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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Verizon Communications Inc | NYSE:VZ | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.10 | 0.26% | 39.03 | 1,792 | 12:02:34 |
NEW YORK, Oct. 21, 2014 /PRNewswire/ --
3Q 2014 HIGHLIGHTS
Consolidated
Wireless
Wireline
Verizon Communications Inc. (NYSE, Nasdaq: VZ) today reported double-digit year-over-year percentage growth in reported and adjusted earnings per share for the 10th time in the past 11 quarters.
The company posted another strong quarter of Verizon Wireless connections growth and profitability, and customer growth for FiOS fiber-optic services.
Chairman and CEO Lowell McAdam said: "We have great confidence heading into the fourth quarter, as Verizon continues to deliver consistently strong operating and financial results. We see continued, healthy customer demand for wireless and broadband services, and we are encouraged by the growth we are starting to see in the areas of video delivery and machine-to-machine. Our cash generation remains strong, and last month we were pleased to announce board approval of a quarterly dividend increase for the eighth consecutive year."
Verizon reported 89 cents in EPS in third-quarter 2014, compared with 78 cents per share in third-quarter 2013. No special items impacted third-quarter 2014 earnings. Third-quarter 2013 results included a non-operational net gain of 1 cent per share.
The 89 cents in EPS in third-quarter 2014 is a 15.6 percent increase compared with 77 cents per share on an adjusted basis (non-GAAP) in third-quarter 2013.
Consolidated Highlights
Verizon Wireless Delivers Strong Customer Additions and Profitability
In third-quarter 2014, Verizon Wireless delivered strong growth in retail postpaid net connections, a high number of tablet additions, an increase in smartphone penetration and continued high segment EBITDA margin on service revenues (non-GAAP).
Wireless Financial Highlights
Wireless Operational Highlights
Wireline Consumer Revenue Growth Remains Strong
Verizon's wireline segment reported continued strong results for consumer services, where year-over-year quarterly revenues now have grown by more than 4 percent for nine consecutive quarters.
Wireline Financial Highlights
Wireline Operational Highlights
NOTE: See the accompanying schedules and www.verizon.com/about/investors for reconciliations to generally accepted accounting principles (GAAP) for non-GAAP financial measures cited in this document.
Verizon Communications Inc. (NYSE, Nasdaq: VZ), headquartered in New York, is a global leader in delivering broadband and other wireless and wireline communications services to consumer, business, government and wholesale customers. Verizon Wireless operates America's most reliable wireless network, with more than 106 million retail connections nationwide. Verizon also provides converged communications, information and entertainment services over America's most advanced fiber-optic network, and delivers integrated business solutions to customers in more than 150 countries. A Dow 30 company with more than $120 billion in 2013 revenues, Verizon employs a diverse workforce of 178,500. For more information, visit www.verizon.com/news/.
VERIZON'S ONLINE NEWS CENTER: Verizon news releases, executive speeches and biographies, media contacts and other information are available at Verizon's online News Center at www.verizon.com/news/. The news releases are available through an RSS feed. To subscribe, visit www.verizon.com/about/rss-feeds/.
Forward-Looking Statements
In this communication we have made forward-looking statements. These statements are based on our estimates and assumptions and are subject to risks and uncertainties. Forward-looking statements include the information concerning our possible or assumed future results of operations. Forward-looking statements also include those preceded or followed by the words "anticipates," "believes," "estimates," "hopes" or similar expressions. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The following important factors, along with those discussed in our filings with the Securities and Exchange Commission (the "SEC"), could affect future results and could cause those results to differ materially from those expressed in the forward-looking statements: the ability to realize the expected benefits of our transaction with Vodafone in the timeframe expected or at all; an adverse change in the ratings afforded our debt securities by nationally accredited ratings organizations or adverse conditions in the credit markets affecting the cost, including interest rates, and/or availability of further financing; significantly increased levels of indebtedness as a result of the Vodafone transaction; changes in tax laws or treaties, or in their interpretation; adverse conditions in the U.S. and international economies; material adverse changes in labor matters, including labor negotiations, and any resulting financial and/or operational impact; material changes in technology or technology substitution; disruption of our key suppliers' provisioning of products or services; changes in the regulatory environment in which we operate, including any increase in restrictions on our ability to operate our networks; breaches of network or information technology security, natural disasters, terrorist attacks or acts of war or significant litigation and any resulting financial impact not covered by insurance; the effects of competition in the markets in which we operate; changes in accounting assumptions that regulatory agencies, including the SEC, may require or that result from changes in the accounting rules or their application, which could result in an impact on earnings; significant increases in benefit plan costs or lower investment returns on plan assets; and the inability to implement our business strategies.
