UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 or ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-8610 AT&T INC. Incorporated under the laws of the State of Delaware I.R.S. Employer Identification Number 43-1301883 208 S. Ak ...

AT&T, Inc. (NYSE:T) Q3 2022 Earnings Conference Call October 20, 2022 8:30 AM ET Company Participants Amir Rozwadowski - SVP, Finance & IR John Stankey - CEO Pascal Desroches - Senior EVP & CFO Conference Call Participants Philip Cusick - JPMorgan Chase & Co. Brett Feldman - Goldman Sachs Group Simon Flannery - Morgan Stanley John Hodulik - UBS Michael Rollins - Citigroup David Barden - Bank of America Merrill Lynch Kannan Venkateshwar - Barclays Bank Walter Piecyk - LightShed Partners Frank Louthan - Raymo ...

Summary of AT&T Inc. Conference Call Company Overview - **Company**: AT&T Inc. (NYSE:T) - **Event**: Goldman Sachs Communacopia + Technology Conference - **Date**: September 12, 2022 - **Participants**: John Stankey (CEO), Brett Feldman (Goldman Sachs) Key Points Company Strategy and Priorities - The current priority for AT&T is to enhance operational efficiency and position itself as the leading connectivity provider in the U.S. [4] - The company is approximately 18 months into a three-year cycle aimed at improving infrastructure and capital allocation, targeting a debt-to-EBITDA ratio of 2.5x by the end of 2025 [5] Economic Environment - AT&T is facing significant inflationary pressures, which are broad and deep-seated in the economy, affecting input costs across all business segments [7][8] - The company is actively working on cost management strategies to mitigate these inflationary impacts while maintaining strong customer demand [8][9] Customer Segmentation and Market Dynamics - AT&T's exposure to lower-end customer demographics is less than some competitors, focusing on higher-quality customer segments [11] - The company has added over 3 million postpaid phone customers in the past year, marking the highest growth rate in its postpaid business [12] - AT&T is gaining market share in various segments, particularly in the public sector, due to sustained investment in infrastructure [13][14] Fiber Network Expansion - AT&T's fiber network has passed approximately 18 million customer locations, with plans to expand by 3.5 to 4 million locations annually until reaching 30 million [38] - The company reports strong penetration rates and customer satisfaction with its fiber product, which is significantly higher than competitors [44] Cost Management and Efficiency - AT&T has initiated a $6 billion cost reduction program, with expectations that more savings will flow through to the bottom line as the program progresses [33] - The company is transitioning from a legacy cost structure to a more efficient model, focusing on removing outdated infrastructure and optimizing operational costs [34][35] Future Outlook - AT&T has increased its service revenue guidance, anticipating faster growth due to a strong subscriber base and effective price adjustments [27] - The company is confident in its ability to generate cash flow, projecting $10 billion in the second half of the year, which will support investments, dividends, and debt servicing [66][70] Competitive Landscape - AT&T is aware of competitors adopting similar go-to-market strategies but believes its focus on brand evolution and customer sentiment will maintain its competitive edge [24] - The company is committed to building a sustainable fiber franchise, viewing it as essential for future growth and connectivity needs [50][54] Conclusion - AT&T is navigating a challenging economic environment while focusing on operational improvements, customer satisfaction, and strategic investments in fiber and infrastructure to ensure long-term growth and stability [68][70]

AT&T Inc. (NYSE:T) Bank of America Media, Communications & Entertainment Conference 2022 September 7, 2022 11:00 AM ET Company Participants David Barden - Bank of America Conference Call Participants Pascal Desroches - Senior Executive Vice President and Chief Financial Officer David Barden [Call Starts Abruptly] comments you'll hear from me today are forward-looking and is subject to risk and uncertainties. Refer to the IR website for more information. Before we jump in, Dave, let me just talk a little bi ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 or ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-8610 AT&T INC. Incorporated under the laws of the State of Delaware I.R.S. Employer Identification Number 43-1301883 208 S. Akard S ...

Financial Data and Key Metrics Changes - Comparative revenues for Q2 2022 were $29.6 billion, up 2.2% or more than $600 million year-over-year, driven by wireless revenue growth and higher Mexico and Consumer Wireline revenues, partially offset by declines in Business Wireline [34] - Comparative adjusted EBITDA increased by 1.7% year-over-year, with growth in Wireless and Mexico, and lower corporate costs, offset by declines in Business Wireline [34] - Adjusted EPS from continuing operations for the quarter was $0.65, compared to $0.64 in the year-ago quarter [35] Business Line Data and Key Metrics Changes - In Mobility, postpaid phone net adds were 813,000, marking the best second quarter in over a decade, with service revenues growing 4.6% driven by subscriber growth [31][39] - Fiber segment saw 316,000 net adds, continuing solid momentum with broadband revenues growing 5.6% due to fiber revenue growth and higher broadband ARPU [32][43] - Business Wireline revenues and earnings came in lower than expected, primarily due to lower revenue from the government sector and inflationary pressure on wholesale network access costs [46] Market Data and Key Metrics Changes - The company achieved its target of covering 70 million mid-band POPs, two quarters ahead of schedule, and is on track to approach 100 million by year-end [11] - The Consumer Wireline segment is trending positively, driven by a mix shift to higher ARPU fiber plans, which is expected to drive both revenue and adjusted EBITDA growth [49] Company Strategy and Development Direction - The company is focused on becoming America's best broadband provider, with significant investments in 5G and Fiber as twin engines of growth [5] - The strategy includes repositioning the Business Wireline unit to focus on owned and operated connectivity services, while also growing 5G and Fiber-integrated solutions [30][24] - The company is taking proactive measures to address inflationary pressures through selective pricing adjustments [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the current economic pressures, citing strong visibility on achieving more than $4 billion of their $6 billion transformation cost savings run rate target by year-end [14][23] - The company anticipates that the current economic environment will not deter long-term investments in connectivity through 5G and Fiber [19] - Management acknowledged challenges in the Business Wireline segment but remains optimistic about the transformation efforts and expects stabilization in profitability by the second half of 2024 [28] Other Important Information - Free cash flow for the quarter was $1.4 billion, affected by higher capital investments and longer collection cycles [36][22] - The company is maintaining a focus on paying down debt, significantly reducing net debt with proceeds from the WarnerMedia transaction [20] Q&A Session Summary Question: Can you provide insights on the 2023 free cash flow expectations? - Management expects $24 billion in capital expenditures for 2023 and plans to continue deploying fiber at the previously guided pace [59] Question: How are customers responding to recent price increases? - Customers are responding as expected, with some choosing to pay the increase while others are migrating to better plans, contributing to improved ARPU [61][63] Question: What gives confidence that collection delays are just timing issues? - Management noted that historical patterns suggest customers typically manage their accounts similarly during economic stress, indicating that delays are not due to non-payment [66][67] Question: Can you discuss the impact of inflation on customer behavior? - Management observed that inflation is affecting lower-income customers more significantly, leading to longer collection cycles, but overall credit quality remains stable [75][71] Question: What is the status of the ACP program and infrastructure funding opportunities? - The ACP program is healthy, allowing for better product access for income-challenged customers, while infrastructure funding opportunities are expected to materialize in the future as state-level processes are established [84][89]