NEW YORK, Oct. 19, 2017 /PRNewswire/ --
3Q 2017 highlights
- 89 cents in earnings per share
(EPS), compared with 89 cents in 3Q
2016; adjusted EPS (non-GAAP), excluding special items, of
98 cents in 3Q 2017, compared with
$1.01 in 3Q 2016.
- Wireless: 603,000 retail postpaid net additions, including
486,000 postpaid smartphone net adds; retail postpaid churn of 0.97
percent, with strong customer loyalty demonstrated by retail
postpaid phone churn of 0.75 percent -- less than 0.90 percent for
the 10th consecutive quarter.
- Wireline: Fios total revenue growth of 4.8 percent.
Building on momentum from second-quarter 2017, Verizon
Communications Inc. (NYSE, Nasdaq: VZ) delivered strong results in
third-quarter 2017, both adding and retaining wireless customers,
and generating significant cash flow.
Verizon reported EPS of 89 cents
in the quarter, compared with 89
cents in third-quarter 2016. On an adjusted basis
(non-GAAP), third-quarter 2017 EPS was 98
cents. This includes 7 cents
per share in net losses primarily for early debt redemption costs,
and 2 cents per share in acquisition
and integration related charges in connection with Yahoo and other
acquisitions. This compares with adjusted EPS of $1.01 in third-quarter 2016.
Verizon's third-quarter 2017 earnings include a 1-cent-per-share impact as a result of the
natural disasters in Florida and
Texas.
"Verizon Wireless delivered another quarter of profitable growth
combined with strong customer loyalty," said Chairman and CEO
Lowell McAdam. "This success is
based on the strength of the Verizon network, and I share the pride
of all Verizon employees that our network aided and served
first-responders and customers when they needed it most following
the recent natural disasters. While steadily investing to advance
our network leadership and to build the Verizon Intelligent Edge
Network, we have also maintained the financial flexibility to
increase shareholder dividends for an 11th consecutive year."
Consolidated results
Total consolidated operating revenues in third-quarter 2017 were
$31.7 billion, up 2.5 percent from
third-quarter 2016. On a comparable basis excluding divestitures
and acquisitions (non-GAAP), consolidated revenues declined 2.3
percent.
Net income was $3.7 billion in
third-quarter 2017. EBITDA (non-GAAP, earnings before interest,
taxes, depreciation and amortization) totaled $11.5 billion. Consolidated operating income
margin was 22.7 percent. Consolidated EBITDA margin (non-GAAP) was
36.2 percent in third-quarter 2017, compared with 33.9 percent in
third-quarter 2016. Adjusted EBITDA margin (non-GAAP) was 36.7
percent and 36.5 percent in the same periods, respectively.
Verizon is focused on driving profitability through efficiencies
across its business and in September announced it has targeted
$10 billion in cumulative cash
savings over the next four years.
Cash flow from operations totaled $17.2
billion during the first nine months of 2017, and
year-to-date capital expenditures have totaled $11.3 billion.
In Verizon's media business, Oath revenues were $2 billion in third-quarter 2017, and the
integration of AOL and Yahoo is ahead of internal expectations. In
telematics, revenues were more than $220
million in third-quarter 2017. Organic IoT (Internet of
Things) revenues (non-GAAP) increased approximately 13 percent year
over year.
Wireless results
- Verizon reported a net increase of 603,000 retail postpaid
connections in third-quarter 2017. Net phone additions of 274,000
included 486,000 smartphones in the quarter, compared with 242,000
smartphone additions in third-quarter 2016. The 603,000 postpaid
net adds included tablet net adds of 91,000 and net adds of other
connected devices, led by wearables, of 238,000. The company had
109.7 million retail postpaid connections and 5.6 million retail
prepaid connections at the end of the quarter.
- Verizon added 30,000 postpaid accounts in third-quarter 2017,
compared with a loss of 107,000 postpaid accounts in third-quarter
2016.
- Total retail postpaid churn was 0.97 percent in third-quarter
2017, driven mainly by retail postpaid phone churn of 0.75 percent
– the 10th consecutive quarter of retail postpaid phone churn of
less than 0.90 percent.
- Revenue trends are improving. Total revenues were $21.6 billion in third-quarter 2017, a decline of
2.4 percent compared with third-quarter 2016. A year ago, quarterly
total revenues had declined 3.9 percent year over year. On a
year-over-year basis, service revenues declined 5.1 percent versus
a 6.7 percent decrease in the second quarter. Sequentially, service
revenues increased for the first time in 12 quarters.
- The company expects its service revenue trend to continue to
improve in fourth-quarter 2017, exiting the year with a
year-over-year decline of less than 4 percent.
- Verizon now has approximately 78 percent of its postpaid phone
base on unsubsidized service pricing plans, compared with 60
percent in third-quarter 2016.
- The percentage of phone activations on device payment plans was
about 77 percent in third-quarter 2017, consistent with
second-quarter 2017. Verizon expects a seasonal increase in this
rate in fourth-quarter 2017. Approximately 49 percent of postpaid
phone customers had a device payment plan at the end of
third-quarter 2017, consistent with second-quarter 2017.
- Segment operating income in third-quarter 2017 was $7.6 billion, and segment operating income margin
on total revenues was 35.2 percent. Segment EBITDA (non-GAAP)
totaled nearly $10.0 billion in
third-quarter 2017. Segment EBITDA margin on total revenues
(non-GAAP) was 46.2 percent, compared with 44.9 percent in
third-quarter 2016.
Wireline results
- Total wireline revenues increased 1.1 percent, to $7.7 billion, comparing third-quarter 2017 with
third-quarter 2016. On an organic basis, excluding revenues from
acquired operations (non-GAAP), total wireline revenues declined
2.7 percent year over year in third-quarter 2017, consistent with
second-quarter 2017.
