The company said that about 4,800 employees will separate under the voluntary separation program it announced in June 2024, with the departures completed by the end of March 2025. It said it recorded severance expense of $1.7 billion ($1.3 billion after tax) in Selling, general and administrative expense for the 3- and 9-month periods ended September 30, 2024.

10-QQuarterly reportFiled Oct 25, 2024Period of report Sep 30, 2024Summary published (UTC) Oct 23, 2026

Key points

AI summary

The company said that about 4,800 employees will separate under the voluntary separation program it announced in June 2024, with the departures completed by the end of March 2025. It said it recorded severance expense of $1.7 billion ($1.3 billion after tax) in Selling, general and administrative expense for the 3- and 9-month periods ended September 30, 2024.
Verizon said it entered into a prepaid lease agreement with Vertical Bridge on September 27, 2024 covering exclusive rights to lease, operate and manage more than 6,000 wireless towers, with an upfront payment of about $2.8 billion. On October 17, it entered into an agreement to acquire select UScellular spectrum licenses for total consideration of $1.0 billion.
The company said Consumer segment operating revenues rose 0.4% to $25.4 billion for Q3 2024, while Business segment revenues fell 2.3% to $7.4 billion. It attributed the increase in Consumer wireless service revenue to pricing actions, among other factors.
The company said that operating cash flow for the 9 months ended 2024 fell by $2.3 billion from the prior-year period, that capital expenditures were $12.0 billion ($14.2 billion in the prior-year period), and that total debt was $150.6 billion as of September 30.

Key figures

Quarter ended September 30, 2024

Revenue: $33.3B
Operating income: $5.9B
Net income: $3.3B
EPS: $0.78

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Voluntary separation program and severance costs for Q3 2024

The company said that about 4,800 employees will separate under the voluntary separation program it announced in June 2024, with the departures completed by the end of March 2025. It said it recorded severance expense of $1.7 billion ($1.3 billion after tax) in Selling, general and administrative expense for the 3- and 9-month periods ended September 30, 2024.

Source · Based on the MD&A text of the filing

Vertical Bridge tower prepaid lease and UScellular spectrum acquisition agreement

Verizon said it entered into a prepaid lease agreement with Vertical Bridge on September 27, 2024 covering exclusive rights to lease, operate and manage more than 6,000 wireless towers, with an upfront payment of about $2.8 billion. On October 17, it entered into an agreement to acquire select UScellular spectrum licenses for total consideration of $1.0 billion.

Source · Based on the MD&A text of the filing

Consumer and Business segment revenue changes

The company said Consumer segment operating revenues rose 0.4% to $25.4 billion for Q3 2024, while Business segment revenues fell 2.3% to $7.4 billion. It attributed the increase in Consumer wireless service revenue to pricing actions, among other factors.

Source · Based on the MD&A text of the filing

9-month operating cash flow, capital expenditures and total debt

The company said that operating cash flow for the 9 months ended 2024 fell by $2.3 billion from the prior-year period, that capital expenditures were $12.0 billion ($14.2 billion in the prior-year period), and that total debt was $150.6 billion as of September 30.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗

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