Verizon Communications Inc. · NYSE:VZ

Verizon Communications — Investor Day (February 2019)

84 slides from Verizon Communications's investor day presentation, Feb 21, 2019

1. Slide 1: 2019 Investor Meeting

   Exhibit 99.2 2019 Investor Meeting February 21,2019

2. Slide 2: Safe Harbor Statement

   “Safe Harbor” Statement NOTE: In this presentation 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

3. Slide 3: Hans Vestberg, Chief Executive Officer

   Verizon Hans Vestberg Chief Executive Confidential and proprietary materials for authorized Verizon personnel and outside agencies only. Use, disclosure or Officer distribution of this material is not permitted to any unauthorized persons or third parties except by written agreement.

4. Slide 4: Verizon Leadership Team beginning Q2 2019

   Beginning Q2 2019, Verizon Leadership Team Tami Erwin Ronan Dunne Guru G. Kyle Malady Matt Ellis Rima Qureshi Diego Scotti Craig Silliman Marc Reed Head Head Head Head Chief Financial Chief Strategy Chief Marketing Chief Legal Chief Admin. Verizon Business Verizon Consumer Verizon Media Global Offic

5. Slide 5: Current State of the Business

   Current State of the Business ▬ Solid Core Operations . Strong financial performance in 2018 . Superior network experience . Strength across customer relationships, brand, and distribution ▬ Efficiencies in Operations & Strength in Balance Sheet . Smart Capex leading to disciplined capital allocatio

6. Slide 6: Verizon Strategy

   Verizon Strategy CONTINUED NETWORK LEADERSHIP CUSTOMER DRIVEN MODELS . Operating Model Based on Customer Needs . Network as a Service (NaaS)  Digitalization . Company-wide Assets for New Applications and Services . 5G & iEN  Defend, Extend and New . Ecosystem Partnerships TRUSTED BRAND FINANCIAL D

7. Slide 7: Verizon 2.0 Transformation

   Verizon 2.0 Transformation Network-as-a-Service Foundation NETWORK / Intelligent Edge Network Customer Centric Operating BUSINESS Model Responsible Brand Representing BRAND Trust & Innovation Process Reengineering for Future PROCESS Flexibility TALENT & Leadership & Culture for “Future LEADERSHIP of

8. Slide 8: Verizon 2.0 Operating Model

   Verizon 2.0 Operating Model Beginning Q2’19 Consumer Verizon Consumer Group Retail Wholesale Products Small Public Verizon Business Business Sector Group Products Enterprise Wholesale Verizon Media Intelligent Network Edge Media Ad Group Products Verticals Platforms © 2019 Verizon 8

9. Slide 9: © 2019 Verizon 9

   © 2019 Verizon 9

10. Slide 10: 5G Currencies / Capabilities

    5G Currencies / Capabilities Peak Data Rate 10Gb/s Speed & Throughput Mobile Data Volume 10Tb/s/km2 © 2019 Verizon 10

11. Slide 11: 5G Currencies / Capabilities

    5G Currencies / Capabilities Peak Data Rate 10Gb/s Speed & Throughput Mobile Data Volume 10Tb/s/km2 Mobility 500km/h Mobility & Connected Connected Devices Devices 1M/km2 © 2019 Verizon 11

12. Slide 12: 5G Currencies / Capabilities

    5G Currencies / Capabilities Peak Data Rate 10Gb/s Speed & Throughput Mobile Data Volume 10Tb/s/km2 Service Mobility Deployment 500km/h Time 90 mins Energy Service Deployment & Efficiency Mobility & Connected 10% of Current Connected Energy Efficiency Consumption Devices Devices 1M/km2 © 2019 Verizo

13. Slide 13: 5G Currencies / Capabilities

    5G Currencies / Capabilities E2E Peak Latency Data Rate Latency & 5ms 10Gb/s Speed & Reliability Throughput Reliability Mobile Data 99.999% Volume 10Tb/s/km2 Service Mobility Deployment 500km/h Time 90 mins Energy Service Deployment & Efficiency Mobility & Connected 10% of Current Connected Energy E

