AT&T Reports Fourth-Quarter and Full-Year Results

Nachrichtenquelle: Business Wire (engl.)
27.01.2021, 12:34  |  234   |   |   

AT&T Inc. (NYSE:T):

Fourth-Quarter Consolidated Results

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  • Consolidated revenues of $45.7 billion
  • Cash from operations of $10.1 billion
  • Capital expenditures of $2.4 billion; gross capital investment of $4.3 billion1
  • Free cash flow of $7.7 billion2; total dividend payout ratio of 49%3
  • Reported EPS of ($1.95) due to non-cash charges compared to $0.33 diluted EPS in the year-ago quarter
  • Adjusted EPS of $0.75 compared to $0.89 in the year-ago quarter
    • Includes COVID-19 impacts of ($0.08): $0.01 incremental cost reductions and ($0.09) of estimated revenues

Full-Year Consolidated Results

  • Consolidated revenues of $171.8 billion
  • Cash from operations of $43.1 billion
  • Capital expenditures of $15.7 billion; gross capital investment of $19.7 billion1
  • Free cash flow of $27.5 billion2; total dividend payout ratio 55%3
  • Reported EPS of ($0.75) due to non-cash charges compared to $1.89 diluted EPS in the prior year
  • Adjusted EPS of $3.18 compared to $3.57 in the prior year
    • Includes COVID-19 impacts of ($0.43): ($0.10) of incremental costs and ($0.33) of estimated revenues

Note: AT&T’s fourth-quarter earnings conference call will be webcast at 8:30 a.m. ET on Wednesday, January 27, 2021. The webcast and related materials will be available on AT&T’s Investor Relations website at https://investors.att.com.

AT&T Inc. (NYSE:T) reported fourth-quarter results that showed continuing subscriber growth in wireless, fiber and HBO Max while continuing to reflect strong cash flows and financial strength.

“We ended the year with strong momentum in our market focus areas of broadband connectivity and software-based entertainment,” said John Stankey, AT&T CEO. “By investing in our high-quality wireless customer base, we had our best full-year of postpaid phone net adds in a decade and our second lowest postpaid phone churn ever. Our fiber broadband net adds passed the 1 million mark for the year. And the release of Wonder Woman 1984 helped drive our domestic HBO Max and HBO subscribers to more than 41 million, a full two years faster than our initial forecast.”

Fourth-Quarter Highlights

Communications

  • Mobility:
    • 800,000 postpaid phone net adds; 1.5 million for full year
    • 1.2 million postpaid net adds; 2.2 million for full year
    • Nearly 6 million total domestic wireless net adds
    • Postpaid phone churn of 0.76%, second-lowest quarter ever; full-year churn of 0.79%
    • Revenues up 7.6%; service revenues up 0.5%; equipment revenues up 28.3%
    • Nation’s fastest 5G wireless network and, for the 8th consecutive quarter in a row, the fastest network in the nation4
  • Broadband:
    • 273,000 AT&T Fiber net adds; more than 1 million for full year
    • Solid IP broadband ARPU growth of 4.6% growth
  • Video:
  • AT&T TV gains helped offset premium TV loss
    • 617,000 net loss, the result of lower churn and higher quality base

WarnerMedia

  • Total domestic HBO Max and HBO subscribers5 top 41 million and nearly 61 million6 worldwide
  • HBO Max activations double since end of third-quarter 2020; 17.2 million as of end of 4Q

Consolidated Financial Results

AT&T’s consolidated revenues for the fourth quarter totaled $45.7 billion versus $46.8 billion in the year-ago quarter. The COVID-19 pandemic impacted revenues across most businesses, particularly WarnerMedia and domestic wireless service revenues, which were pressured from lower international roaming. For the quarter, revenue declines included domestic video, Warner Bros. television and theatrical products, legacy wireline services, and Latin America, which includes foreign exchange pressure. These declines were partly offset by higher domestic wireless revenues, primarily from equipment sales.

Operating expenses were $56.4 billion versus $41.5 billion in the year-ago quarter. Expenses increased due to higher non-cash asset impairments and abandonments (including $15.5 billion for the Video business), higher domestic wireless equipment costs and higher HBO Max investments. These increases were partially offset by lower Video and Warner Bros. costs associated with lower revenues and foreign exchange impacts on Latin America expenses.

