Q3 2024 Verizon Communications Inc Earnings Call - Pre-recorded

October 22, 2024

As well as our Chief Financial Officer, Tony Ski artists.

Brady Connor: Chief Executive Officer Hans Vestberg, as well as our Chief Financial Officer Tony Skiadas. Before we begin, I'd like to draw your attention to our Safe Harbor Statement, which can be found at the start of the earnings presentation posted on our Investor Relations website. Information in this presentation contains statements about expected future events and financial results that are forward-looking and subject to risks and uncertainties. Discussions of factors that may affect future results are contained in Verizon's filings with the SEC, which are available on our Investor Relations website. This presentation contains certain non-GAAP financial measures. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are included in the financial materials posted on our website. A detailed overview of our third quarter results and other materials related to this discussion was posted this morning to our Investor Relations website.

Brady Connor: Professor Hans Vestberg, as well as our chief financial officer, Tony Skiadas.

Brady Connor: Officer, Hans Vestberg, as well as our Chief Financial Officer, Tony Skiadas.

Before we begin I'd like to draw your attention to our safe Harbor statement, which can be found at the start of the earnings presentation posted on our Investor Relations website.

Unknown Executive: Before we begin, I'd like to draw your attention to our safe harbor statement, which can be found at the start of the earnings presentation posted on our Investor Relations website. Information in this presentation contains statements about expected future events and financial results that are forward-looking and subject to risks and uncertainties. Discussions of factors that may affect future results is contained in Verizon's filings with the FCC, which are available on our Investor Relations website. This presentation contains certain non-GAAP financial measures. Reconciliation of these non-GAAP measures to the most directly comparable GAAP measures are included in the financial materials posted on our website.

Unknown Executive: Before we begin, I'd like to draw your attention to our Safe Harbor Statement, which can be found at the start of the earnings presentation posted on our Investor Relations website. Information in this presentation contains statements about expected future events and financial results that are forward-looking and subject to risks and uncertainties. Discussions of factors that may affect future results is contained in Verizon's filings with the FCC, which are available on our Investor Relations website. This presentation contains certain non-GAAP financial measures. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are included in the financial materials posted on our website.

Information in this presentation contains statements about expected future events and financial results that are forward looking and subject to risks and uncertainties discussions of factors that may affect future results is contained in verizon's filings with the SEC, which are available on our Investor Relations website. This presentation contains certain non-GAAP.

Brady Connor: Discussions of factors that may affect future results are contained in Verizon's filings with the SEC, which are available on our Investor Relations website.

Brady Connor: This presentation contains certain non-GAAP financial measures. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are included in the financial materials posted on our website. A detailed overview of our third quarter results and other materials related to this discussion was posted this morning to our Investor Relations website.

Measures reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are included in the financial materials posted on our website a detailed overview of our third quarter results and other materials related to this discussion was posted this morning to our Investor Relations website. Additionally, we hope you'll join us for a webcast of our sell side and.

Unknown Executive: A detailed overview of our third quarter results and other materials related to this discussion was posted this morning to our Investor Relations website.

Unknown Executive: A detailed overview of our third quarter results and other materials related to this discussion was posted this morning to our Investor Relations website. Additionally, we hope you'll join us for a webcast of our sell-side analyst meeting for a strategic broadband update that starts at 9 a.m. Eastern time this morning, October 22nd.

Unknown Executive: Additionally, we hope you'll join us for a webcast of our self-site analyst meeting for a strategic broadband update that starts at 9 a.m. Eastern Time in this morning, October 22.

Brady Connor: Additionally, we hope you'll join us for a webcast of our sell-side analyst meeting for a strategic broadband update that starts at 9:00AM Eastern Time this morning, 22 October 2024. With that, I'll turn it over to Hans.

Brady Connor: Additionally, we hope you'll join us for a webcast of our sell-side analyst meeting for a strategic broadband update that starts at 9:00AM Eastern Time this morning, October 22nd . With that, I'll turn it over to Hans.

This meeting for a strategic broadband update that starts at nine a M. Eastern time. This morning October 22nd with that I'll turn it over to Hans.

Hans Vestberg: With that, I'll turn it over to Hans.

Hans: Thank you, Brian Good morning, and welcome to <unk> third quarter earnings update before.

Brady Connor: With that, I'll turn it over to Hans.

Hans Vestberg: Thank you, Brady. Good morning and welcome to Verizon's third quarter earnings update.

Hans Vestberg: Thank you, Brady. Good morning and welcome to Verizon's third quarter earnings update. Before we dive into our performance in the quarter, we must address the devastating impact of the hurricanes Helene and Milton on communities throughout the southern parts of the United States. At Verizon, we always run through a crisis. Our teams acted quickly to assist all the affected communities, and we are deeply invested in helping everybody come back stronger. Our superior network made a real difference during these events. Our network infrastructure was resilient and delivered for customers and the first responders who really relied on it. Now, let's dive into our third quarter performance. The actions we have taken since early 2023 are driving improvements across all our businesses.

Hans: Before we dive into our performance in the quarter, we must address the devastating impact of the Hurricanes Hilliana millstone on communities throughout the southern part of United States.

Hans Vestberg: Before we dive into our performance in the quarter, we must address the devastating impact of the hurricanes, Helena and Milton, on communities throughout the southern parts of the United States. At Verizon, we'll always run to the crisis. Our teams acted quickly to assist all the affected communities and were deeply investing in helping everybody come back stronger. Our superior network made a real difference during these events. Our network infrastructure was resilient and delivered for customers, and the first responders who really relied on it.

Hans: At Verizon will always wrong to crisis. Our teams acted quickly to assist all of the affected communities and we're deeply invested in helping everybody come back stronger.

Hans Vestberg: At Verizon we always run to a crisis. Our teams acted quickly to assist all the affected communities and we're deeply invested in helping everybody come back stronger. Our superior network made a real difference during these events. Our network infrastructure was resilient and delivered for customers and the first responders who really relied on it.

Hans: Our superior network made a real difference during these events our network infrastructure was resilient and delivered for customers and the first responders, who really rely on it now.

Hans Vestberg: Our superior network made a real difference during these events. Our network infrastructure was resilient and delivered for customers and the first responders who really relied on it. Now, let's dive into our third quarter performance. The actions we have taken since early 2023 are driving improvements across all our businesses.

Hans: Now, let's dive into our third quarter performance.

Hans Vestberg: Now let's dive into our third quarter performance. The actions we have taken since early 2023 are driving improvements across all our businesses. In the third quarter, we delivered sequential and year-over-year growth in wider service revenue and adjusted EBITDA, and we had a strong free cash flow of US$6 billion. While the service revenue was up 2.7% over last year, our quarterly adjusted EBITDA of $12.5 billion is the highest we have ever reported, and the highest in the telecom industry by far. With these results, we are confident that we will not just deliver on our 2024 financial guidance, but the wireless service revenue and adjusted EBITDA growth will come in at or above the midpoint of our guided range.

Hans Vestberg: Now, let's dive into our third quarter performance. The actions we have taken since early 2023 are driving improvements across all our businesses. In the third quarter, we delivered sequential and heroism year growth in wider service revenue and adjusted EBITDA, and we had a strong free castle of $6 billion US dollars. Wide service revenue was up 2.7% over last year, or quarterly adjusted EBITDA of $12.5 billion US dollars is the highest we have ever reported, and the highest in the telecom industry by far. With these results, we are confident that we will not just deliver on our 2024 financial guidance, but the wireless service revenue and adjusted EBITDA growth will come in at or above the midpoint of our guided range.

Hans: The actions we have taken since early 2010, three or driving improvements across all our businesses in the third quarter, we delivered sequential and year over year growth in wireless service revenue and adjusted EBITDA and we had a strong free cash flow of 6 billion U S dollars.

Hans Vestberg: In the third quarter, we delivered sequential and year-over-year growth in wireless service revenue and Adjusted EBITDA, and we had a strong Free Cash Flow of $6 billion. Wireless service revenue was up 2.7% over last year. Our quarterly Adjusted EBITDA of $12.5 billion is the highest we have ever reported and the highest in the telecom industry by far. With these results, we are confident that we will not just deliver on our 2024 financial guidance, but the wireless service revenue and Adjusted EBITDA growth will come in at or above the midpoint of our guided range. Our momentum continues to build from a strong operational performance across mobility, broadband, and private networks. While bringing choice and value to our customers, we signed strategic M&A and implemented cost efficiencies to make Verizon stronger.

