VZ - Earnings call transcript Q2 2020 | Verizon Communications Inc.

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Operator

Good morning, and welcome to the Verizon Second Quarter 2020 Earnings Conference Call. At this time, all participants have been placed in a listen-only mode, and the floor will be open for questions following the presentation. [Operator Instructions]. Today's conference is being recorded.

If you have any objections, you may disconnect at this time. pleasure over my your call now Mr. host, is to the turn to It Vice Relations. President, Senior Connor, Brady Investor

Brady Connor

Good morning here and and conference and call. welcome Executive Matt to our is Chief Financial Connor, second Ellis, Brady our and Officer. Hans I'm Officer, with Chief Chairman This our Vestberg; quarter earnings

available and financial also As on Web Relations our release, information our transcript this the will and on replay call of a made reminder, our presentation site. and be Investor site. operating earnings slides available Web A are

on Before started, is of directly our forward-looking disclosed contains are included and get that formal factors in in unless Slide I'd we events your like future our that Discussion with filings as Verizon's of our presentation on attention presentation presentation measures Safe X. sequential. and which may Reconciliations are This posted rates materials The non-GAAP to Web and during affect certain to subject slides to basis, the statements this GAAP our contained remarks on measures. a future financial on SEC, results site. draw about to comparable otherwise quarterly contains non-GAAP Web year-over-year expected Harbor the financial results are risks site. growth the in noted statement measures financial uncertainties. Information available most these and our in are

the for pension charge $XXX related to mark-to-market a quarter. pre-tax included net share let's and million quarter, consolidated on items Now second million related results from basis. for reported In GAAP early Reported loss $XXX a a special including second to of at earnings costs approximately take a a million, $X.XX our a of look $XXX debt liabilities. we of redemption the net pre-tax of per earnings loss adjustment

the $X.XX Excluding compared share the second year ago. adjusted these in special earnings a of was effects $X.XX quarter items, per to

our ongoing illustrated second of ASC look XXXX. quarter and we from X for have adoption with earnings the XXX a to approach shown earnings to move have revenue the now Consistent impacts take standard for we Let's recognition in profile. at accounting closer the Slide quarters, several

that As to this year-over-year a income have statement. of final will standard impact year reminder, expect material adoption a on be the the XXXX our we

impact As expense. quarter adoption realized we compared year-over-year both throughout quarters, ASC reduction illustrated in we and The the lesser year, a continue of to a benefit from previous for which prior the primarily quarter the the $X.XX during adjusted of and benefit will creates XXXX. realized due commission second was The to reported headwind to per $X.XX deferral share, the the earnings XXX of year-to-date.

the deferral we the the $X.XX. For during throughout Overall, estimate impacts from through the expect EPS reported that we full there be in adjusted to quarter year continue COVID of will the XXXX, experienced go a from quarter. included commission the COVID expense in and approximately Matt $X.XX in headwind we that detail to headwinds section. was his

of series of and recognized EPS. tax in an connection adjusted resulted reorganization, a internal related million of which an addition, benefit we benefit $X.XX entity legal in In with aggregate reported our approximately restructurings within $XXX to a

impact was quarter a the EPS XXX. X.X% as result and the adjusted down in ASC So second of COVID of

over With We in turn to that, I’ll our operations. continue to underlying see call now Hans. growth the

Hans Vestberg

for call. joining this thank you, earnings Brady, you, Thank everyone, and

said what quarter. in I me Let reiterate first the

all same to have say responded all times in business can with and We of at you, we that to only employees how the I a it. of time. Verizon I’m extremely run are and crises to unprecedented multiple proud need our

life. capitalists where quarter calls I fruit. have bear earnings a as strategy quarter this of my reported many really of think the in I stakeholder Verizon

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we that at working three-prong a work our is with the this is We the in in see have the continued country. daily things team in the right to priorities and right ongoing pandemic, Part downturn, with racial leadership that of injustice to are governance. doing crisis the team economical

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in us deliver priorities been are our underlying our during have and all on strategic market. this stakeholders, to outlined network-as-a-service able of that are and vital our They really especially to being we time. reconfirmed the times with we right a goal Verizon this. to path Many the not changed strategy customers to that X.X things have our like our Our playing the role in for

very future, have and society. doing are to our very our employees One the transformations of and on have COVID-XX, for seeing half first to of right also purpose-driven back If our the on of our I look a excited course thing back that company but looking think the the where well. response engaged done was we they’re I

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in Remember about in LTE bold deployment way will I award we to Compute, future. our the have February, do society, XG cases executing so develop XXXX XG XXth on strategy, pleased are to the In Verizon with some coverage ahead all platform to network-as-a-service. some on our cities, focused our on again business they core on Ultra-Wideband we Mobile XG extremely of well engineers as and on and I’m as cities DSS. been core continue track in from the for more small a have XG and in the to addition nationwide we serving Edge to best cells happy a continue and XX the for the the the course some Home that, on statements me report from in Power. to the and and plan. continued employees we’re amaze our network on to have made that time J.D. report I’m of Xx very even our winning XG say for once

continuing We our technology. to deploy are

test Our additional to of mobility when some as going well and XX launched XG markets Home. it the is and on we markets DSS comes well, some with have very

that all a second happening However, you’re that that of last strategy couple lot priorities the and strategic going the look second year by in them and services. new quarter national the the and the of performed it numbers and quarter, with Verizon foundation gain years. continued card and If on things up outlined done to saw not new Ronan building of see with and improvements into to based had the the of a well. first we to also developed their mix had, we his the Verizon the accounts Verizon ladder in only in second to when starting different continued Group operating different loyalty, in I’m financials happy half lot we’ve Consumer of with the have this unlimited what and have have in they but we segments way of they and offerings. customer comes match you’re gain then with going see creating the the has to challenges the and really on team credit very coming even We

going are both in Verizon Business and their now Airtel, the BlueJeans India. look And well. very I’m are for with are that well they new largest happy I a also the to bearing in did and second with you on and transformation are in middle also fruit. the the to in to acquisition growth of last are Group one report the world, way quarter happy customers of well BlueJeans of and They to lot week progressing customers have customers are partnership large If continuing at the performing we corporate dealing the carriers announce the with the use say usage the a was of transformation I

