REG - AT & T Inc. - 2Q18 Earnings Release
RNS Number : 0617ZAT & T Inc.28 August 2018
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) July 24, 2018
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 July 24, 2018, its results of operations for the second quarter of 2018. 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
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: July 24, 2018
By: /s/ Debra L. Dial .
Debra L. Dial
Senior Vice President and Controller
AT&T Completes Time Warner Acquisition;
Agrees to Acquire AppNexus;
Reports Second-Quarter Results
Consolidated results include 16 days
of Time Warner results for the second quarter
· Diluted EPS of $0.81 as reported compared to $0.63 in the year-ago quarter
· Adjusted EPS of $0.91 compared to $0.79 in the year-ago quarter
· Consolidated revenues of $39.0 billion
· Cash from operations of $10.2 billion, up 17.5%
· Capital expenditures of $5.1 billion
· Free cash flow of $5.1 billion, up 46.4%
Company Updates 2018 Guidance[1]
· Raising adjusted EPS to high end of $3.50 range
· Raising free cash flow to high end of $21 billion range (inclusive of all deal and integration costs)
· Capital Investment of approximately $25 billion; $22 billion net of expected FirstNet reimbursements and vendor financing
Note: AT&T's second-quarter earnings conference call will be webcast at 4:30 p.m. ET on Tuesday, July 24, 2018. The webcast and related materials will be available on AT&T's Investor Relations website at https://investors.att.com.
dALLAS, July 24, 2018 - "It was an exciting quarter for AT&T as we completed the acquisition of Time Warner on June 14 and created a modern media company built around premium content, 170 million direct-to-customer relationships, advertising technology and high-speed networks," said Randall Stephenson, AT&T chairman and CEO.[2]
"Time Warner joins us coming off an impressive second-quarter. Turner turned in solid subscription and advertising revenue growth, Warner Bros. is in high gear with a record number of series in production, and HBO delivered strong subscriber revenue growth.
"Since we closed the Time Warner deal, we've also announced an agreement to acquire ad-tech leader AppNexus, which will be an important step to strengthen our leadership in advanced TV advertising.
"Our goal is to reshape the way media and entertainment work for consumers, and you will see us continue to do exactly that."
AT&T Inc. (NYSE:T) reported solid wireless results in the second quarter, including postpaid phone gains, continued strong prepaid phone growth and stable postpaid churn. On a GAAP basis, service revenue declined; however, on a comparable basis service revenue grew. Including the acquisition of Time Warner in mid-June, AT&T reported consolidated revenue growth on a comparable basis, which offset pressure from its entertainment and business segments, and strong earnings and free cash flow growth.
· Strong subscriber gains:
o 3.8 million total wireless net adds
§ 3.1 million in U.S., driven by connected devices and prepaid
§ 756,000 in Mexico
o 219,000 total video net adds (U.S. and Latin America)
· U.S. wireless results:
o Service revenue growth on a comparable basis
o 46,000 postpaid phone net adds with continued strong year-over-year improvement
o Continued prepaid growth with 356,000 phone net adds
o Nearly 400,000 branded smartphones added to base
o Second-quarter postpaid phone churn of 0.82%
· Entertainment Group results:
o 342,000 DIRECTV NOW net adds to reach more than 1.8 million subscribers
o 80,000 total video net adds; total video customer base stable with DIRECTV NOW; AT&T WatchTV launched
o 76,000 IP broadband net adds; 23,000 total broadband net adds; more than
9 million customer locations passed with fibero AdWorks continues double-digit revenue growth
· Time Warner acquisition closed on June 14; full second-quarter results include:
o HBO and Turner year-over-year subscription revenue growth
o Turner ad revenues up 3%
o Record number of series in production at Warner Bros.
o 166 Primetime Emmy Awards nominations
Consolidated Financial Results
AT&T adopted new U.S. accounting standards as required that deal with revenue recognition (ASC 606), post-employment benefit costs and certain cash receipts on installment receivables. These changes impact the company's income statements and cash flows. With the adoption of ASC 606, the company made a policy decision to record Universal Service Fees (USF) and other regulatory fees on a net basis. The company is providing comparable results in addition to GAAP to help investors better understand the impact on financials from ASC 606 and the policy decision. Historical income statements and cash flows have been recast to show only the impact of the adoption of the other two accounting standards.
The company's consolidated results include 16 days of Time Warner results for the second quarter. Time Warner's total second-quarter results on a historical basis are located on AT&T's Investor Relations website. Pro forma schedules are expected to be filed in August.
AT&T's consolidated revenues for the second quarter totaled $39.0 billion versus $39.8 billion in the year-ago quarter, primarily due to the impact of ASC 606 which included netting of approximately $900 million of USF with operating expenses. On a comparative basis, declines in domestic video and legacy wireline services were offset by adding approximately $1.1 billion from Time Warner net of eliminations and growth in wireless, strategic business services and advertising. On a comparative basis, revenues were $39.9 billion, an increase of 0.2% primarily due to the second-quarter close of the Time Warner acquisition.
Operating expenses were $32.5 billion versus $33.3 billion, primarily due to the netting of USF and other regulatory fee revenues and the deferral of commissions under ASC 606. Excluding those impacts, operating expenses were $34.0 billion, an increase of about $700 million due to inclusion of Time Warner results, content cost pressure and higher wireless equipment costs partially offset by cost efficiencies.
Versus results from the second quarter of 2017, operating income was $6.5 billion, stable versus the year-ago quarter; and operating income margin was 16.6% versus 16.4%. On a comparative basis, operating income was $5.9 billion and operating income margin was 14.8%. When adjusting for a non-cash actuarial gain on benefit plans, amortization, merger- and integration-related expenses and other items, operating income was $8.2 billion, or $7.7 billion on a comparative basis, versus $8.1 billion in the year-ago quarter and operating income margin was 21.1%, or 19.2% on a comparative basis, versus 20.3% in the year-ago quarter.
Second-quarter net income attributable to AT&T was $5.1 billion, or $0.81 per diluted share, versus $3.9 billion, or $0.63 per diluted share, in the year-ago quarter. Adjusting for a $0.21 non-cash actuarial gain on benefit plans and $0.31 of costs for amortization, merger- and integration-related expenses and other items, earnings per diluted share was $0.91 compared to an adjusted $0.79 in the year-ago quarter, a 15.2% increase.
Cash from operating activities was $10.2 billion, and capital expenditures were $5.1 billion. Capital investment included about $275 million in FirstNet capital costs and reflects about $300 million in FirstNet reimbursements. Free cash flow - cash from operating activities minus capital expenditures - was $5.1 billion for the quarter.
2018 Outlook1
AT&T expects in 2018:
· Raising adjusted EPS to high end of the $3.50 range
· Raising free cash flow to high end of the $21 billion range; inclusive of all deal and integration costs
· Capital Investment of approximately $25 billion; $22 billion net of expected FirstNet reimbursements and vendor financing
*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 the world's largest TV and film studio, 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 more than 3 million business customers with high-speed, highly secure connectivity and smart solutions. AT&T International 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. AT&T ad and analytics provides marketers with innovative, targeted, data-driven advertising solutions around premium video content.
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. © 2018 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 release 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:
Name: Erin McGrath
AT&T Corporate Communications
Phone: 214-862-0651
Email: Erin.McGrath@att.com
AT&T Inc.