- Total Fios revenues grew 4.8 percent, and consumer Fios
revenues grew 4.6 percent, comparing third-quarter 2017 with
third-quarter 2016 and including the impact of two marquee
pay-per-view events in the current quarter. Fios Gigabit
Connection, which offers symmetrical high-speed broadband,
continues to gain traction with customers.
- In third-quarter 2017, Verizon added a net of 66,000 Fios
Internet connections and lost a net of 18,000 Fios Video
connections, reflecting the ongoing shift from traditional linear
video to over-the-top offerings. At the end of the quarter, Verizon
had 5.8 million Fios Internet connections and 4.6 million Fios
Video connections.
- Wireline operating income was $65
million in third-quarter 2017, compared with $73 million in third-quarter 2016. Segment
operating income margin was 0.8 percent in third-quarter 2017.
Segment EBITDA (non-GAAP) was $1.6
billion in third-quarter 2017. Segment EBITDA margin
(non-GAAP) was 21.1 percent in third-quarter 2017, compared with
20.3 percent in third-quarter 2016.
- In the quarter, Verizon was named an Enterprise Infrastructure
Solutions contract provider by the U.S. General Services
Administration. Verizon Enterprise Solutions (VES) released its
2017 Payment Security Report, which demonstrated a link between
payment card security standard compliance and an organization's
ability to defend itself against cyberattacks. On the product
front, Check Point Software Technologies Ltd. embedded its security
offering within Verizon's Virtual Network Services (VNS) solution;
VNS was made available on the Amazon Web Services cloud; and VES
introduced mid-market and enterprise capabilities for its
One Talk solution. In addition,
Verizon announced plans to develop a dedicated network core for
public safety.
Network and Technology highlights
- As expected, the introduction of unlimited wireless pricing
plans has increased LTE network usage. Verizon has network
capabilities and pricing plan features to handle this increase
while maintaining a high-quality experience for customers,
evidenced by awards in third-party studies that test coverage,
speed and reliability. Just over 50 percent of Verizon's available
low- and mid-band spectrum portfolio is being used for 4G LTE.
- Through prior investment, planning, network redundancy and
rapid response, Verizon's network maintained a high level of
performance, despite widespread power outages, during natural
disasters in Texas, Florida and Northern
California. Although the company is not a wireless operator
in Puerto Rico, Verizon has
offered assistance to local carriers and government officials
working to recover from hurricane damage there.
- The Verizon Intelligent Edge Network, the company's future
network architecture designed to meet the demands of new types of
applications, has many components that lead to a multi-use,
software-driven network at scale. Verizon's pre-commercial 5G fixed
wireless broadband trials are continuing, and the company is on
track to share trial results later in the fourth quarter.
Outlook and forward-looking items
Verizon expects the following:
- Full-year 2017 consolidated revenues, on an organic basis, to
be fairly consistent with 2016, with improvement in wireless
service revenue and equipment revenue trends; also, full-year 2017
consolidated adjusted EPS trends to be similar to consolidated
revenue trends;
- Consolidated capital spending for 2017 to be at the lower end
of the range of $16.8 billion to $17.5
billion; and
- The 2017 effective tax rate to be around 34 percent, excluding
impacts from potential tax reform.
NOTE: See the accompanying schedules and
www.verizon.com/about/investors for reconciliations to
generally accepted accounting principles (GAAP) for non-GAAP
financial measures cited in this document.
Verizon Communications Inc. (NYSE, Nasdaq: VZ), headquartered in
New York City, has a diverse
workforce of 160,100 and generated nearly $126 billion in 2016 revenues. Verizon operates
America's most reliable wireless network and the nation's premier
all-fiber network, and delivers integrated solutions to businesses
worldwide. Its Oath subsidiary reaches about one billion people
around the world with a dynamic house of media and technology
brands.
VERIZON'S ONLINE MEDIA CENTER: News releases, stories, media
contacts and other resources are available at
www.verizon.com/about/news/. News releases are also available
through an RSS feed. To subscribe, visit
www.verizon.com/about/rss-feeds/.
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," "hopes" 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. 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: adverse conditions in the U.S. and
international economies; the effects of competition in the markets
in which we operate; material changes in technology or technology
substitution; disruption of our key suppliers' provisioning of
products or services; changes in the regulatory environment in
which we operate, including any increase in restrictions on our
ability to operate our networks; breaches of network or information
technology security, natural disasters, terrorist attacks or acts
of war or significant litigation and any resulting financial impact
not covered by insurance; our high level of indebtedness; 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; material adverse changes
in labor matters, including labor negotiations, and any resulting
financial and/or operational impact; significant increases in
benefit plan costs or lower investment returns on plan assets;
changes in tax laws or treaties, or in their interpretation;
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; the inability to implement our business
strategies; and the inability to realize the expected benefits of
strategic transactions.
Verizon
Communications Inc.
