REG - AT & T Inc. - 1st Quarter Results 2019 8-K
RNS Number : 5161AAT & T Inc.29 May 2019
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of report (Date of earliest event reported) April 24, 2019
AT&T INC.
(Exact Name of Registrant as Specified in Charter)
Delaware
1-8610
43-1301883
(State or Other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
208 S. Akard St., Dallas, Texas
75202
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code (210) 821-4105
__________________________________
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240-14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
The registrant announced on April 24, 2019, its results of operations for the first quarter of 2019. The text of the press release and accompanying financial information are attached as exhibits and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
The following exhibits are furnished as part of this report:
(d) Exhibits
99.1
Press release dated April 24, 2019 reporting financial results for the first quarter ended March 31, 2019 .
99.2
AT&T Inc. selected financial statements and operating data .
99.3
Discussion and reconciliation of non-GAAP measures .
Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
AT&T INC.
Date: April 24, 2019
By: / s/ Debra L. Dial
Debra L. Dial
Senior Vice President and Controller
AT&T Reports First-Quarter Results
First-Quarter Consolidated Results
●
Diluted EPS of $0.56 as reported compared to $0.75 in the year-ago quarter
●
Adjusted EPS of $0.86 compared to $0.85 in the year-ago quarter
●
Consolidated revenues of $44.8 billion
●
Cash from operations of $11.1 billion, up 24%
●
Capital expenditures of $5.2 billion
●
Free cash flow of $5.9 billion
Note: AT&T's first-quarter earnings conference call will be webcast at 8:30 a.m. ET on Wednesday, April 24, 2019. The webcast and related materials will be available on AT&T's Investor Relations website at https://investors.att.com .
DALLAS, April 24, 2019 - AT&T Inc . ( NYSE:T ) reported solid Mobility and WarnerMedia results in the first quarter, including wireless service revenue growth and postpaid phone net adds, and grew operating income and EBITDA in the Entertainment Group.
"Our first-quarter results show that we're delivering on what we promised," said Randall Stephenson, AT&T chairman and CEO. "We're on plan to meet our de-leveraging goals with strong free cash flow and asset sales. We grew Entertainment Group EBITDA in the quarter and are confident we'll meet or exceed our full-year target. FirstNet deployment continues ahead of schedule. And we are recognized for having the nation's best wireless network 1 , as well as the fastest network 2 .
"All this speaks volumes about our focus on our strategic priorities and our ability to grow our Mobility, WarnerMedia and emerging Xandr businesses. Our teams are executing well and have turned in a good performance to start the year."
First-Quarter Results
Communications Highlights
●
Mobility:
o
Service revenues up 2.9%; operating income and EBITDA growth with postpaid phone and prepaid net adds
o
179,000 postpaid smartphone net adds in the U.S.
●
80,000 postpaid phone net adds
o
96,000 prepaid net adds of which 85,000 are phones
●
Entertainment Group:
o
13% operating income growth with solid ARPU gains
o
6.9% EBITDA growth as company targets stability
o
Focus on long-term value customer base
●
22.4 million premium TV subscribers - 544,000 net loss
●
1.5 million DIRECTV NOW subscribers - 83,000 net loss
o
Nearly 300,000 AT&T Fiber gains; 45,000 broadband net adds with broadband revenue growth of more than 8%
o
12.4 million customer locations passed with fiber
WarnerMedia Highlights
●
Solid revenue growth with strong operating income growth with gains in all business units
o
Turner subscription revenue growth
o
HBO digital subscriber growth continued as last season of Game of Thrones begins
o
Strong Warner Bros. revenue and operating income growth
Latin America Highlights
●
93,000 Mexico wireless net adds
Xandr Highlights
●
Advertising revenues grew by 26.4% largely due to the AppNexus acquisition
Consolidated Financial Results
AT&T's consolidated revenues for the first quarter totaled $44.8 billion versus $38.0 billion in the year-ago quarter, up 17.8%, primarily due to the Time Warner acquisition. Declines in legacy wireline services, Vrio, wireless equipment and domestic video were more than offset by the addition of WarnerMedia, domestic wireless services and Xandr. Operating expenses were $37.6 billion versus $31.8 billion in the year-ago quarter, an increase of about $5.8 billion due to the Time Warner acquisition and higher commission amortization from adopting new accounting standards last year, partially offset by lower wireless equipment costs and cost efficiencies.
Operating income was $7.2 billion versus $6.2 billion in the year-ago quarter, primarily due to the Time Warner acquisition, with operating income margin of 16.1% versus 16.3%. When adjusting for amortization, merger- and integration-related expenses and other items, operating income was $9.6 billion versus $7.5 billion in the year-ago quarter, and operating income margin was 21.4% versus 19.7% in the year-ago quarter due to the acquisition of Time Warner.
First-quarter net income attributable to AT&T was $4.1 billion, or $0.56 per diluted share, versus $4.7 billion, or $0.75 per diluted share, in the year-ago quarter. Adjusting for $0.30, which includes merger-amortization costs, merger- and integration-related expenses, a non-cash actuarial loss on benefit plans and other items, earnings per diluted share was $0.86 compared to an adjusted $0.85 in the year-ago quarter.
Cash from operating activities was $11.1 billion, and capital expenditures were $5.2 billion. Capital investment - which consists of capital expenditures plus cash payments for vendor financing - totaled $6.0 billion, which includes about $800 million of cash payments for vendor financing. Free cash flow - cash from operating activities minus capital expenditures - was $5.9 billion for the quarter.
1 Based on GWS OneScore Sept. 2018
2 Based on analysis by Ookla ® of Speedtest Intelligence ® data average download speeds for Q1 2019
*About AT&T
AT&T Inc. ( NYSE:T ) is a diversified, global leader in telecommunications, media and entertainment, and technology. It executes in the market under four operating units. WarnerMedia's HBO, Turner and Warner Bros. divisions are world leaders in creating premium content, operate one of the world's largest TV and film studios, and own a world-class library of entertainment. AT&T Communications provides more than 100 million U.S. consumers with entertainment and communications experiences across TV, mobile and broadband services. Plus, it serves nearly 3 million business customers with high-speed, highly secure connectivity and smart solutions. AT&T Latin America provides pay-TV services across 11 countries and territories in Latin America and the Caribbean, and is the fastest growing wireless provider in Mexico, serving consumers and businesses. Xandr provides marketers with innovative and relevant advertising solutions for consumers around premium video content and digital advertising through its AppNexus platform.