Financial Data
Dollars in millions except per share amounts
Three Months Ended
Six Months Ended
Unaudited
June 30,
June 30,
2018
2017
As Adjusted
Percent
Change
2018
2017
As Adjusted
Percent
Change
Operating Revenues
Service
$
33,773
$
36,538
-7.6
%
$
67,419
$
72,994
-7.6
%
Equipment
4,080
3,299
23.7
%
8,472
6,208
36.5
%
Media
1,133
-
-
%
1,133
-
-
%
Total Operating Revenues
38,986
39,837
-2.1
%
77,024
79,202
-2.7
%
Operating Expenses
Cost of revenues
Equipment
4,377
4,138
5.8
%
9,225
7,986
15.5
%
Broadcast, programming and operations
5,449
4,898
11.2
%
10,615
9,872
7.5
%
Other cost of revenues (exclusive of depreciation
and amortization shown separately below)
7,632
9,569
-20.2
%
15,564
18,857
-17.5
%
Selling, general and administrative
8,684
8,559
1.5
%
16,581
17,331
-4.3
%
Depreciation and amortization
6,378
6,147
3.8
%
12,372
12,274
0.8
%
Total Operating Expenses
32,520
33,311
-2.4
%
64,357
66,320
-3.0
%
Operating Income
6,466
6,526
-0.9
%
12,667
12,882
-1.7
%
Interest Expense
(2,023)
(1,395)
45.0
%
(3,794)
(2,688)
41.1
%
Equity in Net Income (Loss) of Affiliates
(16)
14
-
%
(7)
(159)
95.6
%
Other Income (Expense) - Net
2,353
925
-
%
4,055
1,413
-
%
Income Before Income Taxes
6,780
6,070
11.7
%
12,921
11,448
12.9
%
Income Tax Expense
1,532
2,056
-25.5
%
2,914
3,860
-24.5
%
Net Income
5,248
4,014
30.7
%
10,007
7,588
31.9
%
Less: Net Income Attributable to
Noncontrolling Interest
(116)
(99)
-17.2
%
(213)
(204)
-4.4
%
Net Income Attributable to AT&T
$
5,132
3,915
31.1
%
9,794
7,384
32.6
%
Basic Earnings Per Share Attributable to AT&T
$
0.81
0.63
28.6
%
1.56
1.19
31.1
%
Weighted Average Common
Shares Outstanding (000,000)
6,351
6,165
3.0
%
6,257
6,166
1.5
%
Diluted Earnings Per Share Attributable to AT&T
$
0.81
0.63
28.6
%
1.56
1.19
31.1
%
Weighted Average Common
Shares Outstanding with Dilution (000,000)
6,374
6,184
3.1
%
6,277
6,185
1.5
%
AT&T Inc.
Financial Data
Dollars in millions
Unaudited
Jun. 30,
Dec. 31,
2018
2017
Assets
Current Assets
Cash and cash equivalents
$
13,523
$
50,498
Accounts receivable - net of allowances for doubtful accounts of $804 and $663
25,492
16,522
Prepaid expenses
1,966
1,369
Other current assets
14,305
10,757
Total current assets
55,286
79,146
Noncurrent Inventories and Theatrical Film and Television Production Costs
5,849
-
Property, Plant and Equipment - Net
129,556
125,222
Goodwill
143,499
105,449
Licenses
96,802
96,136
Trademarks and Trade Names - Net
24,440
7,021
Distribution Networks
17,403
-
Other Intangible Assets - Net
30,800
11,119
Investments in and Advances to Equity Affiliates
8,007
1,560
Other Assets
23,734
18,444
Total Assets
$
535,376
$
444,097
Liabilities and Stockholders' Equity
Current Liabilities
Debt maturing within one year
$
21,672
$
38,374
Accounts payable and accrued liabilities
35,488
34,470
Advanced billing and customer deposits
5,914
4,213
Accrued taxes
1,889
1,262
Dividends payable
3,630
3,070
Total current liabilities
68,593
81,389
Long-Term Debt
168,495
125,972
Deferred Credits and Other Noncurrent Liabilities
Deferred income taxes
59,665
43,207
Postemployment benefit obligation
29,476
31,775
Other noncurrent liabilities
25,017
19,747
Total deferred credits and other noncurrent liabilities
114,158
94,729
Stockholders' Equity
Common stock
7,621
6,495
Additional paid-in capital
125,960
89,563
Retained earnings
56,555
50,500
Treasury stock
(12,872)
(12,714)
Accumulated other comprehensive income
5,716
7,017
Noncontrolling interest
1,150
1,146
Total stockholders' equity
184,130
142,007
Total Liabilities and Stockholders' Equity
$
535,376
$
444,097
AT&T Inc.
Financial Data
Dollars in millions
Six Months Ended
Unaudited
June 30,
2018
2017
As Adjusted
Operating Activities
Net income
$
10,007
$
7,588
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
12,372
12,274
Amortization of film and television costs
168
-
Undistributed earnings from investments in equity affiliates
235
167
Provision for uncollectible accounts
808
795
Deferred income tax expense
2,032
964
Net (gain) loss from sale of investments, net of impairments
(29)
12
Actuarial (gain) loss on pension and postretirement benefits
(2,726)
(259)
Changes in operating assets and liabilities:
Accounts receivable
233
119
Other current assets, inventories and theatrical film and television production costs
1,039
470
Accounts payable and other accrued liabilities
(3,890)
(2,761)
Equipment installment receivables and related sales
490
525
Deferred customer contract acquisition and fulfillment costs
(1,725)
(796)
Retirement benefit funding
(280)
(280)
Other - net
442
(1,148)
Total adjustments
9,169
10,082
Net Cash Provided by Operating Activities
19,176
17,670
Investing Activities
Capital expenditures:
Purchase of property and equipment
(10,959)
(10,750)
Interest during construction
(267)
(473)
Acquisitions, net of cash acquired
(40,715)
1,224
Dispositions
59
51
(Purchases) sales of securities, net
(218)
169
Advances to and investments in equity affiliates, net
(1,035)
-
Cash collections of deferred purchase price
500
382
Net Cash Used in Investing Activities
(52,635)
(9,397)
Financing Activities
Net change in short-term borrowings with original maturities of three months or less
2,992
(2)
Issuance of other short-term borrowings
4,839
-
Issuance of long-term debt
26,478
24,115
Repayment of long-term debt
(30,212)
(6,118)
Purchase of treasury stock
(564)
(458)
Issuance of treasury stock
12
24
Dividends paid
(6,144)
(6,021)
Other
(1,121)
77
Net Cash (Used in) Provided by Financing Activities
(3,720)
11,617
Net (decrease) increase in cash and cash equivalents and restricted cash
(37,179)
19,890
Cash and cash equivalents and restricted cash beginning of year
50,932
5,935
Cash and Cash Equivalents and Restricted Cash End of Period
$
13,753
$
25,825
AT&T Inc.
Consolidated Supplementary Data
Dollars in millions except per share amounts
Three Months Ended
Six Months Ended
Unaudited
June 30,
Percent
June 30,
Percent
2018
2017
Change
2018
2017
Change
Capital expenditures
Purchase of property and equipment
$
5,002
$
4,966
0.7
%
$
10,959
$
10,750
1.9
%
Interest during construction
106
242
-56.2
%
267
473
-43.6
%
Total Capital Expenditures
$
5,108
$
5,208
-1.9
%
$
11,226
$
11,223
-
%
Dividends Declared per Share
$
0.50
$
0.49
2.0
%
$
1.00
$
0.98
2.0
%
End of Period Common Shares Outstanding (000,000)
7,261
6,140
18.3
%
Debt Ratio
50.8
%
53.3
%
-250
BP
Total Employees
273,210
260,480
4.9
%
Subscribers and connections in thousands
Unaudited
June 30,
Percent
2018
2017
Change
Wireless Subscribers
Domestic
146,889
136,102
7.9
%
Mexico
16,398
13,082
25.3
%
Total Wireless Subscribers
163,287
149,184
9.5
%
Total Branded Wireless Subscribers
109,806
104,022
5.6
%
Video Connections
Domestic
25,473
25,200
1.1
%
Latin America
13,713
13,622
0.7
%
Total Video Connections
39,186
38,822
0.9
%
Broadband Connections
IP
14,709
14,234
3.3
%
DSL
1,063
1,452
-26.8
%
Total Broadband Connections
15,772
15,686
0.5
%
Voice Connections
Network Access Lines
10,832
12,791
-15.3
%
U-verse VoIP Connections
5,449
5,853
-6.9
%
Total Retail Voice Connections
16,281
18,644
-12.7
%
Three Months Ended
Six Months Ended
June 30,
Percent
June 30,
Percent
2018
2017
Change
2018
2017
Change
Wireless Net Additions
Domestic
3,064
2,298
33.3
%
5,694
4,376
30.1
%
Mexico
756
476
58.8
%
1,299
1,109
17.1
%
Total Wireless Net Additions
3,820
2,774
37.7
%
6,993
5,485
27.5
%
Total Branded Wireless Net Additions
1,280
904
41.6
%
2,138
1,639
30.4
%
Video Net Additions
Domestic
79
(199)
-
%
203
(360)
-
%
Latin America
140
(56)
-
%
125
35
-
%
Total Video Net Additions
219
(255)
-
%
328
(325)
-
%
Broadband Net Additions
IP
72
124
-41.9
%
222
370
-40.0
%
DSL
(75)
(133)
43.6
%
(169)
(289)
41.5
%
Total Broadband Net Additions
(3)
(9)
66.7
%
53
81
-34.6
%
CONSUMER MOBILITY
The Consumer Mobility segment provides nationwide wireless service to consumers and wholesale and resale wireless subscribers located in the U.S. or in U.S. territories. We provide voice and data services, including high-speed internet, and video services.
