Verizon Communications Inc. (VZ) CEO Hans Vestberg on Q2 2022 Results - Earnings Call Transcript

Verizon Communications Inc. (NYSE:VZ) Q2 2022 Earnings Conference Call July 22, 2022 8:30 AM ET

Company Participants

Brady Connor - Senior Vice President, Investor Relations

Hans Vestberg - Chairman and Chief Executive Officer

Matt Ellis - Chief Financial Officer

Conference Call Participants

Brett Feldman - Goldman Sachs

Simon Flannery - Morgan Stanley

Phil Cusick - JPMorgan

David Barden - Bank of America

Michael Rollins - Citigroup

Craig Moffett - MoffettNathanson

Kannan Venkateshwar - Barclays

Frank Louthan - Raymond James

Doug Mitchelson - Credit Suisse

Operator

Good morning and welcome to the Verizon Second 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 second quarter earnings conference call. This is Brady Connor. And I am here with our Chairman and Chief Executive Officer, Hans Vestberg; and Matt Ellis, our Chief Financial Officer. As a reminder, our earnings release, financial and operating information and the presentation slides are available on our Investor Relations website. A replay and transcript of this call will also be made available on our website.

Before we get started, I’d like to draw your attention to our Safe Harbor statement on Slide 2. Information in this presentation contains statements about expected future events and financial results that are forward-looking and subject to risks and uncertainties. Discussions 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.

Now, let’s take a look at consolidated earnings for the second quarter. In the second quarter, we reported earnings of $1.24 per share on a GAAP basis. Reported second quarter earnings include a pre-tax loss from special items of approximately $435 million, including a net pre-tax charge of approximately $198 million related to a mark-to-market adjustment for our pension liabilities. In addition, the impact of amortization of intangible assets related to TracFone and other acquisitions was $237 million. Excluding the effects of these special items, adjusted earnings per share was $1.31 in the second quarter.