8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 _____________________________________________________________________________

FORM 8-K

 ______________________________________________________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report: July 25, 2023

(Date of earliest event reported)

 ______________________________________________________________________________

Verizon Communications Inc.

(Exact name of registrant as specified in its charter)

 _______________________________________________________________________________  

Delaware		1-8606	23-2259884
(State or other jurisdiction of incorporation)		(Commission File Number)	(I.R.S. Employer Identification No.)
1095 Avenue of the Americas			10036
New York,	New York
(Address of principal executive offices)			(Zip Code)

Registrant’s telephone number, including area code: (212) 395-1000

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Stock, par value $0.10	VZ	New York Stock Exchange
Common Stock, par value $0.10	VZ	The Nasdaq Global Select Market
1.625% Notes due 2024	VZ 24B	New York Stock Exchange
4.073% Notes due 2024	VZ 24C	New York Stock Exchange
0.875% Notes due 2025	VZ 25	New York Stock Exchange
3.25% Notes due 2026	VZ 26	New York Stock Exchange
1.375% Notes due 2026	VZ 26B	New York Stock Exchange
0.875% Notes due 2027	VZ 27E	New York Stock Exchange
1.375% Notes due 2028	VZ 28	New York Stock Exchange
1.125% Notes due 2028	VZ 28A	New York Stock Exchange
2.350% Fixed Rate Notes due 2028	VZ 28C	New York Stock Exchange
1.875% Notes due 2029	VZ 29B	New York Stock Exchange
0.375% Notes due 2029	VZ 29D	New York Stock Exchange
1.250% Notes due 2030	VZ 30	New York Stock Exchange
1.875% Notes due 2030	VZ 30A	New York Stock Exchange
4.250% Notes due 2030	VZ 30D	New York Stock Exchange
2.625% Notes due 2031	VZ 31	New York Stock Exchange
2.500% Notes due 2031	VZ 31A	New York Stock Exchange
3.000% Fixed Rate Notes due 2031	VZ 31D	New York Stock Exchange
0.875% Notes due 2032	VZ 32	New York Stock Exchange
0.750% Notes due 2032	VZ 32A	New York Stock Exchange
1.300% Notes due 2033	VZ 33B	New York Stock Exchange
4.75% Notes due 2034	VZ 34	New York Stock Exchange
4.750% Notes due 2034	VZ 34C	New York Stock Exchange
3.125% Notes due 2035	VZ 35	New York Stock Exchange
1.125% Notes due 2035	VZ 35A	New York Stock Exchange
3.375% Notes due 2036	VZ 36A	New York Stock Exchange
2.875% Notes due 2038	VZ 38B	New York Stock Exchange
1.875% Notes due 2038	VZ 38C	New York Stock Exchange
1.500% Notes due 2039	VZ 39C	New York Stock Exchange
3.50% Fixed Rate Notes due 2039	VZ 39D	New York Stock Exchange
1.850% Notes due 2040	VZ 40	New York Stock Exchange
3.850% Fixed Rate Notes due 2041	VZ 41C	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

☐ Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition

Attached as Exhibit 99.1 hereto are a press release and financial tables, dated July 25, 2023, issued by Verizon Communications Inc. (Verizon). Attached as Exhibit 99.2 hereto is commentary, dated July 25, 2023, discussing Verizon's financial and operating results for the second quarter of 2023.

Non-GAAP Measures

Verizon’s press release, financial tables and commentary attached to the report include financial information prepared in conformity with generally accepted accounting principles in the United States (GAAP) as well as non-GAAP financial information. It is management's intent to provide non-GAAP financial information to enhance the understanding of Verizon's GAAP financial information and it should be considered by the reader in addition to, but not instead of, the financial statements prepared in accordance with GAAP. Each non-GAAP financial measure is presented along with the corresponding GAAP measure so as not to imply that more emphasis should be placed on the non-GAAP measure. We believe that providing these non-GAAP measures in addition to the GAAP measures allows management, investors and other users of our financial information to more fully and accurately assess both consolidated and segment performance. The non-GAAP financial information presented may be determined or calculated differently by other companies and may not be directly comparable to that of other companies.

EBITDA and EBITDA Margin Related Non-GAAP Measures

Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA), Segment EBITDA and Segment EBITDA Margin are non-GAAP financial measures that we believe are useful to management, investors and other users of our financial information as they are widely accepted financial measures used in evaluating the profitability of a company and its operating performance in relation to its competitors.

Consolidated EBITDA is calculated by adding back interest, taxes and depreciation and amortization expense to net income.

Segment EBITDA is calculated by adding back segment depreciation and amortization expense to segment operating income. Segment EBITDA Margin is calculated by dividing Segment EBITDA by total segment operating revenues.

Consolidated Adjusted EBITDA and Consolidated Adjusted EBITDA Forecast

Consolidated Adjusted EBITDA and Consolidated Adjusted EBITDA Forecast are non-GAAP financial measures that we believe provide relevant and useful information to management, investors and other users of our financial information in evaluating the effectiveness of our operations and underlying business trends in a manner that is consistent with management’s evaluation of business performance. We believe that Consolidated Adjusted EBITDA and Consolidated Adjusted EBITDA Forecast are used by investors to compare a company’s operating performance to its competitors by minimizing impacts caused by differences in capital structure, taxes and depreciation and amortization policies. Further, the exclusion of non-operational items and special items enables comparability to prior period performance and trend analysis.

Consolidated Adjusted EBITDA is calculated by excluding from Consolidated EBITDA the effect of the following non-operational items: equity in losses and earnings of unconsolidated businesses and other income and expense, net, and the following special items: severance charges, asset rationalization and net gain from disposition of business. Severance charges recorded during 2023 and 2022 relate to involuntary separations under our existing plans. Severance charges recorded during 2021 relate to voluntary separations under our existing plans. Asset rationalization relates to certain real estate and non-strategic assets that we have made a decision to cease use of as part of our transformation initiatives in 2023. Net gain from disposition of business relates to the sale of Verizon Media in 2021.

We have not provided a reconciliation for our Consolidated Adjusted EBITDA Forecast because we cannot, without unreasonable effort, predict the special items that could arise during 2023.

Net Unsecured Debt and Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio

Net Unsecured Debt and Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio are non-GAAP financial measures that we believe are useful to management, investors and other users of our financial information in evaluating Verizon’s ability to service its unsecured debt from continuing operations.

Net Unsecured Debt is calculated by subtracting secured debt and cash and cash equivalents from the sum of debt maturing within one year and long-term debt. Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio is calculated by dividing Net Unsecured Debt by Consolidated Adjusted EBITDA. For purposes of Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio, Consolidated Adjusted EBITDA is calculated for the last twelve months.

Adjusted Earnings per Common Share (Adjusted EPS) and Adjusted EPS Forecast

Adjusted EPS and Adjusted EPS Forecast are non-GAAP financial measures that we believe are useful to management, investors and other users of our financial information in evaluating our operating results and understanding our operating trends without the effect of special items which could vary from period to period. We believe excluding special items provides more comparable assessment of our financial results from period to period.

Adjusted EPS is calculated by excluding from the calculation of reported EPS the effect of the following special items: amortization of acquisition-related intangible assets, severance, pension and benefits charges and asset rationalization.

We exclude the amortization of acquisition-related intangible assets because the amount and timing of such charges are significantly impacted by the timing, size, number and nature of the acquisitions we consummate. While we have a history of significant acquisition activity, we do not acquire businesses on a predictable cycle, and the amount of an acquisition’s purchase price allocated to intangible assets and related amortization term are unique to each acquisition and can vary significantly from acquisition to acquisition. Exclusion of this amortization expense facilitates more consistent comparisons of operating results over time between our newly acquired and long-held businesses, and with both acquisitive and non-acquisitive peer companies. We believe that it is important for investors to understand that our non-GAAP financial measure adjusts for the intangible asset amortization but does not adjust the revenue that is generated in part from the use of such intangible assets.

We have not provided a reconciliation for our Adjusted EPS Forecast because we cannot, without unreasonable effort, predict the special items that could arise during 2023.

Adjusted Effective Income Tax Rate Attributable to Verizon Forecast (Adjusted ETR Forecast)

Adjusted ETR Forecast is a non-GAAP financial measure that we believe is useful to management, investors and other users of our financial information in assessing our effective income tax rate without the effect of special items which could vary from period to period. Adjusted ETR Forecast is calculated by dividing the provision for income taxes by net income attributable to Verizon before tax after adjusting for the effect of special items.

