Verizon Communications Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Verizon Communications Inc. has filed its Q1 2024 10-Q report, detailing financial activities and business segments.</b>

AI Summary

VERIZON COMMUNICATIONS INC (VZ) filed a Quarterly Report (10-Q) with the SEC on April 25, 2024. Verizon Communications Inc. filed its 10-Q report for the quarterly period ended March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. The company's principal business is Telephone Communications (No Radio Telephone). Verizon Communications Inc. is incorporated in Delaware and has its fiscal year end on December 31. The filing includes data related to various debt instruments with maturity dates ranging from 2024 to 2041.

Why It Matters

For investors and stakeholders tracking VERIZON COMMUNICATIONS INC, this filing contains several important signals. This 10-Q filing provides investors and analysts with the latest quarterly financial performance and operational updates for Verizon. Understanding the details within this report is crucial for assessing Verizon's current financial health, strategic direction, and future prospects in the telecommunications industry.

Risk Assessment

Risk Level: medium — VERIZON COMMUNICATIONS INC shows moderate risk based on this filing. The company operates in a highly competitive and capital-intensive industry, facing ongoing technological shifts and regulatory scrutiny, which could impact its financial performance and market position.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-Q to assess Verizon's performance and outlook.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Report Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-04-25 — Filing Date (FILED AS OF DATE)
• 102 — Public Document Count (PUBLIC DOCUMENT COUNT)
• 4813 — Standard Industrial Classification (STANDARD INDUSTRIAL CLASSIFICATION)

Key Players & Entities

• VERIZON COMMUNICATIONS INC (company) — FILER
• 1095 AVENUE OF THE AMERICAS (company) — BUSINESS ADDRESS
• NEW YORK (company) — BUSINESS ADDRESS CITY
• NY (company) — BUSINESS ADDRESS STATE
• 10036 (company) — BUSINESS ADDRESS ZIP
• BELL ATLANTIC CORP (company) — FORMER COMPANY

FAQ

Risk Factors

• Regulatory Environment [medium — regulatory]: The company operates within a regulated telecommunications industry, subject to various governmental regulations and policies that could impact its operations and profitability.
• Competition [high — market]: Verizon faces intense competition from other telecommunications providers, which could affect market share and pricing power.
• Network Operations [medium — operational]: Maintaining and upgrading its extensive network infrastructure requires significant capital investment and is subject to operational risks.
• Debt Obligations [medium — financial]: The company has substantial debt obligations, requiring ongoing management of interest payments and refinancing.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-04-25: Filing Date — Date the 10-Q was officially filed with the SEC.

Key Financial Figures

• $0.10 — ich Registered Common Stock, par value $0.10 VZ New York Stock Exchange Common Stoc

Filing Documents

• vz-20240331.htm (10-Q) — 1836KB
• a2024q110-qxex10a.htm (EX-10.A) — 150KB
• a2024q110-qxex10b.htm (EX-10.B) — 112KB
• a2024q110-qxex311.htm (EX-31.1) — 9KB
• a2024q110-qxex312.htm (EX-31.2) — 9KB
• a2024q110-qxex321.htm (EX-32.1) — 5KB
• a2024q110-qxex322.htm (EX-32.2) — 5KB
• vz-20240331_g1.jpg (GRAPHIC) — 21KB
• vz-20240331_g2.jpg (GRAPHIC) — 19KB
• vz-20240331_g3.jpg (GRAPHIC) — 18KB
• vz-20240331_g4.jpg (GRAPHIC) — 22KB
• vz-20240331_g5.jpg (GRAPHIC) — 19KB
• vz-20240331_g6.jpg (GRAPHIC) — 16KB
• vz-20240331_g7.jpg (GRAPHIC) — 16KB
• vz-20240331_g8.jpg (GRAPHIC) — 12KB
• 0000732712-24-000029.txt (&nbsp;) — 11290KB
• vz-20240331.xsd (EX-101.SCH) — 69KB
• vz-20240331_cal.xml (EX-101.CAL) — 92KB
• vz-20240331_def.xml (EX-101.DEF) — 437KB
• vz-20240331_lab.xml (EX-101.LAB) — 810KB
• vz-20240331_pre.xml (EX-101.PRE) — 611KB
• vz-20240331_htm.xml (XML) — 1909KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Condensed Consolidated Statements of Income 4 Three months ended March 31, 2024 and 2023 Condensed Consolidated Statements of Comprehensive Income 5 Three months ended March 31, 2024 and 2023 Condensed Consolidated Balance Sheets 6 At March 31, 2024 and December 31, 2023 Condensed Consolidated Statements of Cash Flows 7 Three months ended March 31, 2024 and 2023 Notes to Condensed Consolidated Financial Statements 8

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 30

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 48

Controls and Procedures

Item 4. Controls and Procedures 48

- OTHER INFORMATION

PART II - OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 48

Risk Factors

Item 1A. Risk Factors 49

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 49

Other Information

Item 5. Other Information 49

Exhibits

Item 6. Exhibits 50 Signature 51 Certifications Table of Contents

- Financial Information

Part I - Financial Information

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Condensed Consolidated Statements of Income Verizon Communications Inc. and Subsidiaries Three Months Ended March 31, (dollars in millions, except per share amounts) (unaudited) 2024 2023 Operating Revenues Service revenues and other $ 27,620 $ 27,152 Wireless equipment revenues 5,361 5,760 Total Operating Revenues 32,981 32,912 Operating Expenses Cost of services (exclusive of items shown below) 6,967 7,078 Cost of wireless equipment 5,905 6,426 Selling, general and administrative expense 8,143 7,506 Depreciation and amortization expense 4,445 4,318 Total Operating Expenses 25,460 25,328 Operating Income 7,521 7,584 Equity in earnings (losses) of unconsolidated businesses ( 9 ) 9 Other income, net 198 114 Interest expense ( 1,635 ) ( 1,207 ) Income Before Provision For Income Taxes 6,075 6,500 Provision for income taxes ( 1,353 ) ( 1,482 ) Net Income $ 4,722 $ 5,018 Net income attributable to noncontrolling interests $ 120 $ 109 Net income attributable to Verizon 4,602 4,909 Net Income $ 4,722 $ 5,018 Basic Earnings Per Common Share Net income attributable to Verizon $ 1.09 $ 1.17 Weighted-average shares outstanding (in millions) 4,215 4,207 Diluted Earnings Per Common Share Net income attributable to Verizon $ 1.09 $ 1.17 Weighted-average shares outstanding (in millions) 4,219 4,211 See Notes to Condensed Consolidated Financial Statements 4 Table of Contents Condensed Consolidated Statements of Comprehensive Income Verizon Communications Inc. and Subsidiaries Three Months Ended March 31, (dollars in millions) (unaudited) 2024 2023 Net Income $ 4,722 $ 5,018 Other Comprehensive Income (Loss), Net of Tax (Expense) Benefit Foreign currency translation adjustments, net of tax of $( 5 ) and $ 3 ( 50 ) 26 Unrealized gain on cash flow hedges, net of tax of $( 11 ) and $( 7 ) 35 21 Unrealized gain (loss) on fair value hedges, net of tax of $( 68 ) and $ 103 200 (

View Full Filing

View this 10-Q filing on SEC EDGAR