07/22/2021 | Press release | Distributed by Public on 07/22/2021 04:26
AT&T Inc. | ||||||||||||
Financial Data | ||||||||||||
Consolidated Statements of Income | ||||||||||||
Dollars in millions except per share amounts | ||||||||||||
Unaudited | Second Quarter | Percent | Six-Month Period | Percent | ||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | |||||||
Operating Revenues | ||||||||||||
Service | $ | 38,956 | $ | 37,051 | 5.1 | % | $ | 77,460 | $ | 75,934 | 2.0 | % |
Equipment | 5,089 | 3,899 | 30.5 | % | 10,524 | 7,795 | 35.0 | % | ||||
Total Operating Revenues | 44,045 | 40,950 | 7.6 | % | 87,984 | 83,729 | 5.1 | % | ||||
Operating Expenses | ||||||||||||
Cost of revenues | ||||||||||||
Equipment | 5,341 | 3,978 | 34.3 | % | 10,897 | 8,070 | 35.0 | % | ||||
Broadcast, programming and operations | 7,603 | 5,889 | 29.1 | % | 15,141 | 12,643 | 19.8 | % | ||||
Other cost of revenues (exclusive of
depreciation and amortization shown
separately below)
|
8,155 | 8,116 | 0.5 | % | 16,148 | 16,458 | (1.9) | % | ||||
Selling, general and administrative | 9,361 | 9,831 | (4.8) | % | 18,743 | 18,591 | 0.8 | % | ||||
Asset impairments and abandonments | 4,555 | 2,319 | 96.4 | % | 4,555 | 2,442 | 86.5 | % | ||||
Depreciation and amortization | 5,761 | 7,285 | (20.9) | % | 11,570 | 14,507 | (20.2) | % | ||||
Total Operating Expenses | 40,776 | 37,418 | 9.0 | % | 77,054 | 72,711 | 6.0 | % | ||||
Operating Income | 3,269 | 3,532 | (7.4) | % | 10,930 | 11,018 | (0.8) | % | ||||
Interest Expense | 1,684 | 2,041 | (17.5) | % | 3,554 | 4,059 | (12.4) | % | ||||
Equity in Net Income (Loss) of Affiliates | 41 | (10) | - | % | 93 | (16) | - | % | ||||
Other Income (Expense) - Net | 999 | 1,017 | (1.8) | % | 5,220 | 1,820 | - | % | ||||
Income Before Income Taxes | 2,625 | 2,498 | 5.1 | % | 12,689 | 8,763 | 44.8 | % | ||||
Income Tax Expense | 751 | 935 | (19.7) | % | 2,873 | 2,237 | 28.4 | % | ||||
Net Income | 1,874 | 1,563 | 19.9 | % | 9,816 | 6,526 | 50.4 | % | ||||
Less: Net Income Attributable to Noncontrolling Interest |
(304) | (282) | (7.8) | % | (696) | (635) | (9.6) | % | ||||
Net Income Attributable to AT&T | $ | 1,570 | $ | 1,281 | 22.6 | % | $ | 9,120 | $ | 5,891 | 54.8 | % |
Less: Preferred Stock Dividends | (56) | (52) | (7.7) | % | (106) | (84) | (26.2) | % | ||||
Net Income Attributable to Common Stock |
$ | 1,514 | $ | 1,229 | 23.2 | % | $ | 9,014 | $ | 5,807 | 55.2 | % |
Basic Earnings Per Share Attributable to Common Stock |
$ | 0.21 | $ | 0.17 | 23.5 | % | $ | 1.25 | $ | 0.81 | 54.3 | % |
Weighted Average Common Shares Outstanding (000,000) |
7,168 | 7,145 | 0.3 | % | 7,165 | 7,166 | - | % | ||||
Diluted Earnings Per Share Attributable to Common Stock |
$ | 0.21 | $ | 0.17 | 23.5 | % | $ | 1.25 | $ | 0.81 | 54.3 | % |
Weighted Average Common Shares Outstanding with Dilution (000,000) |
7,200 | 7,170 | 0.4 | % | 7,194 | 7,192 | - | % |
AT&T Inc. | ||||
Financial Data | ||||
Consolidated Balance Sheets | ||||
Dollars in millions | ||||
Unaudited | Jun. 30, | Dec. 31, | ||
2021 | 2020 | |||
Assets | ||||
Current Assets | ||||
Cash and cash equivalents | $ | 11,869 | $ | 9,740 |
Accounts receivable - net of related allowances for credit loss of $843 and $1,221 | 15,771 | 20,215 | ||
Inventories | 2,810 | 3,695 | ||
Prepaid and other current assets | 32,419 | 18,358 | ||
Total current assets | 62,869 | 52,008 | ||
Noncurrent Inventories and Theatrical Film and Television Production Costs | 16,271 | 14,752 | ||
Property, Plant and Equipment - Net | 123,591 | 127,315 | ||
Goodwill | 134,626 | 135,259 | ||
Licenses - Net | 87,962 | 93,840 | ||
Trademarks and Trade Names - Net | 22,276 | 23,297 | ||
Distribution Networks - Net | 12,875 | 13,793 | ||
Other Intangible Assets - Net | 12,736 | 15,386 | ||
Investments in and Advances to Equity Affiliates | 1,853 | 1,780 | ||
Operating Lease Right-Of-Use Assets | 24,390 | 24,714 | ||
Deposits on Wireless Licenses | 23,663 | - | ||
Other Assets | 21,598 | 23,617 | ||
Total Assets | $ | 544,710 | $ | 525,761 |
Liabilities and Stockholders' Equity | ||||
Current Liabilities | ||||
Debt maturing within one year | $ | 24,016 | $ | 3,470 |
