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| Verizon Communications Inc (NYS: VZ) |
| General Company Information |
| Principal Office | Website |
| 1095 Avenue of the Americas New York, NY 10036 USA | www.verizon.com |
| Phone | Primary NAICS |
| 212 395-1000 | 551112 : Offices of Other Holding Companies |
| Auditor | Closing Stock Price |
| Ernst & Young LLP | 51.24 (as of 11/18/2021) |
| Number of Employees | Incorporated |
| 132,200 (Approximate Full-Time as of 12/31/2020) | October 1983 , DE, United States |
| Country | Mergent Dividend Achiever |
| United States | No |
| Exchange and Ticker | Number of Shareholders |
| NYS : VZ | 510,654 (record) (as of 12/31/2020) |
| Primary SIC |
| 4813 : Telephone communications, exc. radio |
| Business Summary |
| Verizon Communications is a holding company. Through its subsidiaries, Co. provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. Co. has two reportable segments: Verizon Consumer |
| Group, which provides consumer-focused wireless and wireline communications services and products under the Verizon brand and through wholesale and other arrangements; and Verizon Business Group, which provides wireless and wireline communications |
| services and products, including data, video and data conferencing services, security and managed network services, local and long distance voice services and network access. |
| Company Financials |
| Income Statement |
| Exchange rate used is that of the Year End reported date |
| As Reported Annual Income Statement |
| Report Date | 12/31/2020 | | 12/31/2019 | | 12/31/2018 | | 12/31/2020 | | 12/31/2019 | | 12/31/2018 |
| Currency | USD | | USD | | USD | | USD | | USD | | USD |
| Audit Status | Not Qualified | | Not Qualified | | Not Qualified | | Not Qualified | | Not Qualified | | Not Qualified |
| Consolidated | Yes | | Yes | | Yes | | Yes | | Yes | | Yes |
| Scale | Thousands | | Thousands | | Thousands | | Thousands | | Thousands | | Thousands |
| Service revenues & other revenues | $ 109,872,000 | | $ 110,305,000 | | $ 108,605,000 | | 100.00% | | 100.00% | | 100.00% |
| Wireless equipment revenues | $ 18,420,000 | | $ 21,563,000 | | $ 22,258,000 | | 16.76% | | 19.55% | | 20.49% |
| Total operating revenues | $ 128,292,000 | | $ 131,868,000 | | $ 130,863,000 | | 116.76% | | 119.55% | | 120.49% |
| Cost of services (exclusive of items shown below) | $ 31,401,000 | | $ 31,772,000 | | $ 32,185,000 | | 28.58% | | 28.80% | | 29.63% |
| Wireless cost of equipment | $ 19,800,000 | | $ 22,954,000 | | $ 23,323,000 | | 18.02% | | 20.81% | | 21.48% |
| Selling, general & administrative expense | $ 31,573,000 | | $ 29,896,000 | | $ 31,083,000 | | 28.74% | | 27.10% | | 28.62% |
| Depreciation & amortization expense | $ 16,720,000 | | $ 16,682,000 | | $ 17,403,000 | | 15.22% | | 15.12% | | 16.02% |
| Oath goodwill impairment | - | | $ 186,000 | | $ 4,591,000 | | NM | | 0.17% | | 4.23% |
| Total operating expenses | $ 99,494,000 | | $ 101,490,000 | | $ 108,585,000 | | 90.55% | | 92.01% | | 99.98% |
| Operating income | $ 28,798,000 | | $ 30,378,000 | | $ 22,278,000 | | 26.21% | | 27.54% | | 20.51% |
