REG - AT & T Inc. - 3rd Quarter Results 2017 <Origin Href="QuoteRef">T.N</Origin> - Part 4
11/12/2017 07:25
- Part 4: For the preceding part double click ID:nRSK8888Yc
(407) 993 - %
U-verse 1 (134) (326) 58.9 (562) (1,099) 48.9
DIRECTV NOW 2 296 - - 520 - -
Net Video Additions (89) (3) - (449) (106) -
Broadband Net Additions
IP 125 156 (19.9) 479 396 21.0
DSL (96) (161) 40.4 (327) (506) 35.4
Net Broadband Additions 29 (5) - % 152 (110) - %
1 Includes disconnections for customers that migrated to DIRECTV NOW.
2 Consistent with industry practice, DIRECTV NOW includes over-the-top connections that are on a free-trial.
Operating revenues decreased $72, or 0.6%, in the third quarter and $136, or 0.4%, for the first nine months of 2017,
largely due to lower revenues from legacy voice and data products, partially offset by growth in revenues from consumer IP
broadband services.
As consumers continue to demand more mobile access to video, we provide streaming access to our subscribers, including
mobile access for existing satellite and U-verse subscribers. In November 2016, we launched DIRECTV NOW, our newest video
streaming option that does not require either satellite or U-verse service (commonly called over-the-top video service).
Video entertainment revenues increased $174, or 1.9%, in the third quarter and $480, or 1.8%, for the first nine months of
2017. These increases include a third-quarter 2017 pay-per-view event and reflect a 4.5% and 3.3% increase in average
revenue per linear (combined satellite and U-verse) video connection. Advertising revenues also increased $41 and $113,
respectively.
Linear video subscriber losses, and associated margin pressure, continued their recent trend, with some of the losses due
to the impact from hurricanes as well as tightening of our credit policies. We are also seeing the impact of customers
wanting mobile and over-the-top offerings, which is contributing to growth in DIRECTV NOW connections and partially
offsetting linear video subscriber losses. DIRECTV NOW connections continue to grow as we add eligible devices and increase
content choices. Our strategy to bundle services has positively impacted subscriber trends and churn, with customers who
bundle our wireless and video having nearly half the rate of churn as customers with a single service. Customers with
linear video but no wireless service through AT&T increased churn during the quarter, partially due to pricing increases
associated with annual content cost increases and involuntary churn.
High-speed internet revenues increased $24, or 1.3%, in the third quarter and $222, or 4.0%, for the first nine months of
2017, reflecting a 4.8% increase in IP broadband subscribers when compared to the prior year. Average revenue per IP
broadband connection (ARPU) decreased 3.7% in the third quarter and 0.8% for the first nine months of 2017. Our bundling
strategy is also helping to lower churn for broadband subscribers, with subscribers who bundle broadband with another AT&T
service having about 30% lower churn than broadband-only subscribers. To compete more effectively against other broadband
providers in the midst of ongoing declines in DSL subscribers, we continued to deploy our all-fiber, high-speed wireline
network, which has improved customer retention rates. We also expect our planned 5G national deployment to aid our ability
to provide more locations with competitive broadband speeds.
Legacy voice and data service revenues decreased $219, or 18.8%, in the third quarter and $715, or 19.2%, for the first
nine months of 2017. For the nine months ended September 30, 2017, legacy voice and data services represented approximately
8% of our total Entertainment Group revenue compared to 10% for the September 30, 2016 period, and reflect third quarter
and year to date decreases of $148 and $483 in local voice and long-distance, and $70 and $232 in traditional data
billings, respectively. The decreases reflect the continued migration of customers to our more advanced IP-based offerings
or to competitors. At September 30, 2017, approximately 7% of our broadband connections were DSL compared to 10% at
September 30, 2016.
Operations and support expenses increased $225, or 2.3%, in the third quarter and increased $237, or 0.8%, for the first
nine months of 2017. Operations and support expenses consist of costs associated with providing video content, and expenses
incurred to provide our products and services, which include costs of operating and maintaining our networks, as well as
personnel charges for compensation and benefits.
