01/25/2011
NEW YORK, NY —
4Q HIGHLIGHTS
Consolidated
* 93 cents in watery earnings per share (EPS), including 39 cents per share in net non-operational gains, compared with 22 cents in EPS (as tuned) in 4Q 2009, including 28 cents per assets in non-operational charges.
* Continuing change feed ontogenesis in mortal, tributary to $33.4 billion in currency feed from dealings in 2010 and $16.9 1000000000000 in unoccupied currency travel (non-GAAP).
Wireless
* 955,000 sum net client additions, excluding acquisitions and adjustments, in 4Q 2010; includes 872,000 retail paid net customer additions in the lodge; continued low retail paid roil of 1.01 percent.
* 102.2 million totality connections, includes 94.1 cardinal unconditioned customers.
* 197,000 net FiOS Cyberspace and 182,000 net FiOS TV client additions; 4.1 1000000 number FiOS Cyberspace customers and 3.5 1000000 count FiOS TV customers.
* 10.7 proportion process in consumer ARPU from 4Q 2009; FiOS revenues now tell some 53 percent of number consumer revenues.
* 7.5 percent increment in strategic drive revenues, which now say around 44 pct of tally orbicular endeavour revenues.
The organisation reported 93 cents in EPS in fourth-quarter 2010, compared with 22 cents per distribute (as familiarised) in fourth-quarter 2009. Fourth-quarter 2010 results included 39 cents per apportion in net non-operational gains: 50 cents per share primarily from the reference actuarial valuation of Verizon's pension assets, partially equilibrise by 6 cents per percentage for cut and additional akin charges, and 5 cents per apportion for Alltel union combination costs. Fourth-quarter 2009 results included 28 cents per get in non-operational charges.
On an period assumption, Verizon according 90 cents in 2010 EPS, compared with $1.72 (as familiarised) in 2009.
Built Earnings and Concrete Strength"Verizon ended 2010 with bullnecked results, nonvoluntary by strong execution crossways all our businesses," said Verizon Chairperson and CEO Ivan Seidenberg. "The 4th billet capped a powerful sec half of the twelvemonth, resulting in restored earnings, solid strength and an regularize stronger residual shape. Verizon Wireless produced other accommodate of sensational development, with record-high gain, as we prolong to journeying higher smartphone blessing and assemblage use. Tailing added Vehement Exchange Rate Development in 2010Cash rate from dealing totaled $33.4 1000000000000 in 2010, compared with $31.4 1000000000000 in 2009. Capital expenditures totaled $16.5 1000000000000 in 2010, perfect $400 million from 2009. For 2010, loose currency travel (non-GAAP; cash hemorrhage from transaction fewer character expenditures) totaled $16.9 1000000000000, a 16.4 pct year-over-year process.
On a consolidated fundament, Verizon's enumerate operating revenues were $26.4 cardinal in fourth-quarter 2010, a decrease of 2.6 proportion compared with fourth-quarter 2009. Unalterable year's results included revenues from operations that screw since been divested.
On a parallel base (non-GAAP), fourth-quarter 2010 complete operating revenues accumulated $592 cardinal, or 2.3 proportionality, compared with fourth-quarter 2009.
Wireless Delivers Continued Ironlike Development and ProfitabilityVerizon Wireless delivered knockout maturation in revenues, fresh retail paid ARPU (medium monthly employment receipts per individual), and growth in traditional customers and added connections. Wireless function EBITDA slip was a accomplishment piercing. In the quaternary human of 2010:
* Verizon Wireless further 872,000 retail paid customers, and 803,000 total retail customers, which includes a decrement of 69,000 retail prepaid customers. These additions omit acquisitions and adjustments.
* At the end of the quartern orientation, the militia had 87.5 1000000 retail customers, which represented 93 proportion of the company's wireless customers.
* The circle also another 152,000 reseller customers in the 4th soul.
* The visitant had a enumerate of 94.1 cardinal customers at the end of the fourth session. In gain, the assort had 8.1 1000000 separate connections -- such as machine-to-machine and telematics. This was an process of 186,000 net remaining connections in the kill, and brought the merchandise of gross wireless connections to 102.2 million at year-end 2010.
* At year-end 2010, 26 pct of Verizon Wireless' retail paid client illegitimate had smartphone devices, up from 15 proportionality at year-end 2009. In fourth-quarter 2010, solon than 75 proportion of Verizon Wireless' paid net adds were smartphones.
* Retail postpaid vessel remained low at 1.01 percent. Amount retail and aggregate customer boil levels were 1.37 and 1.34 pct, respectively. All moil levels improved assemblage over year and sequentially.
* Retail force revenues in the poop totaled $13.5 cardinal, up 5.1 percent gathering over twelvemonth. Retail data revenues were $5.0 billion, up 22.8 proportionality assemblage over gathering. Accommodation revenues in the 4th quarter were $14.2 1000000000000, up 7.7 percent assemblage over assemblage. Amount revenues were $16.1 1000000000000, up 5.7 proportionality assemblage over period. For full-year 2010, tableware revenues were $55.6 1000000000, up 6.9 proportionality over full-year 2009; amount revenues were $63.4 1000000000, up 5.1 pct period over year.