| Equity in earnings (losses) of unconsolidated businesses | $ (45,000) | | $ (15,000) | | $ (186,000) | | -0.04% | | -0.01% | | -0.17% |
| Interest income | $ 65,000 | | $ 121,000 | | $ 94,000 | | 0.06% | | 0.11% | | 0.09% |
| Other components of net periodic benefit income (cost) | $ (425,000) | | $ 627,000 | | $ 3,068,000 | | -0.39% | | 0.57% | | 2.82% |
| Early debt extinguishment costs | $ (129,000) | | $ (3,604,000) | | - | | -0.12% | | -3.27% | | nm |
| Other income (expense), net | $ (50,000) | | $ (44,000) | | $ (798,000) | | -0.05% | | -0.04% | | -0.73% |
| Other income & (expense), net | $ (539,000) | | $ (2,900,000) | | $ 2,364,000 | | -0.49% | | -2.63% | | 2.18% |
| Interest expense | $ 4,247,000 | | $ 4,730,000 | | $ 4,833,000 | | 3.87% | | 4.29% | | 4.45% |
| Income (loss) before provision (benefit) for income taxes - domestic | $ 22,844,000 | | $ 21,655,000 | | $ 19,801,000 | | 20.79% | | 19.63% | | 18.23% |
| Income (loss) before provision (benefit) for income taxes - foreign | $ 1,123,000 | | $ 1,078,000 | | $ (178,000) | | 1.02% | | 0.98% | | -0.16% |
| Income (loss) before provision (benefit) for income taxes | $ 23,967,000 | | $ 22,733,000 | | $ 19,623,000 | | 21.81% | | 20.61% | | 18.07% |
| Current federal provision (benefit) for income taxes | $ 2,826,000 | | $ 518,000 | | $ 2,187,000 | | 2.57% | | 0.47% | | 2.01% |
| Current foreign provision (benefit) for income taxes | $ 159,000 | | $ 221,000 | | $ 267,000 | | 0.14% | | 0.20% | | 0.25% |
| Current state & local provision (benefit) for income taxes | $ 1,081,000 | | $ 974,000 | | $ 741,000 | | 0.98% | | 0.88% | | 0.68% |
| Total current provision (benefit) for income taxes | $ 4,066,000 | | $ 1,713,000 | | $ 3,195,000 | | 3.70% | | 1.55% | | 2.94% |
| Deferred federal provision (benefit) for income taxes | $ 1,432,000 | | $ 1,150,000 | | $ 175,000 | | 1.30% | | 1.04% | | 0.16% |
| Deferred foreign provision (benefit) for income taxes | $ 1,000 | | $ (13,000) | | $ 30,000 | | 0.00% | | -0.01% | | 0.03% |
| Deferred state & local provision (benefit) for income taxes | $ 120,000 | | $ 95,000 | | $ 184,000 | | 0.11% | | 0.09% | | 0.17% |
| Total deferred provision (benefit) for income taxes | $ 1,553,000 | | $ 1,232,000 | | $ 389,000 | | 1.41% | | 1.12% | | 0.36% |
| Provision (benefit) for income taxes | $ 5,619,000 | | $ 2,945,000 | | $ 3,584,000 | | 5.11% | | 2.67% | | 3.30% |
| Net income (loss) | $ 18,348,000 | | $ 19,788,000 | | $ 16,039,000 | | 16.70% | | 17.94% | | 14.77% |
| Net income attributable to noncontrolling interests | $ (547,000) | | $ (523,000) | | $ (511,000) | | -0.50% | | -0.47% | | -0.47% |
| Net income (loss) attributable to Verizon Communications Inc. | $ 17,801,000 | | $ 19,265,000 | | $ 15,528,000 | | 16.20% | | 17.47% | | 14.30% |
| Weighted average shares outstanding - basic | 4,140,000 | | 4,138,000 | | 4,128,000 | | 3.77% | | 3.75% | | 3.80% |
| Weighted average shares outstanding - diluted | 4,142,000 | | 4,140,000 | | 4,132,000 | | 3.77% | | 3.75% | | 3.80% |
| Year end shares outstanding | 4,138,130 | | 4,135,828 | | 4,132,033 | | 3.77% | | 3.75% | | 3.80% |
| Net earnings (loss) per common share - basic | $ 4.30 | | $ 4.66 | | $ 3.76 | | 0.00% | | 0.00% | | 0.00% |
