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Verizon Reports Strong 4Q and Year-End 2010 Results
Posted: 25-Jan-2011 [Source: Verizon Communications]

[At year-end 2010, 26 percent of Verizon Wireless' retail postpaid customer base had smartphone devices, up from 15 percent at year-end 2009. In fourth-quarter 2010, more than 75 percent of Verizon Wireless' postpaid net adds were smartphones.]

New York -- Wireless Highlights:

*7.7 percent increase in service revenues from 4Q 2009; data revenues up 25.5 percent; 30.1 percent operating income margin and 47.5 percent Segment EBITDA margin on service revenues (non-GAAP).

* 955,000 total net customer additions, excluding acquisitions and adjustments, in 4Q 2010; includes 872,000 retail postpaid net customer additions in the quarter; continued low retail postpaid churn of 1.01 percent. * 102.2 million total connections, includes 94.1 million total customers.

Wireless Delivers Continued Strong Growth and Profitability

Verizon Wireless delivered strong growth in revenues, strong retail postpaid ARPU (average monthly service revenue per user), and growth in traditional customers and other connections. Wireless service EBITDA margin was a record high. In the fourth quarter of 2010:

* Verizon Wireless added 872,000 retail postpaid customers, and 803,000 total retail customers, which includes a decrease of 69,000 retail prepaid customers. These additions exclude acquisitions and adjustments.

* At the end of the fourth quarter, the company had 87.5 million retail customers, which represented 93 percent of the company's wireless customers.

* The company also added 152,000 reseller customers in the fourth quarter.

* The company had a total of 94.1 million customers at the end of the fourth quarter. In addition, the company had 8.1 million other connections -- such as machine-to-machine and telematics. This was an increase of 186,000 net other connections in the quarter, and brought the number of total wireless connections to 102.2 million at year-end 2010.

* At year-end 2010, 26 percent of Verizon Wireless' retail postpaid customer base had smartphone devices, up from 15 percent at year-end 2009. In fourth-quarter 2010, more than 75 percent of Verizon Wireless' postpaid net adds were smartphones. * Retail postpaid churn remained low at 1.01 percent. Total retail and total customer churn levels were 1.37 and 1.34 percent, respectively. All churn levels improved year over year and sequentially.

* Retail service revenues in the quarter totaled $13.5 billion, up 5.1 percent year over year. Retail data revenues were $5.0 billion, up 22.8 percent year over year. Service revenues in the fourth quarter were $14.2 billion, up 7.7 percent year over year. Total revenues were $16.1 billion, up 5.7 percent year over year. For full-year 2010, service revenues were $55.6 billion, up 6.9 percent over full-year 2009; total revenues were $63.4 billion, up 5.1 percent year over year.

* Retail postpaid ARPU grew 2.5 percent over the fourth-quarter 2009, to $53.50. Retail postpaid data ARPU increased to $19.97, up 19.3 percent year over year. In addition, retail service ARPU grew 2.4 percent over fourth-quarter 2009, to $51.84.

* Wireless operating income margin was 30.1 percent, an increase of 340 basis points year over year. Segment EBITDA margin on service revenues (non-GAAP) was 47.5 percent, up 290 basis points over fourth-quarter 2009. For full-year 2010, operating income margin was 29.5 percent, up 190 basis points over full-year 2009; segment EBITDA margin on service revenues was 46.9 percent, up 140 basis points.

Wireless Delivers Continued Strong Growth and Profitability

Verizon Wireless delivered strong growth in revenues, strong retail postpaid ARPU (average monthly service revenue per user), and growth in traditional customers and other connections. Wireless service EBITDA margin was a record high. In the fourth quarter of 2010:

* Verizon Wireless added 872,000 retail postpaid customers, and 803,000 total retail customers, which includes a decrease of 69,000 retail prepaid customers. These additions exclude acquisitions and adjustments.

* At the end of the fourth quarter, the company had 87.5 million retail customers, which represented 93 percent of the company's wireless customers.

* The company also added 152,000 reseller customers in the fourth quarter.

* The company had a total of 94.1 million customers at the end of the fourth quarter. In addition, the company had 8.1 million other connections -- such as machine-to-machine and telematics. This was an increase of 186,000 net other connections in the quarter, and brought the number of total wireless connections to 102.2 million at year-end 2010.

* At year-end 2010, 26 percent of Verizon Wireless' retail postpaid customer base had smartphone devices, up from 15 percent at year-end 2009. In fourth-quarter 2010, more than 75 percent of Verizon Wireless' postpaid net adds were smartphones.

* Retail postpaid churn remained low at 1.01 percent. Total retail and total customer churn levels were 1.37 and 1.34 percent, respectively. All churn levels improved year over year and sequentially.

* Retail service revenues in the quarter totaled $13.5 billion, up 5.1 percent year over year. Retail data revenues were $5.0 billion, up 22.8 percent year over year. Service revenues in the fourth quarter were $14.2 billion, up 7.7 percent year over year. Total revenues were $16.1 billion, up 5.7 percent year over year. For full-year 2010, service revenues were $55.6 billion, up 6.9 percent over full-year 2009; total revenues were $63.4 billion, up 5.1 percent year over year.

* Retail postpaid ARPU grew 2.5 percent over the fourth-quarter 2009, to $53.50. Retail postpaid data ARPU increased to $19.97, up 19.3 percent year over year. In addition, retail service ARPU grew 2.4 percent over fourth-quarter 2009, to $51.84.

* Wireless operating income margin was 30.1 percent, an increase of 340 basis points year over year. Segment EBITDA margin on service revenues (non-GAAP) was 47.5 percent, up 290 basis points over fourth-quarter 2009. For full-year 2010, operating income margin was 29.5 percent, up 190 basis points over full-year 2009; segment EBITDA margin on service revenues was 46.9 percent, up 140 basis points.

Additional Highlights

Wireless

* At Verizon Wireless, monthly cash expense per customer (non-GAAP) decreased in the fourth quarter 2010 to $26.59 from $27.72 in the fourth quarter 2009. For the full year, cash expense per customer was $26.80, down 2.7 percent from $27.55 in 2009.

* In the fourth quarter, total data revenues were 37.1 percent of all service revenues, up from 31.8 percent in the fourth quarter 2009.

* Verizon Wireless continued to invest in its 3G (third-generation) broadband network, the nation's largest and most reliable 3G network. Verizon's 3G network provides more coverage than any other U.S. carrier and is available where more than 290 million people reside.

* In December, Verizon Wireless launched its 4G LTE (fourth-generation Long Term Evolution) Mobile Broadband network, the fastest and most advanced 4G network in the U.S., in 38 major metropolitan areas covering one-third of all Americans and in more than 60 commercial airports. With Verizon Wireless' 4G LTE network, laptop users experience average data throughput speeds of up to 10 times faster than when on the company's 3G network. Verizon Wireless announced earlier this month that it would expand its 4G LTE network to an additional 140 markets by the end of 2011.

* Concurrent with the launch of its 4G LTE Mobile Broadband network, Verizon Wireless introduced two 4G LTE USB modems: the LG VL600 and the Pantech UML290, which are also compatible with the company's 3G network. Verizon Wireless unveiled 10 new 4G LTE consumer devices at the International Consumer Electronics Show earlier this month, including smartphones, tablets, mobile hot spot devices and notebooks that will be available in the first half of this year.

* On Jan. 11, Verizon Wireless announced the iPhone 4 will be available to customers beginning in February.

* During the fourth quarter, Verizon Wireless customers sent or received more than 180 billion text messages. Customers also sent nearly 4.5 billion picture/video messages and completed more than 20 million music and video downloads from Verizon Wireless.

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