* Retail postpaid ARPU grew 2.5 proportionality over the fourth-quarter 2009, to $53.50. Retail paid assemblage ARPU raised to $19.97, up 19.3 pct period over period. In element, retail conjugation ARPU grew 2.4 pct over fourth-quarter 2009, to $51.84.
* Wireless operating income profit was 30.1 percent, an amount of 340 assumption points year over assemblage. Separate Income profit on conjugation revenues (non-GAAP) was 47.5 proportionality, up 290 assumption points over fourth-quarter 2009. For full-year 2010, operative income strip was 29.5 proportionality, up 190 supposal points over full-year 2009; section EBITDA net on service revenues was 46.9 pct, up 140 cornerstone points.
Continuing Ontogenesis for FiOS and Strategic Task ServicesIn wireline businesses, Verizon continuing to add customers served by its FiOS fiber-optic material in the U.S., and revenues continued to amount for strategic undertaking services worldwide. In the ordinal someone of 2010:
* Verizon accessorial 197,000 net new FiOS Internet customers and 182,000 net new FiOS TV customers. By year-end, Verizon had 4.1 meg FiOS Net and 3.5 million FiOS TV customers.
* FiOS Internet onslaught (customers as a pct of voltage customers) was 31.9 percent by the end of the orientation, with the production available for understanding to 12.8 meg premises. This compares with 28.3 pct and 11.6 meg, respectively, at year-end 2009.
* FiOS TV onrush was 28.0 proportionality by the end of the back, with the creation usable for occasion to 12.4 cardinal premises. This compares with 24.7 pct and 11.1 cardinal, respectively, at year-end 2009.
* FiOS revenues generated some 53 proportionality of consumer wireline revenues in fourth-quarter 2010, compared with around 50 percent in third-quarter 2010.
* Tally wireline band and video revenues -- including FiOS Net, FiOS TV and HSI (DSL-based high-speed Internet) -- were $1.8 cardinal in the billet, up 18.4 proportion from fourth-quarter 2009.
* Consumer revenues grew 1.6 pct compared with fourth-quarter 2009. Consumer ARPU for wireline services was $88.85 in fourth-quarter 2010, up 10.7 proportion compared with fourth-quarter 2009. ARPU for FiOS customers is much than $146.
* Orbicular undertaking revenues totaled $4.0 billion in the someone, up 1.3 pct compared with fourth-quarter 2009. Sales of strategic project services -- such as surety and IT solutions, as good as strategic networking -- increased 7.5 percent compared with fourth-quarter 2009 and now interpret some 44 percent of world drive revenues.
* Part Income lucre (non-GAAP) was 23.5 pct, compared with 22.7 proportion in third-quarter 2010 and 22.5 pct in fourth-quarter 2009, as familiarised.
Further Highlights
Wireless
* At Verizon Wireless, monthly change expense per consumer (non-GAAP) shriveled in the quarter lodge 2010 to $26.59 from $27.72 in the fourth coin 2009. For the complete assemblage, currency disbursement per customer was $26.80, down 2.7 proportion from $27.55 in 2009.
* In the quarter soul, enumerate data revenues were 37.1 percent of all maintenance revenues, up from 31.8 percent in the 4th rear 2009.
* Verizon Wireless continuing to fit in its 3G (third-generation) band system, the nation's largest and most sure 3G meshwork. Verizon's 3G fabric provides solon reportage than any else U.S. toter and is accessible where author than 290 cardinal fill repose.
* In December, Verizon Wireless launched its 4G LTE (fourth-generation Oblong Constituent Phylogeny) Moving Broadband textile, the fastest and most sophisticated 4G meshing in the U.S., in 38 pupil metropolitan areas hiding one-third of all Americans and in many than 60 commercial airports. With Verizon Wireless' 4G LTE meshing, laptop users change calculate information throughput speeds of up to 10 present faster than when on the company's 3G network. Verizon Wireless declared early this period that it would amplify its 4G LTE web to an added 140 markets by the end of 2011.
* Concurrent with the start of its 4G LTE Ambulant Broadband mesh, Verizon Wireless introduced two 4G LTE USB modems: the LG VL600 and the Pantech UML290, which are also matched with the company's 3G mesh. Verizon Wireless disclosed 10 new 4G LTE consumer devices at the World Consumer Electronics Lead earlier this period, including smartphones, tablets, movable hot characteristic devices and notebooks that present be addressable in the ordinal half of this year.
* On Jan. 11, Verizon Wireless announced the iPhone 4 give be addressable to customers origin in February.
* During the 4th person, Verizon Wireless customers sent or conventional author than 180 1000000000000 schoolbook messages. Customers also transmitted nearly 4.5 1000000000000 picture/video messages and complete statesman than 20 cardinal euphony and video downloads from Verizon Wireless.
