JANUARY 26, 2016
InvestorBriefing
No. 291
4 TH
QUARTER
2015
Contents
Highlights and
Consolidated Results
1
Business Solutions
4
Entertainment Group
6
Consumer Mobility
8
International
10
AT&T Mobility
12
4 Q 2015
Highlights and
Consolidated Results
1
AT&T Caps Strong Year with 2.8 Million Wireless
Net Adds and Double-Digit Growth in
Revenues, Adjusted Operating Margin, Adjusted
EPS and Free Cash Flow in Fourth Quarter
4Q
Full-Year 2015: 11% Consolidated Revenue Growth;
Nearly 6% Adjusted EPS Growth; $15.9 Billion in Free Cash Flow
Highlights:
NjNj Fourth-quarter consolidated revenues of $42.1 billion, up 22% versus the year-earlier period
primarily due to DIRECTV acquisition
NjNj Fourth-quarter EPS of $0.65 as reported; $0.63 adjusted EPS, a 12.5% increase
NjNj Adjusted consolidated margin expansion and best-ever fourth-quarter and full-year wireless
service EBITDA margins
NjNj Strong cash flows with $9.2 billion in reported cash from operations and $3.1 billion in free
cash flow in fourth quarter; full-year reported cash from operations of $35.9 billion and free
cash flow of $15.9 billion
NjNj Full-year capital investment1 of $20.7 billion
Contents
4 Q 2015
Highlights and
Consolidated Results
2
NjNj 2.8 million wireless net adds;
1.6 million branded (postpaid and
prepaid) net adds
4G LTE network coverage expands to
355 million POPs
2.2 million U.S. wireless net adds with
gains in every category
ostpaid churn of 1.18% and total
P
churn of 1.50%, both down year
over year
638,000 Mexico wireless branded net
adds
NjNj Business Solutions service revenues down
slightly year over year
Fourth-quarter 2015 net income attributable
to AT&T totaled $4.0 billion, or $0.65 per
share, compared to a net loss of $4.0 billion,
or $(0.77) per share, in the year-ago quarter.
Adjusting for the $0.22 non-cash actuarial
gain on benefit plans from the annual
remeasurement process and $0.20 of costs
primarily for merger- and integration-related
items, earnings per share was $0.63
compared to an adjusted $0.56 in the
year-ago quarter, an increase of 12.5%.
NjNj 214,000 U.S. DIRECTV net adds; total
video subscribers down slightly
Reported cash from operating activities was
$9.2 billion in the fourth quarter, and capital
expenditures totaled $6.1 billion, or
$6.8 billion when including purchases in
Mexico with favorable payment terms. Free
cash flow — cash from operating activities
minus capital expenditures — was $3.1 billion.
NjNj 192,000 total IP broadband net adds
FULL-YEAR RESULTS
Strategic business services revenues of
$2.8 billion, up 10.3% and up 12.4%
when adjusted for foreign exchange
CONSOLIDATED FINANCIAL RESULTS
AT&T’s consolidated revenues for the fourth
quarter totaled $42.1 billion, up more than
22% versus the year-earlier period largely
due to the acquisition of DIRECTV.
Compared with results for the fourth quarter
of 2014, operating expenses were
$34.6 billion versus $39.9 billion; operating
income was $7.5 billion versus $(5.5) billion;
and operating income margin was 17.9%
versus (15.9)% in the year-ago quarter. When
adjusting for amortization, merger- and
Contents
integration-related costs and other
expenses, operating income was $7.1 billion
versus $5.0 billion; and operating income
margin was 16.8%, up 230 basis points from
a year ago.
For full-year 2015, compared with 2014
results, AT&T’s consolidated revenues
totaled $146.8 billion versus $132.4 billion, up
10.8% for the year. Operating expenses
reflect actuarial gains and losses on benefit
plans and were $122.0 billion compared with
$120.2 billion, up 1.5%; net income
attributable to AT&T was $13.3 billion versus
$6.4 billion; and earnings per diluted share
was $2.37, compared with $1.24.
4 Q 2015
Highlights and
Consolidated Results
3
With adjustments for both years, operating
income was $27.7 billion versus $23.1 billion;
operating income margin was 18.8% versus
17.5%; and earnings per share totaled $2.71,
compared with $2.56, an increase of 5.9%.
