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

The main purpose of this 8-K filing is to officially report Verizon Communications Inc.'s financial and operating results for the third quarter of 2023. It includes a press release, financial tables, and explanatory commentary to provide investors with this information.

Why does Verizon provide so many non-GAAP financial measures?

Verizon provides non-GAAP measures like Adjusted EBITDA, Adjusted EPS, and Free Cash Flow to offer investors a deeper understanding of its operational performance and underlying business trends. They believe these measures help to minimize the impact of certain costs (like severance, asset rationalization, business transformation, and amortization of acquisition-related intangibles) that can fluctuate and make period-to-period comparisons or comparisons with competitors more difficult. These non-GAAP figures are presented alongside GAAP measures for a comprehensive view.

What are some of the 'special items' Verizon excludes in its non-GAAP calculations?

Verizon excludes various 'special items' from its non-GAAP calculations. These can include severance charges, asset rationalization costs, business transformation costs, non-strategic business shutdown costs (like the BlueJeans business), and amortization of acquisition-related intangible assets. The company explains that excluding these items provides a more comparable assessment of financial results over time and against peers.

Can investors get the actual Q3 2023 financial numbers from this 8-K?

This 8-K filing announces that the detailed Q3 2023 financial and operating results are provided in Exhibits 99.1 (press release and financial tables) and 99.2 (commentary). While the 8-K itself doesn't contain the full tables, it directs investors to these exhibits which are part of the filing and accessible through SEC Edgar or Verizon's investor relations website.

VZ 8-K: Earnings & Results

Summary

Verizon Communications Inc. (VZ) filed an 8-K on October 24, 2023, to provide investors with its third-quarter 2023 financial and operating results. The filing includes a press release, financial tables, and commentary, all dated October 24, 2023. A significant portion of the filing is dedicated to defining and explaining various non-GAAP financial measures that Verizon uses to present its performance, including EBITDA, Adjusted EBITDA, Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio, Adjusted Earnings per Common Share (Adjusted EPS), and Free Cash Flow. These measures are presented alongside their GAAP counterparts to offer a more comprehensive view of the company's operational effectiveness and financial health, aiming to facilitate comparison with industry peers and provide insights into underlying business trends.

Key Highlights

1Verizon filed an 8-K on October 24, 2023, reporting its Q3 2023 financial and operating results.
2The filing primarily consists of a press release, financial tables, and commentary detailing the company's performance.
3Verizon emphasizes the use of non-GAAP financial measures to provide a clearer understanding of its operational results and financial condition.
4Key non-GAAP measures detailed include EBITDA, Adjusted EBITDA, Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio, Adjusted EPS, and Free Cash Flow.
5The company explains the rationale behind excluding certain 'special items' and non-operational costs to present comparable trends and operational effectiveness.
6Reconciliations for most non-GAAP measures to their nearest GAAP equivalents are referenced as being available in accompanying schedules.
7Verizon notes that it cannot provide reconciliations for certain forward-looking non-GAAP measures (e.g., Adjusted EBITDA Forecast, Adjusted EPS Forecast) without unreasonable effort due to the unpredictable nature of future 'special items'.

VERIZON COMMUNICATIONS INC 8-K Report, Financial Results (Oct 24, 2023)

Summary

Key Highlights

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