14. Slide 14: Critical Technologies for 5G

    Critical Technologies for 5G FIBER SPECTRUM SOFTWARE DEFINED NETWORKS MULTI-ACCESS EDGE COMPUTE (MEC) © 2019 Verizon 14

15. Slide 15: 5G Strategy – Multiple Use Cases

    5G Strategy – Multiple Use Cases 5G Mobility DEFEND © 2019 Verizon 15

16. Slide 16: 5G Strategy – Multiple Use Cases

    5G Strategy – Multiple Use Cases FWA (Consumer & Business) EXTEND 5G Mobility DEFEND © 2019 Verizon 16

17. Slide 17: 5G Strategy – Multiple Use Cases

    5G Strategy – Multiple Use Cases NEW FWA (Consumer & Business) VZ Solutions3rd Party Developer Ecosystem EXTEND Business Models Manufacturing Multi-Access Edge Compute (MEC) 5G Mobility DEFEND © 2019 Verizon 17

18. Slide 18: 5G Use Cases – Timing

    5G Use Cases – Timing CUSTOMERS / TIME OF FINANCIAL MARKETS LAUNCH OPPORTUNITY 1 Consumer Initial Launch – Done Market Expansion 5G FWA & Business Relaunch on NR – 2H’19 2 Defend and Grow 5G All 1H’19 Mobility Market Share 3 5G Consumer, Media, 4Q’19 New Revenue Models MEC Business 4 Reduced Cost /

19. Slide 19: Looking Forward

    Looking Forward CORE Strong business fundamentals Transformation driven by customer needs Leadership in deployment of all capabilities FINANCIALS Solid results and disciplined capital allocation © 2019 Verizon 19

20. Slide 20: © 2019 Verizon 20

    © 2019 Verizon 20

21. Slide 21: Rima Qureshi, Chief Strategy Officer

    Verizon Rima Qureshi Chief Strategy Officer Confidential and proprietary materials for authorized Verizon personnel and outside agencies only. Use, disclosure or distribution of this material is not permitted to any unauthorized persons or third parties except by written agreement.

22. Slide 22: Strong Market Growth Drivers

    Strong Market Growth Drivers US Mobile Connections (M) Key Growth Drivers 636 +9% 568 5G IoT Subs 517 . Enhanced Mobility 478 5G Mobile Subs 448 2/3/4G IoT Subs . Internet of Things . Cloud Based Services 2/3/4G Mobile Subs 2018 20192020 2021 2022 Source: IDC 2018 © 2019 Verizon 22

23. Slide 23: Market Trends

    Market Trends Digital Intelligent Connected Cloud Edge Autonomous Things Uninterrupted & Unified Immersive Experiences AI-Driven Development Smart Spaces & Things Privacy Responsible Business Source: Gartner © 2019 Verizon 23

24. Slide 24: Verizon Strategy

    Verizon Strategy Verizon Revenues NEW CONTINUED NETWORK LEADERSHIP Adjacent market, businesses, New businesses and share of wallet CUSTOMER DRIVEN MODELS EXTEND TRUSTED BRAND Existing businesses and markets FINANCIAL DISCIPLINE DEFEND © 2019 Verizon 24

25. Slide 25: Strategy Enablers

    Strategy Enablers NEW Adjacent market, businesses, New businesses and share of wallet EXTEND Existing businesses and markets DEFEND Maximized Selective Strategic Bolt-on / Tuck-in Existing Assets Partnerships Investments M&A Foundation: Network Strength, Customer Base, Technology Leadership, Scale ©

26. Slide 26: Verizon Winning Aspiration

    Verizon Winning Aspiration Selective Partnerships Strategic Investments Bolt On / Tuck-in M&A Verizon Assets Network Distribution Platforms Media © 2019 Verizon 26

27. Slide 27: Looking Forward

    Looking Forward MARKET Strong market growth drivers FOCUSED Defend, extend, new revenue opportunities STRATEGY ECOSYSTEMS Enable winning aspiration © 2019 Verizon 27

28. Slide 28: © 2019 Verizon 28

    © 2019 Verizon 28

29. Slide 29: Kyle Malady, Chief Technology Officer

    Verizon Kyle Malady Chief Technology Confidential and proprietary materials for authorized Verizon personnel and outside agencies only. Use, disclosure or Officer distribution of this material is not permitted to any unauthorized persons or third parties except by written agreement.