Accounts payable and accrued liabilities | 49,429 | 50,051 | ||
Advanced billings and customer deposits | 4,932 | 6,176 | ||
Dividends payable | 3,749 | 3,741 | ||
Total current liabilities | 82,126 | 63,438 | ||
Long-Term Debt | 155,767 | 153,775 | ||
Deferred Credits and Other Noncurrent Liabilities | ||||
Deferred income taxes | 61,732 | 60,472 | ||
Postemployment benefit obligation | 14,876 | 18,276 | ||
Operating lease liabilities | 21,637 | 22,202 | ||
Other noncurrent liabilities | 28,726 | 28,358 | ||
Total deferred credits and other noncurrent liabilities | 126,971 | 129,308 | ||
Stockholders' Equity | ||||
Preferred stock | - | - | ||
Common stock | 7,621 | 7,621 | ||
Additional paid-in capital | 129,941 | 130,175 | ||
Retained earnings | 38,947 | 37,457 | ||
Treasury stock | (17,332) | (17,910) | ||
Accumulated other comprehensive income | 3,119 | 4,330 | ||
Noncontrolling interest | 17,550 | 17,567 | ||
Total stockholders' equity | 179,846 | 179,240 | ||
Total Liabilities and Stockholders' Equity | $ | 544,710 | $ | 525,761 |
AT&T Inc. | ||||
Financial Data | ||||
Consolidated Statements of Cash Flows | ||||
Dollars in millions | ||||
Unaudited | Six-Month Period | |||
2021 | 2020 | |||
Operating Activities | ||||
Net income | $ | 9,816 | $ | 6,526 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization | 11,570 | 14,507 | ||
Amortization of film and television costs | 6,256 | 3,985 | ||
Undistributed earnings from investments in equity affiliates | 15 | 64 | ||
Provision for uncollectible accounts | 596 | 1,199 | ||
Deferred income tax expense | 1,772 | 653 | ||
Net (gain) loss on investments, net of impairments | (237) | (705) | ||
Pension and postretirement benefit expense (credit) | (1,899) | (1,495) | ||
Actuarial (gain) loss on pension and postretirement benefits | (2,647) | - | ||
Asset impairments and abandonments | 4,555 | 2,442 | ||
Changes in operating assets and liabilities: | ||||
Receivables | 1,415 | 2,522 | ||
Other current assets, inventories and theatrical film and television production costs | (6,985) | (5,592) | ||
Accounts payable and other accrued liabilities | (4,298) | (3,847) | ||
Equipment installment receivables and related sales | 811 | 226 | ||
Deferred customer contract acquisition and fulfillment costs | 410 | 322 | ||
Postretirement claims and contributions | (207) | (228) | ||
Other - net | (106) | 346 | ||
Total adjustments | 11,021 | 14,399 | ||
Net Cash Provided by Operating Activities | 20,837 | 20,925 | ||
Investing Activities | ||||
Capital expenditures | (7,992) | (9,432) | ||
Acquisitions, net of cash acquired | (23,169) | (1,174) | ||
Dispositions | 635 | 347 | ||
Other - net | (105) | (19) | ||
Net Cash Used in Investing Activities | (30,631) | (10,278) | ||
Financing Activities | ||||
Net change in short-term borrowings with original maturities of three months or less | 76 | 498 | ||
Issuance of other short-term borrowings | 16,440 | 8,440 | ||
Repayment of other short-term borrowings | (857) | (5,975) | ||
Issuance of long-term debt | 9,097 | 21,060 | ||
Repayment of long-term debt | (1,155) | (17,284) | ||
Payment of vendor financing | (2,994) | (1,354) | ||
Issuance of preferred stock | - | 3,869 | ||
Purchase of treasury stock | (185) | (5,480) | ||
Issuance of treasury stock | 85 | 84 | ||
Dividends paid | (7,571) | (7,474) | ||
Other - net | (1,036) | (2,295) | ||
Net Cash Provided by (Used in) Financing Activities | 11,900 | (5,911) | ||
Net increase in cash and cash equivalents and restricted cash | 2,106 | 4,736 | ||
Cash and cash equivalents and restricted cash beginning of year | 9,870 | 12,295 | ||
Cash and Cash Equivalents and Restricted Cash End of Period | $ | 11,976 | $ | 17,031 |
AT&T Inc. | ||||||||||||
Consolidated Supplementary Data | ||||||||||||
Supplementary Financial Data | ||||||||||||
Dollars in millions except per share amounts | ||||||||||||
Unaudited | Second Quarter | Percent | Six-Month Period | Percent | ||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | |||||||
Capital expenditures | ||||||||||||
Purchase of property and equipment | $ | 3,926 | $ | 4,434 | (11.5) | % | $ | 7,898 | $ | 9,372 | (15.7) | % |