Verizon Communications Inc. | ||||||||
Condensed Consolidated Statements of Income | ||||||||
(dollars in millions, except per share amounts) | ||||||||
3 Mos. Ended |
3 Mos. Ended |
9 Mos. Ended |
9 Mos. Ended |
|||||
Unaudited |
9/30/14 |
9/30/13 |
% Change |
9/30/14 |
9/30/13 |
% Change | ||
Operating Revenues |
$ 31,586 |
$ 30,279 |
4.3 |
$ 93,887 |
$ 89,485 |
4.9 | ||
Operating Expenses |
||||||||
Cost of services and sales |
12,252 |
10,960 |
11.8 |
35,528 |
32,925 |
7.9 | ||
Selling, general and administrative expense |
8,277 |
8,037 |
3.0 |
24,159 |
24,232 |
(0.3) | ||
Depreciation and amortization expense |
4,167 |
4,154 |
0.3 |
12,465 |
12,423 |
0.3 | ||
Total Operating Expenses |
24,696 |
23,151 |
6.7 |
72,152 |
69,580 |
3.7 | ||
Operating Income |
6,890 |
7,128 |
(3.3) |
21,735 |
19,905 |
9.2 | ||
Equity in earnings (losses) of unconsolidated businesses |
(48) |
19 |
* |
1,811 |
134 |
* | ||
Other income and (expense), net |
71 |
20 |
* |
(757) |
84 |
* | ||
Interest expense |
(1,255) |
(555) |
* |
(3,633) |
(1,606) |
* | ||
Income Before Provision for Income Taxes |
5,658 |
6,612 |
(14.4) |
19,156 |
18,517 |
3.5 | ||
Provision for income taxes |
(1,864) |
(1,034) |
80.3 |
(5,052) |
(2,886) |
75.1 | ||
Net Income |
$ 3,794 |
$ 5,578 |
(32.0) |
$ 14,104 |
$ 15,631 |
(9.8) | ||
Net income attributable to noncontrolling interests |
$ 99 |
$ 3,346 |
(97.0) |
$ 2,248 |
$ 9,201 |
(75.6) | ||
Net income attributable to Verizon |
3,695 |
2,232 |
65.5 |
11,856 |
6,430 |
84.4 | ||
Net Income |
$ 3,794 |
$ 5,578 |
(32.0) |
$ 14,104 |
$ 15,631 |
(9.8) | ||
Basic Earnings per Common Share |
||||||||
Net income attributable to Verizon |
$ .89 |
$ .78 |
14.1 |
$ 3.03 |
$ 2.24 |
35.3 | ||
Weighted average number of common shares (in millions) |
4,152 |
2,866 |
3,912 |
2,866 |
||||
Diluted Earnings per Common Share (1) |
||||||||
Net income attributable to Verizon |
$ .89 |
$ .78 |
14.1 |
$ 3.03 |
$ 2.24 |
35.3 | ||
Weighted average number of common |
||||||||
shares-assuming dilution (in millions) |
4,159 |
2,874 |
3,919 |
2,874 |
||||
Footnotes: |
||||||||
(1) |
Diluted Earnings per Common Share includes the dilutive effect of shares issuable under our stock-based compensation plans, which |
|||||||
represents the only potential dilution. |
||||||||
Certain reclassifications have been made, where appropriate, to reflect comparable operating results. |
||||||||
* |
Not meaningful |
Verizon Communications Inc. | ||||||
Condensed Consolidated Balance Sheets | ||||||
(dollars in millions) | ||||||
Unaudited |
9/30/14 |
12/31/13 |
$ Change | |||
Assets |
||||||
Current assets |
||||||
Cash and cash equivalents |
$ 7,218 |
$ 53,528 |
$ (46,310) | |||
Short-term investments |
635 |
601 |
34 | |||
Accounts receivable, net |
13,283 |
12,439 |
844 | |||
Inventories |
1,206 |
1,020 |
186 | |||
Prepaid expenses and other |
2,431 |
3,406 |
(975) | |||
Total current assets |
24,773 |
70,994 |
(46,221) | |||
Plant, property and equipment |
230,452 |
220,865 |
9,587 | |||
Less accumulated depreciation |
140,520 |
131,909 |
8,611 | |||
89,932 |
88,956 |
976 | ||||
Investments in unconsolidated businesses |
818 |
3,432 |
(2,614) | |||
Wireless licenses |
75,303 |
75,747 |
(444) | |||
Goodwill |
24,617 |
24,634 |
(17) | |||
Other intangible assets, net |
5,738 |
5,800 |
(62) | |||
Other assets |
5,112 |
4,535 |
577 | |||
