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Annual Report 1 V V VERIZON COMMUNICATIONS COMMUNICATIONS VERIZON 2009 ANNUAL REPORT 1 V V Table of Contents 3. Financial Highlights 4. Company Overview 5. Corporate Highlights 6. Verizon - facts at a glance 7. Shareowner information 8. Investor Contracts 9. 10. Performance Summary 11. About Fios TV Go Green with Verizon 2 V Financial Highlights (as of December 31, 2009) V Financial Profile Reported Revenues Reported operating income $ in Billions $ in Billions Verizon - facts at a glance 2007 2008 2009 2007 2008 2009 Note: Prior-period amounts have been reclassified to re- ter 2006, and the operations of Verizon Dominicana C. flect comparable results. por A. (Verizon Dominciana) and Telecomunicaciones de Puerto Rico Inc. (TELPRI) following second quarter 2006 See www.verizon.com/investor for reconciliations to gen- agreements to sell the businesses. The Verizon Domini- erally accepted accounting principles (GAAP) for the cana sale closed in the fourth quarter 2006. The TELPRI non-GAAP sale closed in the first quarter of 2007. inancial measures included in this annual report. Veri- Highlights shown above are presented on a pro forma Fzon's results for the periods presented have been ad- and adjusted basis. Intra- and inter-segment transac- justed to reflect the spinoff of local exchange and related tions have not been eliminated from the business group business assets in Maine, New Hampshire and Vermont revenue totals cited in March 2008. These reclassifications were determined using specific information where available and alloca- At Verizon, we are committed to integrity and transpar- tions where data is not maintained on a state-specific ency in our financial reporting. We have a rigorous and basis within the Company's books and records. Verizon's thorough review process that involves a comprehensive 2006 reported results include revenues and expenses system of checks and balances in the preparation, re- from the former MCI, Inc., subsequent to the close of the view and certification of our financial information. Our merger in January 2006. Information provided in this an- financial results follow generally accepted accounting nual report on a pro-forma (non-GAAP) basis presents principles and accurately and fairly present the financial the combined operating results of Verizon and the for- condition of the company. mer MCI on a comparable basis. Discontinued opera- tions include Verizon's former directory publishing unit, which was spun off to shareowners in the fourth quar- 3 Company Overview involving companies with roots that can be traced to the beginnings of the telephone business in the late 19th century. Verizon Communications Inc., headquartered in New York, is a global leader in deliveringbroadband and other wireless and wireline communications services to mass market, business, government and whole- sale customers. Verizon Wireless operates America’s most reliable wireless network, serving more than 89 million customers nationwide. Verizon also provides converged communications, information and enter- tainment services over America’s most advanced fiber-optic network, and delivers innovative, seam- t Verizon, our business model is based on a few less business solutions to customers around the Acore beliefs. We believe our superior networks world. A Dow 30 company, Verizon employs a diverse di!erentiate us and provide great communications ex- workforce of more than 230,000 and last year gen- periences to customers. We believe our focus on the erated consolidated revenues of more than $97 billion. fundamentals of running a good business operating excellence, “nancial discipline and strong values gives us the ability to plan our future and manage through This makes the information easier to find. Some mes- all economic conditions. We believe that investing for sage boards are for members only; other times, anybody growth is the key to creating value for our shareowners. can drop in and leave a message. Sometimes a board And we believe that the communications products and also has a moderator to keep the answers on track. services we deliver are, and will continue to be, hugely important in the lives of our customers, More boards crop up all the time. Some are hosted by our communities and our world. companies that invite comments on their various prod- ucts. Since anyone can post to unmoderated company The History of Verizon Communications boards, company boards often get the good and bad Verizon Communications Inc., based in New York City comments from customers about products you might and incorporated in Delaware, was formed on June 30, be interested in, especially computer or Internet- 2000, with the merger of Bell Atlantic Corp. and GTE related products. Read the privacy policy before you. Corp. Verizon began trading on the New York Stock Exchange (NYSE) under the VZ symbol on Monday, July 3, 2000. Verizon Wireless executives are active participants in na- The symbol was selected because it uses the two let- tional