Interest during construction - capital expenditures | 33 | 32 | 3.1 | % | 94 | 60 | 56.7 | % | ||||
Total Capital Expenditures | $ | 3,959 | $ | 4,466 | (11.4) | % | $ | 7,992 | $ | 9,432 | (15.3) | % |
Acquisition, net of cash acquired | ||||||||||||
Business acquisitions | $ | 18 | $ | 125 | (85.6) | % | $ | 26 | $ | 128 | (79.7) | % |
Spectrum acquisitions | 10 | 949 | (98.9) | % | 22,886 | 1,046 | - | % | ||||
Interest during construction - spectrum | 257 | - | - | % | 257 | - | - | % | ||||
Total Acquisitions | $ | 285 | $ | 1,074 | (73.5) | % | $ | 23,169 | $ | 1,174 | - | % |
Cash Paid for Programming and Produced Film/TV Content |
$ | 5,261 | $ | 2,897 | 81.6 | % | $ | 9,769 | $ | 7,219 | 35.3 | % |
Dividends Declared per Common Share | $ | 0.52 | $ | 0.52 | - | % | $ | 1.04 | $ | 1.04 | - | % |
End of Period Common Shares Outstanding (000,000) |
7,140 | 7,125 | 0.2 | % | ||||||||
Debt Ratio | 50.0 | % | 46.6 | % | 340 | BP | ||||||
Total Employees | 226,840 | 243,350 | (6.8) | % | ||||||||
Segment Results | ||||||||||||
Dollars in millions | ||||||||||||
Unaudited | Second Quarter | Percent | Six-Month Period | Percent | ||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | |||||||
Segment Operating Revenues | ||||||||||||
Mobility | $ | 18,936 | $ | 17,149 | 10.4 | % | $ | 37,970 | $ | 34,551 | 9.9 | % |
Business Wireline | 6,052 | 6,305 | (4.0) | % | 12,098 | 12,571 | (3.8) | % | ||||
Consumer Wireline | 3,140 | 3,051 | 2.9 | % | 6,238 | 6,162 | 1.2 | % | ||||
Total Segment Operating Revenues | 28,128 | 26,505 | 6.1 | % | 56,306 | 53,284 | 5.7 | % | ||||
Segment Operating Contribution | ||||||||||||
Mobility | 6,002 | 5,805 | 3.4 | % | 12,004 | 11,593 | 3.5 | % | ||||
Business Wireline | 1,050 | 1,290 | (18.6) | % | 2,108 | 2,383 | (11.5) | % | ||||
Consumer Wireline | 288 | 393 | (26.7) | % | 593 | 913 | (35.0) | % | ||||
Total Segment Operating Contribution | $ | 7,340 | $ | 7,488 | (2.0) | % | $ | 14,705 | $ | 14,889 | (1.2) | % |
Supplementary Operating Data | ||||||||
Subscribers and connections in thousands | ||||||||
Unaudited | June 30, | Percent | ||||||
2021 | 2020 | Change | ||||||
Broadband Connections | ||||||||
IP | 14,988 | 14,548 | 3.0 | % | ||||
DSL | 493 | 653 | (24.5) | % | ||||
Total Broadband Connections | 15,481 | 15,201 | 1.8 | % | ||||
Voice Connections | ||||||||
Network Access Lines | 6,691 | 7,878 | (15.1) | % | ||||
U-verse VoIP Connections | 3,559 | 4,058 | (12.3) | % | ||||
Total Retail Voice Connections | 10,250 | 11,936 | (14.1) | % | ||||
Second Quarter | Percent | Six-Month Period | Percent | |||||
2021 | 2020 | Change | 2021 | 2020 | Change | |||
Broadband Net Additions | ||||||||
IP | 80 | (79) | - | % | 170 | (111) | - | % |
DSL | (34) | (35) | 2.9 | % | (73) | (77) | 5.2 | % |
Total Broadband Net Additions | 46 | (114) | - | % | 97 | (188) | - | % |
Mobility Results | ||||||||||||
Dollars in millions | ||||||||||||
Unaudited | Second Quarter | Percent | Six-Month Period | Percent | ||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | |||||||
Operating Revenues | ||||||||||||
Service | $ | 14,346 | $ | 13,669 | 5.0 | % | $ | 28,394 | $ | 27,637 | 2.7 | % |
Equipment | 4,590 | 3,480 | 31.9 | % | 9,576 | 6,914 | 38.5 | % | ||||
Total Operating Revenues | 18,936 | 17,149 | 10.4 | % | 37,970 | 34,551 | 9.9 | % | ||||
Operating Expenses | ||||||||||||
Operations and support | 10,911 | 9,332 | 16.9 | % | 21,929 | 18,901 | 16.0 | % | ||||
Depreciation and amortization | 2,023 | 2,012 | 0.5 | % | 4,037 | 4,057 | (0.5) | % | ||||
Total Operating Expenses | 12,934 | 11,344 | 14.0 | % | 25,966 | 22,958 | 13.1 | % | ||||
Operating Income | 6,002 | 5,805 | 3.4 | % | 12,004 | 11,593 | 3.5 | % | ||||
Equity in Net Income (Loss) of Affiliates | - | - | - | % | - | - | - | % | ||||
Operating Contribution | $ | 6,002 | $ | 5,805 | 3.4 | % | $ | 12,004 | $ | 11,593 | 3.5 | % |
Operating Income Margin | 31.7 | % | 33.9 | % | (220) | BP | 31.6 | % | 33.6 | % | (200) | BP |
Supplementary Operating Data | ||||||||||||
Subscribers and connections in thousands | ||||||||||||
Unaudited | June 30, | Percent | ||||||||||
2021 | 2020 | Change | ||||||||||
