REG - AT & T Inc. - 3Q14 Earnings Release <Origin Href="QuoteRef">T.N</Origin> - Part 2
18/11/2014 17:50
- Part 2: For the preceding part double click ID:nRSR3762Xa
31.2 %
M&A Activity, Partitioned Customers and Other Adjs. 9 587 -98.5 % 4,571 591 -
Wireless Churn
Postpaid Churn 0.99 % 1.07 % -8 BP 0.97 % 1.04 % -7 BP
Total Churn 1.36 % 1.31 % 5 BP 1.41 % 1.35 % 6 BP
Other
Licensed POPs (000,000) 321 317 1.3 %
Wireline
Voice
Total Wireline Voice Connections 26,220 29,296 -10.5 %
Net Change (738 ) (932 ) 20.8 % (2,269 ) (2,888 ) 21.4 %
Broadband
Total Wireline Broadband Connections 16,486 16,427 0.4 %
Net Change 38 (26 ) - 61 37 64.9 %
Video
Total U-verse Video Connections 6,067 5,266 15.2 %
Net Change 216 265 -18.5 % 607 730 -16.8 %
Consumer Revenue Connections
Broadband1 14,844 14,665 1.2 %
U-verse Video Connections 6,045 5,249 15.2 %
Voice2 14,880 16,749 -11.2 %
Total Consumer Revenue Connections1 35,769 36,663 -2.4 %
Net Change (156 ) (345 ) 54.8 % (621 ) (1,004 ) 38.1 %
AT&T Inc.
Construction and capital expenditures:
Capital expenditures $ 5,180 $ 5,900 -12.2 % $ 16,829 $ 15,565 8.1 %
Interest during construction $ 60 $ 73 -17.8 % $ 178 $ 213 -16.4 %
Dividends Declared per Share $ 0.46 $ 0.45 2.2 % $ 1.38 $ 1.35 2.2 %
End of Period Common Shares Outstanding (000,000) 5,185 5,280 -1.8 %
Debt Ratio3 44.8 % 46.9 % -210 BP
Total Employees 247,700 246,740 0.4 %
1 Consumer wireline broadband connections include DSL lines, U-verse high speed Internet access and satellite broadband.
2 Includes consumer U-verse Voice over Internet Protocol connections of 4,698 as of September 30, 2014.
3 Total long-term debt plus debt maturing within one year divided by total debt plus total stockholders' equity.
Note: For the end of 3Q14, total switched access lines were 21,464; retail business switched access lines totaled 9,509; and wholesale,
national mass markets and coin switched access lines totaled 1,773. Restated switched access lines do not include ISDN lines.
Financial Data
AT&T Inc.
Non-GAAP Wireless Reconciliation
Wireless Segment EBITDA
Dollars in millions
Unaudited
Three Months Ended
9/30/13 12/31/13 3/31/14 6/30/14 9/30/14
Segment Operating Revenues
Service $ 15,460 $ 15,660 $ 15,387 $ 15,148 $ 15,423
Equipment 2,020 2,777 2,479 2,782 2,914
Total Segment Operating Revenues $ 17,480 $ 18,437 $ 17,866 $ 17,930 $ 18,337
Segment Operating Expenses
Operations and support 10,982 12,576 10,882 11,568 11,855
Depreciation and amortization 1,875 1,915 1,931 2,035 1,965
Total Segment Operating Expenses 12,857 14,491 12,813 13,603 13,820
Segment Operating Income 4,623 3,946 5,053 4,327 4,517
Segment Operating Income Margin 26.4 % 21.4 % 28.3 % 24.1 % 24.6 %
Plus: Depreciation and amortization 1,875 1,915 1,931 2,035 1,965
EBITDA1 $ 6,498 $ 5,861 $ 6,984 $ 6,362 $ 6,482
EBITDA as a % of Service Revenues2 42.0 % 37.4 % 45.4 % 42.0 % 42.0 %
1EBITDA is defined as Operating Income Before Depreciation and Amortization.2Service revenues include Wireless data, voice, text and other service revenues.
Financial Data
AT&T Inc.
Non-GAAP Wireless Reconciliation
Wireless Segment Adjusted EBITDA
Dollars in millions
Unaudited
Three Months Ended
9/30/13 9/30/14
Segment Operating Revenues
Service $ 15,460 $ 15,423
Equipment 2,020 2,914
Total Segment Operating Revenues $ 17,480 $ 18,337
Segment Operating Income 4,623 4,517
Segment Operating Income Margin 26.4 % 24.6 %
Plus: Depreciation and amortization 1,875 1,965
EBITDA1 $ 6,498 $ 6,482
Total EBITDA Margin 37.2 % 35.3 %
EBITDA as a % of Service Revenues2 42.0 % 42.0 %
Adjustments:
Wireless integration expense3 - 171
Adjusted EBITDA1 $ 6,498 $ 6,653
Total Adjusted EBITDA Margin 37.2 % 36.3 %
Adjusted EBITDA as a % of Service Revenues2 42.0 % 43.1 %
1 EBITDA is defined as Operating Income Before Depreciation and Amortization.2 Service revenues include Wireless data, voice, text and other service revenues.3 Operations and Support expenses for Leap and Alltel wireless integration costs.
Financial Data
AT&T Inc.
Non-GAAP Consolidated
Reconciliation
Adjusted Diluted EPS
Unaudited
Three Months Ended Nine Months Ended
September 30, September 30,
2013 2014 2013 2014
Reported Diluted EPS $ 0.72 $ 0.58 $ 2.09 $ 1.95
Adjustments:
Merger and integration costs1 - 0.03 - 0.07
Early debt redemption costs - 0.02 - 0.02
Tax and spectrum transfer (0.06 ) - (0.08 ) -
América Móvil - Gain on AMX - - (0.04 ) (0.08 )
shares sale
Adjusted Diluted EPS $ 0.66 $ 0.63 $ 1.97 $ 1.96
Year-over-year growth - -4.5 % -0.5 %
Adjusted
Weighted Average Common Shares
Outstanding
with Dilution (000,000) 5,331 5,214 5,419 5,224
1 Includes Leap and Alltel
wireless integration costs and
DIRECTV merger costs.
Adjusted Diluted EPS is a non
-GAAP financial measure
calculated by excluding from
operating revenues, operating
expenses and equity in net
income of affiliates certain
significant items that are non
-operational or non-recurring
in nature, including
dispositions. Management
believes that this measure
provides 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
Diluted EPS should be
considered in addition to, but
not as a substitute for, other
measures of financial
performance reported in
accordance with GAAP. Our
calculation of Adjusted
Diluted EPS, as presented, may
differ from similarly titled
measures reported by other
companies.
Financial Data
AT&T Inc.
Non-GAAP Consolidated
Reconciliation
Free Cash Flow
Dollars in millions
Unaudited
Three Months EndedRecent news on AT&T
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