EX-99.2 3 t-1q2024exhibit992.htm EX-99.2 AT&T INC. SELECTED FINANCIAL STATEMENTS AND OPERATING DATA Document

AT&T Inc.
Financial Data
Consolidated Statements of Income
Dollars in millions except per share amounts
UnauditedFirst QuarterPercent
20242023Change
Operating Revenues
Service$24,842 $24,617 0.9 %
Equipment5,186 5,522 (6.1)%
Total Operating Revenues30,028 30,139 (0.4)%
Operating Expenses
Cost of revenues
Equipment5,143 5,658 (9.1)%
Other cost of revenues (exclusive of depreciation
   and amortization shown separately below)
6,811 6,673 2.1 %
Selling, general and administrative7,021 7,175 (2.1)%
Asset impairments and abandonments and restructuring159 — — %
Depreciation and amortization5,047 4,631 9.0 %
Total Operating Expenses24,181 24,137 0.2 %
Operating Income5,847 6,002 (2.6)%
Interest Expense1,724 1,708 0.9 %
Equity in Net Income of Affiliates295 538 (45.2)%
Other Income (Expense) — Net451 935 (51.8)%
Income Before Income Taxes4,869 5,767 (15.6)%
Income Tax Expense1,118 1,314 (14.9)%
Net Income3,751 4,453 (15.8)%
Less: Net Income Attributable to Noncontrolling Interest(306)(225)(36.0)%
Net Income Attributable to AT&T$3,445 $4,228 (18.5)%
Less: Preferred Stock Dividends(50)(52)3.8 %
Net Income Attributable to Common Stock$3,395 $4,176 (18.7)%
Basic Earnings Per Share Attributable to Common Stock$0.47 $0.58 (19.0)%
Weighted Average Common Shares Outstanding (000,000)7,192 7,168 0.3 %
Diluted Earnings Per Share Attributable to Common Stock$0.47 $0.57 (17.5)%
Weighted Average Common Shares Outstanding with Dilution (000,000)7,193 7,474 (3.8)%
1

AT&T Inc.  
Financial Data  
Consolidated Balance Sheets
Dollars in millions
Mar. 31,Dec. 31,
20242023
Assets(Unaudited)
Current Assets
Cash and cash equivalents$3,520 $6,722 
Accounts receivable – net of related allowances for credit loss of $463 and $4999,577 10,289 
Inventories2,127 2,177 
Prepaid and other current assets15,221 17,270 
Total current assets30,445 36,458 
Property, Plant and Equipment – Net127,851 128,489 
Goodwill – Net67,854 67,854 
Licenses – Net127,423 127,219 
Other Intangible Assets – Net5,281 5,283 
Investments in and Advances to Equity Affiliates891 1,251 
Operating Lease Right-Of-Use Assets20,668 20,905 
Other Assets19,015 19,601 
Total Assets$399,428 $407,060 
Liabilities and Stockholders’ Equity
Current Liabilities
Debt maturing within one year$7,060 $9,477 
Accounts payable and accrued liabilities31,973 35,852 
Advanced billings and customer deposits3,713 3,778 
Dividends payable2,088 2,020 
Total current liabilities44,834 51,127 
Long-Term Debt125,704 127,854 
Deferred Credits and Other Noncurrent Liabilities
Deferred income taxes58,820 58,666 
Postemployment benefit obligation8,743 8,734 
Operating lease liabilities17,291 17,568 
Other noncurrent liabilities23,441 23,696 
Total deferred credits and other noncurrent liabilities108,295 108,664 
Redeemable Noncontrolling Interest1,975 1,973 
Stockholders’ Equity
Preferred stock— — 
Common stock7,621 7,621 
Additional paid-in capital111,599 114,519 
Retained (deficit) earnings(1,570)(5,015)
Treasury stock(15,277)(16,128)
Accumulated other comprehensive income2,167 2,300 
Noncontrolling interest14,080 14,145 
Total stockholders’ equity118,620 117,442 
Total Liabilities and Stockholders’ Equity$399,428 $407,060 
2

