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Verizon Communications: Condensed Consolidated Statements Of Income

The following excerpt is from the company's SEC filing.

(dollars in millions, except per share amounts)

Unaudited

3 Mos. Ended

3/31/15

% Change

Operating Revenues

Service revenues and other

$ 28,217

$ 28,611

Wireless equipment revenues

Total Operating Revenues

32,171

31,984

Operating Expenses

Cost of services

Wireless cost of equipment

Selling, general and administrative expense

Depreciation and amortization expense

Total Operating Expenses

24,229

24,024

Operating Income

Equity in losses of unconsoli dated businesses

Other income, net

Interest expense

(1,188

(1,332

Income Before Provision for Income Taxes

Provision for income taxes

(2,336

(2,331

Net Income

$ 4,430

$ 4,338

Net income attributable to noncontrolling interests

$ 120

$ 119

Net income attributable to Verizon

Basic Earnings per Common Share

$ 1.06

$ 1.03

Weighted average number of common shares (in millions)

Diluted Earnings per Common Share

$ 1.02

Weighted average number of common shares-assuming dilution (in millions)

Footnotes:

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.

Verizon Communications Inc.

Condensed Consolidated Balance Sheets

(dollars in millions)

12/31/15

$ Change

Assets

Current assets

Cash and cash equivalents

$ 5,846

$ 4,470

$ 1,376

Short-term investments

Accounts receivable, net

12,485

13,457

Inventories

Assets held for sale

Prepaid expenses and other

Total current assets

23,615

22,280

Plant, property and equipment

222,669

220,163

Less accumulated depreciation

139,658

136,622

83,011

83,541

Investments in unconsolidated businesses

Wireless licenses

86,830

86,575

Goodwill

25,364

25,331

Other intangible assets, net

Non-current assets held for sale

10,432

10,267

Other assets

Total Assets

$ 244,587

$ 244,175

$ 412

Liabilities and Equity

Current liabilities

Debt maturing within one year

$ 6,265

$ 6,489

$ (224

Accounts payable and accrued liabilities

18,118

19,362

(1,244

Liabilities related to assets held for sale

Total current liabilities

33,312

35,052

(1,740

Long-term debt

103,615

103,240

Employee benefit obligations

29,665

29,957

Deferred income taxes

45,568

45,484

Non-current liabilities related to assets held for sale

Other liabilities

11,350

11,641

Common stock

Contributed capital

11,191

11,196

Reinvested earnings

13,253

11,246

Accumulated other comprehensive income

Common stock in treasury, at cost

(7,279

(7,416

Deferred compensation employee stock ownership plans and other

Noncontrolling interests

Total equity

20,103

17,842

Total Liabilities and Equity

$ 412

Verizon Selected Financial and Operating Statistics

Total debt (in millions)

$ 109,880

$ 109,729

Net debt (in millions)

$ 104,034

$ 105,259

Net debt / Adjusted EBITDA

Common shares outstanding end of period (in millions)

Total employees

173,300

177,700

Quarterly cash dividends declared per common share

$ 0.565

Adjusted EBITDA excludes the effects of non-operational items.

Certain reclassifications have been made, where appropriate, to conform to the current periods presentation.

Condensed Consolidated Statements of Cash Flows

(dollars in millions)

Cash Flows from Operating Activities

$ 4,338

$ 92

Adjustments to reconcile net income to net cash provided by operating activities:

Employee retirement benefits

Provision for uncollectible accounts

Equity in losses of unconsolidated businesses, net of dividends received

Changes in current assets and liabilities, net of effects from acquisition/disposition of businesses

(1,162

Other, net

(1,967

Net cash provided by operating activities

10,169

(2,750

Cash Flows from Investing Activities

Capital expenditures (including capitalized software)

(3,387

(3,665

Acquisitions of investments and businesses, net of cash acquired

Acquisitions of wireless licenses

(9,555

Net cash used in investing activities

(3,436

(13,176

Cash Flows from Financing Activities

Proceeds from long-term borrowings

(6,497

Repayments of long-term borrowings and capital lease obligations

(5,576

Increase (decrease) in short-term obligations, excluding current maturities

Dividends paid

(2,302

(2,153

Proceeds from sale of common stock

Purchase of common stock for treasury

(5,000

(2,437

Net cash used in financing activities

(2,607

(3,205

Increase (decrease) in cash and cash equivalents

(6,212

Cash and cash equivalents, beginning of period

10,598

(6,128

Cash and cash equivalents, end of period

$ 5,846

$ 4,386

$ 1,460

Wireless Selected Financial Results

$ 16,809

$ 17,914

Equipment

22,004

22,328

Cost of equipment

14,124

14,518

$ 7,880

$ 7,810

Operating Income Margin

Segment EBITDA

$ 10,173

$ 10,000

Segment EBITDA Margin

The segment financial results and metrics above are adjusted to exclude the effects of non-operational items, as the Companys 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.

