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Reports Third-Quarter Results Q3 Investor Briefing No. 298 | OCTOBER 24, 2017 Investor Briefing Q3 Contents Consolidated Results 3 Business Solutions 5 Entertainment Group 7 Consumer Mobility 9 International 10 AT&T Mobility 11 Highlights 14 Financial and Operational Information 17 Discussion and Reconciliation 27 of Non-GAAP Measures Investor Briefing Q3 Consolidated Results AT&T Reports Third-Quarter Results Nj Consolidated revenues of $39.7 billion Nj Operating income of $6.4 billion Nj Net income attributable to AT&T of $3.0 billion Nj Diluted EPS of $0.49 as reported and $0.74 as adjusted, compared to $0.54 and $0.74 in the year-ago quarter Nj Cash from operations of $11.1 billion Nj Free cash flow of $5.9 billion Company Maintains Full-Year Guidance HIGHLIGHTS: U.S. wireless results: Expanding operating income margin of 30.5% with best-ever EBITDA margins of 42.0% and wireless service margin of 50.4% Best-ever third-quarter postpaid phone churn of 0.84%, showing the success of video and wireless bundling strategy Continued growth of postpaid smartphone base Nj 3.0 million total wireless net adds 2.3 million in U.S., driven by connected devices, prepaid and postpaid Nearly 700,000 Mexico net adds Nj Entertainment Group results: 125,000 IP broadband net adds; 29,000 total broadband net adds More than 6 million customer locations passed with fiber Nearly 300,000 DIRECTV NOW net adds helped offset traditional TV subscriber decline Nj International revenues up 11.7% with continued strong revenue growth in Mexico 3 CONTENTS Investor Briefing Q3 Consolidated Results CONSOLIDATED FINANCIAL RESULTS Third-quarter net income attributable to AT&T totaled $3.0 billion, or $0.49 per diluted share, compared with AT&T's consolidated revenues for the third quarter $3.3 billion, or $0.54 per diluted share, in the year-ago totaled $39.7 billion versus $40.9 billion in the year- quarter. Adjusting for $0.25 of costs for amortization, ago quarter, primarily due to declines in legacy merger- and integration-related expenses and other wireline services and consumer mobility. Excluding items including hurricane and earthquake impacts, the impact of hurricanes and earthquakes in the earnings per diluted share was $0.74, the same as in third quarter, revenues would have been $39.8 billion. the year-ago quarter. Compared with results for the third quarter of 2016, operating expenses were $33.3 billion versus $34.5 billion; operating income was flat versus the Adjusted Earnings Per Share year-ago quarter at $6.4 billion; and operating $0.79 income margin was 16.1% versus 15.7%. When $0.74 $0.74 $0.74 adjusting for amortization, merger- and integration- related expenses and other items, operating income $0.66 was $8.1 billion versus $8.3 billion in the year-ago quarter and operating income margin was 20.3%, the same as in the year-ago quarter. Consolidated Revenues 3Q16 4Q16 1Q17 2Q17 3Q17 IN BILLIONS REPORTED: $0.54 $0.39 $0.56 $0.63 $0.49 $40.9 $41.8 $39.4 $39.8 $39.7 Cash from operating activities was $11.1 billion in the third quarter and $29.3 billion year to date. Capital expenditures were $5.3 billion in the quarter and $16.5 billion year to date. Free cash flow — cash from operating activities minus capital expenditures — was $5.9 billion for the quarter and $12.8 billion 3Q16 4Q16 1Q17 2Q17 3Q17 year to date. Cash from Operations IN BILLIONS $11.0 $11.1 $10.1 v $9.2 $8.9 v v $5.8 $6.5 $6.0 $5.2 $5.3 $5.2 $3.7 $3.2 $3.7 $5.9 3Q16 4Q16 1Q17 2Q17 3Q17 Free Cash Flow Capital Expenditures 4 CONTENTS Investor Briefing Q3 Business Solutions The Business Solutions segment provides both wireless and wireline services to business customers and wireless services to individual subscribers who participate 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. FINANCIAL HIGHLIGHTS BUSINESS WIRELESS FINANCIAL RESULTS Total third-quarter revenues from business Business wireless revenues were down year customers were $17.1 billion, down 4.0% versus over year at $9.7 billion primarily due to lower the year-earlier quarter due to declines in legacy equipment revenues. wireline and wireless equipment. Nj Wireless service revenues were down 0.2% Nj Growth in strategic business services helped year over year, reflecting fewer migrations offset declines in legacy wireline services and from consumer plans and customer shifts wireless sales. to unlimited data plans. Nj Third-quarter operating expenses were $12.6 billion, down 6.7% versus the third quarter BUSINESS WIRELINE FINANCIAL RESULTS of 2016. Operating income totaled $4.5 billion, In business wireline, declines in legacy products up 4.6% year over year with cost