Verizon Q3 2024 10-Q Filed

TL;DR

Verizon's Q3 2024 10-Q is in, showing debt maturities through 2029. All systems go.

AI Summary

Verizon Communications Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter. Key financial instruments and debt obligations, such as notes due in 2025, 2026, 2027, 2028, and 2029, are listed, indicating ongoing financial management and capital structure.

Why It Matters

This filing provides investors with the latest financial health and operational status of Verizon, a major telecommunications provider, impacting its stock and bond performance.

Risk Assessment

Risk Level: medium — The filing details various debt instruments and their maturity dates, indicating potential financial leverage and interest rate risks.

Key Numbers

• 2025 — Notes Due (Debt maturity)
• 2026 — Notes Due (Debt maturity)
• 2027 — Notes Due (Debt maturity)
• 2028 — Notes Due (Debt maturity)
• 2029 — Notes Due (Debt maturity)

Key Players & Entities

• VERIZON COMMUNICATIONS INC (company) — Filer
• 20240930 (date) — Period of Report
• 20241025 (date) — Filing Date
• 1095 AVENUE OF THE AMERICAS (location) — Business Address
• BELL ATLANTIC CORP (company) — Former Company Name

FAQ

Key Financial Figures

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

Filing Documents

• vz-20240930.htm (10-Q) — 2447KB
• a2024q310-qxex311.htm (EX-31.1) — 9KB
• a2024q310-qxex312.htm (EX-31.2) — 9KB
• a2024q310-qxex321.htm (EX-32.1) — 5KB
• a2024q310-qxex322.htm (EX-32.2) — 5KB
• vz-20240930_g1.jpg (GRAPHIC) — 23KB
• vz-20240930_g10.jpg (GRAPHIC) — 17KB
• vz-20240930_g11.jpg (GRAPHIC) — 13KB
• vz-20240930_g12.jpg (GRAPHIC) — 17KB
• vz-20240930_g13.jpg (GRAPHIC) — 17KB
• vz-20240930_g2.jpg (GRAPHIC) — 21KB
• vz-20240930_g3.jpg (GRAPHIC) — 19KB
• vz-20240930_g4.jpg (GRAPHIC) — 23KB
• vz-20240930_g5.jpg (GRAPHIC) — 22KB
• vz-20240930_g6.jpg (GRAPHIC) — 20KB
• vz-20240930_g7.jpg (GRAPHIC) — 24KB
• vz-20240930_g8.jpg (GRAPHIC) — 22KB
• vz-20240930_g9.jpg (GRAPHIC) — 17KB
• 0000732712-24-000069.txt ( ) — 13420KB
• vz-20240930.xsd (EX-101.SCH) — 77KB
• vz-20240930_cal.xml (EX-101.CAL) — 93KB
• vz-20240930_def.xml (EX-101.DEF) — 455KB
• vz-20240930_lab.xml (EX-101.LAB) — 886KB
• vz-20240930_pre.xml (EX-101.PRE) — 647KB
• vz-20240930_htm.xml (XML) — 2527KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Condensed Consolidated Statements of Income 4 Three and nine months ended September 30, 2024 and 2023 Condensed Consolidated Statements of Comprehensive Income 5 Three and nine months ended September 30, 2024 and 2023 Condensed Consolidated Balance Sheets 6 At September 30, 2024 and December 31, 2023 Condensed Consolidated Statements of Cash Flows 7 Nine months ended September 30, 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 35

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 58

Controls and Procedures

Item 4. Controls and Procedures 58

- OTHER INFORMATION

PART II - OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 58

Risk Factors

Item 1A. Risk Factors 58

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 58

Other Information

Item 5. Other Information 58

Exhibits

Item 6. Exhibits 59 Signature 60 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 Nine Months Ended September 30, September 30, (dollars in millions, except per share amounts) (unaudited) 2024 2023 2024 2023 Operating Revenues Service revenues and other $ 27,987 $ 27,523 $ 83,405 $ 81,994 Wireless equipment revenues 5,343 5,813 15,702 16,850 Total Operating Revenues 33,330 33,336 99,107 98,844 Operating Expenses Cost of services (exclusive of items shown below) 7,193 7,084 21,064 21,148 Cost of wireless equipment 6,047 6,353 17,519 18,557 Selling, general and administrative expense 9,706 7,995 25,873 23,754 Depreciation and amortization expense 4,458 4,431 13,386 13,108 Total Operating Expenses 27,404 25,863 77,842 76,567 Operating Income 5,926 7,473 21,265 22,277 Equity in losses of unconsolidated businesses ( 24 ) ( 18 ) ( 47 ) ( 42 ) Other income, net 72 170 198 494 Interest expense ( 1,672 ) ( 1,433 ) ( 5,005 ) ( 3,925 ) Income Before Provision For Income Taxes 4,302 6,192 16,411 18,804 Provision for income taxes ( 891 ) ( 1,308 ) ( 3,576 ) ( 4,136 ) Net Income $ 3,411 $ 4,884 $ 12,835 $ 14,668 Net income attributable to noncontrolling interests $ 105 $ 122 $ 334 $ 349 Net income attributable to Verizon 3,306 4,762 12,501 14,319 Net Income $ 3,411 $ 4,884 $ 12,835 $ 14,668 Basic Earnings Per Common Share Net income attributable to Verizon $ 0.78 $ 1.13 $ 2.96 $ 3.40 Weighted-average shares outstanding (in millions) 4,220 4,213 4,217 4,209 Diluted Earnings Per Common Share Net income attributable to Verizon $ 0.78 $ 1.13 $ 2.96 $ 3.40 Weighted-average shares outstanding (in millions) 4,225 4,216 4,221 4,214 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 Nine Months Ended September 30, Sept

View Full Filing

View this 10-Q filing on SEC EDGAR