Total Assets |
$ 226,293 |
$ 274,098 |
$ (47,805) | |||
Liabilities and Equity |
||||||
Current liabilities |
||||||
Debt maturing within one year |
$ 1,603 |
$ 3,933 |
$ (2,330) | |||
Accounts payable and accrued liabilities |
17,055 |
16,453 |
602 | |||
Other |
8,231 |
6,664 |
1,567 | |||
Total current liabilities |
26,889 |
27,050 |
(161) | |||
Long-term debt |
107,627 |
89,658 |
17,969 | |||
Employee benefit obligations |
25,770 |
27,682 |
(1,912) | |||
Deferred income taxes |
42,289 |
28,639 |
13,650 | |||
Other liabilities |
5,750 |
5,653 |
97 | |||
Equity |
||||||
Common stock |
424 |
297 |
127 | |||
Contributed capital |
11,089 |
37,939 |
(26,850) | |||
Reinvested earnings |
6,964 |
1,782 |
5,182 | |||
Accumulated other comprehensive income |
1,175 |
2,358 |
(1,183) | |||
Common stock in treasury, at cost |
(3,465) |
(3,961) |
496 | |||
Deferred compensation – employee |
||||||
stock ownership plans and other |
390 |
421 |
(31) | |||
Noncontrolling interests |
1,391 |
56,580 |
(55,189) | |||
Total equity |
17,968 |
95,416 |
(77,448) | |||
Total Liabilities and Equity |
$ 226,293 |
$ 274,098 |
$ (47,805) | |||
Verizon - Selected Financial and Operating Statistics |
||||||
Unaudited |
9/30/14 |
12/31/13 |
||||
Total debt (in millions) |
$ 109,230 |
$ 93,591 |
||||
Net debt (in millions) |
$ 102,012 |
$ 40,063 |
||||
Net debt / Adjusted EBITDA(1) |
2.3x |
1.0x |
||||
Common shares outstanding end of period (in millions) |
4,150 |
2,862 |
||||
Total employees |
178,500 |
176,800 |
||||
Quarterly cash dividends declared per common share |
$ 0.550 |
$ 0.530 |
||||
Footnotes: |
||||||
(1) |
Adjusted EBITDA excludes the effects of non-operational items. | |||||
The unaudited condensed consolidated balance sheets are based on preliminary information. |
Verizon Communications Inc. | ||||||
Condensed Consolidated Statements of Cash Flows | ||||||
(dollars in millions) | ||||||
9 Mos. Ended |
9 Mos. Ended |
|||||
Unaudited |
9/30/14 |
9/30/13 |
$ Change | |||
Cash Flows from Operating Activities |
||||||
Net Income |
$ 14,104 |
$ 15,631 |
$ (1,527) | |||
Adjustments to reconcile net income to net cash provided by |
||||||
operating activities: |
||||||
Depreciation and amortization expense |
12,465 |
12,423 |
42 | |||
Employee retirement benefits |
843 |
649 |
194 | |||
Deferred income taxes |
914 |
3,011 |
(2,097) | |||
Provision for uncollectible accounts |
684 |
746 |
(62) | |||
Equity in earnings of unconsolidated businesses, net of dividends received |
(1,785) |
(100) |
(1,685) | |||
Changes in current assets and liabilities, net of effects from |
||||||
acquisition/disposition of businesses |
(816) |
(1,078) |
262 | |||
Other, net |
(3,252) |
(2,895) |
(357) | |||
Net cash provided by operating activities |
23,157 |
28,387 |
(5,230) | |||
Cash Flows from Investing Activities |
||||||
Capital expenditures (including capitalized software) |
(12,624) |
(11,807) |
(817) | |||
Acquisitions of investments and businesses, net of cash acquired |
(180) |
(81) |
(99) | |||
Acquisitions of wireless licenses |
(343) |
(430) |
87 | |||
Proceeds from dispositions of wireless licenses |
2,367 |
2,111 |
256 | |||
Proceeds from dispositions of businesses |
120 |
- |
120 | |||
Other, net |
230 |
184 |
46 | |||
Net cash used in investing activities |
(10,430) |
(10,023) |
(407) | |||
Cash Flows from Financing Activities |