We have not provided a reconciliation for our Adjusted ETR Forecast because we cannot, without unreasonable effort, predict the special items that could arise during 2023.

Free Cash Flow

Free cash flow is a non-GAAP financial measure that reflects an additional way of viewing our liquidity that, when viewed with our GAAP results, provides a more complete understanding of factors and trends affecting our cash flows. We believe it is a more conservative measure of cash flow since capital expenditures are necessary for ongoing operations. Free cash flow has limitations due to the fact that it does not represent the residual cash flow available for discretionary expenditures. For example, free cash flow does not incorporate payments made on finance lease obligations or cash payments for acquisitions of businesses or wireless licenses. Therefore, we believe it is important to view free cash flow as a complement to our entire consolidated statements of cash flows.

Free cash flow is calculated by subtracting capital expenditures (including capitalized software) from net cash provided by operating activities.

Consolidated Operating Expenses Excluding Depreciation and Amortization and Special Items

Consolidated operating expenses excluding depreciation and amortization and special items is a non-GAAP financial measure that we believe is useful to management, investors and other users of our financial information in evaluating our operating expenses and underlying operating trends in a manner that is consistent with management's evaluation of operating performance. We believe that consolidated operating expenses excluding depreciation and amortization and special items is used by investors to more accurately compare a company’s operating expenses to those of its competitors by eliminating impacts caused by differences in depreciation and amortization policies. In addition, the exclusion of the effects of special items allows for better comparability of our financial results from period to period.

Consolidated operating expenses excluding depreciation and amortization and special items is calculated by excluding from consolidated operating expenses the effects of depreciation and amortization expense and the following special items: severance charges and asset rationalization.

See the accompanying schedules for reconciliations of non-GAAP financial measures to GAAP.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits.
Exhibit Number	Description
99.1	Press release and financial tables, dated July 25, 2023, issued by Verizon Communications Inc.
99.2	Commentary discussing financial and operating results of Verizon Communications Inc. for the second quarter of 2023.
104	Cover Page Interactive Data File (formatted as inline XBRL).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		Verizon Communications Inc.
		(Registrant)
Date:	July 25, 2023	/s/ Mary-Lee Stillwell
		Mary-Lee Stillwell
		Senior Vice President and Controller

EX-99.1

Exhibit 99.1

News Release

FOR IMMEDIATE RELEASE	Media contacts:
July 25, 2023	Donna Lyden
	908-872-0278
	donna.lyden@verizon.com
	Eric Wilkens
	201-572-9317
	eric.wilkens@verizon.com

Strong wireless service revenue growth and

cash flow highlight Verizon's 2Q results

Notable year over year improvement in Verizon Consumer postpaid phone gross additions

Eighth consecutive quarter that Verizon Business reported more than 125,000 postpaid phone net additions

2Q 2023 highlights

Consolidated:

•$1.10 in EPS, compared with $1.24 in second-quarter 2022; adjusted EPS1, excluding special items, of $1.21, compared with $1.31 in second-quarter 2022.

•Total operating revenue of $32.6 billion, a decrease of 3.5 percent from second-quarter 2022.

•First-half 2023 cash flow from operations of $18.0 billion, an increase from $17.7 billion in first-half 2022.

•Net income of $4.8 billion, a decrease of 10.3 percent from second-quarter 2022, and consolidated adjusted EBITDA1 of $12.0 billion, up 0.8 percent year over year.

Total Broadband:

•Total broadband net additions of 418,000, reflecting a strong demand for fixed wireless and Fios products. This result included 384,000 fixed wireless net additions, an increase from 256,000 fixed wireless net additions in second-quarter 2022. This is the third consecutive quarter that Verizon reported more than 400,000 broadband net additions. Verizon now has nearly 2.3 million subscribers on its fixed wireless service.

•54,000 Fios Internet net additions, an increase from 36,000 Fios Internet net additions in second-quarter 2022.

Total Wireless:

•Total wireless service revenue3 of $19.1 billion, a 3.8 percent increase year over year.

•Postpaid phone net additions of 8,000, and retail postpaid net additions of 612,000. Total wireless postpaid phone gross additions increased 2.0 percent year over year, primarily driven by a 6.9 percent year over year growth in Consumer postpaid phone gross additions.

•Total retail postpaid churn of 1.07 percent, and retail postpaid phone churn of 0.83 percent.

NEW YORK - Verizon Communications Inc. (NYSE, Nasdaq: VZ) reported second-quarter results today highlighted by wireless service revenue growth, increased cash flow from operations and strong momentum heading into the second half of the year.

"In the second quarter, we showed progress in our key priorities of growing wireless service revenue, delivering healthy consolidated adjusted EBITDA, and increasing free cash flow," said Chairman and CEO Hans Vestberg. "We look forward to extending our network leadership in the second half of the year by continuing our rapid C-Band deployment as we are laser focused on providing value to our customers. The steps that we have taken to improve our operational performance are working, and we are confident that we will achieve our financial targets for the full year."

For second-quarter 2023, Verizon reported EPS of $1.10, compared with $1.24 in second-quarter 2022. On an adjusted basis1, excluding special items, EPS was$1.21 in second-quarter 2023, compared with adjusted EPS1 of $1.31 in second-quarter 2022.

Second-quarter 2023 earnings reflected a pre-tax loss from special items of approximately $598 million. This included a pre-tax severance charge of $237 million, the impacts of amortization of intangible assets related to TracFone and other acquisitions of $206 million, and a pre-tax asset rationalization charge of $155 million related to certain real estate and non-strategic assets that the company has decided to cease use of as part of its transformation initiatives.

Consolidated results

•Total consolidated operating revenue in second-quarter 2023 of $32.6 billion, a decrease of 3.5 percent from second-quarter 2022. This decrease was primarily due to reduced wireless equipment revenue and lower postpaid phone upgrade activity.

•Total wireless service revenue3 in second-quarter 2023 increased 3.8 percent year over year. This increase was driven primarily by pricing actions implemented in recent quarters, the larger allocation of administrative and telco recovery fees from other revenue into wireless service revenue, and a growing contribution from fixed wireless offerings.

•Net income of $4.8 billion, a decrease of 10.3 percent compared to second-quarter 2022, and consolidated adjusted EBITDA1 of $12.0 billion, an increase of 0.8 percent year over year.

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•First-half 2023 cash flow from operations totaled $18.0 billion, an increase from $17.7 billion in first-half 2022. This increase continues to be related to lower receivables and lower inventory levels tied to fewer upgrades, which were offset by higher cash income taxes and interest expense.

•Capital expenditures in first-half 2023 were $10.1 billion.

•The company ended first-half 2023 with free cash flow1 of $8.0 billion, an increase from $7.2 billion in first-half 2022.

•Verizon's unsecured debt as of the end of second-quarter 2023 decreased by $662 million sequentially to $131.4 billion. The company's net unsecured debt1 balance improved sequentially by $3.2 billion to $126.6 billion. At the end of second-quarter 2023, Verizon's ratio of unsecured debt to net income (LTM) was approximately 6.1 times, and its net unsecured debt to adjusted EBITDA ratio1 was approximately 2.6 times.

Verizon Consumer results

•Total Verizon Consumer revenue was $24.6 billion, a decrease of 4.1 percent year over year. Growth in service and other revenue was offset by wireless equipment revenue declines.

•Wireless service revenue increased 3.5 percent year over year. This increase was driven by growth in retail postpaid Average Revenue Per Account (ARPA), partially offset by a decline in retail postpaid phone connections and prepaid connections.

•Consumer wireless retail postpaid churn was 0.95 percent in second-quarter 2023, and wireless retail postpaid phone churn was 0.76 percent.

•In second-quarter 2023, Consumer reported 136,000 wireless retail postpaid phone net losses. Consumer postpaid phone gross additions increased 6.9 percent year over year, and continued the momentum that began in second-half 2022.

•Consumer reported 304,000 wireless retail prepaid net losses in second-quarter 2023.

•Consumer reported 251,000 fixed wireless net additions and 51,000 Fios Internet net additions in second-quarter 2023. Consumer Fios revenue was $2.9 billion in second-quarter 2023, a decrease of 0.3 percent year over year.

