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4. Compare your base company's financial statements with those of its competitor and provide an official recommendation. You must make one of three recommendations for each of the firms: a strong buy, a weak buy, or no buy (i.e., we should not invest in the firm). Justify and provide support for your recommendation. (Note: your answer in this section must include some financial issues, but your answer need not be limited to a discussion of financial issues.) T-Mobile 2021 Financial Statement Index for Notes to the Consolidated Financial Statensents T-Mobile US, Ine. Consolidated Balance Sherts The actompunying motes are an integnal purt of these coesolidutod financial statements. 55 Inder for Nuts ia the Conoulidated Finencial Statements T-Mobile US, Ioc. Consolidated Statemeats of Comprehrasive Inceme Operstieg copenses The acoompanying notes are an integnal part of these consolidated financial tatements. 56 Index for Notes to the Consolsdated Financial Statcments T-Mobile US, Inc. Consolidated Statements of Cash Flows The accompanying notes are an integral part of these consolidased financial statements. Cepala! The acoompanyine notes are on integral part of these consolidatcd finameial stascrenta Curnent anseth The accompanying notes are an integral part of these consolidated financial statements. 54 Inder for Notes to the Consolidated Financial Siatements T-Mobile US, Iec. Consolidated Statements of Comprehensive Income The accompanying notes are an integral part of these comelidutod fiancial statements. 56 (1)Shares isued includes 5.0 million shares purchased by Marcelo Claure. amount, net of tax, was treated as a reduction of the purchase price of the shares acquired from SoftBank and was recondod as Adlitional Pail-in Capital. (3)Prior year Retained Eamings represents the impoct of the adoption of new accounting standards on begianing Accumulated Deficit and Accumulated Other Conprethensive Loss. The accompanying notes are an integral part of these consolidated financial statements Verizon 2021 Financial Statement InblecfConteris Ceasolidated Statements of Cauh Flows Verizen Commanicatloes Inc. and Subsidiario \begin{tabular}{|c|c|c|c|} \hline \multirow[b]{2}{*}{ Year Fisled December 31, } & \multirow[b]{2}{*}{2021} & \multicolumn{2}{|c|}{ (dollars in milbons) } \\ \hline & & 2020 & 2019 \\ \hline \multicolumn{4}{|l|}{ Cash Flows frea Operiting Activities } \\ \hline Net locome & 522.6111 & 51k345 & $19,783 \\ \hline \\ \hline Deprrciation and amertimation copence & 16.206 & 16720 & 16.652 \\ \hline Fimployse vetirement benefies & (3.)1) & 840 & (25) \\ \hline \end{tabular} Verinon Communications Inc, and Subulilaries (dollans is millions, except per share amounts, and shares is thousunds) Years Ended December 31. 2021 2020 2019 \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|} \hline & Shares & & Ameast & Shares & & Amount & Sharcs & & Amount \\ \hline \multicolumn{10}{|l|}{ Commen Stock } \\ \hline \begin{tabular}{l} Balance at beginning of \\ year \end{tabular} & 4,291,434 & 5 & 429 & 4.291 .434 & s & 429 & 4,291,434 & s & 429 \\ \hline Balance at end of ycar & 4,291,434 & & 429 & 4,291,434 & & 429 & 4,291,434 & & 429 \\ \hline \end{tabular} Additional Pald In Capital Balanee at beginaing of year 13,404 13,419 13,437 oher 457 (i5) (18) Balanee at end of year 13861 13.404 13,419 Unrralizad los on cah flow hedges (85) (571) Unralizad pain (bou) on marketable securities (9) (2) 7 Defined benefit pension and poutretirencent plans (62I) (676) (69) Oher somprehensive lows (856) (1,069) (1.572) lance at end of year allibutable to Verima (927) (71) 998 See Notes to Coesoliduted Financial Sutements $55 Verizon 2022 Financial Statement Inble of Centents Consolldated Statements of Comprehensive income Verizon Communications Inc. and Subsidiarles po Verizon Communications Inc, and Subsidiaries \begin{tabular}{|c|c|c|c|c|} \hline \multirow{2}{*}{ At December 31 . } & \multicolumn{4}{|c|}{ (dollars