30. Slide 30: Network-as-a-Service in Verizon 2.0

    Network-as-a-Service in Verizon 2.0 BU BU Verizon Verizon Verizon Network Network Staff Billing Billing Consumer Business Media Ordering Ordering Functions IT IT Group Group Group CRM CRM Product Product BU BU Technology and Product Development Network Network Billing Billing Ordering Ordering IT IT

31. Slide 31: Verizon Intelligent Edge Network Architecture

    Verizon Intelligent Edge Network Architecture Access Options Gigabit LTE and 5G LTE, LTE-A, 5G Wireless Front Haul Unified Multi-Service Shared/ Converged Transport Edge Smart Cities IoT Virtualized Core Multi Gigabit Ethernet Facility (NGM) Enterprise Business Fios Transport/Core Operations Gigabit

32. Slide 32: Intelligent Edge Network Deployments

    Intelligent Edge Network Deployments Centralized Unified Multi Service NGPON2 RAN Transport Edge Virtualized and unified network elements enable faster deployments at lower cost © 2019 Verizon 32

33. Slide 33: Network Capex per GB Trend

    Network Capex per GB Trend Wireline Wireless -7% -28% -17%* -47% -15%* -41% -24%* -18%* 2016 2017 2018 2019* 2020* 2016 2017 2018 2019* 2020* *2019 and 2020 are projections © 2019 Verizon 33

34. Slide 34: Best and Most Reliable Networks

    Best and Most Reliable Networks LTE Data Usage Growth Trend 2016 2017 2018 2019* 2020* Peak Hours Usage Total Usage Stable YoY incremental usage growth demands *2019 and 2020 are projections © 2019 Verizon 34

35. Slide 35: Wireless Capacity Strategic Options

    Wireless Capacity Strategic Options Technology Investment decision made on a per- market basis using a balanced approach between all options, considering: . Optimal operational outcome . Optimal financial outcome . Future market needs Spectrum Densification . Future strategic needs © 2019 Verizon 35

36. Slide 36: LTE Advanced Network Deployments

    LTE Advanced Network Deployments Carrier 256/64 QAM 4x4 MIMO LAA Aggregation LTE Advanced deployed in 1,500+ municipalities nationwide © 2019 Verizon 36

37. Slide 37: Critical Technologies for 5G

    Critical Technologies for 5G FIBER SPECTRUM SOFTWARE DEFINED NETWORKS MULTI-ACCESS EDGE COMPUTE (MEC) © 2019 Verizon 37

38. Slide 38: OneFiber: Three Pools of Value Creation

    OneFiber: Three Pools of Value Creation 5G DAS FTTC Smart Cities FTTP STRATEGIC & IoT VALUE IoT HiCap Dark Fiber SMB SMB New Build GROWTH OPPORTUNITY Enterprise and Wholesale • Construction underway in 60+ markets Wireline Access COST • 25k+ miles of new Verizon-owned fiber REDUCTION assets in the g

39. Slide 39: 5G Coverage

    5G Coverage 100%332M 0% 201912345678910 mmWave Technology Advancements in mmWave Spectrum Re-farming LTE Coverage © 2019 Verizon mmWave as of June 30, 2018 39

40. Slide 40: Multi Access Edge Compute

    Multi Access Edge Compute Gigabit OneFiber LTE and 5G LTE, LTE-A, 5G Wireless Front MEC MEC Haul Unified Multi-Service Shared/ Converged Public Transport Edge Smart Cities IoT Virtualized Core Cloud Multi Gigabit Ethernet Facility (NGM) Enterprise Business Fios Gigabit FTTP Consumer Home • MEC bring