|
|
|
|
|
|
|
|
Condensed
Consolidated Statements of Income
|
|
|
|
|
|
|
|
|
|
|
(dollars in millions,
except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
3 Mos.
Ended
|
3 Mos.
Ended
|
|
|
9 Mos.
Ended
|
9 Mos.
Ended
|
|
Unaudited
|
9/30/17
|
9/30/16
|
% Change
|
|
9/30/17
|
9/30/16
|
% Change
|
|
|
|
|
|
|
|
|
|
Operating
Revenues
|
|
|
|
|
|
|
|
Service revenues and
other
|
$
27,365
|
$
26,813
|
2.1
|
|
$
79,665
|
$
81,858
|
(2.7)
|
Wireless equipment
revenues
|
4,352
|
4,124
|
5.5
|
|
12,414
|
11,782
|
5.4
|
Total Operating
Revenues
|
31,717
|
30,937
|
2.5
|
|
92,079
|
93,640
|
(1.7)
|
|
|
|
|
|
|
|
|
|
Operating
Expenses
|
|
|
|
|
|
|
|
Cost of
services
|
7,640
|
6,989
|
9.3
|
|
21,573
|
22,180
|
(2.7)
|
Wireless cost of
equipment
|
4,965
|
5,240
|
(5.2)
|
|
14,808
|
14,882
|
(0.5)
|
Selling, general and
administrative expense
|
7,632
|
8,226
|
(7.2)
|
|
20,579
|
25,601
|
(19.6)
|
Depreciation and
amortization expense
|
4,272
|
3,942
|
8.4
|
|
12,498
|
11,941
|
4.7
|
Total Operating
Expenses
|
24,509
|
24,397
|
0.5
|
|
69,458
|
74,604
|
(6.9)
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
7,208
|
6,540
|
10.2
|
|
22,621
|
19,036
|
18.8
|
Equity in losses of
unconsolidated businesses
|
(22)
|
(23)
|
(4.3)
|
|
(71)
|
(63)
|
12.7
|
Other income
(expense), net
|
(511)
|
97
|
*
|
|
(1,376)
|
(1,697)
|
(18.9)
|
Interest
expense
|
(1,164)
|
(1,038)
|
12.1
|
|
(3,514)
|
(3,239)
|
8.5
|
Income Before
Provision for Income Taxes
|
5,511
|
5,576
|
(1.2)
|
|
17,660
|
14,037
|
25.8
|
Provision for income
taxes
|
(1,775)
|
(1,829)
|
(3.0)
|
|
(5,893)
|
(5,029)
|
17.2
|
Net
Income
|
$
3,736
|
$
3,747
|
(0.3)
|
|
$
11,767
|
$
9,008
|
30.6
|
|
|
|
|
|
|
|
|
|
Net income
attributable to noncontrolling interests
|
$
116
|
$
127
|
(8.7)
|
|
$
335
|
$
376
|
(10.9)
|
Net income
attributable to Verizon
|
3,620
|
3,620
|
-
|
|
11,432
|
8,632
|
32.4
|
Net
Income
|
$
3,736
|
$
3,747
|
(0.3)
|
|
$
11,767
|
$
9,008
|
30.6
|
|
|
|
|
|
|
|
|
|
Basic Earnings per
Common Share
|
|
|
|
|
|
|
|
Net income
attributable to Verizon
|
$
.89
|
$
.89
|
-
|
|
$
2.80
|
$
2.12
|
32.1
|
|
|
|
|
|
|
|
|
Weighted average
number of common shares (in millions)
|
4,084
|
4,079
|
|
|
4,083
|
4,080
|
|
|
|
|
|
|
|
|
|
Diluted Earnings
per Common Share(1)
|
|
|
|
|
|
|
|
Net income
attributable to Verizon
|
$
.89
|
$
.89
|
-
|
|
$
2.80
|
$
2.11
|
32.7
|
|
|
|
|
|
|
|
|
Weighted average
number of common
|
|
|
|
|
|
|
|
|
shares-assuming
dilution (in millions)
|
4,089
|
4,086
|
|
|
4,088
|
4,086
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
9/30/17
|
|
12/31/16
|
|
$ Change
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
4,487
|
|
$
2,880
|
|
$
1,607
|
|
Accounts receivable,
net
|
21,549
|
|
17,513
|
|
4,036
|
|
Inventories
|
1,276
|
|
1,202
|
|
74
|
|
Assets held for
sale
|
275
|
|
882
|
|
(607)
|
|
Prepaid expenses and
other
|
3,280
|
|
3,918
|
|
(638)
|
Total current
assets
|
30,867
|
|
26,395
|
|
4,472
|
Plant, property and
equipment
|
242,608
|
|
232,215
|
|
10,393
|
|
Less accumulated
depreciation
|
155,986
|
|
147,464
|
|
8,522
|
Plant, property and
equipment, net
|
86,622
|
|
84,751
|
|
1,871
|
Investments in
unconsolidated businesses
|
1,054
|
|
1,110
|
|
(56)
|
Wireless
licenses
|
87,883
|
|
86,673
|
|
1,210
|
Goodwill
|
28,725
|
|
27,205
|
|
1,520
|
Other intangible
assets, net
|
10,993
|
|
8,897
|
|
2,096
|
Non-current assets
held for sale
|
—
|
|
613
|
|
(613)
|
Other
assets
|
8,538
|
|
8,536
|
|
2
|
Total
Assets
|
$
254,682
|
|
$
244,180
|
|
$
10,502
|
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
Debt maturing within
one year
|
$
2,180
|
|
$
2,645
|
|
$
(465)
|
|
Accounts payable and
accrued liabilities
|
18,434
|
|
19,593
|
|
(1,159)
|
|
Other
|
8,316
|
|
8,102
|
|
214
|
Total current
liabilities
|
28,930
|
|
30,340
|
|
(1,410)
|
Long-term
debt
|
115,317
|
|
105,433
|
|
9,884
|
Employee benefit
obligations
|
21,131
|
|
26,166
|
|
(5,035)
|
Deferred income
taxes
|
48,345
|
|
45,964
|
|
2,381
|
Other
liabilities
|
12,508
|
|
12,245
|
|
263
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
Common
stock
|
424
|
|
424
|
|
—
|
|
Contributed
capital
|
11,098
|
|
11,182
|
|
(84)
|
|
Reinvested
earnings
|
19,373
|
|
15,059
|
|
4,314
|
|
Accumulated other
comprehensive income
|
2,683
|
|
2,673
|
|
10
|
|
Common stock in
treasury, at cost
|
(7,141)
|
|
(7,263)
|
|
122
|
|
Deferred compensation
– employee
|
|
|
|
|
|
|
stock ownership plans
and other
|
411
|
|
449
|
|
(38)
|
|
Noncontrolling
interests
|
1,603
|
|
1,508
|
|
95
|
Total
equity
|
28,451
|
|
24,032
|
|
4,419
|
Total Liabilities
and Equity
|
$
254,682
|
|
$
244,180
|
|
$
10,502
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Verizon - Selected
Financial and Operating Statistics
|
|
|
|
|
|
|
|
|
|
Unaudited
|
9/30/17
|
|
12/31/16
|
|
|
|
|
|
|
|
|
|
Total debt (in
millions)
|
$
117,497
|
|
$
108,078
|
|
|
Net debt (in
millions)
|
$
113,010
|
|
$
105,198
|
|
|
Net debt / Adjusted
EBITDA(1)
|
2.6x
|
|
2.4x
|
|
|
Common shares
outstanding end of period (in millions)
|
4,079
|
|
4,077
|
|
|
Total employees
('000)
|
160.1
|
|
160.9
|
|
|
Quarterly cash
dividends declared per common share
|
$
0.5900
|
|
$
0.5775
|
|
|
|
|
|
|
|
|
|
Footnotes:
|
|
|
|
|
|
(1)
|
Adjusted EBITDA
excludes the effects of special items and operating results of
Divested Businesses, as the Company's chief operating decision
maker excludes these items in assessing business unit
performance.