AT&T products and services are provided or offered by subsidiaries and affiliates of AT&T Inc. under the AT&T brand and not by AT&T Inc. Additional information is available at about.att.com. © 2019 AT&T Intellectual Property. All rights reserved. AT&T, the Globe logo and other marks are trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies. All other marks contained herein are the property of their respective owners.
Cautionary Language Concerning Forward-Looking Statements
Information set forth in this news release contains financial estimates and other forward-looking statements that are subject to risks and uncertainties, and actual results might differ materially. A discussion of factors that may affect future results is contained in AT&T's filings with the Securities and Exchange Commission. AT&T disclaims any obligation to update and revise statements contained in this news release based on new information or otherwise.
This news re lease may contain certain non-GAAP financial measures. Reconciliations between the non-GAAP financial measures and the GAAP financial measures are available on the company's website at https://investors.att.com .
For more information, contact:
Erin McGrath
AT&T Inc.
Phone: 214-862-0651
Email: erin.mcGrath@att.com
AT&T Inc.
Financial Data
Dollars in millions except per share amounts
Unaudited
First Quarter
Percent
2019
2018
Change
Operating Revenues
Service
$
40,684
$
33,646
20.9
%
Equipment
4,143
4,392
(5.7)
%
Total Operating Revenues
44,827
38,038
17.8
%
Operating Expenses
Cost of revenues
Equipment
4,502
4,848
(7.1)
%
Broadcast, programming and operations
7,652
5,166
48.1
%
Other cost of revenues (exclusive of depreciation
and amortization shown separately below)
8,585
7,932
8.2
%
Selling, general and administrative
9,649
7,897
22.2
%
Depreciation and amortization
7,206
5,994
20.2
%
Total Operating Expenses
37,594
31,837
18.1
%
Operating Income
7,233
6,201
16.6
%
Interest Expense
2,141
1,771
20.9
%
Equity in Net Income (Loss) of Affiliates
(7)
9
-
%
Other Income (Expense) - Net
286
1,702
(83.2)
%
Income Before Income Taxes
5,371
6,141
(12.5)
%
Income Tax Expense
1,023
1,382
(26.0)
%
Net Income
4,348
4,759
(8.6)
%
Less: Net Income Attributable to
Noncontrolling Interest
(252)
(97)
-
%
Net Income Attributable to AT&T
$
4,096
$
4,662
(12.1)
%
Basic Earnings Per Share Attributable to AT&T
$
0.56
$
0.75
(25.3)
%
Weighted Average Common
Shares Outstanding (000,000)
7,313
6,161
18.7
%
Diluted Earnings Per Share Attributable to AT&T
$
0.56
$
0.75
(25.3)
%
Weighted Average Common
Shares Outstanding with Dilution (000,000)
7,342
6,180
18.8
%
AT&T Inc.
Financial Data
Dollars in millions
Unaudited
Mar. 31,
Dec. 31,
2019
2018
Assets
Current Assets
Cash and cash equivalents
$
6,516
$
5,204
Accounts receivable - net of allowances for doubtful accounts of $905 and $907
23,863
26,472
Prepaid expenses
1,518
2,047
Other current assets
14,575
17,704
Total current assets
46,472
51,427
Noncurrent Inventories and Theatrical Film and Television Production Costs
10,270
7,713
Property, Plant and Equipment - Net
132,051
131,473
Goodwill
146,434
146,370
Licenses - Net
97,001
96,144
Trademarks and Trade Names - Net
24,218
24,345
Distribution Networks - Net
16,623
17,069
Other Intangible Assets - Net
24,732
26,269
Investments in and Advances to Equity Affiliates
6,230
6,245
Operating Lease Right-of-Use Assets
20,235
-
Other Assets
24,118
24,809
Total Assets
$
548,384
$
531,864
Liabilities and Stockholders' Equity
Current Liabilities
Debt maturing within one year
$
11,538
$
10,255
Accounts payable and accrued liabilities
42,306
43,184
Advanced billings and customer deposits
5,956
5,948
Accrued taxes
1,130
1,179
Dividends payable
3,722
3,854
Total current liabilities
64,652
64,420
Long-Term Debt
163,942
166,250
Deferred Credits and Other Noncurrent Liabilities
Deferred income taxes
59,207
57,859
Postemployment benefit obligation
19,664
19,218
Operating lease liabilities
18,253
-
Other noncurrent liabilities
27,715
30,233
Total deferred credits and other noncurrent liabilities
124,839
107,310
Stockholders' Equity
Common stock
7,621
7,621
Additional paid-in capital
125,174
125,525
Retained earnings
59,424
58,753
Treasury stock
(11,452)
(12,059)
Accumulated other comprehensive income
4,345
4,249
Noncontrolling interest
9,839
9,795
Total stockholders' equity
194,951
193,884
Total Liabilities and Stockholders' Equity
$
548,384
$
531,864
AT&T Inc.
