VERIZON COMMUNICATIONS INC
For the period ended Jun 30, 2024. Filed Jul 25, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Jul 25, 2024
VZ$45.69-0.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-03-31; filed 2024-04-25.
0000732712-24-000029
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-06-30; filed 2024-07-25.
0000732712-24-000052
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 259 previous paragraphs and 306 current paragraphs.
166 unchanged; 68 reworded; 59 added; 19 removed; 6 previous and 13 current paragraphs rearranged.
Tables are not compared: 17 previous and 17 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (59)
Current report
(dollars in millions)
Current report
Note: Excludes eliminations.
Current report
Recent Developments
Current report
In June 2024, we announced and opened a Voluntary Separation Program for select U.S.-based management employees. Management at its discretion will accept volunteers for separation based on the needs of the business, and these employees will be notified in August 2024. We expect to record a severance charge related to the program in the third quarter of 2024, which could be significant. The ultimate financial statement impact will be based on the number of volunteers accepted.
Current report
Thedecrease during the three months ended June 30, 2024 wasprimarily due to:
Current report
•a decrease of $36 million in personnel costs primarily related to the impact of workforce changes.
Current report
Thedecrease during the six months ended June 30, 2024 was primarily the result of:
Current report
•a decrease of $138 million in personnel costs primarily related to the impact of workforce changes; and
Current report
•an increase of $78 million in digital content costs primarily associated with an increase in subscriptions through MyPlan offerings, partially offset by a decrease in traditional linear content costs due to a decline in Fios video subscribers.
Current report
•a decrease of $683 million and $1.5 billion for thethree and six months, respectively, driven by a lower volume of wireless devices sold primarily related to a decrease of 13% and 16%, respectively, in upgrades; and
Current report
•an increase of $472 million and $803 million for thethree and six months, respectively, due to a shift to higher priced equipment in the mix of wireless devices sold.
Current report
Selling, general and administrative expense decreased during the three months ended June 30, 2024 compared to the similar period in 2023. The decrease was primarily the result of:
Current report
•a decrease of $237 million due to severance charges in 2023 that did not reoccur;
Current report
•a decrease of $141 million primarily related to an asset rationalization chargein 2023 that did not reoccur; and
Current report
Selling, general and administrative expense increased during the six months ended June 30, 2024 compared to the similar period in 2023. The increase was primarily the result of:
Current report
•an increase of $58 million due to provision for credit losses resulting from additional bad debt reserves; and
Current report
•a decrease of $141 million related to an asset rationalization charge in 2023 that did not re-occur.
Current report
Other Income (Expense), Net
Current report
Other income (expense), net decreased during both thethree and six months ended June 30, 2024 compared to the similar periods in 2023.
Current report
The decrease during the three months ended June 30, 2024 was primarily due to a pension remeasurement loss of $136 million in 2024 that did not occur in 2023 and a decr ease of $114 million due to a lower expected return on plan assets in our pension and postretirement plans compared to 2023.
Current report
The decrease during the six months ended June 30, 2024 was primarily a result of:
Current report
•a decrease of $159 million due to a lower expected return on plan assets in our pension and postretirement plans compared to 2023, a decrease of $145 million in our postretirement plans due to prior service credits in 2023 that did not reoccur in 2024, and anet pension remeasurement loss of $63 million in 2024 that did not occur in 2023. These decreases were partially offset by a decrease of $108 million in our pension plan interest costs in 2024 due to a decrease in discount rates; and
Current report
(2)Includes Pension and benefits mark-to-market charges of $136 million during both the three and six months ended June 30, 2024. See "Special Items" for additional information.
Current report
Wireless service revenue increased during the six months ended June 30, 2024 compared to the similar period in 2023 primarily as a result of:
Current report
•a decrease of $269 million in prepaid revenue primarily due to a decrease in the prepaid subscriber base partially driven by the termination of the Affordable Connectivity Program in the second quarter of 2024.
