What is the main purpose of this 8-K filing?

The main purpose of this 8-K filing is to formally report Verizon Communications Inc.'s financial results and condition for the period ending July 28, 2008. It directs investors to an accompanying press release and financial tables for detailed information.

What are 'special items' as mentioned in the filing?

'Special items' refer to revenues, expenses, gains, and losses that are primarily non-operational and/or non-recurring in nature. Verizon adjusts for these items in its 'income before special items' metric to provide a view of ongoing operational performance and trends.

Why does Verizon use non-GAAP financial measures like EBITDA?

Verizon uses non-GAAP measures such as EBITDA and cash expense per customer for its wireless segment to offer investors a clearer perspective on operating financial performance and efficiency. These measures exclude items like depreciation and amortization, which can fluctuate and are related to past capital expenditures and acquisitions, allowing for a more variable cost-based assessment of current operations and comparability with competitors.

Are the non-GAAP measures presented here more important than GAAP results?

No, Verizon explicitly states that these non-GAAP financial measures are intended to enhance understanding of their GAAP consolidated financial statements. Investors should consider these non-GAAP measures in addition to, but not instead of, the financial statements prepared in accordance with GAAP.

VZ 8-K: Earnings & Results

Summary

Verizon Communications Inc. (VZ) filed a Form 8-K on July 28, 2008, to report on its financial results and condition. The filing primarily directs investors to an attached press release and financial tables, which contain both GAAP and non-GAAP financial measures. A key aspect of this filing is Verizon's explanation of its use of non-GAAP financial information to provide a clearer view of operational performance and trends. This includes "income before special items" which adjusts for non-operational and non-recurring items, as well as specific metrics for Verizon Wireless, such as cash expense per customer and EBITDA, which are used for evaluating operating efficiency and profitability.

Key Highlights

1Verizon Communications Inc. issued a Form 8-K on July 28, 2008, to disclose financial results and condition.
2The report references an attached press release and financial tables from July 28, 2008, as the primary source of information.
3Verizon utilizes and explains the use of non-GAAP financial measures to supplement GAAP reporting.
4Key non-GAAP metrics highlighted include 'income before special items' to reflect ongoing operational performance.
5Specific non-GAAP measures for Verizon Wireless, such as cash expense per customer and EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization), are provided.
6These Verizon Wireless metrics are used internally to assess operating expense efficiency and profitability on a variable cost basis.
7The company emphasizes that these non-GAAP measures are provided to enhance understanding and should be considered alongside, not instead of, GAAP financial statements.

VERIZON COMMUNICATIONS INC 8-K Report, Financial Results (Jul 28, 2008)

Summary

Key Highlights

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