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 2020-09-30 Filed 2020-10-27
10-Q 2020-06-30 Filed 2020-07-28
10-Q 2020-03-31 Filed 2020-04-27
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8-K 2020-11-12
8-K 2020-10-21
8-K 2020-10-05
8-K 2020-10-02
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8-K 2020-09-21
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8-K 2020-07-24
8-K 2020-07-10
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
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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 a2020q310-qxex311.htm
EX-31.2 a2020q310-qxex312.htm
EX-32.1 a2020q310-qxex321.htm
EX-32.2 a2020q310-qxex322.htm

Verizon Communications Earnings 2020-09-30

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 September 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 September 30, 2020, 4,138,094,367 shares of the registrant’s common stock were outstanding, after deducting 153,339,279 shares held in treasury.


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TABLE OF CONTENTS
Item No. Page
Item 1.
Three and nine months ended September 30, 2020 and 2019
Three and nine months ended September 30, 2020 and 2019
At September 30, 2020 and December 31, 2019
Nine months ended September 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 EndedNine Months Ended
 September 30,September 30,
(dollars in millions, except per share amounts) (unaudited)2020201920202019
Operating Revenues
Service revenues and other
$27,431 $27,753 $81,604 $82,301 
Wireless equipment revenues
4,112 5,141 11,996 14,792 
Total Operating Revenues31,543 32,894 93,600 97,093 
Operating Expenses
Cost of services (exclusive of items shown below)
7,955 7,902 23,348 23,396 
Cost of wireless equipment
4,379 5,482 13,031 15,699 
Selling, general and administrative expense
7,339 7,216 23,080 21,682 
Depreciation and amortization expense
4,192 4,114 12,523 12,577 
Total Operating Expenses23,865 24,714 71,982 73,354 
Operating Income7,678 8,180 21,618 23,739 
Equity in losses of unconsolidated businesses(9)(1)(34)(20)
Other expense, net(774)(110)(703)(1,127)
Interest expense(1,044)(1,146)(3,167)(3,571)
Income Before Provision For Income Taxes5,851 6,923 17,714 19,021 
Provision for income taxes(1,347)(1,586)(4,084)(4,450)
Net Income$4,504 $5,337 $13,630 $14,571 
Net income attributable to noncontrolling interests$147 $143 $417 $401 
Net income attributable to Verizon4,357 5,194 13,213 14,170 
Net Income$4,504 $5,337 $13,630 $14,571 
Basic Earnings Per Common Share
Net income attributable to Verizon$1.05 $1.26 $3.19 $3.42 
Weighted-average shares outstanding (in millions)4,140 4,138 4,139 4,138 
Diluted Earnings Per Common Share
Net income attributable to Verizon$1.05 $1.25 $3.19 $3.42 
Weighted-average shares outstanding (in millions)4,142 4,140 4,141 4,140 
See Notes to Condensed Consolidated Financial Statements