Current report
•a decrease of $622 million and $1.3 billion for thethree and six months, respectively, driven by a lower volume of wireless devices sold primarily related to a decrease of 14% and 18%, respectively, in upgrades; and
Current report
•an increase of $358 million and $723 millionfor thethree and six months, respectively, related to a shift to higher priced equipment in the mix of wireless devices sold.
Current report
Other revenue increased during both the three and six months ended June 30, 2024 compared to the similar periods in 2023 primarily due to:
Current report
•an increase of $46 million and $79 million for the three and six months, respectively, driven by regulatory surcharges, primarily related to higher net Federal Universal Service Fund surcharge rates, along with an increase in other regulatory surcharges; and
Current report
The increase during the three months ended June 30, 2024 was primarily the result of:
Current report
•an increase of $33 million in personnel costs mainly driven by certain other post-employment benefit credits in 2023 that did not reoccur in 2024; and
Current report
The increase during the six months ended June 30, 2024 was primarily the result of:
Current report
•an increase of $79 million in digital content costs primarily associated with an increase in subscriptions through MyPlan offerings, partially offset by a decrease in traditional linear content costs due to a decline in Fios video subscribers;
Current report
•an increase of $75 million in personnel costs mainly driven by certain other post-employment benefit credits in 2023 that did not reoccur in 2024;
Current report
•a decrease of $143 million in access costs primarily as a result of decreases in prepaid subscribers, circuit disconnections and pricing changes.
Current report
•a decrease of $690 million and $1.4 billion for thethree and six months, respectively, driven by a lower volume of wireless devices sold primarily related to a decrease of 14% and 18%, respectively, in upgrades; and
Current report
•an increase of $496 million and $776 million for thethree and six months, respectively, due to a shift to higher priced equipment in the mix of wireless devices sold.
Current report
Selling, general and administrative expense increased during both the three and six months ended June 30, 2024 compared to the similar periods in 2023.
Current report
The increase during the three months ended June 30, 2024 was primarily due to an increase of $46 million in the provision for credit losses resulting from additional bad debt reserves.
Current report
The increase during the six months ended June 30, 2024 was primarily due to:
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Removed paragraphs (19)
Previous report
•a decrease of $102 million in personnel costs primarily related to the impact of workforce changes;
Previous report
•a decrease of $852 million driven by a lower volume of wireless devices sold primarily related to a decrease of 19% in upgrades; and
Previous report
•an increase of $331 million due to a shift to higher priced equipment in the mix of wireless devices sold.
Previous report
Other Income, Net
Previous report
Other income, net increased during thethree months ended March 31, 2024 compared to the similar period in 2023 primarily due to:
Previous report
•an increase of $54 million primarily related to the remeasurement of our foreign currency denominated assets and liabilities resulting in a foreign currency adjustment gain in 2024 compared with a loss in 2023; and
Previous report
•a decrease of $722 million driven by a lower volume of wireless devices sold primarily related to a decrease of 21% in upgrades; and
Previous report
•an increase of $365 million related to a shift to higher priced equipment in the mix of wireless devices sold.
Previous report
Other revenue remained relatively flat for the three months ended March 31, 2024 compared to the similar period in 2023.
Previous report
•an increase of $42 million in personnel costs mainly driven by certain other post-employment benefit credits in 2023 that did not reoccur in 2024;
Previous report
•a decrease of $84 million in access costs primarily as a result of decreases in prepaid subscribers, circuit disconnections and pricing changes.
Previous report
•a decrease of $719 million driven by a lower volume of wireless devices sold primarily related to a decrease of 21% in upgrades; and
Previous report
•an increase of $278 million related to a shift to higher priced equipment in the mix of wireless devices sold.
Previous report
•a decrease of $20 million in Wireless equipment revenue driven by a decrease in the number of wireless devices sold primarily due to fewer upgrades, partially offset by a shift to higher priced equipment in the mix of devices sold.
Previous report
Fios revenues remained flat for the three months ended March 31, 2024 compared to the similar period in 2023.
Previous report
Wholesale revenue remained relatively flat for the three months ended March 31, 2024 compared to the similar period in 2023.