||||||
Proceeds from long-term borrowings |
21,575 |
49,166 |
(27,591) | |||
Repayments of long-term borrowings and capital lease obligations |
(12,594) |
(2,392) |
(10,202) | |||
Decrease in short-term obligations, excluding current maturities |
(426) |
(324) |
(102) | |||
Dividends paid |
(5,653) |
(4,420) |
(1,233) | |||
Proceeds from sale of common stock |
34 |
76 |
(42) | |||
Purchase of common stock for treasury |
- |
(153) |
153 | |||
Special distribution to noncontrolling interest |
- |
(3,150) |
3,150 | |||
Acquisition of noncontrolling interest |
(58,886) |
- |
(58,886) | |||
Other, net |
(3,087) |
(3,550) |
463 | |||
Net cash provided by (used in) financing activities |
(59,037) |
35,253 |
(94,290) | |||
Increase (decrease) in cash and cash equivalents |
(46,310) |
53,617 |
(99,927) | |||
Cash and cash equivalents, beginning of period |
53,528 |
3,093 |
50,435 | |||
Cash and cash equivalents, end of period |
$ 7,218 |
$ 56,710 |
$(49,492) | |||
Footnotes: |
||||||
Certain reclassifications of prior period amounts have been made, where appropriate, to reflect comparable operating results. |
Verizon Communications Inc. | ||||||||
Wireless - Selected Financial Results | ||||||||
(dollars in millions) | ||||||||
3 Mos. Ended |
3 Mos. Ended |
9 Mos. Ended |
9 Mos. Ended |
|||||
Unaudited |
9/30/14 |
9/30/13 |
% Change |
9/30/14 |
9/30/13 |
% Change | ||
Operating Revenues |
||||||||
Retail service |
$ 17,556 |
$ 16,776 |
4.6 |
$ 52,090 |
$ 49,367 |
5.5 | ||
Other service |
800 |
740 |
8.1 |
2,331 |
1,955 |
19.2 | ||
Service |
18,356 |
17,516 |
4.8 |
54,421 |
51,322 |
6.0 | ||
Equipment |
2,480 |
1,924 |
28.9 |
6,737 |
5,690 |
18.4 | ||
Other |
999 |
959 |
4.2 |
3,039 |
2,886 |
5.3 | ||
Total Operating Revenues |
21,835 |
20,399 |
7.0 |
64,197 |
59,898 |
7.2 | ||
Operating Expenses |
||||||||
Cost of services and sales |
7,043 |
5,652 |
24.6 |
19,641 |
17,102 |
14.8 | ||
Selling, general and administrative expense |
5,698 |
5,801 |
(1.8) |
16,991 |
16,915 |
0.4 | ||
Depreciation and amortization expense |
2,139 |
2,060 |
3.8 |
6,307 |
6,113 |
3.2 | ||
Total Operating Expenses |
14,880 |
13,513 |
10.1 |
42,939 |
40,130 |
7.0 | ||
Operating Income |
$ 6,955 |
$ 6,886 |
1.0 |
$ 21,258 |
$ 19,768 |
7.5 | ||
Operating Income Margin |
31.9% |
33.8% |
33.1% |
33.0% |
||||
Segment EBITDA |
$ 9,094 |
$ 8,946 |
1.7 |
$ 27,565 |
$ 25,881 |
6.5 | ||
Segment EBITDA Service Margin |
49.5% |
51.1% |
50.7% |
50.4% |
||||
Footnotes: |
||||||||
The segment financial results and metrics above are adjusted to exclude the effects of non-operational items, as the Company's chief operating decision maker excludes these items in assessing business unit performance. | ||||||||
Intersegment transactions have not been eliminated. | ||||||||
Certain reclassifications have been made, where appropriate, to reflect comparable operating results. |
Verizon Communications Inc. | ||||||||
Wireless - Selected Operating Statistics | ||||||||
Unaudited |
9/30/14 |
9/30/13 |
% Change | |||||
Connections ('000) |
||||||||
Retail postpaid |
100,103 |
95,185 |
5.2 | |||||
Retail prepaid |
6,053 |
5,965 |
1.5 | |||||
Retail |
106,156 |
101,150 |
4.9 | |||||
3 Mos. Ended |
3 Mos. Ended |
9 Mos. Ended |
9 Mos. Ended |
|||||
Unaudited |
9/30/14 |
9/30/13 |
% Change |
9/30/14 |
9/30/13 |
% Change | ||
Net Add Detail ('000) (1) |
