REG-VerizonCommunication: 3rd Quarter Results <Origin Href="QuoteRef">VZ.N</Origin> - Part 1
24/11/2014 14:42
Verizon Reports Strong Customer Additions and Another Quarter of Double-Digit
Earnings Growth
NEW YORK, Oct. 21, 2014 --
3Q 2014 HIGHLIGHTS
Consolidated
* 89 cents in earnings per share (EPS), compared with 78 cents per share
(or 77 cents on a non-GAAP adjusted basis) in 3Q 2013.
Wireless
* Added 1.5 million net retail connections; retail postpaid churn of 1.00
percent; 106.2 million total retail connections; 100.1 million total retail
postpaid connections.
* 4.8 percent year-over-year increase in service revenues; 4.6 percent
year-over-year increase in retail service revenues; 31.9 percent operating
income margin; 49.5 percent segment EBITDA margin on service revenues
(non-GAAP).
Wireline
* 4.5 percent year-over-year increase in consumer revenues, the ninth
consecutive quarter of more than 4 percent growth; consumer ARPU (average
revenue per user) up 10.3 percent.
* 13.4 percent year-over-year increase in FiOS revenues; 162,000 FiOS
Internet and 114,000 FiOS Video net additions.
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
* Total operating revenues in third-quarter 2014 were $31.6 billion, a
4.3 percent increase compared with third-quarter 2013. Excluding
third-quarter 2013 revenues of the public sector business Verizon
divested at the beginning of third-quarter 2014, the comparable
growth rate (non-GAAP) would have been 4.9 percent.
* Capital expenditures totaled $12.6 billion through the first nine months of
2014, up 6.9 percent year over year. Verizon projects capital spending of
around $17 billion for full-year 2014, with consistent wireless capital
spending throughout the year to stay ahead of customer demand by adding
capacity to optimize the company's 4G LTE network.
* Verizon continues to target consolidated top-line growth of 4 percent in
2014. For the full year, results for consolidated adjusted and wireless
segment EBITDA service margin (non-GAAP, based on earnings before interest,
taxes, depreciation and amortization) will be dependent on fourth-quarter
volumes and installment take rates. Wireline segment EBITDA margin remains
on track to expand on a full-year basis.
* New revenue streams from machine-to-machine and telematics totaled
$150 million in third-quarter 2014 - or more than $400 million through the
first nine months of 2014, an increase of more than 40 percent year to
date.
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
* Total revenues were $21.8 billion in third-quarter 2014, up 7.0 percent
year over year. Service revenues in the quarter totaled $18.4 billion, up
4.8 percent year over year. Retail service revenues grew 4.6 percent year
over year, to $17.6 billion.
* Retail postpaid ARPA (average revenue per account) increased 3.5 percent
over third-quarter 2013, to $161.24 per month.
* In third-quarter 2014, wireless operating income margin was 31.9 percent
and segment EBITDA margin on service revenues was 49.5 percent. This
compares with 33.8 percent and 51.1 percent, respectively, in third-quarter
2013.
Wireless Operational Highlights
* Verizon Wireless added 1.53 million retail net connections, including
1.52 million retail postpaid connections, in the third quarter. These
additions exclude acquisitions and adjustments.
* At the end of the third quarter, the company had 106.2 million retail
connections. This includes 100.1 million retail postpaid connections, a
5.2 percent increase year over year.
* Verizon Wireless had 35.4 million retail postpaid accounts at the end of
the third quarter, up 1.3 percent over third-quarter 2013, and
2.82 connections per account, up 3.7 percent year over year.
* During third-quarter 2014, the company added 457,000 postpaid phones and
1.1 million postpaid tablets. At the end of the quarter, smartphones
accounted for 77 percent of the Verizon Wireless retail postpaid customer
phone base, up from 75 percent at the end of second-quarter 2014.
* Retail postpaid churn was 1.00 percent in the third quarter, an increase of
6 basis points sequentially and 3 basis points year over year. Retail churn
was 1.29 percent in the third quarter, up 4 basis points sequentially and
1 basis point year over year.
* The company continued to enhance its 4G LTE device lineup. In the third
quarter, Verizon Wireless launched the HTC One Remix, LG G Vista, Kyocera
Brigadier, HTC One (M8) for Windows, Apple iPhone 6 and 6 Plus and New Moto
X smartphones; the Verizon Jetpack 4G LTE Mobile Hotspot MiFi 6620L, and
Samsung Galaxy Tab 4 (10.1) and Tab S 10.5 tablets.
