EX-99.1 2 t-4q2024801exhibit991.htm EX-99.1 AT&T INC. SELECTED FINANCIAL STATEMENTS AND OPERATING DATA

AT&T Inc.
Financial Data
Consolidated Statements of Income
Dollars in millions except per share amounts
Unaudited			Fourth Quarter						Percent			Year Ended						Percent
			2024			2023			Change			2024			2023			Change
Operating Revenues
Service			$	25,153		$	25,070		0.3		%	$	100,135		$	99,649		0.5		%
Equipment			7,145			6,952			2.8		%	22,201			22,779			(2.5)		%
Total Operating Revenues			32,298			32,022			0.9		%	122,336			122,428			(0.1)		%
Operating Expenses
Cost of revenues
Equipment			7,358			7,203			2.2		%	22,249			23,136			(3.8)		%
Other cost of revenues (exclusive of depreciation and amortization shown separately below)			6,837			6,708			1.9		%	26,972			26,987			(0.1)		%
Selling, general and administrative			7,389			7,485			(1.3)		%	28,411			28,874			(1.6)		%
Asset impairments and abandonments    and restructuring			14			589			(97.6)		%	5,075			1,193			—		%
Depreciation and amortization			5,374			4,766			12.8		%	20,580			18,777			9.6		%
Total Operating Expenses			26,972			26,751			0.8		%	103,287			98,967			4.4		%
Operating Income			5,326			5,271			1.0		%	19,049			23,461			(18.8)		%
Interest Expense			1,661			1,726			(3.8)		%	6,759			6,704			0.8		%
Equity in Net Income of Affiliates			1,074			337			—		%	1,989			1,675			18.7		%
Other Income (Expense) — Net			569			(946)			—		%	2,419			1,416			70.8		%
Income Before Income Taxes			5,308			2,936			80.8		%	16,698			19,848			(15.9)		%
Income Tax Expense			900			354			—		%	4,445			4,225			5.2		%
Net Income			4,408			2,582			70.7		%	12,253			15,623			(21.6)		%
Less: Net Income Attributable to     Noncontrolling Interest			(328)			(394)			16.8		%	(1,305)			(1,223)			(6.7)		%
Net Income Attributable to AT&T			$	4,080		$	2,188		86.5		%	$	10,948		$	14,400		(24.0)		%
Less: Preferred Stock Dividends			(49)			(53)			7.5		%	(202)			(208)			2.9		%
Net Income Attributable to Common Stock			$	4,031		$	2,135		88.8		%	$	10,746		$	14,192		(24.3)		%
Basic Earnings Per Share Attributable to Common Stock			$	0.56		$	0.30		86.7		%	$	1.49		$	1.97		(24.4)		%
Weighted Average Common Shares Outstanding (000,000)			7,207			7,190			0.2		%	7,199			7,181			0.3		%
Diluted Earnings Per Share Attributable to Common Stock			$	0.56		$	0.30		86.7		%	$	1.49		$	1.97		(24.4)		%
Weighted Average Common Shares Outstanding with Dilution (000,000)			7,215			7,191			0.3		%	7,204			7,258			(0.7)		%