Hans: Wireless service revenue was up two 7% over last year, our quarterly adjusted EBITDA of 12, and a half billion U S. Dollar is the highest we have ever reported and the highest in the telecom industry by far.

Hans: With these results we're confident that we're not just deliver on our 2024 financial guidance, but the wireless service revenue and adjusted EBITDA growth will come in at or above the midpoint of our guided range.

Hans Vestberg: With these results, we are confident that we will not just deliver on our 2024 financial guidance, but the wireless service revenue and adjusted EBITDA growth will come in at or above the midpoint of our guided range. Our momentum continues to build from a strong operational performance across mobility, broadband, and private networks. While bringing choice and value to our customers, we signed strategic M&A and implemented cost efficiencies to make Verizon stronger.

Hans: Our momentum continues to build from our strong operational performance across mobility broadband and private networks, while bringing choice and value to our customers, we signed strategic M&A and implemented cost efficiencies to make Verizon was stronger.

Hans Vestberg: Our momentum continues to build from a strong operation performance across mobility, broadband, and private networks. While bringing choice and value to our customers, we signed strategic M&A and implemented cost efficiencies to make Verizon stronger. I'm proud of our team and excited about how we're using our scale and industry-leading position to bring value, services, and experience to our customers every day. We're deepening customer relationships and offering critical services that earn us a high return on capital, and we delivered our 18th consecutive annual dividend increase. In the third quarter, we brought more CBAN and network capacity to states across the country.

Hans: I'm proud of our team and excited about how we're using our scale and industry, leading position to bring value services and experience to our customers everyday we're deepening customer relationships and offering critical services that earn us a high return on capital and we delivered our eighth.

Hans Vestberg: I'm proud of our team and excited about how we're using our scale and industry-leading position to bring value, services, and experience to our customers every day. We're deepening customer relationships and offering critical services that earn us a high return on capital. We delivered our 18th consecutive annual dividend increase. In the third quarter, we brought more C-Band and network capacity to states across the country. As always, our network is the foundation for our success in mobility, broadband, and private networks. As Brady mentioned, following the earnings call, we will be providing an update on our broadband strategy. We will share our vision for the future of broadband, including ambitious new targets that reflect the strong demand that we're seeing across both fixed wireless and fiber offerings. Now, let's discuss how our superior network and our strategy are driving results across our business.

Hans: Teens consecutive annual dividend increase in.

Hans Vestberg: And we delivered our 18th consecutive annual dividend increase. In the third quarter, we brought more C-band and network capacity to states across the country. As always, our network is the foundation for our success in mobility, broadband, and private networks.

Hans: In the third quarter, we brought more C band and network capacity to states across the country as always on network is the foundation for our success in mobility broadband and private networks.

Hans Vestberg: As always, our network is the foundation for our success in mobility, broadband, and private networks. As Brady mentioned, following the earnings call, we will be providing an update on our broadband strategy. We will share our vision for the future of broadband, including ambitious new targets that reflect a strong demand that we are seeing across both fixed wireless and fiber offerings. Our strategy of giving our customers more options than other wireless providers continues to drive positive momentum in both post-paid phone gross ads and churn. We have applied the same operation, rigor, and commitment to our prepaid brands, and results are very encouraging.

Hans Vestberg: As always, our network is the foundation for our success in mobility, broadband, and private networks. As Brady mentioned, following the earnings call, we will be providing an update on our broadband strategy. We will share our vision for the future of broadband, including ambitious new targets that reflect the strong demand that we're seeing across both fixed wireless and fiber offerings. Now, let's discuss how our superior network and our strategy are driving results across our business.

Hans: Dimension following the earnings call, we will be providing an update on our broadband strategy, we will share our vision for the future broadband, including ambitious new targets that reflect the strong demand that we're seeing across both fixed wireless and fiber offerings.

Hans Vestberg: As Brady mentioned, following the earnings call, we will be providing an update on our broadband strategy. We will share our vision for the future of broadband, including ambitious new targets that reflect the strong demand that we are seeing across both fixed wireless and fiber offerings.

Hans: Now, let's discuss how our superior network and our strategy are driving results across our business in mobility, we more than doubled postpaid phone net adds over last year with 239000 and importantly, we're also delivered positive consumer postpaid net adds in the quarter, both with and without.

Hans Vestberg: Now let's discuss how our superior network and our strategy are driving results across our business. In Mobility, we more than doubled postpaid phone net ads over the last year with 239,000. Importantly, we also delivered positive consumer postpaid net ads in the quarter both with and without our second number offering. We have focused on delivering choice, value, and simplicity to our customers through My Plan, My Home, and new business offerings. Our strategy of giving our customers more options than other wireless providers continues to drive positive momentum in both postpaid phone, gross ads, and churn. We have applied the same operational rigor and commitment to our prepaid brands, and results are very encouraging.

Hans Vestberg: In mobility, we more than doubled postpaid phone net adds over the last year with 239,000. Importantly, we also delivered positive consumer postpaid net adds in the quarter, both with and without our second number offering. We have focused on delivering choice, value, and simplicity to our customers through My Plan, My Home, and new business offerings. Our strategy of giving our customers more options than other wireless providers continues to drive positive momentum in both postpaid phone, gross adds, and churn. We have applied the same operational rigor and commitment to our prepaid brands, and results are very encouraging. For the first time since the acquisition of TracFone, we have had positive prepaid net adds for the quarter, excluding SafeLink. We expect our prepaid business to continue improving quarter by quarter as we further refine our offerings and execution.

Hans: Our second number offering.

Hans: We are focused on delivering choice value and simplicity to our customers through my plan My home and new business offerings, our strategy of giving our customers more options than other wireless provider continues to drive positive momentum in both postpaid phone gross adds and churn.

Hans Vestberg: Our strategy of giving our customers more options than other wireless providers continues to drive positive momentum in both postpaid phone, gross adds, and churn. We have applied the same operational rigor and commitment to our prepaid brands, and results are very encouraging. For the first time since the acquisition of TracFone, we have had positive prepaid net adds for the quarter, excluding SafeLink. We expect our prepaid business to continue improving quarter by quarter as we further refine our offerings and execution.

Hans: We have applied the same operational rigor and commitment of our prepaid brands and results are very encouraging.

Hans: For the first time since the acquisition of Tracfone, We're had paucity of prepaid net adds for the quarter excluding safely.

Hans Vestberg: For the first time since the acquisition of Track Phone, we have had positive prepaid net ads for the quarter, excluding Safely. We expect our prepaid business to continue improving quarter by quarter as we further refine our offerings and execution. In broadband, we ended the quarter with nearly 4.2 million fixed wireless access subscribers alongside a strong FIOS growth. The continuous success of our fixed wireless offering allowed us to reach our goal of 4 to 5 million fixed wireless access subscribers 15 months ahead of our original plan. This confirms a strong demand for our offering and its high level of customer satisfaction.

Hans Vestberg: For the first time since the acquisition of Tracfone, we have had positive prepaid NetDads for the quarter, excluding save. We expect our prepaid business to continue improving quarter by quarter as we further refine our offerings and execution. In broadband, we ended the quarter with nearly 4.2 million fixed wireless access subscribers alongside a strong Fios growth. The continued success of our fixed wireless offering allowed us to reach our goal of 4 to 5 million fixed wireless access subscribers with 15 months ahead of our original plan. This confirms a strong demand for our offering and its high level of customer satisfaction.

Hans: We expect our prepaid base is a continue improving quarter by quarter as we further refine our offerings and execution.

Hans: In broadband we ended the quarter with nearly 4.2 million fixed wireless access subscribers alongside a strong fires growth. The continued success or fixed wireless offering allowed us to reach our goal of four to 5 million fixed wireless access subscribers with 15 months ahead or.

Hans Vestberg: In broadband, we ended the quarter with nearly 4.2 million fixed wireless access subscribers alongside a strong Fios growth. The continued success of our fixed wireless offering allowed us to reach our goal of 4 to 5 million fixed wireless access subscribers with 15 months ahead of our original plan. This confirms a strong demand for our offering and its high level of customer satisfaction. In private networks, we see a strong momentum and exciting opportunities. We're expanding our sports partnership through an agreement with FIFA, where we will provide extensive network services for the 2026 Men's World Cup and serve as a tournament supporter of the 2027 Women's World Cup. We also expanded our partnership with the Madison Square Garden family of companies to become the official wireless provider for all its venues, including Madison Square Garden and The Sphere.