Mobility Subscribers | ||||||||||||
Postpaid | 79,059 | 74,919 | 5.5 | % | ||||||||
Postpaid phone | 65,503 | 62,882 | 4.2 | % | ||||||||
Prepaid | 18,681 | 18,008 | 3.7 | % | ||||||||
Reseller | 6,406 | 6,718 | (4.6) | % | ||||||||
Connected Devices | 87,500 | 71,762 | 21.9 | % | ||||||||
Total Mobility Subscribers | 191,646 | 171,407 | 11.8 | % | ||||||||
Second Quarter | Percent | Six-Month Period | Percent | |||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | |||||||
Mobility Net Additions | ||||||||||||
Postpaid Phone Net Additions | 789 | (151) | - | % | 1,384 | 12 | - | % | ||||
Total Phone Net Additions | 963 | (16) | - | % | 1,765 | 104 | - | % | ||||
Postpaid | 1,156 | (154) | - | % | 1,979 | (127) | - | % | ||||
Prepaid | 297 | 165 | 80.0 | % | 576 | 120 | - | % | ||||
Reseller | (125) | (58) | - | % | (193) | (248) | 22.2 | % | ||||
Connected Devices | 4,209 | 2,255 | 86.7 | % | 6,726 | 5,773 | 16.5 | % | ||||
Total Mobility Net Additions | 5,537 | 2,208 | - | % | 9,088 | 5,518 | 64.7 | % | ||||
Postpaid Churn | 0.87 | % | 1.05 | % | (18) BP | 0.90 | % | 1.06 | % | (16) BP | ||
Postpaid Phone-Only Churn | 0.69 | % | 0.84 | % | (15) BP | 0.73 | % | 0.85 | % | (12) BP |
Business Wireline Results | ||||||||||||
Dollars in millions | ||||||||||||
Unaudited | Second Quarter | Percent | Six-Month Period | Percent | ||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | |||||||
Operating Revenues | ||||||||||||
Service | $ | 5,860 | $ | 6,101 | (4.0) | % | $ | 11,732 | $ | 12,192 | (3.8) | % |
Equipment | 192 | 204 | (5.9) | % | 366 | 379 | (3.4) | % | ||||
Total Operating Revenues | 6,052 | 6,305 | (4.0) | % | 12,098 | 12,571 | (3.8) | % | ||||
Operating Expenses | ||||||||||||
Operations and support | 3,709 | 3,714 | (0.1) | % | 7,419 | 7,601 | (2.4) | % | ||||
Depreciation and amortization | 1,293 | 1,301 | (0.6) | % | 2,571 | 2,587 | (0.6) | % | ||||
Total Operating Expenses | 5,002 | 5,015 | (0.3) | % | 9,990 | 10,188 | (1.9) | % | ||||
Operating Income | 1,050 | 1,290 | (18.6) | % | 2,108 | 2,383 | (11.5) | % | ||||
Equity in Net Income (Loss) of Affiliates | - | - | - | % | - | - | - | % | ||||
Operating Contribution | $ | 1,050 | $ | 1,290 | (18.6) | % | $ | 2,108 | $ | 2,383 | (11.5) | % |
Operating Income Margin | 17.3 | % | 20.5 | % | (320) | BP | 17.4 | % | 19.0 | % | (160) | BP |
Consumer Wireline Results | ||||||||||||
Dollars in millions | ||||||||||||
Unaudited | Second Quarter | Percent | Six-Month Period | Percent | ||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | |||||||
Operating Revenues | ||||||||||||
Broadband | $ | 2,266 | $ | 2,092 | 8.3 | % | $ | 4,471 | $ | 4,201 | 6.4 | % |
Legacy voice and data services | 504 | 560 | (10.0) | % | 1,023 | 1,141 | (10.3) | % | ||||
Other service and equipment | 370 | 399 | (7.3) | % | 744 | 820 | (9.3) | % | ||||
Total Operating Revenues | 3,140 | 3,051 | 2.9 | % | 6,238 | 6,162 | 1.2 | % | ||||
Operating Expenses | ||||||||||||
Operations and support | 2,083 | 1,928 | 8.0 | % | 4,114 | 3,807 | 8.1 | % | ||||
Depreciation and amortization | 769 | 730 | 5.3 | % | 1,531 | 1,442 | 6.2 | % | ||||
Total Operating Expenses | 2,852 | 2,658 | 7.3 | % | 5,645 | 5,249 | 7.5 | % | ||||
Operating Income | 288 | 393 | (26.7) | % | 593 | 913 | (35.0) | % | ||||
Equity in Net Income (Loss) of Affiliates | - | - | - | % | - | - | - | % | ||||
Operating Contribution | $ | 288 | $ | 393 | (26.7) | % | $ | 593 | $ | 913 | (35.0) | % |
Operating Income Margin | 9.2 | % | 12.9 | % | (370) | BP | 9.5 | % | 14.8 | % | (530) | BP |
Supplementary Operating Data | ||||||||||||
Subscribers and connections in thousands | ||||||||||||
Unaudited | June 30, | Percent | ||||||||||
2021 | 2020 | Change | ||||||||||
Broadband Connections | ||||||||||||
Total Broadband and DSL Connections | 14,174 | 13,944 | 1.6 | % | ||||||||
Fiber Broadband Connections | 5,432 | 4,321 | 25.7 | % | ||||||||
Voice Connections | ||||||||||||
Retail Consumer Switched Access Lines | 2,631 | 3,096 | (15.0) | % | ||||||||
U-verse Consumer VoIP Connections | 2,965 | 3,480 | (14.8) | % | ||||||||
Total Retail Consumer Voice Connections | 5,596 | 6,576 | (14.9) | % | ||||||||
