January 24, 2025
Company added nearly 1 million postpaid mobile and broadband
subscribers in fourth quarter, best quarterly result in more than a decade
Industry-leading total wireless service revenue
of $20.0 billion dollars in the fourth quarter
Key 2024 Highlights
NEW YORK, Jan. 24, 2025 (GLOBE NEWSWIRE) -- Verizon Communications Inc. (NYSE, Nasdaq: VZ) today reported strong operational and financial results for the fourth-quarter and full-year 2024, further extending its industry leadership with new products and services that continued to resonate with customers. With solid momentum on its strategy to grow connections and strengthen customer relationships, the company delivered on its 2024 financial guidance, demonstrating strong performance and success across its three priorities of growing wireless service revenue, expanding adjusted EBITDA and generating strong free cash flow.
"With innovations powered by the best network in the country, we are bringing the best experiences to our customers, in life and work. Customizable offerings like myPlan, myHome, Verizon Business Complete and Total Wireless feature the control, simplicity and value our customers expect," said Verizon Chairman and CEO Hans Vestberg. "It’s only going to get better this year and beyond, as we have continued to strengthen Verizon with the pending Frontier acquisition, new satellite partnerships, and ongoing AI enablement, which we expect will enhance and broaden our network for everybody we serve."
2024 Financial Highlights
Consolidated: Verizon delivers on 2024 financial guidance and extends industry leadership through operational excellence and customer focus
4Q 2024 Highlights
Consolidated: Strong fourth-quarter performance results in revenue increases
Mobility: Industry-leading wireless service revenue and double-digit growth in postpaid phone net adds
Broadband: Verizon continued to take broadband market share with strong demand for best in class Fios and fixed wireless access offerings
Verizon Consumer: Positive net additions with strongest quarterly phone gross additions result in five years
Verizon Business: Strong wireless service revenue driven by continued wireless customer growth
Outlook and guidance
The company does not provide a reconciliation for certain of the following adjusted (non-GAAP) forecasts because it cannot, without unreasonable effort, predict the special items that could arise, and the company is unable to address the probable significance of the unavailable information.
For 2025, Verizon expects the following:
1 Non-GAAP financial measure. See the accompanying schedules and www.verizon.com/about/investors for reconciliati ons of non-GAAP financial measures cited in this document to most directly comparable financial measures under generally accepted accounting principles (GAAP).
2 Total wireless service revenue represents the sum of Consumer and Business segments.
3 Reflect s the reclassification of recurring device protection and insurance related plan revenues from other revenue into wireless service revenue beginning January 2025. Where applicable, historical results will be recast to conform to the updated presentation. R eclassified 2024 annual revenues were more than $2.9 billion.
Verizon Communications Inc. (NYSE, Nasdaq: VZ) powers and empowers how its millions of customers live, work and play, delivering on their demand for mobility, reliable network connectivity and security. Headquartered in New York City, serving countries worldwide and nearly all of the Fortune 500, Verizon generated revenues of $134.8 billion in 2024. Verizon’s world-class team never stops innovating to meet customers where they are today and equip them for the needs of tomorrow. For more, visit verizon.com or find a retail location at verizon.com/stores.
VERIZON’S ONLINE MEDIA CENTER: News releases, stories, media contacts and other resources are available at verizon.com/news. News releases are also available through an RSS feed. To subscribe, visit www.verizon.com/about/rss-feeds/.