Hans: Original plan this confirms the strong demand for our offering and its high level of customer satisfaction.

Hans: In private networks, we see a strong momentum and exciting opportunities were expanding our sports partnership through an agreement with FIFA will provide extensive network services for the 20th when six men's World Cup and serve as a tournament supporter of the 2027 Women's World Cup. We're also expanding.

Hans Vestberg: In private networks, we see a strong momentum and exciting opportunities. We are expanding our sports partnership through an agreement with FIFA, where we will provide extensive network services for the 2026 Men's World Cup and serve as a tournament supporter of the 2027 Women's World Cup. We also expanded our partnership with the Madison Square Garden family of companies to become the official wireless provider for all its venues, including Madison Square Garden and the Sphere.

Hans Vestberg: In private networks, we see a strong momentum and exciting opportunities. We're expanding our sports partnership through an agreement with FIFA, where we will provide extensive network services for the 2026 Men's World Cup and serve as a tournament supporter of the 2027 Women's World Cup. We also expanded our partnership with the Madison Square Garden family of companies to become the official wireless provider for all its venues, including Madison Square Garden and Esphere.

Hans Vestberg: We're expanding our sports partnership through an agreement with FIFA, where we will provide extensive network services for the 2026 Men's World Cup and serve as a tournament supporter of the 2027 Women's World Cup. We also expanded our partnership with the Madison Square Garden family of companies to become the official wireless provider for all its venues, including Madison Square Garden and The Sphere.

Our partnership with Madison Square Garden and family of companies to become the official wireless provider for all his venues, including Madison Square Garden and Israel.

Hans: We will be providing a more detailed update on capital allocation at our analyst meeting this morning.

Hans Vestberg: We will be providing a more detailed update on capital allocation at our analyst meeting this morning. But our capital allocation priorities remain. To invest in a business, support our dividend, and pay down debt. We executed on all three during the quarter, including our pending acquisition of Frontier Communications, a tower transaction with Vertical Bridge, a Spectrum acquisition from US Cellular, and a new satellite partnership and organization improvements. All will enhance our capabilities, help us serve our customers even better, and support financial growth.

Hans Vestberg: We will be providing a more detailed update on capital allocation at our analyst meeting this morning. But our capital allocation priorities remain to invest in a business, support our dividend, and pay down debt. We execute on all three during the quarter, including our pending acquisition of Frontier Communications, a tower transaction with Vertical Bridge, a spectrum acquisition from US seller, and a new satellite partnership and organization improvements. All will enhance our capabilities, help us serve our customers even better, and support financial growth.

Hans Vestberg: We will be providing a more detailed update on capital allocation at our analyst meeting this morning. Our capital allocation priorities remain: to invest in the business, support our dividend, and pay down debt. We executed on all three during the quarter, including our pending acquisition of Frontier Communications, a tower transaction with Vertical Bridge, a spectrum acquisition from US Cellular, and a new satellite partnership and organization improvements. All will enhance our capabilities, help us serve our customers even better, and support financial growth. Let me walk you through each of these transactions. First, our pending Frontier acquisition will expand our total addressable market in mobility and broadband. Post-close, Verizon will stand unmatched as the only company with the ability to serve both fixed wireless access and fiber at scale.

Hans: But our capital allocation priorities remain to invest in a business support our dividend and pay down debt, we execute on all three during the quarter, including our pending acquisition of Frontier Communications, a tower transaction with vertical bridge, a spectrum acquisition from U S cellular and a new <unk>.

Hans: Seth light partnership and organization improvements all will enhance our capabilities help us serve our customers, even better and support financial growth.

Hans Vestberg: All will enhance our capabilities, help us serve our customers even better, and support financial growth. Let me walk you through each of these transactions. First, our pending Frontier acquisition will expand our total addressable market in mobility and broadband. Post-close, Verizon will stand unmatched as the only company with the ability to serve both Fixed Wireless Access and fiber at scale.

Let me walk you through each of these transactions first our pending frontier acquisition will expand our total addressable market in mobility and broadband.

Hans Vestberg: Let me walk you through each of these transactions. First, our pending Frontier acquisition will expand our total investment market in mobility and broadband. Post-close, Verizon will stand on match as the only company with the ability to serve both fixed wireless actions and fiber escape. Second, we announce a transaction with Vertical Bridge involving more than 6,000 hours, deepening a relationship with a valued strategic partner. In addition to the cash proceeds, we will lease back capacity at the very favorable terms, providing long-term cost stability. Third, we are acquiring valuable low- and broadband spectrum from US seller, which will enhance our spectrum portfolio and expand our network capacity when the deal closes.

Hans Vestberg: Let me walk you through each of these transactions. First, our pending frontier acquisition will expand our total addressable market in mobility and broadband. Post-close, Verizon will stand unmatched as the only company with the ability to serve both fixed wireless access and fiber at scale. Second, we announced a transaction with Vertical Bridge involving more than 6,000 towers, deepening a relationship with a valued strategic partner. In addition to the cash proceeds, we will lease back capacity at very favorable terms, providing long-term cost stability. Third, we're acquiring valuable low- and mid-band spectrum from USLRR, which will enhance our spectrum portfolio and expand our network capacity when the deal closes.

Hans: Close Verizon withstand unmatched as the only company with the ability to serve both fixed wireless access and fiber at scale second we announced the transaction with vertical bridge involving more than 6000 towers deepening our relationship with a valued strategic partner in addition to the cash.

Hans Vestberg: Second, we announced a transaction with Vertical Bridge involving more than 6,000 towers, deepening our relationship with a valued strategic partner. In addition to the cash proceeds, we will lease back capacity at very favorable terms, providing long-term cost stability. Third, we're acquiring valuable low and mid-band spectrum from US Cellular, which will enhance our spectrum portfolio and expand our network capacity when the deal closes. Fourth, we have further expanded our satellite capabilities, adding a partnership with Skylo on top of our ongoing work with AST SpaceMobile. By using satellite technology, we're extending our network reach to previously underserved areas, opening up new market opportunities, and reinforcing our commitment to connectivity. Finally, we continue to make progress on costs. Our voluntary separation program allows employees to make informed decisions about their futures while helping us manage costs as we transform our workforce and adapt to new technologies.

Hans: Proceeds we will lease back capacity at very favorable terms, providing long term cost stability.

Hans: Third we're acquiring valuable low and mid band spectrum from U S cellular which will enhance our spectrum portfolio and expand our network capacity when the deal closes fourth we have further expanded our satellite capabilities, adding a partnership with sky low on top of our ongoing work with ASC space.

Hans Vestberg: Fourth, we have further expanded our satellite capabilities, adding a partnership with Skylo on top of our ongoing work with ASD Space Mobile. By using satellite technology, we're extending our network reach to previously underserved areas, opening up new market opportunities and reinforcing our commitment to connectivity.

Hans Vestberg: Fourth, we have further expanded our satellite capabilities, adding a partnership with Skylo on top of our ongoing work with AST SpaceMobile. By using satellite technology, we're extending our network reach to previously underserved areas, opening up new market opportunities, and reinforcing our commitment to connectivity. Finally, we continue to make progress on costs. Our voluntary separation program allows employees to make informed decisions about their futures while helping us manage costs as we transform our workforce and adapt to new technologies.

Mobile by using satellite technology, we're extending our network reach to previously underserved areas opening up new market opportunities are reinforcing our commitment to connectivity and finally, we continue to make progress on costs, our voluntary separation program allowed employees to.

Hans Vestberg: And finally, we continue to make progress on costs. Our voluntary separation program allows employees to make informed decisions about their futures, while helping us manage costs as we transform our workforce and adapt to new technologies. Overall, I'm very pleased with our continued improvement in operational and financial execution.

Hans Vestberg: And finally, we continue to make progress on costs. Our voluntary separation program allowed them to be to make informed decisions about their futures, while helping us manage costs as we transform our workforce and adapt to new technologies. Overall, I'm very pleased with our continued improvement in operational and financial execution.