Second Quarter | Percent | Six-Month Period | Percent | |||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | |||||||
Broadband Net Additions | ||||||||||||
Total Broadband and DSL Net Additions | 28 | (102) | - | % | 74 | (175) | - | % | ||||
Fiber Broadband Net Additions | 246 | 225 | 9.3 | % | 481 | 434 | 10.8 | % |
Business Solutions Results | ||||||||||||
Dollars in millions | ||||||||||||
Unaudited | Second Quarter | Percent | Six-Month Period | Percent | ||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | |||||||
Operating Revenues | ||||||||||||
Wireless service | $ | 2,025 | $ | 1,885 | 7.4 | % | $ | 3,994 | $ | 3,834 | 4.2 | % |
Wireline service | 5,860 | 6,101 | (4.0) | % | 11,732 | 12,192 | (3.8) | % | ||||
Wireless equipment | 781 | 585 | 33.5 | % | 1,571 | 1,295 | 21.3 | % | ||||
Wireline equipment | 192 | 204 | (5.9) | % | 366 | 379 | (3.4) | % | ||||
Total Operating Revenues | 8,858 | 8,775 | 0.9 | % | 17,663 | 17,700 | (0.2) | % | ||||
Operating Expenses | ||||||||||||
Operations and support | 5,663 | 5,360 | 5.7 | % | 11,212 | 11,006 | 1.9 | % | ||||
Depreciation and amortization | 1,638 | 1,621 | 1.0 | % | 3,252 | 3,230 | 0.7 | % | ||||
Total Operating Expenses | 7,301 | 6,981 | 4.6 | % | 14,464 | 14,236 | 1.6 | % | ||||
Operating Income | 1,557 | 1,794 | (13.2) | % | 3,199 | 3,464 | (7.7) | % | ||||
Equity in Net Income (Loss) of Affiliates | - | - | - | % | - | - | - | % | ||||
Operating Contribution | $ | 1,557 | $ | 1,794 | (13.2) | % | $ | 3,199 | $ | 3,464 | (7.7) | % |
Operating Income Margin | 17.6 | % | 20.4 | % | (280) | BP | 18.1 | % | 19.6 | % | (150) | BP |
Segment Results | ||||||||||||
Dollars in millions | ||||||||||||
Unaudited | Second Quarter | Percent | Six-Month Period | Percent | ||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | |||||||
Segment Operating Revenues | ||||||||||||
Subscription | $ | 3,961 | $ | 3,265 | 21.3 | % | $ | 7,791 | $ | 6,665 | 16.9 | % |
Content and other | 3,091 | 2,292 | 34.9 | % | 6,050 | 5,192 | 16.5 | % | ||||
Advertising | 1,739 | 1,171 | 48.5 | % | 3,476 | 2,636 | 31.9 | % | ||||
Total Segment Operating Revenues | 8,791 | 6,728 | 30.7 | % | 17,317 | 14,493 | 19.5 | % | ||||
Direct Costs | ||||||||||||
Programming | 4,154 | 2,375 | 74.9 | % | 7,928 | 5,457 | 45.3 | % | ||||
Marketing | 983 | 545 | 80.4 | % | 1,833 | 1,095 | 67.4 | % | ||||
Other | 854 | 820 | 4.1 | % | 1,667 | 1,595 | 4.5 | % | ||||
General and administrative | 943 | 916 | 2.9 | % | 1,909 | 2,114 | (9.7) | % | ||||
Depreciation and amortization | 165 | 164 | 0.6 | % | 328 | 325 | 0.9 | % | ||||
Total Operating Expenses | 7,099 | 4,820 | 47.3 | % | 13,665 | 10,586 | 29.1 | % | ||||
Operating Income | 1,692 | 1,908 | (11.3) | % | 3,652 | 3,907 | (6.5) | % | ||||
Equity in Net Income (Loss) of Affiliates | 47 | 4 | - | % | 117 | 19 | - | % | ||||
Total Segment Operating Contribution | $ | 1,739 | $ | 1,912 | (9.0) | % | $ | 3,769 | $ | 3,926 | (4.0) | % |
Segment Results | ||||||||||||
Dollars in millions | ||||||||||||
Unaudited | Second Quarter | Percent | Six-Month Period | Percent | ||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | |||||||
Segment Operating Revenues | ||||||||||||
Vrio | $ | 749 | $ | 752 | (0.4) | % | $ | 1,492 | $ | 1,639 | (9.0) | % |
Mexico | 688 | 480 | 43.3 | % | 1,319 | 1,183 | 11.5 | % | ||||
Total Segment Operating Revenues | 1,437 | 1,232 | 16.6 | % | 2,811 | 2,822 | (0.4) | % | ||||
Segment Operating Contribution | ||||||||||||
Vrio | (23) | (28) | 17.9 | % | (62) | (67) | 7.5 | % | ||||
Mexico | (129) | (173) | 25.4 | % | (263) | (318) | 17.3 | % | ||||
Total Segment Operating Contribution | $ | (152) | $ | (201) | 24.4 | % | $ | (325) | $ | (385) | 15.6 | % |
Vrio Results | ||||||||||||
Dollars in millions | ||||||||||||
Unaudited | Second Quarter | Percent | Six-Month Period | Percent | ||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | |||||||
Operating Revenues | $ | 749 | $ | 752 | (0.4) | % | $ | 1,492 | $ | 1,639 | (9.0) | % |
Operating Expenses | ||||||||||||
Operations and support | 660 | 661 | (0.2) | % | 1,321 | 1,444 | (8.5) | % | ||||
Depreciation and amortization | 114 | 127 | (10.2) | % | 231 | 274 | (15.7) | % | ||||
