1、 As of December 31,2023 Table of ContentsCondensed Consolidated Statements of Income 3 Condensed Consolidated Balance Sheets 4 Consolidated-Selected Financial and Operating Statistics 5 Condensed Consolidated Statements of Cash Flows 6 Consumer Selected Financial Results 7 Consumer Selected Operatin

2、g Statistics 8 Business Selected Financial Results 9 Business Selected Operating Statistics 10 Supplemental Information 11 Non-GAAP Reconciliations and Notes 12 Verizon Communications Inc.Condensed Consolidated Statements of Income (dollars in millions,except per share amounts)202120222023UnauditedF

3、ull Year1Q2Q3Q4QFull Year1Q2Q3Q4QFull YearOperating RevenuesService revenues and other$110,449$27,218$27,115$27,666$27,626$109,625$27,152$27,319$27,523$27,658$109,652 Wireless equipment revenues 23,164 6,336 6,674 6,575 7,625 27,210 5,760 5,277 5,813 7,472 24,322 Total Operating Revenues 133,613 33,

4、554 33,789 34,241 35,251 136,835 32,912 32,596 33,336 35,130 133,974 Operating ExpensesCost of services 31,234 7,227 6,932 7,293 7,185 28,637 7,078 6,986 7,084 6,952 28,100 Cost of wireless equipment 25,067 7,123 7,488 7,308 8,577 30,496 6,426 5,778 6,353 8,230 26,787 Selling,general and administrat

5、ive expense 28,658 7,172 7,496 7,422 8,046 30,136 7,506 8,253 7,995 8,991 32,745 Depreciation and amortization expense 16,206 4,236 4,321 4,324 4,218 17,099 4,318 4,359 4,431 4,516 17,624 Verizon Business Group goodwill impairment 5,841 5,841 Total Operating Expenses 101,165 25,758 26,237 26,347 28,

6、026 106,368 25,328 25,376 25,863 34,530 111,097 Operating Income 32,448 7,796 7,552 7,894 7,225 30,467 7,584 7,220 7,473 600 22,877 Equity in earnings(losses)of unconsolidated businesses 145 (3)41 2 4 44 9 (33)(18)(11)(53)Other income(expense),net 312 (924)49 (439)2,687 1,373 114 210 170 (807)(313)I

7、nterest expense(3,485)(786)(785)(937)(1,105)(3,613)(1,207)(1,285)(1,433)(1,599)(5,524)Income(Loss)Before Provision For Income Taxes 29,420 6,083 6,857 6,520 8,811 28,271 6,500 6,112 6,192 (1,817)16,987 Provision for income taxes(6,802)(1,372)(1,542)(1,496)(2,113)(6,523)(1,482)(1,346)(1,308)(756)(4,8

8、92)Net Income(Loss)$22,618$4,711$5,315$5,024$6,698$21,748$5,018$4,766$4,884$(2,573)$12,095 Net income attributable to noncontrolling interests$553$131$116$124$121$492$109$118$122$132$481 Net income(loss)attributable to Verizon 22,065 4,580 5,199 4,900 6,577 21,256 4,909 4,648 4,762 (2,705)11,614 Net

9、 Income(Loss)$22,618$4,711$5,315$5,024$6,698$21,748$5,018$4,766$4,884$(2,573)$12,095 Basic Earnings Per Common ShareNet income(loss)attributable to Verizon$5.32$1.09$1.24$1.17$1.56$5.06$1.17$1.10$1.13$(0.64)$2.76 Weighted-average shares outstanding(in millions)4,148 4,201 4,201 4,202 4,204 4,202 4,2

10、07 4,208 4,213 4,214 4,211 Diluted Earnings Per Common Share(1)Net income(loss)attributable to Verizon$5.32$1.09$1.24$1.17$1.56$5.06$1.17$1.10$1.13$(0.64)$2.75 Weighted-average shares outstanding(in millions)4,150 4,202 4,202 4,204 4,207 4,204 4,211 4,213 4,216 4,214 4,215 Footnotes:(1)Where applica

11、ble,Diluted Earnings per Common Share includes the dilutive effect of shares issuable under our stock-based compensation plans,which represents the only potential dilution.EPS may not add due to rounding.Verizon Communications Inc.3Condensed Consolidated Balance Sheets (dollars in millions)Unaudited

12、12/31/213/31/226/30/229/30/2212/31/223/31/236/30/239/30/2312/31/23AssetsCurrent assetsCash and cash equivalents$2,921$1,661$1,857$2,082$2,605$2,234$4,803$4,210$2,065 Accounts receivable 24,742 24,474 24,740 24,475 25,332 23,748 24,108 24,559 26,102 Less Allowance for credit losses 896 859 831 805 82

13、6 892 922 957 1,017 Accounts receivable,net 23,846 23,615 23,909 23,670 24,506 22,856 23,186 23,602 25,085 Inventories 3,055 3,659 3,646 3,133 2,388 2,381 1,896 2,240 2,057 Prepaid expenses and other 6,906 6,645 8,087 10,861 8,358 8,251 7,503 8,067 7,607 Total current assets 36,728 35,580 37,499 39,

14、746 37,857 35,722 37,388 38,119 36,814 Property,plant and equipment 289,897 292,568 296,700 300,870 307,689 310,519 313,424 316,767 320,108 Less Accumulated depreciation 190,201 192,725 195,390 197,866 200,255 203,532 206,154 209,277 211,798 Property,plant and equipment,net 99,696 99,843 101,310 103

15、,004 107,434 106,987 107,270 107,490 108,310 Investments in unconsolidated businesses 1,061 1,074 1,113 1,083 1,071 1,052 1,015 929 953 Wireless licenses 147,619 148,083 148,724 149,292 149,796 150,485 151,337 155,465 155,667 Goodwill 28,603 28,629 28,638 28,548 28,671 28,674 28,647 28,642 22,843 Ot

16、her intangible assets,net 11,677 11,432 11,286 11,196 11,461 11,246 11,097 10,952 11,057 Operating lease right-of-use assets 27,883 27,494 27,098 26,588 26,130 25,947 25,345 25,086 24,726 Other assets 13,329 13,581 14,479 15,633 17,260 17,603 17,856 18,147 19,885 Total assets$366,596$365,716$370,147