| Net earnings (loss) per common share - diluted | $ 4.30 | | $ 4.65 | | $ 3.76 | | 0.00% | | 0.00% | | 0.00% |
| Dividends declared | $ 2.49 | | $ 2.44 | | $ 2.39 | | 0.00% | | 0.00% | | 0.00% |
| Total number of employees | 132200 | | 135000 | | 144500 | | 0.12% | | 0.12% | | 0.13% |
| Total number of stockholders | 510654 | | 605414 | | 630756 | | 0.46% | | 0.55% | | 0.58% |
| Foreign currency translation adjustments | 180000 | | 16000 | | -117000 | | 0.16% | | 0.01% | | -0.11% |
| Balance Sheet |
| Exchange rate used is that of the Year End reported date |
| As Reported Annual Balance Sheet |
| Report Date | 12/31/2020 | | 12/31/2019 | | 12/31/2018 | | 12/31/2020 | | 12/31/2019 | | 12/31/2018 |
| Currency | USD | | USD | | USD | | USD | | USD | | USD |
| Audit Status | Not Qualified | | Not Qualified | | Not Qualified | | Not Qualified | | Not Qualified | | Not Qualified |
| Consolidated | Yes | | Yes | | Yes | | Yes | | Yes | | Yes |
| Scale | Thousands | | Thousands | | Thousands | | Thousands | | Thousands | | Thousands |
| Cash & cash equivalents | $ 22,171,000 | | $ 2,594,000 | | $ 2,745,000 | | 7.01% | | 0.89% | | 1.04% |
| Accounts receivable, gross | - | | $ 26,162,000 | | $ 25,867,000 | | nm | | 8.97% | | 9.77% |
| Less: allowances - accounts receivable | - | | $ 733,000 | | $ 765,000 | | nm | | 0.25% | | 0.29% |
| Accounts receivable | $ 25,169,000 | | - | | - | | 7.95% | | nm | | nm |
| Less allowance for credit losses | $ 1,252,000 | | - | | - | | 0.40% | | nm | | nm |
| Accounts receivable, net | $ 23,917,000 | | $ 25,429,000 | | $ 25,102,000 | | 7.56% | | 8.72% | | 9.48% |
| Inventories | $ 1,796,000 | | $ 1,422,000 | | $ 1,336,000 | | 0.57% | | 0.49% | | 0.50% |
| Prepaid taxes | $ 1,200,000 | | - | | - | | 0.38% | | nm | | nm |
| Deferred contract costs | $ 2,472,000 | | - | | - | | 0.78% | | nm | | nm |
| Restricted cash | $ 1,195,000 | | - | | - | | 0.38% | | nm | | nm |
| Other prepaid expenses & other current assets | $ 1,843,000 | | - | | - | | 0.58% | | nm | | nm |
| Prepaid expenses & other current assets | $ 6,710,000 | | $ 8,028,000 | | $ 5,453,000 | | 2.12% | | 2.75% | | 2.06% |
| Total current assets | $ 54,594,000 | | $ 37,473,000 | | $ 34,636,000 | | 17.25% | | 12.85% | | 13.08% |
| Land | $ 608,000 | | $ 594,000 | | $ 807,000 | | 0.19% | | 0.20% | | 0.30% |
| Buildings & equipment | $ 32,933,000 | | $ 31,216,000 | | $ 30,468,000 | | 10.41% | | 10.70% | | 11.50% |
| Central office & other network equipment | $ 160,369,000 | | $ 152,733,000 | | $ 147,250,000 | | 50.67% | | 52.35% | | 55.60% |
| Cable, poles & conduit | $ 56,814,000 | | $ 52,658,000 | | $ 49,859,000 | | 17.95% | | 18.05% | | 18.83% |
| Leasehold improvements | $ 9,497,000 | | $ 9,072,000 | | $ 8,580,000 | | 3.00% | | 3.11% | | 3.24% |
| Work in progress | $ 8,576,000 | | $ 9,234,000 | | $ 6,362,000 | | 2.71% | | 3.17% | | 2.40% |
| Furniture, vehicles & other plant, property & equipment | $ 10,940,000 | | $ 10,227,000 | | $ 9,509,000 | | 3.46% | | 3.51% | | 3.59% |
| Property, plant & equipment | $ 279,737,000 | | $ 265,734,000 | | $ 252,835,000 | | 88.39% | | 91.09% | | 95.47% |