Increased operations and support expenses in the third quarter and for the first nine months of 2017 were primarily due to
annual content cost increases, a pay-per-view event, deferred customer fulfillment cost amortization, and video platform
development costs. Partially offsetting these increases were the impact of our ongoing focus on cost efficiencies and
merger synergies, as well as workforce reductions and lower marketing costs.
Depreciation expense decreased $125, or 8.3%, in the third quarter, and $225, or 5.0%, for the first nine months of 2017.
The decreases were primarily due to our fourth-quarter 2016 change in estimated useful lives and salvage value of certain
assets. Also contributing to lower depreciation expenses were network assets becoming fully depreciated. These decreases
were offset by ongoing capital spending for network upgrades and expansion.
Operating income decreased $172, or 11.6%, in the third quarter and $148, or 3.1%, for the first nine months of 2017. Our
Entertainment Group segment operating income margin in third quarter decreased from 11.7% in 2016 to 10.4% in 2017, and for
the first nine months decreased from 12.4% in 2016 to 12.1% in 2017. Our Entertainment Group segment EBITDA margin in the
third quarter decreased from 23.5% in 2016 to 21.3% in 2017, and for the first nine months decreased from 24.2% in 2016 to
23.3% in 2017.
Consumer Mobility
Segment Results
Third Quarter Nine-Month Period
2017 2016 Percent Change 2017 2016 Percent Change
Segment operating revenues
Service $ 6,507 $ 6,914 (5.9) % $ 19,644 $ 20,805 (5.6) %
Equipment 1,241 1,353 (8.3) 3,635 3,976 (8.6)
Total Segment Operating Revenues 7,748 8,267 (6.3) 23,279 24,781 (6.1)
Segment operating expenses
Operations and support 4,551 4,751 (4.2) 13,599 14,343 (5.2)
Depreciation and amortization 877 944 (7.1) 2,621 2,798 (6.3)
Total Segment Operating Expenses 5,428 5,695 (4.7) 16,220 17,141 (5.4)
Segment Operating Income 2,320 2,572 (9.8) 7,059 7,640 (7.6)
Equity in Net Income of Affiliates - - - - - -
Segment Contribution $ 2,320 $ 2,572 (9.8) % $ 7,059 $ 7,640 (7.6) %
The following tables highlight other key measures of performance for the Consumer Mobility segment:
September 30, Percent
(in 000s) 2017 2016 Change
Consumer Mobility Subscribers
Postpaid 26,003 27,374 (5.0) %
Prepaid 2 15,136 13,035 16.1
Branded 41,139 40,409 1.8
Reseller 9,800 12,566 (22.0)
Connected devices 1, 2 489 936 (47.8)
Total Consumer Mobility Subscribers 51,428 53,911 (4.6) %
1 Includes data-centric devices such as session-based tablets, monitoring devices and postpaid automobile systems. Excludes
postpaid tablets. See (2) below.
2 Beginning in July 2017, we are reporting prepaid IoT connections, which primarily consist of "connected" cars, as a component of
prepaid subscribers. The prepaid subscriber base at September 30, 2017 now includes approximately 543 subscribers that
were formerly included in connected devices.
Third Quarter Nine-Month Period
Percent Percent
(in 000s) 2017 2016 Change 2017 2016 Change
Consumer Mobility Net Additions 1, 4
Postpaid 102 21 - % 127 89 42.7 %
Prepaid 5 324 304 6.6 873 1,169 (25.3)
Branded Net Additions 426 325 31.1 1,000 1,258 (20.5)
Reseller (394) (316) (24.7) (1,345) (1,140) (18.0)
Connected devices 2, 5 (18) 41 - 87 14 -
Consumer Mobility Net Subscriber Additions 14 50 (72.0) % (258) 132 - %
Total Churn 1, 3, 4 2.37% 2.11% 26 BP 2.32% 2.06% 26 BP
Postpaid Churn 1, 3, 4 1.17% 1.19% (2) BP 1.16% 1.17% (1) BP
1 Excludes migrations between AT&T segments and/or subscriber categories and acquisition-related additions during the period.
2 Includes data-centric devices such as session-based tablets, monitoring devices and postpaid automobile systems. Excludes
postpaid tablets. See (5) below.
3 Calculated by dividing the aggregate number of wireless subscribers who canceled service during a month divided by the total number
of wireless subscribers at the beginning of that month. The churn rate for the period is equal to the average of the churn rate for
each month of that period.