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AT&T Inc.
Financial Data
Consolidated Balance Sheets
Dollars in millions
Unaudited			Dec. 31,						Dec. 31,
			2024						2023
Assets
Current Assets
Cash and cash equivalents			$	3,298					$	6,722
Accounts receivable – net of related allowance for credit loss of $375 and $499			9,638						10,289
Inventories			2,270						2,177
Prepaid and other current assets			15,962						17,270
Total current assets			31,168						36,458
Property, Plant and Equipment – Net			128,871						128,489
Goodwill – Net			63,432						67,854
Licenses – Net			127,035						127,219
Other Intangible Assets – Net			5,255						5,283
Investments in and Advances to Equity Affiliates			295						1,251
Operating Lease Right-Of-Use Assets			20,909						20,905
Other Assets			17,830						19,601
Total Assets			$	394,795					$	407,060
Liabilities and Stockholders’ Equity
Current Liabilities
Debt maturing within one year			$	5,089					$	9,477
Accounts payable and accrued liabilities			35,657						35,852
Advanced billings and customer deposits			4,099						3,778
Dividends payable			2,027						2,020
Total current liabilities			46,872						51,127
Long-Term Debt			118,443						127,854
Deferred Credits and Other Noncurrent Liabilities
Deferred income taxes			58,939						58,666
Postemployment benefit obligation			9,025						8,734
Operating lease liabilities			17,391						17,568
Other noncurrent liabilities			23,900						23,696
Total deferred credits and other noncurrent liabilities			109,255						108,664
Redeemable Noncontrolling Interest			1,980						1,973
Stockholders’ Equity
Preferred stock			—						—
Common stock			7,621						7,621
Additional paid-in capital			109,108						114,519
Retained earnings (deficit)			1,871						(5,015)
Treasury stock			(15,023)						(16,128)
Accumulated other comprehensive income			795						2,300
Noncontrolling interest			13,873						14,145
Total stockholders’ equity			118,245						117,442
Total Liabilities and Stockholders’ Equity			$	394,795					$	407,060

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AT&T Inc.
Financial Data
Consolidated Statements of Cash Flows
Dollars in millions
Unaudited			Year Ended
			2024						2023
Operating Activities
Net income			$	12,253					$	15,623
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			20,580						18,777
Provision for uncollectible accounts			1,969						1,969
Deferred income tax expense			1,570						3,037
Net (gain) loss on investments, net of impairments			80						441
Pension and postretirement benefit expense (credit)			(1,883)						(2,552)
Actuarial and settlement (gain) loss on pension and postretirement benefits - net			56						1,594
Asset impairments and abandonments and restructuring			5,075						1,193
Changes in operating assets and liabilities:
Receivables			123						82
Inventories, prepaid and other current assets			(383)						(642)
Accounts payable and other accrued liabilities			(810)						(1,764)
Equipment installment receivables and related sales			(1,846)						(133)
Deferred customer contract acquisition and fulfillment costs			497						1
Postretirement claims and contributions			(166)						(735)
Other - net			1,656						1,423
Total adjustments			26,518						22,691
Net Cash Provided by Operating Activities			38,771						38,314
Investing Activities
Capital expenditures			(20,263)						(17,853)
Acquisitions, net of cash acquired			(380)						(2,942)
Dispositions			75						72
Distributions from DIRECTV in excess of cumulative equity in earnings			928						2,049
(Purchases), sales and settlements of securities and investments - net			2,575						(902)
Other - net			(425)						(84)
Net Cash Used in Investing Activities			(17,490)						(19,660)
Financing Activities
Net change in short-term borrowings with original maturities of three months or less			—						(914)
Issuance of other short-term borrowings			491						5,406
Repayment of other short-term borrowings			(2,487)						(3,415)
Issuance of long-term debt			19						10,004
Repayment of long-term debt			(10,297)						(12,044)
Repayment of note payable to DIRECTV			—						(130)
Payment of vendor financing			(1,792)						(5,742)
Purchase of treasury stock			(215)						(194)
Issuance of treasury stock			15						3
Issuance of preferred interests in subsidiary			—						7,151
Redemption of preferred interests in subsidiary			—						(5,333)
Dividends paid			(8,208)						(8,136)
Other - net			(2,234)						(2,270)
Net Cash Used in Financing Activities			(24,708)						(15,614)
Net increase (decrease) in cash and cash equivalents and restricted cash			(3,427)						3,040
Cash and cash equivalents and restricted cash beginning of year			6,833						3,793
Cash and Cash Equivalents and Restricted Cash End of Year			$	3,406					$	6,833