Hans: To make informed decisions about their futures, while helping us manage cost as we transform our workforce and adopt new technologies overall I'm very pleased with our continued improvement in operational and financial execution now Tony will talk about our third quarter result in greater detail.

Hans Vestberg: Overall, I'm very pleased with our continued improvement in operational and financial execution. Now, Tony will talk about our third quarter result in greater detail.

Tony Skiadas: Now, Tony will talk about our third quarter result in greater detail.

Tony Skiadas: Now, Tony will talk about our third quarter result in greater detail. Thanks, Hans, and good morning. Our third quarter results demonstrate our continued focus on operational excellence and reflect our ability to deliver both customer and financial growth. With our differentiated offerings and value proposition, we're continuing to drive your over your improvements and post-paid phone ads and broadband connections, all while maintaining our discipline around promotions. Starting with our consumer results, post-paid phone ads were 81,000 for the third quarter. This compares to a prior year net loss of 51,000. The year-over-year improvement was driven by continued gross ag growth of about 6% in the period.

Tony: Thanks, Hans and good morning, all.

Tony: Our third quarter results demonstrate our continued focus on operational excellence and reflect our ability to deliver both customer and financial growth with our differentiated offerings and value proposition, we're continuing to drive year over year improvements in postpaid phone net adds and broadband connections all while maintaining our discipline around promotions staff.

Tony Skiadas: Thanks Hans and good morning. Our third quarter results demonstrate our continued focus on operational excellence and reflect our ability to deliver both customer and financial growth. With our differentiated offerings and value proposition, we're continuing to drive year-over-year improvements in post-paid phone net ads and broadband connections, all while maintaining our discipline around promotion.

Tony Skiadas: Thanks, Hans, and good morning. Our third quarter results demonstrate our continued focus on operational excellence and reflect our ability to deliver both customer and financial growth. With our differentiated offerings and value proposition, we're continuing to drive year-over-year improvements in postpaid phone net adds and broadband connections, all while maintaining our discipline around promotions. Starting with our consumer results, postpaid phone net adds were 81,000 for the third quarter. This compares to a prior year net loss of 51,000. The year-over-year improvement was driven by continued gross add growth of about 6% in the period. This marks the seventh consecutive quarter of year-over-year postpaid phone gross add growth. Additionally, phone churn improved by one basis point compared to last year. For the full year, we continue to expect positive consumer postpaid phone net adds, both with and without the impact of our second number offering.

Tony: With our consumer results postpaid phone net adds were 81000 for the third quarter.

Tony Skiadas: Starting with our consumer results, post-paid Fonet ads were $81,000 for the third quarter. This compares to a prior year net loss of $51,000. The year-over-year improvement was driven by continued gross ad growth of about 6% in the period. This marks the seventh consecutive quarter of year-over-year postpaid phone gross ad growth. Additionally, phone churn improved by one basis point compared to last year. For the full year, we continue to expect positive consumer postpaid phone net ads, both with and without the impact of our second number offering. America's Best Network, together with the benefits of MyPlan, continues to be a differentiator for us.

Tony: This compares to a prior year net loss of 51000.

Tony Skiadas: This compares to a prior year net loss of 51,000. The year-over-year improvement was driven by continued gross add growth of about 6% in the period. This marks the seventh consecutive quarter of year-over-year postpaid phone gross add growth. Additionally, phone churn improved by one basis point compared to last year. For the full year, we continue to expect positive consumer postpaid phone net adds, both with and without the impact of our Second Number offering.

Tony: The year over year improvement was driven by continued gross add growth of about 6% in the period. This marks the seventh consecutive quarter of year over year postpaid phone gross add growth.

Tony Skiadas: This marks the seventh consecutive quarter of year-over-year post-paid phone gross ag growth. Additionally, phone churn improved by one basis point compared to last year. For the full year, we continue to expect positive consumer post-paid phone ads both with and without the impact of our second number offering. America's best network, together with the benefits of my plan, continues to be a differentiator for us. We offer customers a compelling value proposition with one of a kind perks. Moving to prepaid, the team is successfully executing on its strategy and improving the trajectory of the business, delivering 80,000 net ads, excluding SafeLink.

Tony: Additionally, phone churn improved by one basis point compared to last year for.

Tony: For the full year, we continue to expect positive consumer postpaid phone net adds both with and without the impact of our second number offering.

Tony: Mark is best network together with the benefits of my plant continues to be a differentiator for us we offer customers a compelling value proposition with one of a kind perks moving.

Tony Skiadas: America's best network, together with the benefits of My Plan, continues to be a differentiator for us. We offer customers a compelling value proposition with one-of-a-kind perks. Moving to prepaid, the team is successfully executing on its strategy and improving the trajectory of the business, delivering 80,000 net adds, excluding SafeLink. Our core prepaid brands, Visible, Total Wireless, and Straight Talk, continue to perform well, driving a total year-over-year improvement of over 300,000 net adds when excluding SafeLink and the related ACP impacts. With ACP pressures now firmly behind us, we're confident that the rigor being applied to our prepaid operations will position us well going into 2025. Moving to business results, postpaid phone net adds were 158,000 in Q3, representing another quarter of solid growth. We saw sustained buying activity throughout the quarter and had strong contributions from small and medium businesses, enterprise, and public sector customers.

Tony Skiadas: America's best network, together with the benefits of myPlan, continues to be a differentiator for us. We offer customers a compelling value proposition with one-of-a-kind perks. Moving to prepaid, the team is successfully executing on its strategy and improving the trajectory of the business, delivering 80,000 net adds, excluding SafeLink.

Tony Skiadas: We offer customers a compelling value proposition with one-of-a-kind perks. Moving to prepaid, the team is successfully executing on its strategy and improving the trajectory of the business, delivering 80,000 net ads, excluding SafeLink. Our core prepaid brands, Visible, Total Wireless, and Straight Talk continue to perform well, driving a total year-over-year improvement of over 300,000 net ads when excluding SafeFlick and the related ACP impacts. With ACP pressures now firmly behind us, we're confident that the rigor being applied to our prepaid operations will position us well going into 2025.

Tony: Moving to prepaid the team is successfully executing on our strategy and improving the trajectory of the business delivering 80000 net adds excluding safe link.

Tony: Our core prepaid brands visible total wireless and straight talk continued to perform well driving a total year over year improvement of over 300000, net ads when excluding safe click and their related ACP impacts with ACP pressures now firmly behind us we're confident that the rigor being applied to our prepaid operations will position.

Tony Skiadas: Our core prepaid brands, Visible, Total Wireless and Straight Talk, continue to perform well, driving a total year-over-year improvement of over 300,000 net ads when excluding Safe Link and their related ACP impacts.

Tony Skiadas: Our core prepaid brands, Visible, Total Wireless, and Straight Talk, continue to perform well, driving a total year-over-year improvement of over 300,000 net adds when excluding SafeLink and the related ACP impacts. With ACP pressures now firmly behind us, we're confident that the rigor being applied to our prepaid operations will position us well going into 2025. Moving to business results, postpaid phone net adds were 158,000 in Q3, representing another quarter of solid growth.

Tony Skiadas: With ACP pressures now firmly behind us, we're confident that the rigor being applied to our prepaid operations will position us well going into 2025. Moving to business results, post-paid phone ads were 158,000 in the clear quarter, representing another quarter of solid growth. We saw sustained buying activity throughout the quarter and had strong contributions from small and medium businesses and prize and public sector customers. Businesses continue to trust Verizon for their mission critical functions over any other provider. Shifting to broadband, are total net additions with 389,000 for the quarter. Fix wireless access once again had a strong quarter, contributing 363,000 net ads.

Tony: As well going into 2025.

Tony: Moving to business results postpaid phone net adds were 158000 in the third quarter, representing another quarter of solid growth we.

Tony Skiadas: Moving to business results, post-paid phone net ads were 158,000 in the third quarter, representing another quarter of solid growth. We saw sustained buying activity throughout the quarter and had strong contributions from small and medium businesses, enterprise, and public sector customers. Businesses continue to trust Verizon for their mission-critical functions over any other provider.

Tony: We saw sustained buying activity throughout the quarter and had strong contributions from small and medium businesses enterprise and public sector customers.

Tony Skiadas: We saw sustained buying activity throughout the quarter and had strong contributions from small and medium businesses, enterprise, and public sector customers.

