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Verizon Announces 3Q Results
Posted: 24-Oct-2010 [Source: Verizon]

[Verizon Wirelss delivers another strong quarter continuing data revenue growth and the largest number of retail customers of any U.S. wireless provider.]

New York -- Wireless Highlights:

* 997,000 total net customer additions, excluding acquisitions and adjustments, in 3Q 2010; 584,000 retail postpaid net customer additions in the quarter; continued low retail postpaid churn of 1.07 percent.

* 93.2 million customers; 101.1 million total connections.

* 6.0 percent increase in total revenues from 3Q 2009; 7.7 percent increase in service revenues; data revenues up 26.3 percent; 29.9 percent operating income margin and 47.2 percent Segment EBITDA margin on service revenues (non-GAAP).

Wireless: Another Strong Quarter

Verizon Wireless delivered accelerating top-line revenue growth, continued data revenue growth, strong margins, and solid additions of traditional customers and other connections. In the third quarter of 2010:

* Verizon Wireless added 584,000 retail postpaid and 447,000 total retail customers in the quarter, excluding acquisitions and adjustments.

* At the end of the third quarter, the company had 86.7 million retail customers, which represented 93 percent of the company's wireless customers, the largest number of retail customers of any U.S. wireless provider.

* The company also added 550,000 reseller customers in the third quarter.

* The total number of customers at the end of the quarter was 93.2 million.

* In addition, the company had 7.9 million other connections at the end of the quarter -- such as machine-to-machine and telematics -- adding 251,000 net other connections in the quarter. This brings the number of total wireless connections to 101.1 million at the end of the third quarter.

* Retail postpaid churn remained low at 1.07 percent. Retail and total customer churn levels were 1.43 percent and 1.36 percent, respectively.

* Retail service revenues in the quarter totaled $13.5 billion, up 5.0 percent year over year. Retail data revenues were $4.8 billion, up 22.8 percent. Service revenues in the third quarter were $14.2 billion, up 7.7 percent. Total revenues were $16.3 billion, up 6.0 percent year over year.

* Retail service ARPU (average monthly service revenue per user) grew 1.8 percent over third-quarter 2009, to $51.99. Retail data ARPU increased to $18.61, up 19.0 percent year over year.

* Wireless operating income margin was 29.9 percent, an increase of 220 basis points year over year. Segment EBITDA margin on service revenues (non-GAAP) was 47.2 percent, up 150 basis points over third-quarter 2009.

Additional Wireless Highlights

* Verizon Wireless continued to lead the industry in cost efficiency. Monthly cash expense per customer (non-GAAP) decreased in the third quarter 2010 to $26.88, from $27.59 in the comparable period in 2009.

* In the third quarter, data revenues increased to 35.7 percent of all service revenues, up from 30.5 percent in the third quarter 2009.

* Verizon Wireless continued to invest in its broadband network, the nation's largest and most reliable 3G (third-generation) network. Verizon's 3G network provides more coverage than any other U.S. carrier's and is available where more than 289 million people reside.

* In early October, Verizon Wireless announced 38 major metropolitan areas, covering 110 million people, where it will launch its 4G LTE (fourth-generation Long Term Evolution) network by the end of the year. In addition, 4G LTE will be available in more than 60 commercial airports coast to coast -- including major airports within the launch areas plus airports in other key cities. Verizon Wireless' 4G LTE network-deployment plans include covering virtually all of the company's current nationwide 3G footprint by the end of 2013.

* Verizon Wireless announced the first tablets to be available to its customers: the Apple iPad Wi-Fi will go on sale on Oct. 28 and the Samsung Galaxy Tab will launch on Nov. 11. In addition, the company continued to expand its smartphone lineup during the third quarter with the launch of the DROID X, DROID 2 and limited edition DROID R2-D2 by Motorola; the Samsung Fascinate, a Galaxy S smartphone; and a new model of the BlackBerry Curve 3G smartphone.

* The company hosted its second annual Verizon Developers Conference in September, reaffirming its commitment to an open network and helping developers deliver applications to market quickly. Since the VDC was established in 2009, more than 5,000 developers have joined to create applications to be distributed to Verizon Wireless customers. * During the third quarter, Verizon Wireless customers sent or received more than 183 billion text messages. Customers also sent nearly 3.8 billion picture messages and completed nearly 22 million music and video downloads.

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