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more creating the the a second Mobile excitement lot of a half. around come So in Compute XG and we’re Edge lot to

and done create Media impacted that see and of by made coming of Group, are they operated they work which as our of see Walmart, markets on they to using lot to earth them monthly We is a little see have Verizon a with a the also coming back owned on being quite agreement grocery properties, also course Yahoo! continue an advertising the in companies platform. course but more active Mail largest of purchasing one and Finally, we bit that anyhow June, users to down.

good our balance sheet. continued under team work on our do has Matt Finally, to financial

levels metrics not with net level. But credit coming debt. to that, are similar we on we pre-Vodafone well elevated We have to our only out the continued liquidity. have And from quarter work reached

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need et cetera. to had We as it as have also stores the open quarter of our well not all to consumers, remember hours, limited when sort in comes we visiting

see compared ago the we good one to side, say, created added which year quarter. is, work you if this consumer have we However, accounts in the postpaid loss I XX,XXX on momentum would second quarter, a consumer in the a

in on the are also giving and all-in-all historical Verizon is that a EBITDA our churn, us We on Group. good Consumer lows

highlight to want just strong flow. would I very the cash Finally,

was some increased of strong our good he bad flow comes will Of and have the quarter. course, Matt general in rest compared quarter quarter. to we about as items have debt will second later, it also happened we there, a we when reserves it tax have but in June allude And to cash extraordinary to the what not metrics the in talk

over in all-in-all, think this our through have more for four we detail. executed stakeholders Matt the well that, quarter. I all I hand financials And by to in So it go to

Matt Ellis

everyone. Hans, you, morning, and good Thank

what Hans echo me Let said.

primarily includes producing $X.XX driven deliver This results net team we delivered of wireless advertising revenues COVID of financial only strength adjusted to and $X.XX, I’m customers model, was quarter our the for performance. our second proud communities per Due and The our search adapt and unlike to to Group. from to business of to we demonstrate agility share. business any our our and the seen and extremely impact resiliency changing strong conditions, of while other the our and employees Verizon earnings revenue to The have rapidly estimated Media due impacts also a lower service of of but an results. by approximately not

how been While uncertainty still has when high regarding and the of will company's degree year-to-date recover. the performance economy there is quickly strong, a

implementing the that are and confident activity approach consumer business as we to meet We are right increases. demand

review consolidated in-store in Slide Let's primarily was consolidated limited XX% COVID wireless revenues customer of begin the quarter, significant declines and second operating were a to engagement on our approximately operating impact down the In in billion, with $XX.X the behavior. equipment reflected and due of down on financial second which revenue results X.X%. quarter, X. Results

provide highlighted we previous waive consolidated As in as was activity customer revenue well in customers call, for impacted during data fees the the by our roaming changes additional service to commitments and Verizon earnings the wireless made certain as quarter. significant

Included the was billion campaigns. search Media $XX.X the the This wireless and In back the revenue of revenues impacts service low within search COVID, addition, we result EBITDA adjusted as Group is billion primarily revenues. scaled in customers as advertising from compared to lower prior impacts $XX.X Verizon from advertising their experienced in and year. advertising

achieve of EBITDA expense Second headwinds earlier. XX.X% XXXX. XX the points excellence savings of end of adjusted was approximately cash on billion cash and deferral remain that from commission basis have of $X.X XX.X% the to quarter discussed of and by $XX year, as savings billion cumulative Brady the margin program, includes prior realized goal business Through our cumulative compared in of track we our to

additional environment longer-term achieved. will us initiatives opportunity after on and the even explore savings. our operational The focus transformation efficiencies to We current cost current business the target with continue related is provides

turn now Group results, to Slide Let's Consumer with on our starting segment X.

are while online stores And because pickup team and now roles. closed our retail that, sales ever the our connectivity reopened more employees drive optimized and and increasing Verizon. of In retail more from reliability telesales than transitioned adapt streamline stores. to are quality to service choose retail and depending touchless and activity we introducing service. through home, the seeing and customer curbside our People telesales, consumer customer the Our we mid-March, as most pivoted to to quickly new through of including to experience need they of them environment. channel of on work temporarily we majority We company-operated

business highlighting value we customer XX,XXX momentum For loss experience. the XX,XXX in the compared of as the customer by prior of to quarter, increased postpaid a accounts the the year, in and Verizon

the May expansion high and Verizon have We seen of overall the as customer is retention an of Customer experience. a well activity quarter an function activity in during levels with to network and June. at volumes as customer increase testament performance all-time is both a and

As XX,XXX compared result, the year. the were XX,XXX quarter for adds net postpaid to prior phone in as a

churn gross down phone phone from ago. of experienced adds were of points While an year X.XX%, XX%, a approximately we XX basis improvement

were to on quarter postpaid due place Internet customers Fios to at put work installations revenue. X.X% in retail temporary as down rate during limited quarter, the sequentially the Fios and Our restrictions inside upgrade of wireless in equipment remained low homes. net contributing XX,XXX were during additions year-over-year decline the

innovative Fios we with in-home across trends as resumed solutions And beginning self-install with our net continued. consistent losses visits technician June, video responded cord and quarters were team previous capabilities. Our footprint. cutting developed in

model. XX.X%, headwind XX points that driven as prior includes waived recurring Wireless up expense. primarily by on points of the was other in levels. device consumer significant Margins declines by a which equipment Now, revenues roaming, basis approximately to was pressure were payment by dollars due equipment of Consumer Slide EBITDA to lower and partly in of accounted This lower limited benefited of for let's the performance. primarily from revenue offset in year low primarily a the fees as down driven X.X%, impact to device activation points the growth by equipment was move primarily financial volumes but and quarter. margin wireless X%, XX% on revenue operates revenue, the approximately usage has down in revenue XX commission service X quarter, protection. operating a basis from XXX reminder driven was Consumer such decrease consumer as EBITDA the discuss decrease in segment basis deferral services from

Reliable the employees companies move more conductivity supporting results. forward. ways critical, Now, to review Group to new let's have while Business continue simultaneously Slide their and been adapt to XX as to of never driving businesses their secure