|
Verizon
Communications Inc.
|
|
|
|
|
|
Condensed
Consolidated Statements of Cash Flows
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in
millions)
|
|
|
|
|
|
|
|
|
|
9 Mos.
Ended
|
|
9 Mos.
Ended
|
|
|
Unaudited
|
9/30/17
|
|
9/30/16
|
|
$ Change
|
|
|
|
|
|
|
|
Cash Flows from
Operating Activities
|
|
|
|
|
|
Net Income
|
$
11,767
|
|
$
9,008
|
|
$
2,759
|
Adjustments to
reconcile net income to net cash provided by
|
|
|
|
|
|
operating
activities:
|
|
|
|
|
|
|
Depreciation and
amortization expense
|
12,498
|
|
11,941
|
|
557
|
|
Employee retirement
benefits
|
(334)
|
|
4,531
|
|
(4,865)
|
|
Deferred income
taxes
|
2,577
|
|
(2,331)
|
|
4,908
|
|
Provision for
uncollectible accounts
|
842
|
|
963
|
|
(121)
|
|
Equity in losses of
unconsolidated businesses, net of dividends received
|
100
|
|
94
|
|
6
|
|
Changes in current
assets and liabilities, net of effects from
|
|
|
|
|
|
|
acquisition/disposition of businesses
|
(5,513)
|
|
(4,010)
|
|
(1,503)
|
|
Discretionary
contributions to qualified pension plans
|
(3,411)
|
|
(186)
|
|
(3,225)
|
|
Net gain on sale of
divested businesses
|
(1,774)
|
|
(1,007)
|
|
(767)
|
|
Other, net
|
469
|
|
(1,279)
|
|
1,748
|
Net cash provided by
operating activities
|
17,221
|
|
17,724
|
|
(503)
|
|
|
|
|
|
|
|
Cash Flows from
Investing Activities
|
|
|
|
|
|
Capital expenditures
(including capitalized software)
|
(11,282)
|
|
(11,398)
|
|
116
|
Acquisitions of
businesses, net of cash acquired
|
(6,295)
|
|
(963)
|
|
(5,332)
|
Acquisitions of
wireless licenses
|
(469)
|
|
(410)
|
|
(59)
|
Proceeds from
dispositions of businesses
|
3,614
|
|
9,882
|
|
(6,268)
|
Other, net
|
731
|
|
350
|
|
381
|
Net cash used in
investing activities
|
(13,701)
|
|
(2,539)
|
|
(11,162)
|
|
|
|
|
|
|
|
Cash Flows from
Financing Activities
|
|
|
|
|
|
Proceeds from
long-term borrowings
|
21,915
|
|
8,152
|
|
13,763
|
Proceeds from
asset-backed long-term borrowings
|
2,878
|
|
2,594
|
|
284
|
Repayments of
long-term borrowings and capital lease obligations
|
(16,457)
|
|
(14,510)
|
|
(1,947)
|
Decrease in
short-term obligations, excluding current maturities
|
(160)
|
|
(120)
|
|
(40)
|
Dividends
paid
|
(7,067)
|
|
(6,908)
|
|
(159)
|
Other, net
|
(3,022)
|
|
(2,422)
|
|
(600)
|
Net cash used in
financing activities
|
(1,913)
|
|
(13,214)
|
|
11,301
|
|
|
|
|
|
|
|
Increase in cash
and cash equivalents
|
1,607
|
|
1,971
|
|
(364)
|
Cash and cash
equivalents, beginning of period
|
2,880
|
|
4,470
|
|
(1,590)
|
Cash and cash
equivalents, end of period
|
$
4,487
|
|
$
6,441
|
|
$
(1,954)
|
|
|
|
|
|
|
|
Footnotes:
|
|
|
|
|
|
Certain amounts have
been reclassified to conform to the current period
presentation.
|
Verizon
Communications Inc.
