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2004 Verizon Annual Report

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2004 Verizon Annual Report Verizon Communications 2004 Annual Report creating the future of communications company profile TOTAL VERIZON VERIZON WIRELESS INTERNATIONAL Largest U.S. wireline and wireless Leading wireless services provider Wireline and wireless operations and telecommunications provider with the nation’s most reliable wireless investments primarily in the Americas — Revenues of $71.3 billion voice network and Europe — $7.3 billion in income before — Revenues of $27.7 billion — Revenues of $2.0 billion discontinued operations and — 43.8 million customers cumulative effect of accounting — $5.6 billion capital investment change — $13.3 billion capital investment INFORMATION SERVICES — More than 210,000 employees Leading print and online directory publisher and content provider DOMESTIC TELECOM — Revenues of $3.6 billion Major provider of local, long-distance, — 128 million circulation worldwide data and broadband services — 1.2 million advertising customers — Revenues of $38.6 billion — 134 million monthly searches on —Wireline assets serve two-thirds of the SuperPages.com top 100 U.S. markets — $7.1 billion capital investment CONSOLIDATED REVENUES CASH FLOW FROM OPERATIONS (billions) (billions) 2004 $71.3 2004 $21.8 2003 $67.5 2003 $22.5 2002 $67.1 2002 $22.1 TOTAL DEBT DIVIDENDS PER SHARE (billions) 2004 $39.3 2004 $1.54 2003 $45.4 2003 $1.54 2002 $53.3 2002 $1.54 In keeping with Verizon’s commitment to protecting the environment, this Annual Report is printed on non-glossy, recycled paper. Information about our environmental initiatives – including energy conservation, reducing greenhouse gas emissions, waste reduction and recycling – can be found on our website (www.verizon.com) by clicking on “About Verizon” and selecting “Verizon and the Environment.” creating a premier communications company Verizon is creating the future of communications by ushering in a new era in wireline and wire- less broadband connectivity. We are transforming our networks, products and services to provide our customers with the best possible communications experience at home, work or on the go … now and in the future. Our strategic investments have created the nation’s most reliable wireless voice network, delivered a portfolio of innovative mobile products and produced over 43 million loyal cus- tomers. We are also transforming our wireline networks to deliver superior broadband services. Because of our commitment to innovation and investment, our customers are better informed, better entertained and better connected to the things that matter most to them. By creating the future for our customers, we are also creating the future for ourselves. We are transforming our revenue base around the growth markets of the future and positioning ourselves to compete for an increasing share of the new markets being created by broadband and wireless technologies. 1 creating shareowner value Ivan Seidenberg, Chairman and Chief Executive Officer Fellow shareowners: 2004 was a year of steady progress for Verizon. We believe in growth through investment in new technologies and markets, and we have executed our plan with discipline, delivering another year of strong results and pushing into the expanding markets of the future. Our performance earned us the #1 ranking in Fortune’s list of most admired telecommunications companies. And in 2004, Verizon became one of the 30 companies that comprise the Dow Jones Industrial Average – a testimony to the breadth and depth of the company we have built. While we are gratified by the recognition So we closed the year in a solid finan- that confidence is that our Board of of our efforts, we are much more focused cial position, with the strongest balance Directors voted on March 4, 2005 to on the opportunities ahead. In a dynamic sheet we have had since we formed increase our quarterly dividend by 2 cents industry such as communications, stand- Verizon and a majority of our revenues per share. On an annual basis, this repre- ing still means falling behind. Verizon will coming from growth products. As you sents a 5.2 percent increase, from $1.54 not stand still. Rather, we will continue to can see on the chart on page 3, Verizon’s to $1.62 per share. What this increase build on our momentum, raise our stan- investors had a good year in 2004 as says is that our businesses are generat- dards for performance, and redefine the well, as our stock appreciated 15.5 per- ing sufficient cash flow to both reward growth possibilities for the communica- cent during the year. Including dividends, shareowners and invest in the technolo- tions industry. our total return was 20.3 percent, which gies that will make Verizon more competi- means we outperformed both the S&P tive and more valuable as the communi- 2004 Financial Performance Telecom Index and the S&P 500 Index. cations transformation