Consolidated Statements of Income
Consolidated Statements of Income AT&T Inc.
Dollars in millions except per share amounts Unaudited Operating Revenues Operating Expenses Cost of revenues
Equipment Broadcast, programming and operations Other cost of revenues Selling, general and administrative Asset impairments and abandonments Depreciation and amortization Total Operating Expenses Operating Income (Loss) Interest Expense Equity in Net Income (Loss) of Affiliates Other Income (Expense) ? Net Income (Loss) Before Income Taxes Income Tax Expense (Benefit) Net Income (Loss) Less: Net Income Attributable to Noncontrolling Interest Net Income (Loss) Attributable to AT&T Less: Preferred Stock Dividends Net Income (Loss) Attributable to Common Stock Diluted Earnings Per Share Attributable to Common Stock
Adjusted Diluted Earnings Per Share Attributable to Common Stock
EBITDA1 Adjusted EBITDA1 Adjusted EBITDA Margin1
Financial and Operating Statistics Summary AT&T Inc.
Dollars in millions except per share amounts Unaudited Capital Expenditures:
Purchase of property and equipment Interest during construction Dividends Declared Per Share Annual Dividend Per Share Growth End of Period Common Shares Outstanding (000,000) Debt Ratio Total Employees See Notes to Financial and Operational Trends on page 16.
3/31/19
6/30/19
9/30/19
12/31/19
2019
$ 44,827 $ 44,957 $ 44,588 $ 46,821 $ 181,193
3/31/202
6/30/20
9/30/20
12/31/20
2020
$ 42,779 $ 40,950 $ 42,340 $ 45,691 $ 171,760
4,502
4,061
4,484
5,606
18,653
4,092
7,652
7,730
7,066
8,684
31,132
6,754
8,585
8,721
8,604
8,446
34,356
8,342
9,649
9,844
9,584
10,345
39,422
8,760
-
-
-
1,458
1,458
123
7,206
7,101
6,949
6,961
28,217
7,222
37,594
37,457
36,687
41,500
153,238
35,293
7,233
7,500
7,901
5,321
27,955
7,486
2,141
2,149
2,083
2,049
8,422
2,018
(7)
40
3
(30)
6
(6)
286
(318)
(935)
(104)
(1,071)
803
5,371
5,073
4,886
3,138
18,468
6,265
1,023
1,099
937
434
3,493
1,302
4,348
3,974
3,949
2,704
14,975
4,963
(252)
(261)
(249)
(310)
(1,072)
(353)
$ 4,096 $ 3,713 $ 3,700 $ 2,394 $ 13,903 $ 4,610 $
-
-
-
(3)
(3)
(32)
$ 4,096 $ 3,713 $ 3,700 $ 2,391 $ 13,900 $ 4,578 $
$
0.56 $
0.51 $
0.50 $
0.33 $
1.89 $
0.63 $
$
0.86 $
0.89 $
0.94 $
0.89 $
3.57 $
0.84 $
3,978 5,889 8,116 9,831 2,319 7,285 37,418 3,532 2,041
(10) 1,017 2,498
935 1,563
(282) 1,281 $
(52) 1,229 $
0.17 $ 0.83 $
4,552
7,084
19,706
6,912
7,750
27,305
8,375
8,076
32,909
9,266
10,182
38,039
73
16,365
18,880
7,030
6,979
28,516
36,208
56,436 165,355
6,132 (10,745)
6,405
1,972
1,894
7,925
5
106
95
(231)
(3,020)
(1,431)
3,934 (15,553)
(2,856)
766
(2,038)
965
3,168 (13,515)
(3,821)
(352)
(368)
(1,355)
2,816 $ (13,883) $ (5,176)
(54)
(55)
(193)
2,762 $ (13,938) $ (5,369) 0.39 $ (1.95) $ (0.75)
0.76 $ 0.75 $ 3.18
$ 14,439 $ 14,601 $ 14,850 $ 12,282 $ 56,172 $ 14,708 $
$ 14,802 $ 15,041 $ 15,079 $ 14,365 $ 59,287 $ 14,232 $
33.0%
33.4%
33.8%
30.7%
32.7%
33.3%
10,817 $ 14,112 $
34.5%
13,162 $ (3,766) $ 34,921
13,313 $ 12,889 $ 54,546
31.4%
28.2%
31.8%
3/31/19
6/30/19
9/30/19
12/31/19
2019
3/31/20
6/30/20
9/30/20
12/31/20
2020
$ 5,121 $ 5,421 $ 5,141 $ 3,752 $
61
51
48
40
$
0.51 $
0.51 $
0.51 $
0.52 $
2.0%
2.0%
2.0%
2.0%
7,297
7,305
7,303
7,255
47.4%
46.8%
45.9%
44.7%
262,290
257,790
251,840
247,800
19,435 200 2.05
$ 4,938 $
28
$
0.52 $
2.0%
7,125
45.7%
244,490
4,434 $ 32
0.52 $ 2.0% 7,125 46.6% 243,350
3,819 $ 2,361 $ 15,552
32
31
123
0.52 $ 0.52 $ 2.08
2.0%
0.0%
7,125
7,126
44.9%
46.7%
234,630 230,760
Page 2
Consolidated Statements of Cash Flows AT&T Inc. Dollars in millions
