Global Enterprise 3,606 3,770 (4.4)
Global Wholesale 1,591 1,699 (6.4)
Other 129 107 20.6
Total Operating Revenues 9,790 9,830 (0.4)
Operating Expenses
Cost of services and sales 5,459 5,457 -
Selling, general and
administrative expense 2,151 2,265 (5.0)
Depreciation and amortization
expense 2,033 2,095 (3.0)
Total Operating Expenses 9,643 9,817 (1.8)
Operating Income $ 147 $ 13 *
Operating Income Margin 1.5% 0.1%
Segment EBITDA $ 2,180 $ 2,108 3.4
Segment EBITDA Margin 22.3% 21.4%
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.
* Not meaningful
Verizon Communications Inc.
Wireline - Selected Operating Statistics
Unaudited 3/31/14 3/31/13 % Change
Connections ('000)
FiOS Video Subscribers 5,319 4,895 8.7
FiOS Internet Subscribers 6,170 5,612 9.9
FiOS Digital Voice residence connections 4,350 3,531 23.2
FiOS Digital connections 15,839 14,038 12.8
HSI 2,861 3,282 (12.8)
Total Broadband connections 9,031 8,894 1.5
Primary residence switched
access connections 6,224 7,593 (18.0)
Primary residence connections 10,574 11,124 (4.9)
Total retail residence voice connections 11,048 11,725 (5.8)
Total voice connections 20,733 22,191 (6.6)
3 Mos. Ended 3 Mos. Ended
Unaudited 3/31/14 3/31/13 % Change
Net Add Detail ('000)
FiOS Video Subscribers 57 169 (66.3)
FiOS Internet Subscribers 98 188 (47.9)
FiOS Digital Voice residence connections 102 304 (66.4)
FiOS Digital connections 257 661 (61.1)
HSI (82) (89) (7.9)
Total Broadband connections 16 99 (83.8)
Primary residence switched
access connections (257) (389) (33.9)
Primary residence connections (155) (85) 82.4
Total retail residence voice connections (181) (124) 46.0
Total voice connections (352) (312) 12.8
Revenue and ARPU Statistics
Consumer ARPU $ 120.17 $ 107.95 11.3
FiOS revenues (in millions) $ 3,041 $ 2,633 15.5
Strategic services as a % of
total Enterprise revenues 58.5% 55.0%
Other Operating Statistics
Capital expenditures (in millions) $ 1,385 $ 1,434 (3.4)
Wireline employees ('000) 80.9 85.2
FiOS Video Open for Sale ('000) 15,184 14,374
FiOS Video penetration 35.0% 34.1%
FiOS Internet Open for Sale ('000) 15,530 14,703
FiOS Internet penetration 39.7% 38.2%
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.
Reconciliations - Consolidated Verizon
(dollars in millions)
3 Mos. Ended 3 Mos. Ended
Unaudited 3/31/13 3/31/14
Consolidated Operating Revenues $ 29,420 $ 30,818
Adjusted EBITDA
(dollars in millions)
3 Mos. Ended 3 Mos. Ended 3 Mos. Ended 3 Mos. Ended
Unaudited 6/30/12 9/30/12 12/31/12 3/31/13
Verizon Consolidated EBITDA
Consolidated net income (loss) $ 4,285 $ 4,292 $ (1,926) $ 4,855
Add / (Subtract):
Provision (benefit) for income taxes 793 631 (2,810) 864
Interest expense 679 632 575 537
Other (income) and expense, net (34) (10) 1,079 (39)
Equity in earnings of
unconsolidated businesses (72) (62) (87) 5
Operating income (loss) 5,651 5,483 (3,169) 6,222
Add Depreciation and amortization
expense 4,128 4,167 4,137 4,118
Consolidated EBITDA $ 9,779 $ 9,650 $ 968 $ 10,340
Other Items (Before Tax)
Severance, Pension, and Benefit
Charges (Credits) - - 7,186 -
Gain on Spectrum License
Transactions - - - -
Litigation Settlements - 384 - -
Other Non-Operational Costs - - 276 -
- 384 7,462 -
Consolidated Adjusted EBITDA $ 9,779 $ 10,034 $ 8,430 $ 10,340
Consolidated Operating Income Margin 21.1%
Consolidated EBITDA Margin 35.1%
3 Mos. Ended 3 Mos. Ended 3 Mos. Ended 3 Mos. Ended
Unaudited 6/30/13 9/30/13 12/31/13 3/31/14
Verizon Consolidated EBITDA
Consolidated net income (loss) $ 5,198 $ 5,578 $ 7,916 $ 5,986
Add / (Subtract):
Provision (benefit) for income taxes 988 1,034 2,844 968
Interest expense 514 555 1,061 1,214
Other (income) and expense, net (25) (20) 250 894
Equity in earnings of
unconsolidated businesses (120) (19) (8) (1,902)
Operating income (loss) 6,555 7,128 12,063 7,160
Add Depreciation and
amortization expense 4,151 4,154 4,183 4,137
Consolidated EBITDA $ 10,706 $ 11,282 $ 16,246 $ 11,297
Other Items (Before Tax)
Severance, Pension, and
Benefit Charges (Credits) (237) - (5,995) -
Gain on Spectrum License
Transactions - (278) - -
Litigation Settlements - - - -
Other Non-Operational Costs - - - -
(237) (278) (5,995) -
Consolidated Adjusted EBITDA $ 10,469 $ 11,004 $ 10,251 $ 11,297
Consolidated Operating Income Margin 23.2%
Consolidated EBITDA Margin 36.7%
Net Debt to Adjusted EBITDA Ratio
(dollars in millions)
Unaudited 3/31/13 12/31/13 3/31/14
Verizon Net Debt
Debt maturing within one year $ 10,888 $ 3,933 $ 2,152
Long-term debt 41,993 89,658 107,617
Total Debt 52,881 93,591 109,769
Less Cash and cash equivalents 5,475 53,528 2,907
Net Debt $ 47,406 $ 40,063 $ 106,862
Net Debt to Adjusted EBITDA Ratio 1.2x 1.0x 2.5x
Free Cash Flow
(dollars in millions)
3 Mos. Ended 3 Mos. Ended
Unaudited 3/31/13 3/31/14 $ Change
Net cash provided by operating activities $ 7,531 $ 7,139
Less Capital expenditures 3,602 4,150
Free Cash Flow $ 3,929 $ 2,989
Less free cash flow attributable
to noncontrolling interest 2,404 -
Illustrative Free Cash Flow Attributable to Verizon $ 1,525 $ 2,989 $ 1,464
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