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Verizon Releases Q1 Results
Posted: 23-Apr-2010 [Source: Verizon Wireless]

[Verizon Wireless reports 1.5 million total net customer additions in 1Q 2010; 423,000 retail postpaid net customer additions in the quarter; 87.8 million retail customers, up 4.4 percent; 92.8 million total customers, up 7.2 percent from 1Q 2009.]

New York, NY -- Wireless Customer, Data Growth and Profitability Continue Strong

Verizon Wireless delivered sustained high margins and solid customer additions, and strong data revenue growth. In the first quarter of 2010:

* Verizon Wireless continued to grow its high-quality retail (non-wholesale) customer base, adding 423,000 retail postpaid and 284,000 total retail customers in the quarter, excluding acquisitions and adjustments.

* Nearly 95 percent of the company’s customers are retail, the most retail customers of any U.S. wireless provider. The company had 87.8 million retail customers at the end of the first quarter, an increase of 4.4 percent year over year.

* The company also added 1.3 million reseller customers in the first quarter.

* The total number of customers at the end of the quarter was 92.8 million, an increase of 7.2 percent year over year, with 1.5 million total net customer additions in the first quarter 2010. In addition, the company has 7.3 million other connections, including machine-to-machine (M2M), eReaders and telematics, bringing total connections to 100.1 million.

* Retail postpaid churn, retail churn and total customer churn remained low, at 1.07 percent, 1.46 percent and 1.40 percent, respectively. All are improved year over year.

* Retail service revenues in the quarter totaled $13.4 billion, up 5.0 percent year over year. Retail data revenue was up 25.6 percent to $4.5 billion. Service revenues in the first quarter were $13.8 billion, up 5.9 percent. Total revenues were $15.8 billion, up 4.4 percent year over year.

* Retail service ARPU (average monthly service revenue per user) remained the same year over year at $50.95. Retail data ARPU increased to $17.06, up 19.6 percent year over year.

* Wireless operating income margin was 28.9 percent, an increase of 0.7 percentage points year over year. Segment EBITDA (earnings before interest, taxes, depreciation and amortization) margin on service revenues (non-GAAP) was 46.0 percent, the same as first-quarter 2009.

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