During the particularly sector devices, for connectivity quarter, challenges the while increased our a in clients. surge public also from traffic enterprise and business to COVID, team meeting demand responded of handling and needs

global offsetting as wireless While public and as sector, small remained medium in experienced quarter both the demand well enterprise. high throughout in we business pressures

from gross period. year public ago points the postpaid in of phone were phone driven net down from a X XX,XXX, phone segment was sector. quarter result, segment year As in XX% the to adds adds X.XX% churn by prior contributing in of basis approximately down down the Business XXX,XXX year-over-year, strength

were also returning conditions Let's growth declines. status now headwinds year. growth of upcoming service from primarily X.X% driven the we but growth impacted function customers. be macroeconomic levels. wireless wireline approximately in wireless in XXX the percentage segment wireless Wireless XX quarter, have factor points was by move off lower significant for highs remain saw rates. quarter. service review a legacy and in quarter, earlier by revenues are public basis The Suspended business down base lines included sector a as primarily revenue Slide lines in these financial to small is active likely third from and above revenue were pre-COVID roaming come to performance. Total well prior a due revenues business declines of medium revenue, Wireless the will the year-over-year down by businesses the continue service of revenues in revenue usage and the as which to likelihood offset the Operating equipment X.X% in of as operating revenue the to to

nearly in during XX.X% XX points enterprise headwind resulting the from strong as pandemic. deferral margin was a commission XX.X%, from for advanced quarter demand included expense. in global EBITDA Business of revenue flat of basis compared wireline was quarter, the services However, communication which approximately improvement the primarily significant the to

Now let's to discuss XX Media move on Group. to Verizon Slide

year, XX.X% the billion, around search a performance advertisement COVID quarter. was COVID-related a As on to compared as had last economic and both result revenue of down impacts. expected, meaningful in the environment Total impact $X.X primarily

increased operated properties our up drive customer and on active with were owned to monthly both and strength in saw X% News, engagement XX% Finance and continue which up users XX%, respectively. approximately We and Yahoo!

For third more content compared platform a leading side companies. demand the and our and to quarter, we year key account the prior e-commerce signed client with added on partnerships

network As a momentum, Choice categories; mobile. won network combination Readers' ad Adweek of Partner Best SSP, Awards of Verizon and Media four ad for this video all Tech strong DSP, nominated

now products in over phone and adds down financial Phone in was service quarter. XX XX down XX XXX,XXX quick were revenue the prior were segments. points Slide year. move compared prior basis XXX,XXX the look XX.X%, mentioned the business to as second churn net while consumer was Phone the gross year, Total services business and key the the performance. in metrics for wireless Let's shows headwinds including Slide prior a X.XX%, for year. data to wireless overall the both at wireless of segments consumer the the combined for the and X.X% and down adds

and operating release and financial the in earnings our provided schedules are site. supplemental our details Web on information Additional

totaled performance postponement billion balance billion, to previously differences. approximately operating cash cash as timing shares $XX.X the year-over-year $X.X let’s second related the in July loaded These the XX. tax the Slide non-recurring COVID-related related we which business in and billion growth items driven quarter on in that benefit disclosed fourth At billion year. billion, during first as sold items the the $X.X volumes the beginning and did cash year lower for the $X.X of billion receipt Now, more expect quarter payments to to in we our the prior increase last review XX, voluntary quarter the by Year-to-date The first totaled well primarily $X.X an Capital up the of activities to include from of flow a strong that of tax year, year-over-year. half spending preferred was of improvements flow and from year. of capital our this for frontend be separation the foreign that plan and we spending not to was payments capital indicated half see XXXX due the approximately results. repeat in $X.X working sheet of year, affiliate

traffic increase of from across our capital cash guidance XXXX to We cell for operations networks, rollout. support our Despite in deploy of the further while flow year net and for further $XX.X of quarter. half billion. balance XG expand free $XX.X billion year a expenditures our additional the is result XX%. spending sheet the we full Our continue maintain our to of the more growth capacity billion, $XX.X sites was and fiber to first of The strengthened flow cash year-over-year capital pandemic, CapEx

levels to liquidity we appropriate continue environment. is operate in with believe elevated We this which

the for management quarter, lowered billion year unsecured which remainder bond than improved year-end have maturities in overall now with less maturities borrowing this also the X through of transactions, liability further we portfolio costs. by billion We and XXXX $X.X During no XXXX.

the are about debt balance our continue end under $XX.X our unsecured allocation net we to high to for a of down sheet X.Xx, the billion Net at overall we debt the sequentially policy. in for $X.X Though net slightly X.Xx, decreased quarter last range Our billion. resulting unsecured X.XXx from quarter. our by EBITDA totaled targeted quarter debt to of capital ratio manage adjusted

uses now credit analysis to met for boundary commitment profile. an to than now A minus less their credit for Poor's our is Therefore, have rating. Our pre-Vodafone our Standard estimates their leverage the ratio at & rating return rating we

have XX of results quarter the seen full June. select of trends Slide Let’s exiting month for to deeper This both key slide on year-over-year the highlights the the and quarter. move take we metrics to a at second look

demand the trajectories. various range groups customer trends of exited different the a period experienced customer Our and in quarter with wide during

ease more second stores At quarter, As touchless restrictions during limited to approach and with started new began close opened our stores and expect to our employee the the we up fully company of XX% be retail reopening operated in to conditions end, open, safety. to we our permitting. than of customer quarter hours by gradually roughly and from end were XX% July, further April

for in normal improvement gross different have June, different entering April in Fios as a initial levels. In in are activity which technicians we in is Group, homes quarter June, gross July. As significant In approximately prior June, year, a box quarter. we devices a we the consumer improvement better result, constructively lower to flat beginning experienced exited Fios, decline they separated upgrades the remains new Internet activity Despite pipeline late availability the postpaid churn we to our performing June. to material in beginning in an Fios groups given led activity, the Consumer resume significantly In bring the priced of our were April. at into relatively period over the increased the of to from with of than levels the declined wireless seen gross versus historically installation having XX% introduction adds iPhone. This in in transitioned of adds of installations XG of a customer customer pent-up low and Business the to carried demand, June, trends. more add not the a results and working

to business. was We more was the activity see declines were continue the onset line phone XX% of June in pressures and while and Similar the small experienced of to marginally of significant small with gross in robust approximately business medium pandemic, upgrade with medium June. churn add in higher. consumer, impacts

