Hans. you, Thank good morning, everyone. And
quarter am pandemic, now completed Verizon our a the we’ve As business our by second strength customers. resilience encouraged in of team, the and full and global I the
continue the phase conditions. uncertain in employees of and evolving to commitment our on to deliver our our communities Our customers and
the down revenues example XX% third by of drive wireless and operating activity billion, revenue, ability approximately In net Revenue This significantly quarter, $XX.X down included with were device of were to adjusted certain was primarily results which the lower $X.XX. execute launches. driven quarter $X.XX customer to due highlights equipment consolidated of earnings and due COVID lower per of approximately another impact our in to X.X%. share declines estimated timing
our and and step pleased driven service usage tiers to quarter total the returning are outperformed expectations of by fee wireless up We growth the in improvements revenue our unlimited. third premium year-over-year in revenues by
Adjusted Group’s which in driven in $XX.X headwinds Verizon quarter improved the by year, of revenue the expense. EBITDA addition, billion growth deferral during the advertising, in slightly trajectory from quarter. significantly by was $XX.X entirely driven to the In year-over-year Media returned down third prior quarter the third from billion, commission
EBITDA expense expanded from XX versus headwinds adjusted quarter approximately the including XX.X% to XXXX basis deferral. Third margin the points XX.X% quarter third in of commission
a agility. significant as key Our and to business continues program of drive excellence benefits component Verizon’s resilience
end we focus additional be will We cumulative operational remain savings XXXX. have our of business our of Even of target, and track transformation deliver goal cost on and the by to initiatives billion realized $X.X after achieve long-term cash to-date billion achieve identify the ongoing the across efficiencies $XX related to an savings.
segment Let’s starting Slide now results with turn X. Consumer to our on Group
our to pre-COVID maintaining their with reopening hours the limited with quarter on practices continued remain experience foot while stores safety. the retail committed social throughout entire began traffic our we our operating team they two-thirds We scheduling Labor of our both hours quarter, footprint providing with the yet levels and nearly not distancing Consumer stores curbside the our employees normal expect with by Touchless reopened We and have focusing customers. Our implemented across for retail vigilance and Day. while Consumer such at Retail, of third appointment although is as pickup. open, gradually as safety customers
we For to XX,XXX added XX,XXX prior the postpaid loss accounts, the a customer quarter, of year. in compared
the offering are with new the pleased bundle & from top seen from value our Disney unlimited early We we in an of the traction as includes Mix now expanded Match have plans. plans which best-in-class our tiers
Postpaid retention driving unlimited tiers. elevated high and and customer remains with Verizon step-ups well of phone testament XX was is premium quarter a approximately a of Our levels our the and to improvement activity performance of those enhanced customer the function ago. on churn unlimited over from is an industry, line-up customer of very have year accounts now X.XX% ever-improving a basis reduced network a plans we as as across points experience. of XX% on Customer
We customer continue the on of our strong services see collections demand for to our base. the and customer quality based
payment to approximately balance over received XX% with pay keep service allows payment have Business has connected levels, churn to we XXXX. the majority current well these fourth on a made early payment in the be full accounts on higher the than having year over Americans to remain X.X and their but compared been million customers, including quarter six balances. Consumer our Stay activity, involuntary plans that plan Connected typical for better expect Based and customers months modestly with to Our off we
will tough We to with to connected work these continue them keep customers these times. economic during
changes XXX,XXX for store approximately to lower XXX,XXX in decline prior and of the While net primarily phone XX%, adds of as and gross at adds launches, retail down timing rate remained wireless phone low upgrade traffic compared contributed in postpaid the year. churn to the in were The our postpaid drove quarter, X.X% low postpaid phone equipment due revenue. to
of further forward significantly in important have years. sequentially net marks Consumer when internet we adds of In performance several demand of our XXXX. addition of our new to the where the position in total Fios, this segment of were adds & were company than our our to quarter which historically the service customers is best completion net Fios and enhance quality internet In our of XXX,XXX, the reliable ever. to been wireless, prepaid postpaid underrepresented. concerns offerings strength look appreciation product since Match and internet transaction Mix both up from in additions Total the The TracFone fourth XX,XXX net We the year-over-year. across more is highest XXX,XXX
slightly remains improved backlog the pipeline precautionary are of levels Consumer has working operations but for excellent Fios purposes. limiting normal disconnections. content an team losses live video we key sports from Fios core installation picked in as net cutting of after driver XX,XXX Our up, safety XQ through the video job nearing did XQ and
Consumer revenues revenue, reduced second discuss expected. was quarter Slide were tiers as driven other stronger Wireless to X.X% equipment to was down in revenue the and premium revenues growth of to due pace customer X.X% was in move negative sequentially performance. compared operating to to to activity. the by year-over-year, partly decrease Usage and accounted for than in access remains prior wireless has and offset down pass pressure the unlimited usage, by significant margin which activity basis commission The and financial of basis year-over-year customer service let’s step-ups revenue service improved This sequentially improved in quarter but Altogether, wireless started through the decrease Consumer XXX higher points international X.X%, recover. was a XX revenue primarily pass XX.X%, the X.X% of revenue quarter, approximately Now, up increased service approximately during travel Consumer basis underlying in and of XX charges. fee despite year points at low levels. quarter. of points from was growth from EBITDA fees revenue drove of headwinds throughout the XXX recurrent approximately expense. deferral the travel
review let’s Business Slide to to XX Now, results. the group move
resilient Business retention X% and best-in-class Demand were almost pre-COVID an seen with sequentially done segment to continues in adds down providers. of Our our the down in XXX,XXX our towards pressure was a in the customer Business return status. government quarter increase medium double and Postpaid net accounts churn activity improved phone appreciate education second gross local in activity public and quarter. to postpaid segment levels. our team customer remains driven as be have business. small churn sector from as year, year. volume XXX,XXX but favorable in business network Despite approximately enterprise, prior and line of as and agencies the job are Business slightly phone medium postpaid continues was offerings. prior and year active continues the as critical in trends postpaid public we and strong prior of the suspended was shifted excellent in Total phone product from since has adds majority small activity Suspend our to X.XX% and our by favorable to to state steady XXXX wireless ongoing remained be customers customers to solutions especially sector the across quality providing
continue to and fourth the XXXX. quarter Our play Business a but resilient in customer bases segment factor conditions remained macroeconomic will into
X.X% usage X.X% public slightly to declines. in by by XX This now ongoing performance. X.X% revenues Wireless Total is XXX revenue second were driven and service the quarter. of the by Let’s wireline business segment revenues the also review and equipment prior down legacy Slide move in the impacted predominantly included year. to small quarter. Business were and as due approximately Business to financial revenue to basis operating from growth down headwinds lower revenue, from primarily offset declines to partially revenue was medium compared and points Operating in sector roaming of
opportunity in at services advanced continues underlying EBITDA Business margin demand flat communication However, for the to quarter for segment. year-over-year was drive the XX.X%.