|
|
Wireless - Selected
Financial Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
3 Mos.
Ended
|
3 Mos.
Ended
|
|
|
9 Mos.
Ended
|
9 Mos.
Ended
|
|
Unaudited
|
9/30/17
|
9/30/16
|
% Change
|
|
9/30/17
|
9/30/16
|
% Change
|
|
|
|
|
|
|
|
|
|
Operating
Revenues
|
|
|
|
|
|
|
|
Service
|
$
15,841
|
$
16,684
|
(5.1)
|
|
$
47,241
|
$
50,234
|
(6.0)
|
Equipment
|
4,352
|
4,124
|
5.5
|
|
12,414
|
11,782
|
5.4
|
Other
|
1,387
|
1,293
|
7.3
|
|
4,085
|
3,793
|
7.7
|
Total Operating
Revenues
|
21,580
|
22,101
|
(2.4)
|
|
63,740
|
65,809
|
(3.1)
|
|
|
|
|
|
|
|
|
|
Operating
Expenses
|
|
|
|
|
|
|
|
Cost of
services
|
2,052
|
2,006
|
2.3
|
|
6,007
|
5,932
|
1.3
|
Cost of
equipment
|
4,965
|
5,240
|
(5.2)
|
|
14,808
|
14,882
|
(0.5)
|
Selling, general and
administrative expense
|
4,594
|
4,921
|
(6.6)
|
|
13,785
|
14,589
|
(5.5)
|
Depreciation and
amortization expense
|
2,366
|
2,287
|
3.5
|
|
7,051
|
6,862
|
2.8
|
Total Operating
Expenses
|
13,977
|
14,454
|
(3.3)
|
|
41,651
|
42,265
|
(1.5)
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
$
7,603
|
$
7,647
|
(0.6)
|
|
$
22,089
|
$
23,544
|
(6.2)
|
Operating Income
Margin
|
35.2 %
|
34.6 %
|
|
|
34.7 %
|
35.8 %
|
|
|
|
|
|
|
|
|
|
|
Segment
EBITDA
|
$
9,969
|
$
9,934
|
0.4
|
|
$
29,140
|
$
30,406
|
(4.2)
|
Segment EBITDA
Margin
|
46.2 %
|
44.9 %
|
|
|
45.7 %
|
46.2 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Footnotes:
|
|
|
|
|
|
|
|
The segment financial
results and metrics above are adjusted to exclude the effects of
special items, as the Company's chief operating decision maker
excludes these items in assessing business unit
performance.
|
|
|
|
|
|
|
|
|
|
Intersegment
transactions have not been eliminated.
|
|
|
Verizon
Communications Inc.
|
|
Wireless - Selected
Operating Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited
|
|
|
|
|
9/30/17
|
9/30/16
|
% Change
|
|
|
|
|
|
|
|
|
|
Connections
('000)
|
|
|
|
|
|
|
|
|
Retail
postpaid
|
|
|
|
|
109,686
|
108,220
|
1.4
|
|
Retail
prepaid
|
|
|
|
|
5,588
|
5,456
|
2.4
|
Total
retail
|
|
|
|
|
115,274
|
113,676
|
1.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Mos.
Ended
|
3 Mos.
Ended
|
|
|
9 Mos.
Ended
|
9 Mos.
Ended
|
|
Unaudited
|
9/30/17
|
9/30/16
|
% Change
|
|
9/30/17
|
9/30/2016
|
% Change
|
|
|
|
|
|
|
|
|
|
Net Add Detail
('000) (1)
|
|
|
|
|
|
|
|
|
Retail
postpaid
|
603
|
442
|
36.4
|
|
910
|
1,697
|
(46.4)
|
|
Retail
prepaid
|
139
|
83
|
67.5
|
|
141
|
(124)
|
*
|
Total
retail
|
742
|
525
|
41.3
|
|
1,051
|
1,573
|
(33.2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Account
Statistics
|
|
|
|
|
|
|
|
Retail Postpaid
Accounts ('000) (2)
|
|
|
|
|
35,364
|
35,530
|
(0.5)
|
Retail postpaid
connections per account (2)
|
|
|
|
|
3.10
|
3.05
|
1.6
|
Retail postpaid
ARPA(3)
|
136.31
|
144.94
|
(6.0)
|
|
136.06
|
145.12
|
(6.2)
|
Retail postpaid
I-ARPA (4)
|
166.98
|
169.49
|
(1.5)
|
|
165.98
|
167.23
|
(0.7)
|
|
|
|
|
|
|
|
|
|
Churn
Detail
|
|
|
|
|
|
|
|
Retail
postpaid
|
0.97 %
|
1.04 %
|
|
|
1.02 %
|
0.98 %
|
|
Retail
|
1.19 %
|
1.28 %
|
|
|
1.25 %
|
1.23 %
|
|
|
|
|
|
|
|
|
|
|
Retail Postpaid
Connection Statistics
|
|
|
|
|
|
|
|
Total Smartphone
postpaid % of phones activated
|
94.8 %
|
93.1 %
|
|
|
94.8 %
|
92.6 %
|
|
Total Smartphone
postpaid phone base (2)
|
|
|
|
|
89.4 %
|
86.3 %
|
|
Total Internet
postpaid base (2)
|
|
|
|
|
18.6 %
|
18.1 %
|
|
4G LTE devices as %
of retail postpaid connections
|
|
|
|
|
87.5 %
|
83.7 %
|
|
|
|
|
|
|
|
|
|
Other Operating
Statistics
|
|
|
|
|
|
|
|
Capital expenditures
(in millions)
|
$
2,652
|
$
2,771
|
(4.3)
|
|
$
6,927
|
$
7,776
|
(10.9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Footnotes:
|
|
|
|
|
|
|
|
(1)
|
Connection net
additions exclude acquisitions and adjustments.
|
|
|
|
|
|
|
|
|
|
(2)
|
Statistics presented
as of end of period.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3)
|
Retail postpaid ARPA
- average service revenue per account from retail postpaid
accounts.
|
|
|
|
|
|
|
|
|
|
(4)
|
Retail postpaid
I-ARPA - average service revenue per account from retail postpaid
account plus recurring device installment billings.
|
|
|
|
|
|
|
|
|
|
|
The segment financial
results and metrics above are adjusted to exclude the effects of of
special items, as the Company's chief operating decision maker
excludes these items in assessing business unit
performance.
|
|
|
|
|
|
|
|
|
|
|
Intersegment
transactions have not been eliminated.
|
|
|
|
|
|
|
Verizon
Communications Inc.