Tony: Businesses continue to trust Verizon for their mission critical functions over any other provider.

Tony Skiadas: Businesses continue to trust Verizon for their mission-critical functions over any other provider. Shifting to broadband, our total net additions were 389,000 for the quarter. Fixed wireless access once again had a strong quarter, contributing 363,000 net adds. Our FWA subscriber base now stands at nearly 4.2 million customers. As Hans mentioned earlier, we are pleased to have reached our FWA customer target 15 months ahead of schedule. This reflects the popularity of fixed wireless access and customer demand for high-quality broadband services. Fios internet net adds totaled 43,000 for the quarter, an improvement of 15,000 sequentially. We saw momentum build throughout the quarter as we further distanced ourselves from the effects of the ACP shutdown. In total, we now have over 11.9 million broadband subscribers, a nearly 16% increase year-over-year.

Tony: Shifting to broadband our total net additions were 389000 for the quarter fixed wireless access once again had a strong quarter contributing 363000 net adds our FW a subscriber base now stands at nearly $4 2 million customers.

Tony Skiadas: Shifting to broadband, our total net additions were $389,000 for the quarter. Fixed wireless access once again had a strong quarter, contributing $363,000 net ads. Our FWA subscriber base now stands at nearly 4.2 million customers. As Hans mentioned earlier, we are pleased to have reached our FWA customer target 15 months ahead of schedule. This reflects the popularity of fixed wireless access and customer demand for high-quality broadband services. Fios Internet Net Ads totaled $43,000 for the quarter, an improvement of $15,000 sequentially. We saw momentum build throughout the quarter as we further distanced ourselves from the effects of the ACP shutdown.

Tony Skiadas: Our FWA subscriber base now stands at nearly 4.2 million customers. As Hans mentioned earlier, we are pleased to have reached our FWA customer target 15 months ahead of schedule. This reflects the popularity of fixed wireless access and customer demand for high-quality broadband services. FIOS Internet net ads total 43,000 for the quarter and improvement of 15,000 sequentially. We saw momentum build throughout the quarter as we further distance ourselves from the effects of the ACP shutdown. In total, we now have over 11.9 million broadband subscribers, a nearly 16% increase year over year.

Speaker Change: As Hans mentioned earlier, we are pleased to have reached our FWS customer target 15 months ahead of schedule.

This reflects the popularity of fixed wireless access and customer demand for high quality broadband services.

Tony Skiadas: This reflects the popularity of Fixed Wireless Access and customer demand for high-quality broadband services. Fios internet net adds totaled 43,000 for the quarter, an improvement of 15,000 sequentially. We saw momentum build throughout the quarter as we further distanced ourselves from the effects of the ACP shutdown. In total, we now have over 11.9 million broadband subscribers, a nearly 16% increase year-over-year.

Speaker Change: <unk> Internet net adds totaled 43000 for the quarter an improvement of 15000 sequentially.

Speaker Change: We saw momentum build throughout the quarter as we further distance ourselves from the effects of the ACP shut down.

Speaker Change: In total we now have over 11.9 million broadband subscribers and nearly 16% increase year over year, we continue to make good progress in growing our customer base and look forward to sharing additional broadband updates at our analyst event. Later this morning, moving to the financials, our sustained focus on profitable growth contributed to a strong quarter.

Tony Skiadas: In total, we now have over 11.9 million broadband subscribers, a nearly 16% increase year-over-year.

Tony Skiadas: We continue to make good progress in growing our customer base in the forward to sharing additional broadband updates at our analyst event later this morning. Moving to the financials, a sustained focus on profitable growth contributed to a strong quarter. We are on track to meet our 2024 guidance, with both wireless service revenue and adjusted EBITDA growth trending at or above the midpoint of our guided ranges. Consolidator revenue for the third quarter total $33.3 billion, essentially flat compared to the prior year. Service and other revenue growth of 1.7% was offset by declines in wireless equipment revenue, as total upgrade volume was down over 10% year over year.

Tony Skiadas: We continue to make good progress in growing our customer base and look forward to sharing additional broadband updates at our analyst event later this morning.

Tony Skiadas: We continue to make good progress in growing our customer base and look forward to sharing additional broadband updates at our analyst event later this morning. Moving to the financials, our sustained focus on profitable growth contributed to a strong quarter. We are on track to meet our 2024 guidance with both wireless service revenue and adjusted EBITDA growth trending at or above the midpoint of our guided ranges. Consolidated revenue for the third quarter totaled $33.3 billion, essentially flat compared to the prior year. Service and other revenue growth of 1.7% was offset by declines in wireless equipment revenue as total upgrade volume was down over 10% year-over-year. Wireless service revenue was $19.8 billion, representing year-over-year growth of 2.7% or $513 million. Sequentially, wireless service revenue grew by $70 million in spite of a full quarter's impact from the end of ACP, as well as headwinds from promo amortization.

Tony Skiadas: Moving to the financials, our sustained focus on profitable growth contributed to a strong quarter. We are on track to meet our 2024 guidance with both wireless service revenue and adjusted EBITDA growth trending at or above the midpoint of our guided range. Consolidated revenue for the third quarter totaled $33.3 billion, essentially flat compared to the prior year. Service and other revenue growth of 1.7% was offset by declines in wireless equipment revenue, as total upgrade volume was down over 10% year-over-year. Wireless service revenue was $19.8 billion, representing year-over-year growth of 2.7%, or $513 million. Sequentially, wireless service revenue grew by $70 million, in spite of a full quarter's impact from the end of ACP, as well as headwinds from promo amortization.

Speaker Change: <unk>, we are on track to meet our 2024 guidance with both wireless service revenue and adjusted EBITDA growth trending at or above the midpoint of our guided ranges consol.

Consolidated revenue for the third quarter totaled $33 $3 billion, essentially flat compared to the prior year.

Speaker Change: Service and other revenue growth of one 7% was offset by declines in wireless equipment revenue as total upgrade volume was down over 10% year over year wireless service revenue was $19 $8 billion, representing year over year growth of 2.7% or $513 million sequentially.

Tony Skiadas: Service and other revenue growth of 1.7% was offset by declines in wireless equipment revenue as total upgrade volume was down over 10% year-over-year. Wireless service revenue was $19.8 billion, representing year-over-year growth of 2.7% or $513 million. Sequentially, wireless service revenue grew by $70 million in spite of a full quarter's impact from the end of ACP, as well as headwinds from promo amortization.

Tony Skiadas: Wireless service revenue was 19.8 billion dollars, representing year-over-year growth of 2.7% or 513 million dollars. Sequentially, wireless service revenue grew by 70 million dollars in spite of a full quarter's impact from the end of ACP, as well as headwinds from promo amortization. Looking ahead to the fourth quarter, we expect sequential growth in wireless service revenue to be driven by volume improvements, increased contributions from FWA, and our recently communicated pricing actions. This will partially be offset by the continued promo amortization headwind. Consumer postpaid ARPA continues to grow its strong rates, with the third quarter above $139 and up 4.2% year over year.

Service revenue grew by $70 million in spite of a full quarter's impact from the end of ACP as well as headwinds from promo amortization looking ahead to the fourth quarter, we expect sequential growth in wireless service revenue to be driven by volume improvements increased contributions from SWA and our recently communicated pricing actions.

Tony Skiadas: Looking ahead to the fourth quarter, we expect sequential growth in wireless service revenue to be driven by volume improvements, increased contributions from FWA, and our recently communicated pricing actions. This will partially be offset by the continued promo amortization headwind. Consumer postpaid ARPA continues to grow at strong rates, with the third quarter above $139 and up 4.2% year-over-year. Targeted pricing actions, FWA expansion, and the further adoption of My Plan are all contributing to ARPA growth. We have more than doubled our My Plan subscriber base since the end of last year, which represents over 37% of the consumer postpaid phone base. Additionally, perk revenue continues to provide a notable benefit. We continue to grow fixed wireless access into a long-term sustainable business. Total FWA revenue, which is included in wireless service revenue, was $562 million for the quarter.

Tony Skiadas: Looking ahead to the fourth quarter, we expect sequential growth in wireless service revenue to be driven by volume improvements, increased contributions from FWA, and our recently communicated pricing action. This will partially be offset by the continued primer amortization head. Consumer Postpaid ARPA continues to grow at strong rates, with the third quarter above $139 and up 4.2% year over year. Targeted Pricing Actions, FWA Expansion, and the Further Adoption of My Plan are all contributing to ARPA growth. We have more than doubled our MyPlan subscriber base since the end of last year, which represents over 37% of the consumer post-paid phone base.