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AT&T Inc.
Consolidated Supplementary Data
Supplementary Financial Data
Dollars in millions except per share amounts
Unaudited			Fourth Quarter						Percent			Year Ended						Percent
			2024			2023			Change			2024			2023			Change
Capital expenditures
Purchase of property and equipment			$	6,800		$	4,558		49.2		%	$	20,101		$	17,674		13.7		%
Interest during construction			43			43			—		%	162			179			(9.5)		%
Total Capital Expenditures			$	6,843		$	4,601		48.7		%	$	20,263		$	17,853		13.5		%
Acquisitions, net of cash acquired
Business acquisitions			$	—		$	—		—		%	$	—		$	—		—		%
Spectrum acquisitions			28			1,938			(98.6)		%	181			2,247			(91.9)		%
Interest during construction - spectrum			30			81			(63.0)		%	199			695			(71.4)		%
Total Acquisitions			$	58		$	2,019		(97.1)		%	$	380		$	2,942		(87.1)		%
Cash paid for interest			$	1,517		$	1,667		(9.0)		%	$	7,132		$	7,370		(3.2)		%
Cash paid for income taxes, net of refunds			$	1,574		$	841		87.2		%	$	2,456		$	1,599		53.6		%
Dividends Declared per Common Share			$	0.2775		$	0.2775		—		%	$	1.11		$	1.11		—		%
End of Period Common Shares Outstanding (000,000)												7,176			7,150			0.4		%
Debt Ratio												50.7		%	53.5		%	(280)		BP
Total Employees												140,990			150,470			(6.3)		%

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COMMUNICATIONS SEGMENT

The Communications segment provides wireless and wireline telecom and broadband services to consumers located in the U.S. and businesses globally. The Communications segment contains three reporting units: Mobility, Business Wireline and Consumer Wireline.

Segment Results
Dollars in millions
Unaudited			Fourth Quarter						Percent			Year Ended						Percent
			2024			2023			Change			2024			2023			Change
Segment Operating Revenues
Mobility			$	23,129		$	22,393		3.3		%	$	85,255		$	83,982		1.5		%
Business Wireline			4,545			5,052			(10.0)		%	18,819			20,883			(9.9)		%
Consumer Wireline			3,465			3,352			3.4		%	13,578			13,173			3.1		%
Total Segment Operating Revenues			31,139			30,797			1.1		%	117,652			118,038			(0.3)		%
Segment Operating Income
Mobility			6,124			6,214			(1.4)		%	26,314			25,861			1.8		%
Business Wireline			(211)			165			—		%	(88)			1,289			—		%
Consumer Wireline			276			229			20.5		%	869			651			33.5		%
Total Segment Operating Income			$	6,189		$	6,608		(6.3)		%	$	27,095		$	27,801		(2.5)		%

Supplementary Operating Data
Subscribers and connections in thousands
Unaudited												December 31,						Percent
												2024			2023			Change
Broadband Connections
Broadband1												15,311			15,078			1.5		%
DSL												127			210			(39.5)		%
Total Broadband Connections												15,438			15,288			1.0		%
1 Excludes AT&T Internet Air (AIA) for Business.
Voice Connections
Retail Switched Access Lines												3,296			4,185			(21.2)		%
VoIP Connections												2,223			2,558			(13.1)		%
Total Retail Voice Connections												5,519			6,743			(18.2)		%
			Fourth Quarter						Percent			Year Ended						Percent
			2024			2023			Change			2024			2023			Change
Broadband Net Additions
Broadband1			113			13			—		%	233			3			—		%
DSL			(19)			(21)			9.5		%	(83)			(101)			17.8		%
Total Broadband Net Additions			94			(8)			—		%	150			(98)			—		%
1 Excludes AIA for Business.

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Mobility

Mobility provides nationwide wireless service and equipment.

