REG - AT & T Inc. - 4Q15 Earnings Release <Origin Href="QuoteRef">T.N</Origin> - Part 2
01/04/2016 16:03
- Part 2: For the preceding part double click ID:nRSZ3497Qa
Business Solutions Wireless Subscribers 73,659 65,114 13.1 %
Postpaid 48,290 45,160 6.9 %
Reseller 85 11 -
Connected Devices1 25,284 19,943 26.8 %
Business Solutions Wireless Net Adds 1,563 1,863 -16.1 % 6,531 5,509 18.6 %
Postpaid 353 566 -37.6 % 1,203 2,064 -41.7 %
Reseller (1 ) 2 - 13 6 -
Connected Devices1 1,211 1,295 -6.5 % 5,315 3,439 54.6 %
Business Wireless Postpaid Churn 1.10 % 1.08 % 2 BP 0.99 % 0.90 % 9 BP
Consumer Mobility Subscribers 54,981 55,440 -0.8 %
Postpaid 28,814 30,610 -5.9 %
Prepaid1 11,548 9,965 15.9 %
Reseller 13,690 13,844 -1.1 %
Connected Devices1 929 1,021 -9.0 %
Consumer Mobility Net Adds 671 42 - 1,528 99 -
Postpaid 174 288 -39.6 % 463 1,226 -62.2 %
Prepaid1 469 (67 ) - 1,364 (311 ) -
Reseller 50 (65 ) - (168 ) (351 ) 52.1 %
Connected Devices1 (22 ) (114 ) 80.7 % (131 ) (465 ) 71.8 %
Consumer Mobility Postpaid Churn 1.31 % 1.43 % -12 BP 1.25 % 1.22 % 3 BP
Total Consumer Mobility Churn 1.97 % 2.21 % -24 BP 1.94 % 2.06 % -12 BP
Entertainment Group 52,182 34,366 51.8 %
Video Connections 25,398 5,920 -
Satellite 19,784 - -
U-verse 5,614 5,920 -5.2 %
Video Net Adds (26 ) 72 - (66 ) 663 -
Satellite 214 - - 240 - -
U-verse (240 ) 72 - (306 ) 663 -
Broadband Connections 14,286 14,444 -1.1 %
IP 12,356 11,383 8.5 %
DSL 1,930 3,061 -36.9 %
Broadband Net Adds (37 ) (21 ) -76.2 % (157 ) 131 -
IP 171 372 -54.0 % 973 1,899 -48.8 %
DSL (208 ) (393 ) 47.1 % (1,130 ) (1,768 ) 36.1 %
Total Wireline Voice Connections 12,498 14,002 -10.7 %
AT&T International
Wireless Subscribers and Connections
Subscribers 8,684 - -
Net Adds 593 - - (96 ) - -
Total Churn 5.67 % - - 6.38 % - -
Video Subscribers and Connections
Latin America Video Subscribers (34 ) - - 12,510 - -
Pan Americana 60 - - 7,066 - -
Brazil (94 ) - - 5,444 - -
Financial Data
AT&T Inc.