41. Slide 41: Looking Forward

    Looking Forward ASSETS Sustained network supremacy with efficient capital deployment Network-as-a-Service model enables new business opportunities across operating groups Strong positions in all critical technologies for 5G © 2019 Verizon 41

42. Slide 42: © 2019 Verizon 42

    © 2019 Verizon 42

43. Slide 43: Guru Gowrappan, CEO – Verizon Media Group

    Verizon Guru Gowrappan CEO – Verizon Media Group Confidential and proprietary materials for authorized Verizon personnel and outside agencies only. Use, disclosure or distribution of this material is not permitted to any unauthorized persons or third parties except by written agreement.

44. Slide 44: Customer-centric media ecosystem

    Customer-centric media ecosystem Confidential and proprietary materials for authorized Verizon personnel and outside agencies only. Use, disclosure or distribution of this material is not permitted to any unauthorized persons or third parties except by written agreement. 44

45. Slide 45: Customer-centric media ecosystem

    Customer-centric media ecosystem Ad platforms delivering performance ● Most diverse data set ● Buy across all digital channels ● Most brand safe environment Confidential and proprietary materials for authorized Verizon personnel and outside agencies only. Use, disclosure or distribution of this mate

46. Slide 46: Customer-centric media ecosystem

    Customer-centric media ecosystem Ad platforms delivering performance ● Most diverse data set ● Buy across all digital channels ● Most brand safe environment Innovating on 5G Confidential and proprietary materials for authorized Verizon personnel and outside agencies only. Use, disclosure or distribu

47. Slide 47: Verizon Media highlights

    Verizon Media highlights VIDEO © 2019 Verizon 47

48. Slide 48: Some recent wins in media, mobile and monetization

    Some recent wins in media, mobile and monetization Home Comms Finance Sports News + Entmnt Ads Partners New Highest 8 hrs 5M 16 Record Yahoo App ever ARPDAU of live bell-to- installs from original series for Gemini on partnership for Launch with for Mail bell video NFL, w/ record to launch in Cyber

49. Slide 49: Looking Forward

    Looking Forward Enhance Owned and Operated assets to further develop verticals, SUPPLY and grow Third-Party and Partner supply Leverage ad platform strength – focused on diverse data and innovative ad products, all digital channels and most brand-safe environment Innovate 5G experiences across media

50. Slide 50: © 2019 Verizon 50

    © 2019 Verizon 50

51. Slide 51: Tami Erwin, President – Verizon Business Group

    Verizon Tami Erwin President – Verizon Business Confidential and proprietary materials for authorized Verizon personnel and outside agencies only. Use, disclosure or Group distribution of this material is not permitted to any unauthorized persons or third parties except by written agreement.

52. Slide 52: Wireline Segment

    Wireline Segment Fios Advanced Communications Virtual Network Services OneFiber Serving customers globally through our wireline business © 2019 Verizon 52

53. Slide 53: Verizon Business – 2Q 2019

    Verizon Business – 2Q 2019 Small & • Global customer-first business Enterprise Medium Business • Integrated, business-tailored solutions BUSINESS CUSTOMERS • World class enterprise sales team Public Wholesale • 5G, OneFiber drive growth Sector © 2019 Verizon 53

54. Slide 54: Verizon Business Solutions Stack

    Verizon Business Solutions Stack Applications/Edge apps/SaaS Managed Advanced communications Services Large Business Security solutions Enterprise Markets Solutions Virtualized services Public Wholesale Services platform Sector Core Intelligent edge Products Connectivity © 2019 Verizon 54

55. Slide 55: 5G: Real Time Enterprise Solutions

    5G: Real Time Enterprise Solutions Healthcare Smart Retail Transportation Manufacturing Multi-Access Augmented & Massive Operational Edge Compute Virtual Reality Sensorization Insights & Analytics Change how Accelerate the pace of Deepen our enterprise industry works digital innovation relationships