Mobility Results
Dollars in millions
Unaudited			Fourth Quarter						Percent			Year Ended						Percent
			2024			2023			Change			2024			2023			Change
Operating Revenues
Service			$	16,563		$	16,039		3.3		%	$	65,373		$	63,175		3.5		%
Equipment			6,566			6,354			3.3		%	19,882			20,807			(4.4)		%
Total Operating Revenues			23,129			22,393			3.3		%	85,255			83,982			1.5		%
Operating Expenses
Operations and support			14,241			14,017			1.6		%	48,724			49,604			(1.8)		%
Depreciation and amortization			2,764			2,162			27.8		%	10,217			8,517			20.0		%
Total Operating Expenses			17,005			16,179			5.1		%	58,941			58,121			1.4		%
Operating Income			$	6,124		$	6,214		(1.4)		%	$	26,314		$	25,861		1.8		%
Operating Income Margin			26.5		%	27.7		%	(120)		BP	30.9		%	30.8		%	10		BP
Supplementary Operating Data
Subscribers and connections in thousands
Unaudited												December 31,						Percent
												2024			2023			Change
Mobility Subscribers
Postpaid												89,200			87,104			2.4		%
Postpaid phone												72,749			71,255			2.1		%
Prepaid												19,023			19,236			(1.1)		%
Reseller												9,628			7,468			28.9		%
Total Mobility Subscribers1												117,851			113,808			3.6		%
1Effective with our first-quarter 2024 reporting, we have removed connected devices from our total Mobility subscribers, consistent with industry standards and our key performance metrics. Connected devices include data-centric devices such as session-based tablets, monitoring devices and primarily wholesale automobile systems.
			Fourth Quarter						Percent			Year Ended						Percent
			2024			2023			Change			2024			2023			Change
Mobility Net Additions
Postpaid Phone Net Additions			482			526			(8.4)		%	1,653			1,744			(5.2)		%
Total Phone Net Additions			363			394			(7.9)		%	1,525			1,801			(15.3)		%
Postpaid			839			759			10.5		%	2,250			2,315			(2.8)		%
Prepaid			(136)			(135)			(0.7)		%	(102)			128			—		%
Reseller			1,110			338			—		%	2,020			1,279			57.9		%
Total Mobility Net Additions1			1,813			962			88.5		%	4,168			3,722			12.0		%
Postpaid Churn			1.00		%	1.01		%	(1)		BP	0.92		%	0.98		%	(6) BP
Postpaid Phone-Only Churn			0.85		%	0.84		%	1		BP	0.76		%	0.81		%	(5) BP
1Excludes migrations between wireless subscriber categories, including connected devices, and acquisition-related activity during the period.

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Business Wireline

Business Wireline provides advanced ethernet-based fiber services, fixed wireless services, IP Voice and managed professional services as well as traditional data services and related equipment to business customers.

Business Wireline Results
Dollars in millions
Unaudited			Fourth Quarter						Percent			Year Ended						Percent
			2024			2023			Change			2024			2023			Change
Operating Revenues
Service			$	4,376		$	4,873		(10.2)		%	$	18,064		$	20,274		(10.9)		%
Equipment			169			179			(5.6)		%	755			609			24.0		%
Total Operating Revenues			4,545			5,052			(10.0)		%	18,819			20,883			(9.9)		%
Operating Expenses
Operations and support			3,348			3,518			(4.8)		%	13,352			14,217			(6.1)		%
Depreciation and amortization			1,408			1,369			2.8		%	5,555			5,377			3.3		%
Total Operating Expenses			4,756			4,887			(2.7)		%	18,907			19,594			(3.5)		%
Operating Income (Loss)			$	(211)		$	165		—		%	$	(88)		$	1,289		—		%
Operating Income Margin			(4.6)		%	3.3		%	(790)		BP	(0.5)		%	6.2		%	(670)		BP

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Consumer Wireline

Consumer Wireline provides broadband services, including fiber connections that provide multi-gig services, and our fixed wireless access product (AT&T Internet Air or “AIA”) that provides internet services delivered over our 5G wireless network to residential customers. Consumer Wireline also provides legacy telephony voice communication services.