AT&T’s full-year reported cash from
operating activities was $35.9 billion, up from
$31.3 billion in 2014. Capital expenditures,
including capitalized interest, totaled
$20.0 billion, or $20.7 billion when including
purchases in Mexico with favorable payment
terms, versus $21.4 billion in 2014. Full-year
free cash flow was $15.9 billion compared to
$9.9 billion in 2014, a 60% increase. The free
cash flow dividend payout ratio for the full
year was 64%.
OUTLOOK
AT&T provided long-term guidance
following its acquisition of DIRECTV, and
there is no change to that guidance.
Specifically, in 2016, the company expects:
NjNj Double-digit consolidated revenue
growth
NjNj Adjusted EPS growth2 in the mid-single
digit range or better
NjNj Stable consolidated margins with ramp in
Mexico investment
NjNj Capital spending in the $22 billion range
NjNj Free cash flow growth with a dividend
payout ratio3 in the 70s%
Includes purchases in Mexico with favorable payment terms.
1
Expected range excludes adjustments for non-cash mark-to-market benefit plan adjustments, merger integration
costs and other adjustments that are not reasonably estimable at this time.
2
3
Contents
Free cash flow dividend payout ratio is dividends divided by free cash flow.
4 Q 2015
Business Solutions
4
Business Solutions
Icon
to
come
Business &
Mobility
The Business Solutions segment provides both wireless and wireline services
to business customers and individual subscribers who purchase wireless
services through employer-sponsored plans. AT&T’s wireless and wired
networks provide complete communications solutions to these customers.
AT&T’s business customer revenues include results from enterprise, public
sector, wholesale and small/midsize customers.
Total fourth-quarter revenues from business customers were $18.2 billion, down 2.7% versus
Consumer
Entertainment &
the year-earlier quarter. International
Revenues were impacted by declinesInternet
in legacyServices
services and
Wireless
equipment sales, which more than offset growth in mobility service and strategic business
services revenues. When adjusting for the impact of foreign exchange pressures, total
revenues would have decreased 2.3%.
Fourth-quarter operating expenses were $14.5 billion, down 5.5% versus the fourth quarter of
2014. Operating income totaled $3.7 billion, up 9.7% year over year. Fourth-quarter operating
income margin was 20.4%, up from 18.1% in the year-earlier quarter with wireless and IP
revenue growth and cost efficiencies offsetting declines in legacy services.
Business wireless revenues were down 1.9% year over year to $10.1 billion due to lower
equipment revenues. Wireless service revenues were up 1.3% year over year, reflecting
smartphone and tablet gains as well as continued customer adoption of Mobile Share
ValueSM plans.
At the end of the fourth quarter, AT&T had 73.7 million business wireless subscribers. The
company added 353,000 postpaid subscribers and 1.2 million connected devices in the
fourth quarter. Postpaid business wireless subscriber churn was 1.10%, compared to 1.08% in
the year-ago quarter.
In business wireline, declines in legacy products and equipment revenues were somewhat
offset by continued growth in strategic business services. Total business wireline revenues
were $8.1 billion, down 3.8% year over year. Total wireline data revenues, which include
strategic business services, declined slightly. Data revenues now make up nearly 59% of
Business Solutions wireline revenues.
Contents
4 Q 2015
Business Solutions
5
Revenues from strategic business services,
the next generation wireline capabilities that
lead AT&T’s most advanced business
solutions — including VPNs, Ethernet, cloud,
hosting, IP conferencing, voice over IP, MIS
over Ethernet, U-verse and security services
— grew 10.3% versus the year-earlier quarter
and 12.4% when adjusting for the impact of
foreign exchange. These services represent
an annualized revenue stream of $11 billion.
During the quarter, the company also added
21,000 high-speed IP broadband business
subscribers. Total business broadband had
a loss of 18,000 subscribers in the quarter.
BUSINESS INNOVATION
Through its powerful global networks, AT&T
provides integrated solutions to business
customers and offers a wide variety of wired
and wireless products and services to
increase businesses’ productivity. AT&T serves
millions of business customers, from the
largest multinational corporations to small
businesses, in all major industries. AT&T
continually develops products and services to
ensure that its business customers have
access to the latest technology solutions. In
recent business news, AT&T:
NjNj Added Digital Realty Trust and AWS
GovCloud (US) to the company’s
expanding ecosystem for AT&T NetBond®,
AT&T’s premier cloud networking solution,
bringing the total number of partners to
13 and available cloud services with
NetBond to 19.