Dollars in millions
Three Months Ended
Six Months Ended
Unaudited
June 30,
Percent
June 30,
Percent
2018
2017
Change
2018
2017
Change
Segment Operating Revenues
Service
$
11,853
$
12,467
-4.9
%
$
23,465
$
24,932
-5.9
%
Equipment
3,016
2,624
14.9
%
6,390
4,965
28.7
%
Total Segment Operating Revenues
14,869
15,091
-1.5
%
29,855
29,897
-0.1
%
Segment Operating Expenses
Operations and support
8,085
8,636
-6.4
%
16,609
17,196
-3.4
%
Depreciation and amortization
1,806
1,716
5.2
%
3,613
3,432
5.3
%
Total Segment Operating Expenses
9,891
10,352
-4.5
%
20,222
20,628
-2.0
%
Segment Operating Income
4,978
4,739
5.0
%
9,633
9,269
3.9
%
Equity in Net Income of Affiliates
-
-
-
%
-
-
-
%
Segment Contribution
$
4,978
$
4,739
5.0
%
$
9,633
$
9,269
3.9
%
Segment Operating Income Margin
33.5
%
31.4
%
210
BP
32.3
%
31.0
%
130
BP
Subscribers and connections in thousands
Unaudited
June 30,
Percent
2018
2017
Change
Consumer Mobility Subscribers
Postpaid
65,326
65,570
-0.4
%
Prepaid
15,376
14,187
8.4
%
Branded
80,702
79,757
1.2
%
Reseller
8,484
10,182
-16.7
%
Total Consumer Mobility Subscribers
89,186
89,939
-0.8
%
Three Months Ended
Six Months Ended
June 30,
Percent
June 30,
Percent
2018
2017
Change
2018
2017
Change
Consumer Mobility Net Additions
Postpaid
(49)
(28)
-75.0
%
(113)
(310)
63.5
%
Prepaid
356
267
33.3
%
548
549
-0.2
%
Branded
307
239
28.5
%
435
239
82.0
%
Reseller
(451)
(364)
-23.9
%
(841)
(951)
11.6
%
Total Consumer Mobility Net Additions
(144)
(125)
-15.2
%
(406)
(712)
43.0
%
BUSINESS SOLUTIONS
The Business Solutions segment provides services to business customers, including multinational companies; governmental and wholesale customers. 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 provide a complete communications solution to our business customers.
Dollars in millions
Three Months Ended
Six Months Ended
Unaudited
June 30,
Percent
June 30,
Percent
2018
2017
Change
2018
2017
Change
Segment Operating Revenues
Wireless service
$
1,829
$
2,004
-8.7
%
$
3,620
$
4,007
-9.7
%
Strategic services
3,039
2,958
2.7
%
6,109
5,862
4.2
%
Legacy voice and data services
2,723
3,423
-20.4
%
5,561
6,971
-20.2
%
Other service and equipment
888
922
-3.7
%
1,727
1,800
-4.1
%
Wireless equipment
584
360
62.2
%
1,162
648
79.3
%
Total Segment Operating Revenues
9,063
9,667
-6.2
%
18,179
19,288
-5.7
%
Segment Operating Expenses
Operations and support
5,616
6,053
-7.2
%
11,210
12,051
-7.0
%
Depreciation and amortization
1,487
1,483
0.3
%
2,945
2,943
0.1
%
Total Segment Operating Expenses
7,103
7,536
-5.7
%
14,155
14,994
-5.6
%
Segment Operating Income
1,960
2,131
-8.0
%
4,024
4,294
-6.3
%
Equity in Net Income (Loss) of Affiliates
1
-
-
%
-
-
-
%
Segment Contribution
$
1,961
$
2,131
-8.0
%
$
4,024
$
4,294
-6.3
%
Segment Operating Income Margin
21.6
%
22.0
%
-40
BP
22.1
%
22.3
%
-20
BP
Subscribers and connections in thousands
Unaudited
June 30,
Percent
2018
2017
Change
Business Solutions Wireless Subscribers
Postpaid
12,046
11,432
5.4
%
Prepaid
841
-
-
%
Branded
12,887
11,432
12.7
%
Reseller
98
73
34.2
%
Connected Devices
44,718
34,658
29.0
%
Total Business Mobility Subscribers
57,703
46,163
25.0
%
Business Solutions IP Broadband Connections
1,017
992
2.5
%
Three Months Ended
Six Months Ended
June 30,
Percent
June 30,
Percent
2018
2017
Change
2018
2017
Change
Business Solutions Wireless Net Additions
Postpaid
122
171
-28.7
%
235
259
-9.3
%
Prepaid
97
-
-
%
146
-
-
%
Branded
219
171
28.1
%
381
259
47.1
%
Reseller
7
(4)
-
%
9
1
-
%
Connected Devices
2,982
2,256
32.2
%
5,710
4,828
18.3
%
Total Business Solutions Wireless Net Additions
3,208
2,423
32.4
%
6,100
5,088
19.9
%
Business Solutions IP Broadband Net Additions
(4)
12
-
%
(8)
16
-
%
ENTERTAINMENT GROUP
The Entertainment Group segment provides video, internet, voice communication, and interactive and targeted advertising services to customers located in the U.S. or in U.S. territories.
Dollars in millions
Three Months Ended
Six Months Ended
Unaudited
June 30,
Percent
June 30,
Percent
2018
2017
Change
2018
2017
Change
Segment Operating Revenues
Video entertainment
$
8,331
$
9,153
-9.0
%
$
16,690
$
18,173
-8.2
%
High-speed internet
1,981
1,927
2.8
%
3,859
3,868
-0.2
%
Legacy voice and data services
785
981
-20.0
%
1,604
2,012
-20.3
%
Other service and equipment
553
600
-7.8
%
1,074
1,209
-11.2
%
Total Segment Operating Revenues
11,650
12,661
-8.0
%
23,227
25,262
-8.1
%
Segment Operating Expenses
Operations and support
8,852
9,561
-7.4
%
17,791
19,166
-7.2
%
Depreciation and amortization
1,346
1,458
-7.7
%
2,658
2,878
-7.6
%
Total Segment Operating Expenses
10,198
11,019
-7.5
%
20,449
22,044
-7.2
%
Segment Operating Income
1,452
1,642
-11.6
%
2,778
3,218
-13.7
%
Equity in Net Income (Loss) of Affiliates
(20)
(12)
-66.7
%
(11)
(18)
38.9
%
Segment Contribution
$
1,432
$
1,630
-12.1
%
$
2,767
$
3,200
-13.5
%
Segment Operating Income Margin
12.5
%
13.0
%
-50
BP
12.0
%
12.7
%
-70
BP
Subscribers and connections in thousands
Unaudited
June 30,
Percent
2018
2017
Change
Video Connections
Satellite
19,984
20,856
-4.2
%
U-verse
3,656
3,825
-4.4
%
DIRECTV NOW
1,809
491
-
%
Total Video Connections
25,449
25,172
1.1
%
Broadband Connections
IP
13,692
13,242
3.4
%
DSL
763
1,060
-28.0
%
Total Broadband Connections
14,455
14,302
1.1
%
Voice Connections
Retail Consumer Switched Access Lines
4,333
5,257
-17.6
%
U-verse Consumer VoIP Connections
4,950
5,439
-9.0
%
Total Retail Consumer Voice Connections
9,283
10,696
-13.2
%
Three Months Ended
Six Months Ended
June 30,
Percent
June 30,
Percent
2018
2017
Change
2018
2017
Change
Video Net Additions1
Satellite
(286)
(156)
-83.3
%
(474)
(156)
-
%
U-verse
24
(195)
-
%
25
(428)
-
%
DIRECTV NOW
342
152
-
%
654
224
-
%
Total Video Net Additions
80
(199)
-
%
205
(360)
-
%
Broadband Net Additions
IP
76
112
-32.1
%
230
354
-35.0
%
DSL
(53)
(104)
49.0
%
(125)
(231)
45.9
%
Total Broadband Net Additions
23
8
-
%
105
123
-14.6
%
1 Includes the impact of customers that migrated to DIRECTV NOW.
INTERNATIONAL
The International 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 wireless 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.