•In second-quarter 2023, Consumer operating income was $7.3 billion, an increase of 2.5 percent year over year, and segment operating income margin was 29.8 percent, an increase from 27.9 percent in second-quarter 2022. Segment EBITDA1 in second-quarter 2023 was $10.6 billion, an increase of 2.1 percent year over year. This improvement can be attributed to service revenue growth and lower upgrade volumes. Segment EBITDA margin1 was 43.1 percent, an increase from 40.5 percent in second-quarter 2022.

Verizon Business results

•Total Verizon Business revenue was $7.5 billion in second-quarter 2023, a decrease of 1.9 percent year over year. Growth in wireless service revenue was more than offset by lower wireline revenue and lower wireless equipment revenue.

•Business wireless service revenue was $3.4 billion, an increase of 5.3 percent year over year. This growth was driven by continued strong net additions and pricing actions implemented in recent quarters.

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•Business reported 308,000 wireless retail postpaid net additions in second-quarter 2023, including 144,000 postpaid phone net additions. This was the eighth consecutive quarter that Business reported more than 125,000 postpaid phone net additions.

•Business wireless retail postpaid churn was 1.48 percent in second-quarter 2023, and wireless retail postpaid phone churn was 1.10 percent.

•Business reported 133,000 fixed wireless net additions in second-quarter 2023.

•In second-quarter 2023, Verizon Business operating income was $533 million, a decrease of 21.0 percent year over year, and segment operating income margin was 7.1 percent, a decrease from 8.9 percent in second-quarter 2022. Segment EBITDA1 was $1.6 billion in second-quarter 2023, a decrease of 6.5 percent year over year, driven by continued declines in high margin wireline revenues. Segment EBITDA margin1 was 21.9 percent in second-quarter 2023, a decrease from 22.9 percent in second-quarter 2022.

Outlook and guidance

The company does not provide a reconciliation for any of the following adjusted (non-GAAP) forecasts because it cannot, without unreasonable effort, predict the special items that could arise, and the company is unable to address the probable significance of the unavailable information.    

For 2023, Verizon continues to expect the following:

•Total wireless service revenue growth2 3 of 2.5 percent to 4.5 percent.

•Adjusted EBITDA1 of $47.0 billion to $48.5 billion.

•Adjusted EPS1 of $4.55 to $4.85.

•Adjusted effective income tax rate1 in the range of 22.5 percent to 24.0 percent.

•Capital spending in the range of $18.25 billion to $19.25 billion.

1 Non-GAAP financial measure. See the accompanying schedules and www.verizon.com/about/investors for reconciliations of non-GAAP financial measures cited in this document to most directly comparable financial measures under generally accepted accounting principles (GAAP).

2 Includes a benefit of approximately 190 basis points from the reallocation from other revenue to wireless service revenue. This results from a larger allocation of administrative and telco recovery charges which partly recover network operating costs.

3 Total wireless service revenue represents the sum of Consumer and Business segments.

Verizon Communications Inc. (NYSE, Nasdaq: VZ) was formed on June 30, 2000 and is one of the world’s leading providers of technology and communications services. Headquartered in New York City and with a presence around the world, Verizon generated revenues of $136.8 billion in 2022. The company offers data, video and voice services and solutions on its award-winning networks and platforms, delivering on customers’ demand for mobility, reliable network connectivity, security and control.

####

VERIZON’S ONLINE MEDIA CENTER: News releases, stories, media contacts and other resources are available at verizon.com/news. News releases are also available through an RSS feed. To subscribe, visit www.verizon.com/about/rss-feeds/.

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Forward-looking statements

In this communication 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 statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The following important factors, along with those discussed in our filings with the Securities and Exchange Commission (the “SEC”), could affect future results and could cause those results to differ materially from those expressed in the forward-looking statements: the effects of competition in the markets in which we operate, including any inability to successfully respond to competitive factors such as prices, promotional incentives and evolving consumer preferences; failure to take advantage of, or respond to competitors' use of, developments in technology and address changes in consumer demand; performance issues or delays in the deployment of our 5G network resulting in significant costs or a reduction in the anticipated benefits of the enhancement to our networks; the inability to implement our business strategy; adverse conditions in the U.S. and international economies, including inflation in the markets in which we operate; cyber attacks impacting our networks or systems and any resulting financial or reputational impact; damage to our infrastructure or disruption of our operations from natural disasters, extreme weather conditions, acts of war, terrorist attacks or other hostile acts and any resulting financial or reputational impact; the impact of public health crises on our operations, our employees and the ways in which our customers use our networks and other products and services; disruption of our key suppliers’ or vendors' provisioning of products or services, including as a result of geopolitical factors, public health crises or the potential impacts of global climate change; material adverse changes in labor matters and any resulting financial or operational impact; changes in the regulatory environment in which we operate, including any increase in restrictions on our ability to operate our networks or businesses; allegations regarding the release of hazardous materials or pollutants into the environment from our, or our predecessors’, network assets and any related regulatory developments, litigation, liability, compliance costs, penalties, operational impacts or reputational damage; our high level of indebtedness; significant litigation and any resulting material expenses incurred in defending against lawsuits or paying awards or settlements; an adverse change in the ratings afforded our debt securities by nationally accredited ratings organizations or adverse conditions in the credit markets affecting the cost, including interest rates, and/or availability of further financing; significant increases in benefit plan costs or lower investment returns on plan assets; changes in tax laws or treaties, or in their interpretation; and changes in accounting assumptions that regulatory agencies, including the SEC, may require or that result from changes in the accounting rules or their application, which could result in an impact on earnings.

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Verizon Communications Inc.

Condensed Consolidated Statements of Income

(dollars in millions, except per share amounts)
Unaudited	3 Mos. Ended 6/30/23		3 Mos. Ended 6/30/22		% Change	6 Mos. Ended 6/30/23		6 Mos. Ended 6/30/22		% Change
Operating Revenues
Service revenues and other	$	27,319	$	27,115	0.8	$	54,471	$	54,333	0.3
Wireless equipment revenues	5,277		6,674		(20.9)	11,037		13,010		(15.2)
Total Operating Revenues	32,596		33,789		(3.5)	65,508		67,343		(2.7)
Operating Expenses
Cost of services	6,986		6,932		0.8	14,064		14,159		(0.7)
Cost of wireless equipment	5,778		7,488		(22.8)	12,204		14,611		(16.5)
Selling, general and administrative expense	8,253		7,496		10.1	15,759		14,668		7.4
Depreciation and amortization expense	4,359		4,321		0.9	8,677		8,557		1.4
Total Operating Expenses	25,376		26,237		(3.3)	50,704		51,995		(2.5)
Operating Income	7,220		7,552		(4.4)	14,804		15,348		(3.5)
Equity in earnings (losses) of unconsolidated businesses	(33)		41		*	(24)		38		*
Other income (expense), net	210		49		*	324		(875)		*
Interest expense	(1,285)		(785)		63.7	(2,492)		(1,571)		58.6
Income Before Provision For Income Taxes	6,112		6,857		(10.9)	12,612		12,940		(2.5)
Provision for income taxes	(1,346)		(1,542)		(12.7)	(2,828)		(2,914)		(3.0)
Net Income	$	4,766	$	5,315	(10.3)	$	9,784	$	10,026	(2.4)
Net income attributable to noncontrolling interests	$	118	$	116	1.7	$	227	$	247	(8.1)
Net income attributable to Verizon	4,648		5,199		(10.6)	9,557		9,779		(2.3)
Net Income	$	4,766	$	5,315	(10.3)	$	9,784	$	10,026	(2.4)
Basic Earnings Per Common Share
Net income attributable to Verizon	$	1.10	$	1.24	(11.3)	$	2.27	$	2.33	(2.6)
Weighted-average shares outstanding (in millions)	4,208		4,201			4,207		4,201
Diluted Earnings Per Common Share (1)
Net income attributable to Verizon	$	1.10	$	1.24	(11.3)	$	2.27	$	2.33	(2.6)
Weighted-average shares outstanding (in millions)	4,213		4,202			4,212		4,202

Footnotes:

(1)Diluted Earnings per Common Share includes the dilutive effect of shares issuable under our stock-based compensation plans, which represents the only potential dilution.

*Not meaningful

Verizon Communications Inc.