Operating income/(loss) was ($10.7) billion versus $5.3 billion in the year-ago quarter due to the non-cash asset impairments in the quarter and the impact of lower revenues. Operating income margin was (23.5%) versus 11.4% in the year-ago quarter. When adjusted for non-cash asset impairments, merger-amortization costs and other items, operating income was $7.8 billion versus $9.2 billion in the year-ago quarter, and operating income margin was 17.1% versus 19.6% in the year-ago quarter.

Fourth-quarter net loss attributable to common stock was ($13.9) billion, or ($1.95) per common share, versus net income attributable to common stock of $2.4 billion, or $0.33 per diluted common share, in the year-ago quarter. Adjusting for $2.70, which includes asset impairments, an actuarial loss on benefit plans, merger-amortization costs and other items, earnings per diluted common share was $0.75 compared to an adjusted $0.89 in the year-ago quarter. The company did not adjust for COVID-19 impacts of ($0.08): $0.01 incremental cost reductions and ($0.09) of estimated revenues.

Cash from operating activities was $10.1 billion, and capital expenditures were $2.4 billion. Gross capital investment – which consists of capital expenditures, cash payments for vendor payments and excludes FirstNet reimbursements – totaled $4.3 billion. Capital investment – which consists of capital expenditures plus cash payments for vendor financing – totaled $3.4 billion, which includes $1.0 billion of cash payments for vendor financing and $920 million of FirstNet reimbursements. Free cash flow – cash from operating activities minus capital expenditures – was $7.7 billion for the quarter. Net debt declined by $1.6 billion sequentially in the quarter, and net debt to adjusted EBITDA at the end of the fourth quarter was 2.70x.7

Full-Year Results

For full-year 2020 when compared with 2019 results, AT&T's consolidated revenues totaled $171.8 billion versus $181.2 billion. The COVID-19 pandemic impacted revenues across all businesses, particularly WarnerMedia and domestic wireless service revenues, which were pressured from lower international roaming. Declines at WarnerMedia included lower content and advertising revenues, in part due to COVID-19. Revenues also declined in domestic video, legacy wireline services and Latin America, which was impacted by foreign exchange pressures. Growth from domestic wireless equipment and strategic and managed services partly offset these declines.

Operating expenses were $165.4 billion in 2020 compared with $153.2 billion in 2019, primarily due to non-cash asset impairments and abandonments that were $17.4 billion higher than in 2019, costs relating to launching and operating HBO Max, higher domestic wireless equipment costs, incremental COVID-19 costs, higher severance charges, and higher subscriber acquisition and fulfillment costs. These increases were partially offset by lower Video and WarnerMedia costs from lower revenues, foreign exchange impacts on Latin America expenses, a one-time spectrum gain and cost efficiencies.

Compared with results from 2019, operating income was $6.4 billion, down 77.1% primarily due to higher asset impairments and abandonments and COVID-19 impacts; and operating income margin was 3.7% versus 15.4%. With adjustments for both years, operating income was $34.1 billion versus $38.6 billion in 2019, and operating income margin was 19.8% versus 21.3%.

2020 net loss attributable to common stock was ($5.4) billion, or ($0.75) per common share, versus net income attributable to common stock of $13.9 billion, or $1.89 per diluted common share, in 2019. With adjustments for both years, earnings per diluted common share was $3.18 compared to $3.57 in 2019.

Cash from operating activities was $43.1 billion, and capital expenditures were $15.7 billion. Gross capital investment – which includes capital expenditures, cash payments for vendor financing and excludes FirstNet reimbursements – was $19.7 billion. Capital investment – which consists of capital expenditures plus cash payments for vendor financing – totaled $18.6 billion, including $3.0 billion of cash payments for vendor financing and $1.1 billion of FirstNet reimbursements. Full-year free cash flow2 was $27.5 billion compared to $29.0 billion in 2019. The company’s free cash flow total dividend payout ratio for the full year was 55%.3 Net debt declined by $3.5 billion in the year.