4 2017 excludes the impact of the 2G shutdown and a true-up to the reseller subscriber base, which were reflected in beginning of
period subscribers.
5 Beginning in July 2017, we are reporting prepaid IoT connections, which primarily consist of "connected" cars, as a component
of prepaid subscribers, resulting in 97 additional prepaid net adds in the quarter. Had we restated our prior periods, prepaid
net adds for the comparable periods would have been 381 in the third quarter of 2016, and 1,060 and 1,324 for the first nine months of ,
2017 and 2016, respectively.
Operating Revenues decreased $519, or 6.3%, in the third quarter and $1,502, or 6.1%, for the first nine months of 2017.
Decreased revenues reflect declines in postpaid service revenues due to customers migrating to our Business Solutions
segment and choosing unlimited plans, partially offset by higher prepaid service revenues. Our business wireless offerings
allow for individual subscribers to purchase wireless services through employer-sponsored plans for a reduced price. The
migration of these subscribers to the Business Solutions segment negatively impacted our consumer postpaid subscriber total
and service revenue growth.
Service revenue decreased $407, or 5.9%, in the third quarter and $1,161, or 5.6%, for the first nine months of 2017. The
decreases were largely due to postpaid customers continuing to shift to discounted monthly service charges under our
unlimited plans and the migration of subscribers to Business Solutions. Revenues from postpaid customers declined $419, or
8.6%, in the third quarter and $1,422, or 9.5%, for the first nine months of 2017. Without the migration of customers to
Business Solutions, postpaid wireless revenues would have decreased approximately 4.6% and 5.2%, respectively. The
decreases were partially offset by higher prepaid service revenues of $155, or 10.7%, in the third quarter and $595, or
14.5%, for the first nine months primarily from growth in Cricket and AT&T PREPAIDSM subscribers.
Equipment revenue decreased $112, or 8.3%, in the third quarter and $341, or 8.6%, for the first nine months of 2017. The
decreases in equipment revenues resulted from lower handset sales and upgrades. As previously discussed, equipment revenue
is becoming increasingly unpredictable as customers are choosing to upgrade devices less frequently or bring their own.
Operations and support expenses decreased $200, or 4.2%, in the third quarter and $744, or 5.2%, for the first nine months
of 2017. Operations and support expenses consist of costs incurred to provide our products and services, including costs of
operating and maintaining our networks and personnel expenses, such as compensation and benefits.
Decreased operations and support expenses for the third quarter were primarily due to lower volumes of wireless equipment
sales and upgrades, which decreased equipment and selling and commission costs, and operational efficiencies. The
nine-month period also reflects lower marketing and advertising costs resulting from the timing of scheduled ad campaigns
and integrated advertising.
Depreciation expense decreased $67, or 7.1%, in the third quarter and $177, or 6.3%, for the first nine months of 2017. The
decreases were primarily due to fully depreciated assets, partially offset by ongoing capital spending for network upgrades
and expansion.
Operating income decreased $252, or 9.8%, in the third quarter and $581, or 7.6%, for the first nine months of 2017. Our
Consumer Mobility segment operating income margin in the third quarter decreased from 31.1% in 2016 to 29.9% in 2017, and
for the first nine months decreased from 30.8% in 2016 to 30.3% in 2017. Our Consumer Mobility EBITDA margin in the third
quarter decreased from 42.5% in 2016 to 41.3% in 2017, and for the first nine months decreased from 42.1% in 2016 to 41.6%
in 2017.