Condensed Consolidated Balance Sheets

(dollars in millions)
Unaudited	6/30/23		12/31/22		$ Change
Assets
Current assets
Cash and cash equivalents	$	4,803	$	2,605	$	2,198
Accounts receivable	24,108		25,332		(1,224)
Less Allowance for credit losses	922		826		96
Accounts receivable, net	23,186		24,506		(1,320)
Inventories	1,896		2,388		(492)
Prepaid expenses and other	7,503		8,358		(855)
Total current assets	37,388		37,857		(469)
Property, plant and equipment	313,424		307,689		5,735
Less Accumulated depreciation	206,154		200,255		5,899
Property, plant and equipment, net	107,270		107,434		(164)
Investments in unconsolidated businesses	1,015		1,071		(56)
Wireless licenses	151,337		149,796		1,541
Goodwill	28,647		28,671		(24)
Other intangible assets, net	11,097		11,461		(364)
Operating lease right-of-use assets	25,345		26,130		(785)
Other assets	17,856		17,260		596
Total assets	$	379,955	$	379,680	$	275
Liabilities and Equity
Current liabilities
Debt maturing within one year	$	14,827	$	9,963	$	4,864
Accounts payable and accrued liabilities	20,067		23,977		(3,910)
Current operating lease liabilities	4,211		4,134		77
Other current liabilities	12,299		12,097		202
Total current liabilities	51,404		50,171		1,233
Long-term debt	137,871		140,676		(2,805)
Employee benefit obligations	12,357		12,974		(617)
Deferred income taxes	44,055		43,441		614
Non-current operating lease liabilities	20,745		21,558		(813)
Other liabilities	17,021		18,397		(1,376)
Total long-term liabilities	232,049		237,046		(4,997)
Equity
Common stock	429		429		—
Additional paid in capital	13,523		13,420		103
Retained earnings	86,448		82,380		4,068
Accumulated other comprehensive loss	(1,921)		(1,865)		(56)
Common stock in treasury, at cost	(3,830)		(4,013)		183
Deferred compensation – employee stock ownership plans and other	544		793		(249)
Noncontrolling interests	1,309		1,319		(10)
Total equity	96,502		92,463		4,039
Total liabilities and equity	$	379,955	$	379,680	$	275

Verizon Communications Inc.

Consolidated - Selected Financial and Operating Statistics

(dollars in millions, except per share amounts)
Unaudited	6/30/23			12/31/22
Total debt	$	152,698		$	150,639
Unsecured debt	$	131,356		$	130,631
Net unsecured debt(1)	$	126,553		$	128,026
Unsecured debt / Consolidated Net Income (LTM)	6.1		x	6.0		x
Net unsecured debt / Consolidated Adjusted EBITDA(1)(2)	2.6x			2.7		x
Common shares outstanding end of period (in millions)	4,204			4,200
Total employees (‘000)	114.2			117.1
Quarterly cash dividends declared per common share	$	0.6525		$	0.6525

Footnotes:

(1)Non-GAAP financial measure.

(2)Consolidated Adjusted EBITDA excludes the effects of non-operational items and special items.

Verizon Communications Inc.

Condensed Consolidated Statements of Cash Flows

(dollars in millions)
Unaudited	6 Mos. Ended 6/30/23		6 Mos. Ended 6/30/22		$ Change
Cash Flows from Operating Activities
Net Income	$	9,784	$	10,026	$	(242)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	8,677		8,557		120
Employee retirement benefits	108		(121)		229
Deferred income taxes	633		1,514		(881)
Provision for expected credit losses	1,061		665		396
Equity in losses (earnings) of unconsolidated businesses, net of dividends received	49		(18)		67
Changes in current assets and liabilities, net of effects from acquisition/disposition of businesses	(620)		(1,959)		1,339
Other, net	(1,672)		(999)		(673)
Net cash provided by operating activities	18,020		17,665		355
Cash Flows from Investing Activities
Capital expenditures (including capitalized software)	(10,070)		(10,491)		421
Cash received related to acquisitions of businesses, net	—		247		(247)
Acquisitions of wireless licenses	(1,085)		(2,275)		1,190
Collateral receipts (payments) related to derivative contracts, net	824		(2,075)		2,899
Other, net	131		(62)		193
Net cash used in investing activities	(10,200)		(14,656)		4,456
Cash Flows from Financing Activities
Proceeds from long-term borrowings	1,503		3,617		(2,114)
Proceeds from asset-backed long-term borrowings	3,705		5,053		(1,348)
Net proceeds from (repayments of) short-term commercial paper	(167)		2,560		(2,727)
Repayments of long-term borrowings and finance lease obligations	(2,600)		(7,405)		4,805
Repayments of asset-backed long-term borrowings	(2,383)		(2,695)		312
Dividends paid	(5,487)		(5,378)		(109)
Other, net	(157)		411		(568)
Net cash used in financing activities	(5,586)		(3,837)		(1,749)
Increase (decrease) in cash, cash equivalents and restricted cash	2,234		(828)		3,062
Cash, cash equivalents and restricted cash, beginning of period	4,111		4,161		(50)
Cash, cash equivalents and restricted cash, end of period	$	6,345	$	3,333	$	3,012

Footnotes:

Certain amounts have been reclassified to conform to the current period presentation.

Verizon Communications Inc.

Consumer - Selected Financial Results

(dollars in millions)
Unaudited	3 Mos. Ended 6/30/23			3 Mos. Ended 6/30/22			% Change	6 Mos. Ended 6/30/23			6 Mos. Ended 6/30/22			% Change
Operating Revenues
Service	$	18,641		$	18,149		2.7	$	37,097		$	36,275		2.3
Wireless equipment	4,430			5,708			(22.4)	9,308			11,082			(16.0)
Other	1,487			1,747			(14.9)	3,010			3,539			(14.9)
Total Operating Revenues	24,558			25,604			(4.1)	49,415			50,896			(2.9)
Operating Expenses
Cost of services	4,367			4,284			1.9	8,799			8,730			0.8
Cost of wireless equipment	4,626			6,221			(25.6)	9,817			12,034			(18.4)
Selling, general and administrative expense	4,988			4,738			5.3	9,909			9,290			6.7
Depreciation and amortization expense	3,247			3,211			1.1	6,461			6,373			1.4
Total Operating Expenses	17,228			18,454			(6.6)	34,986			36,427			(4.0)
Operating Income	$	7,330		$	7,150		2.5	$	14,429		$	14,469		(0.3)
Operating Income Margin	29.8		%	27.9		%		29.2		%	28.4		%
Segment EBITDA(1)	$	10,577		$	10,361		2.1	$	20,890		$	20,842		0.2
Segment EBITDA Margin(1)	43.1		%	40.5		%		42.3		%	41.0		%

Footnotes:

(1) Non-GAAP financial measure.

The segment financial results and metrics above exclude the effects of special items (other than the effects of acquisition-related intangible asset amortization), which the Company’s chief operating decision maker does not consider in assessing segment performance.

Certain intersegment transactions with corporate entities have not been eliminated.

Verizon Communications Inc.

Consumer - Selected Operating Statistics

Unaudited								6/30/23			6/30/22			% Change
Connections (‘000):
Wireless retail postpaid								92,474			91,475			1.1
Wireless retail prepaid								21,646			23,138			(6.4)
Total wireless retail								114,120			114,613			(0.4)
Wireless retail postpaid phones								74,465			75,197			(1.0)
Fios video								3,091			3,409			(9.3)
Fios internet								6,854			6,626			3.4
Fixed wireless access (FWA) broadband								1,390			384			*
Wireline broadband								7,098			6,938			2.3
Total broadband								8,488			7,322			15.9
Unaudited	3 Mos. Ended 6/30/23			3 Mos. Ended 6/30/22			% Change	6 Mos. Ended 6/30/23			6 Mos. Ended 6/30/22			% Change
Gross Additions (‘000):
Wireless retail postpaid	2,928			2,622			11.7	6,138			5,103			20.3
Net Additions Detail (‘000):
Wireless retail postpaid	304			84			*	625			(42)			*
Wireless retail prepaid	(304)			(229)			(32.8)	(655)			(309)			*
Total wireless retail	—			(145)			*	(30)			(351)			91.5
Wireless retail postpaid phones	(136)			(215)			36.7	(399)			(507)			21.3
Fios video	(69)			(86)			19.8	(143)			(164)			12.8
Fios internet	51			30			70.0	114			85			34.1
FWA broadband	251			168			49.4	507			280			81.1
Wireline broadband	36			13			*	82			50			64.0
Total broadband	287			181			58.6	589			330			78.5
Churn Rate:
Wireless retail postpaid	0.95		%	0.93		%		1.00		%	0.94		%
Wireless retail postpaid phones	0.76		%	0.75		%		0.80		%	0.76		%
Wireless retail prepaid	4.24		%	3.90		%		4.28		%	3.79		%
Wireless retail	1.58		%	1.53		%		1.63		%	1.52		%
Revenue Statistics (in millions):
Wireless service revenue	$	15,762		$	15,236		3.5	$	31,361		$	30,453		3.0
Fios revenues	$	2,886		$	2,895		(0.3)	$	5,775		$	5,806		(0.5)

Verizon Communications Inc.

