Verizon Communications Inc.

12/09/2024 | Press release | Distributed by Public on 12/09/2024 20:01

Material Event Form 8 K

Item 8.01. Other Events
Verizon Communications Inc. (the Company and, together with its subsidiaries, Verizon) expects the following items to impact its reported financial results for the third quarter of 2024:
•In June 2024, Verizon announced a voluntary separation program for select U.S.-based management employees. Approximately 4,800 eligible employees will separate from Verizon under this program by the end of March 2025, with over half of these employees exiting in September of 2024. Principally as a result of this program but also as a result of other headcount reduction initiatives, the Company expects to record a severance charge in the range of $1.7 billion to $1.9 billion ($1.3 billion to $1.4 billion after-tax) in the third quarter of 2024.
•As part of its continued transformation initiatives, in September 2024, Verizon plans to cease use of certain real estate assets and exit non-strategic portions of certain businesses. As a result of these strategic actions, the Company expects to record asset and business rationalization charges in the range of $230 million to $380 million ($170 million to $290 million after-tax) in the third quarter of 2024.
Forward-Looking Statements
In this report we have made forward-looking statements. These statements are based on our estimates and assumptions and are subject to risks and uncertainties. Forward-looking statements include the information concerning our possible or assumed future results of operations. Forward-looking statements also include those preceded or followed by the words "anticipates," "assumes," "believes," "estimates," "expects," "forecasts," "hopes," "intends," "plans," "targets" or similar expressions. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.