2021 Outlook

In 2021, the company expects:

  • Consolidated revenue growth in the 1% range
  • Adjusted EPS to be stable with 20209
  • Gross capital investment1 in the $21 billion range with capital expenditures in the
    $18 billion range
  • 2021 free cash flow8 in the $26 billion range, with a full-year total dividend payout ratio in the high 50’s% range.3

1Gross capital investment includes capital expenditures and cash payments for vendor financing and excludes FirstNet reimbursements. In 4Q20, gross capital investment included $1 billion in vendor financing payments and excluded $920 million of FirstNet reimbursements. In 2020, gross capital investment included $3.0 billion in vendor financing payments and excluded $1.1 billion of FirstNet reimbursements. In 2021, vendor financing payments are expected to be in the $2 billion range and FirstNet reimbursements are expected to be about $1 billion.

2 Free cash flow is a non-GAAP financial measure that is used by investors and credit rating agencies to provide relevant and useful information. Free cash flow is cash from operating activities minus capital expenditures. For 2020, Cash from operating activities was $43.1 billion and 2020 capital expenditures were $15.7 billion.

3 Free cash flow total dividend payout ratio is total dividends paid divided by free cash flow. In 4Q20, total dividends paid were $3.7 billion. For full-year 2020, dividends paid totaled $15.0 billion.

4 Fastest 5G network based on AT&T analysis of Ookla of Speedtest Intelligence data median 5G download speeds for Q4 2020. Fastest network based on analysis by Ookla of Speedtest Intelligence data of average download speeds for Q1, Q2, Q3 and Q4 2019, and median download speeds for Q1, Q2, Q3 and Q4 2020. Ookla trademarks used under license and reprinted with permission.

5 Domestic HBO Max and HBO subscribers exclude customers that are part of a free trial.

6 Worldwide HBO Max and HBO subscribers consist of domestic and international HBO subscribers and domestic HBO Max subscribers and excludes basic subscribers and Cinemax subscribers.

7Net Debt to adjusted EBITDA ratios are non-GAAP financial measures that are used by investors and credit rating agencies to provide relevant and useful information. Our Net Debt to Adjusted EBITDA ratio is calculated by dividing the Net Debt by the sum of the most recent four quarters of Adjusted EBITDA.

8 Free cash flow is cash from operating activities minus capital expenditures. Due to high variability and difficulty in predicting items that impact cash from operating activities and capital expenditures, the company is not able to provide a reconciliation between projected free cash flow and the most comparable GAAP metric without unreasonable effort.

9 The company expects adjustments to 2021 reported diluted EPS to include merger-related amortization in the range of $5.9 billion and other adjustments, a non-cash mark-to-market benefit plan gain/loss, and other items. Expect the mark-to-market adjustment, which is driven by interest rates and investment returns that are not reasonably estimable at this time, to be a significant item. Our 2021 EPS depends on future levels of revenues and expenses which are not reasonably estimable at this time. Accordingly, we cannot provide a reconciliation between our non-GAAP metrics and the reported GAAP metrics without unreasonable effort.

*About AT&T

AT&T Inc. (NYSE:T) is a diversified, global leader in telecommunications, media and entertainment, and technology. AT&T Communications provides more than 100 million U.S. consumers with entertainment and communications experiences across TV, mobile and broadband. Plus, it serves high-speed, highly secure connectivity and smart solutions to nearly 3 million business customers. WarnerMedia is a leading media and entertainment company that creates and distributes premium and popular content to global audiences through its consumer brands, including: HBO, HBO Max, Warner Bros., TNT, TBS, truTV, CNN, DC Entertainment, New Line, Cartoon Network, Adult Swim and Turner Classic Movies. Xandr, now part of WarnerMedia, provides marketers with innovative and relevant advertising solutions for consumers around premium video content and digital advertising through its platform. AT&T Latin America provides pay-TV services across 10 countries and territories in Latin America and the Caribbean and wireless services to consumers and businesses in Mexico.

AT&T products and services are provided or offered by subsidiaries and affiliates of AT&T Inc. under the AT&T brand and not by AT&T Inc. Additional information is available at about.att.com. 2021 AT&T Intellectual Property. All rights reserved. AT&T, the Globe logo and other marks are trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies. All other marks contained herein are the property of their respective owners.

Cautionary Language Concerning Forward-Looking Statements

Information set forth in this news release contains financial estimates and other forward-looking statements that are subject to risks and uncertainties, and actual results might differ materially. A discussion of factors that may affect future results is contained in AT&T’s filings with the Securities and Exchange Commission. AT&T disclaims any obligation to update and revise statements contained in this news release based on new information or otherwise.