Forward-looking statements
In this communication we have made forward-looking statements. These statements are based on our estimates and assumptions and are subject to risks and uncertainties. Forward-looking statements include the information concerning our possible or assumed future results of operations. Forward-looking statements also include those preceded or followed by the words “anticipates,” “assumes,” “believes,” “estimates,” “expects,” “forecasts,” “hopes,” “intends,” “plans,” “targets” or similar expressions. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The following important factors, along with those discussed in our filings with the Securities and Exchange Commission (the “SEC”), could affect future results and could cause those results to differ materially from those expressed in the forward-looking statements: the effects of competition in the markets in which we operate, including the inability to successfully respond to competitive factors such as prices, promotional incentives and evolving consumer preferences; failure to take advantage of, or respond to competitors' use of, developments in technology, including artificial intelligence, and address changes in consumer demand; performance issues or delays in the deployment of our 5G network resulting in significant costs or a reduction in the anticipated benefits of the enhancement to our networks; the inability to implement our business strategy; adverse conditions in the U.S. and international economies, including inflation and changing interest rates in the markets in which we operate; cyberattacks impacting our networks or systems and any resulting financial or reputational impact; damage to our infrastructure or disruption of our operations from natural disasters, extreme weather conditions, acts of war, terrorist attacks or other hostile acts and any resulting financial or reputational impact; disruption of our key suppliers’ or vendors' provisioning of products or services, including as a result of geopolitical factors or the potential impacts of global climate change; material adverse changes in labor matters and any resulting financial or operational impact; damage to our reputation or brands; the impact of public health crises on our business, operations, employees and customers; changes in the regulatory environment in which we operate, including any increase in restrictions on our ability to operate our networks or businesses; allegations regarding the release of hazardous materials or pollutants into the environment from our, or our predecessors’, network assets and any related government investigations, regulatory developments, litigation, penalties and other liability, remediation and compliance costs, operational impacts or reputational damage; our high level of indebtedness; significant litigation and any resulting material expenses incurred in defending against lawsuits or paying awards or settlements; an adverse change in the ratings afforded our debt securities by nationally accredited ratings organizations or adverse conditions in the credit markets affecting the cost, including interest rates, and/or availability of further financing; significant increases in benefit plan costs or lower investment returns on plan assets; changes in tax laws or regulations, or in their interpretation, or challenges to our tax positions, resulting in additional tax expense or liabilities; changes in accounting assumptions that regulatory agencies, including the SEC, may require or that result from changes in the accounting rules or their application, which could result in an impact on earnings; and risks associated with mergers, acquisitions, divestitures and other strategic transactions, including our ability to consummate the proposed acquisition of Frontier Communications Parent, Inc. and obtain cost savings, synergies and other anticipated benefits within the expected time period or at all.
Media contacts:
Katie Magnotta