Speaker Change: This will partially be offset by the continued promo amortization headwind.

Speaker Change: Sumer postpaid ARPA continues to grow at strong rates with the third quarter of above $139 and up four 2% year over year.

Speaker Change: Targeted pricing actions FW expansion and further adoption of my plan are all contributing to ARPA growth.

Tony Skiadas: Targeted pricing actions, FWA expansion, and the further adoption of myPlan are all contributing to ARPA growth. We have more than doubled our myPlan subscriber base since the end of last year, which represents over 37% of the consumer postpaid phone base. Additionally, perk revenue continues to provide a notable benefit. We continue to grow Fixed Wireless Access into a long-term sustainable business. Total FWA revenue, which is included in wireless service revenue, was $562 million for the quarter.

Tony Skiadas: Targeted pricing actions, FWA expansion, and the further adoption of my plan are all contributing to ARPA growth. We have more than doubled our my plan subscriber base since the end of last year, which represents over 37% of the consumer postpaid phone base. Additionally, perk revenue continues to provide a notable benefit. We continue to grow fixed wireless access into a long-term sustainable business. Total FWA revenue, which is included in wireless service revenue, was $562 million for the quarter. That was up $215 million versus the prior year period. FWA is on pace to generate more than $2 billion in revenue for us this year.

Speaker Change: We have more than doubled our my plan subscriber base since the end of last year, which represents over 37% of the consumer postpaid phone base.

Speaker Change: Additionally Park revenue continues to provide a notable benefit.

Tony Skiadas: Additionally, Perk Revenue continues to provide a notable benefit. We continue to grow Fixed Wireless Access into a long-term, sustainable business. Total FWA revenue, which is included in wireless service revenue, was $562 million for the quarter. That was up $215 million versus the prior year period. FWA is on pace to generate more than $2 billion in revenue for us this year. Prepaid revenue for the quarter declined by over $40 million sequentially, with the third quarter having a full quarter's impact of the ACP shutdown. This overall service revenue impact continues to be within our previously provided range for 2024.

Speaker Change: We continue to grow fixed wireless access into a long term sustainable business.

Speaker Change: Total FW a revenue which is included in wireless service revenue was $562 million for the quarter that was up $215 million versus the prior year period.

Tony Skiadas: That was up $215 million versus the prior year period. FWA is on pace to generate more than $2 billion in revenue for us this year. Prepaid revenue for the quarter declined by over $40 million sequentially, with the third quarter having a full quarter's impact of the ACP shutdown. This overall service revenue impact continues to be within our previously provided range for 2024. Prepaid revenue represented a 100 basis point drag on total wireless service revenue growth for the third quarter. However, the actions we have taken to improve our prepaid customer results are working, positioning us for better revenue performance going forward. Consolidated Adjusted EBITDA for the third quarter totaled $12.5 billion, an increase of 2.1% year-over-year. This is the second quarter in a row in which Adjusted EBITDA has grown faster than service and other revenue.

Speaker Change: F. W. Ay is on pace to generate more than $2 billion in revenue for us this year.

Speaker Change: Prepaid revenue for the quarter declined by over $40 million sequentially with the third quarter, having a full quarter's impact of the ACP shut down.

Tony Skiadas: Prepaid revenue for the quarter declined by over $40 million sequentially, with the third quarter having a full quarter's impact of the ACP shutdown. This overall service revenue impact continues to be within our previously provided range for 2024. Prepaid revenue represented a 100 basis point drag on total wireless service revenue growth for the third quarter.

Speaker Change: This overall service revenue impact continues to be within our previously provided range for 2024.

Speaker Change: Prepaid revenue represented a 100 basis point drag on total wireless service revenue growth for the third quarter.

Tony Skiadas: Prepaid revenue represented a 100 basis point drag on total wireless service revenue growth for the third quarter. However, the actions we have taken to improve our prepaid customer results are working, positioning us for better revenue performance going forward. Consolidated Adjusted EBITDA for the third quarter totaled $12.5 billion, an increase of 2.1% year over year. This is the second quarter in a row in which adjusted EBITDA has grown faster than service and other revenues. As Hans mentioned, this also represents the highest quarterly adjusted EBITDA we've ever Continued wireless service revenue growth and lower upgrade volumes helped to drive this result.

However, the actions we have taken to improve our prepaid customer results are working positioning us for better revenue performance going forward.

Tony Skiadas: However, the actions we have taken to improve our prepaid customer results are working, positioning us for better revenue performance going forward. Consolidated adjusted EBITDA for the third quarter total $12.5 billion, an increase of 2.1% year over year. This is the second quarter in a row in which adjusted EBITDA has grown faster than service and other revenue. As Hans mentioned, this also represents the highest quarterly adjusted EBITDA we've ever reported. Continued wireless service revenue growth at lower upgrade volumes helped to drive this result. Upgrades in the third quarter were down over 10% year over year. We continue to be disciplined with our promotional spend, maintaining our targeted and segmented approach to customer retention.

Speaker Change: Consolidated adjusted EBIT for the third quarter totaled $12 $5 billion, an increase of two 1% year over year.

Speaker Change: This is the second quarter in a row in which adjusted EBITDA has grown faster than service and other revenue.

Speaker Change: As Hans mentioned this also represents the highest quarterly adjusted EBITDA, we've ever reported.

Tony Skiadas: As Hans mentioned, this also represents the highest quarterly Adjusted EBITDA we've ever reported. Continued wireless service revenue growth and lower upgrade volumes helped to drive this result. Upgrades in Q3 were down over 10% year-over-year. We continue to be disciplined with our promotional spend, maintaining our targeted and segmented approach to customer retention. We continue to see healthy and consistent payment trends, with bad debt levels in line with expectations, and our high-quality customer base remains resilient. As we previously disclosed, we are implementing our Voluntary Separation Program. Over 50% of the approximately 4,800 impacted employees have already exited the business. The savings from the program are expected to begin to materialize in our Q4 results and beyond. Adjusted EPS in the quarter was $1.19, down 2.5% compared to the prior year period. Growth in Adjusted EBITDA was offset by below-the-line items, including higher interest expense.

Tony Skiadas: As Hans mentioned, this also represents the highest quarterly adjusted EBITDA we've ever reported. Continued wireless service revenue growth and lower upgrade volumes helped to drive this result. Upgrades in Q3 were down over 10% year-over-year. We continue to be disciplined with our promotional spend, maintaining our targeted and segmented approach to customer retention.

Speaker Change: Continued wireless service revenue growth and lower upgrade volumes helped to drive this result.

Speaker Change: Upgrades in the third quarter were down over 10% year over year.

Tony Skiadas: Upgrades in the third quarter were down over 10% year over year. We continue to be disciplined with our promotional spend, maintaining our targeted and segmented approach to customer retention. We continue to see healthy and consistent payment trends, with bad debt levels in line with expectations and our high-quality customer base remains resilient.

Speaker Change: We continue to be disciplined with our promotional spend maintaining our targeted and segmented approach to customer retention.

Speaker Change: We continue to see healthy and consistent payment trends with bad debt levels in line with expectations and our high quality customer base remains resilient.

Tony Skiadas: We continue to see healthy and consistent payment trends, with bad debt levels in line with expectations, and our high-quality customer base remains resilient.

Tony Skiadas: We continue to see healthy and consistent payment trends, with bad debt levels in line with expectations, and our high-quality customer base remains resilient. As we previously disclosed, we are implementing our Voluntary Separation Program. Over 50% of the approximately 4,800 impacted employees have already exited the business. The savings from the program are expected to begin to materialize in our Q4 results and beyond. Adjusted EPS in the quarter was $1.19, down 2.5% compared to the prior year period.

Speaker Change: As we previously disclosed we are implementing our voluntary separation program.

Tony Skiadas: As we previously disclosed, we are implementing our voluntary separation program. Over 50% of the approximately 4,800 impacted employees have already exited the business. The savings from the program are expected to begin to materialize in our fourth quarter results and beyond. Adjusted EPS in the quarter will be $1.19, down 2.5% compared to the prior year period. Growth and adjusted EBITDA was offset by below-the-line items, including higher interest expense. However, on a sequential basis, interest expense decreased quarter over quarter as a result of lower interest rates and lower average debt levels. Cash flow from operating activities total $26.5 billion for the nine months ended September 30, 2024, compared to $28.8 billion in the prior year period.