Total Operating Expenses | 774 | 788 | (1.8) | % | 1,552 | 1,718 | (9.7) | % | ||||
Operating Income (Loss) | (25) | (36) | 30.6 | % | (60) | (79) | 24.1 | % | ||||
Equity in Net Income (Loss) of Affiliates | 2 | 8 | (75.0) | % | (2) | 12 | - | % | ||||
Operating Contribution | $ | (23) | $ | (28) | 17.9 | % | $ | (62) | $ | (67) | 7.5 | % |
Operating Income Margin | (3.3) | % | (4.8) | % | 150 | BP | (4.0) | % | (4.8) | % | 80 | BP |
Supplementary Operating Data | ||||||||||||
Subscribers and connections in thousands | ||||||||||||
Unaudited | June 30, | Percent | ||||||||||
2021 | 2020 | Change | ||||||||||
Vrio Video Subscribers | 10,320 | 10,664 | (3.2) | % | ||||||||
Second Quarter | Percent | Six-Month Period | Percent | |||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | |||||||
Vrio Video Net Additions | (239) | (312) | 23.4 | % | (622) | (426) | (46.0) | % | ||||
|
Mexico Results | ||||||||||||
Dollars in millions | ||||||||||||
Unaudited | Second Quarter | Percent | Six-Month Period | Percent | ||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | |||||||
Operating Revenues | ||||||||||||
Wireless service | $ | 447 | $ | 345 | 29.6 | % | $ | 886 | $ | 812 | 9.1 | % |
Wireless equipment | 241 | 135 | 78.5 | % | 433 | 371 | 16.7 | % | ||||
Total Operating Revenues | 688 | 480 | 43.3 | % | 1,319 | 1,183 | 11.5 | % | ||||
Operating Expenses | ||||||||||||
Operations and support | 667 | 538 | 24.0 | % | 1,287 | 1,252 | 2.8 | % | ||||
Depreciation and amortization | 150 | 115 | 30.4 | % | 295 | 249 | 18.5 | % | ||||
Total Operating Expenses | 817 | 653 | 25.1 | % | 1,582 | 1,501 | 5.4 | % | ||||
Operating Income (Loss) | (129) | (173) | 25.4 | % | (263) | (318) | 17.3 | % | ||||
Equity in Net Income (Loss) of Affiliates | - | - | - | % | - | - | - | % | ||||
Operating Contribution | $ | (129) | $ | (173) | 25.4 | % | $ | (263) | $ | (318) | 17.3 | % |
Operating Income Margin | (18.8) | % | (36.0) | % | 1,720 | BP | (19.9) | % | (26.9) | % | 700 | BP |
Supplementary Operating Data | ||||||||||||
Subscribers and connections in thousands | ||||||||||||
Unaudited | June 30, | Percent | ||||||||||
2021 | 2020 | Change | ||||||||||
Mexico Wireless Subscribers | ||||||||||||
Postpaid | 4,745 | 4,771 | (0.5) | % | ||||||||
Prepaid | 13,810 | 12,777 | 8.1 | % | ||||||||
Reseller | 491 | 425 | 15.5 | % | ||||||||
Total Mexico Wireless Subscribers | 19,046 | 17,973 | 6.0 | % | ||||||||
Second Quarter | Percent | Six-Month Period | Percent | |||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | |||||||
Mexico Wireless Net Additions | ||||||||||||
Postpaid | 20 | (191) | - | % | 49 | (332) | - | % | ||||
Prepaid | 54 | (915) | - | % | 52 | (807) | - | % | ||||
Reseller | (9) | 21 | - | % | 2 | 53 | (96.2) | % | ||||
Total Mexico Wireless Net Additions | 65 | (1,085) | - | % | 103 | (1,086) | - | % | ||||
|
Video Results | ||||||||||||
Dollars in millions | ||||||||||||
Unaudited | Second Quarter | Percent | Six-Month Period | Percent | ||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | |||||||
Operating Revenues | ||||||||||||
Service | $ | 6,607 | $ | 6,979 | (5.3) | % | $ | 13,291 | $ | 14,376 | (7.5) | % |
Equipment | 32 | 42 | (23.8) | % | 73 | 52 | 40.4 | % | ||||
Total Operating Revenues | 6,639 | 7,021 | (5.4) | % | 13,364 | 14,428 | (7.4) | % | ||||
Operating Expenses | ||||||||||||
Operations and support | 5,275 | 5,809 | (9.2) | % | 10,935 | 11,829 | (7.6) | % | ||||
Depreciation and amortization1
|
148 | 593 | (75.0) | % | 312 | 1,184 | (73.6) | % | ||||
Total Operating Expenses | 5,423 | 6,402 | (15.3) | % | 11,247 | 13,013 | (13.6) | % | ||||
Operating Income | 1,216 | 619 | 96.4 | % | 2,117 | 1,415 | 49.6 | % | ||||
Equity in Net Income (Loss) of Affiliates | - | - | - | % | - | - | - | % | ||||
Operating Contribution | $ | 1,216 | $ | 619 | 96.4 | % | $ | 2,117 | $ | 1,415 | 49.6 | % |
Operating Income Margin | 18.3 | % | 8.8 | % | 950 | BP | 15.8 | % | 9.8 | % | 600 | BP |
1Includes depreciation on assets that support AT&T U-verse products that provide both video and broadband services to customers over a shared network infrastructure.