Wireless Selected Operating Statistics

% Change

Connections (000)

Retail postpaid

107,171

102,637

Retail prepaid

112,573

108,582

Net Add Detail (000)

Account Statistics

Retail Postpaid Accounts (000)

35,720

35,516

Retail postpaid connections per account

Churn Detail

Retail Postpaid Connection Statistics

Total Smartphone postpaid % of phones activated

Total Smartphone postpaid phone base

Total Internet postpaid base

4G LTE devices as % of retail postpaid connections

Other Operating Statistics

Capital expenditures (in millions)

$ 2,190

$ 2,419

Connection net additions exclude acquisitions and adjustments.

Statistics presented as of end of period.

Wireline Selected Financial Results

Consumer retail

$ 4,022

$ 3,992

Small business

Mass Markets

Global Enterprise

Global Wholesale

$ 589

$ 405

$ 2,177

$ 2,151

Wireline Selected Operating Statistics

Fios Video Subscribers

Fios Internet Subscribers

Fios Digital voice residence connections

Fios Digital connections

17,795

17,149

Total Broadband connections

Primary residence switched access connections

Primary residence connections

10,058

Total retail residence voice connections

10,457

Total voice connections

18,037

19,475

Revenue Statistics

Fios revenues (in millions)

$ 3,521

$ 3,352

$ 1,006

$ 1,077

Wireline employees (000)

Fios Video Open for Sale (000)

16,677

15,931

Fios Video penetration

Fios Internet Open for Sale (000)

17,018

16,264

Fios Internet penetration

Not meaningful

Non-GAAP Reconciliations Consolidated Verizon

Consolidated Operating Revenues Excluding AOL

$ 32,171

$ 31,984

Less: AOL operating revenues

Consolidated Operating Revenues Excluding AOL

$ 31,502

Consolidated EBITDA, EBITDA Margin and Adjusted EBITDA

3 Mos. Ended

9/30/15

6/30/15

Verizon Consolidated EBITDA

Consolidated net income

$ 5,513

$ 4,171

$ 4,353

Add/(Subtract):

Operating income

Add Depreciation and amortization expense

$ 11,959

$ 13,783

$ 11,544

$ 11,801

$ 11,949

Other Items (Before Tax)

Severance, Pension, and Benefit (Credits)/Charges

(2,598

Gain on Spectrum License Transactions

(2,852

Consolidated Adjusted EBITDA

$ 11,982

$ 10,931

$ 11,886

Consolidated Operating Income Margin

Consolidated EBITDA Margin

Net Debt and Net Debt to Consolidated Adjusted EBITDA Ratio

Verizon Net Debt

Total Debt

Less Cash and cash equivalents

Adjusted Earnings per Common Share (Adjusted EPS)

$ 1.06

$ 1.02

Pension remeasurement

Gain on spectrum license transaction

Free Cash Flow

$ 7,419

Less Capital expenditures

$ 4,032

Non-GAAP Reconciliations Segments

Wireless Segment EBITDA and EBITDA Margin

Wireless total operating revenues

$ 22,004

Wireless Operating Income Margin

Wireless Segment EBITDA Margin

Wireline Segment EBITDA and EBITDA Margin

Wireline total operating revenues

$ 9,290

$ 9,469

Wireline Operating Income Margin

Wireline Segment EBITDA Margin

(dollars in billions)

Unaudited and preliminary

Recast Wireline Segment Total Operating Revenues and EBITDA Margin

Total operating revenues

$ 9.3

$ 9.5

Less Excluded Businesses

$ 8.0

$ 8.1

$ 0.6

$ 2.2

Recast Wireline Segment EBITDA

$ 1.5

Recast Wireline Segment EBITDA Margin

The above information was disclosed in a filing to the SEC. To see the filing, click here.

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Other recent filings from the company include the following:

Verizon Communications: (1) Amount Previously Paid - April 18, 2016
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Notice of exempt solicitation - April 11, 2016
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