56. Slide 56: Looking Forward

    Looking Forward STRATEGIC Accelerating Virtual Network services and Next Gen SERVICES Communications A single B2B organization better positioned to serve our customers 5G accelerates business customers’ digital transformation and creates new growth for Verizon © 2019 Verizon 56

57. Slide 57: © 2019 Verizon 57

    © 2019 Verizon 57

58. Slide 58: Ronan Dunne, President – Verizon Consumer Group

    Verizon Ronan Dunne President – Verizon Consumer Confidential and proprietary materials for authorized Verizon personnel and outside agencies only. Use, disclosure or Group distribution of this material is not permitted to any unauthorized persons or third parties except by written agreement.

59. Slide 59: Market is poised to continue strong growth into 2019

    Market is poised to continue strong growth into 2019 Continued market growth Analyst Consumers increasingly migrating consensus of to postpaid plans 2-3% growth1 for Big 4 Economic fundamentals remain strong Note: 1Total wireless revenue Source: Analyst Reports © 2019 Verizon 59

60. Slide 60: Verizon maximizes value from its 4G network through a segmented approach

    Verizon maximizes value from its 4G network-as-a- platform through a segmented approach Consumer Consumer Consumer Business Premium Branded Premium Wholesale Value Premium 4G LTE Network © 2019 Verizon 60

61. Slide 61: Strong differentiation and commercial execution drives continued growth

    Strong differentiation and commercial execution drives continued growth in premium segments in 2019 Value Proposition Customer Base Management Devices & Products © 2019 Verizon 61

62. Slide 62: Strong differentiation and commercial execution drives continued growth

    Strong differentiation and commercial execution drives continued growth in premium segments in 2019 P&L Drivers Mix and Value • New accounts / logos Match Proposition • Win share Omni-Channel Experience Customer Base Management Devices & Products © 2019 Verizon 62

63. Slide 63: Strong differentiation and commercial execution drives continued growth

    Strong differentiation and commercial execution drives continued growth in premium segments in 2019 P&L Drivers Value Proposition • Mitigate churn My Omni-Channel Experience Customer Base • Expand IoT Verizon Management App • Step ups / upsell • Customer loyalty Devices & Products © 2019 Verizon 63

64. Slide 64: Strong differentiation and commercial execution drives continued growth

    Strong differentiation and commercial execution drives continued growth in premium segments in 2019 P&L Drivers Value Proposition Customer Base Management VZ Cloud Devices & Smart Family • New revenue streams Exclusive Products Protection Call Filter • Higher attach rate Hum © 2019 Verizon 64

65. Slide 65: The 5G network builds off of the 4G network

    The 5G network builds off of the 4G network and creates new market opportunities 5G Home 5G Office 5G Mobility Consumer Consumer Consumer Business Premium Branded Premium Wholesale Value Premium 5G Network 4G LTE Network 4G LTE Network © 2019 Verizon 65

66. Slide 66: NR Standards based 5G launching in 2019

    NR Standards based 5G launching in 2019 5G Mobile in over 30 markets in 2019 Leading to 5G Home expansion in 2H19 © 2019 VerizonVerizon 66

67. Slide 67: Verizon 2019 5G device launch roadmap

    Verizon has a strong 2019 5G device launch roadmap Mot 5G Mod Galaxy S10 5G Additional Exclusive Launch Smartphones Exclusive 1H’19 2H’19 Exclusive 5G Jetpack Next Gen 5G Home Computing Devices Self & Prof Install Equipment Begin Launching © 2019 Verizon 67

68. Slide 68: 5G will enable new experiences and use cases

    5G will enable new experiences and use cases Real Time New Gen High Definition Cloud Gaming User Generated Content Video Streaming © 2019 Verizon 68

69. Slide 69: Looking Forward

    Looking Forward GROWTH Line of sight to continued growth in 2019 5G adds new growth opportunities in both mobility and fixed wireless access A single Consumer organization will be better positioned to serve our customers © 2019 Verizon 69

