1. What has been the trend in your firms Cost of Revenue as a Percentage of Total Revenue. Provide an interpretation of the past data and insight for the future.

2015 60.07% 100.00% 100.00% -39.93% -39.93% -34.95% -22.78% -12.17% - 12.17% 25.12% -3.66% -3.65% -3.65% 3.74% -4.18% 0.44% 0.09% -0.07% -0.07% 2016 59.18% 100.00% 100.00% 40.82% -40.82% -37.70% -25.06% -12.64% - 12.64% 21.48% 4.82% -3.43% 3.43% -3.47% -4.03% 0.56% 0.05% -0.08% -0.08% 2017 59.09% 100.00% 100.00% -40.91% -40.91% -35,93% -22.48% -13.45% -13.45% 23.16% -6.82% -3.69% 3.69% -3.76% 4.29% 0.54% 0.07% -0.06% -0.06% 2018 57.58% % 100.00% 100.00% -42.42% -42.42% -37.05% -23.75% -13.30% -13.30% 20.53% -5.54% -3.62% 3.62% 3.69% -4.26% 0.57% 0.07% -0.14% -0.14% 2019 58.50% 100.00% 100.00% 41.50% 41.50% -35.39% -22.74% -12.65% -12.65% 23.11% -5.87% -3.50% -3.50% -3.59% 4.08% 0.50% 0.09% -0.01% -0.01% TTM 59.49% 100.00% -246.83% 100.00% 100.00% 92.32% 60.35% 31.97% 31.97% -54.51% 13.31% 8.17% 8.17% 8.32% 9.44% -1.12% -0.15% 0.06% 0.06% -1.41% -1.41% -3.51% 0.00% 3.51% VZ_Income Statement_Annual_As_Originally_Reported Gross Profit Total Revenue Business Revenue Cost of Revenue Cost of Goods and Services Operating Income/Expenses Selling. General and Administrative Expenses Depreciation, Amortization and Depletion Depreciation and Amortization Total Operating Profit/Loss Non-Operating Income/Expenses. Total Total Net Finance Income/Expense Net Interest Income/Expense Interest Expense Net of Capitalized Interest Gross Interest Interest Capitalized Interest Income Net Investment Income Income from Associates, Joint Ventures and Other Participating Interests Gain/Loss on Foreign Exchange Irregular Income/Expenses Disposal of Businesses Goodwill Impairment/Write Off Gain/Loss on Extinguishment of Debt Other Income/Expense, Non-Operating Pretax Income Provision for Income Tax Deferred Tax Current Tax Net Income from Continuing Operations Net Income after Extraordinary Items and Discontinued Operations Non-Controlling/Minority Interests Net Income after Non-Controlling/Minority Interests Net Income Available to Common Stockholders Diluted Net Income Available to Common Stockholders Reported Total Revenue Reported Operating Expense Reported Total Operating Profit/Loss Reported Effective Tax Rate Reported Normalized EBITDA Reported Normalized Income Depreciation and Amortization, Supplemental Irregular Items, Supplemental Merger and Acquisition Income/Expense, Supplemental Restructuring and Reorganization Expense, Supplemental Other Irregular Income/Expenses, Supplemental Basic EPS Diluted EPS Basic WASO Diluted WASO Fiscal year ends in Dec 31 USD -2.80% 0.07% -0.14% -2.73% 0.44% 17.24% -2.23% 7.11% -0.18% 0.36% 6.93% -2.02% 41.20% 4.96% 0.05% 21.46% -7.50% -1.32% 16.66% -5.86% -1.66% 16.34% 7.90% 1.73% 15.00% -2.74% 13.96% 13.96% -0.38% 13.58% 13.58% 13.58% 100.00% -74.88% 25.12% 0.00% 35.38% 10.80% 10.80% -0.38% 10.42% 10.42% 10.42% 100.00% -78.52% 21.48% 0.00% 35.01% 24.24% 24.24% -0.36% 23.88% 23.88% 23.88% 100.00% -78.25% 21.75% 0.00% 35.05% 12.26% 12.26% -0.39% 11.87% 11.87% 11.87% 100.00% -82.98% 17.02% 0.00% 36.23% 15.01% 15.01% -0.40% 14.61% 14.61% 14.61% 100.00% -76.96% 23.04% -36.24% -36.24% 1.04% -35.20% -35.20% 35 20% -246.83% 192.50% -54.33% -89.35% 0.00% 0.00% 3.10% 0.00% 0.00% 3.24% 0.00% 0.00% 3.24% 3.24% 0.00% 0.00% 0.00% 3.15% 3.16% 0.00% 0.00% 0.00% 3.14% 3.14% 0.00% 0.00% 0.00% -7.96% -7.96% 0.00% Cost of Revenue 0.399308616 0.408191776 0.409064221 0.424168787 0415005915 Cost of Revenue % Total Revenue 0.6 0.4 0.2 0 2015 2016 2017 2018 2019 TTM -0.2 -0.4 -0.6 -0.8 -1