Customer, Capital & Cash Economics

Verizon FY2024

Use Verizon's FY2024 filing to separate service and equipment revenue, reconcile segments, evaluate customer economics, measure capital intensity and distinguish reported cash from company-defined free cash flow. USD millions unless stated.

What you will learn

• Separate service and equipment revenue.
• Reconcile Consumer, Business and corporate revenue.
• Connect connections, pricing and promotions to customer economics.
• Calculate capital intensity and cash conversion.
• Identify one-time operating-cash-flow effects.
• Write a gated network-investment memo.

Syllabus

1. 1Revenue mix: service versus equipment12 min
2. 2Reconcile segments and eliminations12 min
3. 3Connections, pricing and promotions12 min
4. 4Capital intensity and network capacity12 min
5. 5Operating cash and free cash flow12 min
6. 6Write a network-investment memo12 min
7. CBusiness case: Verizon: Accelerate Fiber and Capacity or Tighten Capital Gates?22 min