REG - AT & T Inc. - 2015 10-K <Origin Href="QuoteRef">T.N</Origin> - Part 3
01/04/2016 16:03
- Part 3: For the preceding part double click ID:nRSZ3512Qb
10-z BellSouth Corporation Deferred Compensation Plan for Non-Employee Directors, dated March 9, 1984. (Exhibit 10-uu to Form 10-K for 2011.)
10-aa BellSouth Corporation Director's Compensation Deferral Plan, as amended and restated effective as of January 1, 2005. (Exhibit 10-vv to Form 10-K for 2011.)
10-bb BellSouth Corporation Stock and Incentive Compensation Plan, as amended June 28, 2004. (Exhibit 10-qq for Form 10-K for 2009.)
10-bb(i) First Amendment to the BellSouth Corporation Stock and Incentive Compensation Plan, dated September 26, 2005. (Exhibit 10-xx(i) to Form 10-K for 2011.)
10-bb(ii) Second Amendment to BellSouth Corporation Stock and Incentive Compensation Plan, effective June 26, 2008. (Exhibit 10-hh(ii) to Form 10-K for 2013.)
10-cc BellSouth Corporation Supplemental Executive Retirement Plan, amended December 18, 2014. (Exhibit 10.2 to Form 8-K dated December 18, 2014.)
10-dd BellSouth Nonqualified Deferred Income Plan, as amended and restated May 1, 2012. (Exhibit 10-fff to Form 10-K for 2012.)
10-ee Cingular Wireless Cash Deferral Plan, effective November 1, 2001. (Exhibit 10-hhh to Form 10-K for 2011.)
10-ff AT&T Mobility 2005 Cash Deferral Plan, effective January 1, 2005. (Exhibit 10-lll to Form 10-K for 2011.)
10-gg Equalization Agreement for John Stankey (Exhibit 10.1 to Form 8-K dated August 20, 2015.)
10-hh Agreement between D. Wayne Watts and AT&T Inc. (Exhibit 10.2 to Form 8-K dated August 20, 2015.)
10-ii $9,155,000,000 Term Loan Credit Agreement, dated January 21, 2015, among AT&T, certain lenders named therein and Mizuho Bank, Ltd., as administrative agent. (Exhibit 10.1 to Form 8-K dated January 21, 2015.)
10-jj $2,000,000,000 Term Loan Credit Agreement, dated January 21, 2015, between AT&T and Mizuho Bank, Ltd., as initial lender and agent. (Exhibit 10.2 to Form 8-K dated January 21, 2015.)
10-kk $12,000,000,000 Amended and Restated Credit Agreement, dated December 11, 2015, among AT&T, certain lenders named therein and Citibank, N.A., as administrative agent. (Exhibit 10 to Form 8-K dated December 15, 2015.)
12 Computation of Ratios of Earnings to Fixed Charges.
13 Portions of AT&T's Annual Report to Stockholders for the fiscal year ended December 31, 2015. Only the information incorporated by reference into this Form 10-K is included in the exhibit.
21 Subsidiaries of AT&T Inc.
23 Consent of Ernst & Young LLP, independent registered public accounting firm for AT&T.
24 Powers of Attorney.
31 Rule 13a-14(a)/15d-14(a) Certifications
31.1 Certification of Principal Executive Officer
31.2 Certification of Principal Financial Officer
32 Section 1350 Certification
99 Supplemental Interim Financial Information
101 XBRL Instance Document
We will furnish to stockholders upon request, and without charge, a copy of the Annual Report to Stockholders and the Proxy
Statement, portions of which are incorporated by reference in the Form 10-K. We will furnish any other exhibit at cost.
Schedule II - Sheet 1
AT&T INC.
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS
Allowance for Doubtful Accounts
Dollars in Millions
COL. A COL. B COL. C COL. D COL. E
Additions
(1) (2) (3)
Balance at Beginning of Period Charged to Costs and Expenses (a) Charged to Other Accounts (b) Acquisitions (c) Deductions (d) Balance at End of Period
Year 2015 $ 454 1,416 - 214 1,380 $ 704
Year 2014 $ 483 1,032 (32) - 1,029 $ 454
Year 2013 $ 547 954 (30) - 988 $ 483
(a) Includes amounts previously written off which were credited directly to this account when recovered. Excludes
direct charges and credits to expense for nontrade receivables in the consolidated statements of income.
