Growth in service and other revenue was offset by wireless equipment revenue declines. Total Verizon Consumer revenue was $24.6 billion, a decrease of 4.1 percent year over year. At the end of second-quarter 2023, Verizon's ratio of unsecured debt to net income (LTM) was approximately 6.1 times, and its net unsecured debt to adjusted EBITDA ratio 1 was approximately 2.6 times. The company's net unsecured debt 1 balance improved sequentially by $3.2 billion to $126.6 billion. Verizon's unsecured debt as of the end of second-quarter 2023 decreased by $662 million sequentially to $131.4 billion. The company ended first-half 2023 with free cash flow 1 of $8.0 billion, an increase from $7.2 billion in first-half 2022. This increase continues to be related to lower receivables and lower inventory levels tied to fewer upgrades, which were offset by higher cash income taxes and interest expense.Ĭapital expenditures in first-half 2023 were $10.1 billion. Net income of $4.8 billion, a decrease of 10.3 percent compared to second-quarter 2022, and consolidated adjusted EBITDA 1 of $12.0 billion, an increase of 0.8 percent year over year.įirst-half 2023 cash flow from operations totaled $18.0 billion, an increase from $17.7 billion in first-half 2022. This increase was driven primarily by pricing actions implemented in recent quarters, the larger allocation of administrative and telco recovery fees from other revenue into wireless service revenue, and a growing contribution from fixed wireless offerings. Total wireless service revenue 3 in second-quarter 2023 increased 3.8 percent year over year. This decrease was primarily due to reduced wireless equipment revenue and lower postpaid phone upgrade activity. Total consolidated operating revenue in second-quarter 2023 of $32.6 billion, a decrease of 3.5 percent from second-quarter 2022. This included a pre-tax severance charge of $237 million, the impacts of amortization of intangible assets related to TracFone and other acquisitions of $206 million, and a pre-tax asset rationalization charge of $155 million related to certain real estate and non-strategic assets that the company has decided to cease use of as part of its transformation initiatives. Second-quarter 2023 earnings reflected a pre-tax loss from special items of approximately $598 million. (NYSE, Nasdaq: VZ) reported second-quarter results today highlighted by wireless service revenue growth, increased cash flow from operations and strong momentum heading into the second half of the year. NEW YORK, J(GLOBE NEWSWIRE) - Verizon Communications Inc. Total retail postpaid churn of 1.07 percent, and retail postpaid phone churn of 0.83 percent. Total wireless postpaid phone gross additions increased 2.0 percent year over year, primarily driven by a 6.9 percent year over year growth in Consumer postpaid phone gross additions. Postpaid phone net additions of 8,000, and retail postpaid net additions of 612,000. Total wireless service revenue 3 of $19.1 billion, a 3.8 percent increase year over year. Verizon now has nearly 2.3 million subscribers on its fixed wireless service.ĥ4,000 Fios Internet net additions, an increase from 36,000 Fios Internet net additions in second-quarter 2022. This is the third consecutive quarter that Verizon reported more than 400,000 broadband net additions. This result included 384,000 fixed wireless net additions, an increase from 256,000 fixed wireless net additions in second-quarter 2022. Total broadband net additions of 418,000, reflecting a strong demand for fixed wireless and Fios products. Net income of $4.8 billion, a decrease of 10.3 percent from second-quarter 2022, and consolidated adjusted EBITDA 1 of $12.0 billion, up 0.8 percent year over year. Total operating revenue of $32.6 billion, a decrease of 3.5 percent from second-quarter 2022.įirst-half 2023 cash flow from operations of $18.0 billion, an increase from $17.7 billion in first-half 2022. $1.10 in EPS, compared with $1.24 in second-quarter 2022 adjusted EPS 1, excluding special items, of $1.21, compared with $1.31 in second-quarter 2022. Notable year over year improvement in Verizon Consumer postpaid phone gross additionsĮighth consecutive quarter that Verizon Business reported more than 125,000 postpaid phone net additions
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