17、$375,090$379,680$377,716$379,955$384,830$380,255 Liabilities and EquityCurrent liabilitiesDebt maturing within one year$7,443$13,421$12,873$14,995$9,963$12,081$14,827$12,950$12,973 Accounts payable and accrued liabilities 24,833 18,169 20,956 22,235 23,977 19,273 20,067 26,140 23,453 Current operati

18、ng lease liabilities 3,859 3,847 3,912 3,961 4,134 4,177 4,211 3,906 4,266 Other current liabilities 11,025 11,148 11,483 11,950 12,097 12,237 12,299 12,681 12,531 Total current liabilities 47,160 46,585 49,224 53,141 50,171 47,768 51,404 55,677 53,223 Long-term debt 143,425 139,961 136,184 132,912

19、140,676 140,772 137,871 134,441 137,701 Employee benefit obligations 15,410 15,104 15,125 15,912 12,974 12,750 12,357 12,226 13,189 Deferred income taxes 40,685 41,341 42,154 42,094 43,441 43,667 44,055 44,434 45,781 Non-current operating lease liabilities 23,203 22,932 22,597 22,175 21,558 21,303 2

20、0,745 20,773 20,002 Other liabilities 13,513 14,618 17,506 20,073 18,397 17,237 17,021 18,191 16,560 Total long-term liabilities 236,236 233,956 233,566 233,166 237,046 235,729 232,049 230,065 233,233 EquityCommon stock 429 429 429 429 429 429 429 429 429 Additional paid in capital 13,861 13,874 13,

21、872 13,467 13,420 13,523 13,523 13,524 13,631 Retained earnings 71,993 73,891 76,401 78,545 82,380 84,543 86,448 88,416 82,915 Accumulated other comprehensive loss(927)(906)(1,320)(1,700)(1,865)(2,177)(1,921)(1,428)(1,380)Common stock in treasury,at cost(4,104)(4,023)(4,020)(4,015)(4,013)(3,832)(3,8

22、30)(3,828)(3,821)Deferred compensation employee stock ownership plans and other 538 497 654 742 793 397 544 628 656 Noncontrolling interests 1,410 1,413 1,341 1,315 1,319 1,336 1,309 1,347 1,369 Total equity 83,200 85,175 87,357 88,783 92,463 94,219 96,502 99,088 93,799 Total liabilities and equity$

23、366,596$365,716$370,147$375,090$379,680$377,716$379,955$384,830$380,255 Verizon Communications Inc.4Consolidated-Selected Financial and Operating Statistics (dollars in millions)Unaudited12/31/213/31/226/30/229/30/2212/31/223/31/236/30/239/30/2312/31/23Total debt$150,868$153,382$149,057$147,907$150,

24、639$152,853$152,698$147,391$150,674 Unsecured debt$136,666$137,280$132,485$131,397$130,631$132,018$131,356$126,440$128,491 Net unsecured debt(1)$133,745$135,619$130,628$129,315$128,026$129,784$126,553$122,230$126,426 Unsecured debt/Consolidated Net Income(LTM)6.0 x 6.0 x 6.1x 5.9x 10.6x Net unsecure

25、d debt/Consolidated Adjusted EBITDA(1)(2)2.7x 2.7x 2.6x 2.6x 2.6x Common shares outstanding end of period(in millions)4,198 4,200 4,200 4,200 4,200 4,204 4,204 4,204 4,204 Total employees(000)118.4 118.5 119.4 119.5 117.1 115.5 114.2 110.5 105.4 Quarterly cash dividends declared per common share$0.6

26、400$0.6400$0.6400$0.6525$0.6525$0.6525$0.6525$0.6650$0.6650 Footnotes:(1)Non-GAAP financial measure.(2)Consolidated Adjusted EBITDA excludes the effects of non-operational items and special items.Verizon Communications Inc.5Condensed Consolidated Statements of Cash Flows (dollars in millions)12 Mos.

27、Ended3 Mos.Ended6 Mos.Ended9 Mos.Ended12 Mos.Ended3 Mos.Ended6 Mos.Ended9 Mos.Ended12 Mos.EndedUnaudited12/31/213/31/226/30/229/30/2212/31/223/31/236/30/239/30/2312/31/23Cash Flows from Operating ActivitiesNet Income$22,618$4,711$10,026$15,050$21,748$5,018$9,784$14,668$12,095 Adjustments to reconcil

28、e net income to net cash provided by operating activities:Depreciation and amortization expense 16,206 4,236 8,557 12,881 17,099 4,318 8,677 13,108 17,624 Employee retirement benefits(3,391)(210)(121)479 (2,046)54 108 161 1,206 Deferred income taxes 4,264 627 1,514 1,595 2,973 331 633 822 2,388 Prov

29、ision for expected credit losses 789 328 665 1,048 1,611 530 1,061 1,596 2,214 Equity in losses(earnings)of unconsolidated businesses,net of dividends received 36 7 (18)(13)(10)10 49 69 84 Verizon Business Group goodwill impairment 5,841 Changes in current assets and liabilities,net of effects from

30、acquisition/disposition of businesses(890)(3,492)(1,959)(458)(456)(774)(620)972 (267)Other,net(93)614 (999)(2,383)(3,778)(1,198)(1,672)(2,598)(3,710)Net cash provided by operating activities 39,539 6,821 17,665 28,199 37,141 8,289 18,020 28,798 37,475 Cash Flows from Investing ActivitiesCapital expe

31、nditures(including capitalized software)(20,286)(5,821)(10,491)(15,811)(23,087)(5,958)(10,070)(14,164)(18,767)Cash received(paid)related to acquisitions of businesses,net of cash acquired(4,065)247 248 248 (30)Acquisitions of wireless licenses(47,596)(1,838)(2,275)(2,890)(3,653)(598)(1,085)(1,859)(5

32、,796)Collateral receipts(payments)related to derivative contracts,net(21)(277)(2,075)(4,857)(2,265)367 824 162 880 Proceeds from disposition of business 4,122 33 33 Other,net 693 (59)(62)(43)62 79 131 253 281 Net cash used in investing activities(67,153)(7,995)(14,656)(23,320)(28,662)(6,110)(10,200)

