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Condensed Consolidated Statements of Income
Condensed Consolidated Statements of Income
Unaudited
Operating Revenues Operating Expenses Cost of services and sales Selling, general and administrative expense Depreciation and amortization expense Total Operating Expenses Operating Income (Loss) Equity in earnings of unconsolidated businesses Other income and (expense), net Interest expense Income (Loss) Before (Provision) Benefit for Income Taxes (Provision) Benefit for income taxes Net Income (Loss)
30,045
28,436
5.7
115,846
110,875
4.5
13,069 16,008 4,137 33,214 (3,169) 87 (1,079) (575) (4,736) 2,810 (1,926) $ 2,303 $ (4,229) (1,926) $
12,090 13,278 4,180 29,548 (1,112) 97 (84) (703) (1,802) 1,590 (212) 1,811 (2,023) (212)
46,275 39,951 16,460 102,686 13,160 324 (1,016) (2,571) 9,897 660 10,557 $ 9,682 875 10,557 $ $
45,875 35,624 16,496 97,995 12,880 444 (14) (2,827) 10,483 (285) 10,198 7,794 2,404 10,198
0.9 12.1 (0.2) 4.8 2.2 (27.0) * (9.1) (5.6) * 3.5 24.2 (63.6) 3.5
$ $ $
$ $ $
Net income attributable to noncontrolling interest Net income (loss) attributable to Verizon
Net Income (Loss)
Basic Earnings (Loss) per Common Share Net income (loss) attributable to Verizon Weighted average number of common shares (in millions) Diluted Earnings (Loss) per Common Share Net income (loss) attributable to Verizon Weighted average number of common shares-assuming dilution (in millions)
(1)
(1.48) $ 2,862
(.71) 2,835
.31 2,853
.85 2,833
(63.5)
(1.48) $
(.71)
.31
.85
(63.5)
2,862
2,835
2,862
2,839
Footnotes: (1) If there is a net loss, diluted EPS is the same as basic EPS. Diluted Earnings per Common Share includes the dilutive effect of shares issuable under our stock-based compensation plans. Certain reclassifications have been made, where appropriate, to reflect comparable operating results. * Not meaningful
Unaudited
12/31/12
12/31/11
$ Change
Assets Current assets Cash and cash equivalents Short-term investments Accounts receivable, net Inventories Prepaid expenses and other Total current assets Plant, property and equipment Less accumulated depreciation Investments in unconsolidated businesses Wireless licenses Goodwill Other intangible assets, net Other assets Total Assets Liabilities and Equity Current liabilities Debt maturing within one year Accounts payable and accrued liabilities Other Total current liabilities Long-term debt Employee benefit obligations Deferred income taxes Other liabilities Equity Common stock Contributed capital Reinvested earnings (Accumulated deficit) Accumulated other comprehensive income Common stock in treasury, at cost Deferred compensation - employee stock ownership plans and other Noncontrolling interest Total equity Total Liabilities and Equity
3,093 470 12,576 1,075 4,021 21,235 209,575 120,933 88,642 3,401 77,744 24,139 5,933 4,128 225,222
13,362 592 11,776 940 4,269 30,939 215,626 127,192 88,434 3,448 73,250 23,357 5,878 5,155 230,461
(10,269) (122) 800 135 (248) (9,704) (6,051) (6,259) 208 (47) 4,494 782 55 (1,027) (5,239)
Total debt (in millions) Net debt (in millions) Net debt / Adjusted EBITDA (1) Common shares outstanding end of period (in millions) Total employees Quarterly cash dividends declared per common share Footnotes: (1) Adjusted EBITDA excludes the effects of non-operational items.
$ $
$ $
The unaudited condensed consolidated balance sheets are based on preliminary information.
