VERIZON COMMUNICATIONS INC
For the period ended Sep 30, 2024. Filed Oct 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.
Sep 30, 2024 · Filed Oct 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 2024-06-30; filed 2024-07-25.
0000732712-24-000052
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-09-30; filed 2024-10-25.
0000732712-24-000069
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 306 previous paragraphs and 320 current paragraphs.
164 unchanged; 97 reworded; 57 added; 36 removed; 9 previous and 2 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 (57)
Current report
In June 2024, we announced a voluntary separation program for select U.S.-based management employees. Approximately 4,800 eligible employees will separate from Verizon under this program by the end of March 2025, with more than half of these employees having exited in September of 2024. Principally as a result of this program, but also as a result of other headcount reduction initiatives, we recorded a severance charge of $1.7 billion ($1.3 billion after-tax) during the three and nine months ended September 30, 2024, which was recorded in Selling, general and administrative expense in our condensed consolidated statement of income.
Current report
On September 27, 2024, Verizon entered into an agreement with Vertical Bridge REIT, LLC (Vertical Bridge) pursuant to which Vertical Bridge will obtain the exclusive rights to lease, operate and manage over 6,000 wireless towers from subsidiaries of Verizon. The transaction is structured as a prepaid lease with an upfront payment of approximately $2.8 billion. Under the terms of the leases, Vertical Bridge will have exclusive rights to lease, operate and manage the towers over an average term of approximately 30 years, and will have an option to acquire the towers at the end of the lease terms. Verizon will lease back capacity on the towers from Vertical Bridge for an initial term of 10 years, with eight optional renewal terms of five years each, subject to certain early termination rights. This transaction is expected to close by the end of 2024, subject to customary closing conditions. Verizon plans to account for the upfront payment as a financing obligation and prepaid rent.
Current report
On October 17, 2024, Verizon entered into a license purchase agreement to acquire select spectrum licenses of United States Cellular Corporation and certain of its subsidiaries (UScellular) for total consideration of $1.0 billion, subject to certain potential adjustments. The closing of this transaction is subject to the receipt of regulatory approvals and other closing conditions, including the consummation of UScellular's proposed sale of its wireless operations and select spectrum assets to T-Mobile US, Inc., and the termination of certain post-closing arrangements with respect to that sale.
Current report
Our agreement to acquire Frontier Communications Parent, Inc. (Frontier) is discussed below under the heading "Acquisitions and Divestitures."
Current report
•an increase of $189 million related to an asset and business rationalization charge taken in 2024;
Current report
•an increase of $73 million in regulatory costs primarily related to a higher net Federal Universal Service Fund (FUSF) rate;
Current report
•a decrease of $45 million in connection with the non-strategic business shutdown of our BlueJeans business offering in 2023.
Current report
•a decrease of $176 million in personnel costs primarily related to the impact of workforce changes;
Current report
•an increase of $175 million related to an asset and business rationalization charge taken in 2024 compared to an asset rationalization charge taken in 2023; and
Current report
•an increase of $113 million in regulatory costs related to a higher net FUSF rate.
Current report
•a decrease of $594 million and $2.1 billion for thethree and nine months, respectively, driven by a lower volume of wireless devices sold; and
Current report
•an increase of $288 million and $1.1 billion for thethree and nine 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 thethree and nine months ended September 30, 2024 comparedto the similar periods in 2023.
Current report
•an increase of $1.7 billion due to severance charges in 2024 related to separations under our voluntary separation program;
Current report
•an increase of $185 million related to an asset and business rationalization charge taken in 2024; and
Current report
•a decrease of $161 million related to business transformation costs in 2023 that did not reoccur.
Current report
•a decrease of $161 million related to business transformation costs in 2023 that did not reoccur.
Current report
Other Income, Net
Current report
The decrease during the nine months ended September 30, 2024 was primarily a result of:
Current report
See Note 8 to the condensed consolidated financial statements for more information on the other components of net periodic benefit income (cost).
Current report
Wireless service revenue increased during the nine months ended September 30, 2024 compared to the similar period in 2023 primarily as a result of:
Current report
The decrease during the three months ended September 30, 2024 was primarily due toa decrease of $362 million driven by a lower volume of wireless devices sold.