33、(15,608)(23,432)Cash Flows from Financing ActivitiesProceeds from long-term borrowings 33,034 3,604 3,617 4,605 7,074 504 1,503 1,999 2,018 Proceeds from asset-backed long-term borrowings 8,383 3,545 5,053 5,939 10,732 1,754 3,705 4,656 6,594 Net proceeds from(repayments of)short-term commercial pap

34、er 3,791 2,560 4,514 106 342 (167)333 (150)Repayments of long-term borrowings and finance lease obligations(14,063)(6,556)(7,405)(8,001)(8,616)(1,325)(2,600)(5,568)(6,181)Repayments of asset-backed long-term borrowings(4,800)(1,650)(2,695)(3,647)(4,948)(931)(2,383)(3,729)(4,443)Dividends paid(10,445

35、)(2,654)(5,378)(8,066)(10,805)(2,744)(5,487)(8,231)(11,025)Other,net(3,832)165 411 (797)(2,072)17 (157)(1,101)(1,470)Net cash provided by(used in)financing activities 8,277 245 (3,837)(5,453)(8,529)(2,383)(5,586)(11,641)(14,657)Increase(decrease)in cash,cash equivalents and restricted cash(19,337)(9

36、29)(828)(574)(50)(204)2,234 1,549 (614)Cash,cash equivalents and restricted cash,beginning of period 23,498 4,161 4,161 4,161 4,161 4,111 4,111 4,111 4,111 Cash,cash equivalents and restricted cash,end of period$4,161$3,232$3,333$3,587$4,111$3,907$6,345$5,660$3,497 Footnotes:Certain amounts have bee

37、n reclassified to conform to the current period presentation.Verizon Communications Inc.6Consumer-Selected Financial Results (dollars in millions)20222023Unaudited1Q2Q3Q4Q1Q2Q3Q4QOperating RevenuesService$18,126$18,149$18,421$18,443$18,456$18,641$18,850$18,927 Wireless equipment 5,374 5,708 5,558 6,

38、528 4,878 4,430 4,902 6,435 Other 1,792 1,747 1,861 1,799 1,523 1,487 1,505 1,592 Total Operating Revenues 25,292 25,604 25,840 26,770 24,857 24,558 25,257 26,954 Operating ExpensesCost of services 4,446 4,284 4,566 4,450 4,432 4,367 4,419 4,362 Cost of wireless equipment 5,813 6,221 5,963 7,137 5,1

39、91 4,626 5,133 6,877 Selling,general and administrative expense 4,552 4,738 4,730 5,044 4,921 4,988 4,886 5,336 Depreciation and amortization expense 3,162 3,211 3,232 3,111 3,214 3,247 3,272 3,344 Total Operating Expenses 17,973 18,454 18,491 19,742 17,758 17,228 17,710 19,919 Operating Income$7,31

40、9$7,150$7,349$7,028$7,099$7,330$7,547$7,035 Operating Income Margin 28.9%27.9%28.4%26.3%28.6%29.8%29.9%26.1%Segment EBITDA(1)$10,481$10,361$10,581$10,139$10,313$10,577$10,819$10,379 Segment EBITDA Margin(1)41.4%40.5%40.9%37.9%41.5%43.1%42.8%38.5%Footnotes:(1)Non-GAAP financial measure.The segment fi

41、nancial results and metrics above exclude the effects of special items(other than the effects of acquisition-related intangible asset amortization),which the Companys chief operating decision maker does not consider in assessing segment performance.Certain intersegment transactions with corporate en

42、tities have not been eliminated.Verizon Communications Inc.7Consumer-Selected Operating Statistics 20222023Unaudited1Q2Q3Q4Q1Q2Q3Q4QConnections(000):Wireless retail postpaid 91,414 91,475 91,478 91,856 92,192 92,474 92,704 93,850 Wireless retail prepaid 23,772 23,138 23,076 22,664 22,331 21,646 21,4

43、20 21,122 Total wireless retail 115,186 114,613 114,554 114,520 114,523 114,120 114,124 114,972 Wireless retail postpaid phones 75,422 75,197 74,997 74,857 74,611 74,465 74,407 74,720 Fios video 3,495 3,409 3,314 3,234 3,160 3,091 3,013 2,951 Fios internet 6,596 6,626 6,684 6,740 6,803 6,854 6,923 6

44、,976 Fixed wireless access(FWA)broadband 216 384 621 884 1,140 1,390 1,641 1,866 Wireline broadband 6,925 6,938 6,976 7,016 7,062 7,098 7,151 7,190 Total broadband 7,141 7,322 7,597 7,900 8,202 8,488 8,792 9,056 Gross Additions(000):Wireless retail postpaid 2,481 2,622 3,045 3,889 3,210 2,928 3,152

45、4,185 Net Additions Detail(000):Wireless retail postpaid(126)84 28 979 321 304 251 1,168 Wireless retail prepaid(80)(229)39 (175)(351)(304)(207)(289)Total wireless retail(206)(145)67 804 (30)44 879 Wireless retail postpaid phones(292)(215)(189)41 (263)(136)(51)318 Fios video (78)(86)(95)(80)(74)(69)

46、(78)(62)Fios internet 55 30 58 56 63 51 69 53 FWA broadband 112 168 234 262 256 251 251 231 Wireline broadband 37 13 38 40 46 36 53 39 Total broadband 149 181 272 302 302 287 304 270 Churn Rate:Wireless retail postpaid 0.95%0.93%1.10%1.06%1.05%0.95%1.04%1.08%Wireless retail postpaid phones 0.77%0.75

47、%0.88%0.86%0.84%0.76%0.85%0.88%Wireless retail prepaid 3.69%3.90%3.90%4.90%4.31%4.24%4.39%4.55%Wireless retail 1.51%1.53%1.66%1.83%1.69%1.58%1.68%1.73%Revenue Statistics(in millions):Wireless service revenue$15,217$15,236$15,517$15,539$15,599$15,762$15,963$16,034 Fios revenues$2,911$2,895$2,902$2,91

48、4$2,889$2,886$2,897$2,942 Other Wireless Statistics:Wireless retail postpaid ARPA(1)$123.96$124.16$127.76$128.02$130.06$131.83$133.47$134.10 Wireless retail postpaid upgrade rate 4.8%5.6%5.1%5.6%4.0%3.5%3.6%4.4%Wireless retail postpaid accounts(000)(2)33,514 33,386 33,251 33,183 33,034 32,976 32,938