|
Wireline - Selected
Financial Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
3 Mos.
Ended
|
3 Mos.
Ended
|
|
|
9 Mos.
Ended
|
9 Mos.
Ended
|
|
Unaudited
|
9/30/17
|
9/30/16
|
% Change
|
|
9/30/17
|
9/30/16
|
% Change
|
|
|
|
|
|
|
|
|
|
Operating
Revenues
|
|
|
|
|
|
|
|
Consumer
Markets
|
$
3,204
|
$
3,174
|
0.9
|
|
$
9,589
|
$
9,519
|
0.7
|
Enterprise
Solutions
|
2,262
|
2,273
|
(0.5)
|
|
6,882
|
6,888
|
(0.1)
|
Partner
Solutions
|
1,244
|
1,219
|
2.1
|
|
3,708
|
3,722
|
(0.4)
|
Business
Markets
|
903
|
834
|
8.3
|
|
2,700
|
2,534
|
6.6
|
Other
|
49
|
76
|
(35.5)
|
|
184
|
240
|
(23.3)
|
Total Operating
Revenues
|
7,662
|
7,576
|
1.1
|
|
23,063
|
22,903
|
0.7
|
|
|
|
|
|
|
|
|
|
Operating
Expenses
|
|
|
|
|
|
|
|
Cost of
services
|
4,496
|
4,369
|
2.9
|
|
13,457
|
13,996
|
(3.9)
|
Selling, general and
administrative expense
|
1,552
|
1,667
|
(6.9)
|
|
4,716
|
4,998
|
(5.6)
|
Depreciation and
amortization expense
|
1,549
|
1,467
|
5.6
|
|
4,572
|
4,540
|
0.7
|
Total Operating
Expenses
|
7,597
|
7,503
|
1.3
|
|
22,745
|
23,534
|
(3.4)
|
|
|
|
|
|
|
|
|
|
Operating Income
(Loss)
|
$
65
|
$
73
|
(11.0)
|
|
$
318
|
$
(631)
|
*
|
Operating Income
(Loss) Margin
|
0.8 %
|
1.0 %
|
|
|
1.4 %
|
(2.8)%
|
|
|
|
|
|
|
|
|
|
|
Segment
EBITDA
|
$
1,614
|
$
1,540
|
4.8
|
|
$
4,890
|
$
3,909
|
25.1
|
Segment EBITDA
Margin
|
21.1 %
|
20.3 %
|
|
|
21.2 %
|
17.1 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Footnotes:
|
|
|
|
|
|
|
|
|
The segment financial
results and metrics above are adjusted to exclude the effects of
special items, as the Company's chief operating decision
maker excludes these items in assessing business unit
performance.
|
|
|
|
|
|
|
|
|
|
|
Intersegment
transactions have not been eliminated.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Certain amounts have
been reclassified to conform to the current period
presentation.
|
|
|
|
|
|
|
|
|
|
*
|
Not
meaningful
|
|
|
|
|
|
|
|
Verizon
Communications Inc.
|
|
|
Wireline - Selected
Operating Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited
|
|
|
|
|
9/30/17
|
9/30/16
|
% Change
|
|
|
|
|
|
|
|
|
|
Connections
('000)
|
|
|
|
|
|
|
|
|
Fios Video
Subscribers
|
|
|
|
|
4,648
|
4,673
|
(0.5)
|
|
Fios Internet
Subscribers
|
|
|
|
|
5,803
|
5,585
|
3.9
|
|
Fios Digital voice
residence connections
|
|
|
|
|
3,920
|
3,882
|
1.0
|
Fios Digital
connections
|
|
|
|
|
14,371
|
14,140
|
1.6
|
|
|
|
|
|
|
|
|
|
HSI
|
|
|
|
|
1,175
|
1,453
|
(19.1)
|
Total Broadband
connections
|
|
|
|
|
6,978
|
7,038
|
(0.9)
|
|
|
|
|
|
|
|
|
Primary residence
switched access connections
|
|
|
|
|
2,830
|
3,359
|
(15.7)
|
Primary residence
connections
|
|
|
|
|
6,750
|
7,241
|
(6.8)
|
|
|
|
|
|
|
|
|
|
Total retail
residence voice connections
|
|
|
|
|
6,950
|
7,482
|
(7.1)
|
Total voice
connections
|
|
|
|
|
13,100
|
14,194
|
(7.7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Mos.
Ended
|
3 Mos.
Ended
|
|
|
9 Mos.
Ended
|
9 Mos.
Ended
|
|
Unaudited
|
9/30/2017
|
9/30/2016
|
% Change
|
|
9/30/2017
|
9/30/2016
|
% Change
|
|
|
|
|
|
|
|
|
|
Net Add Detail
('000)
|
|
|
|
|
|
|
|
|
Fios Video
Subscribers
|
(18)
|
36
|
*
|
|
(46)
|
38
|
*
|
|
Fios Internet
Subscribers
|
66
|
90
|
(26.7)
|
|
150
|
167
|
(10.2)
|
|
Fios Digital voice
residence connections
|
11
|
3
|
*
|
|
25
|
10
|
*
|
Fios Digital
connections
|
59
|
129
|
(54.3)
|
|
129
|
215
|
(40.0)
|
|
|
|
|
|
|
|
|
|
HSI
|
(76)
|
(66)
|
(15.2)
|
|
(210)
|
(214)
|
1.9
|
Total Broadband
connections
|
(10)
|
24
|
*
|
|
(60)
|
(47)
|
(27.7)
|
|
|
|
|
|
|
|
|
Primary residence
switched access connections
|
(132)
|
(142)
|
7.0
|
|
(400)
|
(440)
|
9.1
|
Primary residence
connections
|
(121)
|
(139)
|
12.9
|
|
(375)
|
(430)
|
12.8
|
|
|
|
|
|
|
|
|
|
Total retail
residence voice connections
|
(129)
|
(152)
|
15.1
|
|
(405)
|
(467)
|
13.3
|
Total voice
connections
|
(252)
|
(282)
|
10.6
|
|
(839)
|
(841)
|
0.2
|
|
|
|
|
|
|
|
|
|
Revenue
Statistics
|
|
|
|
|
|
|
|
Fios revenues (in
millions)
|
$
2,942
|
$
2,807
|
4.8
|
|
$
8,732
|
$
8,344
|
4.7
|
|
|
|
|
|
|
|
|
|
Other Operating
Statistics
|
|
|
|
|
|
|
|
Capital expenditures
(in millions)
|
$
1,208
|
$
1,036
|
16.6
|
|
$
3,358
|
$
2,856
|
17.6
|
|
|
|
|
|
|
|
|
|
Wireline employees
('000)
|
|
|
|
|
58.2
|
57.9
|
|
Fios Video Open for
Sale ('000)
|
|
|
|
|
14,130
|
13,529
|
|
Fios Video
penetration
|
|
|
|
|
32.9 %
|
34.5 %
|
|
Fios Internet Open
for Sale ('000)
|
|
|
|
|
14,423
|
13,825
|
|
Fios Internet
penetration
|
|
|
|
|
40.2 %
|
40.4 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Footnotes:
|
|
|
|
|
|
|
|
|
The segment financial
results and metrics above are adjusted to exclude the effects of
special items, as the Company's chief operating decision maker
excludes these items in assessing business unit
performance.