Financial Data
Dollars in millions
Unaudited
First Quarter
2019
2018
Operating Activities
Net income
$
4,348
$
4,759
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
7,206
5,994
Amortization of film and television costs
2,497
-
Undistributed earnings from investments in equity affiliates
112
(2)
Provision for uncollectible accounts
592
438
Deferred income tax expense (benefit)
1,069
1,222
Net (gain) loss from investments, net of impairments
(175)
2
Actuarial (gain) loss on pension and postretirement benefits
432
(930)
Changes in operating assets and liabilities:
Accounts receivable
1,894
(439)
Other current assets, inventories and theatrical film and television production costs
(2,510)
614
Accounts payable and other accrued liabilities
(3,686)
(1,962)
Equipment installment receivables and related sales
652
505
Deferred customer contract acquisition and fulfillment costs
(375)
(826)
Retirement benefit funding
-
(140)
Other - net
(1,004)
(288)
Total adjustments
6,704
4,188
Net Cash Provided by Operating Activities
11,052
8,947
Investing Activities
Capital expenditures:
Purchase of property and equipment
(5,121)
(5,957)
Interest during construction
(61)
(161)
Acquisitions, net of cash acquired
(213)
(234)
Dispositions
10
56
(Purchases) sales of securities, net
(1)
(116)
Advances to and investments in equity affiliates, net
(15)
(1,007)
Cash collections of deferred purchase price
-
267
Net Cash Used in Investing Activities
(5,401)
(7,152)
Financing Activities
Net change in short-term borrowings with original maturities of three months or less
(256)
-
Issuance of other short-term borrowings
296
-
Repayment of other short-term borrowings
(176)
-
Issuance of long-term debt
9,182
2,565
Repayment of long-term debt
(9,840)
(4,911)
Purchase of treasury stock
(189)
(145)
Issuance of treasury stock
167
11
Dividends paid
(3,714)
(3,070)
Other
109
2,048
Net Cash Used in Financing Activities
(4,421)
(3,502)
Net increase (decrease) in cash and cash equivalents and restricted cash
1,230
(1,707)
Cash and cash equivalents and restricted cash beginning of year
5,400
50,932
Cash and Cash Equivalents and Restricted Cash End of Period
$
6,630
$
49,225
AT&T Inc.
Consolidated Supplementary Data
Dollars in millions except per share amounts
Unaudited
First Quarter
Percent
2019
2018
Change
Capital expenditures
Purchase of property and equipment
$
5,121
$
5,957
(14.0)
%
Interest during construction
61
161
(62.1)
%
Total Capital Expenditures
$
5,182
$
6,118
(15.3)
%
Dividends Declared per Share
$
0.51
$
0.50
2.0
%
End of Period Common Shares Outstanding (000,000)
7,297
6,148
18.7
%
Debt Ratio
47.4
%
52.6
%
(520)
BP
Total Employees
262,290
249,240
5.2
%
Subscribers and connections in thousands
Unaudited
First Quarter
Percent
2019
2018
Change
Wireless Subscribers
Domestic
155,732
143,832
8.3
%
Mexico
17,722
15,642
13.3
%
Total Wireless Subscribers
173,454
159,474
8.8
%
Video Connections
Domestic
23,891
25,394
(5.9)
%
Latin America
13,584
13,573
0.1
%
Total Video Connections
37,475
38,967
(3.8)
%
Broadband Connections
IP
14,852
14,637
1.5
%
DSL
885
1,138
(22.2)
%
Total Broadband Connections
15,737
15,775
(0.2)
%
Voice Connections
Network Access Lines
9,576
11,288
(15.2)
%
U-verse VoIP Connections
4,935
5,585
(11.6)
%
Total Retail Voice Connections
14,511
16,873
(14.0)
%
First Quarter
Percent
2019
2018
Change
Wireless Net Additions
Domestic
2,727
2,630
3.7
%
Mexico
93
543
(82.9)
%
Total Wireless Net Additions
2,820
3,173
(11.1)
%
Video Net Additions
Domestic
(626)
124
-
%
Latin America
(32)
(15)
-
%
Total Video Net Additions
(658)
109
-
%
Broadband Net Additions
IP
100
150
(33.3)
%
DSL
(64)
(94)
31.9
%
Total Broadband Net Additions
36
56
(35.7)
%
COMMUNICATIONS SEGMENT
The Communications segment provides wireless and wireline telecom, video and broadband services to consumers located in the U.S. or in U.S. territories and businesses globally. The Communications segment contains three reporting units: Mobility, Entertainment Group, and Business Wireline.
Dollars in millions
Unaudited
First Quarter
Percent
2019
2018
Change
Segment Operating Revenues
Mobility
$
17,567
$
17,355
1.2
%
Entertainment Group
11,328
11,431
(0.9)
%
Business Wireline
6,498
6,747
(3.7)
%
Total Segment Operating Revenues
35,393
35,533
(0.4)
%
Segment Operating Contribution
Mobility
5,351
5,158
3.7
%
Entertainment Group
1,478
1,309
12.9
%
Business Wireline
1,223
1,560
(21.6)
%
Total Segment Operating Contribution
$
8,052
$
8,027
0.3
%
Mobility
Mobility provides nationwide wireless service and equipment.
Dollars in millions
Unaudited
First Quarter
Percent
2019
2018
Change
Operating Revenues
Service
$
13,792
$
13,403
2.9
%
Equipment
3,775
3,952
(4.5)
%
Total Operating Revenues
17,567
17,355
1.2
%
Operating Expenses
Operations and support
10,181
10,102
0.8
%
Depreciation and amortization
2,035
2,095
(2.9)
%
Total Operating Expenses
12,216
12,197
0.2
%
Operating Income
5,351
5,158
3.7
%
Equity in Net Income (Loss) of Affiliates
-
-
-
%
Operating Contribution
$
5,351
$
5,158
3.7
%
Operating Income Margin
30.5
%
29.7
%
80
BP
Subscribers and connections in thousands
Unaudited
First Quarter
Percent
2019
2018
Change
Mobility Subscribers
Postpaid
76,550
77,431
(1.1)
%
Prepaid
17,180
15,671
9.6
%
Reseller
7,574
9,002
(15.9)
%
Connected Devices
54,428
41,728
30.4
%
Total Mobility Subscribers
155,732
143,832
8.3
%
First Quarter
Percent
2019
2018
Change
Mobility Net Additions
Postpaid
(204)
49
-
%
Prepaid
96
241
(60.2)
%
Reseller
(253)
(388)
34.8
%
Connected Devices
3,088
2,728
13.2
%
Total Mobility Net Additions
2,727
2,630
3.7
%
Postpaid Churn
1.17
%
1.06
%
11
BP
Postpaid Phone-Only Churn
0.93
%
0.84
%
9
BP
Entertainment Group
Entertainment Group provides video, including over-the-top (OTT) services, broadband and voice communication services primarily to residential customers. This business unit also sells advertising on video distribution platforms.