Tony Skiadas: As we previously disclosed, we are implementing our voluntary separation program. Over 50% of the approximately 4,800 impacted employees have already exited the business. The savings from the program are expected to begin to materialize in our fourth quarter results and beyond. Adjusted EPS in the quarter was $1.19 down 2.5% compared to the prior year period. Growth in adjusted EBITDA was offset by below-the-line items, including higher interest expenses. However, on a sequential basis, interest expense decreased quarter over quarter as a result of lower interest rates and lower average debt levels.

Speaker Change: Over 50% of the approximately 4800 impacted employees have already exited the business.

Speaker Change: The savings from the program are expected to begin to materialize in our fourth quarter results and beyond.

Speaker Change: Adjusted EPS in the quarter was $1 19 down two 5% compared to the prior year period.

Speaker Change: Growth in adjusted EBITDA was offset by below the line items, including higher interest expense. However.

Tony Skiadas: Growth in Adjusted EBITDA was offset by below-the-line items, including higher interest expense.

Speaker Change: However, on a sequential basis interest expense decreased quarter over quarter as a result of lower interest rates and lower average debt levels cash.

Tony Skiadas: However, on a sequential basis, interest expense decreased quarter over quarter as a result of lower interest rates and lower average debt levels. Cash flow from operating activities totaled $26.5 billion for the nine months ended 30 September 2024, compared to $28.8 billion in the prior year period. The results reflect over $750 million of higher adjusted EBITDA. This was offset by higher cash taxes of approximately $2.5 billion, as well as higher interest expense, primarily driven by the decrease in capitalized interest and higher interest rates. Year-to-date capital spending was $12 billion. This was approximately $2.1 billion less than the same period last year. Our full-year guidance for CapEx remains unchanged at a range of $17 to 17.5 billion and back to business-as-usual levels of capital intensity.

Speaker Change: Cash flow from operating activities totaled $26 $5 billion for the nine months ended September 32024, compared to $28 $8 billion in the prior year period.

Tony Skiadas: Cash flow from operating activities totaled $26.5 billion for the nine months ended September 30, 2024, compared to $28.8 billion in the prior year period. The results reflect over $750 million of higher adjusted EBITDA. This was offset by higher cash taxes of approximately $2.5 billion, as well as higher interest expense primarily driven by the decrease in capitalized interest and higher interest rates. Year-to-date capital spending was $12 billion. This was approximately $2.1 billion less than the same period last year. Our four-year guidance for CapEx remains unchanged at a range of $17 to $17.5 billion and back to business-as-usual levels of capital intensity.

Speaker Change: The results reflect over $750 million of higher adjusted EBITDA.

Tony Skiadas: The results reflect over $750 million of higher adjusted EBITDA. This was offset by higher cash taxes of approximately $2.5 billion, as well as higher interest expense, primarily driven by the decrease in capitalized interest and higher interest rates. Year-to-date capital spending was $12 billion. This was approximately $2.1 billion less than the same period last year. Our full-year guidance for CAPEX remains unchanged at a range of $17 to $17.5 billion and back-to-business-as-usual levels of capital intensity. The net result of cash flow from operations and capital spending is free cash flow of $14.5 billion for the first three quarters of 2024, largely in line with the prior year period.

Speaker Change: This was offset by higher cash taxes of approximately $2 $5 billion as well as higher interest expense, primarily driven by the decrease in capitalized interest and higher interest rates.

Tony Skiadas: This was offset by higher cash taxes of approximately $2.5 billion, as well as higher interest expense, primarily driven by the decrease in capitalized interest and higher interest rates. Year-to-date capital spending was $12 billion. This was approximately $2.1 billion less than the same period last year. Our full-year guidance for CapEx remains unchanged at a range of $17-17.5 billion and back to business-as-usual levels of capital intensity.

Speaker Change: Year to date capital spending was $12 billion. This was approximately $2 $1 billion less than the same period last year.

Speaker Change: Our full year guidance for Capex remains unchanged at a range of 17% to $17 $5 billion and back to business as usual levels of capital intensity.

Speaker Change: The net result of cash flow from operations and capital spending is free cash flow of $14 $5 billion for the first three quarters of 2024 largely in line with the prior year period.

Tony Skiadas: The net result of cash flow from operations and capital spending is free cash flow of $14.5 billion for the first three quarters of 2024, largely in line with the prior year period.

Tony Skiadas: The net result of cash flow from operations and capital spending is Free Cash Flow of $14.5 billion for the first three quarters of 2024, largely in line with the prior year period. For the fourth quarter, there are several items to keep in mind around cash flow. First, upon the closing of our Tower transaction, we expect to receive approximately $2.8 billion in proceeds. This will be partially offset by higher cash taxes and interest expense, as well as the anticipated impact from severance payments related to our Voluntary Separation Program. Net Unsecured Debt at the end of the quarter was $121.4 billion, an improvement of over $1.4 billion compared to the previous quarter and more than $800 million lower year-over-year. Our Net Unsecured Debt to consolidated Adjusted EBITDA ratio was 2.5 times, flat compared to the prior quarter.

Speaker Change: For the fourth quarter, there are several items to keep in mind around cash flow.

Tony Skiadas: For the fourth quarter, there are several items to keep in mind around cash flow. First, upon the closing of our tower transaction, we expect to receive approximately $2.8 billion in proceeds. This will be partially offset by higher cash taxes and interest expense, as well as the anticipated impact from severance payments related to our voluntary separation program. Net unsecured debt at the end of the quarter was $121.4 billion and improvement of over $1.4 billion compared to the previous quarter and more than $800 billion lower year-over-year. Our net unsecured debt to consolidate adjusted EBITDA ratio was 2.5 times flat compared to the prior quarter.

Tony Skiadas: For the fourth quarter, there are several items to keep in mind around cash flow. First, upon the closing of our Tower transaction, we expect to receive approximately $2.8 billion in proceeds. This will be partially offset by higher cash taxes and interest expense, as well as the anticipated impact from severance payments related to our Voluntary Separation Program. Net unsecured debt at the end of the quarter was $121.4 billion, an improvement of over $1.4 billion compared to the previous quarter, and more than $800 billion lower year over year. Our net unsecured debt-to-consolidated-adjusted EBITDA ratio was 2.5 times flat compared to the prior quarter.

Speaker Change: First upon the closing of our tower transaction, we expect to receive approximately $2 $8 billion. In proceeds this will be partially offset by higher cash taxes and interest expense as well as the anticipated impact from severance payments related to our voluntary separation program.

Tony Skiadas: This will be partially offset by higher cash taxes and interest expense, as well as the anticipated impact from severance payments related to our Voluntary Separation Program. Net Unsecured Debt at the end of the quarter was $121.4 billion, an improvement of over $1.4 billion compared to the previous quarter and more than $800 million lower year-over-year. Our Net Unsecured Debt to consolidated adjusted EBITDA ratio was 2.5 times, flat compared to the prior quarter.

Speaker Change: Net unsecured debt at the end of the quarter was $121 $4 billion, an improvement of over $1.4 billion compared to the previous quarter and more than $800 million lower year over year.

Speaker Change: Our net unsecured debt to consolidated adjusted EBITDA ratio was 2.5 times flat compared to the prior quarter.

Speaker Change: Bottom line the cash generation of the business is strong and we are on track to pay down debt as plant.

Tony Skiadas: Bottom line, the cash generation of the business is strong, and we are on track to pay down debt as planned.

Tony Skiadas: Bottom line, the cash generation of the business is strong, and we are on track to pay down debt as planned. In closing, our third quarter performance continued the ongoing trend of delivering strong operational performance and financial results. We achieved positive postpaid phone net adds and consumer, which positions us well to be net add positive for the full year. We reached our goal for fixed wireless access subscribers more than a year ahead of schedule, and we did it all in a financially disciplined manner consistent with our overall strategy. We are now focused on finishing the year strong, setting us up for success in 2025. With that, I will turn it back to Hans for his closing comments.

Speaker Change: In closing our third quarter performance continued the ongoing trend of delivering strong operational performance and financial results.