This news release may contain certain non-GAAP financial measures. Reconciliations between the non-GAAP financial measures and the GAAP financial measures are available on the company’s website at https://investors.att.com.

Discussion and Reconciliation of Non-GAAP Measures

We believe the following measures are relevant and useful information to investors as they are part of AT&T's internal management reporting and planning processes and are important metrics that management uses to evaluate the operating performance of AT&T and its segments. Management also uses these measures as a method of comparing performance with that of many of our competitors. These measures should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with U.S. generally accepted accounting principles (GAAP).

Free Cash Flow

Free cash flow is defined as cash from operations minus capital expenditures. Free cash flow after dividends is defined as cash from operations minus capital expenditures and dividends on common and preferred shares. Free cash flow dividend payout ratio is defined as the percentage of dividends paid on common and preferred shares to free cash flow. We believe these metrics provide useful information to our investors because management views free cash flow as an important indicator of how much cash is generated by routine business operations, including capital expenditures, and makes decisions based on it. Management also views free cash flow as a measure of cash available to pay debt and return cash to shareowners.

Free Cash Flow and Free Cash Flow Dividend Payout Ratio

Dollars in millions

 

 

 

 

 

Fourth Quarter

 

Year Ended

 

2020

 

2019

 

 

2020

 

2019

 

Net cash provided by operating activities

$

10,082

 

 

$

11,943

 

 

 

$

43,130

 

 

$

48,668

 

 

Less: Capital expenditures

(2,392

)

 

(3,792

)

 

 

(15,675

)

 

(19,635

)

 

Free Cash Flow

7,690

 

 

8,151

 

 

 

27,455

 

 

29,033

 

 

 

 

 

 

 

 

Less: Dividends paid

(3,741

)

 

(3,726

)

 

 

(14,956

)

 

(14,888

)

 

Free Cash Flow after Dividends

$

3,949

 

 

$

4,425

 

 

 

$

12,499

 

 

$

14,145

 

 

Free Cash Flow Dividend Payout Ratio

48.6

 

%

45.7

 

%

 

54.5

 

%

51.3

 

%

Cash Paid for Capital Investment

In connection with capital improvements, we negotiate with some of our vendors to obtain favorable payment terms of 120 days or more, referred to as vendor financing, which are excluded from capital expenditures and reported in accordance with GAAP as financing activities. We present an additional view of cash paid for capital investment to provide investors with a comprehensive view of cash used to invest in our networks, product developments and support systems.

Cash Paid for Capital Investment

Dollars in millions

 

 

 

 

 

Fourth Quarter

 

Year Ended

 

2020

 

2019

 

 

2020

 

2019

 

Capital Expenditures

$

(2,392

)

 

$

(3,792

)

 

 

$

(15,675

)

 

$

(19,635

)

 

Cash paid for vendor financing

(1,001

)

 

(449

)

 

 

(2,966

)

 

(3,050

)

 

Cash paid for Capital Investment

$

(3,393

)

 

$

(4,241

)

 

 

$

(18,641

)

 

$

(22,685

)

 

FirstNet reimbursement

(920

)

 

(902

)

 

 

(1,063

)

 

(1,005

)

 

Gross Capital Investment

$

(4,313

)

 

$

(5,143

)

 

 

$

(19,704

)

 

$

(23,690

)

 

EBITDA

Our calculation of EBITDA, as presented, may differ from similarly titled measures reported by other companies. For AT&T, EBITDA excludes other income (expense) – net, and equity in net income (loss) of affiliates, as these do not reflect the operating results of our subscriber base or operations that are not under our control. Equity in net income (loss) of affiliates represents the proportionate share of the net income (loss) of affiliates in which we exercise significant influence, but do not control. Because we do not control these entities, management excludes these results when evaluating the performance of our primary operations. EBITDA also excludes interest expense and the provision for income taxes. Excluding these items eliminates the expenses associated with our capital and tax structures. Finally, EBITDA excludes depreciation and amortization in order to eliminate the impact of capital investments. EBITDA does not give effect to cash used for debt service requirements and thus does not reflect available funds for distributions, reinvestment or other discretionary uses. EBITDA is not presented as an alternative measure of operating results or cash flows from operations, as determined in accordance with GAAP.

