Slide 1: Consolidated Financial Results
This supplemental information regarding the financial and operating results of Verizon Communications Inc. (Verizon) for the second quarter ended June 30, 2023 contains statements about expected future events and financial results that are forward-looking and subject to risks and uncertainties. Disc
Slide 2: Total Operating Revenue ($B)
Total Operating Revenue ($B) $33.8 $32.9 $32.6 2Q 2022 1Q2023 2Q2023
Slide 3: Net Income ($B)
Net Income ($B) $5.3 $5.0 $4.8 2Q 2022 1Q2023 2Q2023
Slide 4: Wireless Service Revenue ($B)
Wireless Service Revenue** ($B) $18.4 $18.9 $19.1 2Q 2022 1Q2023 2Q2023
Slide 5: Consolidated total operating revenue for the second quarter
Consolidated total operating revenue for the second quarter was $32.6 billion, down 3.5% year over year. • Service and other revenue was $27.3 billion, up 0.8% year over year, as the growth of Wireless service revenue was partially offset by wireline declines and lower Other revenue due to the reall
Slide 6: Cash Flow from Operating Activities ($B)
Cash Flow from Operating Activities ($B) $17.7 $18.0 1H 2022 1H 2023
Slide 7: Capital spending, free cash flow and net unsecured debt
• Capital spending for the six months ended June 30, 2023 was $10.1 billion, including the remaining $1.75 billion of the C-Band related spending in our guidance. • Our guidance for 2023 capital expenditures of $18.25 billion to $19.25 billion remains unchanged. Free cash flow 1 for the six months e
Slide 8: Retail Postpaid Phone Net Additions
Total Retail Postpaid Phone Net Additions (kK) 12 8 Lt — (127) 2Q 2022 1Q2023 2Q2023
Slide 9: Consumer Retail Postpaid Phone Net Additions
Consumer Retail Postpaid Phone Net Additions (kK) (136) (215) (263) 2Q 2022 1Q2023 2Q2023
Slide 10: Consolidated postpaid net additions for the second quarter
Consolidated Total retail postpaid net additions for the second quarter were 612 thousand, up from 514 thousand in the prior year period, driven by continued FWA momentum, wearables adoption, and strong Business phone performance. Total postpaid phone net additions for the second quarter were 8 thou
Slide 11: Broadband Net Additions (K)
Total Broadband Net Additions (K) 437 418 268 2Q 2022 1Q2023 2Q2023
Slide 12: Fixed Wireless Access Net Additions (K)
Fixed Wireless Access Net Additions (K) Hi Consumer [J Business 393 384 168 256 251 2Q 2022 1Q2023 2Q2023
Slide 13: Broadband net additions for the second quarter
Total broadband net additions were 418 thousand for the second quarter, up from 268 thousand in the prior year period, driven by strong demand and good retention rates for both Fios and FWA products. • FWA net additions were 384 thousand, up from 256 thousand in the prior year period. ◦ Consumer FWA
Slide 14: Consumer Operating Revenue ($B)
Total Operating Revenue ($B) $256 $249 $24.6 2Q 2022 1Q2023 2Q2023
Slide 15: Consumer Service and Other Revenue ($B)
Service and Other Revenue ($B) $19.9 $20.0 $20.1 2Q 2022 1Q2023 2Q2023
Slide 16: Consumer revenue for the second quarter
Total Consumer revenue for the second quarter was $24.6 billion, down 4.1% year over year, as gains in Service and other revenue were offset by Wireless equipment revenue declines. VlpHU09DSUQyMDE5UTE= • Consumer Service and other revenue was $20.1 billion, up 1.2% year over year. • Consumer Wireles
Slide 17: Business Operating Revenue ($B)
Total Operating Revenue ($B) $7.6 $7.5 $7.5 2Q 2022 1Q2023 2Q2023
Slide 18: Revenue by Customer Group ($B)
Revenue by Customer Group ($B) HI Enterprise and Public Sector Business Markets and Other* | Wholesale $06 $06 i $06 $3.4 $3.1 $3.4 $3.9 $3.8 2Q 2022 1Q2023 2Q2023
Slide 19: Total Business revenue was $7.5 billion
VlpHU09DSUQyMDE5UTE= Total Business revenue was $7.5 billion, down 1.9% year over year, as growth in Wireless service revenue was more than offset by lower Wireline revenue and lower Wireless equipment revenue. • Business Wireless service revenue was $3.4 billion, up 5.3% year over year, driven by c
Slide 20: Consolidated EBITDA and Adjusted EBITDA reconciliation
VlpHU09DSUQyMDE5UTE= Add: Interest expense 1,285 1,207 1,105 937 785 786 739 801 Consolidated EBITDA $ 11,756 $ 12,025 $ 14,134 $ 11,781 $ 11,963 $ 11,105 $ 10,934 $ 13,136 Add/(subtract): Equity in losses (earnings) of unconsolidated businesses (3) 33 (9) (4) (2) (41) 3 (135) (1) Asset rationalizat