Dollars in millions
Three Months Ended
Six Months Ended
Unaudited
June 30,
Percent
June 30,
Percent
2018
2017
Change
2018
2017
Change
Segment Operating Revenues
Video entertainment
$
1,254
$
1,361
-7.9
%
$
2,608
$
2,702
-3.5
%
Wireless service
417
535
-22.1
%
821
1,010
-18.7
%
Wireless equipment
280
130
115.4
%
547
243
125.1
%
Total Segment Operating Revenues
1,951
2,026
-3.7
%
3,976
3,955
0.5
%
Segment Operating Expenses
Operations and support
1,803
1,772
1.7
%
3,607
3,531
2.2
%
Depreciation and amortization
313
311
0.6
%
645
601
7.3
%
Total Segment Operating Expenses
2,116
2,083
1.6
%
4,252
4,132
2.9
%
Segment Operating Income (Loss)
(165)
(57)
-
%
(276)
(177)
-55.9
%
Equity in Net Income of Affiliates
15
25
-40.0
%
15
45
-66.7
%
Segment Contribution
$
(150)
$
(32)
-
%
$
(261)
$
(132)
-97.7
%
Segment Operating Income Margin
(8.5)
%
(2.8)
%
-570
BP
(6.9)
%
(4.5)
%
-240
BP
Subscribers and connections in thousands
Unaudited
June 30,
Percent
2018
2017
Change
Mexican Wireless Subscribers
Postpaid
5,749
5,187
10.8
%
Prepaid
10,468
7,646
36.9
%
Branded
16,217
12,833
26.4
%
Reseller
181
249
-27.3
%
Total Mexican Wireless Subscribers
16,398
13,082
25.3
%
Latin America Satellite Subscribers
Total Latin America Satellite Subscribers
13,713
13,622
0.7
%
Three Months Ended
Six Months Ended
June 30,
Percent
June 30,
Percent
2018
2017
Change
2018
2017
Change
Mexican Wireless Net Additions
Postpaid
142
92
54.3
%
251
222
13.1
%
Prepaid
611
402
52.0
%
1,070
919
16.4
%
Branded
753
494
52.4
%
1,321
1,141
15.8
%
Reseller
3
(18)
-
%
(22)
(32)
31.3
%
Total Mexican Wireless Net Additions
756
476
58.8
%
1,299
1,109
17.1
%
Latin America Satellite Net Additions
Total Latin America Satellite Net Additions
140
(56)
-
%
125
35
-
%
WarnerMedia
The WarnerMedia segment consists of the results of Time Warner Inc. after we completed our acquisition June 14, 2018. Our Warner Media segment operating income margin was 35.4% for the 16-day period ended June 30, 2018. Consistent with our past practice, many of the adjustment from the application of purchase accounting rules required under GAAP have not been allocated to the business unit, instead they are reported as acquisition-related items. The Warner Media segment consists of the following businesses: Turner, consisting principally of cable networks and digital media properties; Home Box Office (HBO), consisting principally of premium pay television and OTT services; and Warner Bros., consisting principally of television, feature film, home video and game production and distribution.
Dollars in millions
Three Months Ended
Six Months Ended
Unaudited
June 30,
Percent
June 30,
Percent
2018
2017
Change
2018
2017
Change
Segment Operating Revenues
Content
$
487
$
-
-
%
$
487
$
-
-
%
Subscription
591
-
-
%
591
-
-
%
Advertising
208
208
Other
51
-
-
%
51
-
-
%
Intrasegment eliminations
(62)
(62)
Total Segment Operating Revenues
1,275
-
-
%
1,275
-
-
%
Segment Operating Expenses
Operations and support
794
-
-
%
794
-
-
%
Depreciation and amortization
30
-
-
%
30
-
-
%
Total Segment Operating Expenses
824
-
-
%
824
-
-
%
Segment Operating Income (Loss)
451
-
-
%
451
-
-
%
Equity in Net Income of Affiliates
(6)
-
-
%
(6)
-
-
%
Segment Contribution
$
445
$
-
-
%
$
445
$
-
-
%
Segment Operating Income Margin
35.4
%
-
%
-
BP
35.4
%
-
%
-
BP
SUPPLEMENTAL OPERATING INFORMATION - AT&T MOBILITY
As a supplemental discussion of our operating results, for comparison purposes, we are providing a view of our combined domestic wireless operations (AT&T Mobility).
Dollars in millions
Three Months Ended
Six Months Ended
Unaudited
June 30,
Percent
June 30,
Percent
2018
2017
Change
2018
2017
Change
Operating Revenues
Service
$
13,682
$
14,471
-5.5
%
$
27,085
$
28,939
-6.4
%
Equipment
3,600
2,984
20.6
%
7,552
5,613
34.5
%
Total Operating Revenues
17,282
17,455
-1.0
%
34,637
34,552
0.2
%
Operating Expenses
Operations and support
9,663
10,091
-4.2
%
19,765
19,976
-1.1
%
Depreciation and amortization
2,113
1,988
6.3
%
4,208
3,980
5.7
%
Total Operating Expenses
11,776
12,079
-2.5
%
23,973
23,956
0.1
%
Operating Income
$
5,506
$
5,376
2.4
%
$
10,664
$
10,596
0.6
%
Operating Income Margin
31.9
%
30.8
%
110
BP
30.8
%
30.7
%
10
BP
Subscribers and connections in thousands
Unaudited
June 30,
Percent
2018
2017
Change
AT&T Mobility Subscribers
Postpaid
77,372
77,002
0.5
%
Prepaid
16,217
14,187
14.3
%
Branded
93,589
91,189
2.6
%
Reseller
8,582
10,255
-16.3
%
Connected Devices
44,718
34,658
29.0
%
Total AT&T Mobility Subscribers
146,889
136,102
7.9
%
Domestic Licensed POPs (000,000)
329
326
0.9
%
Three Months Ended
Six Months Ended
June 30,
Percent
June 30,
Percent
2018
2017
Change
2018
2017
Change
AT&T Mobility Net Additions
Postpaid
73
143
-49.0
%
122
(51)
-
%
Prepaid
453
267
69.7
%
694
549
26.4
%
Branded
526
410
28.3
%
816
498
63.9
%
Reseller
(444)
(368)
-20.7
%
(832)
(950)
12.4
%
Connected Devices
2,982
2,256
32.2
%
5,710
4,828
18.3
%
Total AT&T Mobility Net Additions
3,064
2,298
33.3
%
5,694
4,376
30.1
%
M&A Activity, Partitioned Customers and
Other Adjustments
(7)
-
-
%
(6)
(2,723)
99.8
%
Branded Churn
1.50
%
1.57
%
-7
BP
1.57
%
1.64
%
-7
BP
Postpaid Churn
1.02
%
1.01
%
1
BP
1.04
%
1.06
%
-2
BP
Postpaid Phone Only Churn
0.82
%
0.79
%
3
BP
0.83
%
0.84
%
-1
BP
SUPPLEMENTAL SEGMENT RECONCILIATION
Dollars in millions
Unaudited
June 30, 2018
Revenues
Operations and Support Expenses
EBITDA
Depreciation and Amortization
Operating Income (Loss)
Equity in Net Income (Loss) of Affiliates
Segment Contribution
Consumer Mobility
$
14,869
$
8,085
$
6,784
$
1,806
$
4,978
$
-
$
4,978
Business Solutions
9,063
5,616
3,447
1,487
1,960
1
1,961
Entertainment Group
11,650
8,852
2,798
1,346
1,452
(20)
1,432
International
1,951
1,803
148
313
(165)
15
(150)
Warner Media
1,275
794
481
30
451
(6)
445
Segment Total
38,808
25,150
13,658
4,982
8,676
$
(10)
$
8,666
Corporate and Other
319
660
(341)
118
(459)
Acquisition-related items
-
321
(321)
1,278
(1,599)
Certain Significant items
-
152
(152)
-
(152)
Eliminations
(141)
(141)
-
-
-
AT&T Inc.