Previous report
•a decrease of $46 million in access costs related to changes in usage, partially offset by changes in circuit access prices; and
Previous report
•a decrease of $132 million driven by a lower volume of wireless devices sold; and
Previous report
•an increase of $53 million related to a shift to higher priced equipment in the mix of wireless devices sold.
Reworded paragraphs (68)
Previous wording
In addition to the wireless services and equipment discussed above, the Consumer segment sells residential fixed connectivity solutions, including internet, video and voice services, and wireless network access to resellers on a wholesale basis. The Consumer segment's operating revenues for the three months ended March 31, 2024 totaled $25.1 billion, representing an increase of 0.8% compared to the similar period in 2023. See "Segment Results of Operations" for additional information regarding our Consumer segment’s operating performance and selected operating statistics.
Current wording
In addition to the wireless services and equipment discussed above, the Consumer segment sells residential fixed connectivity solutions, including internet, video and voice services, and wireless network access to resellers on a wholesale basis. The Consumer segment's operating revenues for the three and six months ended June 30, 2024 totaled $24.9 billion and $50.0 billion, respectively, representing an increase of 1.5% and 1.2%, respectively, compared to the similar periods in 2023. See "Segment Results of Operations" for additional information regarding our Consumer segment’s operating performance and selected operating statistics.
Previous wording
Our Business segment provides wireless and wireline communications services and products, including FWA broadband, data, video and conferencing services, corporate networking solutions, security and managed network services, local and long distance voice services and network access to deliver various Internet of Things (IoT) services and products, including solutions that support mobile resource management. We provide these products and services to businesses, government customers and wireless and wireline carriers across the U.S. and a subset of these products and services to customers around the world. The Business segment's operating revenues for the three months ended March 31, 2024 totaled $7.4 billion, representing a decrease of 1.6% compared to the similar period in 2023. See "Segment Results of Operations" for additional information regarding our Business segment’s operating performance and selected operating statistics.
Current wording
Our Business segment provides wireless and wireline communications services and products, including FWA broadband, data, video and conferencing services, corporate networking solutions, security and managed network services, local and long distance voice services and network access to deliver various Internet of Things (IoT) services and products, including solutions that support mobile resource management. We provide these products and services to businesses, government customers and wireless and wireline carriers across the U.S. and a subset of these products and services to customers around the world. The Business segment's operating revenues for the three and six months ended June 30, 2024 totaled $7.3 billion and $14.7 billion, respectively, representing a decrease of 2.4% and 2.0%, respectively, compared to the similar periods in 2023. See "Segment Results of Operations" for additional information regarding our Business segment’s operating performance and selected operating statistics.
Previous wording
We continue to invest in our wireless networks, high-speed fiber and other advanced technologies to position ourselves at the center of growth trends for the future. During the three months ended March 31, 2024, these investments included $4.4 billion for capital expenditures. See "Cash Flows Used in Investing Activities" for additional information. Capital expenditures for 2024 are expected to be in the range of $17.0 billion to $17.5 billion.
Current wording
We continue to invest in our wireless networks, high-speed fiber and other advanced technologies to position ourselves at the center of growth trends for the future. During the six months ended June 30, 2024, these investments included $8.1 billion for capital expenditures. See "Cash Flows Used in Investing Activities" for additional information. Capital expenditures for 2024 are expected to be in the range of $17.0 billion to $17.5 billion.
Previous wording
Consolidated operating revenues increased during the three months ended March 31, 2024 compared to the similar period in 2023 primarily due to revenue increases in our Consumer segment, partially offset by revenue decreases in our Business segment.
Current wording
Consolidated operating revenues increased during both the three and six months ended June 30, 2024 compared to the similar periods in 2023 primarily due to revenue increases in our Consumer segment, partially offset by revenue decreases in our Business segment.
Previous wording
Cost of services decreased during the three months ended March 31, 2024 compared to the similar period in 2023 primarily as result of:
Current wording
Cost of services decreased during both the three and six months ended June 30, 2024 compared to the similar periods in 2023.