in millions, except per share amounts) } \\ \hline & & 2022 & & 2021 \\ \hline \multicolumn{5}{|l|}{ Assets } \\ \hline \multicolumn{5}{|l|}{ Current assets } \\ \hline Cash and cash equivalents & s & 2,605 & s & 2.921 \\ \hline Accounts receivable & & 25,332 & & 24,742 \\ \hline Less Allowance for credil losses & & 826 & & 896 \\ \hline Accounts receivable, net & & 24,506 & & 23,846 \\ \hline Inventories & & 2,388 & & 3,055 \\ \hline Prepaid expenses and other & & 8,358 & & 6,906 \\ \hline Total current assets & & 37,857 & & 36,728 \\ \hline Property, plant and equipment & & 307,689 & a & 289,897 \\ \hline Less Accumulated depreciation. & & 200,255 & & 190,201 \\ \hline Property, plant and equipment, net & & 107,434 & & 99.696 \\ \hline Investments in unconsolidated bushesses & & 1,071 & & 1.061 \\ \hline Wireless licenses & & 149,796 & & 147,619 \\ \hline Goodwill & z & 20,671 & & 28.603 \\ \hline Other intangible assets, net & & 11,461 & & 11.677 \\ \hline Operating lease right-of-use assets & & 26,130 & & 27,603 \\ \hline Other assets. & & 17,260 & & 13,329 \\ \hline Total assots & 8 & 379,680 & 5 & 366,506 \\ \hline \multicolumn{5}{|l|}{ Liablities and Equity } \\ \hline \multicolumn{5}{|l|}{ Current labilities } \\ \hline Debt maturing within che year & s & 9,963 & s & 7,443 \\ \hline Accounts payable and sccrued liablities & & 23,977 & & 24,033 \\ \hline Current operating lease fiabilities & & 4,134 & & 3.859 \\ \hline Other current liabilities & & 12,097 & & 11,025 \\ \hline Total curnent fabilities & & 50,171 & & 47,160 \\ \hline Long-term debt & & 140.676 & & 143,425 \\ \hline Employee benefit obligations & & 12,974 & & 15,410 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|} \hline Delerred income taxes & & 43,441 & 40,695 \\ \hline Non-current operating lease liablities & & 21,558 & 23.203 \\ \hline Other liabitites & & 18,397 & 13,513 \\ \hline Total long-lerm liabilties & & 237,046 & 236.236 \\ \hline \end{tabular} Equity Iable of Contents Consolidated Statements of Cash Flows Verizon Communications Inc, and Subsidiaries \begin{tabular}{|c|c|c|c|} \hline \multirow[b]{2}{*}{ Years Ended December 31.} & \multirow[b]{2}{*}{2022} & \multicolumn{2}{|c|}{ (dollars in mifions) } \\ \hline & & 2021 & 2020 \\ \hline \multicolumn{4}{|l|}{ Cash Flows from Operating Activiles } \\ \hline Net income & $21,748 & 522,618 & $18,348 \\ \hline \multicolumn{4}{|l|}{ fusuments to reconclio net income to net cash provided by oporating activites: } \\ \hline Depreciation and amortization expense & 17,099 & 16.206 & 16,720 \\ \hline Empioyes retirement benefits & {[2,046)} & (3,391) & 840 \\ \hline Deferted income taxes & 2,973 & 4.264 & 1,553 \\ \hline Provision for expecind credt losses & 1,611 & 789 & 1,380 \\ \hline \begin{tabular}{l} Equity in losses (eamings) of unconsolidated businesses, net of dividends \\ received \end{tabular} & (10) & 36 & 91 \\ \hline \end{tabular} zanges in current assets and liablities, net of effects from acquisition/disposition of businesses: \begin{tabular}{|c|c|c|c|} \hline Accounts receivable & (1,978) & (1.592) & 189 \\ \hline Inventories & 627 & (905) & (369) \\ \hline Prepaid expenses and other & 928 & 150 & 1.202 \\ \hline Accounts payable and accrued liabilities and Other current liabilities & (33) & 1,457 & (966) \\ \hline Other, net & (3,778) & (93) & 2,780 \\ \hline Net cash provided by operating actlvities & 37,141 & 39,539 & 41,768 \\ \hline \end{tabular} Cash Flows from Financing Activities \begin{tabular}{|c|c|c|c|} \hline Proceeds from long-term borrowings & 7,074 & 33,034 & 25,822 \\ \hline Proceeds from asset-backed long-term borrowings & 10,732 & 8,383 & 5,635 \\ \hline Net proceeds from (repayments of) short-term cornmercial paper & 106 & - & (9) \\ \hline Repayments of long-tem borrowings and finance lease obligations & (8,616) & (14,063) & (9,775) \\ \hline Repayments of asset-backed long-term borrowings & (4,948) & (4,800) & (7,413) \\ \hline Dividends paid & (10,805) & (10,445) & (10,232) \\ \hline Other, not & (2,072) & (3,832) & (2.703) \\ \hline Net cash provided by (used in) flancing activities & (8,529) & 8.277 & 1,325 \\ \hline Increase (decrease) in cash, cash equivalents and restricted cash & (50) & (19.337) & 19.581 \\ \hline Cash, cash equivalents and restricted cash, beginning of period & 4,161 & 23,498 & 3,917 \\ \hline Cash, cash equivalents and restricted cash, end of period (Note 1) & $4,111 & $4,161 & $23.498 \\ \hline \end{tabular} See Notes to Consolidated Financial Statements 57 (dolars in mallions, except per share amounts, and shares in thousands) Years Ended December 31 , 2022 \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|} \hline & Shares & & Amount & Shares & & Amount & Shares & & Amount \\ \hline \multicolumn{10}{|l|}{ Common Stock } \\ \hline \begin{tabular}{l} Balance at \\ beginning of year \end{tabular} & 4,291,434 & $ & 429 & 4,291,434 & 5 & 429 & 4.291,434 & 5 & 423 \\ \hline \begin{tabular}{l} Balance at end of \\ year \end{tabular} & 4,291,434 & & 429 & 4.291,434 & & 429 & 4.291 .434 & & 429 \\ \hline \end{tabular} Additional Pald In Capital Balance at beginning of year Other (Note 14) Balance at end of year \begin{tabular}{|c|c|c|c|} \hline \begin{tabular}{l} Balance at \\ beginning of year \end{tabular} & 13,861 & 13,404 & 13,419 \\ \hline Other (Note 14) & (441) & 457 & (15) \\ \hline \begin{tabular}{l} Balance at end of \\ year \end{tabular} & 13,420 & 13.861 & 13.404 \\ \hline \multicolumn{4}{|l|}{\begin{tabular}{l} Rotained \\ Earnings \end{tabular}} \\ \hline \begin{tabular}{l} Balance at \\ beginning of year \end{tabular} & 71,993 & 60,464 & 53,147 \\ \hline \begin{tabular}{l} Opening balance \\ sheet adjustment \\ (Note 1) \end{tabular} & - & & (200) \\ \hline \begin{tabular}{l} Adjusted opening \\ balance \end{tabular} & 71,983 & 60,464 & $2,047 \\ \hline \begin{tabular}{l} Net income \\ attributable to \\ Verizon. \end{tabular} & 21,256 & 22.065 & 17,801 \\ \hline \begin{tabular}{l} Dividends \\ declared (\$2.585, \\ $2.535, \\ $2.485 per share) \end{tabular} & (10,860) & (10.532) & (10.284) \\ \hline Other & (9) & (4) & - \\ \hline \begin{tabular}{l} Balance at end of \\ year \end{tabular} & 62,380 & 71,093 & 60,404 \\ \hline \end{tabular} Accumulated Other Comprohensiv - Income (Loss) ilance at beginning of year (927) (71) 990 attributable to Verizon Foreign ourrency translation adjustments (153) (141) 180 Unrealized gain (loss) on cash flow hedges 322 (85) (571) Unrealiced loss on fair value hedges (431) Unrealized loss on marketable securities (25) (9) (2) \begin{tabular}{|c|c|c|c|c|c|c|} \hline \begin{tabular}{l} Defined benefit \\ pension and \\ postretirement \\ plans \end{tabular} & & (651) & & (621) & & (676) \\ \hline \begin{tabular}{l} Other \\ comprehensive \\ loss \end{tabular} & & (938) & & (B56) & & (1,069) \\ \hline \begin{tabular}{l} tance at end of \\ year attributable \\ is Verizon \end{tabular} & ? & (1,865) & & (927) & & (71) \\ \hline \multicolumn{7}{|l|}{ Treasury Stock } \\ \hline \begin{tabular}{l} Balance at \\ beginning of year \end{tabular} & (93,635) & (4,104) & (153,304) & (5,719) & (155,606) & (6.820) \\ \hline \begin{tabular}{l} Employee plans \\ (Note 14) \end{tabular} & 2,048 & 90 & 2,057 & 90 & 2,298 & 101 \\ \hline \begin{tabular}{l} Shareholder \\ plans (Note 14) \end{tabular} & 15 & 1 & 15 & 1 & 4 & - \\ \hline \begin{tabular}{l} Acquisitions (Note \\ 3) \end{tabular} & - & - & 57,507 & 2,524 & - & - \\ \hline \begin{tabular}{l} Balance at end of \\ year \end{tabular} & (91,572) & (4,013) & (93.635) & (4,104) & (153,304) & (6.719) \\ \hline \begin{tabular}{l} aferred \\ Compensation- \\ ESOPs and \\ Other \end{tabular} & & & F & & & \\ \hline \begin{tabular}{l} Balance at \\ beginning of year \end{tabular} & & 530 & & 335 & & 222 \\ \hline \begin{tabular}{l} Restricted stock \\ equily grant \end{tabular} & & 423 & & 369 & & 275 \\ \hline Amortication & & (168) & & (166) & & (162) \\ \hline \end{tabular} See Notes to Consolidated Financial Statements 58