49、 32,990 Wireless retail postpaid connections per account(2)2.73 2.74 2.75 2.77 2.79 2.80 2.81 2.84 Wireless retail prepaid ARPU(3)$30.89$31.26$31.18$31.53$30.71$31.42$31.87$31.87 Footnotes:(1)Wireless retail postpaid ARPA-average service revenue per account from retail postpaid accounts.(2)Statistic

50、s presented as of end of period.(3)Wireless retail prepaid ARPU-average service revenue per unit from retail prepaid connections.Where applicable,the operating results reflect certain adjustments,including those related to the 3G network shutdowns,migration activity among different types of devices

51、and plans,customer profile changes,and adjustments in connection with mergers,acquisitions and divestitures.Certain intersegment transactions with corporate entities have not been eliminated.Verizon Communications Inc.8Business-Selected Financial Results (dollars in millions)20222023Unaudited1Q2Q3Q4

52、Q1Q2Q3Q4QOperating RevenuesEnterprise and Public Sector$3,978$3,867$3,940$3,908$3,787$3,784$3,787$3,718 Business Markets and Other 3,076 3,130 3,236 3,330 3,104 3,109 3,184 3,318 Wholesale 655 629 661 662 603 590 556 582 Total Operating Revenues 7,709 7,626 7,837 7,900 7,494 7,483 7,527 7,618 Operat

53、ing ExpensesCost of services 2,606 2,559 2,653 2,665 2,582 2,543 2,536 2,519 Cost of wireless equipment 1,310 1,268 1,344 1,440 1,234 1,152 1,220 1,353 Selling,general and administrative expense 2,059 2,050 2,063 2,112 2,033 2,152 2,105 2,139 Depreciation and amortization expense 1,061 1,074 1,079 1

54、,098 1,094 1,103 1,127 1,164 Total Operating Expenses 7,036 6,951 7,139 7,315 6,943 6,950 6,988 7,175 Operating Income$673$675$698$585$551$533$539$443 Operating Income Margin 8.7%8.9%8.9%7.4%7.4%7.1%7.2%5.8%Segment EBITDA(1)$1,734$1,749$1,777$1,683$1,645$1,636$1,666$1,607 Segment EBITDA Margin(1)22.

55、5%22.9%22.7%21.3%22.0%21.9%22.1%21.1%Footnotes:(1)Non-GAAP financial measure.Our Business segments wireless and wireline products and services are organized by the primary customer groups targeted by these offerings.During the first quarter of 2023,Verizon reorganized the customer groups within its

56、Business segment.Previously,this segment was comprised of four customer groups:Small and Medium Business,Global Enterprise,Public Sector and Other,and Wholesale.Following the reorganization,there are now three customer groups:Enterprise and Public Sector,Business Markets and Other,and Wholesale.Ente

57、rprise and Public Sector combines the customers previously included in Global Enterprise and Public Sector and Other(excluding BlueJeans and Connect customers)as well as the commercial wireline customers previously included in Small and Medium Business.Business Markets and Other combines the custome

58、rs previously included in Small and Medium Business(excluding commercial wireline customers),the BlueJeans customers previously included in Global Enterprise and Public Sector and Other,and the Connect customers previously included in Public Sector and Other.The Wholesale customer group remained unc

59、hanged.Prior period operating revenue results within the Business segment have been recast for these reorganized customer groups.There was no change to the composition of our reportable segments and total segment results,nor the determination of segment profit.The segment financial results and metri

60、cs above exclude the effects of special items(other than the effects of acquisition-related intangible asset amortization),which the Companys chief operating decision maker does not consider in assessing segment performance.Certain intersegment transactions with corporate entities have not been elim

61、inated.Verizon Communications Inc.9Business-Selected Operating Statistics 20222023Unaudited1Q2Q3Q4Q1Q2Q3Q4QConnections(000):Wireless retail postpaid 27,809 28,208 28,584 28,733 28,820 29,105 29,455 29,779 Wireless retail postpaid phones 17,353 17,586 17,795 17,782 17,703 17,856 18,019 18,170 Fios vi

62、deo 71 70 69 67 65 64 63 61 Fios internet 361 367 370 373 377 380 383 385 FWA broadband 217 316 442 568 726 870 1,038 1,201 Wireline broadband 475 474 471 468 466 464 461 460 Total broadband 692 790 913 1,036 1,192 1,334 1,499 1,661 Gross Additions(000):Wireless retail postpaid 1,502 1,582 1,566 1,6

63、44 1,607 1,590 1,618 1,605 Net Additions Detail(000):Wireless retail postpaid 395 430 360 455 312 308 330 292 Wireless retail postpaid phones 256 227 197 176 136 144 151 131 Fios video (1)(1)(2)(2)(1)(1)(2)Fios internet 5 6 3 3 4 3 3 2 FWA broadband 82 88 108 117 137 133 133 144 Wireline broadband(2

64、)(1)(3)(3)(2)(2)(3)(1)Total broadband 80 87 105 114 135 131 130 143 Churn Rate:Wireless retail postpaid 1.34%1.37%1.42%1.38%1.50%1.48%1.47%1.48%Wireless retail postpaid phones 1.06%1.07%1.10%1.06%1.16%1.10%1.14%1.12%Revenue Statistics(in millions):Wireless service revenue$3,125$3,182$3,273$3,265$3,2

65、90$3,351$3,367$3,364 Fios revenues$295$298$304$304$307$308$308$312 Other Operating Statistics:Wireless retail postpaid upgrade rate 3.4%3.1%3.3%3.6%2.8%2.7%2.9%3.1%Footnotes:Where applicable,the operating results reflect certain adjustments,including those related to the 3G network shutdowns,migrati

66、on activity among different types of devices and plans,customer profile changes,and adjustments in connection with mergers,acquisitions and divestitures.Certain intersegment transactions with corporate entities have not been eliminated.Verizon Communications Inc.10Supplemental Information-Total Wire