Previous wording
•a decrease of $130 million in access costs primarily as a result ofdecreases in prepaid subscribers, circuit disconnections and pricing changes;
Current wording
•a decrease of $171 million in access costs primarily as a result ofdecreases in prepaid subscribers, circuit disconnections and pricing changes;
Previous wording
•an increase of $136 million related to higher costs for device insurance programs due to an increase in claims; and
Current wording
•an increase of $231 million related to higher costs for device insurance programs due to an increase in claims;
Previous wording
•an increase of $312 million in personnel costs primarily related to an increase in costs associated with the transition to third-party contracted resources along with the impacts of a prior year compensation plan assumption change that did not reoccur and increased sales commission expense;
Current wording
•an increase of $60 million in personnel costs related to an increase in costs associated with the transition to third-party contracted resources along with the impacts of a prior year compensation plan assumption change that did not reoccur and increased sales commission expense, partially offset by severance charges in 2023 that did not reoccur;
Previous wording
See "Special Items" for additional information on the legacy legal matter.
Current wording
See "Special Items" for additional information on the severance charges, asset rationalization charges and the legacy legal matter.
Previous wording
Depreciation and amortization expense increased during the three months ended March 31, 2024 compared to the similar period in 2023 primarily due to the change in the mix of net depreciable and amortizable assets, including the amortization period of certain acquisition-related intangible assets, and the continued deployment of C-Band network assets.
Current wording
Depreciation and amortization expense increased during both the three and six months ended June 30, 2024 compared to the similar periods in 2023 primarily due to the change in the mix of net depreciable and amortizable assets, including the amortization period of certain acquisition-related intangible assets, and the continued deployment of C-Band network assets.
Previous wording
Additional information relating to Other income, net is as follows:
Current wording
Additional information relating to Other income (expense), net is as follows:
Previous wording
Other income, net, reflects certain items not directly related to our core operations, including interest income, debt extinguishment costs, components of net periodic pension and postretirement benefit cost and income and certain foreign exchange gains and losses.
Current wording
Other income (expense), net, reflects certain items not directly related to our core operations, including interest income, debt extinguishment costs, components of net periodic pension and postretirement benefit cost and income and certain foreign exchange gains and losses.
Previous wording
•net debt extinguishment gains of $110 million related to tender offers and open market repurchases of various Company notes in 2024, compared with gains of $70 million related to open market repurchases of various Company notes in 2023.
Current wording
•net debt extinguishment gains of $199 million related to tender offers and open market repurchases of various Company notes in 2024, compared with gains of $139 million related to open market repurchases of various Company notes in 2023.
Previous wording
Total interest expense increased during the three months ended March 31, 2024 compared to the similar period in 2023 primarily as a result of a decrease in capitalized interest costs due to additional C-Band spectrum licenses being placed into service, an increase in interest costs due to a higher average interest rate and higher average debt balances.
Current wording
Total interest expense increased during both the three and six months ended June 30, 2024 compared to the similar periods in 2023 primarily as a result of a decrease in capitalized interest costs due to additional C-Band spectrum licenses being placed into service, an increase in interest costs due to a higher average interest rate offset by lower average debt balances.
Previous wording
The effective income tax rate is calculated by dividing the provision for income taxes by income before the provision for income taxes. During the three months ended March 31, 2024, both the provision for income taxes and the effective income tax rate decreased compared to the similar period in 2023 due to lower income before taxes in the current period.
Current wording
The effective income tax rate is calculated by dividing the provision for income taxes by income before the provision for income taxes. The provision for income taxes and the effective income tax rate during the three months ended June 30, 2024 are comparable to the similar period in 2023. The decrease in the provision for income taxes and the effective income tax rate during the six months ended June 30, 2024, compared to the similar period in 2023, was primarily due to lower income before income taxes in the current period.
Previous wording
Unrecognized tax benefits were $2.7 billion at both March 31, 2024 and December 31, 2023. Interest and penalties related to unrecognized tax benefits were $650 million (after-tax) and $630 million (after-tax) at March 31, 2024 and December 31, 2023, respectively.