Consumer - Selected Operating Statistics (continued)

Unaudited	3 Mos. Ended 6/30/23			3 Mos. Ended 6/30/22			% Change	6 Mos. Ended 6/30/23		6 Mos. Ended 6/30/22		% Change
Other Wireless Statistics:
Wireless retail postpaid ARPA (1)	$	131.83		$	124.16		6.2	$	130.95	$	124.06	5.6
Wireless retail postpaid upgrade rate	3.5		%	5.6		%
Wireless retail postpaid accounts (‘000) (2)								32,976		33,386		(1.2)
Wireless retail postpaid connections per account (2)								2.80		2.74		2.2
Wireless retail prepaid ARPU (3)	$	31.42		$	31.26		0.5	$	31.06	$	31.07	—

Footnotes:

(1) Wireless retail postpaid ARPA - average service revenue per account from retail postpaid accounts.

(2) Statistics presented as of end of period.

(3) Wireless retail prepaid ARPU - average service revenue per unit from retail prepaid connections.

Where applicable, the operating results reflect certain adjustments, including those related to the 3G network shutdowns, migration activity among different types of devices and plans, customer profile changes, and adjustments in connection with mergers, acquisitions and divestitures.

Certain intersegment transactions with corporate entities have not been eliminated.

* Not meaningful

Verizon Communications Inc.

Business - Selected Financial Results

(dollars in millions)
Unaudited	3 Mos. Ended 6/30/23			3 Mos. Ended 6/30/22			% Change	6 Mos. Ended 6/30/23			6 Mos. Ended 6/30/22			% Change
Operating Revenues
Enterprise and Public Sector	$	3,784		$	3,867		(2.1)	$	7,571		$	7,845		(3.5)
Business Markets and Other(1)	3,109			3,130			(0.7)	6,213			6,206			0.1
Wholesale	590			629			(6.2)	1,193			1,284			(7.1)
Total Operating Revenues	7,483			7,626			(1.9)	14,977			15,335			(2.3)
Operating Expenses
Cost of services	2,543			2,559			(0.6)	5,125			5,165			(0.8)
Cost of wireless equipment	1,152			1,268			(9.1)	2,386			2,578			(7.4)
Selling, general and administrative expense	2,152			2,050			5.0	4,185			4,109			1.8
Depreciation and amortization expense	1,103			1,074			2.7	2,197			2,135			2.9
Total Operating Expenses	6,950			6,951			—	13,893			13,987			(0.7)
Operating Income	$	533		$	675		(21.0)	$	1,084		$	1,348		(19.6)
Operating Income Margin	7.1		%	8.9		%		7.2		%	8.8		%
Segment EBITDA(2)	$	1,636		$	1,749		(6.5)	$	3,281		$	3,483		(5.8)
Segment EBITDA Margin(2)	21.9		%	22.9		%		21.9		%	22.7		%

Footnotes:

(1) Referred to as "Business Markets and SaaS" in the first quarter of 2023.

(2) Non-GAAP financial measure.

Our Business segment’s wireless and wireline products and services are organized by the primary customer groups targeted by these offerings. During the first quarter of 2023, Verizon reorganized the customer groups within its Business segment. Previously, this segment was comprised of four customer groups: Small and Medium Business, Global Enterprise, Public Sector and Other, and Wholesale. Following the reorganization, there are now three customer groups: Enterprise and Public Sector, Business Markets and Other, and Wholesale. Enterprise and Public Sector combines the customers previously included in Global Enterprise and Public Sector and Other (excluding BlueJeans and Connect customers) as well as the commercial wireline customers previously included in Small and Medium Business. Business Markets and Other combines the customers previously included in Small and Medium Business (excluding commercial wireline customers), the BlueJeans customers previously included in Global Enterprise and Public Sector and Other, and the Connect customers previously included in Public Sector and Other. The Wholesale customer group remained unchanged. Prior period operating revenue results within the Business segment have been recast for these reorganized customer groups. There was no change to the composition of our reportable segments and total segment results, nor the determination of segment profit.

The segment financial results and metrics above exclude the effects of special items (other than the effects of acquisition-related intangible asset amortization), which the Company’s chief operating decision maker does not consider in assessing segment performance.

Certain intersegment transactions with corporate entities have not been eliminated.

Verizon Communications Inc.

Business - Selected Operating Statistics

Unaudited								6/30/23			6/30/22			% Change
Connections (‘000):
Wireless retail postpaid								29,105			28,208			3.2
Wireless retail postpaid phones								17,856			17,586			1.5
Fios video								64			70			(8.6)
Fios internet								380			367			3.5
FWA broadband								870			316			*
Wireline broadband								464			474			(2.1)
Total broadband								1,334			790			68.9
Unaudited	3 Mos. Ended 6/30/23			3 Mos. Ended 6/30/22			% Change	6 Mos. Ended 6/30/23			6 Mos. Ended 6/30/22			% Change
Gross Additions (‘000):
Wireless retail postpaid	1,590			1,582			0.5	3,197			3,084			3.7
Net Additions Detail (‘000):
Wireless retail postpaid	308			430			(28.4)	620			825			(24.8)
Wireless retail postpaid phones	144			227			(36.6)	280			483			(42.0)
Fios video	(1)			(1)			—	(3)			(1)			*
Fios internet	3			6			(50.0)	7			11			(36.4)
FWA broadband	133			88			51.1	270			170			58.8
Wireline broadband	(2)			(1)			*	(4)			(3)			(33.3)
Total broadband	131			87			50.6	266			167			59.3
Churn Rate:
Wireless retail postpaid	1.48		%	1.37		%		1.49		%	1.35		%
Wireless retail postpaid phones	1.10		%	1.07		%		1.13		%	1.07		%
Revenue Statistics (in millions):
Wireless service revenue	$	3,351		$	3,182		5.3	$	6,641		$	6,307		5.3
Fios revenues	$	308		$	298		3.4	$	615		$	593		3.7
Other Operating Statistics:
Wireless retail postpaid upgrade rate	2.7		%	3.1		%

Footnotes:

Where applicable, the operating results reflect certain adjustments, including those related to the 3G network shutdowns, migration activity among different types of devices and plans, customer profile changes, and adjustments in connection with mergers, acquisitions and divestitures.

Certain intersegment transactions with corporate entities have not been eliminated.

*Not meaningful

Verizon Communications Inc.

Supplemental Information - Total Wireless Operating and Financial Statistics

The following supplemental schedule contains certain financial and operating metrics which reflect an aggregation of our Consumer and Business segments’ wireless results.

Unaudited								6/30/23			6/30/22			% Change
Connections (‘000)
Retail postpaid								121,579			119,683			1.6
Retail prepaid								21,646			23,138			(6.4)
Total retail								143,225			142,821			0.3
Retail postpaid phones								92,321			92,783			(0.5)
Unaudited	3 Mos. Ended 6/30/23			3 Mos. Ended 6/30/22			% Change	6 Mos. Ended 6/30/23			6 Mos. Ended 6/30/22			% Change
Net Additions Detail (‘000)
Retail postpaid phones	8			12			(33.3)	(119)			(24)			*
Retail postpaid	612			514			19.1	1,245			783			59.0
Retail prepaid	(304)			(229)			(32.8)	(655)			(309)			*
Total retail	308			285			8.1	590			474			24.5
Account Statistics
Retail postpaid accounts (‘000) (1)								34,855			35,132			(0.8)
Retail postpaid connections per account (1)								3.49			3.41			2.3
Retail postpaid ARPA (2)	$	154.51		$	145.50		6.2	$	153.39		$	145.18		5.7
Retail prepaid ARPU (3)	$	31.42		$	31.26		0.5	$	31.06		$	31.07		—
Churn Detail
Retail postpaid phone	0.83		%	0.81		%		0.87		%	0.82		%
Retail postpaid	1.07		%	1.03		%		1.11		%	1.03		%
Retail prepaid	4.24		%	3.90		%		4.28		%	3.79		%
Retail	1.56		%	1.50		%		1.60		%	1.49		%
Retail Postpaid Connection Statistics
Upgrade rate	3.3		%	5.0		%
Revenue Statistics (in millions) (4)
Wireless service	$	19,113		$	18,418		3.8	$	38,002		$	36,760		3.4
Wireless equipment	5,277			6,674			(20.9)	11,037			13,010			(15.2)
Wireless other	1,486			1,800			(17.4)	3,001			3,618			(17.1)
Total Wireless	$	25,876		$	26,892		(3.8)	$	52,040		$	53,388		(2.5)

Footnotes:

(1) Statistics presented as of end of period.