International
Segment Results
Third Quarter Nine-Month Period
2017 2016 Percent Change 2017 2016 Percent Change
Segment operating revenues
Video entertainment $ 1,363 $ 1,297 5.1 % $ 4,065 $ 3,649 11.4 %
Wireless service 536 484 10.7 1,546 1,428 8.3
Wireless equipment 200 98 - 443 297 49.2
Total Segment Operating Revenues 2,099 1,879 11.7 6,054 5,374 12.7
Segment operating expenses
Operations and support 1,937 1,640 18.1 5,468 4,951 10.4
Depreciation and amortization 304 293 3.8 905 868 4.3
Total Segment Operating Expenses 2,241 1,933 15.9 6,373 5,819 9.5
Segment Operating Income (Loss) (142) (54) - (319) (445) 28.3
Equity in Net Income (Loss) of Affiliates 17 1 - 62 24 -
Segment Contribution $ (125) $ (53) - % $ (257) $ (421) 39.0 %
The following tables highlight other key measures of performance for the International segment:
September 30, Percent
(in 000s) 2017 2016 Change
Mexican Wireless Subscribers
Postpaid 5,316 4,733 12.3 %
Prepaid 8,231 5,665 45.3
Branded 13,547 10,398 30.3
Reseller 232 300 (22.7)
Total Mexican Wireless Subscribers 13,779 10,698 28.8
Latin America Satellite Subscribers
PanAmericana 8,201 7,139 14.9
SKY Brazil 1 5,289 5,337 (0.9)
Total Latin America Satellite Subscribers 13,490 12,476 8.1 %
1 Excludes subscribers of our International segment equity investments in SKY Mexico, in which we own a 41.3% stake. SKY Mexico
had 8.0 million subscribers at June 30, 2017 and 7.9 million subscribers at September 30, 2016.
Third Quarter Nine-Month Period
(in 000s) 2017 2016 PercentChange 2017 2016 PercentChange
Mexican Wireless Net Additions
Postpaid 129 163 (20.9) % 351 444 (20.9) %
Prepaid 585 606 (3.5) 1,504 1,670 (9.9)
Branded Net Additions 714 769 (7.2) 1,855 2,114 (12.3)
Reseller (17) (26) 34.6 (49) (100) 51.0
Mexican Wireless Net Subscriber Additions 697 743 (6.2) 1,806 2,014 (10.3)
Latin America Satellite Net Additions 1
PanAmericana 98 (36) - 163 73 -
SKY Brazil (230) (12) - (260) (107) -
Latin America Satellite Net Subscriber Additions 2 (132) (48) - % (97) (34) - %
1 In 2017, we updated the methodology used to account for prepaid video connections, which were reflected in beginning of period
subscribers.
2 Excludes SKY Mexico net subscriber losses of 13 for the six months ended June 30, 2017 and additions of 519 for the six
months of June 30, 2016.
Operating Results
Our International segment consists of the Latin American operations acquired with DIRECTV as well as our Mexican wireless
operations. Video entertainment services are provided to primarily residential customers using satellite technology. 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.
Operating revenues increased $220, or 11.7%, in the third quarter and $680, or 12.7%, for the first nine months of 2017.
The increases include $66 and $416 from video services in Latin America due to price increases driven primarily by
macroeconomic conditions with mixed local currencies. Mexico wireless revenues increased $154, or 26.5%, in the third
quarter and $264, or 15.3%, for the first nine months of 2017, primarily due to growth in equipment revenues as we have
increased our subscriber base, partially offset by competitive pricing for services.
Operations and support expenses increased $297, or 18.1%, in the third quarter and $517, or 10.4%, for the first nine
months of 2017. Operations and support expenses consist of costs incurred to provide our products and services, including
costs of operating and maintaining our networks and providing video content and personnel expenses, such as compensation
and benefits.
The increases in Latin America in the third quarter and for the first nine months were primarily due to higher programming
and other operating costs. The nine-month period was partially offset by foreign currency exchange rates and our
reassessment of operating tax contingencies in Brazil. The increases in Mexico for the first nine months were primarily
driven by higher operational costs, including expenses associated with our network expansion and foreign currency
pressures.
Depreciation expense increased $11, or 3.8%, in the third quarter and $37, or 4.3%, for the first nine months of 2017. The
increases were primarily due to updating the estimated asset lives for video equipment in Latin America and higher capital
spending in Mexico.
Operating income decreased $88 in the third quarter and increased $126, or 28.3%, for the first nine months of 2017, and
were negatively impacted by foreign exchange pressure. Our International segment operating income margin in the third
quarter decreased from (2.9)% in 2016 to (6.8)% in 2017, and for the first nine months increased from (8.3)% in 2016 to
(5.3)% in 2017. Our International EBITDA margin in the third quarter decreased from 12.7% in 2016 to 7.7% in 2017, and for
the first nine months increased from 7.9% in 2016 to 9.7% in 2017.
