AT&T Inc. (NYSE:T) Q2 2023 Earnings Call Transcript July 26, 2023 8:30 AM ET Company Participants Amir Rozwadowski - Senior Vice President, Finance and Investor Relations John Stankey - Chief Executive Officer Pascal Desroches - Chief Financial Officer Conference Call Participants Brett Feldman - Goldman Sachs John Hodulik - UBS Simon Flannery - Morgan Stanley Philip Cusick - JPMorgan Michael Rollins - Citi David Barden - Bank of America Peter Supino - Wolfe Research Frank Louthan - Raymond James Operator T ...

AT&T Investor Update July 26, 2023 2023 2nd QUARTER EARNINGS ...

Summary of AT&T Inc. Conference Call Company Overview - **Company**: AT&T Inc. (NYSE:T) - **Event**: Bank of America C-Suite TMT Conference - **Date**: June 20, 2023 - **Participants**: Pascal Desroches (CFO), David Barden (Bank of America) Key Points Industry and Market Context - The U.S. wireless market is experiencing a normalization of payment patterns post-pandemic, with consumer behavior returning to pre-pandemic norms [5][6] - The overall industry construct is described as healthy, with subscriber growth and record revenues and profits reported in Q1 [5][6] - AT&T's average revenue per user (ARPU) is growing, and the company has one of the lowest churn rates in the industry [5][6] Financial Performance - AT&T reported record first-quarter wireless service revenues and profits, with a growth expectation of over 4% for wireless service revenues in 2023 [11] - The company anticipates around 300,000 postpaid phone net adds for the current quarter, influenced by a government contract loss and slight churn increase [8][9] - Free cash flow for Q2 is expected to be in the range of $3.5 billion to $4 billion, with a target of $16 billion or more for the year [31][32] Competitive Landscape - The competitive dynamics among major players (AT&T, T-Mobile, Verizon) are rational, with price increases indicating confidence in the market [12][15] - AT&T's strategy focuses on maintaining a disciplined approach to subscriber growth, prioritizing profitability over sheer numbers [12][11] Fiber Strategy - AT&T is prioritizing fiber investments over fixed wireless access, believing fiber to be a long-term solution with better economics and lower maintenance costs [48][49] - The company is the largest fiber provider in the U.S. and is expanding its fiber reach, with government subsidies expected to support this growth [49][50] Enterprise Business - The enterprise segment has been a drag on revenue and EBITDA growth, but there are opportunities for growth through fiber expansion and new services enabled by 5G [55][56] - AT&T is focusing on small and mid-sized businesses, which have been under-penetrated, and is exploring new connectivity solutions [55][56] Miscellaneous - There are no ongoing discussions with Amazon regarding partnerships, and rumors about such collaborations are dismissed as unfounded [21][24] - The company is not considering acquiring DISH, as it is focused on optimizing its existing assets [24][25] Conclusion - AT&T's management expresses confidence in the company's strategic direction, financial performance, and market position, emphasizing a disciplined approach to growth and investment in fiber technology [12][49][55]

51st Annual J.P. Morgan Global Technology, Media and Communications Conference John Stankey ...

AT&T Inc. (NYSE:T) J.P. Morgan 51st Annual Global Technology, Media and Communications Conference Summary Company Overview - **Company**: AT&T Inc. - **Event**: J.P. Morgan 51st Annual Global Technology, Media and Communications Conference - **Date**: May 22, 2023 - **Key Executive**: John Stankey, Chairman and CEO Core Points and Arguments Business Transformation and Focus - AT&T has undergone significant changes since spinning off WarnerMedia, leading to a more focused business model [5][6] - The company aims to reduce its debt to 2.5 times by 2025, with progress made in deleveraging [5] - Market momentum in consumer fixed and wireless segments has been strong, with improved efficiency and margin expansion [5][6] Customer Satisfaction and Service Improvements - AT&T has achieved best-in-class customer satisfaction scores, surpassing T-Mobile and Verizon in customer satisfaction index (CSI) [6] - Customer service levels have improved, contributing to lower churn rates in both postpaid wireless and consumer broadband [6][22] Cost Management and Efficiency - The company is in the midst of a substantial cost-cutting program, targeting $6 billion in savings, with over $5 billion already achieved [9][10] - Future efforts will focus on retiring legacy infrastructure and improving operational efficiency [10][11] Industry Dynamics and Growth - The industry has seen a slowdown in customer growth, attributed to post-COVID adjustments and rationalization of infrastructure [12][13] - AT&T's strategy includes careful management of customer acquisition channels to ensure profitability [23] Competitive Landscape - AT&T remains vigilant about competition, particularly from cable companies entering the wireless space [26][27] - Recent price increases and restructuring by competitors indicate a healthy market structure, despite concerns about aggressive pricing [28][29] Future Outlook and Innovations - Anticipation of new consumer electronics and applications as 5G networks become more capable [34][38] - The company is focused on integrating broadband and wireless services to enhance customer retention and satisfaction [49] Financial Performance and Free Cash Flow - AT&T aims for $16 billion in free cash flow for the year, with expectations of improved cash management and reduced handset expenditures [56][59] - The company is addressing past cash flow volatility by enhancing predictability in financial performance [54][55] Long-term Strategy - The next three years will focus on optimizing asset returns, improving customer metrics, and refining operations [64][66] - AT&T plans to phase out legacy products to streamline operations and enhance agility [65][66] Additional Important Insights - The company has seen a higher-than-expected penetration rate for its fiber network, achieving double the anticipated rate in the first year after build [44] - Cost increases for fiber build are manageable, with inflation pressures primarily affecting labor-intensive civil works [47] - AT&T's customer base remains high quality, with consistent bad debt levels in line with historical patterns [61] This summary encapsulates the key insights from the conference, highlighting AT&T's strategic focus, operational improvements, and market dynamics.

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 March 31, 2023 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. Akar ...

AT&T Investor Update April 20, 2023 2023 1st QUARTER EARNINGS ...

AT&T Inc. (NYSE:T) Q1 2023 Results Conference Call April 20, 2023 8:30 AM ET Company Participants Amir Rozwadowski - Senior Vice President, Finance and Investor Relations John Stankey - Chief Executive Officer Pascal Desroches - Chief Financial Officer Conference Call Participants Phil Cusick - JPMorgan Simon Flannery - Morgan Stanley John Hodulik - UBS Brett Feldman - Goldman Sachs Michael Rollins - Citi David Barden - Bank of America Frank Louthan - Raymond James Walter Piecyk - LightShed Partners Operato ...

Morgan Stanley Technology, Media, & Telecom Conference Jeff McElfresh Chief Operating Officer AT&T Inc. March 8, 2023 ...

AT&T Inc. (NYSE:T) Morgan Stanley Technology, Media and Telecom Conference March 8, 2023 2:00 PM ET Company Participants Jeff McElfresh – Chief Operating Officer Conference Call Participants Simon Flannery – Morgan Stanley Simon Flannery Okay. Good morning, everybody. Thank you. Thanks for joining us. I’m delighted to welcome Jeff McElfresh from AT&T. Welcome, Jeff. Thanks for being here. Jeff McElfresh Thanks for inviting me. Simon Flannery Before we get started, let’s do the research disclosures. For impo ...