This excerpt taken from the VZ 8-K filed Apr 28, 2008.
Consolidated Growth and Share Repurchases
Verizons total operating revenues grew 5.5 percent to $23.8 billion, compared with the first quarter 2007. Total operating expenses increased 3.8 percent to $19.5 billion over the same period.
Verizons operating income grew 14.1 percent to $4.3 billion, compared with the first quarter 2007. On an adjusted basis (non-GAAP), operating income grew 14.2 percent to $4.5 billion. Operating income margin rose to 18.2 percent, compared with 16.8 percent in the first quarter 2007. On an adjusted basis, Verizons operating income margin rose to 18.7 percent, compared with 17.3 percent in the first quarter 2007.
Cash flows from continuing operations totaled $5.4 billion through the first three months of 2008, up 6.9 percent over the same period last year. During the first quarter 2008, Verizon took advantage of market conditions to repurchase $1 billion of its common stock.
Total debt was $35.8 billion, compared with $31.2 billion at year-end 2007, and Verizon ended the quarter with $5.5 billion in cash and equivalents. Most of this cash, along with $4 billion in capital raised through long-term borrowings in April, has been used to pay for the wireless licenses won in the Federal Communications Commissions 700 MHz spectrum auction.
Verizon News Release, page 4