70. Slide 70: © 2019 Verizon 70

    © 2019 Verizon 70

71. Slide 71: Diego Scotti, Chief Marketing Officer

    Verizon Diego Scotti Chief Marketing Officer

72. Slide 72: Aligning brand to business

    Aligning brand to business Expanding our Owning premium Winning on 5G brand footprint positioning at scale • Technology innovation • Double down on network • Own 5G mindshare leader superiority • 5G Ultra Wideband is the • Good for society, good for • Innovations in value best business proposition •

73. Slide 73: Video

    VIDEO © 2019 Verizon 73

74. Slide 74: © 2019 Verizon 74

    © 2019 Verizon 74

75. Slide 75: Matt Ellis, Chief Financial Officer

    Verizon Matt Ellis Chief Financial Officer

76. Slide 76: Healthy Earnings Growth in 2018

    Healthy Earnings Growth in 2018 $0.84 $4.71 $0.22 $3.87 $3.74 ($0.09) Share Dilution Divested Business YoY YoY 3.5% 25.9% 2017 Adjusted 2018 Headwinds 2018 Growth 2018 Adjusted EPS* ASC 606 and tax 2018 Adjusted EPS* (before ASC 606 and reform EPS* tax reform) * Non-GAAP measure. Adjusted for specia

77. Slide 77: 2019 Financial Guidance

    2019 Financial Guidance Revenue EPS Capital Expenditures • Low single digit consolidated • 2019 adjusted EPS similar to 2018 • 2019 Capex of $17-$18B revenue growth on a GAAP reported basis • Sustained wireless service revenue • Excludes impact of new leasing • Capital intensity consistent with grow

78. Slide 78: Attractive Growth Underlying 2019 Guidance

    Attractive Growth Underlying 2019 Guidance Similar to $4.71 ($0.24) - ($0.28) 2018 Effective tax rate Interest expense ASC 606 Yo Y 0.0 2018 Adjusted EPS* 2019 Expected 2019 Expected % 2019 Adjusted EPS* Headwinds Growth (excluding lease accounting) * Non-GAAP measure. Adjusted for special items. ©

79. Slide 79: 5G Opportunity

    5G Opportunity Opportunity 2018 2019 2020 2021+ 1 • Launched in 4 • Expand in 2H19 Deployment Considerations FWA Share gain cities with availability of • Expand network availability NR CPE • Enhanced device lineup 2 Expected Revenue Timing Extend • Prepositioned • Launch 5G • Begins to scale in 2020

80. Slide 80: Business Excellence

    Business Excellence 2018 2019+ • Voluntary separation program • Capacity utilization models • Supply chain optimization • Inventory management • Process redesign • Procurement analytical tools • and more… 1. Produced $2.3B in capex and opex savings in first full year 2. Target $10B cumulative cost s

81. Slide 81: Consistent Capital Allocation

    Consistent Capital Allocation Priority #1 Priority #2 Priority #3 Invest in the Business Commitment to Dividend Strong Balance Sheet Capex • 12 consecutive years of • Return to pre-Vodafone credit increases profile • $17B to $18B expected in 2019 • Position to support further • Strong pension fundin

82. Slide 82: Leverage Target

    Leverage Target 2.75x Net Unsecured Debt / Adj. EBITDA* 2.50x 2.4x 2.3x • Metric focuses on Unsecured 2.25x 2.1x debt which is serviced through 2.00x EBITDA** and cash flow Leverage target of 1.75x – 2.0x 1.75x • ABS debt is serviced from cash 1.50x collections from loans to customers 1.25x 2016 201

83. Slide 83: Looking Forward

    Looking Forward BUSINESS Strong momentum exiting 2018 GROWTH Attractive growth opportunities in 2019 and beyond Revenue from 5G growth opportunities begins to scale in 2020 CAPITAL Strong balance sheet supports consistent capital allocation policy ALLOCATION while providing flexibility © 2019 Verizo

84. Slide 84: © 2019 Verizon 84

    © 2019 Verizon 84

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