|
|
|
|
|
|
|
|
|
|
|
Intersegment
transactions have not been eliminated.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Certain amounts have
been reclassified to conform to the current period
presentation.
|
|
|
|
|
|
|
|
|
|
|
*
|
Not
meaningful
|
|
|
|
|
|
|
|
Verizon
Communications Inc.
|
|
|
|
|
Non-GAAP
Reconciliations - Consolidated Verizon
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Operating Revenues Excluding Divested Businesses and
Acquisitions
|
|
|
|
|
|
|
(dollars in
millions)
|
|
|
|
|
|
|
3 Mos.
Ended
|
3 Mos.
Ended
|
Unaudited
|
|
|
|
|
|
9/30/17
|
9/30/16
|
|
|
|
|
|
|
|
|
Consolidated
Operating Revenues
|
|
|
|
|
|
$
31,717
|
$
30,937
|
Less operating revenues
from Divested Businesses
|
|
|
|
|
|
54
|
211
|
Less operating revenues
from Acquisitions
|
|
|
|
|
|
1,648
|
—
|
Consolidated
Operating Revenues Excluding Divested Businesses and
Acquisitions
|
|
|
$
30,015
|
$
30,726
|
Year over Year
Change
|
|
|
|
|
|
(2.3)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IoT Revenues
Excluding Acquisitions
|
|
|
|
|
|
(dollars in
millions)
|
|
|
|
|
|
|
3 Mos.
Ended
|
3 Mos.
Ended
|
Unaudited
|
|
|
|
|
|
9/30/17
|
9/30/16
|
|
|
|
|
|
|
|
|
IoT
Revenues
|
|
|
|
|
|
$
375
|
$
242
|
Less IoT revenues from
Acquisitions
|
|
|
|
|
|
124
|
20
|
IoT Revenues
Excluding Acquisitions
|
|
|
|
|
|
$
251
|
$
222
|
Year over Year
Change
|
|
|
|
|
|
13.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
EBITDA, Consolidated EBITDA Margin, Consolidated Adjusted
EBITDA,
Consolidated Adjusted EBITDA Margin and Consolidated Adjusted
EBITDA Excluding Operating Results from Divested
Businesses
|
|
|
|
|
|
|
(dollars in
millions)
|
|
|
3
Mos.
|
3
Mos.
|
3
Mos.
|
3
Mos.
|
3
Mos.
|
3
Mos.
|
|
|
Ended
|
Ended
|
Ended
|
Ended
|
Ended
|
Ended
|
Unaudited
|
|
9/30/17
|
6/30/17
|
3/31/17
|
12/31/16
|
9/30/16
|
6/30/16
|
|
|
|
|
|
|
|
|
Consolidated Net
Income
|
|
$
3,736
|
$
4,478
|
$
3,553
|
$
4,600
|
$
3,747
|
$
831
|
Add/(subtract):
|
|
|
|
|
|
|
|
Provision for income
taxes
|
|
1,775
|
2,489
|
1,629
|
2,349
|
1,829
|
864
|
Interest
expense
|
|
1,164
|
1,218
|
1,132
|
1,137
|
1,038
|
1,013
|
Other (income)
expense, net
|
|
511
|
19
|
846
|
(98)
|
(97)
|
1,826
|
Equity in losses of
unconsolidated businesses
|
|
22
|
28
|
21
|
35
|
23
|
20
|
Operating
Income
|
|
7,208
|
8,232
|
7,181
|
8,023
|
6,540
|
4,554
|
Add Depreciation and
amortization expense
|
|
4,272
|
4,167
|
4,059
|
3,987
|
3,942
|
3,982
|
Consolidated
EBITDA
|
|
$
11,480
|
$
12,399
|
$
11,240
|
$
12,010
|
$
10,482
|
$
8,536
|
|
|
|
|
|
|
|
|
Add/subtract special
items (before tax):
|
|
|
|
|
|
|
|
Severance, pension,
and benefit charges/(credits)(2)
|
|
—
|
195
|
—
|
(1,589)
|
797
|
3,550
|
Gain on spectrum
license transactions
|
|
—
|
—
|
(126)
|
—
|
—
|
—
|
Net gain on sale of
Divested Businesses
|
|
—
|
(1,774)
|
—
|
—
|
—
|
(1,007)
|
Acquisition and
integration related costs (1)(2)
|
|
166
|
559
|
—
|
—
|
—
|
—
|
|
|
166
|
(1,020)
|
(126)
|
(1,589)
|
797
|
2,543
|
Consolidated
Adjusted EBITDA
|
|
$11,646
|
$11,379
|
$11,114
|
$10,421
|
$11,279
|
$11,079
|
Operating results from
Divested Businesses (1)(2)
|
|
(17)
|
(50)
|
(104)
|
(107)
|
(115)
|
(120)
|
Consolidated
Adjusted EBITDA Excluding Operating Results from Divested
Businesses
|
|
$
11,629
|
$
11,329
|
$
11,010
|
$
10,314
|
$
11,164
|
$
10,959
|
Consolidated
Operating Revenues
|
|
$
31,717
|
|
|
|
$
30,937
|
|
Consolidated
Operating Income Margin
|
|
22.7
%
|
|
|
|
|
|
Consolidated
EBITDA Margin
|
|
36.2
%
|
|
|
|
33.9 %
|
|
Consolidated
Adjusted EBITDA Margin
|
|
36.7
%
|
|
|
|
36.5 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)Excludes depreciation and amortization
expense.