Consumer Wireline Results
Dollars in millions
Unaudited			Fourth Quarter						Percent			Year Ended						Percent
			2024			2023			Change			2024			2023			Change
Operating Revenues
Broadband			$	2,911		$	2,700		7.8		%	$	11,212		$	10,455		7.2		%
Legacy voice and data services			293			361			(18.8)		%	1,265			1,508			(16.1)		%
Other service and equipment			261			291			(10.3)		%	1,101			1,210			(9.0)		%
Total Operating Revenues			3,465			3,352			3.4		%	13,578			13,173			3.1		%
Operating Expenses
Operations and support			2,247			2,243			0.2		%	9,048			9,053			(0.1)		%
Depreciation and amortization			942			880			7.0		%	3,661			3,469			5.5		%
Total Operating Expenses			3,189			3,123			2.1		%	12,709			12,522			1.5		%
Operating Income			$	276		$	229		20.5		%	$	869		$	651		33.5		%
Operating Income Margin			8.0		%	6.8		%	120		BP	6.4		%	4.9		%	150		BP
Supplementary Operating Data
Subscribers and connections in thousands
Unaudited												December 31,						Percent
												2024			2023			Change
Broadband Connections
Total Broadband and DSL Connections												14,079			13,890			1.4		%
Broadband1												13,987			13,729			1.9		%
Fiber Broadband Connections												9,331			8,307			12.3		%
Voice Connections
Retail Consumer Switched Access Lines												1,310			1,651			(20.7)		%
Consumer VoIP Connections												1,653			1,953			(15.4)		%
Total Retail Consumer Voice Connections												2,963			3,604			(17.8)		%
1 Includes AIA.
			Fourth Quarter						Percent			Year Ended						Percent
			2024			2023			Change			2024			2023			Change
Broadband Net Additions
Total Broadband and DSL Net Additions			107			3			—		%	189			(101)			—		%
Broadband Net Additions1			123			19			—		%	258			(24)			—		%
Fiber Broadband Net Additions			307			273			12.5		%	1,024			1,092			(6.2)		%
1 Includes AIA.

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LATIN AMERICA SEGMENT

The segment provides wireless services and equipment to customers in Mexico.

Segment Results
Dollars in millions
Unaudited			Fourth Quarter						Percent			Year Ended						Percent
			2024			2023			Change			2024			2023			Change
Operating Revenues
Wireless service			$	634		$	671		(5.5)		%	$	2,668		$	2,569		3.9		%
Wireless equipment			410			419			(2.1)		%	1,564			1,363			14.7		%
Total Operating Revenues			1,044			1,090			(4.2)		%	4,232			3,932			7.6		%
Operating Expenses
Operations and support			873			953			(8.4)		%	3,535			3,349			5.6		%
Depreciation and amortization			150			180			(16.7)		%	657			724			(9.3)		%
Total Operating Expenses			1,023			1,133			(9.7)		%	4,192			4,073			2.9		%
Operating Income (Loss)			$	21		$	(43)		—		%	$	40		$	(141)		—		%
Operating Income Margin			2.0		%	(3.9)		%	590		BP	0.9		%	(3.6)		%	450		BP
Supplementary Operating Data
Subscribers and connections in thousands
Unaudited												December 31,						Percent
												2024			2023			Change
Mexico Wireless Subscribers
Postpaid												5,837			5,236			11.5		%
Prepaid												17,486			16,663			4.9		%
Reseller												253			417			(39.3)		%
Total Mexico Wireless Subscribers												23,576			22,316			5.6		%
			Fourth Quarter						Percent			Year Ended						Percent
			2024			2023			Change			2024			2023			Change
Mexico Wireless Net Additions
Postpaid			204			151			35.1		%	601			311			93.2		%
Prepaid			490			450			8.9		%	823			459			79.3		%
Reseller			(29)			(39)			25.6		%	(164)			(57)			—		%
Total Mexico Wireless Net Additions			665			562			18.3		%	1,260			713			76.7		%

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SUPPLEMENTAL SEGMENT RECONCILIATION

