$VZ
VERIZON COMMUNICATIONS INC

2020 Q2 Form 10-Q Financial Statement

#000073271220000052 Filed on July 28, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $30.45B $32.07B
YoY Change -5.06% -0.41%
Cost Of Revenue $11.75B $12.72B
YoY Change -7.64% -4.55%
Gross Profit $18.70B $19.35B
YoY Change -3.37% 2.52%
Gross Profit Margin 61.41% 60.33%
Selling, General & Admin $7.156B $7.268B
YoY Change -1.54% -4.43%
% of Gross Profit 38.27% 37.56%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.181B $4.232B
YoY Change -1.21% -2.71%
% of Gross Profit 22.36% 21.87%
Operating Expenses $7.156B $7.268B
YoY Change -1.54% -4.43%
Operating Profit $7.361B $7.850B
YoY Change -6.23% 18.63%
Interest Expense $1.089B $1.215B
YoY Change -10.37% -0.57%
% of Operating Profit 14.79% 15.48%
Other Income/Expense, Net -$72.00M -$1.312B
YoY Change -94.51% -464.44%
Pretax Income $6.187B $5.310B
YoY Change 16.52% -3.93%
Income Tax $1.348B $1.236B
% Of Pretax Income 21.79% 23.28%
Net Earnings $4.700B $3.944B
YoY Change 19.17% -4.27%
Net Earnings / Revenue 15.44% 12.3%
Basic Earnings Per Share $1.14 $0.95
Diluted Earnings Per Share $1.13 $0.95
COMMON SHARES
Basic Shares Outstanding 4.139B shares 4.138B shares
Diluted Shares Outstanding 4.141B shares 4.139B shares

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.882B $1.949B
YoY Change 304.41% 11.37%
Cash & Equivalents $7.882B $1.949B
Short-Term Investments
Other Short-Term Assets $4.728B $4.454B
YoY Change 6.15% 7.35%
Inventory $1.289B $1.167B
Prepaid Expenses
Receivables $22.67B $24.93B
Other Receivables $0.00 $0.00
Total Short-Term Assets $37.33B $33.31B
YoY Change 12.08% 7.88%
LONG-TERM ASSETS
Property, Plant & Equipment $92.75B $87.82B
YoY Change 5.62% 0.04%
Goodwill $24.67B $24.64B
YoY Change 0.13% -15.63%
Intangibles
YoY Change
Long-Term Investments $529.0M $650.0M
YoY Change -18.62% -17.41%
Other Assets $10.18B $10.43B
YoY Change -2.38% -4.72%
Total Long-Term Assets $255.9B $249.8B
YoY Change 2.45% 7.47%
TOTAL ASSETS
Total Short-Term Assets $37.33B $33.31B
Total Long-Term Assets $255.9B $249.8B
Total Assets $293.3B $283.1B
YoY Change 3.59% 7.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $19.30B $17.63B
YoY Change 9.44% -4.99%
Accrued Expenses $3.270B $3.154B
YoY Change 3.68%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $800.0M
YoY Change -100.0%
Long-Term Debt Due $6.651B $7.973B
YoY Change -16.58% 45.87%
Total Short-Term Liabilities $38.89B $38.21B
YoY Change 1.76% 18.2%
LONG-TERM LIABILITIES
Long-Term Debt $106.2B $104.6B
YoY Change 1.52% -4.19%
Other Long-Term Liabilities $14.29B $11.83B
YoY Change 20.82% -10.39%
Total Long-Term Liabilities $190.3B $186.9B
YoY Change 1.77% 5.38%
TOTAL LIABILITIES
Total Short-Term Liabilities $38.89B $38.21B
Total Long-Term Liabilities $190.3B $186.9B
Total Liabilities $229.1B $225.2B
YoY Change 1.77% 7.36%
SHAREHOLDERS EQUITY
Retained Earnings $56.75B $47.95B
YoY Change 18.36% 15.09%
Common Stock $429.0M $429.0M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $6.722B $6.823B
YoY Change -1.48% -2.39%
Treasury Stock Shares
Shareholders Equity $62.70B $56.58B
YoY Change
Total Liabilities & Shareholders Equity $293.3B $283.1B
YoY Change 3.59% 7.52%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income $4.700B $3.944B
YoY Change 19.17% -4.27%
Depreciation, Depletion And Amortization $4.181B $4.232B
YoY Change -1.21% -2.71%
Cash From Operating Activities $14.73B $8.755B
YoY Change 68.22% -10.53%
INVESTING ACTIVITIES
Capital Expenditures -$6.167B -$3.794B
YoY Change 62.55% 9.31%
Acquisitions
YoY Change
Other Investing Activities $1.023B $8.000M
YoY Change 12687.5% -71.43%
Cash From Investing Activities -$5.144B -$3.786B
YoY Change 35.87% 9.96%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -8.795B -5.386B
YoY Change 63.29% -17.76%
NET CHANGE
Cash From Operating Activities 14.73B 8.755B
Cash From Investing Activities -5.144B -3.786B
Cash From Financing Activities -8.795B -5.386B
Net Change In Cash 789.0M -417.0M
YoY Change -289.21% 101.45%
FREE CASH FLOW
Cash From Operating Activities $14.73B $8.755B
Capital Expenditures -$6.167B -$3.794B
Free Cash Flow $20.90B $12.55B
YoY Change 66.51% -5.33%