Supplementary Operating and Financial Data
Dollars in millions except per share amounts, subscribers and connections in (000s)
Unaudited Three Months Ended Twelve Months Ended
12/31/2015 12/31/2014 % Chg 12/31/2015 12/31/2014 % Chg
AT&T Total Susbscribers and Connections
AT&T Mobility Subscribers 128,640 120,554 6.7 %
Postpaid1 77,105 75,770 1.8 %
Prepaid1 11,548 9,965 15.9 %
Reseller 13,774 13,855 -0.6 %
Connected Devices1 26,213 20,964 25.0 %
AT&T Mobility Net Adds 2,234 1,905 17.3 % 8,059 5,608 43.7 %
Postpaid1 526 854 -38.4 % 1,666 3,290 -49.4 %
Prepaid1 469 (67 ) - 1,364 (311 ) -
Reseller 50 (65 ) - (155 ) (346 ) 55.2 %
Connected Devices1 1,189 1,183 0.5 % 5,184 2,975 74.3 %
M&A Activity, Partitioned Customers and Other Adjs. - (1 ) - 27 4,570 -
AT&T Mobility Churn
Postpaid Churn 1.18 % 1.22 % -4 BP 1.09 % 1.04 % 5 BP
Total Churn 1.50 % 1.59 % -9 BP 1.39 % 1.45 % -6 BP
Other
Domestic Licensed POPs (000,000) 321 321 -
Total Video Subscribers 37,934 5,943 -
Domestic 25,424 5,943 -
Pan Americana 7,066 - -
Brazil 5,444 - -
Total Video Net Adds (60 ) (124 ) 51.6 % (210 ) 483 -
Domestic (26 ) (124 ) 79.0 % (63 ) 483 -
Pan Americana 60 - - 76 - -
Brazil (94 ) - - (223 ) - -
Total Broadband Connections 15,778 16,028 -1.6 %
IP 13,268 12,205 8.7 %
DSL 2,510 3,823 -34.3 %
Broadband Net Adds (54 ) (458 ) 88.2 % (250 ) (397 ) 37.0 %
IP 192 107 79.4 % 1,063 1,830 -41.9 %
DSL (246 ) (565 ) 56.5 % (1,313 ) (2,227 ) 41.0 %
Total Wireline Voice Connections 22,123 24,778 -10.7 %
AT&T Inc.
Construction and capital expenditures:
Capital expenditures $ 5,862 $ 4,370 34.1 % $ 19,218 $ 21,199 -9.3 %
Interest during construction $ 231 $ 56 - $ 797 $ 234 -
Dividends Declared per Share $ 0.48 $ 0.47 2.1 % $ 1.89 $ 1.85 2.2 %
End of Period Common Shares Outstanding (000,000) 6,145 5,187 18.5 %
Debt Ratio1,2 50.5 % 47.5 % 300 BP
Total Employees 281,450 243,620 15.5 %
Financial Data
AT&T Inc.
Supplemental AT&T Mobility Results
Dollars in millions
Unaudited
Three Months Ended Twelve Months Ended
12/31/2015 12/31/2014 % Chg 12/31/2015 12/31/2014 % Chg
AT&T Mobility
Operating Revenues
Service $ 14,815 $ 15,074 -1.7 % $ 59,837 $ 61,032 -2.0 %
Equipment 4,071 4,785 -14.9 % 13,868 12,960 7.0 %
Total Segment Operating Revenues 18,886 19,859 -4.9 % 73,705 73,992 -0.4 %
Operating Expenses
Operations and support expenses 12,479 14,327 -12.9 % 45,789 48,348 -5.3 %
Depreciation and amortization 2,031 1,959 3.7 % 8,113 7,744 4.8 %
Total Operating Expenses 14,510 16,286 -10.9 % 53,902 56,092 -3.9 %
Operating Income 4,376 3,573 22.5 % 19,803 17,900 10.6 %
Equity in Net Income (Loss) of Affiliates - - - - (1 ) -
Income $ 4,376 $ 3,573 22.5 % $ 19,803 $ 17,899 10.6 %
Operating Income Margin 23.2 % 18.0 % 26.9 % 24.2 %
Financial Data
AT&T Inc.
