Where can I find the actual second quarter 2023 financial results for Verizon?

The 8-K filing dated July 25, 2023, directs investors to Exhibit 99.1 (Press release and financial tables) and Exhibit 99.2 (Commentary) for the detailed financial and operating results for the second quarter of 2023.

What are non-GAAP financial measures, and why does Verizon use them?

Non-GAAP financial measures are financial calculations that exclude certain items or use different accounting methods from Generally Accepted Accounting Principles (GAAP). Verizon uses them, such as Adjusted EBITDA and Adjusted EPS, to provide what they believe is a more useful and comparable view of their operational performance and underlying business trends, by excluding items like severance charges or amortization of acquisition-related intangibles that may vary period-to-period or differ significantly between companies.

Does Verizon provide future guidance in this filing?

Yes, the filing mentions guidance for certain non-GAAP measures, including Consolidated Adjusted EBITDA Forecast and Adjusted EPS Forecast. However, Verizon notes that it cannot provide reconciliations for these future forecasts without unreasonable effort, as the timing and impact of 'special items' are unpredictable.

What is 'Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio' and why is it important?

This is a non-GAAP financial measure that Verizon uses to evaluate its ability to service its unsecured debt from its ongoing operations. It is calculated by dividing Net Unsecured Debt by Consolidated Adjusted EBITDA over the last twelve months. Investors may find this ratio useful for assessing the company's financial leverage and debt management.

VZ 8-K: Earnings & Results

Summary

Verizon Communications Inc. filed an 8-K on July 25, 2023, to report its financial and operating results for the second quarter of 2023. The filing primarily directs investors to accompanying exhibits, including a press release, financial tables, and commentary, which contain detailed performance information. A significant portion of the document is dedicated to defining and explaining various non-GAAP financial measures that Verizon utilizes, such as EBITDA, Adjusted EBITDA, Net Unsecured Debt, Adjusted Earnings Per Common Share (Adjusted EPS), and Free Cash Flow. These non-GAAP measures are presented as management's preferred tools for assessing operational effectiveness, profitability, and financial trends, often excluding items like severance charges, asset rationalization, and amortization of acquisition-related intangibles to provide a clearer view of underlying business performance and comparability with peers. Investors should note that while the 8-K itself doesn't present the Q2 2023 results directly, it serves as the official notification that these results are available in the attached documents. The emphasis on non-GAAP metrics indicates Verizon's strategy to highlight performance adjusted for specific, often one-time or accounting-related, items. The company also provides guidance (forecasts) for some of these non-GAAP measures, though reconciliations to GAAP are not always provided for future periods due to the unpredictable nature of certain "special items." Key metrics for investors to scrutinize in the referenced exhibits will include their operational performance, profitability trends, and leverage ratios, as presented through these adjusted lenses.

Key Highlights

1Verizon Communications Inc. filed an 8-K on July 25, 2023, to announce its second quarter 2023 financial and operating results.
2The 8-K filing primarily refers investors to attached exhibits (99.1 and 99.2) for detailed financial results, press releases, and commentary.
3The document extensively defines and explains various non-GAAP financial measures used by Verizon, including EBITDA, Adjusted EBITDA, Net Unsecured Debt, Adjusted EPS, and Free Cash Flow.
4Verizon states these non-GAAP measures are provided to enhance understanding of its financial performance and to allow for better comparison with competitors.
5Key non-GAAP adjustments include severance charges, asset rationalization, and amortization of acquisition-related intangible assets.
6The company also provides guidance (forecasts) for certain non-GAAP measures like Adjusted EPS and Adjusted EBITDA Forecast.
7Reconciliations from non-GAAP measures to their most directly comparable GAAP measures are available in accompanying schedules, though not always provided for future forecasts.

VERIZON COMMUNICATIONS INC 8-K Report, Financial Results (Jul 25, 2023)

Summary

Key Highlights

Frequently Asked Questions