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7
VERIZON COMMUNICATIONS INC. 2007 ANNUAL REPORT
But฀for฀all฀the฀technological฀wizardry฀of฀our฀industry,฀the฀real฀key฀to฀being฀the฀best฀
company฀ in฀ communications฀ is฀ delivering฀ the฀ benets฀ of฀ all฀ this฀ technology฀ to฀ the฀
millions฀of฀customers฀who฀rely฀on฀us฀for฀service.฀
Think฀ about฀ the฀ range฀ of฀ digital฀ devices,฀ experiences,฀ networks฀ and฀ services฀ you฀
juggle฀ over฀ the฀ course฀ of฀ an฀ average฀ day.฀ Multiply฀ that฀ by฀ those฀ of฀ your฀ family,฀ your฀
friends,฀ your฀ co-workers฀ and฀ your฀ on-line฀ communities฀ and฀ you฀ have฀ a฀ digital฀
environment฀whose฀complexity฀is฀increasing฀exponentially.฀Giving฀customers฀the฀tools฀
to฀manage฀their฀ digital฀lives฀–฀anytime,฀anywhere,฀on฀any฀device฀–฀ will฀be฀one฀ of฀the฀
great฀business฀opportunities฀of฀the฀next฀decade.฀Few฀companies฀are฀better฀positioned฀to฀
help฀customers฀do฀that฀than฀Verizon.฀That’s฀why,฀going฀forward,฀we฀are฀focused฀on฀using฀
our฀unique฀combination฀of฀assets฀–฀networks,฀software฀and฀relationships฀with฀millions฀
of฀customers฀–฀to฀deliver฀the฀differentiated฀Verizon฀experience฀that฀will฀build฀competitive฀
advantage฀and฀customer฀loyalty฀in฀the฀future.฀
No฀one฀in฀our฀industry฀has฀cracked฀the฀code฀on฀customer฀service฀for฀the฀digital฀age.฀
Verizon฀can฀be฀the฀company฀that฀does฀that,฀and฀we฀are฀attacking฀this฀mission฀with฀the฀
same฀kind฀of฀consistency,฀clarity฀and฀accountability฀that฀we฀have฀exhibited฀in฀achieving฀
our฀other฀performance฀objectives.
We used our improved cash flow to provide strong returns to our investors,
while continuing to invest in future growth.
Our strong cash position and balance sheet give us the financial
flexibility to continue investing for growth and at the same time
return capital to our shareowners. The confidence that our business
model can generate top-line and bottom-line performance allowed
us to increase our dividend payment and repurchase $2.8 billion
$38.3 $36.4
$31.2
Total Debt
(billions)
05 06 07
of Verizon stock last year. By creating sustainable growth in our
broadband, wireless and enterprise markets, we are able to reward
our shareowners today while we continue to invest in the future
growth of the business.
2007 Use of Cash
(billions)
2007
Investment
Shareowner
Returns
Dividends: $4.8
Share Repurchase: $2.8
Debt Reduction: $5.2
Capital Expenditures: $17.5
4.