|
||||||||||||
Supplementary Operating Data | ||||||||||||
Subscribers and connections in thousands | ||||||||||||
Unaudited | June 30, | Percent | ||||||||||
2021 | 2020 | Change | ||||||||||
Premium TV Connections | 15,412 | 17,712 | (13.0) | % | ||||||||
Second Quarter | Percent | Six-Month Period | Percent | |||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | |||||||
Premium TV Net Additions | (473) | (887) | 46.7 | % | (1,093) | (1,784) | 38.7 | % |
Three Months Ended | ||||||||||||||
Dollars in millions | ||||||||||||||
Unaudited | ||||||||||||||
June 30, 2021 | ||||||||||||||
Revenues |
Operations and Support Expenses |
EBITDA |
Depreciation and Amortization |
Operating Income (Loss) |
Equity in Net Income (Loss) of Affiliates |
Segment Contribution |
||||||||
Communications | ||||||||||||||
Mobility | $ | 18,936 | $ | 10,911 | $ | 8,025 | $ | 2,023 | $ | 6,002 | $ | - | $ | 6,002 |
Business Wireline | 6,052 | 3,709 | 2,343 | 1,293 | 1,050 | - | 1,050 | |||||||
Consumer Wireline | 3,140 | 2,083 | 1,057 | 769 | 288 | - | 288 | |||||||
Total Communications | 28,128 | 16,703 | 11,425 | 4,085 | 7,340 | - | 7,340 | |||||||
WarnerMedia | 8,791 | 6,934 | 1,857 | 165 | 1,692 | 47 | 1,739 | |||||||
Latin America | ||||||||||||||
Vrio | 749 | 660 | 89 | 114 | (25) | 2 | (23) | |||||||
Mexico | 688 | 667 | 21 | 150 | (129) | - | (129) | |||||||
Total Latin America | 1,437 | 1,327 | 110 | 264 | (154) | 2 | (152) | |||||||
Segment Total | 38,356 | 24,964 | 13,392 | 4,514 | 8,878 | $ | 49 | $ | 8,927 | |||||
Corporate and Other | ||||||||||||||
Corporate | 361 | 1,160 | (799) | 30 | (829) | |||||||||
Video | 6,639 | 5,275 | 1,364 | 148 | 1,216 | |||||||||
Acquisition-related items | - | - | - | 1,069 | (1,069) | |||||||||
Certain significant items | - | 4,555 | (4,555) | - | (4,555) | |||||||||
Eliminations and consolidations | (1,311) | (939) | (372) | - | (372) | |||||||||
AT&T Inc. | $ | 44,045 | $ | 35,015 | $ | 9,030 | $ | 5,761 | $ | 3,269 | ||||
Three Months Ended | ||||||||||||||
Dollars in millions | ||||||||||||||
Unaudited | ||||||||||||||
June 30, 2020 | ||||||||||||||
Revenues | Operations and Support Expenses | EBITDA | Depreciation and Amortization | Operating Income (Loss) |
Equity in Net Income (Loss) of Affiliates |
Segment Contribution | ||||||||
Communications | ||||||||||||||
Mobility | $ | 17,149 | $ | 9,332 | $ | 7,817 | $ | 2,012 | $ | 5,805 | $ | - | $ | 5,805 |
Business Wireline | 6,305 | 3,714 | 2,591 | 1,301 | 1,290 | - | 1,290 | |||||||
Consumer Wireline | 3,051 | 1,928 | 1,123 | 730 | 393 | - | 393 | |||||||
Total Communications | 26,505 | 14,974 | 11,531 | 4,043 | 7,488 | - | 7,488 | |||||||
WarnerMedia | 6,728 | 4,656 | 2,072 | 164 | 1,908 | 4 | 1,912 | |||||||
Latin America | ||||||||||||||
Vrio | 752 | 661 | 91 | 127 | (36) | 8 | (28) | |||||||
Mexico | 480 | 538 | (58) | 115 | (173) | - | (173) | |||||||
Total Latin America | 1,232 | 1,199 | 33 | 242 | (209) | 8 | (201) | |||||||
Segment Total | 34,465 | 20,829 | 13,636 | 4,449 | 9,187 | $ | 12 | $ | 9,199 | |||||
Corporate and Other | ||||||||||||||
Corporate | 589 | 1,069 | (480) | 99 | (579) | |||||||||
Video | 7,021 | 5,809 | 1,212 | 593 | 619 | |||||||||
Acquisition-related items | - | 211 | (211) | 2,145 | (2,356) | |||||||||
Certain significant items | - | 3,084 | (3,084) | - | (3,084) | |||||||||