Dollars in millions
Unaudited
First Quarter
Percent
2019
2018
Change
Operating Revenues
Video entertainment
$
8,074
$
8,225
(1.8)
%
High-speed internet
2,070
1,878
10.2
%
Legacy voice and data services
683
806
(15.3)
%
Other service and equipment
501
522
(4.0)
%
Total Operating Revenues
11,328
11,431
(0.9)
%
Operating Expenses
Operations and support
8,527
8,811
(3.2)
%
Depreciation and amortization
1,323
1,310
1.0
%
Total Operating Expenses
9,850
10,121
(2.7)
%
Operating Income
1,478
1,310
12.8
%
Equity in Net Income (Loss) of Affiliates
-
(1)
-
%
Operating Contribution
$
1,478
$
1,309
12.9
%
Operating Income Margin
13.0
%
11.5
%
150
BP
Subscribers and connections in thousands
Unaudited
First Quarter
Percent
2019
2018
Change
Video Connections 1
Premium TV
22,359
23,902
(6.5)
%
DIRECTV NOW
1,508
1,467
2.8
%
Total Video Connections
23,867
25,369
(5.9)
%
Broadband Connections 1
IP
13,822
13,616
1.5
%
DSL
632
816
(22.5)
%
Total Broadband Connections
14,454
14,432
0.2
%
Voice Connections
Retail Consumer Switched Access Lines
3,787
4,535
(16.5)
%
U-verse Consumer VoIP Connections
4,393
5,105
(13.9)
%
Total Retail Consumer Voice Connections
8,180
9,640
(15.1)
%
First Quarter
Percent
2019
2018
Change
Video Net Additions 1,2
Premium TV
(544)
(187)
-
%
DIRECTV NOW
(83)
312
-
%
Total Video Net Additions
(627)
125
-
%
Broadband Net Additions 1
IP
93
154
(39.6)
%
DSL
(48)
(72)
33.3
%
Total Broadband Net Additions
45
82
(45.1)
%
1
2019 includes the impact of conforming our subscriber disconnection policy with that of our wireless business and industry
practice (to billing cycle basis), resulting in 117 additional video and 38 additional broadband subscribers at March 31, 2019.
2
Includes the impact of customers that migrated to DIRECTV NOW.
Business Wireline
Business Wireline unit provides advanced IP-based services, as well as traditional data services to business customers. Revenues have been recast to conform to the current period's presentation.
Dollars in millions
Unaudited
First Quarter
Percent
2019
2018
Change
Operating Revenues
Strategic and managed services
$
3,792
$
3,595
5.5
%
Legacy voice and data services
2,404
2,865
(16.1)
%
Other service and equipment
302
287
5.2
%
Total Operating Revenues
6,498
6,747
(3.7)
%
Operating Expenses
Operations and support
4,040
4,016
0.6
%
Depreciation and amortization
1,235
1,170
5.6
%
Total Operating Expenses
5,275
5,186
1.7
%
Operating Income
1,223
1,561
(21.7)
%
Equity in Net Income (Loss) of Affiliates
-
(1)
-
%
Operating Contribution
$
1,223
$
1,560
(21.6)
%
Operating Income Margin
18.8
%
23.1
%
(430)
BP
Business Solutions
As a supplemental presentation to our Communications segment operating results, we are providing a view of our AT&T Business Solutions results which includes both wireless and fixed operations. This combined view presents a complete profile of the entire business customer relationship and underscores the importance of mobile solutions to serving our business customers. Revenues have been recast to conform to the current period's presentation.
Dollars in millions
Unaudited
First Quarter
Percent
2019
2018
Change
Operating Revenues
Wireless service
$
1,913
$
1,791
6.8
%
Strategic and managed services
3,792
3,595
5.5
%
Legacy voice and data services
2,404
2,865
(16.1)
%
Other service and equipment
302
287
5.2
%
Wireless equipment
596
578
3.1
%
Total Operating Revenues
9,007
9,116
(1.2)
%
Operating Expenses
Operations and support
5,640
5,594
0.8
%
Depreciation and amortization
1,541
1,458
5.7
%
Total Operating Expenses
7,181
7,052
1.8
%
Operating Income
1,826
2,064
(11.5)
%
Equity in Net Income (Loss) of Affiliates
-
(1)
-
%
Operating Contribution
$
1,826
$
2,063
(11.5)
%
Operating Income Margin
20.3
%
22.6
%
(230)
BP
W ARNER M EDIA SEGMENT
The WarnerMedia segment develops, produces and distributes feature films, television, gaming and other content in various physical and digital formats globally. Results from Turner, Home Box Office and Warner Bros. businesses are combined with AT&T's Regional Sports Network (RSN) and Otter Media Holdings in the WarnerMedia segment.
Dollars in millions
Unaudited
First Quarter
Percent
2019
2018
Change
Operating Revenues
Subscription
$
3,369
$
98
-
%
Advertising
1,279
14
-
%
Content and other
3,731
-
-
%
Total Operating Revenues
8,379
112
-
%
Operating Expenses
Operations and support
5,993
82
-
%
Depreciation and amortization
143
1
-
%
Total Operating Expenses
6,136
83
-
%
Operating Income
2,243
29
-
%
Equity in Net Income (Loss) of Affiliates
67
10
-
%
Operating Contribution
$
2,310
$
39
-
%
Operating Income Margin
26.8
%
25.9
%
90
BP
LATIN AMERICA SEGMENT
The Latin America segment provides entertainment and wireless service outside of the U.S. Our international subsidiaries conduct business in their local currency and operating results are converted to U.S. dollars using official exchange rates. The Latin America segment contains two business units: Vrio and Mexico.
