Summary
Verizon Communications Inc. (VZ) filed an 8-K report on October 21, 2022, primarily to attach a press release and financial tables dated October 21, 2022. This filing does not contain new operational or financial results for a specific period but rather provides detailed definitions and reconciliations of various non-GAAP financial measures that Verizon utilizes. These measures, such as EBITDA, Adjusted EBITDA, Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio, Adjusted Earnings per Common Share (Adjusted EPS), and Free Cash Flow, are explained in detail, along with management's rationale for their use. The company emphasizes that these non-GAAP measures are intended to enhance the understanding of its financial performance by providing a clearer view of operational trends and comparability, particularly by excluding certain non-operational and special items.
Key Highlights
- 1The 8-K filing serves to formally present Verizon's standard non-GAAP financial metrics and their methodologies.
- 2Key non-GAAP measures defined include EBITDA, Adjusted EBITDA, Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio, Adjusted EPS, and Free Cash Flow.
- 3Verizon explains its rationale for using these non-GAAP measures, stating they offer a more complete and comparable assessment of operational performance and business trends.
- 4The company clarifies how specific items (e.g., severance charges, amortization of acquisition-related intangible assets, gains/losses on disposals) are excluded in certain non-GAAP calculations.
- 5Reconciliations of these non-GAAP measures to their corresponding GAAP figures are referenced as being available in the accompanying schedules.
- 6Verizon indicates that reconciliations for certain forward-looking non-GAAP measures (Consolidated Adjusted EBITDA Growth Forecast, Adjusted EPS Forecast, Adjusted ETR Forecast) are not provided due to the unpredictable nature of future special items.