* During the third quarter, Verizon Wireless continued to add capacity to its
4G LTE network, the largest in the United States, using AWS-1 spectrum.
This additional bandwidth, called XLTE, is now available in more than
400 markets across the country.
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
* Total revenues were $9.6 billion in third-quarter 2014, down 0.8 percent
year over year. Consumer revenues were $3.9 billion, up 4.5 percent
compared with third-quarter 2013, with FiOS revenues representing
76 percent of the total. Consumer ARPU for wireline services increased
to $125.32 per month in third-quarter 2014, up 10.3 percent compared with
third-quarter 2013.
* Total FiOS revenues grew 13.4 percent, to $3.2 billion, comparing
third-quarter 2014 with third-quarter 2013.
* Wireline operating income margin was 2.3 percent in third-quarter 2014, up
from 1.5 percent in third-quarter 2013. Segment EBITDA margin (non-GAAP)
was 23.0 percent in third-quarter 2014, flat compared with third-quarter
2013.
* Sales of strategic services to enterprise customers increased 1.0 percent,
to $2.1 billion, compared with third-quarter 2013. Strategic services
include private IP, Ethernet, data center, cloud, security and managed
services.
Wireline Operational Highlights
* In third-quarter 2014, Verizon added 162,000 net new FiOS Internet
connections and 114,000 net new FiOS Video connections. Verizon had totals
of 6.5 million FiOS Internet and 5.5 million FiOS Video connections at the
end of the third quarter, representing year-over-year increases of
8.8 percent and 7.0 percent, respectively.
* FiOS Internet penetration (subscribers as a percentage of potential
subscribers) was 40.6 percent at the end of third-quarter 2014, compared
with 39.2 percent at the end of third-quarter 2013. In the same periods,
FiOS Video penetration was 35.5 percent, compared with 34.9 percent. The
FiOS network passed 19.7 million premises by the end of third-quarter 2014.
* By the end of third-quarter 2014, 57 percent of consumer FiOS Internet
customers subscribed to FiOS Quantum, which provides speeds ranging from
50 to 500 megabits per second, up from 55 percent at the end of
second-quarter 2014.
* As of this week, nearly 5 million FiOS customers have already been upgraded
to SpeedMatch upload speeds that mirror download speeds. This upgrade, at
no additional customer cost, helps distinguish the benefits of fiber-based
broadband.
* Broadband connections totaled 9.1 million at the end of third-quarter 2014,
a 1.7 percent year-over-year increase. Net broadband connections increased
by 69,000 in third-quarter 2014, as FiOS Internet net additions more than
offset declines in DSL-based High Speed Internet connections.
* Verizon has been replacing high-maintenance portions of its residential
copper network with fiber optics to provide customers with more resilient
infrastructure and reduce repairs, which improves customer satisfaction and
reduces costs. In third-quarter 2014, Verizon migrated an additional 55,000
customers to fiber, bringing the year-to-date total to around 200,000.
* In the third quarter, Verizon Enterprise Solutions began deploying
innovative enterprise-grade network, cloud, security, mobility and other
technology solutions for some of the world's strongest brands: healthcare
clients CVS Health, Carestream Health and Atlantic Health System; public
sector customers such as the Australian Taxation Office, Australian
Department of Foreign Affairs, California Department of Transportation
(Caltrans) and Corporation for Education Initiatives in California (CENIC);
and industry leaders such as Avianet, Dun & Bradstreet, Property Exchange
Australia (PEXA), Telerx, TruGreen and Vanguard Logistics Services (USA),
Inc.
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/.
