Verizon Communications Inc. (NYSE:VZ) Q3 2023 Earnings Call Transcript

Hans Vestberg : Yeah. So what we have said before was that we want to come to a ratio of 2.25 over the net debt to EBITDA and we are going to continue to work our way down and that is a primary goal for us. Number one in the capital allocation is to invest in our business. Number two is continue to put our board in a position so they can increase our dividend. We are on 17 years of consecutive increases and thirdly we’re paying down our debts. When we come to that ratio, we will start having a conversation about buybacks. But we want to do buybacks not that one-off or something. It has to be a consecutive program all the time. So, but we’re not there yet. But the team is doing great job. Tony talked about the 2.6 billion they we reduced debt this quarter with the tenders were down. So we will continue to do that with the cash flow. That’s where we are yielding right now.

Tim Horan: Thank you.

Brady Connor : Yeah, thanks, Tim. Brad, before we end the call, I want to turn it back over to Hans for a few closing statements here.

Hans Vestberg : Before we close, I want to take a moment to address the humanitarian crisis in Israel and Palestine. That has continued to escalate over the past few weeks. At Verizon we stand against terrorism in all its forms and condemn the violence that has claimed the lives of so many innocent civilians. The Verizon Foundation has committed a $2 million donation to organizations supporting relief efforts. And we continue to waive international long distance charges for calls and text from US to the region. My hope is that we will move to a peaceful resolution as soon as possible. In the meantime, we need to come together as a society and lean into what connects us, not what divides us.

Operator: Ladies and gentlemen, this concludes the conference call for today. Thank you for your participation and for using Verizon Conference Services. You may now disconnect.