Current report
The decrease during the nine months ended September 30, 2024 was primarily the result of:
Current report
•a decrease of $1.7 billion driven by a lower volume of wireless devices sold; and
Current report
•an increase of $738 million 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 nine months ended September 30, 2024 compared to the similar periods in 2023 primarily due to:
Current report
•an increase of $51 million in regulatory costs primarily related to a higher net FUSF rate.
Current report
•an increase of $120 million in personnel costs mainly driven by certain other post-employment benefit credits in 2023 that did not reoccur in 2024;
Current report
•an increase of $101 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 $84 million in regulatory costs primarily related to a higher net FUSF rate; and
Current report
•a decrease of $178 million in access costs primarily as a result of decreases in prepaid subscribers, circuit disconnections and pricing changes.
Current report
•a decrease of $434 million and $1.8 billion for thethree and nine months, respectively, driven by a lower volume of wireless devices sold; and
Current report
•an increase of $151 million and $927 million for thethree and nine months, respectively, due to a shift to higher priced equipment in the mix of wireless devices sold.
Current report
Selling, general and administrative expense remained relatively flat for the three months ended September 30, 2024 and increased during the nine months ended September 30, 2024 compared to the similar periods in 2023.
Current report
The increase during the nine months ended September 30, 2024 was primarily due to:
Current report
•an increase of $71 million in the provision for credit losses resulting from additional bad debt reserves;
Current report
•an increase of $66 million in building and facility costs primarily due to higher utility rates; and
Current report
Business Markets and Other revenues increased during both the three and nine months ended September 30, 2024 compared to the similar periods in 2023.
Current report
•an increase of $353 million in Wireless service revenue driven by pricing actions and an increase in our FWA subscriber base; and
Current report
•a decrease of $69 million in connection with the shutdown of our BlueJeans business offering in 2023 and a decline in core voice communication revenues.
Showing the first 40 of 57 passages. Open the source sections for the rest.
Removed paragraphs (36)
Previous 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.
Previous report
•a decrease of $36 million in personnel costs primarily related to the impact of workforce changes.
Previous report
Thedecrease during the six months ended June 30, 2024 was primarily the result of:
Previous report
•a decrease of $138 million in personnel costs primarily related to the impact of workforce changes; and
Previous 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.
Previous 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
Previous 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.
Previous 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:
Previous report
•a decrease of $141 million primarily related to an asset rationalization chargein 2023 that did not reoccur; and
Previous 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:
Previous report
•an increase of $58 million due to provision for credit losses resulting from additional bad debt reserves; and
Previous report
•a decrease of $141 million related to an asset rationalization charge in 2023 that did not re-occur.
Previous report
Other Income (Expense), Net
Previous report
The decrease during the six months ended June 30, 2024 was primarily a result of:
Previous 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:
Previous 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
Previous 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.
Previous 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:
Previous report
•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;
Previous 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
Previous report
•a decrease of $59 million in access costs primarily as a result of decreases in prepaid subscribers, circuit disconnections and pricing changes.
Previous report
The increase during the six months ended June 30, 2024 was primarily the result of:
Previous 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;
Previous 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;
Previous report
•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 report
•a decrease of $143 million in access costs primarily as a result of decreases in prepaid subscribers, circuit disconnections and pricing changes.
Previous 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
Previous 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.
Previous 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.
Previous report
The increase during the six months ended June 30, 2024 was primarily due to:
Previous report
•an increase of $77 million in the provision for credit losses resulting from additional bad debt reserves; and
Previous report
The decrease during the six months ended June 30, 2024 was primarily due to:
Previous report
•a decrease of $74 million and $207 million for thethree and six months, respectively, driven by a lower volume of wireless devices sold; and
Previous report
•an increase of $57 million and $111 million for thethree and six months, respectively, due to a shift to higher priced equipment in the mix of wireless devices sold.
Previous report
Asset Rationalization
Previous report
consumer demand;
Reworded paragraphs (97)
Previous wording
Highlights of Our Financial Results for the Six Months Ended June 30, 2024 and 2023
Current wording
Highlights of Our Financial Results for the Nine Months Ended September 30, 2024 and 2023
Previous wording
Revenue by Segment for the Six Months Ended June 30, 2024 and 2023
Current wording
Revenue by Segment for the Nine Months Ended September 30, 2024 and 2023
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 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.