NjNj Continued momentum for AT&T Switched
Ethernet on Demand, which is available in
more than 170 cities. AT&T has signed
more than 450 customers to date.
Contents
NjNj Announced an expansion of the
company’s long-term strategic
relationship with IBM to bring businesses
a full suite of advanced networking,
application and hosting services.
NjNj Announced a new smart cities framework
launching in several initial spotlight cities
and universities across the U.S. The new
framework includes deploying smart
cities technology as well as collaborating
with alliance companies and smart cities
organizations.
NjNj Launched its sixth Foundry — the AT&T
Foundry for Connected Health — which
will open at the Texas Medical Center in
Houston with a focus on digital health
innovations that connect caregivers to
patients.
NjNj Continued its collaboration with Uber.
AT&T and Uber promoted college football
streaming in connected car rides in four
cities, letting passengers watch live
college football games from in-car tablets
during their rides. AT&T also provided
eligible Uber driver-partners an additional
1GB of data on their AT&T personal
mobile devices with AT&T Work Platform.
NjNj Closed significant business deals with
Arby’s, Copart, Crawford & Company,
Navy Federal Credit Union and Sports
Authority.
4 Q 2015
Entertainment Group
6
Entertainment Group
AT&T’s Entertainment Group provides entertainment, high-speed Internet
and communications services predominantly to residential customers in the
United States.
Entertainment &
Internet Services
Total revenues were $13.0 billion, up 132% versus the year-earlier quarter mostly due to
the acquisition of DIRECTV. Also contributing to that gain was continued strong growth in
consumer IP broadband and video, which more than offset lower revenues from legacy
voice and data products. The company has aligned DIRECTV’s revenue recognition for
new customer promotional offers to AT&T practices. The company will now recognize
satellite revenues from customers reflecting the amounts billed over the course of a
customer contract, resulting in a change to the timing, but not to the total revenues
recognized. Recognition of expenses will not change. The fourth-quarter impact of this
change resulted in lower revenues by about $300 million and had a corresponding
impact on income and margins.
Fourth-quarter operating expenses were $11.5 billion. Operating income totaled
$1.4 billion, an increase from a year-ago loss of $294 million. Fourth-quarter operating
income margin was 11.1%, up from (5.3)% in the year-earlier quarter with satellite and IP
revenue growth and cost efficiencies largely offsetting TV content cost pressure and
declines in legacy wireline services.
Total video subscribers were down slightly in the quarter. The company added 214,000
U.S. satellite subscribers in the fourth quarter. U-verse TV subscribers declined 240,000
as the company focused on profitability and increasingly emphasized satellite sales. The
company ended the quarter with 25.4 million video subscribers.
The Entertainment Group had a net gain of 171,000 IP broadband subscribers in the
fourth quarter. Total broadband subscribers were down 37,000 in the quarter due in part
to fewer U-verse promotions and declining U-verse TV subscribers.
Contents
4 Q 2015
Entertainment Group
7
Total company IP broadband subscribers
including business customers at the end
of the quarter were 13.3 million. Total
company IP broadband subscribers
increased by 192,000. Total company
broadband subscribers declined by
54,000.
ENTERTAINMENT GROUP INNOVATION
In recent news, the company:
NjNj Announced AT&T now offers ultra-fast
Internet up to 1 gigabit per second over
its all-fiber AT&T GigaPower network and
plans to double the number of customer
locations by the end of 2016. AT&T
GigaPower is now available in 20 metro
areas, and AT&T has announced plans to
offer service in parts of 36 additional
metro areas — for a total of 56 metro
areas served.
NjNj Announced with Starwood Hotels &
Resorts Worldwide, Inc. an agreement
designating DIRECTV as Starwood’s
preferred video and audio provider in the
United States, dramatically expanding
in-room entertainment options to help
Starwood’s always-connected guests
disconnect and make the most of their
downtime. This agreement gives
Starwood’s guests access to DIRECTV’s
exclusive NFL SUNDAY TICKET,
programming for the four major sports
leagues and to nearly 100 HD channels,
greatly enhancing the in-room guest
experience by providing more of the
comforts of home while on the road.
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NjNj Introduced a new offer that gives
customers $10 off their monthly DIRECTV
bills when adding AT&T Digital Life home
security and automation services. The
discount is stackable. It works with other
offers, including the All in One plan for
DIRECTV with wireless service from AT&T.