201-602-9235
[email protected]
Jamie Serino
201-401-5460
[email protected]
Non-GAAP Reconciliations - Consolidated Verizon
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Consolidated EBITDA and Consolidated Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
(dollars in millions) |
|||||||||||||||||||||||||||||||
|
Unaudited |
3 Mos. Ended 12/31/24 |
|
3 Mos. Ended 9/30/24 |
|
3 Mos. Ended 6/30/24 |
|
3 Mos. Ended 3/31/24 |
|
3 Mos. Ended 12/31/23 |
|
3 Mos. Ended 9/30/23 |
|
3 Mos. Ended 6/30/23 |
|
3 Mos. Ended 3/31/23 |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Consolidated Net Income (Loss) |
$ |
5,114 |
|
|
$ |
3,411 |
|
|
$ |
4,702 |
|
|
$ |
4,722 |
|
|
$ |
(2,573 |
) |
|
$ |
4,884 |
|
|
$ |
4,766 |
|
|
$ |
5,018 |
|
|
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Provision for income taxes |
|
1,454 |
|
|
|
891 |
|
|
|
1,332 |
|
|
|
1,353 |
|
|
|
756 |
|
|
|
1,308 |
|
|
|
1,346 |
|
|
|
1,482 |
|
|
Interest expense |
|
1,644 |
|
|
|
1,672 |
|
|
|
1,698 |
|
|
|
1,635 |
|
|
|
1,599 |
|
|
|
1,433 |
|
|
|
1,285 |
|
|
|
1,207 |
|
|
Depreciation and amortization expense (1) |
|
4,506 |
|
|
|
4,458 |
|
|
|
4,483 |
|
|
|
4,445 |
|
|
|
4,516 |
|
|
|
4,431 |
|
|
|
4,359 |
|
|
|
4,318 |
|
|
Consolidated EBITDA |
$ |
12,718 |
|
|
$ |
10,432 |
|
|
$ |
12,215 |
|
|
$ |
12,155 |
|
|
$ |
4,298 |
|
|
$ |
12,056 |
|
|
$ |
11,756 |
|
|
$ |
12,025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Add/(subtract): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Other (income) expense, net (2) |
$ |
(797 |
) |
|
$ |
(72 |
) |
|
$ |
72 |
|
|
$ |
(198 |
) |
|
$ |
807 |
|
|
$ |
(170 |
) |
|
$ |
(210 |
) |
|
$ |
(114 |
) |
|
Equity in (earnings) losses of unconsolidated businesses |
|
6 |
|
|
|
24 |
|
|
|
14 |
|
|
|
9 |
|
|
|
11 |
|
|
|
18 |
|
|
|
33 |
|
|
|
(9 |
) |
|
Severance charges |
|
— |
|
|
|
1,733 |
|
|
|
— |
|
|
|
— |
|
|
|
296 |
|
|
|
— |
|
|
|
237 |
|
|
|
— |
|
|
Asset and business rationalization |
|
— |
|
|
|
374 |
|
|
|
— |
|
|
|
— |
|
|
|
325 |
|
|
|
— |
|
|
|
155 |
|
|
|
— |
|
|
Legacy legal matter |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
106 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Verizon Business Group goodwill impairment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,841 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Legal settlement |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
100 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Business transformation costs |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
176 |
|
|
|
— |
|
|
|
— |
|
|
Non-strategic business shutdown |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
158 |
|
|
|
— |
|
|
|
— |
|
|
|
|
(791 |
) |
|
|
2,059 |
|
|
|
86 |
|
|
|
(83 |
) |
|
|
7,380 |
|
|
|
182 |
|
|
|
215 |
|
|
|
(123 |
) |
|
Consolidated Adjusted EBITDA |
$ |
11,927 |
|
|
$ |
12,491 |
|
|
$ |
12,301 |
|
|
$ |
12,072 |
|
|
$ |
11,678 |
|
|
$ |
12,238 |
|
|
$ |
11,971 |
|
|
$ |
11,902 |
|
|
Footnotes: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
(1) Includes Amortization of acquisition-related intangible assets and a portion of the Non-strategic business shutdown, where applicable. |
|||||||||||||||||||||||||||||||
|
(2) Includes Pension and benefits remeasurement adjustments, where applicable. |
|||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||
|
Consolidated EBITDA and Consolidated Adjusted EBITDA (LTM) |
|
|
|
|
||||
|
(dollars in millions) |
||||||||
|
Unaudited |
|
12 Mos. Ended
|
|
12 Mos. Ended
|
||||
|
|
|
|
|
|
||||
|
Consolidated Net Income |
|
$ |
17,949 |
|
|
$ |
12,095 |
|
|
Add: |
|
|
|
|
||||
|
Provision for income taxes |
|
|
5,030 |
|
|
|
4,892 |
|
|
Interest expense |
|
|
6,649 |
|
|
|
5,524 |
|
|
Depreciation and amortization expense (1) |
|
|
17,892 |
|
|
|
17,624 |
|
|
Consolidated EBITDA |
|
$ |
47,520 |
|
|
$ |
40,135 |
|
|
|
|
|
|
|
||||
|
Add/(subtract): |
|
|
|
|
||||
|
Other (income) expense, net (2) |
|
$ |
(995 |
) |
|
$ |
313 |
|