(b) Includes amounts related to long-distance carrier receivables which were billed by AT&T.
(c) Acquisitions of DIRECTV and wireless properties in Mexico in 2015.
(d) Amounts written off as uncollectible, or related to divested entities.
Schedule II - Sheet 2
AT&T INC.
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS
Allowance for Deferred Tax Assets
Dollars in Millions
COL. A COL. B COL. C COL. D COL. E
Additions
(1) (2) (3)
Balance at Beginning of Period Charged to Costs and Expenses Charged to Other Accounts (a) Acquisitions (b) Deductions (c) Balance at End of Period
Year 2015 $ 1,182 283 373 420 117 $ 2,141
Year 2014 $ 927 - 445 - 190 $ 1,182
Year 2013 $ 886 94 - - 53 $ 927
(a) Includes current year reclassifications from other balance sheet accounts.
(b) Acquisitions of DIRECTV and wireless properties in Mexico in 2015.
(c) Reductions to valuation allowances related to deferred tax assets.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned, thereunto duly authorized, on the 18th day of February, 2016.
AT&T INC.
/s/ John J. Stephens
John J. StephensSenior Executive Vice Presidentand Chief Financial Officer
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following
persons on behalf of the registrant and in the capacities and on the date indicated.
Principal Executive Officer:
Randall Stephenson*
Chairman of the Board, Chief Executive Officer
and President
Principal Financial and Accounting Officer:
John J. Stephens
Senior Executive Vice President
and Chief Financial Officer
/s/ John J. Stephens
John J. Stephens, as attorney-in-factand on his own behalf as PrincipalFinancial Officer and PrincipalAccounting Officer
February 18, 2016
Directors:
Randall L. Stephenson* Michael B. McCallister*
Samuel A. Di Piazza, Jr.* John B. McCoy*
Richard W. Fisher* Beth E. Mooney*
Scott T. Ford* Joyce M. Roché*
Glenn H. Hutchins* Matthew K. Rose*
William E. Kennard* Cynthia B. Taylor*
Jon C. Madonna* Laura D'Andrea Tyson*
* by power of attorney
Selected Financial and Operating Data
Dollars in millions except per share amounts
At December 31 and for the year ended: 2015 20141 20131 20121 20111
As Adjusted
Financial Data
Operating revenues $ 146,801 $ 132,447 $ 128,752 $ 127,434 $ 126,723
Operating expenses $ 122,016 $ 120,235 $ 98,000 $ 114,380 $ 117,223
Operating income $ 24,785 $ 12,212 $ 30,752 $ 13,054 $ 9,500
Interest expense $ 4,120 $ 3,613 $ 3,940 $ 3,444 $ 3,535
Equity in net income of affiliates $ 79 $ 175 $ 642 $ 752 $ 784
Other income (expense) - net $ (52) $ 1,581 $ 596 $ 134 $ 249
Income tax expense $ 7,005 $ 3,619 $ 9,328 $ 2,922 $ 2,639
Net Income $ 13,687 $ 6,736 $ 18,722 $ 7,574 $ 4,359
Less: Net Income Attributable to Noncontrolling Interest $ (342) $ (294) $ (304) $ (275) $ (240)
Net Income Attributable to AT&T $ 13,345 $ 6,442 $ 18,418 $ 7,299 $ 4,119
Earnings Per Common Share:
Net Income Attributable to AT&T $ 2.37 $ 1.24 $ 3.42 $ 1.26 $ 0.69
Earnings Per Common Share - Assuming Dilution:
Net Income Attributable to AT&T $ 2.37 $ 1.24 $ 3.42 $ 1.26 $ 0.69
Total assets $ 402,672 $ 296,834 $ 281,423 $ 275,834 $ 273,467
Long-term debt $ 118,515 $ 75,778 $ 69,091 $ 66,152 $ 61,091
Total debt $ 126,151 $ 81,834 $ 74,589 $ 69,638 $ 64,544
Construction and capital expenditures $ 20,015 $ 21,433 $ 21,228 $ 19,728 $ 20,272
Dividends declared per common share $ 1.89 $ 1.85 $ 1.81 $ 1.77 $ 1.73
Book value per common share $ 20.12 $ 17.40 $ 18.10 $ 17.14 $ 18.34
Ratio of earnings to fixed charges 4.01 2.91 6.03 2.97 2.29
Debt ratio 50.5% 47.5% 44.1% 42.1% 37.3%
Weighted-average common shares outstanding (000,000) 5,628 5,205 5,368 5,801 5,928
Weighted-average common shares outstanding with dilution (000,000) 5,646 5,221 5,385 5,821 5,950
End of period common shares outstanding (000,000) 6,145 5,187 5,226 5,581 5,927
Operating Data
Total wireless customers (000) 137,324 120,554 110,376 106,957 103,247
Video connections (000) 37,934 5,943 5,460 4,536 3,791
In-region network access lines in service (000) 16,670 19,896 24,639 29,279 34,054
Broadband connections (000) 15,778 16,028 16,425 16,390 16,427
Number of employees 281,450 243,620 243,360 241,810 256,420
1 Financial data for 2011-2014 has been adjusted to reflect our change in accounting for customer fulfillment costs and the early adoption of ASU 2015-03 and ASU 2015-17. See Note 1 to our consolidated financial statements.