EBITDA service margin is calculated as EBITDA divided by service revenues.

When discussing our segment, business unit and supplemental results, EBITDA excludes equity in net income (loss) of affiliates, and depreciation and amortization from operating contribution.

These measures are used by management as a gauge of our success in acquiring, retaining and servicing subscribers because we believe these measures reflect AT&T's ability to generate and grow subscriber revenues while providing a high level of customer service in a cost-effective manner. Management also uses these measures as a method of comparing operating performance with that of many of its competitors. The financial and operating metrics which affect EBITDA include the key revenue and expense drivers for which management is responsible and upon which we evaluate performance.

We believe EBITDA Service Margin (EBITDA as a percentage of service revenues) to be a more relevant measure than EBITDA Margin (EBITDA as a percentage of total revenue) for our Mobility business unit operating margin. We also use wireless service revenues to calculate margin to facilitate comparison, both internally and externally with our wireless competitors, as they calculate their margins using wireless service revenues as well.

There are material limitations to using these non-GAAP financial measures. EBITDA, EBITDA margin and EBITDA service margin, as we have defined them, may not be comparable to similarly titled measures reported by other companies. Furthermore, these performance measures do not take into account certain significant items, including depreciation and amortization, interest expense, tax expense and equity in net income (loss) of affiliates. For market comparability, management analyzes performance measures that are similar in nature to EBITDA as we present it, and considering the economic effect of the excluded expense items independently as well as in connection with its analysis of net income as calculated in accordance with GAAP. EBITDA, EBITDA margin and EBITDA service margin should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP.

EBITDA

Dollars in millions

 

 

 

 

 

Fourth Quarter

 

Year to Date

 

2020

 

2019

 

2020

 

2019

 

Net Income (Loss)

$

(13,515

)

 

$

2,704

 

 

$

(3,821

)

 

$

14,975

 

 

Additions:

 

 

 

 

 

Income Tax Expense

(2,038

)

 

434

 

 

965

 

 

3,493

 

 

Interest Expense

1,894

 

 

2,049

 

 

7,925

 

 

8,422

 

 

Equity in Net (Income) Loss of Affiliates

(106

)

 

30

 

 

(95

)

 

(6

)

 

Other (Income) Expense - Net

3,020

 

 

104

 

 

1,431

 

 

1,071

 

 

Depreciation and amortization

6,979

 

 

6,961

 

 

28,516

 

 

28,217

 

 

EBITDA

(3,766

)

 

12,282

 

 

34,921

 

 

56,172

 

 

Impairments1

16,365

 

 

1,458

 

 

18,880

 

 

1,458

 

 

Employee separation costs and benefit-related (gain) loss

253

 

 

243

 

 

1,177

 

 

624

 

 

Gain on spectrum transactions

 

 

 

 

(900

)

 

 

 

Merger costs and revenue adjustments

37

 

 

382

 

 

468

 

 

1,033

 

 

Adjusted EBITDA2

$

12,889

 

 

$

14,365

 

 

$

54,546

 

 

$

59,287

 

 

1 Includes $15.5 billion for the impairment of goodwill and other long-lived assets in our video business.

2 See page 5 for additional discussion and reconciliation of adjusted items.

Segment and Business Unit EBITDA, EBITDA Margin and EBITDA Service Margin

Dollars in millions

 

 

 

 

 

Fourth Quarter

 

Year Ended

 

2020

2019

 

2020

2019

Communications Segment

Operating Contribution

$

6,558

 

$

7,511

 

 

$

30,521

 

$

32,230

 

Additions:

 

 

 

 

 

Depreciation and amortization

4,587

 

4,589

 

 

18,488

 

18,329

 

EBITDA

11,145

 

12,100

 

 

49,009

 

50,559

 

 

 

 

 

 

 

Total Operating Revenues

36,722

 

36,522

 

 

138,850

 

142,359

 

 

 

 

 

 

 

Operating Income Margin

17.9

%

20.6

%

 

22.0

%

22.6

%

EBITDA Margin

30.3

%

33.1

%

 

35.3

%

35.5

%

Mobility

Operating Contribution

$

5,088

 

$

5,503

 

 

$

22,372

 

$

22,321

 

Additions:

 

 

 

 

 

Depreciation and amortization

2,008

 

2,027

 

 

8,086

 