|
Equity in losses of unconsolidated businesses |
|
|
53 |
|
|
|
53 |
|
|
Severance charges |
|
|
1,733 |
|
|
|
533 |
|
|
Asset and business rationalization |
|
|
374 |
|
|
|
480 |
|
|
Legacy legal matter |
|
|
106 |
|
|
|
— |
|
|
Verizon Business Group goodwill impairment |
|
|
— |
|
|
|
5,841 |
|
|
Legal settlement |
|
|
— |
|
|
|
100 |
|
|
Business transformation costs |
|
|
— |
|
|
|
176 |
|
|
Non-strategic business shutdown |
|
|
— |
|
|
|
158 |
|
|
|
|
|
1,271 |
|
|
|
7,654 |
|
|
Consolidated Adjusted EBITDA |
|
$ |
48,791 |
|
|
$ |
47,789 |
|
|
|
|
|
|
|
||||
|
Footnotes: |
||||||||
|
(1) Includes Amortization of acquisition-related intangible assets and a portion of the Non-strategic business shutdown, where applicable. |
||||||||
|
(2) Includes Pension and benefits remeasurement adjustments, where applicable. |
||||||||
|
|
|
|||||||
|
Net Unsecured Debt and Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio |
|
|
|||||||||
|
(dollars in millions) |
|||||||||||
|
Unaudited |
12/31/24 |
|
9/30/24 |
|
12/31/23 |
||||||
|
|
|
|
|
|
|
||||||
|
Debt maturing within one year |
$ |
22,633 |
|
|
$ |
21,763 |
|
|
$ |
12,973 |
|
|
Long-term debt |
|
121,381 |
|
|
|
128,878 |
|
|
|
137,701 |
|
|
Total Debt |
|
144,014 |
|
|
|
150,641 |
|
|
|
150,674 |
|
|
Less Secured debt |
|
26,138 |
|
|
|
24,272 |
|
|
|
22,183 |
|
|
Unsecured Debt |
|
117,876 |
|
|
|
126,369 |
|
|
|
128,491 |
|
|
Less Cash and cash equivalents |
|
4,194 |
|
|
|
4,987 |
|
|
|
2,065 |
|
|
Net Unsecured Debt |
$ |
113,682 |
|
|
$ |
121,382 |
|
|
$ |
126,426 |
|
|
Consolidated Net Income (LTM) |
$ |
17,949 |
|
|
|
|
$ |
12,095 |
|
||
|
Unsecured Debt to Consolidated Net Income Ratio |
6.6x |
|
|
|
10.6x |
||||||
|
Consolidated Adjusted EBITDA (LTM) |
$ |
48,791 |
|
|
|
|
$ |
47,789 |
|
||
|
Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio |
2.3x |
|
|
|
2.6x |
||||||
|
|
|
|
|
|
|
||||||
|
Adjusted Earnings per Common Share (Adjusted EPS) |
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
(dollars in millions, except per share amounts) |
||||||||||||||||||||||||||||||||
|
Unaudited |
|
3 Mos. Ended
|
|
3 Mos. Ended
|
||||||||||||||||||||||||||||
|
|
|
Pre-tax |
|
Tax
|
|
After-Tax
|
|
|
|
Pre-tax |
Tax |
After-Tax |
|
|||||||||||||||||||
|
EPS |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1.18 |
|
|
|
|
|
$ |
(0.64 |
) |
|||||||||
|
Amortization of acquisition-related intangible assets |
|
$ |
191 |
|
|
$ |
(51 |
) |
|
$ |
140 |
|
|
|
0.03 |
|
|
$ |
227 |
|
|
$ |
(57 |
) |
|
$ |
170 |
|
|
|
0.04 |
|
|
Severance, pension and benefits charges (credits) |
|
|
(668 |
) |
|
|
165 |
|
|
|
(503 |
) |
|
|
(0.12 |
) |
|
|
1,288 |
|
|
|
(319 |
) |
|
|
969 |
|
|
|
0.23 |
|
|
Asset rationalization |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
325 |
|
|
|
(80 |
) |
|
|
245 |
|
|
|
0.06 |
|
|
Verizon Business Group goodwill impairment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,841 |
|
|
|
(52 |
) |
|
|
5,789 |
|
|
|
1.37 |
|
|
Legal settlement |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
100 |
|
|
|
(25 |
) |
|
|
75 |
|
|
|
0.02 |
|
|
|
|
$ |
(477 |
) |
|
$ |
114 |
|
|
$ |
(363 |
) |
|
$ |
(0.09 |
) |
|
$ |
7,781 |
|
|
$ |
(533 |
) |
|
$ |
7,248 |
|
|
$ |
1.72 |
|
|
Adjusted EPS |
|
|
|
|
$ |
1.10 |
|
|
|
|
|
$ |
1.08 |
|
||||||||||||||||||
|
Footnote: |
||||||||||||||||||||||||||||||||
|
Adjusted EPS may not add due to rounding. |
||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
(dollars in millions, except per share amounts) |
||||||||||||||||||||||||||||||||
|
Unaudited |
|
12 Mos. Ended
|
|
12 Mos. Ended
|
||||||||||||||||||||||||||||
|
|
|
Pre-tax |
Tax |
After-Tax |
|
|
Pre-tax |
Tax |
After-Tax |
|
||||||||||||||||||||||
|
EPS |
|
|
|
|
$ |
4.14 |
|
|
|
|
|
$ |
2.75 |
|
||||||||||||||||||
|
Amortization of acquisition-related intangible assets |
|
$ |
817 |
|
|
$ |
(208 |
) |
|
$ |
609 |
|
|
|
0.14 |
|
|
$ |
865 |
|
|
$ |
(219 |
) |
|
$ |
646 |
|
|
|
0.15 |
|
|
Severance, pension and benefits charges |