RESULTS OF OPERATIONS
For ease of reading, AT&T Inc. is referred to as "we," "AT&T" or the "Company" throughout this document, and the names of
the particular subsidiaries and affiliates providing the services generally have been omitted. AT&T is a holding company
whose subsidiaries and affiliates operate in the communications and digital entertainment services industry. Our
subsidiaries and affiliates provide services and equipment that deliver voice, video and broadband services both
domestically and internationally. During 2015, we completed our acquisitions of DIRECTV and wireless properties in Mexico
and have included the results of those operations for the period from acquisition through December 31, 2015. In accordance
with U.S. generally accepted accounting principles (GAAP), operating results from DIRECTV prior to the acquisition are
excluded. You should read this discussion in conjunction with the consolidated financial statements and accompanying notes.
A reference to a "Note" in this section refers to the accompanying Notes to Consolidated Financial Statements. In the
tables throughout this section, percentage increases and decreases that are not considered meaningful are denoted with a
dash. Certain amounts have been reclassified to conform to the current period's presentation, including our change in
accounting for customer fulfillment costs (see Note 1).
Consolidated Results Our financial results are summarized in the table below. We then discuss factors affecting our
overall results for the past three years. These factors are discussed in more detail in our "Segment Results" section. We
also discuss our expected revenue and expense trends for 2016 in the "Operating Environment and Trends of the Business"
section.
Percent Change
2015 2014 2013 2015 vs. 2014 2014 vs. 2013
Operating Revenues
Service $ 131,677 $ 118,437 $ 119,252 11.2 % (0.7) %
Equipment 15,124 14,010 9,500 8.0 47.5
Total Operating Revenues 146,801 132,447 128,752 10.8 2.9
Operating expenses
Cost of services and sales
Equipment 19,268 18,946 16,644 1.7 13.8
Broadcast, programming and operations 11,996 4,075 3,308 - 23.2
Other cost of services 35,782 37,124 31,239 (3.6) 18.8
Selling, general and administrative 32,954 39,697 28,414 (17.0) 39.7
Abandonment of network assets - 2,120 - - -
Depreciation and amortization 22,016 18,273 18,395 20.5 (0.7)
Total Operating Expenses 122,016 120,235 98,000 1.5 22.7
Operating Income 24,785 12,212 30,752 - (60.3)
Interest expense 4,120 3,613 3,940 14.0 (8.3)
Equity in net income of affiliates 79 175 642 (54.9) (72.7)
Other income (expense) - net (52) 1,581 596 - -
Income Before Income Taxes 20,692 10,355 28,050 99.8 (63.1)
Net Income 13,687 6,736 18,722 - (64.0)
Net Income Attributable to AT&T $ 13,345 $ 6,442 $ 18,418 - (65.0) %
Overview
Operating revenues increased $14,354, or 10.8% in 2015 and increased $3,695, or 2.9% in 2014.
Service revenues increased $13,240, or 11.2%, in 2015 and decreased $815, or 0.7%, in 2014. The increase in 2015 was
primarily due to our acquisition of DIRECTV, our new wireless operations in Mexico, and gains in fixed strategic business
services and AT&T U-verse® (U-verse) services. The decrease in 2014 was primarily due to customers choosing to purchase
devices through installment payment agreements which entitles them to a lower service rate in our wireless Mobile Share
plans, continued declines in our legacy wireline voice and data products and the October 2014 sale of our Connecticut
operations, partially offset by strong revenues from U-verse, fixed strategic business services and revenues from the March
2014 acquisition of Leap Wireless International, Inc. (Leap).