Current wording
Unrecognized tax benefits were $2.6 billion and $2.7 billion at June 30, 2024 and December 31, 2023, respectively. Interest and penalties related to unrecognized tax benefits were $628 million (after-tax) and $630 million (after-tax) at June 30, 2024 and December 31, 2023, respectively.
Previous wording
(1) Includes Amortization of acquisition-related intangible assets, which were $221 million and $208 million during the three months ended March 31, 2024 and 2023, respectively. See "Special Items" for additional information.
Current wording
(1) Includes Amortization of acquisition-related intangible assets, which were $219 million and $440 million during the three and six months ended June 30, 2024, respectively, and $206 million and $414 million during the three and six months ended June 30, 2023, respectively. See "Special Items" for additional information.
Previous wording
The changes in Consolidated Net Income, Consolidated EBITDA and Consolidated Adjusted EBITDA in the table above during the three months ended March 31, 2024 compared to the similar period in 2023 were primarily a result of the factors described in connection with consolidated operating revenues and consolidated operating expenses.
Current wording
The changes in Consolidated Net Income, Consolidated EBITDA and Consolidated Adjusted EBITDA in the table above during the three and six months ended June 30, 2024 compared to the similar periods in 2023 were primarily a result of the factors described in connection with consolidated operating revenues and consolidated operating expenses.
Previous wording
Total broadband connections are the total number of connections to the internet using Fios internet services, Digital Subscriber Line (DSL), and postpaid, prepaid and IoT FWA as of the end of the period. Total broadband connections are calculated by adding total broadband connections, net additions in the period to prior period total broadband connections.
Current wording
Total broadband connections are the total number of connections to the internet using Fios internet services, Digital Subscriber Line, and postpaid, prepaid and IoT FWA as of the end of the period. Total broadband connections are calculated by adding total broadband connections, net additions in the period to prior period total broadband connections.
Previous wording
Consumer’s total operating revenues increased during the three months ended March 31, 2024 compared to the similar period in 2023 as a result of increases in Service and Other revenues, partially offset by a decrease in Wireless equipment revenue.
Current wording
Consumer’s total operating revenues increased during both the three and six months ended June 30, 2024 compared to the similar periods in 2023 as a result of increases in Service and Other revenues, partially offset by a decrease in Wireless equipment revenue.
Previous wording
Service revenue increased during the three months ended March 31, 2024 compared to the similar period in 2023 primarily driven by an increase in Wireless service revenue.
Current wording
Service revenue increased during both the three and six months ended June 30, 2024 compared to the similar periods in 2023 primarily driven by an increase in Wireless service revenue.
Previous wording
•an increase of $409 million in access revenues related to our postpaid plans primarily due to pricing actions; an increase in our FWA subscriber base; and an increase in subscriptions through MyPlan offerings. These increases were partially offset by the amortization of wireless equipment sales promotions;
Current wording
•an increase of $502 million in access revenues related to our postpaid plans primarily due to pricing actions, an increase in our FWA subscriber base, and an increase in subscriptions through MyPlan offerings. These increases were partially offset by the amortization of wireless equipment sales promotions;
Previous wording
•an increase of $149 million related to growth in non-retail service revenue;
Current wording
•an increase of $162 million related to growth in non-retail service revenue;
Previous wording
•an increase of $64 million in TravelPass revenue through increased customer international travel; and
Current wording
•an increase of $44 million in TravelPass revenue due to increased customer international travel; and
Previous wording
•a decrease of $106 million in prepaid revenue primarily due to a decrease in the prepaid subscriber base.
Current wording
•a decrease of $163 million in prepaid revenue primarily due to a decrease in the prepaid subscriber base partially driven by the termination of the Affordable Connectivity Program in the second quarter of 2024.
Previous wording
Wireless equipment revenue decreased during the three months ended March 31, 2024 compared to the similar period in 2023 primarily as a result of:
Current wording
Wireless equipment revenue decreased during both the three and six months ended June 30, 2024 compared to the similar periods in 2023 primarily as a result of:
Previous wording
•an increase of $29 million in digital content costs primarily associated with an increase in subscriptions through MyPlan offerings, partially offset by a decrease in traditional linear content costs due to a decline in Fios video subscribers; and
Current wording
•an increase of $29 million and $61 million for the three and six months, respectively, related to device protection offerings primarily due to pricing actions and changes in the products offered.