Segment Supplemental - QTD
Dollars in millions
Unaudited
For the three months ended December 31, 2015
Revenues Operations and Support Expenses EBITDA Depreciation and Amortization Operating Income (Loss) Equity in Net Income of Affiliates Segment Contribution
Business Solutions $ 18,214 $ 11,980 $ 6,234 $ 2,513 $ 3,721 $ - $ 3,721
Entertainment Group 12,994 10,123 2,871 1,426 1,445 12 1,457
Consumer Mobility 8,749 5,669 3,080 939 2,141 - 2,141
International 1,849 1,799 50 309 (259 ) (1 ) (260 )
Segment Total $ 41,806 $ 29,571 $ 12,235 $ 5,187 $ 7,048 $ 11 $ 7,059
Corporate and Other 313 272 41 17 24
Acquisition-related items - 383 (383 ) 1,273 (1,656 )
Certain Significant items - (2,116 ) 2,116 - 2,116
AT&T Inc. $ 42,119 $ 28,110 $ 14,009 $ 6,477 $ 7,532
For the three months ended December 31, 2014
Revenues Operations and Support Expenses EBITDA Depreciation and Amortization Operating Income (Loss) Equity in Net Income of Affiliates Segment Contribution
Business Solutions $ 18,729 $ 12,990 $ 5,739 $ 2,346 $ 3,393 $ - $ 3,393
Entertainment Group 5,593 4,810 783 1,077 (294 ) (2 ) (296 )
Consumer Mobility 9,522 6,718 2,804 981 1,823 - 1,823
International - - - - - - -
Segment Total $ 33,844 $ 24,518 $ 9,326 $ 4,404 $ 4,922 $ (2 ) $ 4,920
Corporate and Other 595 444 151 28 123
Acquisition-related items - 382 (382 ) 109 (491 )
Certain Significant items - 9,997 (9,997 ) 26 (10,023 )
AT&T Inc. $ 34,439 $ 35,341 $ (902 ) $ 4,567 $ (5,469 )
Financial Data
AT&T Inc.
Segment Supplemental - YTD
Dollars in millions
Unaudited
For the year ended December 31, 2015
Revenues Operations and Support Expenses EBITDA Depreciation and Amortization Operating Income (Loss) Equity in Net Income of Affiliates Segment Contribution
Business Solutions $ 71,127 $ 44,946 $ 26,181 $ 9,789 $ 16,392 $ - $ 16,392
Entertainment Group 35,294 28,345 6,949 4,945 2,004 (4 ) 2,000
Consumer Mobility 35,066 21,477 13,589 3,851 9,738 - 9,738
International 4,102 3,930 172 655 (483 ) (5 ) (488 )
Segment Total $ 145,589 $ 98,698 $ 46,891 $ 19,240 $ 27,651 $ (9 ) $ 27,642
Corporate and Other 1,297 1,057 240 64 176
Acquisition-related items (85 ) 1,987 (2,072 ) 2,712 (4,784 )
Certain Significant items - (1,742 ) 1,742 - 1,742
AT&T Inc. $ 146,801 $ 100,000 $ 46,801 $ 22,016 $ 24,785
For the year ended December 31, 2014
Revenues Operations and Support Expenses EBITDA Depreciation and Amortization Operating Income (Loss) Equity in Net Income of Affiliates Segment Contribution
Business Solutions $ 70,606 $ 45,826 $ 24,780 $ 9,355 $ 15,425 $ - $ 15,425
Entertainment Group 22,233 18,992 3,241 4,473 (1,232 ) (2 ) (1,234 )
Consumer Mobility 36,769 23,891 12,878 3,827 9,051 (1 ) 9,050
International - - - - - 153 153
Segment Total $ 129,608 $ 88,709 $ 40,899 $ 17,655 $ 23,244 $ 150 $ 23,394
Corporate and Other 2,839 2,471 368 105 263
Acquisition-related items - 785 (785 ) 487 (1,272 )
Certain Significant items - 9,997 (9,997 ) 26 (10,023 )
AT&T Inc. $ 132,447 $ 101,962 $ 30,485 $ 18,273 $ 12,212
Financial Data
AT&T Inc.