| Less accumulated depreciation | $ 184,904,000 | | $ 173,819,000 | | $ 163,549,000 | | 58.42% | | 59.58% | | 61.76% |
| Property, plant & equipment, net | $ 94,833,000 | | $ 91,915,000 | | $ 89,286,000 | | 29.96% | | 31.51% | | 33.71% |
| Investments in unconsolidated businesses | $ 589,000 | | $ 558,000 | | $ 671,000 | | 0.19% | | 0.19% | | 0.25% |
| Wireless licenses | $ 96,097,000 | | $ 95,059,000 | | $ 94,130,000 | | 30.36% | | 32.58% | | 35.54% |
| Goodwill | $ 24,773,000 | | $ 24,389,000 | | $ 24,614,000 | | 7.83% | | 8.36% | | 9.29% |
| Other intangible assets, net | $ 9,413,000 | | $ 9,498,000 | | $ 9,775,000 | | 2.97% | | 3.26% | | 3.69% |
| Operating lease right-of-use assets | $ 22,531,000 | | $ 22,694,000 | | - | | 7.12% | | 7.78% | | nm |
| Other assets | $ 13,651,000 | | $ 10,141,000 | | $ 11,717,000 | | 4.31% | | 3.48% | | 4.42% |
| Total assets | $ 316,481,000 | | $ 291,727,000 | | $ 264,829,000 | | 100.00% | | 100.00% | | 100.00% |
| Debt maturing within one year | $ 5,889,000 | | $ 10,777,000 | | $ 7,190,000 | | 1.86% | | 3.69% | | 2.71% |
| Accounts payable | $ 6,667,000 | | $ 7,725,000 | | $ 7,232,000 | | 2.11% | | 2.65% | | 2.73% |
| Accrued expenses | $ 6,050,000 | | $ 5,984,000 | | $ 5,948,000 | | 1.91% | | 2.05% | | 2.25% |
| Accrued vacation, salaries & wages | $ 5,057,000 | | $ 4,885,000 | | $ 6,268,000 | | 1.60% | | 1.67% | | 2.37% |
| Interest payable | $ 1,452,000 | | $ 1,441,000 | | $ 1,570,000 | | 0.46% | | 0.49% | | 0.59% |
| Taxes payable | $ 1,432,000 | | $ 1,771,000 | | $ 1,483,000 | | 0.45% | | 0.61% | | 0.56% |
| Accounts payable & accrued liabilities | $ 20,658,000 | | $ 21,806,000 | | $ 22,501,000 | | 6.53% | | 7.47% | | 8.50% |
| Current operating lease liabilities | $ 3,485,000 | | $ 3,261,000 | | - | | 1.10% | | 1.12% | | nm |
| Dividends payable | $ 2,618,000 | | $ 2,566,000 | | $ 2,512,000 | | 0.83% | | 0.88% | | 0.95% |
| Contract liability | $ 4,843,000 | | $ 4,651,000 | | $ 4,207,000 | | 1.53% | | 1.59% | | 1.59% |
| Other current liabilities | $ 2,167,000 | | $ 1,807,000 | | $ 1,520,000 | | 0.68% | | 0.62% | | 0.57% |
| Other current liabilities | $ 9,628,000 | | $ 9,024,000 | | $ 8,239,000 | | 3.04% | | 3.09% | | 3.11% |
| Total current liabilities | $ 39,660,000 | | $ 44,868,000 | | $ 37,930,000 | | 12.53% | | 15.38% | | 14.32% |
| Notes payable & other long-term debt | - | | - | | $ 107,272,000 | | nm | | nm | | 40.51% |
| Verizon Communications | $ 122,236,000 | | $ 101,699,000 | | - | | 38.62% | | 34.86% | | nm |
| Alltel Corporation | $ 96,000 | | $ 96,000 | | - | | 0.03% | | 0.03% | | nm |
| Assumed notes | - | | - | | $ 234,000 | | nm | | nm | | 0.09% |
| Debentures | $ 766,000 | | $ 766,000 | | $ 796,000 | | 0.24% | | 0.26% | | 0.30% |
| Notes payable, debentures & other long-term debt | - | | - | | $ 444,000 | | nm | | nm | | 0.17% |
| GTE LLC | $ 391,000 | | $ 391,000 | | - | | 0.12% | | 0.13% | | nm |
| Asset-backed debt | $ 10,630,000 | | $ 12,393,000 | | $ 10,101,000 | | 3.36% | | 4.25% | | 3.81% |
| Finance lease obligations | $ 1,284,000 | | $ 1,116,000 | | $ 905,000 | | 0.41% | | 0.38% | | 0.34% |