8,054

 

EBITDA

7,096

 

7,530

 

 

30,458

 

30,375

 

 

 

 

 

 

 

Total Operating Revenues

20,119

 

18,700

 

 

72,564

 

71,056

 

Service Revenues

14,022

 

13,948

 

 

55,542

 

55,331

 

 

 

 

 

 

 

Operating Income Margin

25.3

%

29.4

%

 

30.8

%

31.4

%

EBITDA Margin

35.3

%

40.3

%

 

42.0

%

42.7

%

EBITDA Service Margin

50.6

%

54.0

%

 

54.8

%

54.9

%

Video

Operating Contribution

$

98

 

$

39

 

 

$

1,729

 

$

2,064

 

Additions:

 

 

 

 

 

Depreciation and amortization

521

 

589

 

 

2,262

 

2,461

 

EBITDA

619

 

628

 

 

3,991

 

4,525

 

 

 

 

 

 

 

Total Operating Revenues

7,168

 

8,075

 

 

28,610

 

32,124

 

 

 

 

 

 

 

Operating Income Margin

1.4

%

0.5

%

 

6.0

%

6.4

%

EBITDA Margin

8.6

%

7.8

%

 

13.9

%

14.1

%

Broadband

Operating Contribution

$

366

 

$

686

 

 

$

1,822

 

$

2,681

 

Additions:

 

 

 

 

 

Depreciation and amortization

738

 

726

 

 

2,914

 

2,880

 

EBITDA

1,104

 

1,412

 

 

4,736

 

5,561

 

 

 

 

 

 

 

Total Operating Revenues

3,116

 

3,161

 

 

12,318

 

13,012

 

 

 

 

 

 

 

Operating Income Margin

11.7

%

21.7

%

 

14.8

%

20.6

%

EBITDA Margin

35.4

%

44.7

%

 

38.4

%

42.7

%

Business Wireline

Operating Contribution

$

1,006

 

$

1,283

 

 

$

4,598

 

$

5,164

 

Additions:

 

 

 

 

 

Depreciation and amortization

1,320

 

1,247

 

 

5,226

 

4,934

 

EBITDA

2,326

 

2,530

 

 

9,824

 

10,098

 

 

 

 

 

 

 

Total Operating Revenues

6,319

 

6,586

 

 

25,358

 

26,167

 

 

 

 

 

 

 

Operating Income Margin

15.9

%

19.5

%

 

18.1

%

19.7

%

EBITDA Margin

36.8

%

38.4

%

 

38.7

%

38.6

%

Segment and Business Unit EBITDA, EBITDA Margin and EBITDA Service Margin

Dollars in millions

 

 

 

 

 

Fourth Quarter

 

Year Ended

 

2020

2019

 

2020

2019

WARNERMEDIA Segment

Operating Contribution

$

2,529

 

$

2,859

 

 

$

8,210

 

$

10,659

 

Additions:

 

 

 

 

 

Equity in Net (Income) of Affiliates

13

 

(23)

 

 

(18)

 

(161)

 

Depreciation and amortization

177

 

169

 

 

671

 

589

 

EBITDA

2,719

 

3,005

 

 

8,863

 

11,087

 

 

 

 

 

 

 

Total Operating Revenues

8,554

 

9,453

 

 

30,442

 

35,259

 

 

 

 

 

 

 

Operating Income Margin

29.7

%

30.0

%

 

26.9

%

29.8

%

EBITDA Margin

31.8

%

31.8

%

 

29.1

%

31.4

%

Segment and Business Unit EBITDA, EBITDA Margin and EBITDA Service Margin

Dollars in millions

 

 

 

 

 

Fourth Quarter

 

Year Ended

 

2020

 

2019

 

 

2020

 

2019

 

Latin America Segment

Operating Contribution

$

(167

)

 

$

(87

)

 

 

$

(729

)

 

$

(635

)

 

Additions:

 

 

 

 

 

Equity in Net (Income) of Affiliates

2

 

 

(2

)

 

 

(24

)

 

(27

)

 

Depreciation and amortization

260

 

 

294

 

 

 

1,033

 

 

1,162

 

 

EBITDA

95

 

 

205

 

 

 

280

 

 

500

 

 

 

 

 

 

 

 

Total Operating Revenues

1,498

 

 

1,758

 