Previous wording
Cost of services increased during the three months ended March 31, 2024 compared to the similar period in 2023 primarily as a result of:
Current wording
Cost of services increased during both the three and six months ended June 30, 2024 compared to the similar periods in 2023.
Previous wording
•an increase of $59 million in rent and lease expense primarily driven by new leases and lease modifications related to the continued deployment of the C-Band spectrum;
Current wording
•an increase of $57 million in rent and lease expense primarily driven by new leases and lease modifications related to the continued deployment of the C-Band spectrum and Consumer's proportionate usage of shared leased assets;
Previous wording
•an increase of $48 million in rent and lease expense primarily driven bynew leases and lease modifications related to the continued deployment of the C-Band spectrum.
Current wording
•an increase of $116 million in rent and lease expense primarily driven by new leases and lease modifications related to the continued deployment of the C-Band spectrum and Consumer's proportionate usage of shared leased assets;
Previous wording
•an increase of $49 million in direct costs driven by vendor and service provider promotions and discounts received in 2023 that did not reoccur in 2024; and
Current wording
•an increase of $54 million in direct costs driven by vendor and service provider promotions and discounts received in 2023 that did not reoccur in 2024; and
Previous wording
•an increase of $50 million in regulatory fees mainly driven by an increase in rates.
Current wording
•an increase of $55 million in regulatory fees mainly driven by an increase in rates.
Previous wording
Depreciation and amortization expense increased during the three months ended March 31, 2024 compared to the similar period in 2023 driven by the change in the mix of total Verizon depreciable and amortizable assets and Consumer's usage of those assets.
Current wording
Depreciation and amortization expense increased during both the three and six months ended June 30, 2024 compared to the similar periods in 2023 driven by the change in the mix of total Verizon depreciable and amortizable assets and Consumer's usage of those assets.
Previous wording
The changes in the table above during the three months ended March 31, 2024 compared to the similar period in 2023 were primarily a result of the factors described in connection with Consumer operating revenues and operating expenses.
Current wording
The changes in the table above during the three and six months ended June 30, 2024 compared to the similar periods in 2023 were primarily a result of the factors described in connection with Consumer operating revenues and operating expenses.
Previous wording
(1)Service and other revenues included in our Business segment were approximately $6.5 billion and $6.6 billion for the three months ended March 31, 2024 and 2023, respectively. Wireless equipment revenues included in our Business segment were $871 million and $882 million for the three months ended March 31, 2024 and 2023, respectively.
Current wording
(1)Service and other revenues included in our Business segment were approximately $6.4 billion and $6.6 billion for the three months ended June 30, 2024 and 2023, respectively, and $13.0 billion and $13.2 billion for the six months ended June 30, 2024 and 2023, respectively. Wireless equipment revenues included in our Business segment were $855 million and $847 million for the three months ended June 30, 2024 and 2023, respectively, and $1.7 billion for both the six months ended June 30, 2024 and 2023.
Previous wording
Business’s total operating revenues decreased during the three months ended March 31, 2024 compared to the similar period in 2023 as a result of decreases in Enterprise and Public Sector and Wholesale revenues, partially offset by an increase in Business Markets and Other revenue.
Current wording
Business’s total operating revenues decreased during both the three and six months ended June 30, 2024 compared to the similar periods in 2023 as a result of decreases in Enterprise and Public Sector and Wholesale revenues, partially offset by an increase in Business Markets and Other revenue.
Previous wording
•a decrease of $150 million in wireline revenue primarily driven by decreases in networking, traditional data and voice communication services due to secular market pressure, coupled with lower customer premise equipment sales volumes; and
Current wording
Enterprise and Public Sector revenues decreased during both the three and six months ended June 30, 2024 compared to the similar periods in 2023 primarily due to a decrease of $199 million and $349 million, respectively, in wireline revenue primarily driven by declines in networking, traditional data and voice communication services along with related professional services, due to secular market pressure, coupled with lower customer premise equipment sales volumes.