67、less Operating and Financial Statistics The following supplemental schedule contains certain financial and operating metrics which reflect an aggregation of our Consumer and Business segments wireless results.20222023Unaudited1Q2Q3Q4Q1Q2Q3Q4QConnections(000)Retail postpaid 119,223 119,683 120,062 12

68、0,589 121,012 121,579 122,159 123,629 Retail prepaid 23,772 23,138 23,076 22,664 22,331 21,646 21,420 21,122 Total retail 142,995 142,821 143,138 143,253 143,343 143,225 143,579 144,751 Retail postpaid phones 92,775 92,783 92,792 92,639 92,314 92,321 92,426 92,890 Net Additions Detail(000)Retail pos

69、tpaid phones(36)12 8 217 (127)8 100 449 Retail postpaid 269 514 388 1,434 633 612 581 1,460 Retail prepaid(80)(229)39 (175)(351)(304)(207)(289)Total retail 189 285 427 1,259 282 308 374 1,171 Account StatisticsRetail postpaid accounts(000)(1)35,224 35,132 35,034 35,002 34,877 34,855 34,855 34,958 Re

70、tail postpaid connections per account(1)3.38 3.41 3.43 3.45 3.47 3.49 3.50 3.54 Retail postpaid ARPA(2)$144.87$145.50$149.82$149.95$152.27$154.51$156.13$156.48 Retail prepaid ARPU(3)$30.89$31.26$31.18$31.53$30.71$31.42$31.87$31.87 Churn DetailRetail postpaid phone 0.83%0.81%0.92%0.89%0.90%0.83%0.90%

71、0.93%Retail postpaid 1.04%1.03%1.17%1.14%1.15%1.07%1.15%1.18%Retail prepaid 3.69%3.90%3.90%4.90%4.31%4.24%4.39%4.55%Retail 1.48%1.50%1.62%1.74%1.65%1.56%1.63%1.67%Retail Postpaid Connection Statistics Upgrade rate 4.5%5.0%4.7%5.1%3.7%3.3%3.4%4.1%Revenue Statistics(in millions)(4)Wireless service$18,

72、342$18,418$18,790$18,804$18,889$19,113$19,330$19,398 Wireless equipment 6,336 6,674 6,575 7,625 5,760 5,277 5,813 7,472 Wireless other 1,818 1,800 1,922 1,851 1,515 1,486 1,507 1,575 Total Wireless$26,496$26,892$27,287$28,280$26,164$25,876$26,650$28,445 Footnotes:(1)Statistics presented as of end of

73、 period.(2)Wireless retail postpaid ARPA-average service revenue per account from retail postpaid accounts.(3)Wireless retail prepaid ARPU-average service revenue per unit from retail prepaid connections.(4)Intersegment transactions between Consumer or Business segment with corporate entities have n

74、ot been eliminated.Where applicable,the operating results reflect certain adjustments,including those related to the 3G network shutdowns,migration activity among different types of devices and plans,customer profile changes,and adjustments in connection with mergers,acquisitions and divestitures.Ve

75、rizon Communications Inc.11Non-GAAP MeasuresVerizons Financial and Operating Information includes financial information prepared in conformity with generally accepted accounting principles in the United States(GAAP)as well as non-GAAP financial information.It is managements intent to provide non-GAA

76、P financial information to enhance the understanding of Verizons GAAP financial information and it should be considered by the reader in addition to,but not instead of,the financial statements prepared in accordance with GAAP.Each non-GAAP financial measure is presented along with the corresponding

77、GAAP measure so as not to imply that more emphasis should be placed on the non-GAAP measure.We believe that providing these non-GAAP measures in addition to the GAAP measures allows management,investors and other users of our financial information to more fully and accurately assess both consolidate

78、d and segment performance.The non-GAAP financial information presented may be determined or calculated differently by other companies and may not be directly comparable to that of other companies.EBITDA and EBITDA Margin Related Non-GAAP Measures Consolidated earnings before interest,taxes,depreciat

79、ion and amortization(EBITDA),Segment EBITDA and Segment EBITDA Margin are non-GAAP financial measures that we believe are useful to management,investors and other users of our financial information as they are widely accepted financial measures used in evaluating the profitability of a company and i

80、ts operating performance in relation to its competitors.Consolidated EBITDA is calculated by adding back interest,taxes and depreciation and amortization expense to net income.Segment EBITDA is calculated by adding back segment depreciation and amortization expense to segment operating income.Segmen

81、t EBITDA Margin is calculated by dividing Segment EBITDA by total segment operating revenues.Consolidated Adjusted EBITDA,Consolidated Adjusted EBITDA Margin and Consolidated Adjusted EBITDA Growth ForecastConsolidated Adjusted EBITDA,Consolidated Adjusted EBITDA Margin and Consolidated Adjusted EBI

82、TDA Growth Forecast are non-GAAP financial measures that we believe provide relevant and useful information to management,investors and other users of our financial information in evaluating the effectiveness of our operations and underlying business trends in a manner that is consistent with manage

83、ments evaluation of business performance.We believe that Consolidated Adjusted EBITDA,Consolidated Adjusted EBITDA Margin and Consolidated Adjusted EBITDA Growth Forecast are used by investors to compare a companys operating performance to its competitors by minimizing impacts caused by differences

84、in capital structure,taxes and depreciation and amortization policies.Further,the exclusion of non-operational items and special items enables comparability to prior period performance and trend analysis.Consolidated Adjusted EBITDA is calculated by excluding from Consolidated EBITDA the effect of t

85、he following non-operational items:equity in losses and earnings of unconsolidated businesses and other income and expense,net,and the following special items:severance charges,Verizon Business Group(Verizon Business)goodwill impairment,asset rationalization,legal settlement,business transformation

86、costs and non-strategic business shutdown.Severance charges recorded during 2023 and 2022 primarily relate to involuntary separations under our existing plans.Verizon Business goodwill impairment relates to an impairment charge recognized in the fourth quarter of 2023 as a result of Verizons annual

87、goodwill impairment test.Asset rationalization recorded during the second quarter of 2023 relates to certain real estate and non-strategic assets that we made a decision to cease use of as part of our transformation initiatives.Asset rationalization recorded during the fourth quarter of 2023 primari

88、ly relates to Verizon Business network assets that we made a decision to cease use of as part of our continued transformation initiatives.Legal settlement recorded during 2023 relates to the settlement of a litigation matter regarding certain administrative fees.Business transformation costs recorde

