Verizon Communications Inc. (VZ) Q4 2022 Earnings Call Transcript

Verizon Communications Inc. (NYSE:VZ) Q4 2022 Earnings Conference Call January 24, 2023 8:30 AM ET

Company Participants

Brady Connor - Senior Vice President, Investor Relations

Hans Vestberg - Chairman and Chief Executive Officer

Matthew Ellis - Chief Financial Officer

Conference Call Participants

Simon Flannery - Morgan Stanley

John Hodulik - UBS

Brett Feldman - Goldman Sachs

Phil Cusick - JPMorgan

David Barden - Bank of America

Michael Rollins - Citigroup

Craig Moffett - MoffettNathanson

Kannan Venkateshwar - Barclays

Doug Mitchelson - Credit Suisse

Tim Horan - Oppenheimer

Bryan Kraft - Deutsche Bank

Operator

Good morning, and welcome to the Verizon Fourth Quarter 2022 Earnings Conference Call. [Operator Instructions] Today's conference is being recorded. If you have any objections, you may disconnect at this time.

It is now my pleasure to turn the call over to your host, Mr. Brady Connor, Senior Vice President, Investor Relations.

Brady Connor

Thanks, Brad. Good morning, and welcome to our fourth quarter earnings conference call. I'm Brady Connor, and I'm joined by our Chairman and Chief Executive Officer, Hans Vestberg; and Matt Ellis, our Chief Financial Officer.

Before we begin, I'd like to draw your attention to our Safe Harbor statement, which can be found on Slide 2 of the presentation. Information in this presentation contains statements about expected future events and financial results that are forward-looking and subject to risks and uncertainties. Discussion of factors that may affect future results is contained in Verizon's filings with the SEC, which are available on our website. This presentation contains certain non-GAAP financial measures. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are included in the financial materials posted on our website.

Earlier this morning, we posted to our Investor Relations website, a detailed review of our fourth quarter and full year results. I hope you all had a chance to read the material. I'm going to briefly discuss the financial highlights before turning the call over to Hans to lead a discussion on our strategy, guidance and forward-looking view of the business.

Slide 3 shows a summary of our results. Consolidated total operating revenue was $35.3 billion in the fourth quarter, up 3.5% year-over-year. Wireless service revenue grew 5.9% year-over-year in the fourth quarter benefiting from unlimited plan migrations, our best fourth quarter total postpaid net additions in seven years, pricing actions that we began implementing in June of 2022 and a full quarter contribution from TracFone.