$
38,986
$
26,142
$
12,844
$
6,378
$
6,466
June 30, 2017
Revenues
Operations and Support Expenses
EBITDA
Depreciation and Amortization
Operating Income (Loss)
Equity in Net Income (Loss) of Affiliates
Segment Contribution
Consumer Mobility
$
15,091
$
8,636
$
6,455
$
1,716
$
4,739
$
-
$
4,739
Business Solutions
9,667
6,053
3,614
1,483
2,131
-
2,131
Entertainment Group
12,661
9,561
3,100
1,458
1,642
(12)
1,630
International
2,026
1,772
254
311
(57)
25
(32)
Segment Total
39,445
26,022
13,423
4,968
8,455
$
13
$
8,468
Corporate and Other
392
766
(374)
9
(383)
Acquisition-related items
-
281
(281)
1,170
(1,451)
Certain Significant items
-
95
(95)
-
(95)
AT&T Inc.
$
39,837
$
27,164
$
12,673
$
6,147
$
6,526
Dollars in millions
Unaudited
June 30, 2018
Revenues
Operations and Support Expenses
EBITDA
Depreciation and Amortization
Operating Income (Loss)
Equity in Net Income (Loss) of Affiliates
Segment Contribution
Consumer Mobility
$
29,855
$
16,609
$
13,246
$
3,613
$
9,633
$
-
$
9,633
Business Solutions
18,179
11,210
6,969
2,945
4,024
-
4,024
Entertainment Group
23,227
17,791
5,436
2,658
2,778
(11)
2,767
International
3,976
3,607
369
645
(276)
15
(261)
Warner Media
1,275
794
481
30
451
(6)
445
Segment Total
76,512
50,011
26,501
9,891
16,610
$
(2)
$
16,608
Corporate and Other
653
1,395
(742)
141
(883)
Acquisition-related items
-
388
(388)
2,340
(2,728)
Certain Significant items
-
332
(332)
-
(332)
Eliminations
(141)
(141)
-
-
-
AT&T Inc.
$
77,024
$
51,985
$
25,039
$
12,372
$
12,667
June 30, 2017
Revenues
Operations and Support Expenses
EBITDA
Depreciation and Amortization
Operating Income (Loss)
Equity in Net Income (Loss) of Affiliates
Segment Contribution
Consumer Mobility
$
29,897
$
17,196
$
12,701
$
3,432
$
9,269
$
-
$
9,269
Business Solutions
19,288
12,051
7,237
2,943
4,294
-
4,294
Entertainment Group
25,262
19,166
6,096
2,878
3,218
(18)
3,200
International
3,955
3,531
424
601
(177)
45
(132)
Segment Total
78,402
51,944
26,458
9,854
16,604
$
27
$
16,631
Corporate and Other
800
1,637
(837)
48
(885)
Acquisition-related items
-
488
(488)
2,372
(2,860)
Certain Significant items
-
(23)
23
-
23
AT&T Inc.
$
79,202
$
54,046
$
25,156
$
12,274
$
12,882
As a supplemental discussion of our operating results, we are providing results under the comparative historical accounting method prior to our adoption of ASC 606 and other accounting changes.
SUPPLEMENTAL INCOME STATEMENT
Dollars in millions except per share amounts
Three Months Ended
Unaudited
June 30,
2018
Accounting Impact
Historical
2018
2017
Percent
Change
Operating Revenues
Service
$
33,773
$
(1,390)
$
35,163
$
36,538
-3.8
%
Equipment
4,080
469
3,611
3,299
9.5
%
Media
1,133
(2)
1,135
-
-
%
Total Operating Revenues
38,986
(923)
39,909
39,837
0.2
%
Operating Expenses
Cost of revenues
Equipment
4,377
-
4,377
4,138
5.8
%
Broadcast, programming and operations
5,449
-
5,449
4,898
11.2
%
Other cost of revenues (exclusive of depreciation
and amortization shown separately below)
7,632
(903)
8,535
9,569
-10.8
%
Selling, general and administrative
8,684
(583)
9,267
8,559
8.3
%
Depreciation and amortization
6,378
-
6,378
6,147
3.8
%
Total Operating Expenses
32,520
(1,486)
34,006
33,311
2.1
%
Operating Income
6,466
563
5,903
6,526
-9.5
%
Interest Expense
(2,023)
-
(2,023)
(1,395)
45.0
%
Equity in Net Income (Loss) of Affiliates
(16)
-
(16)
14
-
%
Other Income (Expense) - Net
2,353
-
2,353
925
-
%
Income Before Income Taxes
6,780
563
6,217
6,070
2.4
%
Income Tax Expense
1,532
138
1,394
2,056
-32.2
%
Net Income
5,248
425
4,823
4,014
20.2
%
Less: Net Income Attributable to
Noncontrolling Interest
(116)
(6)
(110)
(99)
-11.1
%
Net Income Attributable to AT&T
$
5,132
$
419
$
4,713
$
3,915
20.4
%
Basic Earnings Per Share Attributable to AT&T
$
0.81
$
0.07
$
0.74
$
0.63
17.5
%
Weighted Average Common
Shares Outstanding (000,000)
6,351
-
6,351
6,165
3.0
%
Diluted Earnings Per Share Attributable to AT&T
$
0.81
$
0.07
$
0.74
$
0.63
17.5
%
Weighted Average Common
Shares Outstanding with Dilution (000,000)
6,374
-
6,374
6,184
3.1
%
SUPPLEMENTAL CONSUMER MOBILITY
Dollars in millions
Three Months Ended
Unaudited
June 30,
2018
Accounting Impact
Historical
2018
2017
Percent
Change
Segment Operating Revenues
Service
$
11,853
$
(603)
$
12,456
$
12,467
-0.1
%
Equipment
3,016
291
2,725
2,624
3.8
%
Total Segment Operating Revenues
14,869
(312)
15,181
15,091
0.6
%
Segment Operating Expenses
Operations and support
8,085
(571)
8,656
8,636
0.2
%
EBITDA
6,784
259
6,525
6,455
1.1
%
Depreciation and amortization
1,806
-
1,806
1,716
5.2
%
Total Segment Operating Expenses
9,891
(571)
10,462
10,352
1.1
%
Segment Operating Income
4,978
259
4,719
4,739
-0.4
%
Equity in Net Income of Affiliates
-
-
-
-
-
%
Segment Contribution
$
4,978
$
259
$
4,719
$
4,739
-0.4
%
Operating Income Margin
33.5%
31.1%
31.4%
-30
BP
EBITDA Margin
45.6%
43.0%
42.8%
20
BP
EBITDA Service Margin
57.2%
52.4%
51.8%
60
BP
SUPPLEMENTAL BUSINESS SOLUTIONS
Dollars in millions
Three Months Ended
Unaudited
June 30,
2018
Accounting Impact
Historical
2018
2017
Percent Change
Segment Operating Revenues
Wireless service
$
1,829
$
(209)
$
2,038
$
2,004
1.7
%
Strategic services
3,039
(2)
3,041
2,958
2.8
%
Legacy voice and data services
2,723
(251)
2,974
3,423
-13.1
%
Other service and equipment
888
(70)
958
922
3.9
%
Wireless equipment
584
160
424
360
17.8
%
Total Segment Operating Revenues
9,063
(372)
9,435
9,667
-2.4
%
Segment Operating Expenses
Operations and support
5,616
(443)
6,059
6,053
0.1
%
EBITDA
3,447
71
3,376
3,614
-6.6
%
Depreciation and amortization
1,487
-
1,487
1,483
0.3
%
Total Segment Operating Expenses
7,103
(443)
7,546
7,536
0.1
%
Segment Operating Income
1,960
71
1,889
2,131
-11.4
%
Equity in Net Income of Affiliates
1
-
1
-
-
%
Segment Contribution
$
1,961
$
71
$
1,890
$
2,131
-11.3
%
Operating Income Margin
21.6%
20.0%
22.0%
-200
BP
EBITDA Margin
38.0%
35.8%
37.4%
-160
BP
SUPPLEMENTAL ENTERTAINMENT GROUP
Dollars in millions
Three Months Ended
Unaudited
June 30,
2018
Accounting Impact
Historical
2018
2017
Percent
Change
Segment Operating Revenues
Video entertainment
$
