Verizon 8-K: Updates on Debt Instruments & Financial Condition

Ticker: VZ · Form: 8-K · Filed: Jan 23, 2024 · CIK: 732712

Verizon Communications Inc 8-K Filing Summary
FieldDetail
CompanyVerizon Communications Inc (VZ)
Form Type8-K
Filed DateJan 23, 2024
Risk Levellow
Pages8
Reading Time9 min
Key Dollar Amounts$0.10
Sentimentneutral

Complexity: simple

Sentiment: neutral

Topics: debt, financial-condition, fixed-income, corporate-finance

TL;DR

**Verizon just updated its debt profile, showing a mix of notes maturing from 2024 to 2038.**

AI Summary

Verizon Communications Inc. filed an 8-K on January 23, 2024, indicating the results of operations and financial condition, specifically referencing various notes (bonds) with different interest rates and maturity dates ranging from 2024 to 2038. This filing primarily serves to update investors on the company's outstanding debt instruments, which is crucial for shareholders as it impacts Verizon's financial leverage and future interest expenses, directly affecting profitability and dividend sustainability.

Why It Matters

This filing provides transparency on Verizon's debt structure, which is vital for assessing its financial health and ability to manage liabilities, directly influencing investor confidence.

Risk Assessment

Risk Level: low — This 8-K is a routine disclosure of existing debt instruments and does not indicate new, unforeseen risks or significant changes in financial condition.

Analyst Insight

A smart investor would review Verizon's full financial statements to understand the total debt burden and its impact on cash flow and profitability, especially considering the range of interest rates and maturity dates on these notes.

Key Numbers

  • 2024 — earliest note maturity year (Verizon has notes maturing as early as 2024, such as the A1.625 Notes Due 2024 and A4.073 Notes Due 2024.)
  • 2038 — latest note maturity year (Verizon has notes maturing as late as 2038, including the A2.875 Notes Due 2038 and A1.875 Notes Due 2038.)
  • 0.375% — lowest interest rate on notes (Verizon has notes with a 0.375% interest rate, specifically the A0.375 Notes Due 2029.)
  • 4.75% — highest interest rate on notes (Verizon has notes with a 4.75% interest rate, such as the Notes Due 2034 4.75 and A4.750 Notes Due 2034.)

Key Players & Entities

  • VERIZON COMMUNICATIONS INC (company) — the filer of the 8-K
  • 0000732712 (company) — Central Index Key (CIK) for Verizon
  • 1095 AVENUE OF THE AMERICAS (company) — Verizon's business address
  • BELL ATLANTIC CORP (company) — Verizon's former company name

Forward-Looking Statements

  • Verizon will continue to manage its debt portfolio actively, potentially refinancing higher-interest notes as they approach maturity. (VERIZON COMMUNICATIONS INC) — medium confidence, target: 2025-01-23

FAQ

What is the purpose of this 8-K filing by Verizon Communications Inc.?

The 8-K filing by Verizon Communications Inc. on January 23, 2024, is primarily to report on 'Results of Operations and Financial Condition' and 'Financial Statements and Exhibits,' specifically detailing various outstanding debt instruments (notes) with different interest rates and maturity dates.

What is the earliest maturity date for the notes mentioned in the filing?

The earliest maturity date for the notes mentioned in the filing is 2024, with examples such as the 'vz:A1.625NotesDue2024Member' and 'vz:A4.073NotesDue2024Member'.

What is the latest maturity date for the notes mentioned in the filing?

The latest maturity date for the notes mentioned in the filing is 2038, including 'vz:A2.875NotesDue2038Member' and 'vz:A1.875NotesDue2038Member'.

Can you provide an example of a note with a low interest rate mentioned in the filing?

Yes, an example of a note with a low interest rate is 'vz:A0375NotesDue2029Member', which has a 0.375% interest rate and matures in 2029.

What was Verizon's former company name, according to the filing?

According to the filing, Verizon's former company name was 'BELL ATLANTIC CORP', with the date of name change being 19920703.

Filing Stats: 2,294 words · 9 min read · ~8 pages · Grade level 13.9 · Accepted 2024-01-23 07:00:34

Key Financial Figures

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

Filing Documents

02. Results of Operations and Financial Condition

Item 2.02. Results of Operations and Financial Condition Attached as Exhibit 99.1 hereto are a press release and financial tables, dated January 23, 2024, issued by Verizon Communications Inc. (Verizon). Attached as Exhibit 99.2 hereto is commentary, dated January 23, 2024, discussing Verizon's financial and operating results for the fourth quarter and full year 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 a

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits (d) Exhibits. Exhibit Number Description 99.1 Press release and financial tables, dated January 23, 2024 , issued by Verizon Communications Inc. 99.2 Commentary discussing financial and operating results of Verizon Communications Inc. for the fourth quarter and full year 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: January 23, 2024 /s/ Mary-Lee Stillwell Mary-Lee Stillwell Senior Vice President and Controller

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