(2) Wireless retail postpaid ARPA - average service revenue per account from retail postpaid accounts.

(3) Wireless retail prepaid ARPU - average service revenue per unit from retail prepaid connections.

(4) Intersegment transactions between Consumer or Business segment with corporate entities have not been eliminated.

Where applicable, the operating results reflect certain adjustments, including those related to the 3G network shutdowns, migration activity among different types of devices and plans, customer profile changes, and adjustments in connection with mergers, acquisitions and divestitures.

*Not meaningful

Verizon Communications Inc.

Non-GAAP Reconciliations - Consolidated Verizon

Consolidated EBITDA and Consolidated Adjusted EBITDA

(dollars in millions)
Unaudited	3 Mos. Ended 6/30/23			3 Mos. Ended 3/31/23		3 Mos. Ended 12/31/22		3 Mos. Ended 9/30/22		3 Mos. Ended 6/30/22		3 Mos. Ended 3/31/22
Consolidated Net Income	$	4,766		$	5,018	$	6,698	$	5,024	$	5,315	$	4,711
Add:
Provision for income taxes	1,346			1,482		2,113		1,496		1,542		1,372
Interest expense	1,285			1,207		1,105		937		785		786
Depreciation and amortization expense (1)	4,359			4,318		4,218		4,324		4,321		4,236
Consolidated EBITDA	$	11,756		$	12,025	$	14,134	$	11,781	$	11,963	$	11,105
Add/(subtract):
Other (income) expense, net (2)	$	(210)		$	(114)	$	(2,687)	$	439	$	(49)	$	924
Equity in losses (earnings) of unconsolidated businesses	33			(9)		(4)		(2)		(41)		3
Severance charges	237			—		304		—		—		—
Asset rationalization	155			—		—		—		—		—
	215			(123)		(2,387)		437		(90)		927
Consolidated Adjusted EBITDA	$	11,971		$	11,902	$	11,747	$	12,218	$	11,873	$	12,032
Consolidated Adjusted EBITDA - Year over year change %	0.8		%

Footnotes:

(1) Includes Amortization of acquisition-related intangible assets.

(2) Includes Pension and benefits remeasurement adjustments and Early debt redemption costs, where applicable.

Consolidated EBITDA and Consolidated Adjusted EBITDA (LTM)

Unaudited	12 Mos. Ended 6/30/23		12 Mos. Ended 3/31/23		12 Mos. Ended 12/31/22
Consolidated Net Income	$	21,506	$	22,055	$	21,748
Add:
Provision for income taxes	6,437		6,633		6,523
Interest expense	4,534		4,034		3,613
Depreciation and amortization expense (1)	17,219		17,181		17,099
Consolidated EBITDA	$	49,696	$	49,903	$	48,983
Add/(subtract):
Other (income) expense, net (2)	$	(2,572)	$	(2,411)	$	(1,373)
Equity in losses (earnings) of unconsolidated businesses	18		(56)		(44)
Severance charges	541		304		304
Asset rationalization	155		—		—
	(1,858)		(2,163)		(1,113)
Consolidated Adjusted EBITDA	$	47,838	$	47,740	$	47,870

Footnotes:

(1) Includes Amortization of acquisition-related intangible assets.

(2) Includes Pension and benefits remeasurement adjustments and Early debt redemption costs, where applicable.

Verizon Communications Inc.

Net Unsecured Debt and Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio

(dollars in millions)
Unaudited	6/30/23			3/31/23		12/31/22
Debt maturing within one year	$	14,827		$	12,081	$	9,963
Long-term debt	137,871			140,772		140,676
Total Debt	152,698			152,853		150,639
Less Secured debt	21,342			20,835		20,008
Unsecured Debt	131,356			132,018		130,631
Less Cash and cash equivalents	4,803			2,234		2,605
Net Unsecured Debt	$	126,553		$	129,784	$	128,026
Consolidated Net Income (LTM)	$	21,506				$	21,748
Unsecured Debt to Consolidated Net Income Ratio	6.1		x			6.0		x
Consolidated Adjusted EBITDA (LTM)	$	47,838				$	47,870
Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio	2.6x					2.7		x
Net Unsecured Debt - Quarter over quarter change	$	(3,231)

Adjusted Earnings per Common Share (Adjusted EPS)

(dollars in millions, except per share amounts)
Unaudited	3 Mos. Ended 6/30/23								3 Mos. Ended 6/30/22
	Pre-tax		Tax		After-Tax				Pre-tax		Tax		After-Tax
EPS							$	1.10							$	1.24
Amortization of acquisition-related intangible assets	$	206	$	(53)	$	153	0.04		$	237	$	(62)	$	175	0.04
Severance, pension and benefits charges	237		(59)		178		0.04		198		(51)		147		0.03
Asset rationalization	155		(33)		122		0.03		—		—		—		—
	$	598	$	(145)	$	453	$	0.11	$	435	$	(113)	$	322	$	0.08
Adjusted EPS							$	1.21							$	1.31

Footnotes:

Adjusted EPS may not add due to rounding.

Free Cash Flow
(dollars in millions)
Unaudited	6 Mos. Ended 6/30/23		6 Mos. Ended 6/30/22
Net Cash Provided by Operating Activities	$	18,020	$	17,665
Capital expenditures (including capitalized software)	(10,070)		(10,491)
Free Cash Flow	$	7,950	$	7,174

Verizon Communications Inc.

Non-GAAP Reconciliations - Segments

Segment EBITDA and Segment EBITDA Margin

Consumer

(dollars in millions)
Unaudited	3 Mos. Ended 6/30/23			3 Mos. Ended 6/30/22			6 Mos. Ended 6/30/23			6 Mos. Ended 6/30/22
Operating Income	$	7,330		$	7,150		$	14,429		$	14,469
Add Depreciation and amortization expense	3,247			3,211			6,461			6,373
Segment EBITDA	$	10,577		$	10,361		$	20,890		$	20,842
Year over year change %	2.1		%				0.2		%
Total operating revenues	$	24,558		$	25,604		$	49,415		$	50,896
Operating Income Margin	29.8		%	27.9		%	29.2		%	28.4		%
Segment EBITDA Margin	43.1		%	40.5		%	42.3		%	41.0		%

Business

(dollars in millions)
Unaudited	3 Mos. Ended 6/30/23			3 Mos. Ended 6/30/22			6 Mos. Ended 6/30/23			6 Mos. Ended 6/30/22
Operating Income	$	533		$	675		$	1,084		$	1,348
Add Depreciation and amortization expense	1,103			1,074			2,197			2,135
Segment EBITDA	$	1,636		$	1,749		$	3,281		$	3,483
Year over year change %	(6.5)		%				(5.8)		%
Total operating revenues	$	7,483		$	7,626		$	14,977		$	15,335
Operating Income Margin	7.1		%	8.9		%	7.2		%	8.8		%
Segment EBITDA Margin	21.9		%	22.9		%	21.9		%	22.7		%

EX-99.2

Exhibit 99.2

This supplemental information regarding the financial and operating results of Verizon Communications Inc. (Verizon) for the second quarter ended June 30, 2023 contains statements about expected future events and financial results that are forward-looking and subject to risks and uncertainties. Discussion of factors that may affect future results is included at the end of this document and is also contained in Verizon's filings with the US Securities and Exchange Commission.

Consolidated Financial Results

* Non-GAAP financial measure.

** Total Wireless service revenue represents the sum of Consumer and Business segments.

Consolidated total operating revenue for the second quarter was $32.6 billion, down 3.5% year over year.

•Service and other revenue was $27.3 billion, up 0.8% year over year, as the growth of Wireless service revenue was partially offset by wireline declines and lower Other revenue due to the reallocation of certain fees.