||||||||
Retail postpaid |
1,516 |
927 |
63.5 |
3,496 |
2,545 |
37.4 | ||
Retail prepaid |
9 |
134 |
(93.3) |
5 |
274 |
(98.2) | ||
Retail |
1,525 |
1,061 |
43.7 |
3,501 |
2,819 |
24.2 | ||
Account Statistics |
||||||||
Retail Postpaid Accounts ('000) (2) |
35,435 |
34,972 |
1.3 | |||||
Retail postpaid ARPA |
$ 161.24 |
$ 155.74 |
3.5 |
$ 160.21 |
$ 152.84 |
4.8 | ||
Retail postpaid connections per account (2) |
2.82 |
2.72 |
3.7 | |||||
Churn Detail |
||||||||
Retail postpaid |
1.00% |
0.97% |
1.00% |
0.97% |
||||
Retail |
1.29% |
1.28% |
1.30% |
1.27% |
||||
Retail Postpaid Connection Statistics |
||||||||
Total Smartphone postpaid % of phones activated |
91.0% |
84.9% |
90.6% |
84.5% |
||||
Total Smartphone postpaid phone base (2) |
76.5% |
67.2% |
||||||
Total Internet postpaid base (2) |
13.1% |
10.2% |
||||||
Other Operating Statistics |
||||||||
Capital expenditures (in millions) |
$ 2,483 |
$ 2,450 |
1.3 |
$ 7,808 |
$ 6,720 |
16.2 | ||
Footnotes: |
||||||||
(1) |
Connection net additions exclude acquisitions and adjustments. | |||||||
(2) |
Statistics presented as of end of period. | |||||||
The segment financial results and metrics above are adjusted to exclude the effects of non-operational items, as the Company's chief operating decision maker excludes these items in assessing business unit performance. | ||||||||
Intersegment transactions have not been eliminated. | ||||||||
Certain reclassifications have been made, where appropriate, to reflect comparable operating results. |
Verizon Communications Inc. | ||||||||
Wireline - Selected Financial Results | ||||||||
(dollars in millions) | ||||||||
3 Mos. Ended |
3 Mos. Ended |
9 Mos. Ended |
9 Mos. Ended |
|||||
Unaudited |
9/30/14 |
9/30/13 |
% Change |
9/30/14 |
9/30/13 |
% Change | ||
Operating Revenues |
||||||||
Consumer retail |
$ 3,902 |
$ 3,735 |
4.5 |
$ 11,606 |
$ 11,020 |
5.3 | ||
Small business |
613 |
639 |
(4.1) |
1,858 |
1,912 |
(2.8) | ||
Mass Markets |
4,515 |
4,374 |
3.2 |
13,464 |
12,932 |
4.1 | ||
Strategic services |
2,068 |
2,048 |
1.0 |
6,214 |
6,059 |
2.6 | ||
Core |
1,316 |
1,491 |
(11.7) |
4,099 |
4,590 |
(10.7) | ||
Global Enterprise |
3,384 |
3,539 |
(4.4) |
10,313 |
10,649 |
(3.2) | ||
Global Wholesale |
1,552 |
1,631 |
(4.8) |
4,713 |
4,992 |
(5.6) | ||
Other |
125 |
113 |
10.6 |
379 |
339 |
11.8 | ||
Total Operating Revenues |
9,576 |
9,657 |
(0.8) |
28,869 |
28,912 |
(0.1) | ||
Operating Expenses |
||||||||
Cost of services and sales |
5,325 |
5,342 |
(0.3) |
16,006 |
15,925 |
0.5 | ||
Selling, general and administrative expense |
2,048 |
2,094 |
(2.2) |
6,228 |
6,517 |
(4.4) | ||
Depreciation and amortization expense |
1,978 |
2,074 |
(4.6) |
6,016 |
6,254 |
(3.8) | ||
Total Operating Expenses |
9,351 |
9,510 |
(1.7) |
28,250 |
28,696 |
(1.6) | ||
Operating Income |
$ 225 |
$ 147 |
53.1 |
$ 619 |
$ 216 |
* | ||
Operating Income Margin |
2.3% |
1.5% |
2.1% |
0.7% |
||||
Segment EBITDA |
$ 2,203 |
$ 2,221 |
(0.8) |
$ 6,635 |
$ 6,470 |
2.6 | ||
Segment EBITDA Margin |
23.0% |
23.0% |
23.0% |
22.4% |
||||
Footnotes: |
||||||||
The segment financial results and metrics above are adjusted to exclude the effects of non-operational items, as the Company's chief operating decision maker excludes these items in assessing business unit performance. | ||||||||
Intersegment transactions have not been eliminated. | ||||||||
