Verizon Communications Inc. (NYSE, NASDAQ:VZ) today reported continued strong cash flow growth in the first quarter of 2010, with steady customer and revenue gains for FiOS and Verizon Wireless services, and growth in sales of strategic services and equipment in business markets. Here are the numbers related to Verizon Wireless:
* 1.5 million total net customer additions, excluding acquisitions and adjustments, 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.
* 4.4 percent increase in total revenues from 1Q 2009; continued low retail postpaid churn of 1.07 percent; data revenues up 26.4 percent; 28.9 percent operating income margin and 46.0 percent Segment EBITDA margin on service revenues (non-GAAP).
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.
* Verizon Wireless continued to lead the industry in cost efficiency. Monthly cash expense per customer (non-GAAP) decreased in the first quarter 2010 to $27.09, from $27.38 in the comparable period in 2009.
* In the first quarter, data revenues grew to 33.3 percent of all service revenues, up from 27.9 percent in the first 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 and is available to more than 285 million people.
* The company broke ground earlier this month on its new Technology Innovation Center, a lab and office facility in Waltham, Mass., focused on the development of new products, services and applications for next-generation technologies, including LTE (Long Term Evolution) 4G wireless networks and FiOS. Verizon Wireless plans to launch the nation?s first 4G LTE network in 25 to 30 markets by the end of this year and cover virtually all of its current nationwide 3G footprint by the end of 2013.
* Verizon Wireless launched exclusive premium services for its smartphone and multimedia device customers. Skype Mobile lets Verizon Wireless customers with data plans make unlimited Skype-to-Skype calls around the world without using their monthly minute allowances or data plans. NFL Mobile delivers unprecedented access to teams, players, games and broadcasts of America?s number one sport, including live coverage of the 2010 NFL Draft.
* Verizon Wireless unveiled the DROID Incredible by HTC, the newest Android smartphone, which will be available next week -- and the Microsoft KIN, which will be available in May. During the first quarter, the company also launched the Android-powered Motorola DEVOUR smartphone; the Palm Pre Plus and Palm Pixi Plus, both with a built-in Wi-Fi hotspot; the Casio G?zOne Brigade, a rugged device that stands up to tough work conditions; the LG Cosmos with built-in social networking features; and Push to Talk service for the BlackBerry Tour 9630 smartphone. ? During the first quarter, Verizon Wireless customers sent or received more than 175 billion text messages. Customers also sent nearly 4.4 billion picture/video messages and completed more than 29 million music and video downloads.
To read our latest phone reviews please visit:
HTC Incredible on Verizon
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Palm Pre Plus and Palm Pixi Plus for Verizon
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