8,331
$
(107)
$
8,438
$
9,153
-7.8
%
High-speed internet
1,981
-
1,981
1,927
2.8
%
Legacy voice and data services
785
(33)
818
981
-16.6
%
Other service and equipment
553
(66)
619
600
3.2
%
Total Segment Operating Revenues
11,650
(206)
11,856
12,661
-6.4
%
Segment Operating Expenses
Operations and support
8,852
(425)
9,277
9,561
-3.0
%
EBITDA
2,798
219
2,579
3,100
-16.8
%
Depreciation and amortization
1,346
-
1,346
1,458
-7.7
%
Total Segment Operating Expenses
10,198
(425)
10,623
11,019
-3.6
%
Segment Operating Income
1,452
219
1,233
1,642
-24.9
%
Equity in Net Income (Loss) of Affiliates
(20)
-
(20)
(12)
-66.7
%
Segment Contribution
$
1,432
$
219
$
1,213
$
1,630
-25.6
%
Operating Income Margin
12.5%
10.4%
13.0%
-260
BP
EBITDA Margin
24.0%
21.8%
24.5%
-270
BP
SUPPLEMENTAL INTERNATIONAL
Dollars in millions
Three Months Ended
Unaudited
June 30,
2018
Accounting Impact
Historical
2018
2017
Percent
Change
Segment Operating Revenues
Video entertainment
$
1,254
$
-
$
1,254
$
1,361
-7.9
%
Wireless service
417
(40)
457
535
-14.6
%
Wireless equipment
280
18
262
130
-
%
Total Segment Operating Revenues
1,951
(22)
1,973
2,026
-2.6
%
Segment Operating Expenses
Operations and support
1,803
(41)
1,844
1,772
4.1
%
EBITDA
148
19
129
254
-49.2
%
Depreciation and amortization
313
-
313
311
0.6
%
Total Segment Operating Expenses
2,116
(41)
2,157
2,083
3.6
%
Segment Operating Income (Loss)
(165)
19
(184)
(57)
-
%
Equity in Net Income of Affiliates
15
-
15
25
-40.0
%
Segment Contribution
$
(150)
$
19
$
(169)
$
(32)
-
%
Operating Income Margin
-8.5%
-9.3%
-2.8%
-650
BP
EBITDA Margin
7.6%
6.5%
12.5%
-600
BP
SUPPLEMENTAL AT&T MOBILITY
Dollars in millions
Three Months Ended
Unaudited
June 30,
2018
Accounting Impact
Historical
2018
2017
Percent
Change
Operating Revenues
Service
$
13,682
$
(813)
$
14,495
$
14,471
0.2
%
Equipment
3,600
451
3,149
2,984
5.5
%
Total Operating Revenues
17,282
(362)
17,644
17,455
1.1
%
Operating Expenses
Operations and support
9,663
(670)
10,333
10,091
2.4
%
EBITDA
7,619
308
7,311
7,364
-0.7
%
Depreciation and amortization
2,113
-
2,113
1,988
6.3
%
Total Operating Expenses
11,776
(670)
12,446
12,079
3.0
%
Operating Income
$
5,506
$
308
$
5,198
$
5,376
-3.3
%
Operating Income Margin
31.9%
29.5%
30.8%
-130
BP
EBITDA Margin
44.1%
41.4%
42.2%
-80
BP
EBITDA Service Margin
55.7%
50.4%
50.9%
-50
BP
SUPPLEMENTAL LATIN AMERICA
Dollars in millions
Three Months Ended
Unaudited
June 30,
2018
Accounting Impact
Historical
2018
2017
Percent
Change
Operating Revenues
Video entertainment
$
1,254
$
-
$
1,254
$
1,361
-7.9
%
Total Operating Revenues
1,254
-
1,254
1,361
-7.9
%
Operating Expenses
Operations and support
1,016
(40)
1,056
998
5.8
%
EBITDA
238
40
198
363
-45.5
%
Depreciation and amortization
186
-
186
222
-16.2
%
Total Operating Expenses
1,202
(40)
1,242
1,220
1.8
%
Operating Income (Loss)
52
40
12
141
-91.5
%
Equity in Net Income (Loss) of Affiliates
15
-
15
25
-40.0
%
Operating Contribution
$
67
$
40
$
27
$
166
-83.7
%
Operating Income Margin
4.1%
1.0%
10.4%
-940
BP
EBITDA Margin
19.0%
15.8%
26.7%
-1,090
BP
SUPPLEMENTAL MEXICO
Dollars in millions
Three Months Ended
Unaudited
June 30,
2018
Accounting Impact
Historical
2018
2017
Percent
Change
Operating Revenues
Wireless service
$
417
$
(40)
$
457
$
535
-14.6
%
Wireless equipment
280
18
262
130
-
%
Total Operating Revenues
697
(22)
719
665
8.1
%
Operating Expenses
Operations and support
787
(1)
788
774
1.8
%
EBITDA
(90)
(21)
(69)
(109)
36.7
%
Depreciation and amortization
127
-
127
89
42.7
%
Total Operating Expenses
914
(1)
915
863
6.0
%
Operating Income (Loss)
(217)
(21)
(196)
(198)
1.0
%
Operating Contribution
$
(217)
$
(21)
$
(196)
$
(198)
1.0
%
Operating Income Margin
-31.1%
-27.3%
-29.8%
250
BP
EBITDA Margin
-12.9%
-9.6%
-16.4%
680
BP
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.
Certain amounts have been conformed to the current period's presentation, including our adoption of new accounting standards; ASU No. 2017-07, "Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost," ASU No. 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments," and ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash; and our realignment of certain responsibilities and operations within our segments, the most significant of which is to report wireless accounts with employer discounts in our Consumer Mobility segment.
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.
Dollars in millions
Three Months Ended
Six Months Ended
June 30,
June 30,
2018
2017
2018
2017
Net cash provided by operating activities
$
10,229
$
8,705
$
19,176
$
17,670
Less: Capital expenditures
(5,108)
(5,208)
(11,226)
(11,223)
Free Cash Flow
5,121
3,497
7,950
6,447
Less: Dividends paid
(3,074)
(3,012)
(6,144)
(6,021)
Free Cash Flow after Dividends
$
2,047
$
485
$
1,806
$
426
Free Cash Flow Dividend Payout Ratio
60.0%
86.1%
77.3%
93.4%
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.
1
When discussing our segment results, EBITDA excludes equity in net income (loss) of affiliates, and depreciation and amortization from segment contribution. For our supplemental presentation of our combined domestic wireless operations (AT&T Mobility) and our supplemental presentation of the Mexico Wireless and Latin America operations of our International segment, EBITDA excludes depreciation and amortization from operating income.
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 segment 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 segment managers are responsible and upon which we evaluate their performance. Management uses Mexico Wireless EBITDA in evaluating profitability trends after our two Mexico wireless acquisitions in 2015, and our investments in building a nationwide LTE network by end of 2018. Management uses Latin America EBITDA in evaluating the ability of our Latin America operations to generate cash to finance its own operations.
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 Consumer Mobility segment operating margin and our supplemental AT&T Mobility 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.