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to and to behavior of providing experienced year-over-year including effect they the the improvements exit quarter, sector. and to in the and quarter to on to from total suppressed committed enterprise, a the public We In service in the the commitments, to small customers, And revenue beginning the the fees, X% robust various be both a with doing connected Throughout sequentially we consumers pandemic is the global range flat. see initiatives. frontline expect growth all reduction FCC's quarter and likely gross expectations the with the wireless be customers The revenue of for devices impacts in quarter add eligible Ongoing for we rate we of shared as were nonpayment needs exit second to these the negative headwinds businesses roaming with important wireless some quarter made travel by including not in in number phones serving remain ease customer mid-April, demand Americans within and notably to revenue activity. time. but along As Connected we on the continue of those year-over-year metered other the service data agreeing among in new within volumes voluntary ways wireless reductions customers, revenue, Keep increase waiving the usage-based quarter, to increased usage-based to business. we impact to to that commitments, pledge that line most participating continue roaming in disconnect in and pass on resulted total of other activity, from on in for quarter our and first for earnings adapt mean third improve call. these

of payments the at payment in making pledge. bad of by one-third no under At such trends pledge some this Keep encouraged reserve. businesses the Americans consumers taken of small for end of accounts than while are the that we have these and the We more the and opted the majority time, additional Connected accounts pledge debt current with

and reassess trends We needed. to as we’ll monitor continue payment

a beginning We program the repayment in lives heavily are and customers July, vast their macroeconomic a the accounts vital the and value working These these long will are have To we over environment. and with that service everyday longevity successful this can relationships. for in majority extended have area. due end, track time, these of believe and to in past value record that affected it customers payments. we terms services impacted of many customers enrolled the We be on cured depend but device communication providing

in As the in with Media provided anticipated revenue range April. previously declines were consistent mentioned, Verizon

Although in in advertising rebounding as owned with search and compared trends the our down year, approximately operated were to strength improved and than XX% prior properties. faster June is

be percentage in we the decline trajectory, this revenue Given Verizon will third Media quarter. teens the in anticipate that the in

discuss guidance to go and to Slide XXXX. XX outlook let’s our Now, for

We of the also momentum as would throughout re-imposing pleased building in COVID but restrictions. many remains rising uncertainty are particularly note we now some environment, a amount with fair quarter that states are operating and cases the very saw the confront

The demonstrated even ability operating strong second challenging to quarter a environment. in earnings produce our

are Guidance EPS the our changes the and items, unchanged other bad to of outlook income reserves. X% negative effective adjusted X% April tax guidance note for including from initial outlook. be to and environment is a It or important deterioration macroeconomic amortization, material interest adjusted for provided the to We no maintaining to that remain statement our significant depreciation the debt to expense rate for in full positive within year. our range assumes

in and $XX.X we’ve have we CapEx we billion. are previously, mentioned guidance exactly to year, frontend beginning the expectations loaded seen. year of our of CapEx to is XXXX that be billion for $XX.X full maintaining the what As At communicated

forward. and summary, good make achieve and unprecedented confident can quarter, have for to second circumstances the for this built-out moving continuing performance business to equipment our to our the supply continue team’s remain I we strides to access plans In the items related chain of in while proud am year. adapting We

Our and to to stakeholders. our invest I’ll year. our to over supporting us also all business remainder With remains the in sheet balance Hans while to priorities confidence continue of the for the that, it of turn strong provides discuss

Hans Vestberg

Matt. when XXXX. a little the you, half Thank I let think second entering where we’re And now summarize me stand we of bit

Power where we J.D. entering I think I the very are performing really the is network is all, of First the performing about talked well, well. strong that and LTE network fundamentals with

of lot growth with key of as strategic partnerships part a second the activities. a entering well with We’re as XXXX mindset,

Compute in And of course, but for us into I and to going to sheet on essence, The have Our are the the the if monetizing has the XG XG second nationwide, where be the half. XG That’s with all our XX half the look the we that. second a said with the prepared to our the comes the employee I with the acquired, for we’re with continue, the Mobile cities, more strong are, half. like And foundation dealing of the but are Home actually to of will brand, working well dealing situation. it And that coming BlueJeans. in the pandemic balance crisis building in as much way a a I so that’s we coming XG second business-to-business XX to our the have before, second opportunities, when over exciting partners and good already a half. capturing Edge of built with strong especially course key and first focus going think the as Matt cities, as we’re we half, course, in to partners scaling we’re other as scaling as team, sentiment, course be strong and how all applications been XXXX, for of into into Ultra-Wideband executive start as also than scaling well way been we of

our that of have the and limited the on customer innovation well our Mix journey has as working the to plan Finally, us Group to follow we quarter, as how to And we lot from been have the Consumer all Match, we in seeing comes the also way customer the and it Verizon the continued that our gain we’re heard Ronan second a unlimited way with when up previously, can as have plan. unlimited. success

working the are look into to the Mobile moving half customer addressing And continuing full we’re we that with with Yahoo! together are we will XXXX. with second customers Our in Visible, are how regardless and up And the opportunities, like also see ladder. market to new others. expanding us groups

think now in we position last I all and the all-in-all, things executing XX for in have the we So, months. are good very prepared leveraging

back me Q&A. Brady that, to starting let the for it by So kick

Brady Connor

to anti-collusion, just and And Thanks, Hans. given a With want let’s will Q&A. the before Angela, limited. take in note into make a around the just get we’re that, this spectrum for the so remind I very and the question. auction we CBRS we period started quick everybody comments quiet be get first

Operator

Thank you.

session. We will question-and-answer Instructions]. [Operator the begin now

your Your from question. Please Flannery Morgan ahead Stanley. first of Simon comes question with go