Equipment revenues increased $1,114, or 8.0%, in 2015 and $4,510, or 47.5%, in 2014. The increases in 2015 and 2014 were
due to the continuing trend by our postpaid wireless subscribers to purchase devices on installment payment agreements
rather than the device subsidy model, which resulted in increased equipment revenue recognized for device sales.
Operatingexpenses increased $1,781, or 1.5%, in 2015 and $22,235, or 22.7%, in 2014.
Equipment expenses increased $322, or 1.7%, in 2015 and $2,302, or 13.8%, in 2014. Expense increases in 2015 and 2014 are
primarily due to the continuing trend of customers choosing higher-priced wireless devices. The expense increase in 2014
also reflects higher upgrade equipment sales.
Broadcast, programming and operations expenses increased $7,921 in 2015 and $767, or 23.2%, in 2014. Broadcast costs
increased in 2015 due to our acquisition of DIRECTV. Also contributing to the increases in 2015 and 2014 were higher
content costs for our U-verse subscribers.
Other cost of services expenses decreased $1,342, or 3.6%, in 2015 and increased $5,885, or 18.8%, in 2014. The expense
decrease in 2015 was primarily due to a $3,078 change in our annual pension and postemployment benefit actuarial
adjustment, which was a gain in 2015 and a loss in 2014. Also contributing to the 2015 decrease were higher High Cost Fund
and Connect America Fund receipts from the Universal Service Fund and the fourth quarter 2014 sale of our Connecticut
wireline operations, offset by the addition of DIRECTV, increased network rationalization charges related to Leap, merger
and integration charges and wireless handset insurance costs.
The expense increase in 2014 included a $4,406 change resulting from the annual remeasurement of our benefit plans, which
was an actuarial loss in 2014 and a gain in 2013. The increase also reflected higher wireless network costs, U-verse
content costs and subscriber growth, and employee-related charges.
Selling, general and administrative expenses decreased $6,743, or 17.0%, in 2015 and increased $11,283, or 39.7%, in 2014.
2015 expenses decreased $6,943 as a result of recording an actuarial gain in 2015 and an actuarial loss in 2014. The 2015
decrease was also due to lower employee-related charges resulting from workforce reductions, lower wireless commissions and
the fourth-quarter 2014 sale of our Connecticut wireline operations, offset by costs resulting from the acquisition of
DIRECTV.
The expense increase in 2014 included an $11,047 change resulting from the annual remeasurement of our benefit plans, which
was an actuarial loss in 2014 and a gain in 2013. Expense increases in 2014 also reflect higher selling and administrative
expenses in our wireless business and gains on spectrum transactions in 2013. These increases were partially offset by
lower employee-related costs and wireless commissions expenses.
Abandonment of network assets In 2014, we recorded a noncash charge of $2,120 for the abandonment in place of certain
network assets (see Note 6). During the fourth quarter of 2014, we completed a study of our network assets and determined
that specific copper assets would not be necessary to support future network activity, due to declining customer demand for
our legacy voice and data products and the transition of our networks to next generation IP-based technology.
Depreciation and amortization expense increased $3,743, or 20.5%, in 2015 and decreased $122, or 0.7%, in 2014. The 2015
amortization expense increased $2,198 due to the amortization of intangibles from recent acquisitions. The 2014
amortization expense decreased $145 due to lower amortization of intangibles for customer lists.
Depreciation expense increased $1,545, or 8.7%, in 2015. The increase was primarily due to the acquisitions of DIRECTV and
our wireless properties in Mexico and ongoing capital spending for network upgrades. The increases were partially offset by
the abandonment of certain wireline network assets, which occurred in 2014, and certain network assets becoming fully
depreciated. The 2014 depreciation expense increased $23 due to ongoing capital spending for network upgrades and expansion
and additional expense associated with the assets acquired from Leap. These increases were largely offset by extending the
estimated useful life of software and certain network assets becoming fully depreciated assets.