2
Dollars in millions
Three Months Ended
Six Months Ended
June 30,
June 30,
2018
2017
2018
2017
Net Income
$
5,248
$
4,014
$
10,007
$
7,588
Additions:
Income Tax (Benefit) Expense
1,532
2,056
2,914
3,860
Interest Expense
2,023
1,395
3,794
2,688
Equity in Net (Income) Loss of Affiliates
16
(14)
7
159
Other (Income) Expense - Net
(2,353)
(925)
(4,055)
(1,413)
Depreciation and amortization
6,378
6,147
12,372
12,274
EBITDA
12,844
12,673
25,039
25,156
Total Operating Revenues
38,986
39,837
77,024
79,202
Service Revenues
33,773
36,538
67,419
72,994
EBITDA Margin
32.9%
31.8%
32.5%
31.8%
EBITDA Service Margin
38.0%
34.7%
37.1%
34.5%
Dollars in millions
Three Months Ended
June 30, 2018
Net Income
$
4,823
Additions:
Income Tax (Benefit) Expense
1,394
Interest Expense
2,023
Equity in Net (Income) Loss of Affiliates
16
Other (Income) Expense - Net
(2,353)
Depreciation and amortization
6,378
EBITDA
12,281
Total Operating Revenues
39,909
Service Revenues
35,163
EBITDA Margin
30.8%
EBITDA Service Margin
34.9%
3
Dollars in millions
Three Months Ended
Six Months Ended
June 30,
June 30,
2018
2017
2018
2017
Consumer Mobility Segment
Segment Contribution
$
4,978
$
4,739
$
9,633
$
9,269
Additions:
Depreciation and amortization
1,806
1,716
3,613
3,432
EBITDA
6,784
6,455
13,246
12,701
Total Segment Operating Revenues
14,869
15,091
29,855
29,897
Service Revenues
11,853
12,467
23,465
24,932
Segment Operating Income Margin
33.5%
31.4%
32.3%
31.0%
EBITDA Margin
45.6%
42.8%
44.4%
42.5%
EBITDA Service Margin
57.2%
51.8%
56.5%
50.9%
Business Solutions Segment
Segment Contribution
$
1,961
$
2,131
$
4,024
$
4,294
Additions:
Equity in Net (Income) Loss of Affiliates
(1)
-
-
-
Depreciation and amortization
1,487
1,483
2,945
2,943
EBITDA
3,447
3,614
6,969
7,237
Total Segment Operating Revenues
9,063
9,667
18,179
19,288
Segment Operating Income Margin
21.6%
22.0%
22.1%
22.3%
EBITDA Margin
38.0%
37.4%
38.3%
37.5%
Entertainment Group Segment
Segment Contribution
$
1,432
$
1,630
$
2,767
$
3,200
Additions:
Equity in Net (Income) Loss of Affiliates
20
12
11
18
Depreciation and amortization
1,346
1,458
2,658
2,878
EBITDA
2,798
3,100
5,436
6,096
Total Segment Operating Revenues
11,650
12,661
23,227
25,262
Segment Operating Income Margin
12.5%
13.0%
12.0%
12.7%
EBITDA Margin
24.0%
24.5%
23.4%
24.1%
International Segment
Segment Contribution
$
(150)
$
(32)
$
(261)
$
(132)
Additions:
Equity in Net (Income) of Affiliates
(15)
(25)
(15)
(45)
Depreciation and amortization
313
311
645
601
EBITDA
148
254
369
424
Total Segment Operating Revenues
1,951
2,026
3,976
3,955
Segment Operating Income Margin
-8.5%
-2.8%
-6.9%
-4.5%
EBITDA Margin
7.6%
12.5%
9.3%
10.7%
4
Dollars in millions
Three Months Ended
Six Months Ended
June 30,
June 30,
2018
2017
2018
2017
AT&T Mobility
Operating Income
$
5,506
$
5,376
$
10,664
$
10,596
Add: Depreciation and amortization
2,113
1,988
4,208
3,980
EBITDA
7,619
7,364
14,872
14,576
Total Operating Revenues
17,282
17,455
34,637
34,552
Service Revenues
13,682
14,471
27,085
28,939
Operating Income Margin
31.9%
30.8%
30.8%
30.7%
EBITDA Margin
44.1%
42.2%
42.9%
42.2%
EBITDA Service Margin
55.7%
50.9%
54.9%
50.4%
Dollars in millions
Three Months Ended
Six Months Ended
June 30,
June 30,
2018
2017
2018
2017
International - Latin America
Operating Income
$
52
$
141
$
200
$
218
Add: Depreciation and amortization
186
222
391
436
EBITDA
238
363
591
654
Total Operating Revenues
1,254
1,361
2,608
2,702
Operating Income Margin
4.1%
10.4%
7.7%
8.1%
EBITDA Margin
19.0%
26.7%
22.7%
24.2%
Dollars in millions
Three Months Ended
Six Months Ended
June 30,
June 30,
2018
2017
2018
2017
International - Mexico
Operating Income (Loss)
$
(217)
$
(198)
$
(476)
$
(395)
Add: Depreciation and amortization
127
89
254
165
EBITDA
(90)
(109)
(222)
(230)
Total Operating Revenues
697
665
1,368
1,253
Operating Income Margin
-31.1%
-29.8%
-34.8%
-31.5%
EBITDA Margin
-12.9%
-16.4%
-16.2%
-18.4%
5
Adjusting Items
Adjusting items include revenues and costs we consider nonoperational 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 38% for transactions prior to tax reform and 25% for transactions after tax reform.
Dollars in millions
Three Months Ended
Six Months Ended
June 30,
June 30,
2018
2017
2018
2017
Operating Expenses
Time Warner and other merger costs
321
78
388
119
Employee separation costs
133
60
184
60
Natural disaster costs
-
-
104
-
DIRECTV merger integration costs
-
123
-
250
Mexico merger integration costs
-
80
-
119
(Gain) loss on transfer of wireless spectrum
-
(63)
-
(181)
Foreign currency devaluation
18
98
43
98
Adjustments to Operations and Support Expenses
472
376
719
465
Amortization of intangible assets
1,278
1,170
2,340
2,372
Adjustments to Operating Expenses
1,750
1,546
3,059
2,837
Other
Merger-related interest and fees1
636
158
1,029
267
Actuarial (gain) loss
(1,796)
(259)
(2,726)
(259)
(Gain) loss on sale of assets,
impairments and other adjustments
48
(36)
48
221
Adjustments to Income Before Income Taxes
638
1,409
1,410
3,066
Tax impact of adjustments
44
445
217
1,001
Tax related items
(96)
-
(96)
-
Adjustments to Net Income
$
690
$
964
$
1,289
$
2,065
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.
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.
6
Dollars in millions
Three Months Ended
Six Months Ended
June 30,
June 30,
2018
2017
2018
2017
Operating Income
$
6,466
$
6,526
$
12,667
$
12,882
Adjustments to Operating Expenses
1,750
1,546
3,059
2,837
Adjusted Operating Income
8,216
8,072
15,726
15,719
EBITDA
12,844
12,673
25,039
25,156
Adjustments to Operations and Support Expenses
472
376
719
465
Adjusted EBITDA
13,316
13,049
25,758
25,621
WarnerMedia Operating Income
1,236
3,047
Pro Forma
Additions:
Depreciation and amortization
168
339
Merger costs
548
694
WarnerMedia Adjusted EBITDA
1,952
4,080
WarnerMedia segment income (post acquisition)
(451)
(451)
WarnerMedia segment depreciation and
amortization (post acquisition)
(30)
(30)
WarnerMedia merger costs (post acquisition)
(159)
(159)
Film and television cost amortization (release prior to June 14)
1,324
2,693
Pro Forma Adjusted EBITDA 1
15,952
31,891
Total Operating Revenues
38,986
39,837
77,024
79,202
Service Revenues
33,773
36,538
67,419
72,994
Operating Income Margin
16.6%
16.4%
16.4%
16.3%
Adjusted Operating Income Margin
21.1%
20.3%
20.4%
19.8%
Adjusted EBITDA Margin
34.2%
32.8%
33.4%
32.3%
Adjusted EBITDA Service Margin
39.4%
35.7%
38.2%
35.1%
Supplemental Results under Historical Accounting Method
Operating Income
5,903
Adjustments to Operating Expenses
1,750
Adjusted Supplemental Operating Income
7,653
EBITDA
12,281
Adjustments to Operations and Support Expenses
472
Adjusted Supplemental EBITDA
12,753
Supplemental Operating Revenues
39,909
Adjusted Supplemental Operating Income Margin
19.2%
Adjusted Supplemental EBITDA margin
32.0%
1 Pro Forma Adjusted EBITDA reflects the combined results operations of the combined company based on the historical financial statements of AT&T and Time Warner, after giving effect to the merger and certain adjustments, and is intended to reflect the impact of the Time Warner acquisition on AT&T. WarnerMedia operating income, depreciation and amortization expense and merger costs are provided on Item 7.01 Form 8-K filed by AT&T on July 24, 2018. Pro Forma adjustments are to (1) remove the duplication of operating results for the 16-period in which AT&T also reported Time Warner results and (2) to recognize the purchase accounting classification of released content as intangible assets and accordingly reclassify associated content amortization from operating expense to amortization expense. Intercompany revenue and expense eliminations net and do not impact EBITDA.
