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Verizon Communications 2006 Annual Report Financial Highlights (As of December 31, 2006)

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Verizon Communications 2006 Annual Report Financial Highlights (As of December 31, 2006) Verizon Communications 2006 Annual Report Financial Highlights (as of December 31, 2006) Consolidated Cash Flow Dividends per Reported Diluted Adjusted Diluted Revenues from Continuing Share Earnings per Share Earnings per Share (billions) Operations (non-GAAP) (billions) $2.79 $88.1 $23.0 $1.54 $1.62 $1.62 $2.65 $2.51 $2.56 $2.54 $20.2 $20.4 $65.8 $69.5 $2.12 04 05 06 04 05 06 04 05 06 04 05 06 04 05 06 Verizon Wireless Verizon Telecom Verizon Business > 2006 revenue of $38.0 billion > 2006 revenue of $33.3 billion > 2006 revenue of $20.5 billion > Most reliable wireless network > Advanced fiber network > Serves 94 percent of serves 59.1 million customers passes 6.2 million homes Fortune 500 > Network reaches more than and businesses > Connections to 2,700 cities 255 million Americans > 7 million broadband in 150 countries > Highest customer loyalty in subscribers > Global IP network large the industry: only 1.17 percent > FiOS TV service available to enough to circle the world churn per month 2.4 million homes in 10 states 18 times > Largest U.S. wireless provider > Largest communications (based on revenue) provider to the U.S. federal government Note: Prior-period amounts have been reclassified to reflect comparable results. See www.verizon.com/investor for reconciliations to generally accepted accounting principles (GAAP) for the non-GAAP financial measures included in this annual report. Verizon’s 2006 reported results include revenues and expenses from the former MCI, Inc., subsequent to the close of the merger in January 2006. Information provided in this annual report on a pro-forma (non-GAAP) basis presents the combined operating results of Verizon and the former MCI on a comparable basis. Discontinued operations include Verizon’s former directory publishing unit, which was spun-off to shareholders in the fourth quarter 2006, and the operations of Verizon Dominicana C. por A. and Telecomunicaciones de Puerto Rico Inc. following second quarter 2006 agreements to sell the businesses. The Verizon Dominicana sale closed in the fourth quarter 2006. Intra- and inter-segment transactions have not been eliminated from the business group revenue totals cited above. In keeping with Verizon’s commitment to protecting the environment, this annual report is printed on recycled paper. VERIZON COMMUNICATIONS INC. 2006 ANNUAL REPORT Verizon is creating new opportunities for growth through strategic investments in technology and innovation. Our advanced networks set Verizon apart in the marketplace by delivering great communications experiences to customers wherever, whenever and however they choose. Over 100 million people around the world connect to our networks every day. > Verizon customers enjoy ultra-fast Internet connections and a vast selection of high-quality television programming over our advanced fiber-optic network. > Wireless customers talk, share text and photo messages, access the Internet and email, download music, and watch videos using the nation’s most reliable wireless network. > Business customers trust Verizon’s expansive global IP (Internet Protocol) network to securely manage and deliver their crucial business data around the world. 1 Verizon is a leader in delivering broadband and other wireline and wireless communication innovations to mass market, business, government and wholesale customers. Around the block and around the globe, our superior high-tech networks give us a competitive edge in the growth markets of the future. Verizon operates America’s most reliable wireless network, as well as one of the most expansive wholly-owned global IP networks. In addition, we are deploying the nation’s most advanced fiber-optic network to deliver the benefits of converged communications, information and entertainment services to customers. Verizon at a glance: > Dow 30 company > 59 million wireless customers > 45 million wireline access lines > Serving 94 percent of Fortune 500 companies > 242,000 employees > Over 2,200 Verizon Wireless retail stores across the country > Employees in over 300 Verizon Business offices in 75 countries across six continents > First company to provide fiber-based digital TV to the mass market > First company to provide wide-area wireless broadband service > First commercial provider of Internet access 2 VERIZON COMMUNICATIONS INC. 2006 ANNUAL REPORT Chairman’s Letter to Shareowners Ivan Seidenberg Chairman and Chief Executive Officer What we do. Verizon serves customers by building great networks. It’s what we do. We design networks, invest in technology to deploy them to customers’ homes and businesses, maintain them, and upgrade them for the future. Our networks give us a platform for innovating and delivering the great products, services, applications and con- tent that customers want. This differentiates us from competitors and allows us to marry communications, data and entertainment for customers in ways few other companies can. As we unleash