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5
VERIZON COMMUNICATIONS INC. 2007 ANNUAL REPORT
and฀the฀crisis฀in฀the฀subprime฀mortgage฀market,฀we฀are฀condent฀that฀our฀strong฀balance฀
sheet,฀good฀cash฀ows฀and฀diversied฀business฀model฀will฀sustain฀us฀through฀whatever฀
economic฀uncertainty฀we฀may฀experience฀in฀the฀coming฀months.฀In฀fact,฀as฀a฀sign฀of฀that฀
condence,฀the฀Verizon฀Board฀of฀Directors฀recently฀authorized฀the฀repurchase฀of฀up฀to฀
100฀million฀shares฀over฀the฀next฀three฀years.฀
Our฀belief฀is฀that฀good฀execution฀and฀sound฀nancials฀give฀you฀the฀ability฀to฀control฀
your฀ own฀ destiny,฀ even฀ in฀ uncertain฀ economic฀ times.฀ More฀ broadly,฀ we฀ think฀ our฀
fundamental฀strength฀will฀serve฀us฀well฀as฀we฀prepare฀for฀the฀next฀phase฀of฀growth฀in฀
communications.฀
As฀we฀look฀ahead,฀we฀are฀getting฀a฀better฀picture฀of฀the฀opportunities฀being฀created฀
by฀ the฀ accelerating฀ shift฀ to฀ ultra-high-speed฀ broadband,฀ wireless฀ multimedia฀ and฀
anytime-anywhere฀applications฀and฀ services.฀We฀ expect฀that฀a฀ new฀wave฀of฀ wireless฀
devices฀ will฀ expand฀ the฀ market฀ beyond฀ phones฀ and฀ computers฀ by฀ embedding฀
communications฀capabilities฀into฀appliances,฀cars,฀cameras,฀credit฀cards฀and฀more.฀The฀
enormous฀growth฀of฀sites฀like฀YouTube,฀Facebook฀and฀other฀social฀media฀will฀continue฀to฀
feed฀the฀demand฀for฀bandwidth฀that฀supports฀these฀highly฀visual฀and฀interactive฀forms฀
of฀ communicating.฀ All฀ of฀ the฀ dening฀ experiences฀ of฀ the฀ digital฀ lifestyle฀ –฀ social฀
207
3
943
FiOS TV
Customers
(thousands)
05 06 07
Consolidated Revenues
(billions)
$69.5
$88.2 $93.5
2005 2006 2007
As a result of our investments, we accelerated our revenue growth.
We believe that the best way for us to create value for our
shareowners is to grow the business. By strengthening our busi-
ness mix around growth products and services, we created a
stronger revenue stream. Sales of our new growth products have
also led to increased revenue per customer, which has helped
offset the losses we experienced in some of our legacy products.
In 2006, consolidated revenues increased by $18.7 billion to a total of
$88.2 billion, largely a result of our acquisition of MCI. In 2007, con-
solidated revenues totaled $93.5 billion, an increase of $5.3 billion
compared to 2006.
2.