Unaudited
$ Change
Cash Flows From Operating Activities Net Income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization expense Employee retirement benefits Deferred income taxes Provision for uncollectible accounts Equity in earnings of unconsolidated businesses, net of dividends received Changes in current assets and liabilities, net of effects from acquisition/disposition of businesses Other, net Net cash provided by operating activities Cash Flows From Investing Activities Capital expenditures (including capitalized software) Acquisitions of investments and businesses, net of cash acquired Acquisitions of Wireless licenses, net Net change in short-term investments Other, net Net cash used in investing activities Cash Flows From Financing Activities Proceeds from long-term borrowings Repayments of long-term borrowings and capital lease obligations Increase (decrease) in short-term obligations, excluding current maturities Dividends paid Proceeds from sale of common stock Special distribution to noncontrolling interest Other, net Net cash used in financing activities Increase (decrease) in cash and cash equivalents Cash and cash equivalents, beginning of period Cash and cash equivalents, end of period
10,557
10,198
359
4,489 (6,403) (1,437) (5,230) 315 (8,325) (4,662) (21,253) (10,269) 13,362 3,093
11,060 (11,805) 1,928 (5,555) 241 (1,705) (5,836) 6,694 6,668 13,362
(6,571) 5,402 (3,365) 325 74 (8,325) (2,957) (15,417) (16,963) 6,694 (10,269)
Unaudited
Operating Revenues Retail service Other service Service Equipment Other Total Operating Revenues Operating Expenses Cost of services and sales Selling, general and administrative expense Depreciation and amortization expense Total Operating Expenses Operating Income Operating Income Margin Segment EBITDA Segment EBITDA Service Margin
6.3
12.2
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.
Unaudited
18.2 * 28.0
Account Statistics (2) Retail Postpaid Accounts ('000) Retail postpaid ARPA (2) Retail postpaid connections per account Churn Detail Retail postpaid Retail Retail Postpaid Connection Statistics Total Smartphone postpaid % of phones sold Total Smartphone postpaid phone base (2) Total Internet postpaid base (2) Other Operating Statistics Capital expenditures (in millions)
146.80
137.69
6.6
0.95% 1.24%
0.94% 1.23%
0.91% 1.19%
0.95% 1.26%
86.5%
70.3%
2,791
1,787
56.2
8,857
8,973
(1.3)
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. * Not meaningful
Unaudited
Operating Revenues Consumer retail Small business Mass Markets Strategic services Core Global Enterprise Global Wholesale Other Total Operating Revenues Operating Expenses Cost of services and sales Selling, general and administrative expense Depreciation and amortization expense Total Operating Expenses Operating Income (Loss) Operating Income Margin Segment EBITDA Segment EBITDA Margin
(25.5)
(9.9)
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
Connections ('000) FiOS Video Subscribers FiOS Internet Subscribers FiOS Digital Voice residence connections FiOS Digital connections HSI Total Broadband connections Primary residence switched access connections Primary residence connections Total retail residence voice connections Total voice connections
4,726 5,424 3,227 13,377 3,371 8,795 7,982 11,209 11,849 22,503
4,173 4,817 1,884 10,874 3,853 8,670 9,906 11,790 12,626 24,137
13.3 12.6 71.3 23.0 (12.5) 1.4 (19.4) (4.9) (6.2) (6.8)
Unaudited
Net Add Detail ('000) FiOS Video Subscribers FiOS Internet Subscribers FiOS Digital Voice residence connections FiOS Digital connections HSI Total Broadband connections Primary residence switched access connections Primary residence connections Total retail residence voice connections Total voice connections Revenue and ARPU Statistics Consumer ARPU FiOS revenues (in millions) Strategic services as a % of total Enterprise revenues Other Operating Statistics Capital expenditures (in millions) Wireline employees ('000) FiOS Video Open for Sale ('000) FiOS Video penetration FiOS Internet Open for Sale ('000) FiOS Internet penetration
(30.9) (28.4) (31.8) (30.8) 13.6 (72.4) (26.9) (10.3) (14.8) (9.9)
553 607 1,343 2,503 (482) 125 (1,924) (581) (777) (1,634)
701 735 1,067 2,503 (457) 278 (1,851) (784) (990) (1,864)
$ $
$ $
9.5 15.7
$ $
9.3 17.2
1,725
1,632
5.7
(0.9)
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.