Previous wording
Business Markets and Other revenue increased during the three months ended March 31, 2024 compared to the similar period in 2023 primarily due to an increase of $114 million in Wireless service revenue driven mainly by an increase in our FWA subscriber base and our pricing actions.
Current wording
Business Markets and Other revenues increased during both the three and six months ended June 30, 2024 compared to the similar periods in 2023 primarily due to an increase of $109 million and $223 million, respectively, in Wireless service revenue driven by an increase in our FWA subscriber base and our pricing actions.
Previous wording
Cost of services decreased during the three months ended March 31, 2024 compared to the similar period in 2023 primarily due to:
Current wording
Cost of services decreased during the three and six months ended June 30, 2024 compared to the similar periods in 2023.
Previous wording
•a decrease of $29 million in customer premise equipment costs due to lower volumes sold.
Current wording
•a decrease of $26 million in customer premise equipment costs due to lower volumes sold.
Showing the first 40 of 68 pairs. Open the source sections for the rest.
Rearranged current paragraphs (13)
Current report — wording carried from elsewhere
Highlights of Our Financial Results for the Six Months Ended June 30, 2024 and 2023
Current report — wording carried from elsewhere
Revenue by Segment for the Six Months Ended June 30, 2024 and 2023
Current report — wording carried from elsewhere
•a decrease of $41 million in access costs primarily as a result ofdecreases in prepaid subscribers, circuit disconnections and pricing changes; and
Current report — wording carried from elsewhere
•an increase of $95 million primarily related to higher costs for device insurance programs due to an increase in claims.
Current report — wording carried from elsewhere
•an increase of $911 million in access revenues related to our postpaid plans primarily due to pricing actions, an increase in our FWA subscriber base, and an increase in subscriptions through MyPlan offerings. These increases were partially offset by the amortization of wireless equipment sales promotions;
Current report — wording carried from elsewhere
•an increase of $311 million related to growth in non-retail service revenue;
Current report — wording carried from elsewhere
•an increase of $108 million in TravelPass revenue due to increased customer international travel; and
Current report — wording carried from elsewhere
•an increase of $50 million in digital content costs primarily associated with an increase in subscriptions through MyPlan offerings, partially offset by a decrease in traditional linear content costs due to a decline in Fios video subscribers;
Current report — wording carried from elsewhere
•a decrease of $59 million in access costs primarily as a result of decreases in prepaid subscribers, circuit disconnections and pricing changes.
Current report — wording carried from elsewhere
•a decrease of $55 million in customer premise equipment costs due to lower volumes sold; and
Current report — wording carried from elsewhere
U.S. retail medium-term notes and other securities that are privately-placed or offered overseas. In addition, we monetize certain receivables through asset-backed debt transactions.
Current report — wording carried from elsewhere
See Note 5 to the condensed consolidated financial statements for additional information.
Current report — wording carried from elsewhere
Therefore, we believe it is important to view free cash flow as a complement to our entire condensed consolidated statements of cash flows.
Rearranged previous paragraphs (6)
Previous report — wording carried elsewhere
Selling, general and administrative expense increased during the three months ended March 31, 2024 compared to the similar period in 2023 primarily due to:
Previous report — wording carried elsewhere
•an increase of $40 million in direct costs driven by vendor and service provider promotions and discounts received in 2023 that did not reoccur in 2024;
Previous report — wording carried elsewhere
Selling, general and administrative expense increased during the three months ended March 31, 2024 compared to the similar period in 2023 primarily due to:
Previous report — wording carried elsewhere
•an increase of $80 million in personnel costs mainly driven by the impacts of a prior year compensation plan assumption change that did not reoccur and increased sales commission expense; and
Previous report — wording carried elsewhere
Enterprise and Public Sector revenues decreased during the three months ended March 31, 2024 compared to the similar period in 2023 primarily due to:
Previous report — wording carried elsewhere
March 31, 2024, net cash used in financing activities was $1.4 billion. During the three months ended March 31, 2023, net cash used in financing activities was $2.4 billion.