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2014 Annual Report Ifc AT&T INC

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2014 Annual Report Ifc AT&T INC AT&T Inc. 208 S. Akard St., Dallas, TX 75202 mobilizing your world att.com AT&T INC. 2014 Annual Report ifc AT&T INC. | 2014 Annual Report Stockholder Information Toll-Free Stockholder Hotline DirectSERVICE SEC Filings Call us at 1-800-351-7221 between Investment Program AT&T Inc.’s U.S. Securities and 8 a.m. and 7 p.m. Central time, Monday The DirectSERVICE Investment Exchange Commission filings, through Friday (TDD 1-888-403-9700) Program for Stockholders of AT&T including the latest Form 10-K for help with: Inc. is sponsored and administered and Proxy Statement, are available on our website at • Common stock account inquiries by Computershare Trust Company, www.att.com/investor.relations • Requests for assistance with your N.A. The program allows current Imagine a world common stock account, including stockholders to reinvest dividends, stock transfers purchase additional AT&T Inc. stock Investor Relations or enroll in an individual retirement • Information on The DirectSERVICETM Securities analysts and other account. For more information, members of the professional Investment Program for Stockholders call 1-800-351-7221. where your life is always connected of AT&T Inc. (sponsored and financial community may administered by Computershare contact the Investor Relations Trust Company, N.A.) Stock Trading Information staff as listed on our website at to people, information and experiences – AT&T Inc. is listed on the New York www.att.com/investor.relations Written Stockholder Requests Stock Exchange. Ticker symbol: T Independent Auditor wherever you are, wherever you’re going. Please mail all account inquiries and other requests for assistance Information on the Internet Ernst & Young LLP regarding your stock ownership to: Information about AT&T Inc. 2323 Victory Ave., Suite 2000 Dallas, TX 75219 A place where life is just plain better. AT&T Inc. is available on the Internet c/o Computershare at www.att.com Trust Company, N.A. Corporate Offices and Welcome to your world ... P.O. Box 43078 Annual Meeting Non-Stockholder Inquiries Providence, RI 02940-3078 The annual meeting of stockholders AT&T Inc. You may also reach the transfer will be held at 9 a.m. local time Friday, 208 S. Akard St. agent for AT&T Inc. at April 24, 2015, at: Dallas, TX 75202 [email protected] 210-821-4105 Mobilized DoubleTree by Hilton Hotel or visit the website at Spokane City Center www.computershare.com/att Explore that world at att.com/annualreport2014 Grand Ballroom 322 N. Spokane Falls Ct. Spokane, WA 99201 © 2015 AT&T Intellectual Property. All rights reserved. AT&T, the AT&T logo and all other Annual Report printed on paper marks contained herein are trademarks of AT&T Intellectual Property and/or AT&T containing 10% post-consumer affiliated companies. All brands, product names, company names, trademarks and recycled content service marks are the properties of their respective owners. 1 Signal strength claim based on nationwide carriers’ LTE. Signal strength claim based On the Cover: ONLY on avg. LTE signal strength. LTE not available everywhere. We do more than put the “connected” in Audi connected cars … we’re helping 2 Total 2009-2014 investment including capital investments and acquisitions of wireless to shape the customer experience spectrum and operations. 3 Includes AT&T’s 5.9 million U-verse video subscribers as of December 31, 2014 and Visit att.com/AR-connectedcars for more information DIRECTV’s 39.1 million subscribers in the U. S. and Latin America as of September 30, 2014, including subscribers of Sky Mexico, in which DIRECTV holds a minority stake. F0422rrdD2R3.ifc-ibc.indd 1 2/16/15 10:07 PM F0422rrdD2R3.ifc-ibc.indd 2 2/16/15 8:34 PM AT&T INC. | 2014 Annual Report 1 Randall Stephenson Chairman, Chief Executive Officer and President To our investors Fast, secure and mobile connectivity to everything on the Internet – everywhere, at every moment and on every device – is what drives us at AT&T. It is why we build wireless But these investments are also changing and wired networks engineered to handle AT&T into a vastly different company with massive volumes. And the more capacity and unique capabilities serving new markets speed we build into our networks, the more that will further differentiate us from our intensively and creatively our customers competitors. Over the past several years, use them. Today, our customers are taking we have taken several steps to position advantage of these networks, streaming AT&T for the future, while rewarding you, video to all of their devices at unprecedented our shareholders, with solid returns. levels. In fact, today more than 50 percent of our network traffi c is video. The byproduct of our investments in these advanced networks has been rapid innovation Watch Works How AT&T helped Timex, across the entire technology ecosystem – Qualcomm and Synchronoss software services, cloud computing, mobile create the ultimate runner’s smartwatch apps and connected devices. All of this is changing how people live, how businesses Visit att.com/AR-wearables for more information run and how economies grow. 2 AT&T INC. | 2014 Annual Report A premier network experience It all begins with delivering a premier network experience. From 2012 to 2014, we substantially completed our VIP network upgrade plan, investing at historic levels. spectrum investments – highlighted by our The result is a combination of wireless, wired Leap Wireless acquisition in 2014 and the and – with DIRECTV – satellite networks $18.2 billion we committed to invest earlier that handle unmatched volumes of traffic, this year in a government auction to acquire principally video. a near-nationwide block of high-quality spectrum. Why was this important? We now cover more than 300 million people in the United States with our LTE mobile Over the last eight years, service; along the way, we re-engineered our network so that it now delivers the strongest mobile data traffic on our LTE signal in the United States.1 We deployed wired high-speed Internet service to 57 million wireless network increased customer locations. And we now have high- 100,000 percent – driven speed fiber connections to more than 1 million U.S. business locations, including those by people downloading and added through Project VIP. Between now sharing videos. and 2020, we expect the vast majority of wireline customers to transition to our Less visible to customers today, but most advanced network technology and, fundamental to how we’ll serve them and in the process, significantly reduce our stay ahead of the escalating capacity operating costs. demands created by video, is the work we’re doing to virtualize more and more of our Staying ahead of our customers’ growing core network functions. This means we’re demand for mobile Internet service, putting software rather than hardware at the particularly video entertainment, requires center of our network and IT infrastructure. access to significant wireless radio spectrum. The advantages of this shift to software Over the past year, we made several are game changing – dramatically lowering our costs, accelerating the rollout of new services and giving greater control to our customers. AT&T INC. | 2014 Annual Report 3 Expanding our video business Earlier, I pointed out that video is driving huge increases in network traffi c. That’s no surprise when you consider that customers our Otter Media joint venture with The want their video on every screen, whether it’s Chernin Group, which is building new digital traditional pay TV service, video streamed video brands and online services. over an Internet connection or video to a mobile device. So, in addition to our network DIRECTV’s superior quality and profi table investments, we’ve been assembling the nationwide TV service make it economically other pieces needed to lead in delivering attractive to signifi cantly expand our high- video when, where and how customers speed Internet service to a total of 70 million want it. customer locations, because people like to buy TV and Internet service together. Our acquisition of DIRECTV, which we expect to complete in the fi rst half of 2015, will make Not only does DIRECTV perfectly us the world’s largest pay TV provider, giving complement our existing business, it us nationwide reach in the United States, signifi cantly diversifi es our revenue mix plus 11 Latin American countries. DIRECTV’s and is expected to be accretive within premier TV service signifi cantly improves a year after close on a free cash fl ow per the economics and expands the geographic share and adjusted EPS basis. reach of our current TV business. The acquisition places us in the best position to provide customers with integrated packages of TV, mobile and high-speed Expanding our mobile network to Mexico Internet services. We believe that the model in the United States, DIRECTV will also provide us with the best with exploding demand for mobile Internet content-owner relationships in the industry. service and all the associated economic These relationships are critical to being able benefi ts, will be repeated around the world to deliver premium content across multiple screens, particularly mobile devices, to meet consumers’ future video viewing and programming preferences. Getting more content to more screens is also the aim of ¡Bienvenidos, México! AT&T is expanding into Latin America … and bringing the mobile Internet revolution to Mexico Visit att.com/AR-mexico for more information 4 AT&T INC. | 2014 Annual Report A new kind of company as companies invest in high-speed mobile By the end of 2015, once we close our networks. That belief has us searching for DIRECTV and Nextel Mexico acquisitions, opportunities to invest in wireless outside we will be a very different company.
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