Non-GAAP
Consolidated
Reconciliation
Adjusted Operating
Revenues and
Adjusted
Consolidated EBITDA1
Dollars in millions
Unaudited
Three Months Ended Twelve Months Ended
December 31, December 31,
2014 2015 2014 2015
Reported Operating $ 34,439 $ 42,119 $ 132,447 $ 146,801
Revenues
Adjustments:
DIRECTV deferred - - - 85
revenue5
Adjusted Operating $ 34,439 $ 42,119 $ 132,447 $ 146,886
Revenues
Reported Operating $ (5,469 ) $ 7,532 $ 12,212 $ 24,785
Income
Plus: Depreciation 4,567 6,477 18,273 22,016
and Amortization
EBITDA2 $ (902 ) $ 14,009 $ 30,485 $ 46,801
Adjustments:
Actuarial 7,869 (2,152 ) 7,869 (2,152 )
(gain)/loss on
benefit plans
Wireless merger 299 79 648 645
integration costs3
Leap network - 55 - 669
decommissioning
DIRECTV/Mexico 89 249 131 757
merger integration
items4
Employee separation - 36 - 375
costs
Abandonment of 2,120 - 2,120 -
network assets
Other 8 - 8 35
Adjusted EBITDA $ 9,483 $ 12,276 $ 41,261 $ 47,130
Adjusted EBITDA 27.5 % 29.1 % 31.2 % 32.1 %
Margin*
12014 Adjusted
Consolidated EBITDA
has been restated to
reflect the change
in accounting for
customer set-up and
installation
costs.2EBITDA is
defined as operating
income before
depreciation and
amortization.3Adjust
ments include
Operations and
Support expenses for
domestic wireless
integration
costs.4Adjustments
include DIRECTV
merger integration
items and Operations
and Support expenses
for international
wireless integration
costs.5Adjustment
includes DIRECTV
deferred revenue not
recognized due to
purchase accounting
fair value
adjustment.
Adjusted Operating
Revenues and
Adjusted EBITDA are
non-GAAP financial
measures calculated
by excluding from
operating revenues
and operating
expenses certain
significant items
that are non
-operational or non
-recurring in
nature, including
dispositions and
merger integration
and transaction
costs. Adjusted
EBITDA also excludes
net actuarial gains
or losses associated
with our pension and
postemployment
benefit plans.
Management believes
that these measures
provide relevant and
u`seful information
to investors and
other users of our
financial data in
evaluating the
effectiveness of our
operations and
underlying business
trends. Adjusted
Operating Revenues
and Adjusted EBITDA
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 EBITDA, as
presented, may
differ from
similarly titled
measures reported by
other companies.
*Adjusted EBITDA
Margin is calculated
by dividing Adjusted
EBITDA by Adjusted
Operating Revenues.
Financial Data
AT&T Inc.
Non-GAAP
Consolidated
Reconciliation
Adjusted Operating
Revenues, Adjusted
Operating Income and
Margin1
Dollars in millions
Unaudited
Three Months Ended Twelve Months Ended
December 31, December 31,
2014 2015 2014 2015
Reported Operating $ 34,439 $ 42,119 $ 132,447 $ 146,801
Revenues
Adjustments:
DIRECTV deferred - - - 85
revenue4
Adjusted Operating $ 34,439 $ 42,119 $ 132,447 $ 146,886
Revenues (Loss)
Reported Operating $ (5,469 ) $ 7,532 $ 12,212 $ 24,785
Income
Adjustments:
Actuarial 7,869 (2,152 ) 7,869 (2,152 )
(gain)/loss on
benefit plans
Amortization of 38 1,273 135 2,557
intangible assets
Wireless merger 299 79 648 645
integration costs2
Leap network - 55 - 669
decommissioning
DIRECTV/Mexico 89 249 131 757
merger integration
items3
Employee separation - 36 - 375
costs
Abandonment of 2,120 - 2,120 -
network assets
Other 34 - 34 35
Adjusted Operating $ 4,980 $ 7,072 $ 23,149 $ 27,671
Income
Adjusted Operating 14.5 % 16.8 % 17.5 % 18.8 %
Income Margin*
12014 Adjusted
Operating Income and
Margin have been
restated to reflect
the change in
accounting for
customer set-up and
installation
costs.2Adjustments
include Operations
and Support expenses
for domestic
wireless integration
costs.3Adjustments
include DIRECTV
merger integration
items and Operations
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