33 billion, showing a slight decrease of 0.02% compared to Q3 2023[22] - Net Income for Q3 2024 was $3.41 billion, a decrease of 30.2% compared to Q3 2023[22] - Consolidated Net Income for the 3 months ended 9/30/24 was $3,411 million, compared to $4,884 million for the same period in 2023[37] - Consolidated Adjusted EBITDA for the 12 months ended 9/30/24 was $48,542 million, up from $47,789 million for the 12 months ended 12/31/23[38] - Adjusted EPS for the 3 months ended 9/30/24 was $1.19, compared to $1.22 for the same period in 2023[40] - Free Cash Flow for the 9 months ended 9/30/24 was $14,461 million, slightly down from $14,634 million for the same period in 2023[41] - Net income decreased by $1.833 billion to $12.835 billion for the 9 months ended 9/30/24 compared to the same period in 2023[26] - Net cash provided by operating activities decreased by $2.318 billion to $26.480 billion for the 9 months ended 9/30/24[26] Expenses and Debt - Selling, General and Administrative Expenses for Q3 2024 increased by 21.4% to $9.71 billion compared to Q3 2023[22] - Total Debt as of 9/30/24 was $150.64 billion, slightly down from $150.67 billion at the end of 2023[24] - Long-term Debt decreased by $8.82 billion to $128.88 billion as of 9/30/24 compared to 12/31/23[23] - Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio was 2.5x as of 9/30/24, down from 2.6x as of 12/31/23[39] - Total Debt as of 9/30/24 was $150,641 million, compared to $150,674 million as of 12/31/23[39] - Severance charges for the 3 months ended 9/30/24 were $1,733 million, compared to $237 million for the same period in 2023[37] Capital Expenditures and Cash Flow - Capital expenditures decreased by $2.145 billion to $12.019 billion for the 9 months ended 9/30/24[26] - Cash and Cash Equivalents increased by $2.92 billion to $4.99 billion as of 9/30/24 compared to 12/31/23[23] - Capital expenditures for the 9 months ended 9/30/24 were $12,019 million, down from $14,164 million for the same period in 2023[41] Consumer Segment - Consumer segment operating revenues increased by 0.4% to $25.360 billion for the 3 months ended 9/30/24[27] - Consumer segment wireless equipment revenues decreased by 8.6% to $4.478 billion for the 3 months ended 9/30/24[27] - Consumer segment operating income increased by 0.8% to $7.604 billion for the 3 months ended 9/30/24[27] - Consumer segment operating income margin remained stable at 30.0% for the 3 months ended 9/30/24[27] - Consumer segment EBITDA increased by 1.8% to $11.015 billion for the 3 months ended 9/30/24[27] - Consumer segment EBITDA margin increased to 43.4% for the 3 months ended 9/30/24[27] - Consumer Segment EBITDA for the 9 months ended 9/30/24 was $32,694 million, up 3.1% year-over-year[42] - Consumer Segment EBITDA Margin for the 9 months ended 9/30/24 was 43.4%, up from 42.5% for the same period in 2023[42] Enterprise and Public Sector - Enterprise and Public Sector operating revenues decreased by 6.6% to $3,538 million from $3,787 million[31] - Total operating revenues fell by 2.3% to $7,351 million from $7,527 million[31] - Segment EBITDA decreased by 3.7% to $1,605 million from $1,666 million[31] - Segment EBITDA for the 3 months ended 9/30/24 was $1,605 million, a decrease of 3.7% year over year[43] - Total operating revenues for the 3 months ended 9/30/24 were $7,351 million, down from $7,527 million in 2023[43] - Segment EBITDA Margin for the 3 months ended 9/30/24 was 21.8%, slightly down from 22.1% in 2023[43] - For the 9 months ended 9/30/24, Operating Income was $1,464 million, compared to $1,623 million in 2023[43] - Segment EBITDA for the 9 months ended 9/30/24 was $4,710 million, a decrease of 4.8% year over year[43] - Total operating revenues for the 9 months ended 9/30/24 were $22,027 million, down from $22,504 million in 2023[43] - Segment EBITDA Margin for the 9 months ended 9/30/24 was 21.4%, down from 22.0% in 2023[43] ARPA and ARPU - Wireless retail postpaid ARPA rose by 4.2% to $139.06 from $133.47[30] - Wireless retail prepaid ARPU declined by 3.7% to $30.70 from $31.87[30] - Retail postpaid ARPA increased by 3.8% to $162.05 from $156.13[36] - Retail prepaid ARPU decreased by 3.7% to $30.70 from $31.87[36] Fixed Wireless Revenue - Fixed wireless revenue for Q3 2024 was $562 million, up $215 million year over year[1] - FWA revenue increased by 62.0% to $562 million from $347 million[36] Total Wireless Revenue - Total wireless revenue increased by 0.7% to $26,848 million from $26,650 million[36] Property, Plant, and Equipment - Property, Plant and Equipment, Net decreased by $782 million to $107.53 billion as of 9/30/24 compared to 12/31/23[23] Employees and Dividends - Total Employees decreased by 4,200 to 101,200 as of 9/30/24 compared to 12/31/23[24] - Quarterly Cash Dividends Declared per Common Share increased to $0.6775 from $0.6650[24] Operating Income and Margin - Operating Income for the 3 months ended 9/30/24 was $565 million, compared to $539 million for the same period in 2023[43] - Operating Income Margin for the 3 months ended 9/30/24 improved to 7.7%, up from 7.2% in 2023[43] - Operating Income Margin for the 9 months ended 9/30/24 was 6.6%, down from 7.2% in 2023[43]