89、d during 2023 primarily relate to costs incurred in connection with strategic partnership initiatives in our managed network support services for certain Verizon Business customers.Non-strategic business shutdown relates to the shutdown of our BlueJeans business offering in 2023.Consolidated Adjuste

90、d EBITDA Margin is calculated by dividing Consolidated Adjusted EBITDA by consolidated operating revenues.We have not provided a reconciliation for our Consolidated Adjusted EBITDA Growth Forecast because we cannot,without unreasonable effort,predict the special items that could arise during 2024.Ne

91、t Unsecured Debt and Net Unsecured Debt to Consolidated Adjusted EBITDA RatioNet Unsecured Debt and Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio are non-GAAP financial measures that we believe are useful to management,investors and other users of our financial information in evaluating V

92、erizons ability to service its unsecured debt from continuing operations.Net Unsecured Debt is calculated by subtracting secured debt and cash and cash equivalents,from the sum of debt maturing within one year and long-term debt.Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio is calculated

93、by dividing Net Unsecured Debt by Consolidated Adjusted EBITDA.For purposes of Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio,Consolidated Adjusted EBITDA is calculated for the last twelve months.Adjusted Earnings per Common Share(Adjusted EPS)and Adjusted EPS ForecastAdjusted EPS and Adju

94、sted EPS Forecast are non-GAAP financial measures that we believe are useful to management,investors and other users of our financial information in evaluating our operating results and understanding our operating trends without the effect of special items which could vary from period to period.We b

95、elieve excluding special items provides more comparable assessment of our financial results from period to period.Adjusted EPS is calculated by excluding from the calculation of reported EPS the effect of the following special items:amortization of acquisition-related intangible assets,severance,pen

96、sion and benefits charges and credits,Verizon Business goodwill impairment,asset rationalization,legal settlement,business transformation costs,non-strategic business shutdown and early debt redemption costs.We exclude the amortization of acquisition-related intangible assets because the amount and

97、timing of such charges are significantly impacted by the timing,size,number and nature of the acquisitions we consummate.While we have a history of significant acquisition activity,we do not acquire businesses on a predictable cycle,and the amount of an acquisitions purchase price allocated to intan

98、gible assets and related amortization term are unique to each acquisition and can vary significantly from acquisition to acquisition.Exclusion of this amortization expense facilitates more consistent comparisons of operating results over time between our newly acquired and long-held businesses,and w

99、ith both acquisitive and non-acquisitive peer companies.We believe that it is important for investors to Verizon Communications Inc.Definitions-Non-GAAP Measures 12understand that our non-GAAP financial measure adjusts for the intangible asset amortization but does not adjust the revenue that is gen

100、erated in part from the use of such intangible assets.We have not provided a reconciliation for our Adjusted EPS Forecast because we cannot,without unreasonable effort,predict the special items that could arise during 2024.Adjusted Effective Income Tax Rate Attributable to Verizon Forecast(Adjusted

101、ETR Forecast)Adjusted ETR Forecast is a non-GAAP financial measure that we believe is useful to management,investors and other users of our financial information in assessing our effective income tax rate without the effect of special items which could vary from period to period.Adjusted ETR Forecas

102、t is calculated by dividing the provision for income taxes by net income attributable to Verizon before tax after adjusting for the effect of special items.We have not provided a reconciliation for our Adjusted ETR Forecast because we cannot,without unreasonable effort,predict the special items that

103、 could arise during 2024.Free Cash Flow and Free Cash Flow Dividend Payout Ratio Free cash flow is a non-GAAP financial measure that reflects an additional way of viewing our liquidity that,when viewed with our GAAP results,provides a more complete understanding of factors and trends affecting our c

104、ash flows.We believe it is a more conservative measure of cash flow since capital expenditures are necessary for ongoing operations.Free cash flow has limitations due to the fact that it does not represent the residual cash flow available for discretionary expenditures.For example,free cash flow doe

105、s not incorporate payments made or expected to be made on finance lease obligations or cash payments for acquisitions of businesses or wireless licenses.Therefore,we believe it is important to view free cash flow as a complement to our entire consolidated statements of cash flows.Free cash flow is c

106、alculated by subtracting capital expenditures(including capitalized software)from net cash provided by operating activities.Free cash flow dividend payout ratio is a non-GAAP financial measure that we believe is useful to management,investors and other users of our financial information in evaluatin

107、g Verizons cash available for return to shareholders.We believe this is a more conservative measure of our ability to fund our dividend payments to shareholders.Free cash flow dividend payout ratio has limitations consistent with free cash flow as discussed above.Free cash flow dividend payout ratio

108、 is calculated by dividing dividends paid to shareholders by free cash flow.Consolidated Operating Expenses Excluding Depreciation and Amortization and Special ItemsConsolidated operating expenses excluding depreciation and amortization and special items is a non-GAAP financial measure that we belie

109、ve is useful to management,investors and other users of our financial information in evaluating our operating expenses and underlying operating trends in a manner that is consistent with managements evaluation of operating performance.We believe that consolidated operating expenses excluding depreci

110、ation and amortization and special items is used by investors to more accurately compare a companys operating expenses to those of its competitors by eliminating impacts caused by differences in depreciation and amortization policies.In addition,the exclusion of the effects of special items allows f

111、or better comparability of our financial results from period to period.Consolidated operating expenses excluding depreciation and amortization and special items is calculated by excluding from consolidated operating expenses the effects of depreciation and amortization expense and the following spec

112、ial items:severance charges,Verizon Business goodwill impairment,asset rationalization and legal settlement.Adjusted 2023 Total Wireless Service Revenue and Growth RateAdjusted 2023 total wireless service revenue and adjusted 2023 total wireless service revenue growth rate are non-GAAP financial mea

113、sures that we believe are useful to management,investors and other users of our financial information in evaluating our total wireless service revenue growth and underlying operating trends in a manner that is consistent with managements evaluation of operating performance.Adjusted 2023 total wirele

114、ss service revenue and adjusted 2023 total wireless service revenue growth rate allow for better comparability of our financial results from period to period by excluding the effects of the larger allocation of administrative and telco recovery charges,which partly recover network operating costs,fr