Dollars in millions
Unaudited
First Quarter
Percent
2019
2018
Change
Segment Operating Revenues
Vrio
$
1,067
$
1,354
(21.2)
%
Mexico
651
671
(3.0)
%
Total Segment Operating Revenues
1,718
2,025
(15.2)
%
Segment Operating Contribution
Vrio
32
148
(78.4)
%
Mexico
(205)
(259)
20.8
%
Total Segment Operating Contribution
$
(173)
$
(111)
(55.9)
%
Vrio
Vrio provides entertainment services to customers utilizing satellite technology in Latin America and the Caribbean.
Dollars in millions
Unaudited
First Quarter
Percent
2019
2018
Change
Operating Revenues
$
1,067
$
1,354
(21.2)
%
Operating Expenses
Operations and support
866
1,001
(13.5)
%
Depreciation and amortization
169
205
(17.6)
%
Total Operating Expenses
1,035
1,206
(14.2)
%
Operating Income
32
148
(78.4)
%
Equity in Net Income of Affiliates
-
-
-
%
Operating Contribution
$
32
$
148
(78.4)
%
Operating Income Margin
3.0
%
10.9
%
(790)
BP
Subscribers and connections in thousands
Unaudited
First Quarter
Percent
2019
2018
Change
Vrio Video Subscribers 1
13,584
13,573
0.1
%
First Quarter
Percent
2019
2018
Change
Vrio Video Net Subscriber Additions
(32)
(15)
-
%
1
2019 excludes the impact of 222 subscriber disconnections resulting from conforming our video credit policy across the region, which is
reflected in beginning of period subscribers.
Mexico
Mexico provides wireless services and equipment to customers in Mexico.
Dollars in millions
Unaudited
First Quarter
Percent
2019
2018
Change
Operating Revenues
Wireless service
$
442
$
404
9.4
%
Wireless equipment
209
267
(21.7)
%
Total Operating Revenues
651
671
(3.0)
%
Operating Expenses
Operations and support
725
803
(9.7)
%
Depreciation and amortization
131
127
3.1
%
Total Operating Expenses
856
930
(8.0)
%
Operating Income (Loss)
(205)
(259)
20.8
%
Equity in Net Income of Affiliates
-
-
-
%
Operating Contribution
$
(205)
$
(259)
20.8
%
Operating Income Margin
(31.5)
%
(38.6)
%
710
BP
Subscribers and connections in thousands
Unaudited
First Quarter
Percent
2019
2018
Change
Mexico Wireless Subscribers 1
Postpaid
5,642
5,607
0.6
%
Prepaid
11,779
9,857
19.5
%
Reseller
301
178
69.1
%
Total Mexico Wireless Subscribers
17,722
15,642
13.3
%
First Quarter
Percent
2019
2018
Change
Mexico Wireless Net Additions
Postpaid
(69)
109
-
%
Prepaid
114
459
(75.2)
%
Reseller
48
(25)
-
%
Total Mexico Wireless Net Subscriber Additions
93
543
(82.9)
%
1
2019 excludes the impact of 692 subscriber disconnections resulting from the churn of customers related to sales by certain third-party
distributors and the sunset of 2G services in Mexico, which are reflected in beginning of period subscribers.
XANDR SEGMENT
The Xandr segment provides advertising services. These services utilize data insights to develop higher value targeted advertising. Certain revenues in this segment are also reported by the Communications segment and are eliminated upon consolidation.
Dollars in millions
Unaudited
First Quarter
Percent
2019
2018
Change
Segment Operating Revenues
$
426
$
337
26.4
%
Segment Operating Expenses
Operations and support
160
50
-
%
Depreciation and amortization
13
1
-
%
Total Segment Operating Expenses
173
51
-
%
Operating Income
253
286
(11.5)
%
Equity in Net Income of Affiliates
-
-
-
%
Segment Operating Contribution
$
253
$
286
(11.5)
%
Segment Operating Income Margin
59.4
%
84.9
%
(2,550)
BP
Supplemental AT&T Advertising Revenues
As a supplemental presentation to our Xandr segment operating results, we are providing a view of total advertising revenues generated by AT&T, which combines the advertising revenues recorded across all operating segments. This combined view presents the entire portfolio of revenues generated from AT&T assets and represents a significant strategic initiative and growth opportunity for AT&T.
Dollars in millions
Unaudited
First Quarter
Percent
2019
2018
Change
Operating Revenues
WarnerMedia
$
1,279
$
14
-
%
Communications
417
375
11.2
%
Xandr
426
337
26.4
%
Eliminations
(350)
(334)
(4.8)
%
Total Advertising Revenues
$
1,772
$
392
-
%
SUPPLEMENTAL SEGMENT RECONCILIATION
Dollars in millions
Unaudited
March 31, 2019
Revenues
Operations and Support Expenses
EBITDA
Depreciation and Amortization
Operating Income (Loss)
Equity in Net Income (Loss) of Affiliates
Segment Contribution
Communications
Mobility
$
17,567
$
10,181
$
7,386
$
2,035
$
5,351
$
-
$
5,351
Entertainment Group
11,328
8,527
2,801
1,323
1,478
-
1,478
Business Wireline
6,498
4,040
2,458
1,235
1,223
-
1,223
Total Communications
35,393
22,748
12,645
4,593
8,052
-
8,052
WarnerMedia
8,379
5,993
2,386
143
2,243
67
2,310
Latin America
Vrio
1,067
866
201
169
32
-
32
Mexico
651
725
(74)
131
(205)
-
(205)
Total Latin America
1,718
1,591
127
300
(173)
-
(173)
Xandr
426
160
266
13
253
-
253
Segment Total
45,916
30,492
15,424
5,049
10,375
$
67
$
10,442
Corporate and Other
Corporate
209
513
(304)
169
(473)
Acquisition-related items
(42)
73
(115)
1,988
(2,103)
Certain significant items
-
248
(248)
-
(248)
Eliminations and consolidations
(1,256)
(938)
(318)
-
(318)
AT&T Inc.