unfolds. Verizon experienced strong revenue With the fresh wave of proposed growth in 2004, with accelerating 2004 Operating Results mergers and acquisitions in communica- momentum in growth markets as the year As you will see throughout this report, we tions, we have seen a pullback in telecom progressed. Revenues were $71.3 billion, made good progress in 2004 toward stocks in the early months of 2005, as up 5.7 percent from 2003. Fueling this implementing our vision and making its investors are understandably sorting result was a 23 percent gain in revenues benefits tangible for customers. through the implications of these transac- from Verizon Wireless and growth in high- Verizon Wireless continues to be the tions. Clearly, it is up to us to demon- speed data services in wireline. Overall, flagship company in the industry, deliver- strate, as we have in the past, that we we generated $3.8 billion in incremental ing our strongest year ever. Our commit- have the strength and the strategies to revenues over 2003, much of that from ment to network quality and customer navigate through this volatile period and products and services that barely existed service has made us the industry leader emerge as one of the winners in this still- for us as recently as five years ago. in customer growth, loyalty and prof- restructuring industry. We will not be sat- Reported earnings were $7.8 billion. itability. Data revenues exceed $1 billion isfied – nor, I am sure, will our investors – We generated almost $22 billion in cash a year and, as we expand our wide-area until our stock price consistently reflects flow from operations, which enabled wireless broadband network, we will our position as the preeminent company us to invest $13.3 billion in our networks, offer customers a range of new services, in our industry. repay $5.5 billion in debt, and pay $4.3 including high-quality video, 3-D games, For all the changes in the industry, we billion in dividends to our shareowners. music and remote access. are confident in our future. One sign of 2 2004 RELATIVE STOCK PERFORMANCE Verizon S&P500 Index 25.00% $35.25 $40.51 For all the changes in our industry, 20.00% there is one thing that doesn’t change, 15.00% and that’s the commitment of our people. For that, I am grateful to the 10.00% thousands of dedicated Verizon employ- 5.00% ees who constantly find new ways to serve customers – whether it’s delivering 0.00% the top wireless service in the industry, -5.00% deploying the country’s fastest fiber-optic 1.01.04 3.31.04 6.30.04 9.30.04 12.31.04 network, or working day and night so we can say to a hurricane victim in Florida, “Your service is restored.” I also want to thank our Board of Directors for their Domestic Telecom is also focused Information Services contributes approxi- guidance and support as we steer our on operating excellence and growth mately $1 billion in segment income and company through the convulsive changes through innovation. While revenues from very healthy operating income margins. in our industry. the traditional voice business continued Verizon International performed well in The more we accomplish, the more to decline, we saw some stabilization as 2004. We divested certain assets, princi- we know what still needs to be done. the year went on and held operating pally in Canada, to focus our energies The people of Verizon have a positive and income margins steady. Telecom also on the wireline and wireless markets our exciting vision of where we’re going. performed strongly in the growth areas of affiliates serve in the Caribbean and We are making the investments and deliv- DSL and high-speed data services for Latin America. Our international busi- ering the innovations that will put us We will continue to build on our momentum, raise our standards for performance, and redefine the growth possibilities for the communications industry. business. We gained share in the large- nesses contributed $1.2 billion in seg- on the upside of industry change. We will business market, and in 2005 we ment income in 2004. continue to conduct business with the are looking to make a strong business Our strong operating performance highest ethical standards and live up to even stronger through our acquisition shows that it really is possible to deliver our legacy of contributing to the well- of MCI. We are deploying a high-capacity great results today while leading for being of communities all over the country. fiber network that will deliver a host of tomorrow. And through it all, we will continue to next-generation services, including super- step up to the challenge of doing what Looking Ahead fast Internet access and HDTV-quality leaders do: use periods of significant As we look ahead at 2005, the restructur- video. We believe this strategy will enable change to reinvent their business and ing of the communications industry has us to leapfrog the competition and make redefine the industry.
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