◦Total Wireless service revenue2 was $19.1 billion, up 3.8% year over year, driven primarily by pricing actions implemented in recent quarters, the larger allocation of our administrative and telco recovery fees from Other revenue into Wireless service revenue,

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and growing contribution from our fixed wireless access (FWA) offerings.

◦Total Fios revenue was $3.2 billion, relatively flat year over year as the benefits of Fios internet customer growth were more than offset by declines in voice and video connections.

•Wireless equipment revenue was $5.3 billion, down 20.9% year over year, predominantly due to lower upgrade rates.

Consolidated net income for the second quarter was $4.8 billion, down 10.3% year over year.

Consolidated adjusted EBITDA1 for the second quarter was $12.0 billion, up 0.8% year over year, driven by Wireless service revenue growth and lower upgrade rates.

Consolidated operating expenses for the second quarter were $25.4 billion, down 3.3% year over year. Consolidated operating expenses, excluding depreciation and amortization and special items,1 were $20.6 billion,down 5.9% year over year.

Interest expense for the second quarter was $1.3 billion compared to $1.2 billion the first quarter 2023 due to higher interest rates on our outstanding debt balance.

Earnings per share (EPS) was $1.10, down 11.3% year over year.

•Reported second quarter earnings reflect a pre-tax loss from special items of approximately $598 million. This includes a pre-tax severance charge of $237 million, the impacts of amortization of intangible assets related to TracFone Wireless, Inc. and other acquisitions of $206 million, and a pre-tax asset rationalization charge of $155 million related to certain real estate and non-strategic assets that we have made a decision to cease use of as part of our transformation initiatives.

Adjusted EPS1 was $1.21, down 7.6% year over year.

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Cash Flow Summary

* Non-GAAP financial measure.

Cash flow from operating activities for the six months ended June 30, 2023 was $18.0 billion compared to $17.7 billion in the prior year period driven by working capital improvements as a result of lower receivables and lower inventory levels tied to fewer upgrades, which were offset by higher cash income taxes and interest expense.

•Capital spending for the six months ended June 30, 2023 was $10.1 billion, including the remaining $1.75 billion of the C-Band related spending in our guidance.

•Our guidance for 2023 capital expenditures of $18.25 billion to $19.25 billion remains unchanged.

Free cash flow1 for the six months ended June 30, 2023 was $8.0 billion.

Total unsecured debt as of the end of the second quarter was $131.4 billion, a $0.7 billion improvement compared to the prior quarter and $1.1 billion lower year over year. Unsecured debt to net income (LTM) ratio was 6.1x as of the end of the second quarter, an increase of 0.1x compared to the prior quarter and a 0.1x improvement year over year.

Net unsecured debt1 as of the end of the second quarter was $126.6 billion, a $3.2 billion improvement compared to the prior quarter and $4.1 billion lower year over year. Net unsecured debt to adjusted EBITDA ratio1 was 2.6x as of the end of the second quarter, a 0.1x improvement both sequentially and year over year.

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Mobility Highlights

Consolidated

Total retail postpaid net additions for the second quarter were612 thousand, up from 514 thousand in the prior year period, driven by continued FWA momentum, wearables adoption, and strong Business phone performance.

Total postpaid phone net additions for the second quarter were8 thousand, down from 12 thousand in the prior year period.

•Postpaid phone gross additions were 2.3 million, up 2.0% year over year.

•Postpaid phone churn was 0.83%, up 2 basis points year over year.

Consumer Group

Postpaid net additions for the second quarter were 304 thousand, up from 84 thousand in the prior year period, as growth in FWA and wearables was partially offset by phone and tablet losses.

•Postpaid phone net losses were136 thousand compared to 215 thousand net losses in the prior year period.

◦Postpaid phone gross additions were 1.6 million, up 6.9% year over year, continuing the momentum that began building in the second half of last year.

◦Postpaid phone churn was 0.76%, up 1 basis point year over year.

•Prepaid net losses were 304 thousand compared to 229 thousand net losses in the prior year period.

◦Prepaid churn was 4.24%, up 34 basis points year over year.

Business Group

Postpaid phone net additions for the second quarter were144 thousand, down from 227 thousand in the prior year period.

•Postpaid phone churn was 1.10%, up 3 basis points year over year.

Page 5

Broadband Highlights

Total broadband net additions were418 thousand for the second quarter, up from 268 thousand in the prior year period, driven by strong demand and good retention rates for both Fios and FWA products.

•FWA net additions were 384 thousand, up from 256 thousand in the prior year period.

◦Consumer FWA net additions were 251 thousand, up 83 thousand year over year.

◦Business FWA net additions were 133 thousand, up 45 thousand year over year.

•Fios internet net additions were 54 thousand, up from 36 thousand in the prior year period.

Consumer Financial Results

Total Consumer revenue for the second quarter was $24.6 billion, down 4.1% year over year, as gains in Service and other revenue were offset by Wireless equipment revenue declines.

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•Consumer Service and other revenue was $20.1 billion, up 1.2% year over year.

•Consumer Wireless service revenue was $15.8 billion, up 3.5% year over year, driven by Consumer wireless postpaid average revenue per account (ARPA) growth, which was partially offset by decline in retail postpaid phone connections and prepaid connections.

•Consumer Fios revenue was $2.9 billion, down 0.3% year over year, as the benefits of Fios internet customer growth were more than offset by declines in voice and video connections.

•Consumer Wireless equipment revenue was$4.4 billion, down 22.4% year over year, driven primarily by a 38% year over year decline in upgrades.

Consumer wireless postpaid ARPA was $131.83 for the second quarter, up 6.2%year over year, driven by pricing actions implemented in recent quarters, and the larger allocation of our administrative and telco recovery fees from Other revenue into Wireless service revenue, as well as an increase in our FWA subscriber base and device protection revenue, partially offset by the amortization impact on service revenue from promotional costs.

Consumer operating income was $7.3 billion, up 2.5% year over year, resulting in operating income margin of 29.8%.

Consumer segment EBITDA1 was $10.6 billion, up 2.1% year over year. This improvement can be attributed to service revenue growth and lower upgrade volumes. Consumer segment EBITDA margin1 for the second quarter was 43.1%.

Business Financial Results

* Referred to in the first quarter 2023 as "Business Markets and SaaS".

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Total Business revenue was $7.5 billion, down 1.9% year over year, as growth in Wireless service revenue was more than offset by lower Wireline revenue and lower Wireless equipment revenue.

•Business Wireless service revenue was $3.4 billion, up 5.3%year over year, driven by continued strong net additions and pricing actions implemented in recent quarters.

•Business wireline results reflect continued secular declines in the prevailing wireline market and our rationalization of certain legacy wireline products, consistent with prior periods.

Business operating income was $533 million, down 21.0% year over year, resulting in operating income margin of 7.1%.

Business segment EBITDA1 was $1.6 billion, down 6.5% year over year,driven by continued declines in high margin Wireline revenues. Business segment EBITDA margin1 for the second quarter was 21.9%.

Notes

1 Non-GAAP financial measure. See the accompanying schedules and www.verizon.com/about/investors for reconciliations of non-GAAP financial measures cited in this document to most directly comparable financial measures under generally accepted accounting principles (GAAP).

2 Total Wireless service revenue represents the sum of Consumer and Business segments.

Forward-looking statements

In this communication 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 statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The following important factors, along with those discussed in our filings with the Securities and Exchange Commission (the “SEC”), could affect future results and could cause those results to differ materially from those expressed in the forward-looking statements: the effects of competition in the markets in which we operate, including any inability to successfully respond to competitive factors such as prices, promotional incentives and evolving consumer preferences;

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failure to take advantage of, or respond to competitors' use of, developments in technology and address changes in consumer demand; performance issues or delays in the deployment of our 5G network resulting in significant costs or a reduction in the anticipated benefits of the enhancement to our networks; the inability to implement our business strategy; adverse conditions in the U.S. and international economies, including inflation in the markets in which we operate; cyber attacks impacting our networks or systems and any resulting financial or reputational impact; damage to our infrastructure or disruption of our operations from natural disasters, extreme weather conditions, acts of war, terrorist attacks or other hostile acts and any resulting financial or reputational impact; the impact of public health crises on our operations, our employees and the ways in which our customers use our networks and other products and services; disruption of our key suppliers’ or vendors' provisioning of products or services, including as a result of geopolitical factors, public health crises or the potential impacts of global climate change; material adverse changes in labor matters and any resulting financial or operational impact; changes in the regulatory environment in which we operate, including any increase in restrictions on our ability to operate our networks or businesses; allegations regarding the release of hazardous materials or pollutants into the environment from our, or our predecessors’, network assets and any related regulatory developments, litigation, liability, compliance costs, penalties, operational impacts or reputational damage; our high level of indebtedness; significant litigation and any resulting material expenses incurred in defending against lawsuits or paying awards or settlements; an adverse change in the ratings afforded our debt securities by nationally accredited ratings organizations or adverse conditions in the credit markets affecting the cost, including interest rates, and/or availability of further financing; significant increases in benefit plan costs or lower investment returns on plan assets; changes in tax laws or treaties, or in their interpretation; and changes in accounting assumptions that regulatory agencies, including the SEC, may require or that result from changes in the accounting rules or their application, which could result in an impact on earnings.