AT&T Inc.  
Financial Data  
Consolidated Statements of Cash Flows
Dollars in millions
UnauditedFirst Quarter
20242023
Operating Activities
Net income$3,751 $4,453 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization5,047 4,631 
Provision for uncollectible accounts472 477 
Deferred income tax expense479 529 
Net (gain) loss on investments, net of impairments201 (93)
Pension and postretirement benefit expense (credit)(471)(670)
Asset impairments and abandonments and restructuring159 — 
Changes in operating assets and liabilities:
Receivables512 620 
Other current assets629 364 
Accounts payable and other accrued liabilities(3,497)(3,409)
Equipment installment receivables and related sales24 (243)
Deferred customer contract acquisition and fulfillment costs103 (22)
Postretirement claims and contributions(54)(89)
Other - net192 130 
Total adjustments3,796 2,225 
Net Cash Provided by Operating Activities 7,547 6,678 
Investing Activities
Capital expenditures(3,758)(4,335)
Acquisitions, net of cash acquired(211)(291)
Dispositions8 15 
Distributions from DIRECTV in excess of cumulative equity in earnings194 774 
(Purchases), sales and settlements of securities and investments - net1,079 19 
Other - net(273)— 
Net Cash Used in Investing Activities (2,961)(3,818)
Financing Activities
Net change in short-term borrowings with original maturities of three months or less1,933 (536)
Issuance of other short-term borrowings491 3,627 
Repayment of other short-term borrowings(1,996)— 
Issuance of long-term debt— 3,366 
Repayment of long-term debt(4,685)(5,945)
Repayment of note payable to DIRECTV— (130)
Payment of vendor financing(841)(2,113)
Purchase of treasury stock(157)(188)
Issuance of treasury stock— 3 
Dividends paid(2,034)(2,014)
Other - net(526)219 
Net Cash Used in Financing Activities(7,815)(3,711)
Net increase (decrease) in cash and cash equivalents and restricted cash(3,229)(851)
Cash and cash equivalents and restricted cash beginning of year6,833 3,793 
Cash and Cash Equivalents and Restricted Cash End of Period$3,604 $2,942 
3

AT&T Inc.
Consolidated Supplementary Data
Supplementary Financial Data
Dollars in millions except per share amounts
UnauditedFirst QuarterPercent
20242023Change
Capital expenditures
Purchase of property and equipment$3,721 $4,291 (13.3)%
Interest during construction37 44 (15.9)%
Total Capital Expenditures$3,758 $4,335 (13.3)%
Acquisitions, net of cash acquired
Business acquisitions$— $— — %
Spectrum acquisitions145 63 — %
Interest during construction - spectrum66 228 (71.1)%
Total Acquisitions$211 $291 (27.5)%
Cash paid for interest$2,077 $1,971 5.4 %
Cash paid for income taxes, net of (refunds)$(9)$10 — %
Dividends Declared per Common Share$0.2775 $0.2775 — %
End of Period Common Shares Outstanding (000,000)7,170 7,149 0.3 %
Debt Ratio52.4 %55.9 %(350) BP
Total Employees148,290 157,790 (6.0)%
4

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
UnauditedFirst QuarterPercent
20242023Change
Segment Operating Revenues
Mobility$20,594 $20,582 0.1 %
Business Wireline4,913 5,331 (7.8)%
Consumer Wireline3,350 3,239 3.4 %
Total Segment Operating Revenues28,857 29,152 (1.0)%
Segment Operating Income
Mobility6,468 6,271 3.1 %
Business Wireline64 378 (83.1)%
Consumer Wireline213 94 — %
Total Segment Operating Income$6,745 $6,743 — %