$
44,827
$
30,388
$
14,439
$
7,206
$
7,233
March 31, 2018
Revenues
Operations and Support Expenses
EBITDA
Depreciation and Amortization
Operating Income (Loss)
Equity in Net Income (Loss) of Affiliates
Segment Contribution
Communications
Mobility
$
17,355
$
10,102
$
7,253
$
2,095
$
5,158
$
-
$
5,158
Entertainment Group
11,431
8,811
2,620
1,310
1,310
(1)
1,309
Business Wireline
6,747
4,016
2,731
1,170
1,561
(1)
1,560
Total Communications
35,533
22,929
12,604
4,575
8,029
(2)
8,027
WarnerMedia
112
82
30
1
29
10
39
Latin America
Vrio
1,354
1,001
353
205
148
-
148
Mexico
671
803
(132)
127
(259)
-
(259)
Total Latin America
2,025
1,804
221
332
(111)
-
(111)
Xandr
337
50
287
1
286
-
286
Segment Total
38,007
24,865
13,142
4,909
8,233
$
8
$
8,241
Corporate and Other
Corporate
333
735
(402)
23
(425)
Acquisition-related items
-
67
(67)
1,062
(1,129)
Certain significant items
-
180
(180)
-
(180)
Eliminations and consolidations
(302)
(4)
(298)
-
(298)
AT&T Inc.
$
38,038
$
25,843
$
12,195
$
5,994
$
6,201
Discussion and Reconciliation of Non-GAAP Measures
We believe the following measures are relevant and useful information to investors as they are part of AT&T's internal management reporting and planning processes and are important metrics that management uses to evaluate the operating performance of AT&T and its segments. Management also uses these measures as a method of comparing performance with that of many of our competitors. These measures should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with US generally accepted accounting principles (GAAP).
Free Cash Flow
Free cash flow is defined as cash from operations minus capital expenditures. Free cash flow after dividends is defined as cash from operations minus capital expenditures and dividends. Free cash flow dividend payout ratio is defined as the percentage of dividends paid to free cash flow. We believe these metrics provide useful information to our investors because management views free cash flow as an important indicator of how much cash is generated by routine business operations, including capital expenditures, and makes decisions based on it. Management also views free cash flow as a measure of cash available to pay debt and return cash to shareowners.
Free Cash Flow and Free Cash Flow Dividend Payout Ratio
Dollars in millions
First Quarter
2019
2018
Net cash provided by operating activities
$
11,052
$
8,947
Less: Capital expenditures
(5,182)
(6,118)
Free Cash Flow
5,870
2,829
Less: Dividends paid
(3,714)
(3,070)
Free Cash Flow after Dividends
$
2,156
$
(241)
Free Cash Flow Dividend Payout Ratio
63.3%
108.5%
Cash Paid for Capital Investment
In connection with capital improvements, we negotiate with some of our vendors to obtain favorable payment terms of 120 days or more, referred to as vendor financing, which are excluded from capital expenditures and reported in accordance with GAAP as financing activities. We present an additional view of cash paid for capital investment to provide investors with a comprehensive view of cash used to invest in our networks, product developments and support systems.
Cash Paid for Capital Investment
Dollars in millions
First Quarter
2019
2018
Capital Expenditures
$
(5,182)
$
(6,118)
Cash paid for vendor financing
(820)
(172)
Cash paid for Capital Investment
$
(6,002)
$
(6,290)
1
EBITDA
Our calculation of EBITDA, as presented, may differ from similarly titled measures reported by other companies. For AT&T, EBITDA excludes other income (expense) - net, and equity in net income (loss) of affiliates, as these do not reflect the operating results of our subscriber base or operations that are not under our control. Equity in net income (loss) of affiliates represents the proportionate share of the net income (loss) of affiliates in which we exercise significant influence, but do not control. Because we do not control these entities, management excludes these results when evaluating the performance of our primary operations. EBITDA also excludes interest expense and the provision for income taxes. Excluding these items eliminates the expenses associated with our capital and tax structures. Finally, EBITDA excludes depreciation and amortization in order to eliminate the impact of capital investments. EBITDA does not give effect to cash used for debt service requirements and thus does not reflect available funds for distributions, reinvestment or other discretionary uses. EBITDA is not presented as an alternative measure of operating results or cash flows from operations, as determined in accordance with U.S. generally accepted accounting principles (GAAP).
EBITDA service margin is calculated as EBITDA divided by service revenues.
When discussing our segment, business unit and supplemental results, EBITDA excludes equity in net income (loss) of affiliates, and depreciation and amortization from operating contribution.
These measures are used by management as a gauge of our success in acquiring, retaining and servicing subscribers because we believe these measures reflect AT&T's ability to generate and grow subscriber revenues while providing a high level of customer service in a cost-effective manner. Management also uses these measures as a method of comparing operating performance with that of many of its competitors. The financial and operating metrics which affect EBITDA include the key revenue and expense drivers for which management is responsible and upon which we evaluate performance.
We believe EBITDA Service Margin (EBITDA as a percentage of service revenues) to be a more relevant measure than EBITDA Margin (EBITDA as a percentage of total revenue) for our Mobility business unit operating margin. We also use wireless service revenues to calculate margin to facilitate comparison, both internally and externally with our wireless competitors, as they calculate their margins using wireless service revenues as well.
There are material limitations to using these non-GAAP financial measures. EBITDA, EBITDA margin and EBITDA service margin, as we have defined them, may not be comparable to similarly titled measures reported by other companies. Furthermore, these performance measures do not take into account certain significant items, including depreciation and amortization, interest expense, tax expense and equity in net income (loss) of affiliates. Management compensates for these limitations by carefully analyzing how its competitors present performance measures that are similar in nature to EBITDA as we present it, and considering the economic effect of the excluded expense items independently as well as in connection with its analysis of net income as calculated in accordance with GAAP. EBITDA, EBITDA margin and EBITDA service margin should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP.
