EX-99.3 4 a102224exhibit993.htm EX-99.3

Verizon Communications Inc.

Exhibit 99.3

Non-GAAP Reconciliations

Consolidated EBITDA and Consolidated Adjusted EBITDA
(dollars in millions)
Unaudited																								3 Mos. Ended 9/30/24																																				3 Mos. Ended 9/30/23
Consolidated Net Income																								$	3,411																																			$	4,884
Add:
Provision for income taxes																								891																																				1,308
Interest expense																								1,672																																				1,433
Depreciation and amortization expense(1)																								4,458																																				4,431
Consolidated EBITDA																								$	10,432																																			$	12,056
Add/(subtract):
Other (income) expense, net																								$	(72)																																			$	(170)
Equity in (earnings) losses of unconsolidated businesses																								24																																				18
Severance charges																								1,733																																				—
Asset and business rationalization																								374																																				—
Business transformation costs																								—																																				176
Non-strategic business shutdown																								—																																				158
																								2,059																																				182
Consolidated Adjusted EBITDA																								$	12,491																																			$	12,238
Consolidated Adjusted EBITDA - Year over year change %																								2.1		%
Footnotes:
(1) Includes Amortization of acquisition-related intangible assets and a portion of the Non-strategic business shutdown, where applicable.

Free Cash Flow
(dollars in millions)
Unaudited						3 Mos. Ended 9/30/24						3 Mos. Ended 9/30/23						9 Mos. Ended 9/30/24												9 Mos. Ended 9/30/23
Net Cash Provided by Operating Activities						$	9,911					$	10,778					$	26,480											$	28,798
Capital expenditures (including capitalized software)						(3,948)						(4,094)						(12,019)												(14,164)
Free Cash Flow						$	5,963					$	6,684					$	14,461											$	14,634

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