 

 

5,716

 

 

6,963

 

 

 

 

 

 

 

 

Operating Income Margin

-11.0

 

%

-5.1

 

%

 

-13.2

 

%

-9.5

 

%

EBITDA Margin

6.3

 

%

11.7

 

%

 

4.9

 

%

7.2

 

%

Vrio

 

 

 

 

 

Operating Contribution

$

(41

)

 

$

40

 

 

 

$

(142

)

 

$

83

 

 

Additions:

 

 

 

 

 

Equity in Net (Income) of Affiliates

2

 

 

(2

)

 

 

(24

)

 

(27

)

 

Depreciation and amortization

120

 

 

164

 

 

 

520

 

 

660

 

 

EBITDA

81

 

 

202

 

 

 

354

 

 

716

 

 

 

 

 

 

 

 

Total Operating Revenues

762

 

 

982

 

 

 

3,154

 

 

4,094

 

 

 

 

 

 

 

 

Operating Income Margin

-5.1

 

%

3.9

 

%

 

-5.3

 

%

1.4

 

%

EBITDA Margin

10.6

 

%

20.6

 

%

 

11.2

 

%

17.5

 

%

Mexico

 

 

 

 

 

Operating Contribution

$

(126

)

 

$

(127

)

 

 

$

(587

)

 

$

(718

)

 

Additions:

 

 

 

 

 

Equity in Net (Income) Loss of Affiliates

 

 

 

 

 

 

 

 

 

Depreciation and amortization

140

 

 

130

 

 

 

513

 

 

502

 

 

EBITDA

14

 

 

3

 

 

 

(74

)

 

(216

)

 

 

 

 

 

 

 

Total Operating Revenues

736

 

 

776

 

 

 

2,562

 

 

2,869

 

 

 

 

 

 

 

 

Operating Income Margin

-17.1

 

%

-16.4

 

%

 

-22.9

 

%

-25.0

 

%

EBITDA Margin

1.9

 

%

0.4

 

%

 

-2.9

 

%

-7.5

 

%

Adjusting Items

Adjusting items include revenues and costs we consider non-operational in nature, such as items arising from asset acquisitions or dispositions. We also adjust for net actuarial gains or losses associated with our pension and postemployment benefit plans due to the often-significant impact on our results (we immediately recognize this gain or loss in the income statement, pursuant to our accounting policy for the recognition of actuarial gains and losses). Consequently, our adjusted results reflect an expected return on plan assets rather than the actual return on plan assets, as included in the GAAP measure of income.

The tax impact of adjusting items is calculated using the effective tax rate during the quarter except for adjustments that, given their magnitude, can drive a change in the effective tax rate, in these cases we use the actual tax expense or combined marginal rate of approximately 25%.

Adjusting Items

Dollars in millions

 

 

 

 

 

Fourth Quarter

 

Year Ended

 

2020

2019

 

2020

2019

Operating Revenues

 

 

 

 

 

Time Warner merger adjustment

$

 

$

 

 

$

 

$

72

 

Adjustments to Operating Revenues

 

 

 

 

72

 

Operating Expenses

 

 

 

 

 

Merger costs

37

 

382

 

 

468

 

961

 

Employee separation costs and benefit-related (gain) loss1

253

 

243

 

 

1,177

 

624

 

Impairments2

16,365

 

1,458

 

 

18,880

 

1,458

 

Gain on spectrum transaction

 

 

 

(900)

 

 

Adjustments to Operations and Support Expenses

16,655

 

2,083

 

 

19,625

 

3,043

 

Amortization of intangible assets

1,890

 

1,741

 

 

8,012

 

7,460

 

Impairments

14

 

43

 

 

14

 

43

 

Adjustments to Operating Expenses

18,559

 

3,867

 

 

27,651

 

10,546

 

Other

 

 

 

 

 

Gain on sale of investments - net

 

(69)

 

 

 

(707)

 

Debt redemption, impairments and other adjustments

14

 

331

 

 

1,685

 

693

 

Actuarial (gain) loss

4,106

 

1,123

 

 

4,169

 

5,171

 

Employee benefit-related (gain) loss1

(149)

 

 

 

(172)

 

 

Adjustments to Income Before Income Taxes

22,530

 

5,252

 

 

33,333

 

15,775

 

Tax impact of adjustments

3,186

 

1,119

 

 

4,977

 

3,302

 

Tax-related items

41

 

 

 

41

 

141

 

Impairment attributable to noncontrolling interest

 

 

 

105

 

 

Adjustments to Net Income

$

19,303

 

$

4,133

 

 

$

28,210

 

$

12,332

 

1 Total holding gains on benefit-related investments were approximately $205 million in the fourth quarter and $330 million for the year ended December 31,2020.