EBITDA, EBITDA Margin and EBITDA Service Margin
Dollars in millions
First Quarter
2019
2018
Net Income
$
4,348
$
4,759
Additions:
Income Tax (Benefit) Expense
1,023
1,382
Interest Expense
2,141
1,771
Equity in Net (Income) Loss of Affiliates
7
(9)
Other (Income) Expense - Net
(286)
(1,702)
Depreciation and amortization
7,206
5,994
EBITDA
14,439
12,195
Total Operating Revenues
44,827
38,038
Service Revenues
40,684
33,646
EBITDA Margin
32.2%
32.1%
EBITDA Service Margin
35.5%
36.2%
2
Segment and Business Unit EBITDA, EBITDA Margin and EBITDA Service Margin
Dollars in millions
First Quarter
2019
2018
Communications Segment
Operating Contribution
$
8,052
$
8,027
Additions:
Equity in Net (Income) Loss of Affiliates
-
2
Depreciation and amortization
4,593
4,575
EBITDA
12,645
12,604
Total Operating Revenues
35,393
35,533
Operating Income Margin
22.8%
22.6%
EBITDA Margin
35.7%
35.5%
Mobility
Operating Contribution
$
5,351
$
5,158
Additions:
Depreciation and amortization
2,035
2,095
EBITDA
7,386
7,253
Total Operating Revenues
17,567
17,355
Service Revenues
13,792
13,403
Operating Income Margin
30.5%
29.7%
EBITDA Margin
42.0%
41.8%
EBITDA Service Margin
53.6%
54.1%
Entertainment Group
Operating Contribution
$
1,478
$
1,309
Additions:
Equity in Net (Income) Loss of Affiliates
-
1
Depreciation and amortization
1,323
1,310
EBITDA
2,801
2,620
Total Operating Revenues
11,328
11,431
Operating Income Margin
13.0%
11.5%
EBITDA Margin
24.7%
22.9%
Business Wireline
Operating Contribution
$
1,223
$
1,560
Additions:
Equity in Net (Income) Loss of Affiliates
-
1
Depreciation and amortization
1,235
1,170
EBITDA
2,458
2,731
Total Operating Revenues
6,498
6,747
Operating Income Margin
18.8%
23.1%
EBITDA Margin
37.8%
40.5%
3
Segment and Business Unit EBITDA, EBITDA Margin and EBITDA Service Margin
Dollars in millions
First Quarter
2019
2018
WarnerMedia Segment
Operating Contribution
$
2,310
$
39
Additions:
Equity in Net (Income) of Affiliates
(67)
(10)
Depreciation and amortization
143
1
EBITDA
2,386
30
Total Operating Revenues
8,379
112
Operating Income Margin
26.8%
25.9%
EBITDA Margin
28.5%
26.8%
Segment and Business Unit EBITDA, EBITDA Margin and EBITDA Service Margin
Dollars in millions
First Quarter
2019
2018
Latin America Segment
Operating Contribution
$
(173)
$
(111)
Additions:
Depreciation and amortization
300
332
EBITDA
127
221
Total Operating Revenues
1,718
2,025
Operating Income Margin
-10.1%
-5.5%
EBITDA Margin
7.4%
10.9%
Vrio
Operating Contribution
$
32
$
148
Additions:
Depreciation and amortization
169
205
EBITDA
201
353
Total Operating Revenues
1,067
1,354
Operating Income Margin
3.0%
10.9%
EBITDA Margin
18.8%
26.1%
Mexico
Operating Contribution
$
(205)
$
(259)
Additions:
Depreciation and amortization
131
127
EBITDA
(74)
(132)
Total Operating Revenues
651
671
Operating Income Margin
-31.5%
-38.6%
EBITDA Margin
-11.4%
-19.7%
4
Segment EBITDA, EBITDA Margin and EBITDA Service Margin
Dollars in millions
First Quarter
2019
2018
Xandr
Operating Contribution
$
253
$
286
Additions:
Depreciation and amortization
13
1
EBITDA
266
287
Total Operating Revenues
426
337
Operating Income Margin
59.4%
84.9%
EBITDA Margin
62.4%
85.2%
Adjusting Items
Adjusting items include revenues and costs we consider non-operational in nature, such as items arising from asset acquisitions or dispositions. We also adjust for net actuarial gains or losses associated with our pension and postemployment benefit plans due to the often significant impact on our fourth-quarter results, unless earlier remeasurement is required (we immediately recognize this gain or loss in the income statement, pursuant to our accounting policy for the recognition of actuarial gains and losses). Consequently, our adjusted results reflect an expected return on plan assets rather than the actual return on plan assets, as included in the GAAP measure of income.
The tax impact of adjusting items is calculated using the effective tax rate during the quarter except for adjustments that, given their magnitude, can drive a change in the effective tax rate, reflect the actual tax expense or combined marginal rate of approximately 25% for transactions after tax reform.
Adjusting Items
Dollars in millions
First Quarter
2019
2018
Operating Revenues
Time Warner merger adjustment
$
42
$
-
Adjustments to Operating Revenues
42
-
Operating Expenses
Time Warner and other merger costs
73
67
Employee separation costs
248
51
Natural disaster costs
-
104
Foreign currency exchange
-
25
Adjustments to Operations and Support Expenses
321
247
Amortization of intangible assets
1,989
1,062
Adjustments to Operating Expenses
2,310
1,309
Other
Merger-related interest and fees 1
-
393
Special termination charges, debt redemption costs and other adjustments
211
-
Actuarial (gain) loss
432
(930)
Adjustments to Income Before Income Taxes
2,995
772
Tax impact of adjustments
649
173
Tax-related items
141
-
Adjustments to Net Income
$
2,205
$
599
1 Includes interest expense incurred on debt issued, redemption premiums and interest income earned on cash held prior to the close of merger transactions.
Adjusted Operating Income, Adjusted Operating Income Margin, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBITDA service margin and Adjusted diluted EPS are non-GAAP financial measures calculated by excluding from operating revenues, operating expenses and income tax expense certain significant items that are non-operational or non-recurring in nature, including dispositions and merger integration and transaction costs. Management believes that these measures provide relevant and useful information to investors and other users of our financial data in evaluating the effectiveness of our operations and underlying business trends.
5
Adjusted Operating Revenues, Adjusted Operating Income, Adjusted Operating Income Margin, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBITDA service margin and Adjusted diluted EPS should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP. AT&T's calculation of Adjusted items, as presented, may differ from similarly titled measures reported by other companies.
