verizon q2 2020
We are working with affected customers and have a long and successful track record in this area. Thank you.Hi, David. In addition, we recognized an aggregate tax benefit of $156 million in connection with a series of legal entity restructurings related to an internal reorganization, which resulted in a benefit of approximately $0.04 within our reported and adjusted EPS. Obviously, the critique has been that 5G millimeter wave availability is not that great. We have seen activity levels increase during the quarter with an expansion of overall volumes in May and June.Customer retention is at an all-time high and is both a function of customer activity as well as a testament to the Verizon network performance and customer experience. Thanks, Colby. I will not dwell on that today, but is an important piece of our overall strategy.
A replay and transcript of this call will also be made available on our Web site.Before we get started, I'd like to draw your attention to our Safe Harbor statement on Slide 2. Then we will have national coverage on top of that. I can only say to all of you, I’m extremely proud how Verizon and our employees have responded to all of it.I think of this quarter as a quarter where the stakeholder capitalists strategy of Verizon really bear fruit. Many of them right now are based on low latency. We are confident that we are implementing the right approach to meet demand as consumer and business activity increases.Let's begin with a review of our consolidated operating and financial results on Slide 7. So the increase in volumes should not be causing a significant change in the margin, a hit to the margin there that as you phrased it in the question. And related to the outlook, you did talk about some of the SMB pressures, but generally global enterprise wireline revenues were holding up given presumably some increased demand for capacity, et cetera. So $0.14 of impact from COVID in the quarter, the vast majority of that is driven by revenue both service revenue within the wireless side of the business, predominately in Consumer but some in Business and then also the impact in Verizon Media Group. It … And I think we are coming in with a good foundation and with a strong brand, but also a strong employee sentiment, how we are actually dealing with the situation.And as I said before, Matt has prepared the balance sheet for us to be strong when it comes to going into the second half.
Included in the impacts from COVID, adjusted EBITDA was $11.5 billion as compared to $12.1 billion in the prior year. There are always things. However, you’re going to see that in the second half of this year we have a lot of new things happening and building on the foundation of the strategy and the strategic priorities that Verizon has outlined the last couple of years.If we then look into the different segments and first of all starting with Verizon Consumer Group in the second quarter, continued to gain improvements when it comes to the customer loyalty, not only in national but also by creating new services. We continue to see significant pressures in small and medium business. As a result, postpaid phone net adds were 97,000 for the quarter as compared to 73,000 in the prior year. So we’re creating a lot of excitement around the 5G Mobile Edge Compute and a lot more to come in the second half.Finally, Verizon Media Group, of course being impacted by the advertising markets coming down. I think that the use cases we see today is very much real-time decision-making. Business segment phone churn of 0.90% in the quarter was down 7 basis points year-over-year, driven by strength in public sector.Let's now move to Slide 11 to review the business financial performance.
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