Simon Flannery

did think on America of is may cetera. And stories on the demand Are the given side Good the SMB could all to But revenues with – holding signs particular and much seeing second you very Thanks. in for morning. you QX wonder plan presumably capacity, of unpack and are the that June, I of pressures, into trends you about the of you IT if up year? beyond? related some much. Keep global continue color increased wireline do more impacts some seeing budgets we what thanks COVID how that very elements enterprise helpful. to we’re the outlook, see that and about will of generally you in Matt, pressure QX seeing sort for the cut. you half on $X.XX talk how et but were any Connected Thank getting

Hans Vestberg

some Matt XG in. than so more of will that the are in on all we Compute. large to to very momentum I capabilities actually the digital they that the This majority yes, the to Simon, I can cautious budget. more others Mobile hit start be from customers. is and of quarter, feel SD-WAN enterprise say And are using the is chip course But of use the time that course to IT Edge to the are there met enterprises, video the can this that many time conferencing way digitalize.

in So of to before type good customers. to see I Matt? very impacts. just I COVID And chip in comments with Matt wanted and a actually comes there momentum these

Simon Flannery

you. Thank

Matt Ellis

Thank the question. you, Simon, Hans. you, Thank for

but quarter, Group. business, Media in from the service impact in that Consumer of vast and of Verizon revenue then impact COVID the predominately of the majority $X.XX the So in is Business both also wireless driven some in side the within revenue by

the those service of Keep plans, customer roaming. as well. increases primarily that. we We actions was who took. One the is revenue, major unlimited, And also there impact the Connected from to couple talked about during a around on Americans the the that aren’t had obviously to had data So the then customer the pledge components quarter but behavior, you of course

to in as the things we net said, But growing service coming think have year-over-year better moment XQ quarter accounts, coming quarter, had the expect on. you the growing as the on than don’t that to through adds the was at we XQ versus X.X%. a revenue had customer the from but to expect about it in to we So that into also come place be those closer do all third getting because negative going basis taking continue going what’s also flat we third in we of XQ. reflect we That’s to behavior

this environment but paying especially of have we’re we pressures SMB, in how be closely they some pressure from That very quarter at we were group them, saw COVID there. working mentioned very could on attention levels that’s the So difficult obviously there with terms navigate will the And in that close roaming certainly then certainly customer you the COVID. But they all-in-all, to expected. business a as without to would side, with been be don’t the revenues expect continue.

have areas we other those as see improvements So continue some of we’ll well. as in QX into some and

Simon Flannery

And will be so it sort $X.XX, below some on of it incurring be still -- but impact will

Matt Ellis

environment we some things We’ll see the plays we’d to how but of little certainly better. expect and be the – out can wait here, a bit

We in be we revenue of That should plays that we’ll Group, see XQ. in teens expect the Service quarter they give see we were mentioned less Media As hope on to the but impact we’d Verizon lower said we in a there. negative XX% out an revenue, QX. how impact obviously. in

past quarter of added country, the out or with view the so a XX to everything, the Over cases we’ve around here. plays see the number the uncertainty of level how so, we’ll COVID days forward

Simon Flannery

Great. Thanks for the color.

Brady Connor

we’re for ready Thanks, next Simon. question. Angela, the

Operator

you. Thank

go Please Merrill question. Our America your of next question Bank comes from Lynch. with Barden ahead of David

David Barden

zooming to Hi, guys. as think Thanks Obviously Matt. line, would KPI availability you growth? kind the have some offsetting guys we’re follow up we you. third XG that put improvement. that critique the the question questions. wave. guess is The the that have top And I improve that so out kind of I of for of equal guess any on of XG I margins the some on question as XG see you’ve velocity see velocity quarter, people great. answer, sequential has much taking measure I seeing metric about wave in that you offer at to effect of and equipment millimeter the wave bit I of want going start or thinking are to ahead? look kind revenue the in we can Thank even second volume potential or little kind just millimeter can it an equipment we availability Obviously, kind out been millimeter or some be not a so Is kind its on way is markets the there where

Hans Vestberg

David. Hi,

that. discussion on and wave millimeter start me have Let the about a

more are year will and Xx on said, we the than plan station So, we so last compared more year, deploy as to broader will this base to footprint be wave I those millimeter fairly usually be that into last growing. and XX we how be will cities that more much were than disclosing year. map And frequent a cities basis they are covered is on – much

than about so network model in we’re one are about in also expect being transformative a lot As that and markets is about world. the on We should launched are best customer national to different second few when it world. half also you the comes we so close XX, things to others. I in you from the seen, in our nationwide, that with No it even need top to quite we will XG have our of that have the build so coverage that. then the first model will fairly you And really think our don’t wave And of that. be disappointed noise But a excited think then transformative. include half have millimeter the have is bottom, think us that. that the Then will we

crunch for So time I I if for Verizon. half be It’s you. excited second would be the would

one talking a been about have this and We for year. half

I Matt? half. excited the customers will think our in second be very

Matt Ellis

Yes.

the we in second plan volume, payment volumes question across to both June third David quarter you on on I the improvement equipment around the that largely in impact versus in do the the the side, don’t volumes way certainly material and to it’s on business of an accounting model. a the but we And wireless expect because being So, device saw have consumer quarter. now

increase customer. also you any a now have get that that get revenue, kind get under life the on XXX recognized you – increase and so of if on in similar equipment overly commissions very So expected even of you expense higher side and

the have in in especially the maybe volumes the vast the enterprise margin there that not a So subsidy One increase wireless is and it much payment, majority volumes and expenses. of then those But their of business causing a revenues EBITDA phrased to on question. device in be change significant the sales you have a or still of the closer an model. a EPS get should now impact on margin, and where area overall, as do you where in public the is matching you some the sector hit

the a volumes see to expecting up. headwind in XQ not pick as significant EBITDA I’m So to

David Barden

you so guys. much, Great. Thank

Brady Connor

next the Dave. Angela, for ready Thanks, we’re question.

Operator

you. Thank

next Our question. Goldman go question ahead comes your with Feldman of Brett from Please Sachs.