|
|
1,201 |
|
|
|
(298 |
) |
|
|
903 |
|
|
|
0.21 |
|
|
|
1,525 |
|
|
|
(378 |
) |
|
|
1,147 |
|
|
|
0.27 |
|
|
Asset and business rationalization |
|
|
374 |
|
|
|
(90 |
) |
|
|
284 |
|
|
|
0.07 |
|
|
|
480 |
|
|
|
(113 |
) |
|
|
367 |
|
|
|
0.09 |
|
|
Legacy legal matter |
|
|
106 |
|
|
|
(27 |
) |
|
|
79 |
|
|
|
0.02 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Verizon Business Group goodwill impairment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,841 |
|
|
|
(52 |
) |
|
|
5,789 |
|
|
|
1.37 |
|
|
Legal settlement |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
100 |
|
|
|
(25 |
) |
|
|
75 |
|
|
|
0.02 |
|
|
Business transformation costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
176 |
|
|
|
(45 |
) |
|
|
131 |
|
|
|
0.03 |
|
|
Non-strategic business shutdown |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
179 |
|
|
|
(83 |
) |
|
|
96 |
|
|
|
0.02 |
|
|
|
|
$ |
2,498 |
|
|
$ |
(623 |
) |
|
$ |
1,875 |
|
|
$ |
0.44 |
|
|
$ |
9,166 |
|
|
$ |
(915 |
) |
|
$ |
8,251 |
|
|
$ |
1.96 |
|
|
Adjusted EPS |
|
|
|
|
$ |
4.59 |
|
|
|
|
|
$ |
4.71 |
|
||||||||||||||||||
|
Footnote: |
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
Adjusted EPS may not add due to rounding. |
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
Free Cash Flow |
|
|
|
|
||||
|
(dollars in millions) |
||||||||
|
Unaudited |
|
12 Mos. Ended
|
|
12 Mos. Ended
|
||||
|
|
|
|
|
|
||||
|
Net Cash Provided by Operating Activities |
|
$ |
36,912 |
|
|
$ |
37,475 |
|
|
Capital expenditures (including capitalized software) |
|
|
(17,090 |
) |
|
|
(18,767 |
) |
|
Free Cash Flow |
|
$ |
19,822 |
|
|
$ |
18,708 |
|
|
Free Cash Flow Forecast |
||||
|
(dollars in millions) |
||||
|
Unaudited |
|
|
12 Mos. Ended
|
|
|
|
|
|
|
|
|
Net Cash Provided by Operating Activities Forecast |
|
$ |
35,000 - 37,000 |
|
|
Capital expenditures forecast (including capitalized software) |
|
|
(17,500 - 18,500 |
) |
|
Free Cash Flow Forecast |
|
$ |
17,500 - 18,500 |
|
|
|
|
|
|
|
Non-GAAP Reconciliations - Segments
|
|
|
|
|
|
|
|
|
|
||||||||
|
Segment EBITDA and Segment EBITDA Margin |
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Consumer |
|
|
|
|
|
|
|
|
||||||||
|
(dollars in millions) |
||||||||||||||||
|
Unaudited |
|
3 Mos. Ended
|
|
3 Mos. Ended
|
|
12 Mos. Ended
|
|
12 Mos. Ended
|
||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Operating Income |
|
$ |
6,904 |
|
|
$ |
7,035 |
|
|
$ |
29,484 |
|
|
$ |
29,011 |
|
|
Add Depreciation and amortization expense |
|
|
3,438 |
|
|
|
3,344 |
|
|
|
13,552 |
|
|
|
13,077 |
|
|
Segment EBITDA |
|
$ |
10,342 |
|
|
$ |
10,379 |
|
|
$ |
43,036 |
|
|
$ |
42,088 |
|
|
Year over year change % |
|
|
(0.4) |
% |
|
|
|
|
2.3 |
% |
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Total operating revenues |
|
$ |
27,560 |
|
|
$ |
26,954 |
|
|
$ |
102,904 |
|
|
$ |
101,626 |
|
|
Operating Income Margin |
|
|
25.1 |
% |
|
|
26.1 |
% |
|
|
28.7 |
% |
|
|
28.5 |
% |
|
Segment EBITDA Margin |
|
|
37.5 |
% |
|
|
38.5 |
% |
|
|
41.8 |
% |
|
|
41.4 |
% |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Business |
|
|
|
|
|
|
|
|
||||||||
|
(dollars in millions) |
||||||||||||||||
|
Unaudited |
|
3 Mos. Ended
|
|
3 Mos. Ended
|
|
12 Mos. Ended
|
|
12 Mos. Ended
|
||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Operating Income |
|
$ |
594 |
|
|
$ |
443 |
|
|
$ |
2,058 |
|
|
$ |
2,066 |
|
|
Add Depreciation and amortization expense |
|
|
1,061 |
|
|
|
1,164 |
|
|
|
4,307 |
|
|
|
4,488 |
|
|
Segment EBITDA |
|
$ |
1,655 |
|
|
$ |
1,607 |
|
|
$ |
6,365 |
|
|
$ |
6,554 |
|
|
Year over year change % |
|
|
3.0 |
% |
|
|
|
|
(2.9) |
% |
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Total operating revenues |
|
$ |
7,504 |
|
|
$ |
7,618 |
|
|
$ |
29,531 |
|
|
$ |
30,122 |
|
|
Operating Income Margin |
|
|
7.9 |
% |
|
|
5.8 |
% |
|
|
7.0 |
% |
|
|
6.9 |
% |
|
Segment EBITDA Margin |
|
|
22.1 |
% |
|
|
21.1 |
% |
|
|
21.6 |
% |
|
|
21.8 |
% |