7
Three Months Ended
Six Months Ended
June 30,
June 30,
2018
2017
2018
2017
Diluted Earnings Per Share (EPS)
$
0.81
$
0.63
$
1.56
$
1.19
Amortization of intangible assets
0.16
0.13
0.29
0.26
Merger items1
0.14
0.05
0.20
0.08
(Gain) loss on sale of assets, impairments and other adjustments2
0.01
0.01
0.05
0.03
Actuarial (gain) loss3
(0.21)
(0.03)
(0.33)
(0.03)
Adjusted EPS
$
0.91
$
0.79
$
1.77
$
1.53
Year-over-year growth - Adjusted
15.2%
15.7%
Weighted Average Common Shares Outstanding
with Dilution (000,000)
6,374
6,184
6,277
6,185
1Includes combined merger integration items and merger-related interest income and expense, and redemption premiums.
2Includes natural disaster, employee-related, and other costs.
3Includes adjustments for actuarial gains or losses associated with our postemployment benefit plans, which we immediately recognize in the income statement, pursuant to our accounting policy for the recognition of actuarial gains/losses. We recorded an actuarial gain of $930 million in the first quarter of 2018 associated with our postretirement plan and a gain of $1,796 million in the second quarter associated with our pension plan. As a result, adjusted EPS reflects (1) in the first quarter and for the first six months, an expected return on plan assets of $77 million (based on an average expected return on plan assets of 5.75% for our VEBA trusts), rather than the actual return on plan assets of $31 million loss (VEBA return of -3.08%) and (2) in the second quarter and for the first six months, an expected return on plan assets of $754 million (based on an average expected return on plan assets of 7.00% for our Pension trusts), rather than the actual return on plan assets of $186 million loss (Pension return of -0.56%), both of which are included in the GAAP measure of income.
Net Debt to Pro Forma 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 Annualized 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. Annualized Pro Forma Adjusted EBITDA is calculated by annualizing the year-to-date Pro Forma Adjusted EBITDA.
Dollars in millions
Three Months Ended
Mar. 31,
Jun. 30,
2018
2018
YTD 2018
Pro Forma Adjusted EBITDA
$
15,939
$
15,952
$
31,891
Add back severance
(51)
(133)
(184)
Net Debt Pro Forma Adjusted EBITDA
15,888
15,819
31,707
Annualized Pro Forma Adjusted EBITDA
63,414
End-of-period current debt
21,672
End-of-period long-term debt
168,495
Total End-of-Period Debt
190,167
Less: Cash and Cash Equivalents
13,523
Net Debt Balance
176,644
Annualized Net Debt to Pro Forma Adjusted EBITDA Ratio
2.79
8
Supplemental Operational Measures
We provide a supplemental discussion of our domestic wireless operations that is calculated by combining our Consumer Mobility and Business Solutions segments, and then adjusting to remove non-wireless operations. The following table presents a reconciliation of our supplemental AT&T Mobility results.
Three Months Ended
June 30, 2018
June 30, 2017
Consumer Mobility
Business Solutions
Adjustments1
AT&T Mobility
Consumer Mobility
Business Solutions
Adjustments1
AT&T Mobility
Operating Revenues
Wireless service
$
11,853
$
1,829
$
-
$
13,682
$
12,467
$
2,004
$
-
$
14,471
Strategic services
-
3,039
(3,039)
-
-
2,958
(2,958)
-
Legacy voice and data services
-
2,723
(2,723)
-
-
3,423
(3,423)
-
Other services and equipment
-
888
(888)
-
-
922
(922)
-
Wireless equipment
3,016
584
-
3,600
2,624
360
-
2,984
Total Operating Revenues
14,869
9,063
(6,650)
17,282
15,091
9,667
(7,303)
17,455
Operating Expenses
Operations and support
8,085
5,616
(4,038)
9,663
8,636
6,053
(4,598)
10,091
EBITDA
6,784
3,447
(2,612)
7,619
6,455
3,614
(2,705)
7,364
Depreciation and amortization
1,806
1,487
(1,180)
2,113
1,716
1,483
(1,211)
1,988
Total Operating Expenses
9,891
7,103
(5,218)
11,776
10,352
7,536
(5,809)
12,079
Operating Income
$
4,978
$
1,960
$
(1,432)
$
5,506
$
4,739
$
2,131
$
(1,494)
$
5,376
1 Business wireline operations reported in Business Solutions segment.
Six Months Ended
June 30, 2018
June 30, 2017
Consumer Mobility
Business Solutions
Adjustments1
AT&T Mobility
Consumer Mobility
Business Solutions
Adjustments1
AT&T Mobility
Operating Revenues
Wireless service
$
23,465
$
3,620
$
-
$
27,085
$
24,932
$
4,007
$
-
$
28,939
Strategic services
-
6,109
(6,109)
-
-
5,862
(5,862)
-
Legacy voice and data services
-
5,561
(5,561)
-
-
6,971
(6,971)
-
Other services and equipment
-
1,727
(1,727)
-
-
1,800
(1,800)
-
Wireless equipment
6,390
1,162
-
7,552
4,965
648
-
5,613
Total Operating Revenues
29,855
18,179
(13,397)
34,637
29,897
19,288
(14,633)
34,552
Operating Expenses
Operations and support
16,609
11,210
(8,054)
19,765
17,196
12,051
(9,271)
19,976
EBITDA
13,246
6,969
(5,343)
14,872
12,701
7,237
(5,362)
14,576
Depreciation and amortization
3,613
2,945
(2,350)
4,208
3,432
2,943
(2,395)
3,980
Total Operating Expenses
20,222
14,155
(10,404)
23,973
20,628
14,994
(11,666)
23,956
Operating Income
$
9,633
$
4,024
$
(2,993)
$
10,664
$
9,269
$
4,294
$
(2,967)
$
10,596
1 Business wireline operations reported in Business Solutions segment.
9
Supplemental International
We provide a supplemental presentation of the Mexico Wireless and Latin America operations within our International segment. The following table presents a reconciliation of our International segment.
Three Months Ended
June 30, 2018
June 30, 2017
Latin America
Mexico
International
Latin America
Mexico
International
Operating Revenues
Video service
$
1,254
$
-
$
1,254
$
1,361
$
-
$
1,361
Wireless service
-
417
417
-
535
535
Wireless equipment
-
280
280
-
130
130
Total Operating Revenues
1,254
697
1,951
1,361
665
2,026
Operating Expenses
Operations and support
1,016
787
1,803
998
774
1,772
Depreciation and amortization
186
127
313
222
89
311
Total Operating Expenses
1,202
914
2,116
1,220
863
2,083
Operating Income (Loss)
52
(217)
(165)
141
(198)
(57)
Equity in Net Income of Affiliates
15
-
15
25
-
25
Segment Contribution
$
67
$
(217)
$
(150)
$
166
$
(198)
$
(32)
Six Months Ended
June 30, 2018
June 30, 2017
Latin America
Mexico
International
Latin America
Mexico
International
Operating Revenues
Video service
$
2,608
$
-
$
2,608
$
2,702
$
-
$
2,702
Wireless service
-
821
821
-
1,010
1,010
Wireless equipment
-
547
547
-
243
243
Total Operating Revenues
2,608
1,368
3,976
2,702
1,253
3,955
Operating Expenses
Operations and support
2,017
1,590
3,607
2,048
1,483
3,531
Depreciation and amortization
391
254
645
436
165
601
Total Operating Expenses
2,408
1,844
4,252
2,484
1,648
4,132
Operating Income (Loss)
200
(476)
(276)
218
(395)
(177)
Equity in Net Income of Affiliates
15
-
15
45
-
45
Segment Contribution
$
215
$
(476)
$
(261)
$
263
$
(395)
$
(132)
10
[1] Adjustments include a non-cash mark-to-market benefit plan gain/loss, merger-related interest expense, merger integration and amortization costs and other adjustments. We expect the mark-to-market adjustment which is driven by interest rates and investment returns that are not reasonably estimable at this time, to be the largest of these items. Accordingly, we cannot provide a reconciliation between forecasted adjusted diluted EPS and reported diluted EPS without unreasonable effort.
[2] Represents cumulative video-capable D2C relationships across the following services: Postpaid, prepaid and reseller wireless; US and LatAm pay-TV, including DIRECTV NOW; Mexico wireless; and US consumer broadband
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.ENDIR FKFDKBBKBDFB
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