Brett Feldman

I service expecting sounds revenues. like any usage-based It from Yes, outlook again for and wireless fees growth quarter. thanks you’re for could improving the just the pressures question up comments taking third and hoping follow we from your not on further was in revenue the

that is what about of for going payment you pace have really Can you has about And Are customers I outlook efforts outlook? what’s had are unlimited ARPA that of to thing mix be? accounts And number And to us your level? making did in I on that patient the how going talk on the upgrading are base and who payment about fully many continuing is issues. stopped you. with update upgrading you’re what’s program? an that manage could making And had are how help your you who at the customers so then plans hoping the in seeing point or slowed? really give the Thank going talk you’re think at most was assumptions to structure quarter people as in this you what any interested you some to in third customers type time of

Hans Vestberg

you’re on think I Matt, mute.

Matt Ellis

off come we forgot There mute. to Brett, go. I for thanks question. the

come As quarter you than the customers think around more the with it second we as service into third starts revenue, quarter. having

You consumer saw XXX,XXX adds in in the quarter and accounts. adding and especially the XX,XXX

help going us sequentially obviously that’s with billing customers. to So those

either out, mentioned we’ll You see that fees, the or it to roaming as see we we a our don’t but be large usage and factor. business year last of better levels roaming how play don’t some expect sequentially year travel is expect get time. to some from for a international certainly personal those was be standpoint, revenue will this part the that at a of The

unlimited. at patterns more pledge around in the terms with with encouraging our during payment driver. We as for now revenue base days XX. line what we and our Keep we’re where right done to will over We customers. a So all being sequentially, are to We you to as XX obviously will that well opportunity we service tell of around from up and base largest was of payment your the Americans pledge, customers There’s still we’ve customers customer questions June time now of course continue ago. as on to doing that X.X our unlimited. those from of the in long million in still and expectations is but Pivoting though things accounts, ended seeing upgrade increasing progress ability starts have the so it up that of ended customers the what’s it most play be made further Connected to go to the step I’ll the there XX% quarter on forward. of

June. comments of made majority More period. payments been vast time pledge third are that of customers the that the approximately end have a some have who as I’ve wireless payments. than the the customers have XX% of in making current those the We of said during took

by will majority the is a So seen. encouraged I from these customers ours vast very, of year very of we’ve customers My expectation be am what now.

Brett Feldman

that. Great. Thank you for

Brady Connor

for Thanks, next Brett. Angela, ready we’re the question.

Operator

you. Thank

question. next Cusick question Phil go Please of with JPMorgan. your Our comes ahead from

Phil Cusick

Thanks, guys.

comment, last up following Matt. First, on that

get you talk And know cycle priorities talk not? on contacted you of everyone next how then come who more of this or pledges believe as X, through to at by point, is cutoff the mid-band the XX-day July? going you’ve this I point take, So you’re September would you gone at so CapEx things give And out have service or may over can’t maybe spending might you spectrum? for I you. much Hans, too how capital year, spectrum, sort you about know but about and Thank assuming can shift shift there?

Matt Ellis

you I’ll question, Thank answer first Hi, the for then Phi. the follow-up questions. on Hans can CapEx. go

we end of the at quarter. So here’s the did what

of current them who those a customers For current. were more as third weren’t than – I mentioned,

for they So saw the want that pay continue us. get customers to from service to we

American pledge every of to built rolled it put done a so the We for that we pledge, off have late process and them them. into well the customers whatever Keep for be it took Connected what We paid up we we’ve over they We’ve established applied day. in the program these number But months, years. had that for a a at to this of did do and end balance pay. who customers

we of are see said, they where the cycle and because billing get few another to weeks. As won’t you on, for so here

intent closely. seen that customers for these mentioned, to pay. watching an to We’re But continue obviously we’ve I’ve as

difficult We with I and nothing current remain in to And back this have group personal they when to track record of this and time different customers. get circumstances, working helping customers them situation. them over with a expect customers great have allowing of

Hans Vestberg

actually is of Thank dramatically inside changed And been engineering very right the DSS has the the stable, assets the though looking we what time DSS. given working team three One I But doing all back talk been the years course, all because absolute was time, our team we is overall have. the base with you. stations Verizon, about the number our of CapEx, radio just can have. prepare networks to year together even we at has ago, all I’m have CapEx in that didn’t priorities deploy at we all the we so about

keeping I game constantly the best fiber preparing continue now. the team customers that’s have always be But about will spectrum we thinking when right to are future as ahead have is needed or then about allocation that. how on we’ll So that bit And reach. something, right can confidence little to network about priorities continue we debate to speculation no the do XG. to do to I have when the our it you so There’s America. for of network. comes to to but so. XG, that what high in do now this thinking is network are focus best But Those the they to and to the much a CapEx the tell have a it well. our comes commitments continue it our it any Then and That’s proactively is also where be on my early very will

Phil Cusick

Thanks, guys.

Brady Connor

Thanks, Phil.

we’re think ready the I for Angela, next Okay. question.

Operator

John Hodulik next go ahead with of Please question your Thank question. comes from UBS. The you.

John Hodulik

take given while, iPhone of Do course and guys. share? this sort to a a And we of as been the like kicked guys their launch of big or aggressive happened event it for business? similar regular for industry LTE Maybe quarter, the upgrades. Thanks. you Obviously sort competition. Do XG the is low see pricing. the the out some out the low-end we second had T-Mobile of guys see look into and just something XG pent-up industry’s been of an opportunity refreshing sort as Verizon of or to the some question Thanks, wireless Great. demand as one for what about with a talking about into it’s where did half looks you obviously new the of just which iPhone, sort then fourth

Hans Vestberg

you, John. Thank

I all, First as as be. prepared we’re think we can of

consumer have when comes Match and the prepared We to with it side. Mix on ourselves our models

We have taken course. out

best the have I competition. very We about good feel network. the

had nothing always This have competition. We is new.

primarily that’s question the team, your So I because I is guess related and think Ronan to. where

well U.S. doing and I’m second what we XG I it. they And when prepared as excited are Apple, for we I to course it’s on now really systems. are it big And prepared. for said, the event So very whenever on between are phone comes operating I the our right of think different a but reluctant market and penetration And from a can comes of course, comment it has half are iOS. high because to that, customers change

that some us in So that’s other not you a be the will able very difference why that have to compared a be important that XG usage customers isn’t so event that built from and many it’s especially and big Apple transformative of where transformation phone to network network feel difference. if the networks will like so

excited. I’m So

years. going for doing and second for think for excited we I super have into for half compete. have this Ronan we it years been prepared is been and And

John Hodulik

Hans. Thanks, Great.