Tony Skiadas: In closing, our third quarter performance continued the ongoing trend of delivering strong operational performance and financial results. We achieved positive post-paid phone ad ads and consumer, which positions us well to be net ad positive for the full year. We reached our goal for fixed wireless access subscribers more than a year ahead of schedule, and we did it all in a financially disciplined manner consistent with our overall strategy. We are now focused on finishing the year strong, setting us up for success in 2025.

Tony Skiadas: In closing, our third quarter performance continued the ongoing trend of delivering strong operational performance and financial results. We achieve positive post-paid phone ad ads in consumer, which positions us well to be net ad positive for the full year. We reached our goal for fixed wireless access subscribers more than a year ahead of schedule. and we did it all in a financially disciplined manner consistent with our overall strategy.

Speaker Change: We achieved positive postpaid phone net adds in consumer which positions us well to be net add positive for the full year.

Speaker Change: We reached our golf for fixed wireless access subscribers more than a year ahead of schedule and.

Tony Skiadas: We reached our goal for Fixed Wireless Access subscribers more than a year ahead of schedule, and we did it all in a financially disciplined manner consistent with our overall strategy. We are now focused on finishing the year strong, setting us up for success in 2025. With that, I will turn it back to Hans for his closing comments.

And we did it all in a financially disciplined manner consistent with our overall strategy.

Speaker Change: We are now focused on finishing the year strong setting us up for success in 2025.

Tony Skiadas: We are now focused on finishing the year strong, setting us up for success in 2025.

Speaker Change: With that I will turn it back to Hans for his closing comments.

Hans Vestberg: With that, I will turn it back to Hans for his closing comments.

Hans Vestberg: With that, I will turn it back to Hans for his closing comments. Thank you, Tony. We are well positioned for a great fourth quarter and to carry our momentum into 2025. Our offerings from my plan to my home are resonating where our customers and driving deeper engaged. Reignaments. Our brand refresh has been successful and tells a compelling story about the central role our services play in customers' lives. Look into the end of the year and into 2025. Our priorities are first, deliver on our 27th for financial guidance, with continued focus on wireless service revenue, adjusted Evita growth, and strong free cash flow.

Hans: Thank you, Tony we're well positioned for a great fourth quarter and to carry our momentum into 2025, our offerings from my plan to my home or resonating with our customers and driving deeper engagements. Our brand refresh has been successful and tells a compelling story about the central role our services.

Hans Vestberg: Thank you, Tony. We're well positioned for a great fourth quarter and to carry our momentum into 2025. Our offerings from my plan to my home are resonating with our customers and driving deeper engaged Our brand refresh has been successful and tells a compelling story about the central role our services play in customers' lives.

Hans Vestberg: Thank you, Tony. We're well positioned for a great fourth quarter and to carry our momentum into 2025. Our offerings from My Plan to My Home are resonating with our customers and driving deeper engagements. Our brand refresh has been successful and tells a compelling story about the central role our services play in customers' lives. Looking to the end of the year and into 2025, our priorities are: first, deliver on our 2024 financial guidance with continued focus on wireless service revenue, Adjusted EBITDA growth, and strong Free Cash Flow. We will sustain momentum in mobility and broadband as we expand our 5G Ultra Wideband network and scale our private networks business. We're opening up new opportunities for growth and innovation. The rapid adoption of fixed wireless offering and the continued strength of Fios demonstrate the effectiveness of our network-centric strategy.

Hans Vestberg: Thank you, Tony. We're well positioned for a great fourth quarter and to carry our momentum into 2025. Our offerings from myPlan to myHome are resonating with our customers and driving deeper engagements. Our brand refresh has been successful and tells a compelling story about the central role our services play in customers' lives. Looking to the end of the year and into 2025, our priorities are: first, deliver on our 2024 financial guidance with continued focus on wireless service revenue, Adjusted EBITDA growth, and strong Free Cash Flow.

Hans: Is play in customers' lives.

Hans: Looking to the end of the year and into 2005 or priorities are first deliver on our 2004 financial guidance with continued focus on wireless service revenue adjusted EBITDA growth and strong free cash flow.

Hans Vestberg: Looking to the end of the year and into 2025, our priorities are, first, deliver on our 2024 financial guidance with continued focus on wireless service revenue, adjusted EBITDA growth and strong free cash flow. We will sustain momentum in mobility and broadband as we expand our 5G Ultra Wideband network and scale our private networks business, we're opening up new opportunities for growth and innovation. The rapid adoption of fixed wires offering and the continued strength of Fios demonstrate the effectiveness of our network centric strategy. And we will execute on our capital allocation priorities by investing in the business, supporting our dividend and paying down debt.

Hans: We will sustain momentum in mobility and broadband as we expand our five year olds, a wideband network and scale, our private networks business, we're opening up new opportunities for growth and innovation the rapid adoption or fixed was offering and the continued strength of iOS demonstrate the effectiveness of our network centric.

Hans Vestberg: We will sustain momentum in mobility and broadband. As we expand our five-year-old broadband network and scale our private network's business, we're opening up new opportunities for growth and innovation. The rapid adoption or fixed-wise offering and the continued strength of FIOS demonstrate the effectiveness of our network centric strategy, and we will execute on our capital allocation priorities by investing in the business, supporting our dividend, and paying down debt. At the same time, we're scaling AI to improve employee and customer experiences, as well as unlocking new revenue sweeps. I'm more excited than ever about Verizon's prospects. Our superior network, coupled with our customer centric innovations and strategic investments, position us uniquely in this market.

Hans Vestberg: We will sustain momentum in mobility and broadband as we expand our 5G Ultra Wideband network and scale our private networks business. We're opening up new opportunities for growth and innovation. The rapid adoption of fixed wireless offering and the continued strength of Fios demonstrate the effectiveness of our network-centric strategy.

Hans: <unk> strategy, and we will execute on our capital allocation priorities by investing in the business supporting our dividend and paying down debt.

Hans Vestberg: We will execute on our capital allocation priorities by investing in the business, supporting our dividend, and paying down debt. At the same time, we're scaling AI to improve employee and customer experiences, as well as unlocking new revenue streams. I'm more excited than ever about Verizon's prospects. Our superior network, coupled with our customer-centric innovations and strategic investments, positions us uniquely in this market. We're connecting people, empowering them to do more, experience more, and achieve more. The transformative moves we made this year, from our pending Frontier acquisition to our expanded partnership in private networks, are setting the stage for sustained growth and value creation. I'm looking forward to all of you joining us at 9:00AM Eastern Time for our broadband updates and Q&A.

Hans: At the same time, we're scaling AI to improve employee and customer experiences as well as unlocking new revenue streams are more excited than ever about variety of those prospects.

Hans Vestberg: At the same time, we're scaling AI to improve employee and customer experiences, as well as unlocking new revenue streams. I'm more excited than ever about Verizon's prospects. Our superior network, coupled with our customer-centric innovations and strategic investments, position us uniquely in this market. We're connecting people, empowering them to do more, experience more, and achieve more.

Hans: Our superior network, coupled with our customer centric innovations and strategic investments position us uniquely in this market, we're connecting people empowering them to do more experience more and achieve more the transformative moves we've made this year from our pending.

Hans Vestberg: We're connecting people, empowering them to do more, experience more, and achieve more. The transformative moves we made this year, from our pending Frontier acquisition to our expanded partnership in private networks, are setting the stage for sustained growth and value creation. I'm looking forward to all of you joining us at 9:00AM Eastern Time for our broadband updates and Q&A.

Hans Vestberg: We're connecting people, empowering them to do more, experience more, and achieve more. The transformative moves we made this year, from our pending frontier acquisition to our expanded partnership in private networks, are setting the stage for sustained growth and value creation.

Hans Vestberg: The transformative moves we made this year, from our pending frontier acquisition to our expanded partnership in private networks, are setting the stage for sustained growth and value creation.

Hans: Frontier acquisition through our expanded partnership in private networks or setting the stage for sustained growth and value creation.

Hans: I'm looking forward to all of you joining us at nine a M eastern time for our broadband updates and Q&A.

Hans Vestberg: I'm looking forward to all of you joining us at 9 a.m. Eastern Time for our broadband updates and Q&A.

Q3 2024 Verizon Communications Inc Earnings Call - Pre-recorded

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