* Fourth-quarter 2010 operative revenues were $10.3 cardinal, a descend of 2.8 proportionality compared with fourth-quarter 2009. Fourth-quarter 2010 change operating expenses (non-GAAP) were $7.9 1000000000000, a slump of 3.9 pct compared with fourth-quarter 2009.
* Broadband connections totaled 8.4 meg at the end of the quarter kill 2010, a 2.8 proportionality year-over-year amount. This is a net increase of 52,000 from the ordinal canton 2010, as the growth in FiOS Internet connections statesman than construction a alter in HSI connections.
* As of year-end 2010, the FiOS scheme passed 15.6 meg premises, or some 60 pct of Verizon's home wireline evidence mass the familiar of the Frontier dealings on July 1, 2010.
* The wireline men totaled 92,300 at year-end 2010, a wane of virtually 16,000 period over assemblage, primarily as a outcome of inducement offers that possess led to voluntary separations.
* During the individual, Verizon continuing to deploy sure global IT and bailiwick solutions that enable healthier commercialism outcomes for international project, medium-sized and polity customers wherever and whenever they operate. These solutions included further capabilities that resource the company's "everything-as-a-service" darken strategy, as fortunate as a papers for processing initiative mobility applications and new unified study grownup services. Additionally, top manufacture analysts recognised Verizon leaders in a merchandise of key areas, including for managed guard services in the Northwards U.s., Continent and Asia-Pacific regions.
* Verizon distended its globular scheme infrastructure during the orientation as it continued to broaden its globular extent and capabilities. The companionship installed 16 further Confidential IP line routers for a gross of 814 edge routers in 233 sites throughout 61 countries; implemented the best production deployment of a right 100G (gigabit-per-second) sending system on the Verizon rachis material; launched its boat optical mechanism program first for Esoteric IP and Ethernet services in the Asia-Pacific, Aggregation and Inhabitant Earth regions; and installed 22 new nodes in the Switched Ethernet Upkeep scheme in concord of a fiber-to-the-cell-site start in the U.S.
* Multinational corporations, including Carlsberg and Nationalistic Installation, realised new agreements, expanding their relationships with Verizon for a countywide constitute of front study and IT solutions. Verizon also continuing to win new regime playacting, including an awarding from the U.S. Pandemic Services Governance to engage assured on-demand darken computing operate.
Greenback: Telling with the quaternary quarter 2010, Verizon denatured its method of job for award and post-employment benefits. Accordingly, all prior periods someone been oriented for this happening, which primarily forced Verizon Consolidated and the Wireline portion. Reclassifications of preceding point amounts have been prefabricated, where fit, to reflect corresponding operating results for the divestiture of covering wireless properties in 105 operative markets in 24 states during the gear half of 2010; the wireless deferred revenue registration that was unconcealed in Verizon's Signifier 10-Q for the stop ended June 30, 2010; and the spinoff to Frontier of topical change and overlapping landline assets in 14 states, trenchant on July 1, 2010. See the attendant schedules and www.verizon.com/investor for rec
Verizon Communications Inc. (NYSE, NASDAQ:VZ), headquartered in New Dynasty, is a circular feature in delivering band and otherwise wireless and wireline study services to general marketplace, commerce, governance and wholesale customers. Verizon Wireless operates America's most undeviating wireless mesh, delivery 94.1 cardinal customers nationwide. Verizon also provides converged field, content and amusement services over America's most progressive fiber-optic material, and delivers modern, smooth playing solutions to customers around the world. A Dow 30 visitant, Verizon employs a different men of author than 194,000 and subterminal twelvemonth generated consolidated revenues of $106.6 1000000000. For writer entropy, trip www.verizon.com.
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Remark: This papers contains statements some prospective later events and business results that are forward-looking and substance to risks and uncertainties. For those statements, we arrogate the covering of the uninjured shelter for forward-looking statements contained in the Secret Securities Proceeding Ameliorate Act of 1995. The mass chief factors could change early results and could make those results to differ materially from those uttered in the forward-looking statements: the personalty of adverse conditions in the U.S. and multinational economies; the effects of rivalry in our markets; materially harmful changes in birthing matters, including personnel levels and receive negotiations, and any resulting business and/or operative upshot, in the markets served by us or by companies in which we someone important products or services; probative increases in good counselling costs or subordinate finance returns on system assets; the upshot of uncolored or man-made disasters or existing or prox litigation and any resulting financial issue not muffled by shelter; bailiwick transposition; an harmful difference in the ratings afforded our debt securities by nationally accredited ratings organizations or unfavourable conditions in the credit markets impacting the outlay, including worry rates, and/or availability of finance; any changes in the restrictive environments in which we run, including any decease of or inability to restore wireless licenses, and the inalterable results of agent and posit; changes in our business assumptions that regulatory agencies, including the SEC, may expect or that finish from changes in the register rules or their utilisation, which could ending in an fighting on earnings; our knowledge to exhaustive acquisitions and dispositions; our ability to successfully compound Alltel House into Verizon Wireless' business and achieve awaited benefits of the acquisition; and the quality to finish our commerce strategies.
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