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 "markdown": "Verizon Communications Inc.\n\n\n# Definitions - Non-GAAP Measures\n\nWe exclude the acquisition and integration related charges because the amount and timing of such charges are significantly impacted by the timing, size, and\nnature of the acquisitions we consummate. While we have a history of significant acquisition activity, we do not acquire businesses on a predictable cycle, and the\nrelated costs to integrate an acquired business into our operations are unique to each acquisition and can vary significantly from acquisition to acquisition.\nExclusion of acquisition and integration related charges facilitates more consistent comparisons of our operating results with historical periods, and with both\nacquisitive and non-acquisitive peer companies.\n\n\nWe have not provided a reconciliation for our Adjusted EPS Forecast because we cannot, without unreasonable effort, predict the special items that could arise\nduring 2026.\n\n\n**Free Cash Flow and Free Cash Flow Forecast**\nFree cash flow and free cash flow forecast are non-GAAP financial measures that reflect an additional way of viewing our liquidity that, we believe, when viewed\nwith our GAAP results, provide management, investors and other users of our financial information with a more complete understanding of factors and trends\naffecting our cash flows. We believe they are more conservative measures of cash flow since capital expenditures are necessary for ongoing operations. Free\ncash flow and free cash flow forecast have limitations due to the fact that they do not represent the residual cash flow available for discretionary expenditures. For\nexample, free cash flow and free cash flow forecast do not incorporate payments made or expected to be made on finance lease obligations or cash payments for\nbusiness acquisitions or wireless licenses. Therefore, we believe it is important to view free cash flow and free cash flow forecast as complements to our entire\ncondensed consolidated statements of cash flows.\n\n\nFree cash flow is calculated by subtracting capital expenditures (including capitalized software) from net cash provided by operating activities. Free cash flow\nforecast is calculated by subtracting capital expenditures forecast (including capitalized software) from forecasted net cash provided by operating activities.\n\n\n11\n\n<!-- doc_id=parse-01m0ffna00fkk5vk926sgwpnr6 -->",
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