Eliminations and consolidations | (1,125) | (869) | (256) | (1) | (255) | |||||||||
AT&T Inc. | $ | 40,950 | $ | 30,133 | $ | 10,817 | $ | 7,285 | $ | 3,532 | ||||
Six Months Ended | ||||||||||||||
Dollars in millions | ||||||||||||||
Unaudited | ||||||||||||||
June 30, 2021 | ||||||||||||||
Revenues |
Operations and Support Expenses |
EBITDA |
Depreciation and Amortization |
Operating Income (Loss) |
Equity in Net Income (Loss) of Affiliates |
Segment Contribution |
||||||||
Communications | ||||||||||||||
Mobility | $ | 37,970 | $ | 21,929 | $ | 16,041 | $ | 4,037 | $ | 12,004 | $ | - | $ | 12,004 |
Business Wireline | 12,098 | 7,419 | 4,679 | 2,571 | 2,108 | - | 2,108 | |||||||
Consumer Wireline | 6,238 | 4,114 | 2,124 | 1,531 | 593 | - | 593 | |||||||
Total Communications | 56,306 | 33,462 | 22,844 | 8,139 | 14,705 | - | 14,705 | |||||||
WarnerMedia | 17,317 | 13,337 | 3,980 | 328 | 3,652 | 117 | 3,769 | |||||||
Latin America | ||||||||||||||
Vrio | 1,492 | 1,321 | 171 | 231 | (60) | (2) | (62) | |||||||
Mexico | 1,319 | 1,287 | 32 | 295 | (263) | - | (263) | |||||||
Total Latin America | 2,811 | 2,608 | 203 | 526 | (323) | (2) | (325) | |||||||
Segment Total | 76,434 | 49,407 | 27,027 | 8,993 | 18,034 | $ | 115 | $ | 18,149 | |||||
Corporate and Other | ||||||||||||||
Corporate | 787 | 2,373 | (1,586) | 65 | (1,651) | |||||||||
Video | 13,364 | 10,935 | 2,429 | 312 | 2,117 | |||||||||
Acquisition-related items | - | 37 | (37) | 2,200 | (2,237) | |||||||||
Certain significant items | - | 4,612 | (4,612) | - | (4,612) | |||||||||
Eliminations and consolidations | (2,601) | (1,880) | (721) | - | (721) | |||||||||
AT&T Inc. | $ | 87,984 | $ | 65,484 | $ | 22,500 | $ | 11,570 | $ | 10,930 | ||||
Six Months Ended | ||||||||||||||
Dollars in millions | ||||||||||||||
Unaudited | ||||||||||||||
June 30, 2020 | ||||||||||||||
Revenues | Operations and Support Expenses | EBITDA | Depreciation and Amortization | Operating Income (Loss) |
Equity in Net Income (Loss) of Affiliates |
Segment Contribution | ||||||||
Communications | ||||||||||||||
Mobility | $ | 34,551 | $ | 18,901 | $ | 15,650 | $ | 4,057 | $ | 11,593 | $ | - | $ | 11,593 |
Business Wireline | 12,571 | 7,601 | 4,970 | 2,587 | 2,383 | - | 2,383 | |||||||
Consumer Wireline | 6,162 | 3,807 | 2,355 | 1,442 | 913 | - | 913 | |||||||
Total Communications | 53,284 | 30,309 | 22,975 | 8,086 | 14,889 | - | 14,889 | |||||||
WarnerMedia | 14,493 | 10,261 | 4,232 | 325 | 3,907 | 19 | 3,926 | |||||||
Latin America | ||||||||||||||
Vrio | 1,639 | 1,444 | 195 | 274 | (79) | 12 | (67) | |||||||
Mexico | 1,183 | 1,252 | (69) | 249 | (318) | - | (318) | |||||||
Total Latin America | 2,822 | 2,696 | 126 | 523 | (397) | 12 | (385) | |||||||
Segment Total | 70,599 | 43,266 | 27,333 | 8,934 | 18,399 | $ | 31 | $ | 18,430 | |||||
Corporate and Other | ||||||||||||||
Corporate | 1,123 | 2,081 | (958) | 189 | (1,147) | |||||||||
Video | 14,428 | 11,829 | 2,599 | 1,184 | 1,415 | |||||||||
Acquisition-related items | - | 393 | (393) | 4,201 | (4,594) | |||||||||
Certain significant items | - | 2,426 | (2,426) | - | (2,426) | |||||||||
Eliminations and consolidations | (2,421) | (1,791) | (630) | (1) | (629) | |||||||||
AT&T Inc. | $ | 83,729 | $ | 58,204 | $ | 25,525 | $ | 14,507 | $ | 11,018 | ||||