Verizon Wireless 2008 Annual Report Download - page 3

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At Verizon, our business model is based on a few core beliefs.
We believe our superior networks dierentiate us and provide great
communications experiences to customers. We believe our focus
on the fundamentals of running a good business – operating
excellence, nancial discipline and strong values – gives us the
ability to plan our future and manage through all economic
conditions. We believe that investing for growth is the key
to creating value for our shareowners. And we believe that the
communications products and services we deliver are, and
will continue to be, hugely important in the lives of our customers,
our communities and our world.
By฀staying฀focused฀on฀this฀basic฀business฀model,฀Verizon฀has฀remained฀a฀source฀of฀relative฀
stability฀in฀a฀tumultuous฀market.฀Our฀performance฀in฀2008฀bears฀this฀out฀and฀shows฀the฀funda-
mental฀strength฀of฀our฀company.
Our฀main฀growth฀engines฀are฀wireless฀voice฀and฀data;฀high-speed฀consumer฀broadband฀and฀
video฀services;฀and฀Internet฀Protocol฀(IP)฀networks,฀applications฀and฀professional฀services฀for฀
global฀businesses.฀Each฀of฀these฀gained฀market฀share฀and฀attracted฀new฀customers฀in฀2008.฀As฀a฀
result฀of฀this฀strong฀performance฀in฀our฀strategic฀businesses,฀Verizon฀delivered฀growth฀in฀rev-
enues,฀earnings฀and฀cash฀ow฀in฀2008.฀Operating฀revenues฀for฀the฀year฀were฀$97.4฀billion,฀an฀
increase฀of฀4.2฀percent฀or฀5.1฀percent฀on฀an฀adjusted฀basis.฀Adjusted฀operating฀income฀was฀$18.1฀
billion,฀up฀9.2฀percent฀for฀the฀year.฀Operating฀cash฀ows฀from฀continuing฀operations฀totaled฀$26.6฀
billion,฀up฀1.2฀percent฀from฀2007.฀Adjusted฀earnings฀from฀continuing฀operations฀were฀$2.54฀per฀
share,฀up฀7.6฀percent.
Chairman’s Letter to
Shareowners
1
VERIZON COMMUNICATIONS INC. 2008 ANNUAL REPORT
Ivan Seidenberg
Chairman and Chief Executive Ocer