Slide 1: Supplemental information and forward-looking statements
This supplemental information regarding the financial and operating results of Verizon Communications Inc. (Verizon) for the first quarter ended March 31, 2023 contains statements about expected future events and financial results that are forward-looking and subject to risks and uncertainties. Disc
Slide 2: Wireless postpaid net additions, churn and Consumer results
Verizon had a total of 633 thousand wireless retail postpaid net additions for the first quarter 2023. This success was driven by wearables adoption, Fixed Wireless Access momentum and continued strong performance in Business phone net additions. Postpaid phone gross additions for the first quarter
Slide 3: Broadband net additions and Fios
On a consolidated basis, total broadband net additions 437 thousand in the first quarter, a new quarterly record in more than a decade. As expected, we saw continued sequential growth in fixed wireless with 393 thousand net additions, up from 379 thousand in the fourth quarter 2022. Customer satisfa
Slide 4: Consolidated total operating revenue
Consolidated total operating revenue was $32.9 billion for the first quarter, down 1.9% year over year. Revenue decline was driven by both service and other revenue, which was down 0.2% and equipment revenue, which was down 9.1% year over year. Total wireless service revenue 2 was $18.9 billion, up
Slide 5: Consolidated net income and Adjusted EBITDA
Consolidated net income was $5.0 billion for the first quarter 2023, up 6.5% compared to the prior year period. Consolidated Adjusted EBITDA 1 was $11.9 billion for the first quarter 2023, down 1.1% year over year as wireless service revenue growth was offset by higher bad debt expense, and increase
Slide 6: Consumer segment revenue
Total Consumer revenue for the first quarter was $24.9 billion, down 1.7% year over year due to declines in wireless equipment revenue partially offset by gains in service and other revenue. Consumer service and other revenue for the first quarter was $20.0 billion, up 0.3%, compared to the similar
Slide 7: Business segment revenue
Total Business revenue for the first quarter was $7.5 billion, down 2.8% year over year. The decline was due to lower wireline and wireless equipment revenue that offset the increase in wireless service revenue. Business wireless service revenue for the first quarter was $3.3 billion, up 5.3% year o
Slide 8: Cash flow, capital spending and free cash flow
8.3 billion compared to $6.8 billion in the prior year period. This increase was primarily due to working capital improvements driven by lower inventory levels coupled with lower upgrades and a modest improvement in customer payment patterns, despite the current macroeconomic uncertainties. Capital
Slide 9: EBITDA and Adjusted EBITDA reconciliation
VlpHU09DSUQyMDE5UTE= Add: Interest expense 1,207 1,105 937 785 786 739 801 844 Consolidated EBITDA $ 12,025 $ 14,134 $ 11,781 $ 11,963 $ 11,105 $ 10,934 $ 13,136 $ 12,688 Add/(subtract): Equity in losses (earnings) of unconsolidated businesses (9) (4) (2) (41) 3 (135) (1) (1) Net gain from dispositi