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 nine months ended September 30, 2024 totaled $25.4 billion and $75.3 billion, respectively, representing an increase of 0.4% and 0.9%, 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 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.
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 nine months ended September 30, 2024 totaled $7.4 billion and $22.0 billion, respectively, representing a decrease of 2.3% and 2.1%, 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 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.
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 nine months ended September 30, 2024, these investments included $12.0 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 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.
Current wording
Consolidated operating revenues remained relatively flat during thethree months ended September 30, 2024 and increased during the nine months ended September 30, 2024 compared to the similar periods in 2023. The increase during thenine months ended September 30, 2024 was primarily due to revenue increases in our Consumer segment, partially offset by revenue decreases in our Business segment.
Previous wording
•a decrease of $41 million in access costs primarily as a result ofdecreases in prepaid subscribers, circuit disconnections and pricing changes; and
Current wording
•a decrease of $76 million in access costs primarily as a result ofdecreases in prepaid subscribers, changes in usage and changes in net circuit access prices; and
Previous wording
Cost of services decreased during the three and six months ended June 30, 2024 compared to the similar periods in 2023.
Current wording
Cost of services decreased during the nine months ended September 30, 2024 compared to the similar period in 2023. The decreasewas primarily the result of:
Previous wording
•a decrease of $171 million in access costs primarily as a result ofdecreases in prepaid subscribers, circuit disconnections and pricing changes;
Current wording
•a decrease of $247 million in access costs primarily as a result ofdecreases in prepaid subscribers, changes in usage and changes in net circuit access prices;
Previous wording
•a decrease of $237 million due to severance charges in 2023 that did not reoccur;
Current wording
•an increase of $1.5 billion due to severance charges in 2024 compared to 2023;
Previous 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;
Current wording
•an increase of $405 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;
Previous wording
•an increase of $231 million related to higher costs for device insurance programs due to an increase in claims;
Current wording
•an increase of $184 million related to higher costs for device insurance programs due to an increase in claims; and
Previous wording
See "Special Items" for additional information on the severance charges, asset rationalization charges and the legacy legal matter.
Current wording
See "Special Items" for additional information on the severance charges, the asset and business rationalization charges, the business transformation costs and the non-strategic business shutdown.
Previous 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.
Current wording
Depreciation and amortization expense remained relatively flat during thethree months ended September 30, 2024 and increased during thenine months ended September 30, 2024 compared to the similar periods in 2023. The increase during thenine months ended September 30, 2024 wasprimarily 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 (expense), net is as follows:
Current wording
Additional information relating to Other income, net is as follows:
Previous 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.
Current 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.
Previous wording
Other income (expense), net decreased during both thethree and six months ended June 30, 2024 compared to the similar periods in 2023.
Current wording
Other income, net decreased during both thethree and nine months ended September 30, 2024 compared to the similar periods in 2023.
Previous wording
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 wording
The decrease during the three months ended September 30, 2024 was primarily due to a decr ease of $122 million due to lower plan assets on which to earn expected returns in our pension and postretirement plans compared to 2023, partially offset bya pension remeasurement gain of $46 million in 2024 that did not occur in 2023.
Previous wording
•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 wording
•a decrease of $281 million due to lower plan assets on which to earn expected returns in our pension and postretirement plans compared to 2023 and a decrease of $218 million in our postretirement plans due to prior service credits in 2023 that did not reoccur in 2024. These decreases were partially offset by a decrease of $186 million in our pension plan interest costs in 2024 due to a decrease in discount rates; and
Previous 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.
Current wording
•net debt extinguishment gains of $289 million related to open market repurchases of various Company notes and tender offers in 2024, compared with gains of $224 million related to open market repurchases of various Company notes and tender offers in 2023.
Previous 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.
Current wording
Total interest expense increased during both the three and nine months ended September 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 and an increase in interest costs due to a higher average interest rate partially 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. 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.
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 decrease in the provision for income taxes during both the three and nine months ended September 30, 2024 compared to the similar periods in 2023 was primarily due to the decrease in income before income taxes in each of the current periods. The decrease in the effective income tax rate during the three months ended September 30, 2024 compared to the similar period in 2023 was primarily due to a reduction in deferred income taxes due to changes in state apportionment during the current period. The effective income tax rate for the nine months ended September 30, 2024 is comparable to the similar period in 2023.
