8-KEarnings & ResultsExhibits & Filings

VERIZON COMMUNICATIONS INC 8-K Report, Financial Results (Jul 27, 2009)

Filed July 27, 2009For Securities:VZ

Summary

Verizon Communications Inc. (VZ) filed an 8-K on July 27, 2009, to report its financial results for the quarter ended June 30, 2009. The filing primarily serves to attach a press release and financial tables (Exhibit 99) that detail these results. A key aspect of this report is Verizon's presentation of both GAAP and non-GAAP financial measures. The company emphasizes its use of non-GAAP measures, such as "income before special items," "Verizon Wireless's cash expense per customer," "EBITDA," and "Free Cash Flow," to provide a clearer understanding of operational trends and performance, particularly in evaluating operating expense efficiency, profitability, and cash available for debt and dividends. The filing also addresses the unaudited pro forma financial information, presenting the combined results of Verizon and Alltel Corporation as if the acquisition had occurred on January 1, 2008. This pro forma data aims to offer a comparable view of operating results before special items and without accounting for potential cost savings or integration costs. Investors are encouraged to consider these non-GAAP measures alongside, but not as a replacement for, the standard GAAP financial statements.

Key Highlights

  • 1Verizon Communications Inc. released its Q2 2009 financial results on July 27, 2009, via an 8-K filing.
  • 2The filing includes a press release and financial tables as Exhibit 99, detailing the company's performance for the quarter ended June 30, 2009.
  • 3Verizon utilized both Generally Accepted Accounting Principles (GAAP) and non-GAAP financial measures in its reporting.
  • 4Key non-GAAP metrics highlighted include 'income before special items,' 'Verizon Wireless's cash expense per customer,' 'EBITDA,' and 'Free Cash Flow.'
  • 5The company stated its belief that these non-GAAP measures offer enhanced understanding of operational trends and performance compared to GAAP alone.
  • 6Unaudited pro forma financial information was presented, reflecting the acquisition of Alltel Corporation as if it occurred on January 1, 2008, to provide a comparable operating view.
  • 7The report emphasizes that non-GAAP information should be considered in addition to, not instead of, GAAP financial statements.

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