Operating income increased $12,573 in 2015 and decreased $18,540, or 60.3% in 2014. Our operating margin was 16.9% in 2015,
compared to 9.2% in 2014 and 23.9% in 2013. Contributing $10,021 to the increase in operating income in 2015 was a noncash
actuarial gain of $2,152 and an actuarial loss of $7,869 in 2014. The increase in operating income for 2015 also included
higher acquisition-related charges and expenses relating to growth areas of our business in 2015. Contributing $15,453 to
the decrease in operating income in 2014 was a noncash actuarial loss of $7,869 related to pension and postemployment
benefit plans, and an actuarial gain of $7,584 in 2013. Operating income for 2014 also included a noncash charge of $2,120
related to an abandonment of network assets, higher wireless equipment costs resulting from higher device sales and
customers choosing higher-priced devices, increased expenses supporting U-verse subscriber growth, and continued declines
in our traditional voice and data services.
Interest expense increased $507, or 14.0%, in 2015 and decreased $327, or 8.3%, in 2014. The increase in 2015 was primarily
due to higher average debt balances, including debt issued and debt acquired in connection with our acquisition of DIRECTV
and spectrum acquired in the Advanced Wireless Service (AWS)-3 Auction. These increases were partially offset by lower
average interest rates and an increase in capitalized interest resulting from spectrum acquired in the AWS-3 Auction (see
Note 5).
The decrease in 2014 was primarily due to a $581 charge related to debt tender offers in 2013 and lower interest rates
resulting from refinancing activity, partially offset by interest expense related to our December 2013 tower transaction
(see Note 16), higher debt balances and charges associated with the early redemption of debt during 2014.
Equity in net income of affiliates decreased $96, or 54.9%, in 2015 and $467, or 72.7%, in 2014. The decrease in 2015
primarily resulted from the sale of our investment in América Móvil, S.A. de C.V. (América Móvil) in June 2014 (see Note
5), combined with lower earnings from YP Holdings LLC (YP Holdings) and increased expenses in Otter Media Holdings. The
decrease in 2015 was slightly offset by earnings from investments acquired in our purchase of DIRECTV (see Note 8). The
sale of the investment in América Móvil, lower earnings from YP Holdings and our investment in the mobile payment joint
venture SoftcardTM (Softcard) contributed to lower equity in net income of affiliates in 2014.
2015 2014 2013
YP Holdings $ 101 $ 134 $ 182
Game Show Network 14 - -
MLB Network 9 - -
SKY Mexico (2) - -
Otter Media Holdings (31) (2) -
Softcard (15) (112) (75)
América Móvil - 153 532
Other 3 2 3
Equity in net income of affiliates $ 79 $ 175 $ 642
Other income (expense) - net We had other expense of $52 in 2015, and other income of $1,581 and $596 in 2014 and 2013,
respectively. Results for 2015 included foreign exchange losses of $74, net losses on the sale of investments of $87 and
interest and dividend income of $95.
Other income for 2014 included a combined net gain of $1,470 on the sale of América Móvil shares, our Connecticut
operations and other investments and interest and dividend income of $68. Results for 2013 included a net gain on the sale
of América Móvil shares and other investments of $498 and interest and dividend income of $68.
Income tax expense increased $3,386 in 2015 and decreased $5,709 in 2014. The increase in 2015 and decrease in 2014 were
primarily due to a change in income before income taxes. Our effective tax rate was 33.9% in 2015, 34.9% in 2014 and 33.3%
in 2013 (see Note 11).
Segment Results
Our segments are strategic business units that offer different products and services over various technology platforms
and/or in different geographies that are managed accordingly. Our operating segment results presented in Note 4 and
discussed below for each segment follow our internal management reporting. We analyze our operating segments based on
segment contribution, which consists of operating income, excluding acquisition-related costs and other significant items,
and equity in net income of affiliates for investments managed within each operating segment. Each segment's percentage
calculation of total segment operating revenue and income is derived from our segment results table in Note 4, and may
total more than 100 percent due to losses in one or more segments. We have four reportable segments: (1) Business
Solutions, (2) Entertainment Group, (3) Consumer Mobility and (4) International.
We also evaluate segment performance based on segment operating income before depreciation and amortization, which we refer
to as EBITDA and/or EBITDA margin. We believe EBITDA to be a relevant and useful measurement to our investors as it is part
of our internal management reporting and planning processes and it is an important metric that management uses to evaluate
operating performance. 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 margin is operating income before
depreciation and amortization, divided by total revenues.