Unaudited Operating Activities Net income (loss) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization Amortization of film and television costs Undistributed earnings from investments in equity affiliates Provision for uncollectible accounts Deferred income tax expense (benefit) Net (gain) loss from investments, net of impairments Pension and postiretirement benefit expense (credit) Actuarial (gain) loss on pension and postretirement benefits Asset impairment and abandonments Changes in operating assets and liabilities:
Receivables Other current assets, inventories and theatrical film and television production costs Accounts payable and other accrued liabilities Equipment installment receivables and related sales Deferred customer contract acquisition and fulfillment costs Postretirement claims and contributions Other - net Total adjustments Net Cash Provided by Operating Activities
Investing Activities Capital expenditures3 Acquisitions, net of cash acquired Dispositions (Purchases), sales and settlements of securities and investments, net Advances to and investments in equity affiliates, net Net Cash (Used in) Provided by Investing Activities
Financing Activities Net change in short-term borrowings with original maturities of three months or less Issuance of other short-term borrowings Repayment of other short-term borrowings Issuance of long-term debt Repayment of long-term debt Payment of vendor financing Issuance of preferred stock Purchase of treasury stock Issuance of treasury stock Issuance of preferred interests in subsidiary Redemption of preferred interest in subsidiary Dividends paid Other Net Cash (Used in) Provided by Financing Activities Net increase (decrease) in cash and cash equivalents and restricted cash Cash and cash equivalents and restricted cash beginning of period Cash and Cash Equivalents and Restricted Cash End of Period
Cash paid for interest See Notes to Financial and Operational Trends on page 16.
12/31/19
3/31/202
$
2,704
$
4,963
$
6,961 2,528
214 720 767 (204) (705) 1,123 1,458
7,222 2,269
39 780 259 (646) (748)
123
309 (3,515)
(588) (300) (114) (373) 958 9,239 11,943
1,695 (3,267) (3,884)
535 105 (111) (468) 3,903 8,866
6/30/20
1,563
$
7,285 1,716
25 419 394 (59) (747)
2,319
827 (2,325)
37 (309) 217 (117) 814 10,496 12,059
9/30/20
12/31/20
3,168
$
(13,515)
7,030 2,463
44 412 1,595
16 (750)
63 73
6,979 2,155
(70) 361 (573) (53) (747) 4,106 16,365
(201) (2,244) (1,058)
(374) 131 (181) 1,936 8,955 12,123
(105) (5,234) 3,495 (1,281)
(77) (576) (1,148) 23,597 10,082
(3,792) (685) 909 (88) (32)
(3,688)
(4,966) (100) 118 (6) (68)
(5,022)
(4,466) (1,074)
229 53 2
(5,256)
(3,851) (41) 81 397 (34)
(3,448)
(2,392) (636) 3,213 53 (60) 178
(254)
1,742
(1,244)
(515)
-
-
1,390
7,050
1,000
-
(2,202)
-
(5,975)
(1,735)
(1,757)
2,005
4,357
16,703
10,927
1
(3,224)
(4,422)
(12,862)
(20,299)
(2,381)
(449)
(791)
(563)
(611)
(1,001)
1,164
3,869
-
-
-
(2,008)
(5,463)
(17)
(3)
(15)
55
58
26
4
17
6,388
-
-
1,979
-
-
-
-
-
(1,950)
(3,726)
(3,737)
(3,737)
(3,741)
(3,741)
(491)
(3,102)
807
(2,863)
588
(2,742)
(6,099)
188
(15,857)
(10,239)
5,513
(2,255)
6,991
(7,182)
21
6,782
12,295
10,040
17,031
9,849
$
12,295 $
10,040 $
17,031 $
9,849 $
9,870
$
1,755 $
2,376 $
1,826 $
2,459 $
1,576
Page 3
AT&T Inc. Free Cash Flow & Capital Investment Detail
Dollars in millions Unaudited Cash Flow Detail
Net cash provided by operating activities Less: Capital expenditures Free Cash Flow1
Capital Investment Detail Capital expenditures Add: Vendor financing payments
Capital Investment1 Add: FirstNet capital expenditures reimbursement
Gross Capital Investment1
AT&T Inc. FirstNet - Capital Expenditures and Reimbursements
Dollars in millions Unaudited Capital Expenditures Impact Capital expenditures FirstNet capital expenditures reimbursement Capital expenditures, gross
FirstNet Reimbursements Capital expenditures Operating expenses Total reimbursements
See Notes to Financial and Operational Trends on page 16.