Facts In Submission

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us-gaap Prior Period Reclassification Adjustment Description
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Certain amounts have been reclassified to conform to the current period’s presentation.
us-gaap Use Of Estimates
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<div style="margin-bottom:5pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#da291c;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;">Use of Estimates</span></div><div style="text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">U.S. GAAP requires management to make estimates and assumptions that affect reported amounts and disclosures. These estimates and assumptions take into account historical and forward-looking factors that the Company believes are reasonable, including but not limited to the potential impacts arising from the recent novel coronavirus (COVID-19) and public and private sector policies and initiatives aimed at reducing its transmission. As the extent and duration of the impacts from COVID-19 remain unclear, the Company’s estimates and assumptions may evolve as conditions change. Actual results could differ significantly from those estimates.</span></div><div style="text-align:justify;"><span><br/></span></div><div style="text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">Examples of significant estimates include the allowance for credit losses, the recoverability of intangible assets, property, plant and equipment, and other long-lived assets, the incremental borrowing rate for the lease liability, fair value measurements, including those related to financial instruments, goodwill, spectrum licenses and intangible assets, unrecognized tax benefits, valuation allowances on tax assets, pension and postretirement benefit obligations, contingencies and the identification and valuation of assets acquired and liabilities assumed in connection with business combinations.</span></div>
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us-gaap Financing Receivable Allowance For Credit Losses Policy For Uncollectible Amounts
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<div style="margin-bottom:5pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#da291c;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;">Allowance for Credit Losses</span></div><div style="text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">Prior to January 1, 2020, accounts receivable were recorded at cost less an allowance for doubtful accounts. The gross amount of accounts receivable and corresponding allowance for doubtful accounts were presented separately in the condensed consolidated balance sheets. We maintained allowances for uncollectible accounts receivable, including our direct-channel device payment plan agreement receivables, for estimated losses resulting from the failure or inability of our customers to make required payments. Indirect-channel device payment receivables are considered financial instruments and were initially recorded at fair value net of imputed interest, and credit losses were recorded as incurred. However, receivable balances were assessed quarterly for impairment and an allowance was recorded if the receivable was considered impaired. Subsequent to January 1, 2020, accounts receivable are recorded at amortized cost less an allowance for credit losses that are not expected to be recovered. The gross amount of accounts receivable and corresponding allowance for credit losses are presented separately in the condensed consolidated balance sheets. We maintain allowances for credit losses resulting from the expected failure or inability of our customers to make required payments. We recognize the allowance for credit losses at inception and reassess quarterly based on management’s expectation of the asset’s collectability. The allowance is based on multiple factors including historical </span></div><div style="text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">experience with bad debts, the credit quality of the customer base, the aging of such receivables and current macroeconomic conditions, such as COVID-19, as well as management’s expectations of conditions in the future, if applicable. Our allowance for credit losses is based on management’s assessment of the collectability of assets pooled together with similar risk characteristics.</span></div><div style="text-align:justify;"><span><br/></span></div><div style="text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">We pool our device payment plan agreement receivables based on the credit quality indicators and shared risk characteristics of "new customers" and "existing customers." New customers are defined as customers who have been with Verizon for less than 210 days if they are classified as a Consumer segment customer, or less than 12 months if they are classified as a Business segment customer. Existing customers are defined as customers who have been with Verizon for more than 210 days if they are in Consumer, or more than 12 months if they are in Business. We record an allowance to reduce the receivables to the amount that is expected to be collectible. For device payment plan agreement receivables, we record bad debt expense based on a default and loss calculation using our proprietary loss model. The expected loss rate is determined based on customer credit scores and other qualitative factors as noted above. The loss rate is assigned individually on a customer by customer basis and the custom credit scores are then aggregated by vintage and used in our proprietary loss model to calculate the weighted-average loss rate used for determining the allowance balance. </span></div><div style="text-align:justify;"><span><br/></span></div><div style="text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">We monitor the collectability of our wireless service receivables as one overall pool. Wireline service receivables are disaggregated and pooled by the following customer groups: consumer, small and medium business, global enterprise and wholesale. For wireless service receivables and wireline consumer and small and medium business receivables, the allowance is calculated based on a 12 month rolling average write-off balance multiplied by the average life-cycle of an account from billing to write-off. The risk of loss is assessed over the contractual life of the receivables and we adjust the historical loss amounts for current and future conditions based on management’s qualitative considerations. For global enterprise and wholesale wireline receivables, the allowance for credit losses is based on historical write-off experience and individual customer credit risk, if applicable. We consider multiple factors in determining the allowance as discussed above.</span></div>
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us-gaap Revenue Performance Obligation Description Of Timing
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Contracts for wireless services are generally either month-to-month and cancellable at any time (typically under a device payment plan) or contain terms ranging from greater than one month to up to two years (typically under a fixed-term plan).
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CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
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CY2019Q4 us-gaap Assets Fair Value Disclosure
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CY2019Q4 us-gaap Liabilities Fair Value Disclosure
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CY2020Q2 us-gaap Equity Securities Without Readily Determinable Fair Value Amount
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CY2019Q4 us-gaap Equity Securities Without Readily Determinable Fair Value Amount
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CY2020Q2 us-gaap Common Stock Dividends Per Share Declared
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CY2020Q2 us-gaap Supplemental Unemployment Benefits Severance Benefits
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CY2019Q2 us-gaap Common Stock Dividends Per Share Declared
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CY2020Q1 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
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169000000 USD
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us-gaap Operating Income Loss
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1089000000 USD
CY2019Q2 us-gaap Interest Expense
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us-gaap Interest Expense
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6187000000 USD
CY2019Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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5310000000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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11863000000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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12098000000 USD
vz Approximate Number Of Federal District Court Actions Alleged For Patent Infringement
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25 legal_matter
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P30Y
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4 Agreement

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