our increasingly powerful high-speed broadband, global IP and mobile technologies, we accelerate our growth and drive our industry forward, which in turn creates value for shareowners and customers. This is what we believe – the conviction that guides our investment, drives our strategy and motivates our people. This belief unites our leadership team, employees and Board of Directors in our determination to be the industry’s premier network company and the leader in delivering the benefits of advanced communi- cations technologies to the marketplace. By transforming our networks for the Internet age, we are defining Verizon as a growth company. We made meaningful progress toward this goal in 2006. Our growth businesses are gaining scale and reach. In wireless, we were the first to deploy a national broadband network, which now reaches more than 200 million people. In telecom, we are upgrading our traditional copper network with the most comprehensive high-speed fiber network in the country, which will reach 18 million homes and businesses by the end of the decade. By combining our large-business organization with MCI to form Verizon Business, we now have 3 Total Broadband FiOS Internet Subscribers FiOS TV Subscribers Connections (thousands) (thousands) (millions) 687 207 6.6 7.0 6.1 5.7 522 375 118 264 55 20 1Q06 2Q06 3Q06 4Q06 1Q06 2Q06 3Q06 4Q06 1Q06 2Q06 3Q06 4Q06 What We Do: FiOS Americans are rapidly embracing high-bandwidth services The Verizon FiOS Internet Advantage: such as video downloads and photo sharing. As demand > Faster download speeds – up to 50 Mbps – means less for these new applications continues to rise, Verizon’s fiber- time waiting optic broadband network is uniquely positioned to meet > Verizon’s fiber-optic network provides superior reliability customers’ growing bandwidth needs for years to come. > Superior upstream speeds allow faster sharing of pictures, videos and other content Verizon’s fiber-based FiOS Internet service offers customers > A wide range of broadband speeds and pricing plans to meet ultra-fast broadband connections with current download everyone’s needs speeds up to 50 Mbps (megabits per second) – the fastest in the market today. In addition, FiOS provides the fastest The Verizon FiOS TV Advantage: available upload speeds, allowing customers to send > Faster speed and improved reliability of an all-fiber network photos, videos and other large files. > Wide selection of HD channels and video-on-demand titles Our FiOS TV service is a superior alternative to cable > High bandwidth allows households to watch several HD and satellite, offering a broad collection of all-digital programs at the same time programming, more than 25 high-definition (HD) channels, > Multi-room Digital Video Recorder lets viewers watch recorded and access to more than 8,000 video-on-demand titles. programs in different rooms And because FiOS TV is delivered over Verizon's fiber network, it provides customers with industry-leading quality and reliability. The vast bandwidth of fiber allows Verizon's video network to deliver true high-definition picture and sound clarity. Greater bandwidth also means that FiOS TV provides more entertainment options, new revenue growth opportunities and a superior customer experience. 4 VERIZON COMMUNICATIONS INC. 2006 ANNUAL REPORT a high-speed backbone network that gives us unsurpassed global reach and the ability to offer advanced Internet Protocol solutions to business customers around the world. And we continue to differentiate our platforms with applications U.S. Broadband Households and services that make them work better, faster, more securely and more reliably (millions) for customers. Actual Forecast 81.5 By executing a strategy based on investment and innovation, we have built 80 world-class networks that serve millions of customers at home, at work and on the 60 move. What makes this a breakthrough moment for Verizon is the powerful inter- 40 section of our network strengths with the trends that are creating new markets 20 and transforming the world of business, entertainment and communications. 0 00 01 02 03 04 05 06 07 08 09 10 11 2006 will go down as the year that users took over the Internet. YEAR Blogs. Podcasts. YouTube. Wikipedia. MySpace. Open-source software. People Source: Forrester Research, Inc., June, 2006 creating a shared chronicle of daily life by swapping photos, music, opinions, expe- riences with friends, families, even strangers. Businesses in constant dialogue with customers, employees and partners – worldwide, 24x7. U.S. Multi-PC Households (millions) This kind of user-generated, interactive, multimedia content is increasingly dominating the marketplace – a sweeping trend known as “Web 2.0.” The Internet Actual Forecast is rapidly evolving from a text-based to a visual medium, which requires networks 80 73.8 that deliver much higher bandwidth both upstream and downstream. Providing 60 millions of customers the high-speed communications tools they need to par- 40 ticipate in this global conversation is one of the great business opportunities of 20 a generation. 0 Verizon builds the real networks on which these social networks depend.
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