NjNj Announced a new distribution agreement
with A+E Networks® to continue providing
A+E Networks to both AT&T’s U-verse TV
and DIRECTV’s national subscriber base
under terms that reflect AT&T’s new scale
and status as the largest pay TV provider
in the world.
NjNj Unveiled AT&T AUDIENCE® Network’s
newest sports show with the Nov. 18
premiere of “Undeniable with Joe Buck.”
Joe Buck sits down with some of the best
in sports. The lineup features everyone
from hockey legends to Olympic athletes.
One of the most well-known
sportscasters, Buck has been the lead
play-by-play voice for Major League
Baseball, the USGA and the National
Football League on Fox.
4 Q 2015
Consumer Mobility
8
Consumer Mobility
Icon
to
come
Business &
Mobility
Text Consumer
The
to come Mobility segment provides nationwide wireless service to
consumer, wholesale and resale subscribers located in the United States or
in U.S. territories. Services use our U.S. wireless network to provide voice and
Consumer
Entertainment &
International
Wireless
Internet
Services and home
data services, including
high-speed Internet, video
entertainment
monitoring services.
Total revenues from Consumer Mobility customers totaled $8.7 billion, down 8.1% versus the
year-earlier quarter, reflecting declines in equipment revenues from lower handset volumes
and in postpaid service revenues due to the success of Mobile Share Value plans and
migrations to business plans. Fourth-quarter operating expenses were $6.6 billion, down
14.2% versus the fourth quarter of 2014 reflecting lower equipment sales and greater
wireless efficiencies.
AT&T’s Consumer Mobility operating income totaled $2.1 billion, up 17.4% versus the fourth
quarter of 2014. Fourth-quarter operating income margin was 24.5%, up from 19.1% in the
year-earlier quarter with lower volumes and cost efficiencies more than offsetting the
pressure from customers choosing Mobile Share Value plans. Consumer Mobility EBITDA
margin was 35.2%, compared to 29.4% in the fourth quarter of 2014. (EBITDA margin is
operating income before depreciation and amortization, divided by total wireless revenues.)
EBITDA service margin was 43.2%, up from 37.5% in the year-ago quarter. (EBITDA service
margin is operating income before depreciation and amortization, divided by total service
revenues.)
At the end of the fourth quarter, AT&T had 55.0 million Consumer Mobility subscribers. The
company added 671,000 total subscribers in the quarter with 174,000 postpaid subscribers,
469,000 prepaid subscribers and 50,000 reseller subscribers. Connected device subscribers
declined by 22,000 in the quarter. Total Consumer Mobility churn was 1.97% versus 2.21% in
the fourth quarter of 2014, in part reflecting improvements in prepaid churn. Consumer
Mobility postpaid churn was 1.31%, compared to 1.43% in the year-ago quarter.
Contents
4 Q 2015
Consumer Mobility
9
CONSUMER MOBILITY INNOVATION
AT&T is a leader in mobile Internet,
delivering expanded choice in devices,
services and applications. In recent weeks,
AT&T:
NjNj Launched the AT&T Unlimited Plan for
new and existing AT&T consumer wireless
customers who have or add AT&T
DIRECTV® or AT&T U-Verse TV. The plan
offers more data for watching video,
playing games and surfing the web on
their mobile devices.
NjNj Expanded its commitment to the future
of connected car technology. AT&T works
with 9 of the top automakers and
recently:
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Announced an expanded relationship
with Ford with plans to power more
than 10 million Ford vehicles with AT&T
4G LTE in North America by 2020.
Announced the renewal of a multi-year
agreement bringing high-speed
internet to BMW vehicles in
North America.
4 Q 2015
International
10
International
Icon
to
come
The International segment provides wireless services in Mexico and satellite
entertainment services in Latin America. The International segment is
subject to foreign currency fluctuations.
Total revenues from International totaled $1.8 billion, reflecting the first full quarter since the
acquisition of DIRECTV Latin America. Fourth-quarter operating expenses were $2.1 billion.
AT&T’s International operating loss totaled $259 million. Fourth-quarter operating income
margin was (14.0)%.
AT&T MEXICO
AT&T owns and operates a wireless network in Mexico. Formed by the combination of
Iusacell and Nextel Mexico, AT&T Mexico has a leading spectrum position in the country.
AT&T covered about 44 million people in Mexico with 4G LTE at the end of the fourth quarter
and expects to cover 100 million POPs by the end of 2018.
