Company Quick10K Filing
Verizon Communications
Price60.51 EPS4
Shares4,140 P/E15
MCap250,511 P/FCF9
Net Debt97,563 EBIT24,657
TEV348,074 TEV/EBIT14
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-28
10-Q 2020-03-31 Filed 2020-04-27
10-K 2019-12-31 Filed 2020-02-21
10-Q 2019-09-30 Filed 2019-10-30
10-Q 2019-06-30 Filed 2019-08-08
10-Q 2019-03-31 Filed 2019-04-26
10-K 2018-12-31 Filed 2019-02-15
10-Q 2018-09-30 Filed 2018-10-30
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10-K 2017-12-31 Filed 2018-02-23
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10-Q 2017-03-31 Filed 2017-04-27
10-K 2016-12-31 Filed 2017-02-21
10-Q 2016-09-30 Filed 2016-10-26
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10-Q 2016-03-31 Filed 2016-04-28
10-K 2015-12-31 Filed 2016-02-23
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10-Q 2015-03-31 Filed 2015-04-28
10-K 2014-12-31 Filed 2015-02-23
10-Q 2014-09-30 Filed 2014-10-28
10-Q 2014-06-30 Filed 2014-07-29
10-Q 2014-03-31 Filed 2014-04-29
10-K 2013-12-31 Filed 2014-02-27
10-Q 2013-09-30 Filed 2013-10-24
10-Q 2013-06-30 Filed 2013-07-25
10-Q 2013-03-31 Filed 2013-04-25
10-K 2012-12-31 Filed 2013-02-26
10-Q 2012-09-30 Filed 2012-10-25
10-Q 2012-06-30 Filed 2012-07-30
10-Q 2012-03-31 Filed 2012-04-26
10-K 2011-12-31 Filed 2012-02-24
10-Q 2011-09-30 Filed 2011-10-25
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10-Q 2010-09-30 Filed 2010-10-28
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10-K 2009-12-31 Filed 2010-02-26
8-K 2020-07-24 Earnings, Exhibits
8-K 2020-07-10 Other Events
8-K 2020-05-15
8-K 2020-05-07
8-K 2020-04-24
8-K 2020-03-17
8-K 2020-03-12
8-K 2020-03-12
8-K 2020-02-24
8-K 2020-02-13
8-K 2020-02-06
8-K 2020-02-05
8-K 2020-01-30
8-K 2019-12-05
8-K 2019-10-25
8-K 2019-10-24
8-K 2019-08-08
8-K 2019-08-08
8-K 2019-08-01
8-K 2019-06-18
8-K 2019-05-09
8-K 2019-05-02
8-K 2019-04-23
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8-K 2019-02-21
8-K 2019-02-20
8-K 2019-02-08
8-K 2019-02-06
8-K 2019-01-29
8-K 2019-01-08
8-K 2018-12-11
8-K 2018-11-01
8-K 2018-10-23
8-K 2018-10-01
8-K 2018-09-06
8-K 2018-07-24
8-K 2018-06-15
8-K 2018-06-11
8-K 2018-06-07
8-K 2018-05-03
8-K 2018-05-01
8-K 2018-04-24
8-K 2018-03-05
8-K 2018-01-23
8-K 2018-01-17

VZ 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements (Unaudited)
Note 1. Basis of Presentation
Note 2. Revenues and Contract Costs
Note 3. Acquisitions and Divestitures
Note 4. Wireless Licenses, Goodwill, and Other Intangible Assets
Note 5. Debt
Note 6. Device Payment Plan Agreement and Wireless Service Receivables
Note 7. Fair Value Measurements
Note 8. Employee Benefits
Note 9. Equity and Accumulated Other Comprehensive Income
Note 10. Segment Information
Note 11. Commitments and Contingencies
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 a2020q210-qxex311.htm
EX-31.2 a2020q210-qxex312.htm
EX-32.1 a2020q210-qxex321.htm
EX-32.2 a2020q210-qxex322.htm

Verizon Communications Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
2852281711145702012201420172020
Assets, Equity
352720125-22012201420172020
Rev, G Profit, Net Income
50298-13-34-552012201420172020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark one)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020

OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             

Commission file number: 1-8606
Verizon Communications Inc.
(Exact name of registrant as specified in its charter)
Delaware 23-2259884
(State or other jurisdiction
of incorporation or organization)
 (I.R.S. Employer Identification No.)
1095 Avenue of the Americas10036
New York,New York
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (212395-1000
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Stock, par value $0.10VZNew York Stock Exchange
Common Stock, par value $0.10VZThe NASDAQ Global Select Market
1.625% Notes due 2024VZ24BNew York Stock Exchange
4.073% Notes due 2024VZ24CNew York Stock Exchange
0.875% Notes due 2025VZ25New York Stock Exchange
3.250% Notes due 2026VZ26New York Stock Exchange
1.375% Notes due 2026VZ26BNew York Stock Exchange
0.875% Notes due 2027VZ27ENew York Stock Exchange
1.375% Notes due 2028VZ28New York Stock Exchange
1.875% Notes due 2029VZ29BNew York Stock Exchange
1.250% Notes due 2030VZ30New York Stock Exchange
1.875% Notes due 2030VZ30ANew York Stock Exchange
2.625% Notes due 2031VZ31New York Stock Exchange
2.500% Notes due 2031VZ31ANew York Stock Exchange
0.875% Notes due 2032VZ32New York Stock Exchange
1.300% Notes due 2033VZ33BNew York Stock Exchange
4.750% Notes due 2034VZ34New York Stock Exchange
3.125% Notes due 2035VZ35New York Stock Exchange
3.375% Notes due 2036VZ36ANew York Stock Exchange
2.875% Notes due 2038VZ38BNew York Stock Exchange
1.500% Notes due 2039VZ39CNew York Stock Exchange
3.500% Fixed Rate Notes due 2039VZ39DNew York Stock Exchange
1.850% Notes due 2040VZ40New York Stock Exchange



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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes     No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes     No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes     No

At June 30, 2020, 4,138,053,870 shares of the registrant’s common stock were outstanding, after deducting 153,379,776 shares held in treasury.


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TABLE OF CONTENTS
Item No. Page
Item 1.
Three and six months ended June 30, 2020 and 2019
Three and six months ended June 30, 2020 and 2019
At June 30, 2020 and December 31, 2019
Six months ended June 30, 2020 and 2019
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 6.
















Table of Contents
Part I - Financial Information

Item 1. Financial Statements (Unaudited)
Condensed Consolidated Statements of Income
Verizon Communications Inc. and Subsidiaries
Three Months EndedSix Months Ended
 June 30,June 30,
(dollars in millions, except per share amounts) (unaudited)2020201920202019
Operating Revenues
Service revenues and other
$26,692  $27,351  $54,173  $54,548  
Wireless equipment revenues
3,755  4,720  7,884  9,651  
Total Operating Revenues30,447  32,071  62,057  64,199  
Operating Expenses
Cost of services (exclusive of items shown below)
7,639  7,702  15,393  15,494  
Cost of wireless equipment
4,110  5,019  8,652  10,217  
Selling, general and administrative expense
7,156  7,268  15,741  14,466  
Depreciation and amortization expense
4,181  4,232  8,331  8,463  
Total Operating Expenses23,086  24,221  48,117  48,640  
Operating Income7,361  7,850  13,940  15,559  
Equity in losses of unconsolidated businesses(13) (13) (25) (19) 
Other income (expense), net(72) (1,312) 71  (1,017) 
Interest expense(1,089) (1,215) (2,123) (2,425) 
Income Before Provision For Income Taxes6,187  5,310  11,863  12,098  
Provision for income taxes(1,348) (1,236) (2,737) (2,864) 
Net Income$4,839  $4,074  $9,126  $9,234  
Net income attributable to noncontrolling interests$139  $130  $270  $258  
Net income attributable to Verizon4,700  3,944  8,856  8,976  
Net Income$4,839  $4,074  $9,126  $9,234  
Basic Earnings Per Common Share
Net income attributable to Verizon$1.14  $0.95  $2.14  $2.17  
Weighted-average shares outstanding (in millions)4,139  4,138  4,139  4,138  
Diluted Earnings Per Common Share
Net income attributable to Verizon$1.13  $0.95  $2.14  $2.17  
Weighted-average shares outstanding (in millions)4,141  4,139  4,141  4,140  
See Notes to Condensed Consolidated Financial Statements

4

Table of Contents
Condensed Consolidated Statements of Comprehensive Income
Verizon Communications Inc. and Subsidiaries
 Three Months EndedSix Months Ended
June 30,June 30,
(dollars in millions) (unaudited)2020201920202019
Net Income$4,839  $4,074  $9,126  $9,234  
Other Comprehensive Income (Loss), Net of Tax (Expense) Benefit
Foreign currency translation adjustments, net of tax of $4, $3, $0 and $(2)
77  (67) (43) (43) 
Unrealized gain (loss) on cash flow hedges, net of tax of $(133), $193, $659 and $198
314  (537) (1,896) (550) 
Unrealized gain on marketable securities, net of tax of $(2), $0, $(1) and $(2)
6  4  5  8  
Defined benefit pension and postretirement plans, net of tax of $55, $56, $111 and $112
(169) (169) (338) (338) 
Other comprehensive income (loss) attributable to Verizon228  (769) (2,272) (923) 
Total Comprehensive Income$5,067  $3,305  $6,854  $8,311  
Comprehensive income attributable to noncontrolling interests$139  $130  $270  $258  
Comprehensive income attributable to Verizon4,928  3,175  6,584  8,053  
Total Comprehensive Income$5,067  $3,305  $6,854  $8,311  
See Notes to Condensed Consolidated Financial Statements
5