Supplementary Operating Data
Subscribers and connections in thousands
UnauditedMarch 31,Percent
20242023Change
Broadband Connections
Broadband15,143 15,061 0.5 %
DSL191 284 (32.7)%
Total Broadband Connections15,334 15,345 (0.1)%
Voice Connections
Retail Consumer Switched Access Lines3,934 4,938 (20.3)%
Consumer VoIP Connections
2,467 2,835 (13.0)%
Total Retail Consumer Voice Connections6,401 7,773 (17.7)%
First QuarterPercent
20242023Change
Broadband Net Additions
Broadband65 (14)— %
DSL(19)(27)29.6 %
Total Broadband Net Additions46 (41)— %
5

Mobility

Mobility provides nationwide wireless service and equipment.
Mobility Results
Dollars in millions
UnauditedFirst QuarterPercent
20242023Change
Operating Revenues
Service$15,994 $15,483 3.3 %
Equipment4,600 5,099 (9.8)%
Total Operating Revenues20,594 20,582 0.1 %
Operating Expenses
Operations and support11,639 12,213 (4.7)%
Depreciation and amortization2,487 2,098 18.5 %
Total Operating Expenses14,126 14,311 (1.3)%
Operating Income$6,468 $6,271 3.1 %
Operating Income Margin31.4 %30.5 %90  BP
Supplementary Operating Data
Subscribers and connections in thousands
UnauditedMarch 31,Percent
20242023Change
Mobility Subscribers
Postpaid87,450 85,421 2.4 %
Postpaid phone71,558 70,049 2.2 %
Prepaid19,211 19,200 0.1 %
Reseller7,852 6,192 26.8 %
Total Mobility Subscribers1
114,513 110,813 3.3 %
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.
First QuarterPercent
20242023Change
Mobility Net Additions
Postpaid Phone Net Additions349 424 (17.7)%
Total Phone Net Additions350 464 (24.6)%
Postpaid389 542 (28.2)%
Prepaid1 40 (97.5)%
Reseller351 108 — %
Total Mobility Net Additions1
741 690 7.4 %
Postpaid Churn0.89 %0.99 %(10) BP
Postpaid Phone-Only Churn0.72 %0.81 %(9) BP
1Excludes migrations between wireless subscriber categories, including connected devices, and acquisition-related activity during the period.





6


Business Wireline

Business Wireline provides advanced ethernet-based fiber services, IP Voice and managed professional services, as well as our fixed wireless access product and traditional voice and data services and related equipment to business customers.
Business Wireline Results
Dollars in millions
UnauditedFirst QuarterPercent
20242023Change
Operating Revenues
Service$4,700 $5,200 (9.6)%
Equipment213 131 62.6 %
Total Operating Revenues4,913 5,331 (7.8)%
Operating Expenses  
Operations and support3,487 3,623 (3.8)%
Depreciation and amortization1,362 1,330 2.4 %
Total Operating Expenses4,849 4,953 (2.1)%
Operating Income$64 $378 (83.1)%
Operating Income Margin1.3 %7.1 %(580) BP

7

Consumer Wireline

Consumer Wireline provides broadband services, including fiber connections that provide multi-gig services to residential customers in select locations and our fixed wireless access product that provides home internet services. Consumer Wireline also provides legacy telephony voice communication services.
Consumer Wireline Results
Dollars in millions
UnauditedFirst QuarterPercent
20242023Change
Operating Revenues
Broadband$2,722 $2,527 7.7 %
Legacy voice and data services342 396 (13.6)%
Other service and equipment286 316 (9.5)%
Total Operating Revenues3,350 3,239 3.4 %
Operating Expenses
Operations and support2,256 2,284 (1.2)%
Depreciation and amortization881 861 2.3 %
Total Operating Expenses3,137 3,145 (0.3)%
Operating Income$213 $94 — %
Operating Income Margin6.4 %2.9 %350  BP
 