Total revenues from AT&T Mexico totaled $643 million, up 10.7% sequentially, reflecting
increased subscriber growth. Fourth-quarter operating loss was $258 million, reflecting
investment in operations, network and subscriber acquisition. AT&T Mexico added 130,000
postpaid subscribers and 508,000 prepaid subscribers in the quarter. AT&T Mexico had
nearly 8.7 million total subscribers at the end of the quarter.
DIRECTV LATIN AMERICA
AT&T is a leading provider of pay television services in Latin America and owns 100% of its satellite
operations serving Argentina, Chile, Colombia, Ecuador, Peru, Uruguay, Venezuela and parts of the
Caribbean. It also owns approximately 93% of Sky Brasil and 41% of Sky Mexico. Sky Mexico
financial results are accounted for as an equity method investment.
DIRECTV Latin America revenues reflect foreign currency exchange rates, including AT&T’s move
to the SIMADI rate in Venezuela. Total revenues from Latin America were $1.2 billion. When
compared to DIRECTV’s fourth-quarter 2014 results for Latin America excluding Puerto Rico,
Contents
4 Q 2015
International
11
revenues in this region were down 28.7% year
over year due to foreign exchange pressures.
On a constant currency basis, fourth-quarter
revenues in DIRECTV Latin America grew 15%
year over year.
Fourth-quarter subscriber net losses were
34,000, driven by declines in Brazil. Total
subscribers at the end of the quarter were
12.5 million. Sky Mexico had approximately
7.1 million subscribers as of September 30,
2015, bringing the total subscribers in the
region to 19.6 million.
INTERNATIONAL HIGHLIGHTS
By the end of 2015, AT&T Mexico had:
NjNj Reached 44 million people covered with
high-speed 4G LTE mobile Internet,
ahead of its commitment to cover
40 million people by the end of the year.
NjNj Opened nearly 1,000 new points-of-sale
throughout the country and introduced
the AT&T brand in 32 markets. The
company also promoted a new service
excellence standard with the internal
launch of the “Our Promise” campaign
last summer.
Contents
4 Q 2015
AT&T Mobility
12
AT&T Mobility
Icon
to
come
Text to U.S.
come
AT&T’s
mobility operations are now divided between the Business
Solutions and Consumer Mobility segments. For comparison purposes, the
company is providing supplemental information for its total domestic
mobility operations.
Consumer
Consumer
Wireless
Wireless
In the quarter, AT&T reported strong subscriber gains and best-ever fourth-quarter EBITDA
Entertainment&&
Entertainment
International
service margins. Highlights included:
International
InternetServices
Services
Internet
Total wireless revenues were down 4.9% year over year to $18.9 billion, largely due to
decreases in equipment revenue. Wireless equipment revenues decreased 14.9% to
$4.1 billion, due to lower sales volumes in the quarter. Wireless service revenues of
$14.8 billion were down 1.7% year over year, reflecting continued customer adoption of
Mobile Share Value plans. Fourth-quarter wireless operating expenses totaled $14.5 billion,
down 10.9% reflecting greater operating efficiencies and lower sales volumes. Wireless
operating income was $4.4 billion, up 22.5% year over year largely due to stabilizing service
revenues, lower smartphone upgrade volumes and lower expenses driven by efficiencies.
The continued adoption of AT&T Next on non-subsidy offerings and of Mobile Share Value
plans is reflected in postpaid service ARPUs (average revenues per user); however, as
expected, phone-only ARPU with AT&T Next monthly billings increased year over year.
Phone-only postpaid ARPU decreased 2.0% versus the year-earlier quarter; but phone-only
postpaid ARPU with AT&T Next monthly billings increased 4.6% year over year.
As expected, wireless margin improvement reflects adoption of AT&T Next, record BYOD
customers, lower smartphone upgrade volumes and continued efforts to drive operating
costs out of the business. AT&T’s reported fourth-quarter wireless operating income margin
was 23.2%, versus 18.0% in the year-earlier quarter. Wireless EBITDA margin was 33.9%,
compared to 27.9% in the fourth quarter of 2014. (EBITDA margin is operating income
before depreciation and amortization, divided by total wireless revenues.) Wireless EBITDA
service margin was the best ever for a fourth quarter at 43.2%, up from 36.7% in the yearago quarter. Full-year 2015 wireless service EBITDA margin also was its best ever at 46.7%.
(EBITDA service margin is operating income before depreciation and amortization, divided
by total service revenues.)