| Unamortized discount, net of premium | $ (6,057,000) | | $ (4,480,000) | | $ (6,298,000) | | -1.91% | | -1.54% | | -2.38% |
| Unamortized debt issuance costs | $ (604,000) | | $ (492,000) | | $ (541,000) | | -0.19% | | -0.17% | | -0.20% |
| Long-term debt, including current maturities | $ 128,742,000 | | $ 111,489,000 | | $ 112,913,000 | | 40.68% | | 38.22% | | 42.64% |
| Less: long-term debt maturing within one year | $ 5,569,000 | | $ 10,777,000 | | $ 7,040,000 | | 1.76% | | 3.69% | | 2.66% |
| Long-term debt | $ 123,173,000 | | $ 100,712,000 | | $ 105,873,000 | | 38.92% | | 34.52% | | 39.98% |
| Employee benefit obligations | $ 18,657,000 | | $ 17,952,000 | | $ 18,599,000 | | 5.90% | | 6.15% | | 7.02% |
| Deferred income taxes | $ 35,711,000 | | $ 34,703,000 | | $ 33,795,000 | | 11.28% | | 11.90% | | 12.76% |
| Non-current operating lease liabilities | $ 18,000,000 | | $ 18,393,000 | | - | | 5.69% | | 6.30% | | nm |
| Other liabilities | $ 12,008,000 | | $ 12,264,000 | | $ 13,922,000 | | 3.79% | | 4.20% | | 5.26% |
| Total long-term liabilities | $ 207,549,000 | | $ 184,024,000 | | $ 172,189,000 | | 65.58% | | 63.08% | | 65.02% |
| Common stock | $ 429,000 | | $ 429,000 | | $ 429,000 | | 0.14% | | 0.15% | | 0.16% |
| Additional paid in capital | $ 13,404,000 | | $ 13,419,000 | | $ 13,437,000 | | 4.24% | | 4.60% | | 5.07% |
| Retained earnings (accumulated deficit) | $ 60,464,000 | | $ 53,147,000 | | $ 43,542,000 | | 19.11% | | 18.22% | | 16.44% |
| Foreign currency translation adjustments | $ (404,000) | | $ (584,000) | | $ (600,000) | | -0.13% | | -0.20% | | -0.23% |
| Unrealized gain (loss) on cash flow hedges | $ (1,387,000) | | $ (816,000) | | $ (80,000) | | -0.44% | | -0.28% | | -0.03% |
| Unrealized gain (loss) on marketable securities | $ 25,000 | | $ 27,000 | | $ 20,000 | | 0.01% | | 0.01% | | 0.01% |
| Defined benefit pension & postretirement plans | $ 1,695,000 | | $ 2,371,000 | | $ 3,030,000 | | 0.54% | | 0.81% | | 1.14% |
| Accumulated other comprehensive income (loss) | $ (71,000) | | $ 998,000 | | $ 2,370,000 | | -0.02% | | 0.34% | | 0.89% |
| Common stock in treasury | $ 6,719,000 | | $ 6,820,000 | | $ 6,986,000 | | 2.12% | | 2.34% | | 2.64% |
| Deferred compensation - employee stock ownership plans & other | $ (335,000) | | $ (222,000) | | $ (353,000) | | -0.11% | | -0.08% | | -0.13% |
| Noncontrolling interests | $ 1,430,000 | | $ 1,440,000 | | $ 1,565,000 | | 0.45% | | 0.49% | | 0.59% |
| Total equity | $ 69,272,000 | | $ 62,835,000 | | $ 54,710,000 | | 21.89% | | 21.54% | | 20.66% |
| Cash Flows |
| Exchange rate used is that of the Year End reported date |
| As Reported Annual Cash Flow |
| Report Date | 12/31/2020 | | 12/31/2019 | | 12/31/2018 | | 12/31/2020 | | 12/31/2019 | | 12/31/2018 |
| Currency | USD | | USD | | USD | | USD | | USD | | USD |
| Audit Status | Not Qualified | | Not Qualified | | Not Qualified | | Not Qualified | | Not Qualified | | Not Qualified |
| Consolidated | Yes | | Yes | | Yes | | Yes | | Yes | | Yes |
| Scale | Thousands | | Thousands | | Thousands | | Thousands | | Thousands | | Thousands |
| Net income (loss) | $ 18,348,000 | | $ 19,788,000 | | $ 16,039,000 |