4

Table of Contents
Condensed Consolidated Statements of Comprehensive Income
Condensed Consolidated Statements of Comprehensive Income
Verizon Communications Inc. and Subsidiaries
 Three Months EndedNine Months Ended
September 30,September 30,
(dollars in millions) (unaudited)2020201920202019
Net Income$4,504 $5,337 $13,630 $14,571 
Other Comprehensive Income (Loss), Net of Tax (Expense) Benefit
Foreign currency translation adjustments, net of tax of $10, $(10), $10 and $(12)
124 (10)81 (53)
Unrealized gain (loss) on cash flow hedges, net of tax of $(176), $59, $483 and $257
505 (166)(1,391)(716)
Unrealized gain on marketable securities, net of tax of $(1), $(1), $(2) and $(3)
2 2 7 10 
Defined benefit pension and postretirement plans, net of tax of $55, $56, $166 and $168
(169)(169)(507)(507)
Other comprehensive income (loss) attributable to Verizon462 (343)(1,810)(1,266)
Total Comprehensive Income$4,966 $4,994 $11,820 $13,305 
Comprehensive income attributable to noncontrolling interests$147 $143 $417 $401 
Comprehensive income attributable to Verizon4,819 4,851 11,403 12,904 
Total Comprehensive Income$4,966 $4,994 $11,820 $13,305 
See Notes to Condensed Consolidated Financial Statements
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Table of Contents
Condensed Consolidated Balance Sheets
Verizon Communications Inc. and Subsidiaries
At September 30,At December 31,
(dollars in millions, except per share amounts) (unaudited)20202019
Assets
Current assets
Cash and cash equivalents
$8,983 $2,594 
Accounts receivable
23,846 26,162 
Less Allowance for credit losses
1,229  
Less Allowance for doubtful accounts
 733 
Accounts receivable, net (Note 1)
22,617 25,429 
Inventories
1,457 1,422 
Prepaid expenses and other
5,515 8,028 
Total current assets38,572 37,473 
Property, plant and equipment276,210 265,734 
Less Accumulated depreciation
183,028 173,819 
Property, plant and equipment, net93,182 91,915 
Investments in unconsolidated businesses535 558 
Wireless licenses95,958 95,059 
Goodwill24,799 24,389 
Other intangible assets, net9,599 9,498 
Operating lease right-of-use assets22,680 22,694 
Other assets11,669 10,141 
Total assets$296,994 $291,727 
Liabilities and Equity
Current liabilities
Debt maturing within one year$5,770 $10,777 
Accounts payable and accrued liabilities17,391 21,806 
Current operating lease liabilities3,494 3,261 
Other current liabilities9,530 9,024 
Total current liabilities36,185 44,868 
Long-term debt109,790 100,712 
Employee benefit obligations18,756 17,952 
Deferred income taxes34,567 34,703 
Non-current operating lease liabilities18,155 18,393 
Other liabilities13,011 12,264 
Total long-term liabilities194,279 184,024 
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 capital13,404 13,419 
Retained earnings58,473 53,147 
Accumulated other comprehensive income (loss)(812)998 
Common stock in treasury, at cost (153,339,279 and 155,605,527 shares outstanding)
(6,721)(6,820)
Deferred compensation – employee stock ownership plans and other296 222 
Noncontrolling interests1,461 1,440 
Total equity66,530 62,835 
Total liabilities and equity$296,994 $291,727 
See Notes to Condensed Consolidated Financial Statements
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Table of Contents
Condensed Consolidated Statements of Cash Flows
Verizon Communications Inc. and Subsidiaries
Nine Months Ended
 September 30,
(dollars in millions) (unaudited)20202019
Cash Flows from Operating Activities
Net Income$13,630 $14,571 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense12,523 12,577 
Employee retirement benefits867 (105)
Deferred income taxes530 1,070 
Provision for expected credit losses1,100 1,131 
Equity in losses of unconsolidated businesses, net of dividends received67 64 
Net loss on sale of divested businesses 94 
Changes in current assets and liabilities, net of effects from acquisition/disposition of businesses1,345 (3,902)
Discretionary employee benefits contributions (300)
Other, net2,410 1,548 
Net cash provided by operating activities32,472 26,748 
Cash Flows from Investing Activities
Capital expenditures (including capitalized software)(14,168)(12,332)
Acquisitions of businesses, net of cash acquired(507)(29)
Acquisitions of wireless licenses(1,987)(299)
Proceeds from dispositions of businesses 27 
Other, net(1,807)476 
Net cash used in investing activities(18,469)(12,157)
Cash Flows from Financing Activities
Proceeds from long-term borrowings12,387 8,360 
Proceeds from asset-backed long-term borrowings4,439 3,982 
Repayments of long-term borrowings and finance lease obligations(8,853)(12,486)
Repayments of asset-backed long-term borrowings(6,726)(5,273)
Dividends paid(7,636)(7,474)
Other, net(1,348)(1,410)
Net cash used in financing activities(7,737)(14,301)
Increase in cash, cash equivalents and restricted cash6,266 290 
Cash, cash equivalents and restricted cash, beginning of period3,917 3,916 
Cash, cash equivalents and restricted cash, end of period (Note 1)$10,183 $4,206