The Business Solutions segmentaccounted for approximately 49% of our 2015 total segment operating revenues as compared to
54% in 2014 and 59% of our 2015 total segment contribution as compared to 66% in 2014. This segment provides services to
business, governmental and wholesale customers, and individual subscribers who purchase wireless services through
employer-sponsored plans. We provide advanced IP-based services including Virtual Private Networks (VPN), Ethernet-related
products and broadband, collectively referred to as strategic business services, as well as traditional data and voice
products. We utilize our wireless and wired network and are marketed to provide a complete communications solution to our
business customers.
The Entertainment Group segment accounted for approximately 24% of our 2015 total segment operating revenues as compared to
17% in 2014 and 7% of our 2015 total segment contribution as compared to a loss in 2014. This segment provides video,
Internet and voice communication services to residential customers located in the U.S. or in U.S. territories. We utilize
our copper and IP-based (referred to as "wired" or "wireline") wired network and/or our satellite technology.
The Consumer Mobility segmentaccounted for approximately 24% of our 2015 total segment operating revenues as compared to
28% in 2014 and 35% of our 2015 total segment contribution as compared to 39% in 2014. This segment provides nationwide
wireless service to consumers, and wireless wholesale and resale subscribers located in the U.S. or in U.S. territories. We
utilize our U.S. wireless network to provide voice and data services, including high-speed Internet, video entertainment
and home monitoring services.
The International segmentaccounted for approximately 3% of our 2015 total segment operating revenues. This segment provides
entertainment services in Latin America and wireless services in Mexico. Video entertainment services are provided to
primarily residential customers using satellite technology. We utilize our regional and national networks in Mexico to
provide consumer and business customers with wireless data and voice communication services. Our international subsidiaries
conduct business in their local currency and operating results are converted to U.S. dollars using official exchange rates.
Our International segment is subject to foreign currency fluctuations.
Our operating assets are utilized by multiple segments and consist of our wireless and wired networks as well as an
international satellite fleet. We manage our assets to provide for the most efficient, effective and integrated service to
our customers, not by operating segment, and therefore asset information and capital expenditures by operating segment are
not presented. Depreciation is allocated based on network usage or asset utilization by segment.
We discuss capital expenditures in "Liquidity and Capital Resources."
Business Solutions
Segment Results
Percent Change
2015 2014 2013 2015 vs. 2014 2014 vs. 2013
Segment operating revenues
Wireless service $ 30,687 $ 30,182 $ 29,696 1.7 % 1.6 %
Fixed strategic services 10,910 9,666 8,444 12.9 14.5
Legacy voice and data services 18,019 19,857 21,669 (9.3) (8.4)
Other service and equipment 3,558 3,860 3,878 (7.8) (0.5)
Wireless equipment 7,953 7,041 3,960 13.0 77.8
Total Segment Operating Revenues 71,127 70,606 67,647 0.7 4.4
Segment operating expenses
Operations and support 44,946 45,826 43,442 (1.9) 5.5
Depreciation and amortization 9,789 9,355 8,965 4.6 4.4
Total Segment Operating Expenses 54,735 55,181 52,407 (0.8) 5.3
Segment Operating Income 16,392 15,425 15,240 6.3 1.2
Segment Contribution $ 16,392 $ 15,425 $ 15,240 6.3 % 1.2 %
The following table highlights other key measures of performance for the Business Solutions segment:
Percent Change
2015 2014 2013 2015 vs. 2014 2014 vs. 2013
(in 000s)
Business Wireless Subscribers
Postpaid 48,290 45,160 40,811 6.9 % 10.7 %
Reseller 85 11 (1) - -
Connected devices 1 25,284 19,943 16,326 26.8 22.2
Total Business Wireless Subscribers 73,659 65,114 57,136 13.1 14.0
Business Wireless Net Additions 2
Postpaid 1,203 2,064 1,381 (41.7) 49.5
Reseller 13 6 - - -
Connected devices 1 5,315 3,439 2,032 54.6 69.2
Business Wireless Net Subscriber Additions 6,531 5,509 3,413 18.6 61.4
Business Wireless Postpaid Churn 2, 3 0.99% 0.90% 0.89% 9 BP 1 BP
Business IP Broadband Connections 911 822 631 10.8 30.3
Business IP Broadband Net Additions 89 191 327 (53.4) % (41.6) %
1 Includes data-centric devices such as session-based tablets, monitoring devices and automobile systems. Excludes postpaid tablets.
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