Supplemental Operating Information
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). See "Discussion and Reconciliation of Non-GAAP Measure" for a reconciliation
of these supplemental measures to the most directly comparable financial measures calculated and presented in accordance
with U.S. generally accepted accounting principles.
AT&T Mobility Results
Third Quarter Nine-Month Period
2017 2016 Percent Change 2017 2016 Percent Change
Operating revenues
Service $ 14,541 $ 14,964 (2.8) % $ 43,613 $ 44,673 (2.4) %
Equipment 2,895 3,229 (10.3) 8,508 9,398 (9.5)
Total Operating Revenues 17,436 18,193 (4.2) 52,121 54,071 (3.6)
Operating expenses
Operations and support 10,113 10,697 (5.5) 30,308 31,822 (4.8)
EBITDA 7,323 7,496 (2.3) 21,813 22,249 (2.0)
Depreciation and amortization 2,010 2,107 (4.6) 5,999 6,244 (3.9)
Total Operating Expenses 12,123 12,804 (5.3) 36,307 38,066 (4.6)
Operating Income $ 5,313 $ 5,389 (1.4) % $ 15,814 $ 16,005 (1.2) %
The following tables highlight other key measures of performance for AT&T Mobility:
September 30, Percent
(in 000s) 2017 2016 Change
Wireless Subscribers 1
Postpaid smartphones 59,277 58,688 1.0 %
Postpaid feature phones and data-centric devices 18,138 18,700 (3.0)
Postpaid 77,415 77,388 -
Prepaid 3 15,136 13,035 16.1
Branded 92,551 90,423 2.4
Reseller 9,877 12,624 (21.8)
Connected devices 2, 3 36,398 30,291 20.2
Total Wireless Subscribers 138,826 133,338 4.1
Branded Smartphones 72,242 69,752 3.6
Smartphones under our installment programs at end of period 31,207 29,382 6.2 %
1 Represents 100% of AT&T Mobility wireless subscribers.
2 Includes data-centric devices such as session-based tablets, monitoring devices and primarily wholesale automobile systems. Excludes
postpaid tablets. See (3) below.
3 Beginning in July 2017, we are reporting prepaid IoT connections, which primarily consist of "connected" cars, as a component of
prepaid subscribers. The prepaid subscriber base at September 30, 2017 now includes approximately 543 subscribers
that were formerly included in connected devices.
Third Quarter Nine-Month Period
Percent Percent
(in 000s) 2017 2016 Change 2017 2016 Change
Wireless Net Additions 1, 4
Postpaid 117 212 (44.8) % 53 598 (91.1) %
Prepaid 5 324 304 6.6 873 1,169 (25.3)
Branded Net Additions 441 516 (14.5) 926 1,767 (47.6)
Reseller (392) (315) (24.4) (1,342) (1,174) (14.3)
Connected devices 2, 5 2,274 1,331 70.8 7,102 4,081 74.0
Wireless Net Subscriber Additions 2,323 1,532 51.6 6,686 4,674 43.0
Smartphones sold under our installment programs during period 3,491 4,283 (18.5) % 10,575 12,378 (14.6) %
Total Churn 3, 4 1.32% 1.45% (13) BP 1.35% 1.41% (6) BP
Branded Churn 3, 4 1.70% 1.63% 7 BP 1.66% 1.57% 9 BP
Postpaid Churn 3, 4 1.07% 1.05% 2 BP 1.07% 1.04% 3 BP
Postpaid Phone Only Churn 3, 4 0.84% 0.90% (6) BP 0.84% 0.90% (6) BP
1 Excludes acquisition-related additions during the period.
2 Includes data-centric devices such as session-based tablets, monitoring devices and primarily wholesale automobile systems. Excludes
postpaid tablets. See (5) below.
3 Calculated by dividing the aggregate number of wireless subscribers who canceled service during a month divided by the total number
of wireless subscribers at the beginning of that month. The churn rate for the period is equal to the average of the churn rate for
each month of that period.
4 2017 excludes the impact of the 2G shutdown and a true-up to the reseller subscriber base, which were reflected in beginning of
period subscribers.
