Goodwill 24,647 24,634 13
Other intangible assets, net 5,839 5,800 39
Other assets 5,146 4,535 611
Total Assets $ 221,562 $ 274,098 $ (52,536)
Liabilities and Equity
Current liabilities
Debt maturing within one year $ 2,152 $ 3,933 $ (1,781)
Accounts payable and accrued
liabilities 14,984 16,453 (1,469)
Other 8,217 6,664 1,553
Total current liabilities 25,353 27,050 (1,697)
Long-term debt 107,617 89,658 17,959
Employee benefit obligations 26,977 27,682 (705)
Deferred income taxes 41,597 28,639 12,958
Other liabilities 6,167 5,653 514
Equity
Common stock 424 297 127
Contributed capital 10,976 37,939 (26,963)
Reinvested earnings 3,534 1,782 1,752
Accumulated other comprehensive
income 1,290 2,358 (1,068)
Common stock in treasury, at cost (3,794) (3,961) 167
Deferred compensation - employee
stock ownership plans and other 281 421 (140)
Noncontrolling interests 1,140 56,580 (55,440)
Total equity 13,851 95,416 (81,565)
Total Liabilities and Equity $ 221,562 $ 274,098 $ (52,536)
Verizon - Selected Financial and Operating Statistics
Unaudited 3/31/14 12/31/13
Total debt (in millions) $ 109,769 $ 93,591
Net debt (in millions) $ 106,862 $ 40,063
Net debt / Adjusted EBITDA (1) 2.5x 1.0x
Common shares outstanding end
of period (in millions) 4,141 2,862
Total employees 176,900 176,800
Quarterly cash dividends
declared per common share $ 0.530 $ 0.530
Footnotes:
(1) Adjusted EBITDA excludes the effects of non-operational items.
The unaudited condensed consolidated balance sheets are based on
preliminary information.
Verizon Communications Inc.
Condensed Consolidated Statements of Cash Flows
(dollars in millions)
3 Mos. Ended 3 Mos. Ended
Unaudited 3/31/14 3/31/13 $ Change
Cash Flows From Operating Activities
Net Income $ 5,986 $ 4,855 $ 1,131
Adjustments to reconcile net income
to net cash provided by
operating activities:
Depreciation and
amortization expense 4,137 4,118 19
Employee retirement benefits 281 295 (14)
Deferred income taxes (155) 878 (1,033)
Provision for uncollectible accounts 231 260 (29)
Equity in earnings of unconsolidated
businesses, net of dividends received (1,894) 14 (1,908)
Changes in current assets and
liabilities, net of effects from
acquisition/disposition of businesses (1,626) (1,491) (135)
Other, net 179 (1,398) 1,577
Net cash provided by operating activities 7,139 7,531 (392)
Cash Flows From Investing Activities
Capital expenditures (including
capitalized software) (4,150) (3,602) (548)
Acquisitions of investments and
businesses, net of cash acquired (157) (21) (136)
Acquisitions of wireless licenses, net (213) (117) (96)
Other, net (11) 141 (152)
Net cash used in investing activities (4,531) (3,599) (932)
Cash Flows From Financing Activities
Proceeds from long-term borrowings 16,952 500 16,452
Repayments of long-term borrowings
and capital lease obligations (7,951) (73) (7,878)
Increase in short-term obligations,
excluding current maturities 252 581 (329)
Dividends paid (1,517) (1,472) (45)
Proceeds from sale of common stock 34 56 (22)
Purchase of common stock for treasury - (153) 153
Acquisition of noncontrolling interest (58,886) - (58,886)
Other, net (2,113) (989) (1,124)
Net cash used in financing activities (53,229) (1,550) (51,679)
Increase (decrease) in cash
and cash equivalents (50,621) 2,382 (53,003)
Cash and cash equivalents, beginning
of period 53,528 3,093 50,435
Cash and cash equivalents, end of period $ 2,907 $ 5,475 $ (2,568)
Verizon Communications Inc.
Wireless - Selected Financial Results
(dollars in millions)
3 Mos. Ended 3 Mos. Ended
Unaudited 3/31/14 3/31/13 % Change
Operating Revenues
Retail service $ 17,246 $ 16,169 6.7
Other service 741 559 32.6
Service 17,987 16,728 7.5
Equipment 1,870 1,813 3.1
Other 1,022 982 4.1
Total Operating Revenues 20,879 19,523 6.9
Operating Expenses
Cost of services and sales 5,856 5,651 3.6
Selling, general and administrative expense 5,644 5,448 3.6
Depreciation and amortization expense 2,061 2,006 2.7
Total Operating Expenses 13,561 13,105 3.5
Operating Income $ 7,318 $ 6,418 14.0
Operating Income Margin 35.0% 32.9%
Segment EBITDA $ 9,379 $ 8,424 11.3
Segment EBITDA Service Margin 52.1% 50.4%
Footnotes:
The segment financial results and metrics above are adjusted to exclude the
effects of non-operational items, as the Company's chief operating decision
maker excludes these items in assessing business unit performance.
Intersegment transactions have not been eliminated.
Certain reclassifications have been made, where appropriate, to reflect
comparable operating results.
Verizon Communications Inc.
Wireless - Selected Operating Statistics
Unaudited 3/31/14 3/31/13 % Change
Connections ('000)
Retail postpaid 97,273 93,186 4.4
Retail prepaid 6,057 5,744 5.4
Retail 103,330 98,930 4.4
3 Mos. Ended 3 Mos. Ended
Unaudited 3/31/14 3/31/13 % Change
Net Add Detail ('000)(1)
Retail postpaid 539 677 (20.4)
Retail prepaid 10 43 (76.7)
Retail 549 720 (23.8)
Account Statistics
Retail Postpaid Accounts ('000)(2) 35,061 34,943 0.3
Retail postpaid ARPA $ 159.67 $ 150.27 6.3
Retail postpaid connections per
account (2) 2.77 2.67 3.7
Churn Detail
Retail postpaid 1.07% 1.01%
Retail 1.37% 1.30%
Retail Postpaid Connection Statistics
Total Smartphone postpaid % of
phones activated 90.1% 84.3%
Total Smartphone postpaid
phone base (2) 72.3% 61.4%
Total Internet postpaid base (2) 11.3% 9.6%
Other Operating Statistics
Capital expenditures (in millions) $ 2,554 $ 1,992 28.2
Footnotes:
(1) Connection net additions exclude acquisitions and adjustments.
(2) Statistics presented as of end of period.
The segment financial results and metrics above are adjusted to exclude
the effects of non-operational items, as the Company's chief operating
decision maker excludes these items in assessing business unit
performance.
Intersegment transactions have not been eliminated.
Certain reclassifications have been made, where appropriate, to reflect
comparable operating results.
Verizon Communications Inc.
Wireline - Selected Financial Results
(dollars in millions)
3 Mos. Ended 3 Mos. Ended
Unaudited 3/31/14 3/31/13 % Change
Operating Revenues
Consumer retail $ 3,840 $ 3,616 6.2
Small business 624 638 (2.2)
Mass Markets 4,464 4,254 4.9
Strategic services 2,110 2,073 1.8
Core 1,496 1,697 (11.8)
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