115、om other revenue to wireless service revenue in 2023.Adjusted 2023 total wireless service revenue is calculated by excluding from total wireless service revenue the effect of the reallocation of certain revenues from other revenue to wireless service revenue in 2023.Adjusted 2023 total wireless serv

116、ice revenue growth rate is calculated by dividing the difference between the adjusted 2023 total wireless service revenue and our prior period reported result,by the prior period reported total wireless service revenue result.Verizon Communications Inc.Definitions-Non-GAAP Measures 13Consolidated EB

117、ITDA,Consolidated Adjusted EBITDA and Consolidated Adjusted EBITDA Margin(dollars in millions)20222023Unaudited1Q2Q3Q4QFull Year1Q2Q3Q4QFull YearConsolidated Net Income(Loss)$4,711$5,315$5,024$6,698$21,748$5,018$4,766$4,884$(2,573)$12,095 Add:Provision for income taxes 1,372 1,542 1,496 2,113 6,523

118、1,482 1,346 1,308 756 4,892 Interest expense 786 785 937 1,105 3,613 1,207 1,285 1,433 1,599 5,524 Depreciation and amortization expense(1)4,236 4,321 4,324 4,218 17,099 4,318 4,359 4,431 4,516 17,624 Consolidated EBITDA$11,105$11,963$11,781$14,134$48,983$12,025$11,756$12,056$4,298$40,135 Add/(subtr

119、act):Other(income)expense,net(2)$924$(49)$439$(2,687)$(1,373)$(114)$(210)$(170)$807$313 Equity in losses(earnings)of unconsolidated businesses 3 (41)(2)(4)(44)(9)33 18 11 53 Severance charges 304 304 237 296 533 Verizon Business Group goodwill impairment 5,841 5,841 Asset rationalization 155 325 480

120、 Legal settlement 100 100 Business transformation costs 176 176 Non-strategic business shutdown 158 158 Consolidated Adjusted EBITDA$12,032$11,873$12,218$11,747$47,870$11,902$11,971$12,238$11,678$47,789 Consolidated Operating Revenues$35,251$136,835$32,912$32,596$33,336$35,130$133,974 Consolidated N

121、et Income(Loss)Margin 19.0%15.9%15.2%14.6%14.7%(7.3)%9.0%Consolidated Adjusted EBITDA Margin 33.3%35.0%36.2%36.7%36.7%33.2%35.7%Consolidated Adjusted EBITDA-Year over year change%(0.6)%(0.2)%(1)Includes Amortization of acquisition-related intangible assets and a portion of the Non-strategic business

122、 shutdown,where applicable.(2)Includes Pension and benefits remeasurement adjustments and Early debt redemption costs,where applicable.Verizon Communications Inc.Non-GAAP Reconciliations-Consolidated14 Consolidated EBITDA and Consolidated Adjusted EBITDA(LTM)(dollars in millions)12 Mos.Ended12 Mos.E

123、nded12 Mos.Ended12 Mos.Ended12 Mos.EndedUnaudited12/31/223/31/236/30/239/30/2312/31/23Consolidated Net Income$21,748$22,055$21,506$21,366$12,095 Add:Provision for income taxes 6,523 6,633 6,437 6,249 4,892 Interest expense 3,613 4,034 4,534 5,030 5,524 Depreciation and amortization expense(1)17,099

124、17,181 17,219 17,326 17,624 Consolidated EBITDA$48,983$49,903$49,696$49,971$40,135 Add/(subtract):Other(income)expense,net(2)$(1,373)$(2,411)$(2,572)$(3,181)$313 Equity in losses(earnings)of unconsolidated businesses (44)(56)18 38 53 Severance charges 304 304 541 541 533 Verizon Business Group goodw

125、ill impairment 5,841 Asset rationalization 155 155 480 Legal settlement 100 Business transformation costs 176 176 Non-strategic business shutdown 158,000,000 158 Consolidated Adjusted EBITDA$47,870$47,740$47,838$47,858$47,789(1)Includes Amortization of acquisition-related intangible assets and a por

126、tion of the Non-strategic business shutdown,where applicable.(2)Includes Pension and benefits remeasurement adjustments and Early debt redemption costs,where applicable.Net Unsecured Debt and Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio(dollars in millions)Unaudited12/31/213/31/226/30/22

127、9/30/2212/31/223/31/236/30/239/30/2312/31/23Debt maturing within one year$7,443$13,421$12,873$14,995$9,963$12,081$14,827$12,950$12,973 Long-term debt 143,425 139,961 136,184 132,912 140,676 140,772 137,871 134,441 137,701 Total Debt 150,868 153,382 149,057 147,907 150,639 152,853 152,698 147,391 150

128、,674 Less Secured debt 14,202 16,102 16,572 16,510 20,008 20,835 21,342 20,951 22,183 Unsecured Debt 136,666 137,280 132,485 131,397 130,631 132,018 131,356 126,440 128,491 Less Cash and cash equivalents 2,921 1,661 1,857 2,082 2,605 2,234 4,803 4,210 2,065 Net Unsecured Debt$133,745$135,619$130,628

129、$129,315$128,026$129,784$126,553$122,230$126,426 Consolidated Net Income(LTM)$21,748$22,055$21,506$21,366$12,095 Unsecured Debt to Consolidated Net Income Ratio 6.0 x 6.0 x 6.1x 5.9x 10.6x Consolidated Adjusted EBITDA(LTM)$47,870$47,740$47,838$47,858$47,789 Net Unsecured Debt to Consolidated Adjuste

130、d EBITDA Ratio 2.7x 2.7x 2.6x 2.6x 2.6x Net Unsecured Debt-Quarter over quarter change$4,196 Net Unsecured Debt-Year over year change$(1,600)Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio-Quarter over quarter change Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio-Year over year ch

131、ange(0.1)xVerizon Communications Inc.Non-GAAP Reconciliations-Consolidated15Adjusted Earnings per Common Share(Adjusted EPS)(dollars in millions except per share amounts)3 Mos.Ended3 Mos.EndedUnaudited12/31/2212/31/23Pre-taxTaxAfter-TaxPre-taxTaxAfter-TaxEPS$1.56$(0.64)Amortization of acquisition-re

