Verizon Communications (VZ) 8-K Verizon updates broadband strategy to bring more

Verizon Communications Inc.

Exhibit 99.3

Non-GAAP Reconciliations

Consolidated EBITDA and Consolidated Adjusted EBITDA
(dollars in millions)
Unaudited	3 Mos. Ended 9/30/24			3 Mos. Ended 9/30/23
Consolidated Net Income	$	3,411		$	4,884
Add:
Provision for income taxes	891			1,308
Interest expense	1,672			1,433
Depreciation and amortization expense(1)	4,458			4,431
Consolidated EBITDA	$	10,432		$	12,056
Add/(subtract):
Other (income) expense, net	$	(72)		$	(170)
Equity in (earnings) losses of unconsolidated businesses	24			18
Severance charges	1,733			—
Asset and business rationalization	374			—
Business transformation costs	—			176
Non-strategic business shutdown	—			158
	2,059			182
Consolidated Adjusted EBITDA	$	12,491		$	12,238
Consolidated Adjusted EBITDA - Year over year change %	2.1		%
Footnotes:
(1) Includes Amortization of acquisition-related intangible assets and a portion of the Non-strategic business shutdown, where applicable.

Free Cash Flow
(dollars in millions)
Unaudited	3 Mos. Ended 9/30/24		3 Mos. Ended 9/30/23		9 Mos. Ended 9/30/24		9 Mos. Ended 9/30/23
Net Cash Provided by Operating Activities	$	9,911	$	10,778	$	26,480	$	28,798
Capital expenditures (including capitalized software)	(3,948)		(4,094)		(12,019)		(14,164)
Free Cash Flow	$	5,963	$	6,684	$	14,461	$	14,634

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