AT&T(US:T)2024-05-01 23:20Revenue Performance - AT&T's total operating revenues decreased by 0.4% to $30,028 million in Q1 2024 compared to $30,139 million in Q1 2023[105] - The Communications segment's operating revenues declined by 1.0% to $28,857 million in Q1 2024[105] - Latin America - Mexico segment's operating revenues increased by 20.4% to $1,063 million in Q1 2024[105] - Mobility service revenues grew by 3.3% to $15,994 million in Q1 2024[118] - Business Wireline operating revenues decreased by 7.8% to $4,913 million, with service revenues down 9.6% to $4,700 million[127] - Consumer Wireline broadband revenues increased by 7.7% to $2,722 million, driven by growth in fiber customers[130] - Latin America segment operating revenues increased by 20.4% to $1,063 million, with service revenues up 16.8% to $690 million[137] Mobility Segment - Mobility equipment revenues decreased by 9.8% to $4,600 million in Q1 2024[118] - Total Mobility subscribers increased by 3.3% to 114,513,000 in Q1 2024[119] - Postpaid phone net additions decreased by 17.7% to 349,000 in Q1 2024[122] - Postpaid churn rate improved to 0.89% in Q1 2024 from 0.99% in Q1 2023[122] - Mobility operating income margin increased from 30.5% in 2023 to 31.4% in 2024, while EBITDA margin rose from 40.7% to 43.5%[124] Latin America - Mexico Segment - Mexico Wireless Subscribers grew by 3.9% to 22,459,000, with postpaid subscribers increasing by 7.6% to 5,352,000[138] - Mexico Wireless Net Additions totaled 143,000 in Q1 2024, with postpaid net additions of 116,000[139] - Mexico operating income margin improved from (3.4)% in 2023 to 0.3% in 2024, with EBITDA margin increasing from 16.4% to 16.9%[141] Financial Performance - Net income attributable to AT&T decreased by 18.5% to $3,445 million in Q1 2024[109] - Depreciation expense increased in Q1 2024 due to Open RAN deployment and network transformation, with ongoing capital spending expected to continue through 2024[124] - Consumer Wireline operating income margin increased from 2.9% in 2023 to 6.4% in 2024, with EBITDA margin rising from 29.5% to 32.7%[135] Cash Flow and Capital Expenditures - Cash provided by operating activities for Q1 2024 was $7,547 million, compared to $6,678 million in Q1 2023, reflecting operational growth and timing of working capital[153] - Cash used in investing activities for Q1 2024 totaled $2,961 million, primarily due to $3,758 million in capital expenditures[156] - Cash used in financing activities for Q1 2024 was $7,815 million, driven by debt repayments, dividend payments, and vendor financing[159] - AT&T's cash and cash equivalents decreased to $3,520 million as of March 31, 2024, down from $6,722 million at December 31, 2023[151] - Capital expenditures for Q1 2024 were $3,758 million, with total capital investment including vendor financing at $4,599 million[157] Debt and Financial Position - Total debt as of March 31, 2024, was $132,764 million, down from $137,331 million at December 31, 2023[151] - AT&T paid $2,034 million in dividends during Q1 2024, compared to $2,014 million in Q1 2023[162] - AT&T's debt ratio was 52.4% as of March 31, 2024, down from 55.9% at March 31, 2023[167] - The weighted average interest rate on AT&T's long-term debt portfolio was 4.2% as of March 31, 2024[160] - AT&T had $7,060 million of debt maturing within one year as of March 31, 2024, including $2,430 million in commercial paper borrowings[161] Broadband and Fiber - Fiber Broadband Connections grew by 14.3% to 8,559,000, while total broadband connections remained stable at 13,930,000[132]