132、lated intangible assets$115$(34)$81 0.02$227$(57)$170 0.04 Severance,pension and benefits charges(credits)(2,214)552 (1,662)(0.40)1,288 (319)969 0.23 Verizon Business Group goodwill impairment 5,841 (52)5,789 1.37 Asset rationalization 325 (80)245 0.06 Legal settlement 100 (25)75 0.02$(2,099)$518$(1

133、,581)$(0.38)$7,781$(533)$7,248$1.72 Adjusted EPS$1.19$1.08 Year over year change%(9.2)%Footnote:Adjusted EPS may not add due to rounding.(dollars in millions except per share amounts)12 Mos.Ended12 Mos.EndedUnaudited12/31/2212/31/23Pre-taxTaxAfter-TaxPre-taxTaxAfter-TaxEPS$5.06$2.75 Amortization of

134、acquisition-related intangible assets$826$(214)$612 0.15$865$(219)$646 0.15 Severance,pension and benefits charges(credits)(1,371)339 (1,032)(0.25)1,525 (378)1,147 0.27 Verizon Business Group goodwill impairment 5,841 (52)5,789 1.37 Asset rationalization 480 (113)367 0.09 Legal settlement 100 (25)75

135、 0.02 Business transformation costs 176 (45)131 0.03 Non-strategic business shutdown 179 (83)96 0.02 Early debt redemption costs 1,241 (316)925 0.22$696$(191)$505$0.12$9,166$(915)$8,251$1.96 Adjusted EPS$5.18$4.71 Year over year change%(9.1)%Footnote:Adjusted EPS may not add due to rounding.Free Cas

136、h Flow and Free Cash Flow Dividend Payout Ratio(dollars in millions)3 Mos.Ended3 Mos.Ended12 Mos.Ended12 Mos.EndedUnaudited12/31/2212/31/2312/31/2212/31/23Net Cash Provided by Operating Activities$8,942 8,677$37,141 37,475 Capital expenditures(including capitalized software)(7,276)(4,603)(23,087)(18

137、,767)Free Cash Flow$1,666$4,074$14,054$18,708 Dividends Paid$11,025 Net Cash Provided by Operating Activities Dividend Payout Ratio 29.4%Free Cash Flow Dividend Payout Ratio 58.9%Free Cash Flow for 12 Mos.Ended 12/31/23-Year over year change$4,654 Free Cash Flow for 12 Mos.Ended 12/31/23-Year over y

138、ear change%33.1%Verizon Communications Inc.Non-GAAP Reconciliations-Consolidated16Consolidated Operating Expenses Excluding Depreciation and Amortization and Special Items(dollars in millions)3 Mos.Ended3 Mos.EndedUnaudited12/31/2212/31/23Consolidated Operating Expenses$28,026$34,530 Depreciation an

139、d amortization expense(1)4,218 4,516 Severance charges 304 296 Verizon Business Group goodwill impairment 5,841 Asset rationalization 325 Legal settlement 100 Consolidated Operating Expenses Excluding Depreciation and Amortization and Special Items$23,504$23,452 Year over year change%(0.2)%(1)Includ

140、es Amortization of acquisition-related intangible assets.Adjusted 2023 Total Wireless Service Revenue and Growth Rate(dollars in millions)12 Mos.Ended12 Mos.EndedUnaudited12/31/2212/31/23Total Wireless Service Revenue$74,354$76,730 Less revenue reallocated from Other revenue to Wireless service reve

141、nue(Reallocation)1,445 Adjusted Total Wireless Service Revenue$74,354$75,285 2023 Total Wireless Service Revenue Growth Rate 3.2%Adjusted 2023 Total Wireless Service Revenue Growth Rate 1.3%Effect of Reallocation on 2023 Total Wireless Service Revenue Growth Rate 190 bpsVerizon Communications Inc.No

142、n-GAAP Reconciliations-Consolidated17Non-GAAP Reconciliations-SegmentsSegment EBITDA and Segment EBITDA MarginConsumer(dollars in millions)3 Mos.3 Mos.3 Mos.3 Mos.Full year3 Mos.3 Mos.3 Mos.3 Mos.Full YearEndedEndedEndedEndedEndedEndedEndedEndedUnaudited3/31/226/30/229/30/2212/31/2220223/31/236/30/2

143、39/30/2312/31/232023Operating Income$7,319$7,150$7,349$7,028$28,846$7,099$7,330$7,547$7,035$29,011 Add Depreciation and amortization expense 3,162 3,211 3,232 3,111 12,716 3,214 3,247 3,272 3,344 13,077 Segment EBITDA$10,481$10,361$10,581$10,139$41,562$10,313$10,577$10,819$10,379$42,088 Total operat

144、ing revenues$25,292$25,604$25,840$26,770$103,506$24,857$24,558$25,257$26,954$101,626 Operating Income Margin 28.9%27.9%28.4%26.3%27.9%28.6%29.8%29.9%26.1%28.5%Segment EBITDA Margin 41.4%40.5%40.9%37.9%40.2%41.5%43.1%42.8%38.5%41.4%Segment EBITDA-Year over year change%2.4%1.3%Business(dollars in mill

145、ions)3 Mos.3 Mos.3 Mos.3 Mos.Full year3 Mos.3 Mos.3 Mos.3 Mos.Full YearEndedEndedEndedEndedEndedEndedEndedEndedUnaudited3/31/226/30/229/30/2212/31/2220223/31/236/30/239/30/2312/31/232023Operating Income$673$675$698$585$2,631$551$533$539$443$2,066 Add Depreciation and amortization expense 1,061 1,074

146、 1,079 1,098 4,312 1,094 1,103 1,127 1,164 4,488 Segment EBITDA$1,734$1,749$1,777$1,683$6,943$1,645$1,636$1,666$1,607$6,554 Total operating revenues$7,709$7,626$7,837$7,900$31,072$7,494$7,483$7,527$7,618$30,122 Operating Income Margin 8.7%8.9%8.9%7.4%8.5%7.4%7.1%7.2%5.8%6.9%Segment EBITDA Margin 22.5%22.9%22.7%21.3%22.3%22.0%21.9%22.1%21.1%21.8%Segment EBITDA-Year over year change%(4.5)%(5.6)%Verizon Communications Inc.18