discuss XX Media Slide move Group. the let’s and Now, advertising. from to to Trends continued both pandemic on to Verizon search impact resulting
Total the are expected we in was quarter our for only as down year, in revenues improvement approximately However, improvement the sequentially. were the trends revenue that last to from sequential the X%, second the better continued late quarter. September XX% than range compared with down pleased and second June. Year-over-year began quarter XX% to X.X%, compared up billion, down $X.X
customer XX% finance and monthly drive operated active continue grew users as XX% strength We with in increased on both respectively. and our owned news properties engagement and to
emerging strength to and prior live accounts more year. Verizon a increased than saw ongoing formats Media Sports our our compared advertising to Yahoo launched PlayAR. WatchXGether in we inventory quarter, in and platform partnerships the with For third events new demand adding commitment and our expanded side and build the client
will Anywave All from with and events live benefit to together. platforms our of robust NFL XG the partnership these
metrics financial of X.X% up from Business including decline both key segment Service and the Total business performance. now and second headwinds year Wireless to quarter. in XX the the the mentioned quarter. Consumer was from third the products prior shows X.X% the services Slide and from data a improvement for the revenue segments, in quick the combined Consumer wireless Wireless Let’s the look a move XX Slide at overall for the significant
and provided and Additional information release our earnings details in the supplemental website. in financial schedules operating the are
in and XX. an flow totaled from flow activities sheet cash our review was continued year. billion cash let’s and the non-recurrent in balance payments $X.X in operating second to and a for the The separation strength quarter did on quarter, item of to this driven working growth tax primarily the of voluntary prior related capital performance Year-to-date the due XXXX from increase Now, plan Slide volumes business, not the low $XX.X by repeat year. improvements billion, that
we As a the Federal spending the third was $X.X that four the quarterly of up $XX.X tax payments three in billion prior reminder, deferred were capital from paid quarter quarter. including Year-to-date two payments second from billion, the year.
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we $X.X to strategy. CBRS enhance further to network our billion spectrum Additionally, invested
to opportunistically $X.X balance by with billion. debt portfolio cost of of and billion, our down ending our $XX.X sheet We optimize quarter to continue net debt unsecured the our borrowing, strengthen diversify year-over-year
XXXX. XX% our $X.X second electricity transactions. longstanding September, consumption primarily to our Our billion, of supported firms our to inclusion finishing by with by cash the bond position issuance we In energy source with the carbon-neutral $X proceeds remains be syndicate, our with goals billion. capital of partnership diversity and financial completed in minority owned strengthening operations green XXXX markets in on issuance also renewable from The quarter strong and support our underwriting in
the business. our position targeted focused the give range We’ve debt-to-adjusted invest strong times versus quarter this X.XX unsecured while time a end EBITDA X.X ratio over us Our to at achieving times. maintaining flexibility of net of remained financial the to X.X to was on target in
in performance our improvement operating the on on move an XX Hans of with to the very building of steady quarter Slide remainder of the for to business. the pleased wireless and I Wireless grow team full negative of several we are and we anticipated, guided in Service across seen quarters the in an from change revenue year total adjusted the environment, to momentum service over seeing prior quarter at the compared Let’s expect uncertain revenue phase our on X% recovering the for to year. faster fourth EPS year. in the we is guidance update positive we’ve initially We and to by least Consumer past X% third X% than previously XXXX. are Business
launches quarters previously three EPS XXXX the quarter, fourth X% our trends the and the guidance year. quarter. the see the in device we the into of be to resilient X% This fourth expect Given earnings, for includes adjusted we new to discussed and the from to accounting upward accretive full are revising headwinds, growth impacts COVID, and
expense Verizon deliver challenges. and a team statement to rate. for us with including on effective earnings depreciation and our the growth to that We is There in no items tax unprecedented proud guidance are year track of adjusted puts truly interest the other income extremely change amortization,
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