efficiencies, were partially offset by continued growth in fewer wireless equipment upgrades and lower strategic business services. Continued weakness in depreciation expenses more than offsetting business fixed investment along with technology declines in legacy services. transitions also impacted results. Total business wireline revenues were $7.4 billion, down 6.0% year Nj Third-quarter operating income margin was over year. 26.4%, up 220 basis points year over year with growth in IP revenues and increased cost Nj Strategic business services, the wireline efficiencies more than offsetting declines in capabilities that lead AT&T’s most advanced higher-margin legacy services. business solutions — including VPNs, Ethernet, cloud, hosting, IP conferencing, voice over IP, dedicated internet, IP broadband and security Revenues & EBITDA Margin IN BILLIONS services — continued its solid performance. Revenues grew by $174 million, or 6.0%, versus $17.8 $18.0 $16.8 $17.1 $17.1 the year-earlier quarter. These services represent 42% of total business wireline revenues and an annualized revenue stream of more than 38.5% 34.9% 39.6% 39.7% 40.0% $12 billion. This growth helped offset a decline of more than $600 million in legacy services in the quarter. $6.8 $6.3 $6.7 $6.8 $6.8 3Q16 4Q16 1Q17 2Q17 3Q17 Revenues EBITDA EBITDA Margin 5 CONTENTS Investor Briefing Q3 Business Solutions Strategic Business Services Revenues IN BILLIONS $3.1 $3.0 $3.0 $3.0 $2.9 41.9% 40.1% 41.0% 38.5% 37.1% 3Q16 4Q16 1Q17 2Q17 3Q17 Strategic Services Revenues % of Business Wireline Revenues SUBSCRIBER METRICS At the end of the third quarter, AT&T had more than 87 million business wireless subscribers. Nj Business Solutions added 15,000 postpaid subscribers and added 2.3 million connected devices in the third quarter. Postpaid business wireless subscriber churn was 1.01% versus 0.97% in the year-ago quarter due to tablets. Connected Device Subscribers & Net Adds IN MILLIONS 33.6 35.9 31.4 29.4 30.6 2.6 2.2 2.3 1.3 1.3 3Q16 4Q16 1Q17 2Q17 3Q17 Net Adds Subscribers Nj During the quarter, the company also added 25,000 high-speed IP broadband business subscribers. Total business broadband subscribers were flat. 6 CONTENTS Investor Briefing Q3 Entertainment Group AT&T’s Entertainment Group provides entertainment, high-speed internet and communications services predominantly to residential customers in the United States. FINANCIAL HIGHLIGHTS Third-quarter operating expenses were $11.3 billion, up 0.9% from a year ago as cost synergies helped Total revenues were $12.6 billion, down slightly versus offset annual content-cost increases, higher deferral the year-earlier quarter due to declines in legacy amortization expense and video platform services and traditional TV subscribers. development expenses. Nj Total video revenues were up 1.9% with Nj Operating income totaled $1.3 billion, down satellite gains more than offsetting declines in 11.6% from the year-ago quarter. IPTV. This includes a positive impact from the Mayweather-McGregor fight. Nj Third-quarter operating income margin was 10.4%, down from 11.7% in the year-earlier quarter. AdWorks continues to show strong gains with revenues up more than 11%. Nj Entertainment Group EBITDA margin was 21.3%, compared to 23.5% in the third quarter of 2016, Broadband revenues were down in the quarter Nj with video and IP broadband revenue growth due to legacy DSL declines, simplified pricing and cost efficiencies partially offsetting TV and bundle discounts. High–speed broadband content-cost pressure, declines in legacy revenues grew by 1.3%. services and video platform development expenses. (EBITDA margin is operating income before depreciation and amortization, divided Product Revenues by total wireless revenues.) IN BILLIONS $13.2 $12.7 $12.6 $12.7 $12.6 $1.9 $1.9 $1.9 $1.9 $1.9 Revenues and EBITDA Margin IN BILLIONS $9.0 $9.6 $9.0 $9.2 $9.2 $13.2 $12.7 $12.6 $12.7 $12.6 $1.8 $1.7 $1.7 $1.6 $1.5 23.5% 23.9% 24.6% 3Q16 4Q16 1Q17 2Q17 3Q17 20.8% 21.3% High-speed Internet Video Legacy/Other $3.0 $2.7 $3.0 $3.1 $2.7 3Q16 4Q16 1Q17 2Q17 3Q17 Revenues EBITDA EBITDA Margin 7 CONTENTS Investor Briefing Q3 Entertainment Group SUBSCRIBER METRICS Entertainment Group continued to gain broadband subscribers in the third quarter. Total video subscribers were down 89,000 in the quarter as DIRECTV NOW subscribers helped offset Nj The Entertainment Group had a net gain of traditional video declines. The company ended the 125,000 IP broadband subscribers in the third quarter with 25.1 million total video subscribers, quarter with DSL losses of 96,000, for total essentially flat from a year ago.
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