Contents
4 Q 2015
AT&T Mobility
13
In the fourth quarter, AT&T posted a net
increase in total wireless subscribers of
2.2 million, with gains in every customer
category, to reach nearly 129 million in
service, up 8.1 million over the past year.
The company added 526,000 postpaid
subscribers and 469,000 prepaid
subscribers with gains in both Cricket and
GoPhone. AT&T also added 1.2 million
connected devices and 50,000 reseller
subscribers in the quarter.
The company had 995,000 branded net
adds (both postpaid and prepaid) in the
quarter, including 213,000 branded phone
net adds. Nearly 1 million total branded
smartphones were added to the base.
The company added 696,000 postpaid
tablet and computing devices in the
quarter.
Postpaid churn was 1.18% compared to
1.22% in the year-ago quarter. Total churn
was 1.50%, down from 1.59% year over year
as improvements in postpaid and prepaid
churn reflected strong customer retention
in a competitive market. About 97% of
AT&T’s total postpaid base is on Mobile
Share, AT&T Family Talk® or business plans.
The company had 9.2 million branded
smartphone gross adds and upgrades in
the quarter, including 1.8 million prepaid
smartphones. The postpaid upgrade rate in
the quarter was 7.6%. Sales on AT&T Next
also increased during the quarter as 72% of
all postpaid smartphone gross adds and
upgrades chose AT&T Next. The company
also had a record 672,000 BYOD gross
adds. That means 81% of smartphone
transactions in the quarter were non-
Contents
subsidy. About 46% of the company’s
postpaid smartphone base is currently on
AT&T Next, with almost 70%, or 40 million,
of postpaid smartphone subscribers on
no-device-subsidy Mobile Share Value plans.
At the end of the quarter, 88%, or
58.1 million, of AT&T’s postpaid phone
subscribers had smartphones. Smartphones
accounted for about 96% of phone sales
during the quarter. AT&T’s ARPU for
smartphones is about twice that of nonsmartphone subscribers. At the end of the
fourth quarter, 89% of AT&T’s postpaid
smartphone customers had an LTE-capable
device.
AT&T continues to reposition the customer
experience with attractive Mobile Share
Value pricing for customers who choose to
transition from the traditional devicesubsidy model. The total number of Mobile
Share accounts was up 15% year over year
to reach 21.2 million with an average of
about 3 devices per account. About 81% of
postpaid smartphone subscribers are on
Mobile Share Value plans. About 36% of
Mobile Share accounts are on 15 gigabyte or
larger data plans. In total, nearly 90% of
postpaid smartphone subscribers are on
usage-based data plans (tiered data, Mobile
Share and other plans).
Business &
Mobility
International
Business &
Mobility
Consumer
Wireless
Entertainment
&
Internet Services
Consumer
Wireless
Business &
Mobility
International
International
Consumer Entertainment
International
&
Wireless Internet Services
First-Quarter 2016 Earnings Date: April 26, 2016
AT&T InvestorBriefing
AT&T will release first-quarter 2016 earnings on April 26, 2016, after the
market closes.
The AT&T InvestorBriefing is published by
the Investor Relations staff of AT&T Inc.
Requests for further information may be
directed to one of the Investor Relations
managers by phone at 210-351-3327.
The company’s InvestorBriefing and related earnings materials will be
available on the AT&T website at www.att.com/investor.relations by
4:30 p.m. Eastern time.
AT&T will also host a conference call to discuss the results at 4:30 p.m.
Eastern time the same day. Dial-in and replay information will be
announced on First Call approximately eight weeks before the call,
which will also be broadcast live and will be available for replay over
the Internet at www.att.com/investor.relations.
Cautionary Language Concerning Forward-Looking Statements
Information set forth in this InvestorBriefing contains financial estimates
and other forward-looking statements that are subject to risks and
uncertainties, and actual results may 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 or revise statements contained in this InvestorBriefing based
on new information or otherwise.
This InvestorBriefing 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
www.att.com/investor.relations.
Contents
Correspondence should be sent to:
Investor Relations
AT&T Inc.
208 S. Akard Street
Dallas, TX 75202
Email address: investr@att.com
Senior Vice President-Investor Relations
Mike Viola
Investor Relations Staff
Jamie Anderson
Tim Bever
Michael Black
Stacy Byrd
Marcio Cardoso
Jeston Dumas
Kent Evans
Matt Gallaher
Shelly Mathews
Amy McCracken
Martin Sheehan
Jesse Tang
Dianne Tran-Duong
Chris Womack