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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
Unaudited 9/30/14 9/30/13 % Change
Operating Revenues $ 31,586 $ 30,279 4.3
Operating Expenses
Cost of services and sales 12,252 10,960 11.8
Selling, general and
administrative expense 8,277 8,037 3.0
Depreciation and amortization expense 4,167 4,154 0.3
Total Operating Expenses 24,696 23,151 6.7
Operating Income 6,890 7,128 (3.3)
Equity in earnings (losses)
of unconsolidated businesses (48) 19 *
Other income and (expense), net 71 20 *
Interest expense (1,255) (555) *
Income Before Provision
for Income Taxes 5,658 6,612 (14.4)
Provision for income taxes (1,864) (1,034) 80.3
Net Income $ 3,794 $ 5,578 (32.0)
Net income attributable to
noncontrolling interests $ 99 $ 3,346 (97.0)
Net income attributable to Verizon 3,695 2,232 65.5
Net Income $ 3,794 $ 5,578 (32.0)
Basic Earnings per Common Share
Net income attributable to Verizon $ .89 $ .78 14.1
Weighted average number of
common shares (in millions) 4,152 2,866
Diluted Earnings per Common Share (1)
Net income attributable to Verizon $ .89 $ .78 14.1
Weighted average number of common
shares-assuming dilution
(in millions) 4,159 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 Statements of Income
(dollars in millions, except per share amounts)
9 Mos. Ended 9 Mos. Ended
Unaudited 9/30/14 9/30/13 % Change
Operating Revenues $ 93,887 $ 89,485 4.9
Operating Expenses
Cost of services and sales 35,528 32,925 7.9
Selling, general and
administrative expense 24,159 24,232 (0.3)
Depreciation and amortization expense 12,465 12,423 0.3
Total Operating Expenses 72,152 69,580 3.7
Operating Income 21,735 19,905 9.2
Equity in earnings (losses)
of unconsolidated businesses 1,811 134 *
Other income and (expense), net (757) 84 *
Interest expense (3,633) (1,606) *
Income Before Provision
for Income Taxes 19,156 18,517 3.5
Provision for income taxes (5,052) (2,886) 75.1
Net Income $ 14,104 $ 15,631 (9.8)
Net income attributable to
noncontrolling interests $ 2,248 $ 9,201 (75.6)
Net income attributable to Verizon 11,856 6,430 84.4
Net Income $ 14,104 $ 15,631 (9.8)
Basic Earnings per Common Share
Net income attributable to Verizon $ 3.03 $ 2.24 35.3
Weighted average number of
common shares (in millions) 3,912 2,866
Diluted Earnings per Common Share (1)
Net income attributable to Verizon $ 3.03 $ 2.24 35.3
Weighted average number of common
shares-assuming dilution
(in millions) 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
Unaudited 9/30/14 9/30/13 % Change
Operating Revenues
Retail service $ 17,556 $ 16,776 4.6
Other service 800 740 8.1
Service 18,356 17,516 4.8
Equipment 2,480 1,924 28.9
Other 999 959 4.2
Total Operating Revenues 21,835 20,399 7.0
Operating Expenses
Cost of services and sales 7,043 5,652 24.6
Selling, general and administrative expense 5,698 5,801 (1.8)
Depreciation and amortization expense 2,139 2,060 3.8
Total Operating Expenses 14,880 13,513 10.1
Operating Income $ 6,955 $ 6,886 1.0
Operating Income Margin 31.9% 33.8%
Segment EBITDA $ 9,094 $ 8,946 1.7
Segment EBITDA Service Margin 49.5% 51.1%
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 Financial Results
(dollars in millions)
9 Mos. Ended 9 Mos. Ended
Unaudited 9/30/14 9/30/1 % Change
Operating Revenues
Retail service $ 52,090 $ 49,367 5.5
Other service 2,331 1,955 19.2
Service 54,421 51,322 6.0
Equipment 6,737 5,690 18.4
Other 3,039 2,886 5.3
Total Operating Revenues 64,197 59,898 7.2
Operating Expenses
Cost of services and sales 19,641 17,102 14.8
Selling, general and
administrative expense 16,991 16,915 0.4
Depreciation and amortization expense 6,307 6,113 3.2
Total Operating Expenses 42,939 40,130 7.0
Operating Income $ 21,258 $ 19,768 7.5
Operating Income Margin 33.1% 33.0%
Segment EBITDA $ 27,565 $ 25,881 6.5
Segment EBITDA Service Margin 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
Unaudited 9/30/14 9/30/13 % Change
Net Add Detail ('000) (1)
Retail postpaid 1,516 927 63.5
Retail prepaid 9 134 (93.3)
Retail 1,525 1,061 43.7
Account Statistics
Retail Postpaid Accounts ('000) (2)
Retail postpaid ARPA $ 161.24 $ 155.74 3.5
Retail postpaid connections per
account (2)
Churn Detail
Retail postpaid 1.00% 0.97%
Retail 1.29% 1.28%
Retail Postpaid Connection Statistics
Total Smartphone postpaid % of
phones activated 91.0% 84.9%
Total Smartphone postpaid phone base (2)
Total Internet postpaid base (2)
Other Operating Statistics
Capital expenditures (in millions) $ 2,483 $ 2,450 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.
9 Mos. Ended 9 Mos. Ended
Unaudited 9/30/14 9/30/13 % Change
Net Add Detail ('000) (1)
Retail postpaid 3,496 2,545 37.4
Retail prepaid 5 274 (98.2)
Retail 3,501 2,819 24.2
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