end of the first quarter, representing year-over-year increases of 9.9 
    percent and 8.7 percent, respectively. 
  * FiOS Internet penetration (subscribers as a percentage of potential 
    subscribers) was 39.7 percent at the end of first-quarter 2014, compared 
    with 38.2 percent at the end of first-quarter 2013. In the same periods, 
    FiOS Video penetration was 35.0 percent, compared with 34.1 percent. The 
    FiOS network passed 18.9 million premises by the end of first-quarter 2014. 
  * By the end of first-quarter 2014, 51 percent of consumer FiOS Internet 
    customers subscribed to FiOS Quantum, which provides speeds ranging from 50 
    to 500 megabits per second, up from 46 percent at year-end 2013. 
  * Broadband connections totaled more than 9.0 million at the end of 
    first-quarter 2014, a 1.5 percent year-over-year increase. Net broadband 
    connections increased by 16,000 in first-quarter 2014, as FiOS Internet net 
    additions more than offset declines in DSL-based High Speed Internet 
    connections. 
  * Verizon has been replacing high-maintenance portions of its residential 
    copper network with fiber optics to provide enhanced services and to reduce 
    ongoing repair costs. In first-quarter 2014, Verizon migrated an additional 
    78,000 customers from copper. 
  * In the first quarter, Verizon Enterprise Solutions began deploying 
    innovative cloud, security, M2M (machine-to-machine), networking and other 
    technology solutions for a variety of clients around the globe, including 
    Kaiser Permanente, Molina Healthcare, Forest Pharmaceuticals, National DCP, 
    American First Credit Union, Schindler Elevator, Sally Beauty Holdings, TE 
    Connectivity, National Oceanic and Atmospheric Administration (NOAA), 
    Mitsuba Corporation, State of Delaware, Alcatel-Lucent and Oracle. In 
    addition, it added Oracle, SAP, Hitachi Data Systems Corporation and 
    CloudBees to the growing number of leading technology companies that will 
    offer services on Verizon's next-generation cloud computing and cloud 
    storage platform, Verizon Cloud. 
 
                      Other Guidance and Outlook Items 
 
Verizon continues to target consolidated top-line growth of 4 percent and 
adjusted consolidated EBITDA margin expansion in 2014, with positive 
contributions to profitable growth from both wireless and wireline. 
 
In wireless, pricing under Verizon Edge - which makes it easy for customers to 
buy a new smartphone with a low upfront cost and affordable monthly payments - 
had minimal impact on first-quarter 2014 ARPA and EBITDA margin. Continued Edge 
adoption will likely have a greater impact on service revenue growth in 
subsequent quarters, as service revenues shift to equipment revenues. 
 
Verizon reiterates guidance of increases in wireless and wireline EBITDA and 
EBITDA margin in 2014. 
 
NOTE: See the accompanying schedules and www.verizon.com/investor 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, is a 
global leader in delivering broadband and other wireless and wireline 
communications services to consumer, business, government and wholesale 
customers. Verizon Wireless operates America's most reliable wireless network, 
with more than 103 million retail connections nationwide. Verizon also provides 
converged communications, information and entertainment services over America's 
most advanced fiber-optic network, and delivers integrated business solutions 
to customers in more than 150 countries. A Dow 30 company with more than $120 
billion in 2013 revenues, Verizon employs a diverse workforce of 176,900. For 
more information, visit www.verizon.com. 
 
VERIZON'S ONLINE NEWS CENTER: Verizon news releases, executive speeches and 
biographies, media contacts and other information are available at Verizon's 
online News Center at newscenter.verizon.com. The news releases are available 
through an RSS feed. To subscribe, visit newscenter.verizon.com/corporate/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: the ability to realize the expected benefits of our 
transaction with Vodafone in the timeframe expected or at all; 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; 
significantly increased levels of indebtedness as a result of the Vodafone 
transaction; changes in tax laws or treaties, or in their interpretation; 
adverse conditions in the U.S. and international economies; material adverse 
changes in labor matters, including labor negotiations, and any resulting 
financial and/or operational impact; 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; the effects of competition 
in the markets in which we operate; 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; significant increases in benefit plan costs or lower investment 
returns on plan assets; and the inability to implement our business strategies. 
 
Verizon Communications Inc. 
Condensed Consolidated Statements of Income 
 
 
                                   (dollars in millions, except per share amounts) 
 
                                        3 Mos. Ended   3 Mos. Ended 
Unaudited                                    3/31/14        3/31/13      % Change 
 
 
Operating Revenues                          $ 30,818       $ 29,420         4.8 
 
Operating Expenses 
Cost of services and sales                    11,189         10,932         2.4 
Selling, general and administrative expense    8,332          8,148         2.3 
Depreciation and amortization expense          4,137          4,118         0.5 
Total Operating Expenses                      23,658         23,198         2.0 
 
Operating Income                               7,160          6,222        15.1 
Equity in earnings of unconsolidated 
businesses                                     1,902             (5)          * 
Other income and (expense), net                 (894)            39           * 
Interest expense                              (1,214)          (537)          * 
Income Before Provision for Income Taxes       6,954          5,719        21.6 
Provision for income taxes                      (968)          (864)       12.0 
Net Income                                   $ 5,986        $ 4,855        23.3 
 
Net income attributable to 
noncontrolling interests                     $ 2,039          2,903       (29.8) 
Net income attributable to Verizon             3,947          1,952           * 
Net Income                                   $ 5,986        $ 4,855        23.3 
 
Basic Earnings per Common Share 
Net income attributable to Verizon            $ 1.15          $ .68        69.1 
 
Weighted average number of common 
shares (in millions)                           3,425          2,866 
 
Diluted Earnings per Common Share (1) 
Net income attributable to Verizon            $ 1.15          $ .68        69.1 
 
Weighted average number of common 
shares-assuming dilution (in millions)         3,430          2,872 
 
 
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. 
 
    Certain reclassifications have been made, where appropriate, to reflect 
    comparable operating results. 
 
*   Not meaningful 
 
 
Verizon Communications Inc. 
Condensed Consolidated Balance Sheets 
 
 
                                                 (dollars in millions) 
 
Unaudited                            3/31/14     12/31/13    $ Change 
Assets 
Current assets 
Cash and cash equivalents            $ 2,907     $ 53,528   $ (50,621) 
Short-term investments                   637          601          36 
Accounts receivable, net              12,131       12,439        (308) 
Inventories                              881        1,020        (139) 
Prepaid expenses and other             6,716        3,406       3,310 
Total current assets                  23,272       70,994     (47,722) 
Plant, property and equipment        223,841      220,865       2,976 
Less accumulated depreciation        134,785      131,909       2,876 
                                      89,056       88,956         100 
 
Investments in unconsolidated 
businesses                               889        3,432      (2,543) 
Wireless licenses                     72,713       75,747      (3,034)
Verizon Comms (LSE:VZC)
Historical Stock Chart
Von Jun 2024 bis Jul 2024 Click Here for more Verizon Comms Charts.
Verizon Comms (LSE:VZC)
Historical Stock Chart
Von Jul 2023 bis Jul 2024 Click Here for more Verizon Comms Charts.