| Depreciation & amortization expense | $ 16,720,000 | | $ 16,682,000 | | $ 17,403,000 |
| Employee retirement benefits | $ 840,000 | | $ (284,000) | | $ (2,657,000) |
| Deferred income taxes | $ 1,553,000 | | $ 1,232,000 | | $ 389,000 |
| Provision for uncollectible accounts | - | | $ 1,588,000 | | $ 980,000 |
| Provision for expected credit losses | $ 1,380,000 | | - | | - |
| Equity in losses (earnings) of unconsolidated businesses, net of dividends received | $ 91,000 | | $ 74,000 | | $ 231,000 |
| Oath goodwill impairment | - | | $ 186,000 | | $ 4,591,000 |
| Accounts receivable | $ 189,000 | | $ (1,471,000) | | $ (2,667,000) |
| Inventories | $ (369,000) | | $ (76,000) | | $ (324,000) |
| Prepaid expenses & other assets | $ 1,202,000 | | $ (2,807,000) | | $ 37,000 |
| Accounts payable & accrued liabilities & other current liabilities | $ (966,000) | | $ (2,359,000) | | $ 1,777,000 |
| Discretionary employee benefits contributions | - | | $ (300,000) | | $ (1,679,000) |
| Net loss (gain) on sale of divested businesses | - | | $ 94,000 | | - |
| Other operating activities, net | $ 2,780,000 | | $ 3,399,000 | | $ 219,000 |
| Net cash flows from operating activities | $ 41,768,000 | | $ 35,746,000 | | $ 34,339,000 |
| Capital expenditures (including capitalized software) | $ (18,192,000) | | $ (17,939,000) | | $ (16,658,000) |
| Acquisitions of investments & businesses, net of cash acquired | - | | $ (29,000) | | $ (230,000) |
| Acquisitions of businesses, net of cash acquired | $ (520,000) | | - | | - |
| Acquisitions of wireless licenses | $ (2,126,000) | | $ (898,000) | | $ (1,429,000) |
| Proceeds from disposition of businesses | - | | $ 28,000 | | - |
| Other investing activities, net | $ (2,674,000) | | $ 1,257,000 | | $ 383,000 |
| Net cash flows from investing activities | $ (23,512,000) | | $ (17,581,000) | | $ (17,934,000) |
| Proceeds from long-term borrowings | $ 25,822,000 | | $ 10,079,000 | | $ 5,967,000 |
| Proceeds from asset-backed long-term borrowings | $ 5,635,000 | | $ 8,576,000 | | $ 4,810,000 |
| Repayments of long-term borrowings & capital lease obligations | - | | $ (17,584,000) | | $ (10,923,000) |
| Repayments of long term borrowings & finance lease obligations | $ (9,775,000) | | - | | - |
| Repayments of asset-backed long-term borrowings | $ (7,413,000) | | $ (6,302,000) | | $ (3,635,000) |
| Dividends paid | $ (10,232,000) | | $ (10,016,000) | | $ (9,772,000) |
| Other financing activities, net | $ (2,712,000) | | $ (2,917,000) | | $ (1,824,000) |
| Net cash flows from financing activities | $ 1,325,000 | | $ (18,164,000) | | $ (15,377,000) |
| Increase (decrease) in cash, cash equivalents & restricted cash | $ 19,581,000 | | $ 1,000 | | $ 1,028,000 |
| Cash, cash equivalents & restricted cash, beginning of period | $ 3,917,000 | | $ 3,916,000 | | $ 2,888,000 |
| Cash, cash equivalents & restricted cash, end of period | $ 23,498,000 | | $ 3,917,000 | | $ 3,916,000 |
| Cash paid for income taxes, net of amounts refunded | $ 2,725,000 | | $ 3,583,000 | | $ 2,213,000 |
| Cash paid for interest, net of amounts capitalized | $ 4,420,000 | | $ 4,714,000 | | $ 4,408,000 |
smitty0285
AppendixB.xlsx