Three Months Ended
Dollars in millions
Unaudited
December 31, 2024
			Revenues			Operations and Support Expenses			EBITDA			Depreciation and Amortization			Operating Income (Loss)
Communications
Mobility			$	23,129		$	14,241		$	8,888		$	2,764		$	6,124
Business Wireline			4,545			3,348			1,197			1,408			(211)
Consumer Wireline			3,465			2,247			1,218			942			276
Total Communications			31,139			19,836			11,303			5,114			6,189
Latin America - Mexico			1,044			873			171			150			21
Segment Total			32,183			20,709			11,474			5,264			6,210
Corporate and Other
Corporate:
DTV-related retained costs			—			108			(108)			97			(205)
Parent administration support			(2)			486			(488)			1			(489)
Securitization fees			30			179			(149)			—			(149)
Value portfolio			87			25			62			2			60
Total Corporate			115			798			(683)			100			(783)
Certain significant items			—			91			(91)			10			(101)
Total Corporate and Other			115			889			(774)			110			(884)
AT&T Inc.			$	32,298		$	21,598		$	10,700		$	5,374		$	5,326
December 31, 2023
			Revenues			Operations and Support Expenses			EBITDA			Depreciation and Amortization			Operating Income (Loss)
Communications
Mobility			$	22,393		$	14,017		$	8,376		$	2,162		$	6,214
Business Wireline			5,052			3,518			1,534			1,369			165
Consumer Wireline			3,352			2,243			1,109			880			229
Total Communications			30,797			19,778			11,019			4,411			6,608
Latin America - Mexico			1,090			953			137			180			(43)
Segment Total			31,887			20,731			11,156			4,591			6,565
Corporate and Other
Corporate:
DTV-related retained costs			—			172			(172)			146			(318)
Parent administration support			6			377			(371)			2			(373)
Securitization fees			24			165			(141)			—			(141)
Value portfolio			105			22			83			6			77
Total Corporate			135			736			(601)			154			(755)
Certain significant items			—			518			(518)			21			(539)
Total Corporate and Other			135			1,254			(1,119)			175			(1,294)
AT&T Inc.			$	32,022		$	21,985		$	10,037		$	4,766		$	5,271

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SUPPLEMENTAL SEGMENT RECONCILIATION

Year Ended
Dollars in millions
Unaudited
December 31, 2024
			Revenues			Operations and Support Expenses			EBITDA			Depreciation and Amortization			Operating Income (Loss)
Communications
Mobility			$	85,255		$	48,724		$	36,531		$	10,217		$	26,314
Business Wireline			18,819			13,352			5,467			5,555			(88)
Consumer Wireline			13,578			9,048			4,530			3,661			869
Total Communications			117,652			71,124			46,528			19,433			27,095
Latin America - Mexico			4,232			3,535			697			657			40
Segment Total			121,884			74,659			47,225			20,090			27,135
Corporate and Other
Corporate:
DTV-related retained costs			—			465			(465)			414			(879)
Parent administration support			(2)			1,722			(1,724)			6			(1,730)
Securitization fees			116			628			(512)			—			(512)
Value portfolio			338			102			236			17			219
Total Corporate			452			2,917			(2,465)			437			(2,902)
Certain significant items			—			5,131			(5,131)			53			(5,184)
Total Corporate and Other			452			8,048			(7,596)			490			(8,086)
AT&T Inc.			$	122,336		$	82,707		$	39,629		$	20,580		$	19,049
December 31, 2023
			Revenues			Operations and Support Expenses			EBITDA			Depreciation and Amortization			Operating Income (Loss)
Communications
Mobility			$	83,982		$	49,604		$	34,378		$	8,517		$	25,861
Business Wireline			20,883			14,217			6,666			5,377			1,289
Consumer Wireline			13,173			9,053			4,120			3,469			651
Total Communications			118,038			72,874			45,164			17,363			27,801
Latin America - Mexico			3,932			3,349			583			724			(141)
Segment Total			121,970			76,223			45,747			18,087			27,660
Corporate and Other
Corporate:
DTV-related retained costs			—			686			(686)			586			(1,272)
Parent administration support			(7)			1,416			(1,423)			6			(1,429)
Securitization fees			85			604			(519)			—			(519)
Value portfolio			380			99			281			22			259
Total Corporate			458			2,805			(2,347)			614			(2,961)
Certain significant items			—			1,162			(1,162)			76			(1,238)
Total Corporate and Other			458			3,967			(3,509)			690			(4,199)
AT&T Inc.			$	122,428		$	80,190		$	42,238		$	18,777		$	23,461

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