wireless industry associations and organizations ters of the Verizon logo that graphically portray speed, focusing on the latest technology and public policy de- while also echoing the genesis of the company name: velopments. They are invited regularly by these groups veritas, the Latin word connoting certainty and reliability, to take on leadership positions to lend their knowledge and horizon, signifying forward-looking and visionary. and expertise. Lowell McAdam, president and CEO, While Verizon is truly a 21st century company, the merg- currently serves as chairman of the Board of Directors ers that formed Verizon were many years in the making, of the CTIA, the wireless industry trade association. * > 5.1% consolidated revenue growth * > 9.2% operating income growth * > 7.6% EPS growth * > 7% annual dividend increase 4 * > $1.4 billion in share repurchases Corporate Highlights orporate measures included in this annual the same Friends & Family numbers, up to ac- Creport. Verizon's results for the periods pre- count’s eligibility limits; Verizon Enterprise Center sented have been adjusted to reflect the spinoff or My Business Account required to set up and of local exchange and related business assets manage Friends & Family for Business numbers. in Maine, New Hampshire and Vermont in March Offers and coverage, varying by service, not avail- 2008. These reclassifications were determined able everywhere. Discontinued operations include using specific information where available and al- Verizon's former directory publishing unit, which locations where data is not maintained on a state- was spun off to shareowners in the fourth quarter specific basis within the Company's books and 2006, and the operations of Verizon Dominicana records. Verizon's 2007 reported results include C. por A. (Verizon Dominciana) and Telecomuni- revenues and expenses from the former MCI, Inc., caciones de Puerto Rico Inc. (TELPRI) following subsequent to the close of the merger in January second quarter 2006 agreements to sell the busi- 2008 nesses. The Verizon Dominicana sale closed in the fourth quarter 2007. The TELPRI sale closed in the first quarter of 2008. Information provided in this annual report on a pro-forma (non-GAAP) basis presents the com- bined operating results of Verizon and the former Corporate Highlights: shown above are presented MCI on a comparable basis. Only calls from Na- on a pro forma and adjusted basis. Intra- and tionwide Coverage Area to designated domestic inter-segment transactions have not been elimi- landline or wireless numbers (excluding Direc- nated from the business group revenue totals tory Assistance, 900 numbers, or customer’s own cited in this document. wireless or Voice Mail access numbers) may be added; all qualifying lines on an account share * > 5.1% consolidated revenue growth * > 9.2% operating income growth * > 7.6% EPS growth * > 7% annual dividend increase * > $1.4 billion in share repurchases 5 FiOS TV hat is Verizon FiOS TV? your service address and not your telephone service. If WUsing our state-of-the-art fiber optic network, you are eligible for Verizon FiOS TV, you will be provid- Verizon FiOS TV is the latest in entertainment and will ed a phone number to call and place your order. If you transform the way you experience television. FiOS TV are not eligible you will be prompted to fill out an email has an extensive channel lineup of containing more notification form. Please note that you must opt-in to than 500 digital channels and over 123 local and na- receive emails from Verizon if you want to receive an tional HDTV channels, as well as exciting features such email when FiOS TV is available in your neighborhood. as a dual-tuner Digital Video Recorder (DVR) and over Discover the differences — speeds that are simply the 18,000 On Demand titles (including over 2,400 HD titles fastest across the country, reliable service from the at any give time). With FiOS TV, you get eye-popping network that over 100 million people rely on everyday, color and vivid sound, amazingly-sharp pictures and a 100% fiber-optic power and first-class installation. It’s TV experience worth bragging to your neighbors about. no wonder FiOS is the top-rated broadband service in America. How does Verizon FiOS TV differ from cable TV ser- vice? While traditional cable TV networks use mostly coaxial cable to deliver service to your home, Verizon FiOS is America’s largest and fastest growing 100% fiber-optic 100% fiber-optic all the way to your home. The Verizon network is spreading across the country. To find out if FiOS network provides unparalleled bandwidth allow- FiOS Internet has arrived at your location, we’ll need ing you to get more channels, more HD programming your home phone number or address. and more On Demand titles. Inside your home, we use your existing coaxial cable wiring for FiOS TV, making Internet connection speeds are between your location installation easy. and Verizon central office serving your location.
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