Certain reclassifications have been made, where appropriate, to reflect comparable operating results. | ||||||||
* |
Not meaningful |
Verizon Communications Inc. | ||||||||
Wireline - Selected Operating Statistics | ||||||||
Unaudited |
9/30/14 |
9/30/13 |
% Change | |||||
Connections ('000) |
||||||||
FiOS Video Subscribers |
5,533 |
5,170 |
7.0 | |||||
FiOS Internet Subscribers |
6,471 |
5,946 |
8.8 | |||||
FiOS Digital Voice residence connections |
4,514 |
4,069 |
10.9 | |||||
FiOS Digital connections |
16,518 |
15,185 |
8.8 | |||||
HSI |
2,675 |
3,049 |
(12.3) | |||||
Total Broadband connections |
9,146 |
8,995 |
1.7 | |||||
Primary residence switched access connections |
5,794 |
6,821 |
(15.1) | |||||
Primary residence connections |
10,308 |
10,890 |
(5.3) | |||||
Total retail residence voice connections |
10,743 |
11,421 |
(5.9) | |||||
Total voice connections |
20,089 |
21,457 |
(6.4) | |||||
3 Mos. Ended |
3 Mos. Ended |
9 Mos Ended |
9 Mos Ended |
|||||
Unaudited |
9/30/14 |
9/30/13 |
% Change |
9/30/14 |
9/30/13 |
% Change | ||
Net Add Detail ('000) |
||||||||
FiOS Video Subscribers |
114 |
135 |
(15.6) |
271 |
444 |
(39.0) | ||
FiOS Internet Subscribers |
162 |
173 |
(6.4) |
399 |
522 |
(23.6) | ||
FiOS Digital Voice residence connections |
74 |
252 |
(70.6) |
266 |
842 |
(68.4) | ||
FiOS Digital connections |
350 |
560 |
(37.5) |
936 |
1,808 |
(48.2) | ||
HSI |
(93) |
(117) |
(20.5) |
(268) |
(322) |
(16.8) | ||
Total Broadband connections |
69 |
56 |
23.2 |
131 |
200 |
(34.5) | ||
Primary residence switched access connections |
(213) |
(379) |
(43.8) |
(687) |
(1,161) |
(40.8) | ||
Primary residence connections |
(139) |
(127) |
9.4 |
(421) |
(319) |
32.0 | ||
Total retail residence voice connections |
(160) |
(162) |
(1.2) |
(486) |
(428) |
13.6 | ||
Total voice connections |
(302) |
(371) |
(18.6) |
(996) |
(1,046) |
(4.8) | ||
Revenue and ARPU Statistics |
||||||||
Consumer ARPU |
$ 125.32 |
$ 113.65 |
10.3 |
$ 122.60 |
$ 110.81 |
10.6 | ||
FiOS revenues (in millions) |
$ 3,200 |
$ 2,823 |
13.4 |
$ 9,366 |
$ 8,187 |
14.4 | ||
Strategic services as a % of total Enterprise revenues |
61.1% |
57.9% |
60.3% |
56.9% |
||||
Other Operating Statistics |
||||||||
Capital expenditures (in millions) |
$ 1,464 |
$ 1,518 |
(3.6) |
$ 4,194 |
$ 4,467 |
(6.1) | ||
Wireline employees ('000) |
79.4 |
83.6 |
||||||
FiOS Video Open for Sale ('000) |
15,602 |
14,824 |
||||||
FiOS Video penetration |
35.5% |
34.9% |
||||||
FiOS Internet Open for Sale ('000) |
15,945 |
15,167 |
||||||
FiOS Internet penetration |
40.6% |
39.2% |
||||||
Footnotes: |
||||||||
The segment financial results and metrics above are adjusted to exclude the effects of non-operational items, as the Company's chief operating decision maker excludes these items in assessing business unit performance. | ||||||||
Intersegment transactions have not been eliminated. | ||||||||
Certain reclassifications have been made, where appropriate, to reflect comparable operating results. |
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/verizon-reports-strong-customer-additions-and-another-quarter-of-double-digit-earnings-growth-879929957.html
SOURCE Verizon Communications Inc.
Copyright 2014 PR Newswire
1 Year Verizon Communications Chart |
1 Month Verizon Communications Chart |
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