|
|
|
|
|
|
|
|
(2)
Certain amounts have been reclassified conform to the current
period presentation.
|
|
|
|
|
Verizon
Communications Inc.
|
|
|
|
|
Non-GAAP
Reconciliations - Consolidated Verizon
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Debt and Net
Debt to Consolidated Adjusted EBITDA Ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in
millions)
|
Unaudited
|
|
|
|
|
|
|
9/30/17
|
12/31/16
|
|
|
|
|
|
|
|
|
|
Net
Debt
|
|
|
|
|
|
|
|
|
Debt maturing within
one year
|
|
|
|
|
|
$
2,180
|
$
2,645
|
Long-term
debt
|
|
|
|
|
|
|
115,317
|
105,433
|
|
|
|
|
|
|
|
|
|
Total
Debt
|
|
|
|
|
|
|
117,497
|
108,078
|
Less Cash and cash
equivalents
|
|
|
|
|
4,487
|
2,880
|
Net
Debt
|
|
|
|
|
|
|
$
113,010
|
$
105,198
|
Net Debt to
Consolidated Adjusted EBITDA Ratio
|
|
|
|
|
2.6x
|
2.4x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Earnings
per Common Share (Adjusted EPS) (1)
|
|
|
|
|
|
|
|
|
|
|
3 Mos.
Ended
|
|
|
|
3 Mos.
Ended
|
Unaudited
|
|
|
|
9/30/17
|
|
|
|
9/30/16
|
|
Pre-tax
|
Tax
|
After-Tax
|
|
Pre-tax
|
Tax
|
After-Tax
|
|
EPS
|
|
|
|
$
0.89
|
|
|
|
$
0.89
|
|
|
|
|
|
|
|
|
|
Severance, pension, and
benefit charges
|
$
-
|
$
-
|
$
-
|
-
|
$
797
|
$
(295)
|
$
502
|
0.12
|
Early debt redemption
costs
|
454
|
(180)
|
274
|
0.07
|
-
|
-
|
-
|
0.07
|
Acquisition and
integration related costs
|
166
|
(66)
|
100
|
0.02
|
-
|
-
|
-
|
0.02
|
|
$
620
|
$
(246)
|
$
374
|
0.09
|
$
797
|
$
(295)
|
$
502
|
0.12
|
Adjusted
EPS
|
|
|
|
$
0.98
|
|
|
|
$
1.01
|
|
|
|
|
|
|
|
|
|
(1)Adjusted EPS may not add due to
rounding.
|
|
|
|
|
Verizon
Communications Inc.
|
|
|
|
|
|
|
Non-GAAP
Reconciliations - Segments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment EBITDA and
Segment EBITDA Margin
|
|
|
|
|
|
|
|
|
|
|
|
|
Wireless
|
|
|
|
|
(dollars in
millions)
|
|
|
|
|
3 Mos.
Ended
|
|
3 Mos.
Ended
|
Unaudited
|
|
|
|
9/30/17
|
|
9/30/16
|
|
|
|
|
|
|
|
Operating
Income
|
|
|
|
$
7,603
|
|
$
7,647
|
Add Depreciation and
amortization expense
|
|
|
|
2,366
|
|
2,287
|
Segment
EBITDA
|
|
|
|
$
9,969
|
|
$
9,934
|
|
|
|
|
|
|
|
Total operating
revenues
|
|
|
|
$
21,580
|
|
$
22,101
|
|
|
|
|
|
|
|
Operating Income
Margin
|
|
|
|
35.2%
|
|
34.6%
|
Segment EBITDA
Margin
|
|
|
|
46.2%
|
|
44.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wireline
|
|
|
|
|
|
(dollars in
millions)
|
|
|
|
|
3 Mos.
Ended
|
|
3 Mos.
Ended
|
Unaudited
|
|
|
|
9/30/17
|
|
9/30/16
|
|
|
|
|
|
|
|
Operating
Income
|
|
|
|
$
65
|
|
$
73
|
Add Depreciation and
amortization expense
|
|
|
|
1,549
|
|
1,467
|
Segment
EBITDA
|
|
|
|
$
1,614
|
|
$
1,540
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
revenues
|
|
|
|
$
7,662
|
|
$
7,576
|
|
|
|
|
|
|
|
Operating Income
Margin
|
|
|
|
0.8%
|
|
1.0%
|
Segment EBITDA
Margin
|
|
|
|
21.1%
|
|
20.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wireline Operating
Revenues Excluding Acquisition
|
|
|
|
|
|
|
|
|
|
|
(dollars in
millions)
|
|
|
|
|
3 Mos.
Ended
|
|
3 Mos.
Ended
|
Unaudited
|
|
|
|
9/30/17
|
|
9/30/16
|
|
|
|
|
|
|
|
Wireline Operating
Revenues
|
|
|
|
$
7,662
|
|
$
7,576
|
Less operating revenues
from Acquisition
|
|
|
|
290
|
|
-
|
Wireline Operating
Revenues Excluding Acquisition
|
|
|
|
$
7,372
|
|
$
7,576
|
Year over Year
Change
|
|
|
|
(2.7)%
|
|
|
Media contact:
Bob Varettoni
908.559.6388
robert.a.varettoni@verizon.com
Related Links
http://www.verizon.com/
https://www.verizonwireless.com/
http://www.verizonenterprise.com/
http://www.verizon.com/about/
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SOURCE Verizon