Verizon Communications Inc. (VZ) Q1 2023 Earnings Call Transcript

For the period ending March 31, 2023

April 25, 2023 8:30 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good morning, and welcome to the Verizon First Quarter 2023 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. 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 - Senior Vice President, Investor Relations

Thanks, Brad. Good morning, everyone, and welcome to our first quarter earnings conference call. I'm Brady Connor, and I'm joined by our Chairman and Chief Executive Officer, Hans Vestberg; as well as our current Chief Financial Officer, Matt Ellis and Chief Financial Officer designate, Tony Skiadas.

Before we begin, I would 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 first quarter results. Please note that, during the first quarter in order to better serve our customers we reorganized the customer groups within our business segment. We now report the following customer groups: enterprise and public sector business markets and Software as a Service and wholesale.

Prior period operating revenue results within the business segment have been recast to reflect these changes. You will find additional details in the earnings materials on our Investor Relations website.

With that, I'll now turn the call over to Hans.

Hans Vestberg - Chairman & CEO

Thank you, Brady. Good morning, everyone, and welcome to our first quarter earnings call 2023. We delivered a solid first quarter marked by strong performance as we continue to execute on our plan to grow the business across mobility, broadband and private networks. We're making steady progress, and expect to keep up the momentum going forward.