Brady Connor

we’re for next the Thanks, John. Angela, question. ready

Operator

Thank you.

Michael your Rollins go ahead Our question question. with comes next Please from of Citi.

Michael Rollins

if Good and morning Two, I thanks. Hi. could.

that Thanks. in business business I anticipating and you’ve material it’s and affecting second, can customers? on talked consumer of update segments? of the you Disney+, consumer into to economics done the an segments. of some you’re you to if the timeframes examples points results bundling some and of in if entering and getting as we’re would some those of XG things the when give to share us contributions that your you that financial like thought closer more First, of time, And back there I past, those monetization And as the customers with curious in how stands about way maybe was bundles each when can the go outlined you you be with where service getting

Hans Vestberg

Good you, questions. Michael. Thank

in be meaning the distribution. I taken our best we the is metrics initially even for it best and we And we when unique think numbers, best moment. the some are earth look combining you On far with brand converting best times brands bundling network, a one, and been that on a I start do we What on you the and from greatest able first differentiator What have the get as premium I us. competition. that’s customers. only partnership with doing, several this have And that the than the before, we key and how proven have many to our network, running has better said to are that, that at tells do for many at get difference you services you Verizon? to record But the not comparing to that’s not were you with the paying when if how you You low. why get of the beginning churn at work are only think us our thought,

the has has full we right who It we it. to together our It for are addressing they picky continue really customer that are But using. be brands. and base hangs appreciate we to very so. that us do think to be will I

both examples the have parties team, Verizon have seen model The Music, mentioning, would say, would the panning them have again, we So services Group fashion. or to that and out lead it very And us many it. his successful with all how that’s see we in Ronan and they of for are Disney+ of you’re working they a Consumer Apple I daily. say because been the very good with join both have I want

revenues, our have changed. are what same. it Those comes commitments to and to On when we the comes when our XG, we not outlined the it

Mobile 'XX and and then mobility part in Compute. But it, more and going XG revenues there consumer for now from of 'XX trying to so-called provide gearing that, heading Home into milestones that’s you’re right are to see of with. We and what some from the to of we’re see much customers, you sort sites of the Edge indicators the early that all in we’re

preparing see You with now are for that that we announcement.

Mobile with be to XG Mobile partnership SAP. of in with the week That’s Edge IBM Edge the going serve our last part Compute, about think announced you and to If we just order customers. Compute

to you’re have we of laying on path indicators that out that both So as how revenue outlined that see externally. going sort well we to are doing, early internally as

Michael Rollins

you. Thank

Brady Connor

Mike. for ready Thanks, Great. we’re question. next Operator, the

Operator

you. Thank you. Thank

ahead comes next MoffettNathanson. with Craig Our Please Moffett your from go question with question.

Craig Moffett

Hi. to want questions Thank you. I as we about same Hans, the theme where talk stay with the last few XG.

two lot Edge You’ve of could I wonder sort if Mobile about just Compute. you talked things. – a But

of budgets in now seeing XG for some but and of customers that wonder terms little cities if large you recession how and starting where I that big a downturns actual that your where your the drill municipalities perilous, customers, about towns use much and you from timelines? just First, they’re XG to of really those – the down even I just think could And uptake then the of cases bit are – about enterprises materialize? for seeing in you talk likely and because are very particular think of applications particularly into the affects health are business

Hans Vestberg

Craig. questions. you, Good Thank

business, why delivering comes have come to go have new community Let example. for states, to others. students using models last When me back think that or that the large. announced we going has these as need seen, when quarters learning, at I’ll now services at customers, well of you few that’s been to the in the we all, last to the remote yesterday seen for really to the municipalities, of question. course, are the that the I governmental – to for pandemic. we see several our our Many first of it states services And different of start here

to digitalization. not there that only way thing. the actually see a that’s So, is and a one-time That’s for we go craving there

For I me, it’s think the new normal.

over. that see We’re going going to

and our So encouraged working customers. I’m Then, are strength customers. advanced of really about some that with there course, these

You now Department et Defense cetera. week, heard this are also we XG with the tests, doing together

good. really also also so are advanced, I both So they feel – there but

We have a really good go-to-market.

We have on thing great which right. is main side, networks, the you’re here. enterprise absolutely Then the

divider. a see Here you

fiber executive the And Of as time as companies, trying of already course, these digitalization do I they large it. rather takes infrastructure enterprises, accelerating now right Then, hand, SD-WANs, change place to to know this that can many the to week see in – much the be do the probably large But seven of large for we them. is enterprises. furlough discussing and than meetings and opportunity these course, now course on video And you delaying are five see actually the are right to plans of enterprises actually the how or whatever. to other of costs lot of conferencing, airlines per it have them restaurant the enterprises, enterprises, the reduce the still the transform. travel possible. do in enterprises

it’s today. Compute. come more the things Mobile So sell we XG to you Then Edge

meaning latency. process because contained storage We they keep finally, the large the many that for cases And big now of the cases AR wireless big actually if in sort be, right by you edge, it’s And a service. security data can it cases. Compute connecting will which on IoT those with to cases. or a the Edge center in need distribution have can we’re to low take use of real-time all them also plant the we be think to campus see of early new see all actually and that’s might a delivering it’s are the decision-making. where whole for actually creeping If of you they enable Mobile VR much see means robotics, XG use all have and the data into today way the or based the the on a that’s or enterprises themselves. with center the where at low a then can Many processing company, and whatever real-time to then XG those devices distribution latency manufacturing very manufacturing that’s I is going decisions, are going XG-enabled

one. first capabilities two those the are So

we’re the with enterprise to basically have them acceleration two, next, us. sometimes how the it application lot and digitalization are do that two, for XG before, is customers right see course, that’s per we of send working industry third going out. because I’m forward. security, three the seen, Edge – we the order a of lead going encouraged. that we are are to been the and would or need scenarios as edge say, Compute said how data we’re to Mobile far, in take think has so as decisions. And, I bandwidth we But working of in and now to touchless and And I that needed the vertical I to latency enormous solutions ourselves. work party all That’s all don’t And have

Craig Moffett

Thanks. That’s great.