5 Beginning in July 2017, we are reporting prepaid IoT connections, which primarily consist of "connected" cars, as a component
of prepaid subscribers, resulting in 97 additional prepaid net adds in the quarter. Had we restated our prior periods, prepaid
net adds for the comparable periods would have been 381 in the third quarter of 2016, and 1,060 and 1,324 for the first nine months of ,
2017 and 2016, respectively.
Operating income decreased $76, or 1.4%, in the third quarter and $191, or 1.2%, for the first nine months of 2017. The
third-quarter operating income margin of AT&T Mobility increased from 29.6% in 2016 to 30.5% in 2017 and for the first nine
months increased from 29.6% in 2016 to 30.3% in 2017. AT&T Mobility's third-quarter EBITDA margin increased from 41.2% in
2016 to 42.0% in 2017 and for the first nine months increased from 41.1% in 2016 to 41.9% in 2017. AT&T Mobility's
third-quarter EBITDA service margin increased from 50.1% in 2016 to 50.4% in 2017 and for the first nine months increased
from 49.8% in 2016 to 50.0% in 2017 (EBITDA service margin is operating income before depreciation and amortization,
divided by total service revenues).
Subscriber Relationships
As the wireless industry continues to mature, future wireless growth will become increasingly dependent on our ability to
offer innovative services, plans and devices and a wireless network that has sufficient spectrum and capacity to support
these innovations on as broad a geographic basis as possible. To attract and retain subscribers in a maturing market, we
have launched a wide variety of plans, including unlimited, as well as equipment installment programs. Beginning in the
first quarter of 2017, we expanded our unlimited wireless data plans to make them available to customers that do not
subscribe to our video services.
ARPU
Postpaid phone-only ARPU was $58.29 for the third quarter and $58.23 for the first nine months of 2017, compared to $59.64
and $59.66 in 2016. Postpaid phone-only ARPU plus equipment installment billings was $68.95 for the third quarter and
$68.94 for the first nine months of 2017, compared to $69.99 and $69.83 in 2016. ARPU has been affected by customers
shifting to unlimited plans, which decreases overage revenues; however, customers are adding additional devices helping to
offset that decline.
Churn
The effective management of subscriber churn is critical to our ability to maximize revenue growth and to maintain and
improve margins. Total churn was lower for the third quarter and first nine months of 2017. Postpaid churn was higher for
the third quarter and first nine months of 2017, driven by higher tablet churn. Postpaid phone-only churn was lower in the
third quarter and first nine months of 2017, despite competitive pressure in the industry.
Branded Subscribers
Branded subscribers increased 1.1% in the third quarter of 2017 when compared to June 30, 2017 and increased 2.4% when
compared to September 30, 2016. Both the sequential and year-over-year increases reflect postpaid subscribers remaining
essentially flat while prepaid subscribers grew 6.7% and 16.1%, respectively. Beginning in July 2017, we are reporting
prepaid IoT connections, which primarily consist of "connected" cars where customers actively subscribe for vehicle
connectivity, as a component of prepaid subscribers. The prepaid subscriber base at September 30, 2017 now includes
approximately 543,000 subscribers that were formerly included in connected devices.
At September 30, 2017, 92% of our postpaid phone subscriber base used smartphones, compared to 90% at September 30, 2016,
with more than 95% of phone sales during both years attributable to smartphones. Virtually all of our postpaid smartphone
subscribers are on plans that provide for service on multiple devices at reduced rates, and such subscribers tend to have
higher retention and lower churn rates. Device connections on our Mobile Share and unlimited wireless data plans now
represent 86% of our postpaid customer base, compared to 83% at September 30, 2016. Such offerings are intended to
encourage existing subscribers to upgrade their current services and/or add connected devices, attract subscribers from
other providers and/or minimize subscriber churn.
Our equipment installment purchase programs, including AT&T Next, allow for postpaid subscribers to purchase certain
devices in installments over a period of up to 30 months. Additionally, after a specified period of time, AT&T Next
subscribers also have the right to trade in the original device for a new device with a new installment plan and have the
remaining unpaid balance satisfied. For installment programs, we recognize equipment revenue at the time of the sale for
the amount of the customer receivable, net of the fair value of the trade-in right guarantee and imputed interest. A
significant percentage of our customers choosing equipment
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