Supplementary Operating Data
Subscribers and connections in thousands
UnauditedMarch 31,Percent
20242023Change
Broadband Connections
Total Broadband and DSL Connections13,930 13,949 (0.1)%
Broadband1
13,784 13,730 0.4 %
Fiber Broadband Connections8,559 7,487 14.3 %
Voice Connections
Retail Consumer Switched Access Lines1,553 1,921 (19.2)%
Consumer VoIP Connections1,869 2,212 (15.5)%
Total Retail Consumer Voice Connections3,422 4,133 (17.2)%
1 Includes AT&T Internet Air
First QuarterPercent
20242023Change
Broadband Net Additions
Total Broadband and DSL Net Additions40 (42)— %
Broadband Net Additions1
55 (23)— %
Fiber Broadband Net Additions252 272 (7.4)%
1 Includes AT&T Internet Air
8

LATIN AMERICA SEGMENT

The segment provides wireless services and equipment to customers in Mexico.
Segment Results
Dollars in millions
UnauditedFirst QuarterPercent
 20242023Change
Operating Revenues
Wireless service$690 $591 16.8 %
Wireless equipment373 292 27.7 %
Total Segment Operating Revenues1,063 883 20.4 %
Operating Expenses
Operations and support883 738 19.6 %
Depreciation and amortization177 175 1.1 %
Total Segment Operating Expenses1,060 913 16.1 %
Operating Income (Loss)$3 $(30)— %
Operating Income Margin0.3 %(3.4)%370  BP
Supplementary Operating Data
Subscribers and connections in thousands
UnauditedMarch 31,Percent
 20242023Change
Mexico Wireless Subscribers
Postpaid5,352 4,973 7.6 %
Prepaid16,742 16,146 3.7 %
Reseller365 494 (26.1)%
Total Mexico Wireless Subscribers22,459 21,613 3.9 %
 First QuarterPercent
 20242023Change
Mexico Wireless Net Additions
Postpaid116 49 — %
Prepaid79 (58)— %
Reseller(52)19 — %
Total Mexico Wireless Net Additions143 10 — %

9

SUPPLEMENTAL SEGMENT RECONCILIATION
Three Months Ended
Dollars in millions
Unaudited
March 31, 2024
RevenuesOperations
and Support
Expenses		EBITDADepreciation
and
Amortization		Operating
Income (Loss)
Communications
Mobility$20,594 $11,639 $8,955 $2,487 $6,468 
Business Wireline4,913 3,487 1,426 1,362 64 
Consumer Wireline3,350 2,256 1,094 881 213 
Total Communications28,857 17,382 11,475 4,730 6,745 
Latin America - Mexico1,063 883 180 177 3 
Segment Total29,920 18,265 11,655 4,907 6,748 
Corporate and Other
Corporate:
DTV-related retained costs— 134 (134)120 (254)
Parent administration support— 392 (392)1 (393)
Securitization fees26 165 (139)— (139)
Value portfolio82 26 56 4 52 
Total Corporate108 717 (609)125 (734)
Certain significant items— 152 (152)15 (167)
Total Corporate and Other108 869 (761)140 (901)
AT&T Inc.$30,028 $19,134 $10,894 $5,047 $5,847 
March 31, 2023
RevenuesOperations and Support ExpensesEBITDADepreciation and AmortizationOperating Income (Loss)
Communications
Mobility$20,582 $12,213 $8,369 $2,098 $6,271 
Business Wireline5,331 3,623 1,708 1,330 378 
Consumer Wireline3,239 2,284 955 861 94 
Total Communications29,152 18,120 11,032 4,289 6,743 
Latin America - Mexico883 738 145 175 (30)
Segment Total30,035 18,858 11,177 4,464 6,713 
Corporate and Other
Corporate:
DTV-related retained costs— 169 (169)144 (313)
Parent administration support(9)374 (383)1 (384)
Securitization fees19 121 (102)— (102)
Value portfolio94 28 66 5 61 
Total Corporate104 692 (588)150 (738)
Certain significant items— (44)44 17 27 
Total Corporate and Other104 648 (544)167 (711)
AT&T Inc.$30,139 $19,506 $10,633 $4,631 $6,002 
10