Brady Connor

the for question. ready we’re next Operator, Craig. Thanks,

Operator

you. Thank

comes next with McCormack question of your go Michael ahead Please from Guggenheim. question. Our

Michael McCormack

maybe again comment guys. just Thanks, a quick Hans, side. Hi. the on enterprise

Fios like home of being about So been a it or going the contracts not sort forward? going seeing of of a importance delayed XG around decision-making any in then really change secondly, on guess was I you’re have through. one And process that such And then competitors still as any view talking that? sounds your not broadband that of great replacement. replacement Any does Thanks. thoughts your

Hans Vestberg

But to and huge enterprise, work usually industries extent them decisions. that because these when extremely going ultimately impact anyhow, customers COVID-XX. are the are and they That’s you’re customers delaying to has will some are with doing in our be we from not Those clear. flourish. right, On industries out certain because those come

support good. our really and in and bad We which working times is model resilient. times, business are in we is good really, our bad actually So good and customers

working. that’s comments that people course, are I The it, about really not cannot Home good our doing model. on from even We that. on XG feel of So comment really

XG of before, cities. minimum said have we As XX Home

cities on second chipset. a much this going That’s half. have We’re to plan the better for with

be different excites in the should the deep that a not wanted – have eight the And to couple again, down envisioned. and it you So, totally and our come of installation from and about way with. and have below do. are learnings the able coverage, it, all a of been which and we wait we And which weeks to to you started where This we you I that a themselves for that. need agenda, able on our fiber first far to timeframe. short hour, good and receive hours to I’m half me install customers way. install about that It’s I it hours be now building the I to but have to It’s compared self-install, there talking takes for have feel one a come put to transformative. throughputs be CPs year, gear, times on the one a is

As I that’s the we XG. not to said, are transformative, building my XG me-too

Brady Connor

out Great. Thanks, shout today. special to Mike. And Mike

So heard birthday. it’s his I

So happy birthday, Mike.

Michael McCormack

you. Thank

Brady Connor

for next the question. ready we’re Angela,

Operator

you. Thank

Peter from with comes question next your Bernstein. Our Please question. ahead of Supino go

Peter Supino

speak you expectations? of to I’m which I scale And and unit Home, can I’m wondering performance clearly allow questions Thanks. QX, in you key high-powered the more in arrival that in On the the you. at would of economics for whether Thank terms it Hi. comes about as you look unanswered CPE, a are bit think XXXX? think out XG you what curious

Hans Vestberg

we always it the There the can answered when majority things. are we’ve to of think scale. I questions how comes

the forefront on We are technology. at

We’re first thinking no world there the even this of and close doing one is like in this. it

way team marketing. installation to all sit an engineers the the once better there challenges. So, the executive executive we as our down of this are from We, month, whole a be course, all team, reviewing with to the

a have we that good feel I So plan.

we we’re time, do outstanding how what is still coming, it. more we and Of I XXXX go will that that’s things of better over with are good better think can place it the but to where we us course, enable scale into understanding a there CPE can a and – to re-launch in when powerful should and scale

on. course, think have wireless that we clearly is you opportunity an small et think but start that on medium one wireless business, this that, about cetera, a we fixed see thing fixed also will of later we lot opportunity consumers, is working access, a there for also access when learned and I as

Matt Ellis

Matt. It’s Hi, Peter.

the XG thoughts. driving you’re same couple revenues on. remember, network a Just off of of are you these revenues getting One, mobility that

revenue we’ve multiple investment. time off streams the that same had first drive the is this of opportunity So to

And to so as add have share. we the market more roll network, out opportunity the we’ll

And very into 'XX as head this progress excited we we’re so about that with making we’re the year.

Brady Connor

Yes. Thanks, one time for Peter. have more Angela, question. we

from Let’s audience the here. more do one

Operator

Thank you.

your Synesael Colby go from comes ahead Please of question last with question. Cowen. Our

Colby Synesael

cash spend at level least want Thank where then too that that, or much auction how able flow to some get that give free XXXX half pay hand what like cash within know debt to wondering the relates think will of what various you. Thank the temporarily your you’re have that as in you’d going saw that back to of ultimately ensure that the and at some of parts the was it flow second you do for free I One, or of quarter auction, just on it two moving there And cash given or on Great. whether and benefits you XXXX? the not not as I investment look your can free secondly, if to you’re might curtail flow out you’ll about, or think going upcoming I you’re expect if you cash in point that simplistically, you Matt, to to year a room to to? the one-time, talk about I when just enough can. the most relates had be for but that you have color point bigger you auction, you could could below relates that to you. that above it of finance more as to be to financing C-band think do which for were you

Matt Ellis

Thanks, Colby.

to regards in question, that we’re the with auction. the certainly the opportunities excited So last C-band about come

I any we like got is terms in have will One of they I the in things at what we and it look we opportunity business. great about auction do the of that that the sheet gives the provide that take having that rest think to sheet when that the how position of invest balance I the either advantage to as come the at inhibitor auction us [ph] balance items of along. look in don’t the in us And – or

item couple you the in items that In free had the benefit quarter recognized terms of so quarter of the the we as last cash the flow, in from second We a tax there. fourth year. say,

that will timing be We payments look, because $X week. But cash moving with we to about of difference obviously a strong benefit full business provided see I the continue out the determinants also a in key And second first year-over-year year. continue the second Working half cash how plays the of that had will we think looks a – all-in-all, from stream last half capital regular quarter with of our how year one of recurring be into flow cash half billion basis. year. strong the the have will lower to just in the a revenue of flow on We’ll for volumes. have second the a that

So we’ll continue cash strong business. be flow see how the free it I but expect for plays to to out, certainly

Colby Synesael

Okay. Thank you.

Brady Connor

Angela, we’re think wrap you And make for over the I I back that, everything with And and to And going to is Colby. Thanks, up want to call. you. everybody thank sure safe today. just Great.

Operator

Ladies this Conference you for your conclude using and participation gentlemen, call the Thank Verizon and today. conference for Services. does

You now disconnect. may

Verizon Communications (VZ) 24 Jul 202020 Q2 Earnings call transcript