Adjusted Operating Income, Adjusted Operating Income Margin,
Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted EBITDA Service Margin
Dollars in millions
First Quarter
2019
2018
Operating Income
$
7,233
$
6,201
Adjustments to Operating Revenues
42
-
Adjustments to Operating Expenses
2,310
1,309
Adjusted Operating Income
9,585
7,510
EBITDA
14,439
12,195
Adjustments to Operating Revenues
42
-
Adjustments to Operations and Support Expenses
321
247
Adjusted EBITDA
14,802
12,442
Total Operating Revenues
44,827
38,038
Adjustments to Operating Revenues
42
-
Total Adusted Operating Revenue
44,869
38,038
Service Revenues
40,684
33,646
Adjustments to Service Revenues
42
-
Adusted Service Revenue
40,726
33,646
Operating Income Margin
16.1%
16.3%
Adjusted Operating Income Margin
21.4%
19.7%
Adjusted EBITDA Margin
33.0%
32.7%
Adjusted EBITDA Service Margin
36.3%
37.0%
Adjusted Diluted EPS
First Quarter
2019
2018
Diluted Earnings Per Share (EPS)
$
0.56
$
0.75
Amortization of intangible assets
0.21
0.13
Merger integration items 1
0.01
0.06
(Gain) loss on sale of assets, impairments
and other adjustments 2
0.05
0.03
Actuarial (gain) loss 3
0.05
(0.12)
Tax-related items
(0.02)
-
Adjusted EPS
$
0.86
$
0.85
Year-over-year growth - Adjusted
1.2%
Weighted Average Common Shares Outstanding with Dilution (000,000)
7,342
6,180
1 Includes combined merger integration items and merger-related interest income and expense, and redemption premiums.
2 Includes gains on transactions, natural disaster adjustments and charges, and employee-related and other costs.
3 Includes adjustments for actuarial gains or losses ($432 million loss in the first quarter of 2019) associated with our pension benefit plan, which we immediately recognize in the income statement, pursuant to our accounting policy for the recognition of actuarial gains/losses. As a result, adjusted EPS reflects an expected return on plan assets of $816 million (based on an average expected return on plan assets of 7.00% for our pension trust), rather than the actual return on plan assets of $2.8 billion (actual return of 5.8% for the quarter), included in the GAAP measure of income.
6
Pro Forma Net Debt to Adjusted EBITDA
Net Debt to EBITDA ratios are non-GAAP financial measures frequently used by investors and credit rating agencies and management believes these measures provide relevant and useful information to investors and other users of our financial data. Our Net Debt to Pro Forma Adjusted EBITDA ratio is calculated by dividing the Net Debt by the sum of the most recent four quarters Pro Forma Adjusted EBITDA. Net Debt is calculated by subtracting cash and cash equivalents and certificates of deposit and time deposits that are greater than 90 days, from the sum of debt maturing within one year and long-term debt.
Net Debt to Pro Forma Adjusted EBITDA
Dollars in millions
Three Months Ended
Jun. 30,
Sep. 30,
Dec. 31,
Mar. 31,
Four Quarters
2018 1
2018 1
2018 1
2019
Pro Forma Adjusted EBITDA 1,2
$
15,119
$
15,872
$
15,029
$
14,802
$
60,822
Add back severance
(133)
(76)
(327)
-
(536)
Net Debt Pro Forma Adjusted EBITDA
14,986
15,796
14,702
14,802
60,286
End-of-period current debt
11,538
End-of-period long-term debt
163,942
Total End-of-Period Debt
175,480
Less: Cash and Cash Equivalents
6,516
Net Debt Balance
168,964
Annualized Net Debt to Pro Forma Adjusted EBITDA Ratio
2.80
1 As reported in AT&T's Form 8-K filed July 24, 2018, October 24, 2018 and January 30, 2019.
2 Includes the purchase accounting reclassification of released content amortization of $491 million pro forma and $98 million reported by AT&T in the second quarter of 2018, $772 million reported in the third quarter of 2018, $545 million reported by AT&T in the fourth quarter of 2018 and $150 million reported by AT&T in the first quarter of 2019.
7
Supplemental Operational Measures
We provide a supplemental discussion of our business solutions operations that is calculated by combining our Mobility and Business Wireline operating units, and then adjusting to remove non-business operations. The following table presents a reconciliation of our supplemental Business Solutions results.
Supplemental Operational Measure
First Quarter
March 31, 2019
March 31, 2018
Mobility
Business Wireline
Adjustments 1
Business Solutions
Mobility
Business Wireline
Adjustments 1
Business Solutions
Operating Revenues
Wireless service
$
13,792
$
-
$
(11,879)
$
1,913
$
13,403
$
-
$
(11,612)
$
1,791
Strategic and managed services
-
3,792
-
3,792
-
3,595
-
3,595
Legacy voice and data services
-
2,404
-
2,404
-
2,865
-
2,865
Other services and equipment
-
302
-
302
-
287
-
287
Wireless equipment
3,775
-
(3,179)
596
3,952
-
(3,374)
578
Total Operating Revenues
17,567
6,498
(15,058)
9,007
17,355
6,747
(14,986)
9,116
Operations and support
10,181
4,040
(8,581)
5,640
10,102
4,016
(8,524)
5,594
EBITDA
7,386
2,458
(6,477)
3,367
7,253
2,731
(6,462)
3,522
Depreciation and amortization
2,035
1,235
(1,729)
1,541
2,095
1,170
(1,807)
1,458
Total Operating Expenses
12,216
5,275
(10,310)
7,181
12,197
5,186
(10,331)
7,052
Operating Income
5,351
1,223
(4,748)
1,826
5,158
1,561
(4,655)
2,064
Equity in net Income of Affiliates
-
-
-
-
-
(1)
-
(1)
Contribution
$
5,351
$
1,223
$
(4,748)
$
1,826
$
5,158
$
1,560
$
(4,655)
$
2,063
1 Non-business wireless reported in the Communication segment under the Mobility business unit.
8
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