Table of Contents
Condensed Consolidated Balance Sheets
Verizon Communications Inc. and Subsidiaries
At June 30,At December 31,
(dollars in millions, except per share amounts) (unaudited)20202019
Assets
Current assets
Cash and cash equivalents
$7,882  $2,594  
Accounts receivable
23,742  26,162  
Less Allowance for credit losses
1,070    
Less Allowance for doubtful accounts
  733  
Accounts receivable, net (Note 1)
22,672  25,429  
Inventories
1,289  1,422  
Prepaid expenses and other
5,490  8,028  
Total current assets37,333  37,473  
Property, plant and equipment272,714  265,734  
Less Accumulated depreciation
179,960  173,819  
Property, plant and equipment, net92,754  91,915  
Investments in unconsolidated businesses529  558  
Wireless licenses95,767  95,059  
Goodwill24,667  24,389  
Other intangible assets, net9,600  9,498  
Operating lease right-of-use assets22,431  22,694  
Other assets10,178  10,141  
Total assets$293,259  $291,727  
Liabilities and Equity
Current liabilities
Debt maturing within one year$6,651  $10,777  
Accounts payable and accrued liabilities19,297  21,806  
Current operating lease liabilities3,270  3,261  
Other current liabilities9,668  9,024  
Total current liabilities38,886  44,868  
Long-term debt106,190  100,712  
Employee benefit obligations17,821  17,952  
Deferred income taxes33,798  34,703  
Non-current operating lease liabilities18,158  18,393  
Other liabilities14,293  12,264  
Total long-term liabilities190,260  184,024  
Commitments and Contingencies (Note 11)
Equity
Series preferred stock ($0.10 par value; 250,000,000 shares authorized; none issued)
    
Common stock ($0.10 par value; 6,250,000,000 shares authorized in each period; 4,291,433,646 shares issued in each period)
429  429  
Additional paid in capital13,281  13,419  
Retained earnings56,746  53,147  
Accumulated other comprehensive income (loss)(1,274) 998  
Common stock in treasury, at cost (153,379,776 and 155,605,527 shares outstanding)
(6,722) (6,820) 
Deferred compensation – employee stock ownership plans and other237  222  
Noncontrolling interests1,416  1,440  
Total equity64,113  62,835  
Total liabilities and equity$293,259  $291,727  
See Notes to Condensed Consolidated Financial Statements
6

Table of Contents
Condensed Consolidated Statements of Cash Flows
Verizon Communications Inc. and Subsidiaries
Six Months Ended
 June 30,
(dollars in millions) (unaudited)20202019
Cash Flows from Operating Activities
Net Income$9,126  $9,234  
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense8,331  8,463  
Employee retirement benefits(32) (294) 
Deferred income taxes(120) 588  
Provision for expected credit losses831  738  
Equity in losses of unconsolidated businesses, net of dividends received46  50  
Changes in current assets and liabilities, net of effects from acquisition/disposition of businesses3,297  (4,593) 
Discretionary employee benefits contributions  (300) 
Other, net2,073  1,950  
Net cash provided by operating activities23,552  15,836  
Cash Flows from Investing Activities
Capital expenditures (including capitalized software)(9,850) (7,967) 
Acquisitions of businesses, net of cash acquired(399) (28) 
Acquisitions of wireless licenses(1,801) (199) 
Other, net(74) (395) 
Net cash used in investing activities(12,124) (8,589) 
Cash Flows from Financing Activities
Proceeds from long-term borrowings9,305  6,237  
Proceeds from asset-backed long-term borrowings2,844  3,982  
Repayments of long-term borrowings and finance lease obligations(8,533) (9,630) 
Repayments of asset-backed long-term borrowings(4,612) (2,817) 
Dividends paid(5,090) (4,981) 
Other, net(146) (834) 
Net cash used in financing activities(6,232) (8,043) 
Increase (decrease) in cash, cash equivalents and restricted cash5,196  (796) 
Cash, cash equivalents and restricted cash, beginning of period3,917  3,916  
Cash, cash equivalents and restricted cash, end of period (Note 1)$9,113  $3,120