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Verizon Communications Inc.

Non-GAAP Reconciliations - Consolidated Verizon

Consolidated EBITDA and Consolidated Adjusted EBITDA

(dollars in millions)
Unaudited	3 Mos. Ended 6/30/23			3 Mos. Ended 3/31/23		3 Mos. Ended 12/31/22		3 Mos. Ended 9/30/22		3 Mos. Ended 6/30/22		3 Mos. Ended 3/31/22		3 Mos. Ended 12/31/21		3 Mos. Ended 9/30/21
Consolidated Net Income	$	4,766		$	5,018	$	6,698	$	5,024	$	5,315	$	4,711	$	4,737	$	6,554
Add:
Provision for income taxes	1,346			1,482		2,113		1,496		1,542		1,372		1,407		1,820
Interest expense	1,285			1,207		1,105		937		785		786		739		801
Depreciation and amortization expense (1)	4,359			4,318		4,218		4,324		4,321		4,236		4,051		3,961
Consolidated EBITDA	$	11,756		$	12,025	$	14,134	$	11,781	$	11,963	$	11,105	$	10,934	$	13,136
Add/(subtract):
Other (income) expense, net (2)	$	(210)		$	(114)	$	(2,687)	$	439	$	(49)	$	924	$	860	$	(269)
Equity in losses (earnings) of unconsolidated businesses (3)	33			(9)		(4)		(2)		(41)		3		(135)		(1)
Severance charges	237			—		304		—		—		—		106		103
Asset rationalization	155			—		—		—		—		—		—		—
Net gain from disposition of business	—			—		—		—		—		—		—		(706)
	215			(123)		(2,387)		437		(90)		927		831		(873)
Consolidated Adjusted EBITDA	$	11,971		$	11,902	$	11,747	$	12,218	$	11,873	$	12,032	$	11,765	$	12,263
Consolidated Adjusted EBITDA - Year over year change %	0.8		%

Footnotes:

(1) Includes Amortization of acquisition-related intangible assets.

(2) Includes Pension and benefits remeasurement adjustments and Early debt redemption costs, where applicable.     

(3) Includes Net gain from disposition of assets, where applicable.    

Consolidated EBITDA and Consolidated Adjusted EBITDA (LTM)

Unaudited	12 Mos. Ended 6/30/23		12 Mos. Ended 3/31/23		12 Mos. Ended 6/30/22
Consolidated Net Income	$	21,506	$	22,055	$	21,317
Add:
Provision for income taxes	6,437		6,633		6,141
Interest expense	4,534		4,034		3,111
Depreciation and amortization expense (1)	17,219		17,181		16,569
Consolidated EBITDA	$	49,696	$	49,903	$	47,138
Add/(subtract):
Other (income) expense, net (2)	$	(2,572)	$	(2,411)	$	1,466
Equity in losses (earnings) of unconsolidated businesses (3)	18		(56)		(174)
Severance charges	541		304		209
Asset rationalization	155		—		—
Net gain from disposition of business	—				(706)
	(1,858)		(2,163)		795
Consolidated Adjusted EBITDA	$	47,838	$	47,740	$	47,933

Footnotes:

(1) Includes Amortization of acquisition-related intangible assets.

(2) Includes Pension and benefits remeasurement adjustments and Early debt redemption costs, where applicable.

(3) Includes Net gain from disposition of assets, where applicable.

Page 11

Verizon Communications Inc.

Net Unsecured Debt and Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio

(dollars in millions)
Unaudited	6/30/23			3/31/23			6/30/22
Debt maturing within one year	$	14,827		$	12,081		$	12,873
Long-term debt	137,871			140,772			136,184
Total Debt	152,698			152,853			149,057
Less Secured debt	21,342			20,835			16,572
Unsecured Debt	131,356			132,018			132,485
Less Cash and cash equivalents	4,803			2,234			1,857
Net Unsecured Debt	$	126,553		$	129,784		$	130,628
Consolidated Net Income (LTM)	$	21,506		$	22,055		$	21,317
Unsecured Debt to Consolidated Net Income Ratio	6.1		x	6.0		x	6.2		x
Consolidated Adjusted EBITDA (LTM)	$	47,838		$	47,740		$	47,933
Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio	2.6		x	2.7		x	2.7		x
Net Unsecured Debt - Quarter over quarter change	$	(3,231)
Net Unsecured Debt - Year over year change	$	(4,075)
Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio - Quarter over quarter change	(0.1)		x
Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio - Year over year change	(0.1)		x

Adjusted Earnings per Common Share (Adjusted EPS)

(dollars in millions, except per share amounts)
Unaudited	3 Mos. Ended 6/30/23									3 Mos. Ended 6/30/22
	Pre-tax		Tax		After-Tax					Pre-tax		Tax		After-Tax
EPS							$	1.10								$	1.24
Amortization of acquisition-related intangible assets	$	206	$	(53)	$	153	0.04			$	237	$	(62)	$	175	0.04
Severance, pension and benefits charges	237		(59)		178		0.04			198		(51)		147		0.03
Asset rationalization	155		(33)		122		0.03			—		—		—		—
	$	598	$	(145)	$	453	$	0.11		$	435	$	(113)	$	322	$	0.08
Adjusted EPS							$	1.21								$	1.31
Year over year change %							(7.6)		%

Footnotes:

Adjusted EPS may not add due to rounding.

Free Cash Flow
(dollars in millions)
Unaudited	6 Mos. Ended 6/30/23		6 Mos. Ended 6/30/22
Net Cash Provided by Operating Activities	$	18,020	$	17,665
Capital expenditures (including capitalized software)	(10,070)		(10,491)
Free Cash Flow	$	7,950	$	7,174

Consolidated Operating Expenses Excluding Depreciation and Amortization and Special Items
(dollars in millions)
Unaudited	3 Mos. Ended 6/30/23			3 Mos. Ended 6/30/22
Consolidated Operating Expenses	$	25,376		$	26,237
Depreciation and amortization expense (1)	4,359			4,321
Severance charges	237			—
Asset rationalization	155			—
Consolidated Operating Expenses Excluding Depreciation and Amortization and Special Items	$	20,625		$	21,916
Year over year change %	(5.9)		%

Footnotes:

(1) Includes Amortization of acquisition-related intangible assets.

Page 12

Verizon Communications Inc.

Non-GAAP Reconciliations - Segments

Segment EBITDA and Segment EBITDA Margin

Consumer

(dollars in millions)
Unaudited	3 Mos. Ended 6/30/23			3 Mos. Ended 6/30/22
Operating Income	$	7,330		$	7,150
Add Depreciation and amortization expense	3,247			3,211
Segment EBITDA	$	10,577		$	10,361
Year over year change %	2.1		%
Total operating revenues	$	24,558		$	25,604
Operating Income Margin	29.8		%	27.9		%
Segment EBITDA Margin	43.1		%	40.5		%

Business

(dollars in millions)
Unaudited	3 Mos. Ended 6/30/23			3 Mos. Ended 6/30/22
Operating Income	$	533		$	675
Add Depreciation and amortization expense	1,103			1,074
Segment EBITDA	$	1,636		$	1,749
Year over year change %	(6.5)		%
Total operating revenues	$	7,483		$	7,626
Operating Income Margin	7.1		%	8.9		%
Segment EBITDA Margin	21.9		%	22.9		%

Page 13

XML

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Document Period End Date	Jul. 25, 2023
Entity Registrant Name	Verizon Communications Inc.
Entity Incorporation, State or Country Code	DE
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