Previous 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.
Current wording
Unrecognized tax benefits were $2.8 billion and $2.7 billion at September 30, 2024 and December 31, 2023, respectively. Interest and penalties related to unrecognized tax benefits were $682 million (after-tax) and $630 million (after-tax) at September 30, 2024 and December 31, 2023, respectively.
Previous 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.
Current wording
(1) Includes Amortization of acquisition-related intangible assets, which were $186 million and $626 million during the three and nine months ended September 30, 2024, respectively, and $224 million and $638 million during the three and nine months ended September 30, 2023, respectively. The three and nine months ended September 30, 2023 also includes a portion of the charges associated with the Non-strategic business shutdown. See "Special Items" for additional information.
Previous wording
(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 wording
(2)Includes Pension and benefits mark-to-market charges of $136 million during the nine months ended September 30, 2024. 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 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.
Current wording
The changes in Consolidated Net Income, Consolidated EBITDA and Consolidated Adjusted EBITDA in the table above during the three and nine months ended September 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
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.
Current wording
Consumer's total operating revenues increased during both the three and nine months ended September 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 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.
Current wording
Service revenue increased during both the three and nine months ended September 30, 2024 compared to the similar periods in 2023 primarily driven by an increase in Wireless service revenue.
Previous 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;
Current wording
•an increase of $347 million in access revenues related to our postpaid plans primarily due to pricing actions, an increase in subscriptions through MyPlan offerings, and an increase in our FWA subscriber base. These increases were partially offset by the amortization of wireless equipment sales promotions;
Previous wording
•an increase of $162 million related to growth in non-retail service revenue;
Current wording
•an increase of $145 million related to growth in non-retail service revenue;
Previous wording
•an increase of $44 million in TravelPass revenue due to increased customer international travel; and
Current wording
•an increase of $86 million in TravelPass revenue due to increased customer international travel; and
Previous 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.
Current wording
•a decrease of $191 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
•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 wording
•an increase of $1.3 billion 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 $311 million related to growth in non-retail service revenue;
Current wording
•an increase of $456 million related to growth in non-retail service revenue;
Previous wording
•an increase of $108 million in TravelPass revenue due to increased customer international travel; and
Current wording
•an increase of $194 million in TravelPass revenue due to increased customer international travel; and
Previous wording
•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 wording
•a decrease of $460 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 both the three and six months ended June 30, 2024 compared to the similar periods in 2023 primarily as a result of:
Current wording
Wireless equipment revenue decreased during both the three and nine months ended September 30, 2024 compared to the similar periods in 2023.
Previous wording
•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 wording
•an increase of $73 million and $152 million for the three and nine months, respectively, driven by regulatory surcharges, primarily related to a higher net FUSF rate, along with an increase in other regulatory surcharges; and
Previous 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.
Current wording
•an increase of $32 million and $93 million for the three and nine months, respectively, related to device protection offerings primarily due to changes in the products offered and pricing actions.
Previous wording
Cost of services increased during both the three and six months ended June 30, 2024 compared to the similar periods in 2023.
Current wording
Cost of services increased during both the three and nine months ended September 30, 2024 compared to the similar periods in 2023.
Showing the first 40 of 97 pairs. Open the source sections for the rest.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
Cost of services increased during the three months ended September 30, 2024 compared to the similar period in 2023. The increasewas primarily the result of:
Current report — wording carried from elsewhere
The increase during the three months ended September 30, 2024 was primarily due to:
Rearranged previous paragraphs (9)
Previous report — wording carried elsewhere
Thedecrease during the three months ended June 30, 2024 wasprimarily due to:
Previous report — wording carried elsewhere
•an increase of $95 million primarily related to higher costs for device insurance programs due to an increase in claims.
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•an increase of $106 million related to a legacy legal matter;
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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.
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•a decrease of $55 million in customer premise equipment costs due to lower volumes sold; and
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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.
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Therefore, we believe it is important to view free cash flow as a complement to our entire condensed consolidated statements of cash flows.
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competitive factors such as prices, promotional incentives and evolving consumer preferences;
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anticipated benefits of the enhancement to our networks;