3/31/19
6/30/19
9/30/19
12/31/19
3/31/20
6/30/20
9/30/20
12/31/20
$ 11,052 $ 14,284 $ 11,389 $ 11,943 $
(5,182)
(5,472)
(5,189)
(3,792)
5,870
8,812
6,200
8,151
8,866 $ (4,966) 3,900
12,059 $ (4,466) 7,593
12,123 $ (3,851) 8,272
10,082 (2,392) 7,690
$ 5,182 $ 5,472 $ 5,189 $ 3,792 $ 4,966 $ 4,466 $ 3,851 $ 2,392
819
1,017
765
449
791
563
611
1,001
6,001
6,489
5,954
4,241
5,757
5,029
4,462
3,393
-
103
-
902
7
72
64
920
6,001
6,592
5,954
5,143
5,764
5,101
4,526
4,313
3/31/19
6/30/19
9/30/19
12/31/19
3/31/20
6/30/20
9/30/20
12/31/20
$ 5,182 $ 5,472 $ 5,189 $ 3,792 $ 4,966 $ 4,466 $ 3,851 $ 2,392
-
103
-
902
7
72
64
920
5,182
5,575
5,189
4,694
4,973
4,538
3,915
3,312
$
-$
103 $
-$
902 $
7$
72 $
64 $
920
-
31
-
338
3
58
18
488
-
134
-
1,240
10
130
82
1,408
Page 4
Operating Revenues and Adjusted EBITDA
AT&T Inc. Dollars in millions Unaudited
Operating Revenues Communications
Mobility Video8 Broadband8 Business Wireline8 WarnerMedia14 Turner Home Box Office Warner Bros. Eliminations and other14 Latin America Vrio Mexico Corporate, Acquisition Related and Significant Items14 Eliminations4 Consolidation4
3/31/19
6/30/19
9/30/19 12/31/19
3/31/20
6/30/20
9/30/20 12/31/20
$ 44,827 $ 44,957 $ 44,588 $ 46,821 $ 42,779 $ 40,950 $ 42,340 $ 45,691
35,169
35,267
35,401
36,522
34,249
33,592
34,287
36,722
17,363
17,292
17,701
18,700
17,402
17,149
17,894
20,119
8,075
8,032
7,942
8,075
7,407
7,021
7,014
7,168
3,256
3,338
3,257
3,161
3,111
3,050
3,041
3,116
6,475
6,605
6,501
6,586
6,329
6,372
6,338
6,319
8,747
8,777
8,282
9,453
7,765
6,728
7,395
8,554
3,443
3,410
3,007
3,262
3,162
2,988
3,176
3,242
1,510
1,716
1,819
1,704
1,497
1,627
1,781
1,903
3,518
3,389
3,333
4,118
3,240
3,256
2,411
3,247
276
262
123
369
(134)
(1,143)
27
162
1,718
1,757
1,730
1,758
1,590
1,232
1,396
1,498
1,067
1,032
1,013
982
887
752
753
762
651
725
717
776
703
480
643
736
449
478
475
463
471
523
550
388
(906)
(923)
(879)
(873)
(883)
(831)
(880)
(868)
(350)
(399)
(421)
(502)
(413)
(294)
(408)
(603)
Adjusted EBITDA Communications
Mobility Video8 Broadband8 Business Wireline8 WarnerMedia14 Latin America Vrio Mexico Corporate14 Eliminations and Consolidation4
See Notes to Financial and Operational Trends on page 16.
$ 14,802 $ 15,041 $ 15,079 $ 14,365 $ 14,232 $ 14,112 $ 13,313 $ 12,889
12,570
13,254
12,635
12,100
12,838
12,751
12,275
11,145
7,322
7,770
7,753
7,530
7,833
7,817
7,712
7,096
1,505
1,357
1,035
628
1,277
1,081
1,014
619
1,295
1,491
1,363
1,412
1,342
1,253
1,037
1,104
2,448
2,636
2,484
2,530
2,386
2,600
2,512
2,326
2,658
2,401
3,023
3,005
2,160
2,072
1,912
2,719
127
63
105
205
93
33
59
95
201
151
162
202
104
91
78
81
(74)
(88)
(57)
3
(11)
(58)
(19)
14
(235)
(316)
(299)
(492)
(485)
(488)
(563)
(506)
(318)
(361)
(385)
(454)
(374)
(256)
(370)
(565)
Page 5
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