2 Includes $15.5 billion for the impairment of goodwill and other long-lived assets in our video business.

Adjusted Operating Income, Adjusted Operating Income Margin, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBITDA service margin and Adjusted diluted EPS are non-GAAP financial measures calculated by excluding from operating revenues, operating expenses and income tax expense certain significant items that are non-operational or non-recurring in nature, including dispositions and merger integration and transaction costs, actuarial gains and losses, significant abandonments and impairment, severance and other material gains and losses. Management believes that these measures provide relevant and useful information to investors and other users of our financial data in evaluating the effectiveness of our operations and underlying business trends.

Adjusted Operating Revenues, Adjusted Operating Income, Adjusted Operating Income Margin, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBITDA service margin and Adjusted diluted EPS should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP. AT&T's calculation of Adjusted items, as presented, may differ from similarly titled measures reported by other companies.

Adjusted Operating Income, Adjusted Operating Income Margin,
Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted EBITDA Service Margin

Dollars in millions

 

 

 

 

 

Fourth Quarter

 

Year Ended

 

2020

 

2019

 

2020

2019

Operating Income

$

(10,745

)

 

$

5,321

 

 

$

6,405

 

$

27,955

 

Adjustments to Operating Revenues

 

 

 

 

 

72

 

Adjustments to Operating Expenses

18,559

 

 

3,867

 

 

27,651

 

10,546

 

Adjusted Operating Income

7,814

 

 

9,188

 

 

34,056

 

38,573

 

 

 

 

 

 

 

EBITDA

(3,766

)

 

12,282

 

 

34,921

 

56,172

 

Adjustments to Operating Revenues

 

 

 

 

 

72

 

Adjustments to Operations and Support Expenses

16,655

 

 

2,083

 

 

19,625

 

3,043

 

Adjusted EBITDA

12,889

 

 

14,365

 

 

54,546

 

59,287

 

 

 

 

 

 

 

Total Operating Revenues

45,691

 

 

46,821

 

 

171,760

 

181,193

 

Adjustments to Operating Revenues

 

 

 

 

 

72

 

Total Adjusted Operating Revenue

45,691

 

 

46,821

 

 

171,760

 

181,265

 

Service Revenues

39,051

 

 

41,475

 

 

152,767

 

163,499

 

Adjustments to Service Revenues

 

 

 

 

 

72

 

Adjusted Service Revenue

39,051

 

 

41,475

 

 

152,767

 

163,571

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income Margin

(23.5

)

%

11.4

%

 

3.7

%

15.4

%

Adjusted Operating Income Margin

17.1

 

%

19.6

%

 

19.8

%

21.3

%

Adjusted EBITDA Margin

28.2

 

%

30.7

%

 

31.8

%

32.7

%

Adjusted EBITDA Service Margin

33.0

 

%

34.6

%

 

35.7

%

36.2

%

Adjusted Diluted EPS

 

Fourth Quarter

 

Year Ended

 

2020

 

2019

 

2020

 

2019

 

Diluted Earnings Per Share (EPS)

$

(1.95

)

 

$

0.33

 

 

$

(0.75

)

 

$

1.89

 

 

Amortization of intangible assets

0.22

 

 

0.19

 

 

0.90

 

 

0.81

 

 

Merger integration items

 

 

0.04

 

 

0.05

 

 

0.13

 

 

Impairments 2

2.02

 

 

0.16

 

 

2.37

 

 

0.16

 

 

Debt redemption costs, (gain) loss on sale of assets and other

0.04

 

 

0.05

 

 

0.18

 

 

0.04

 

 

Actuarial (gain) loss 1

0.43

 

 

0.12

 

 

0.44

 

 

0.56

 

 

Tax-related items

(0.01

)

 

 

 

(0.01

)

 

(0.02

)

 

Adjusted EPS

$

0.75

 

 

$

0.89

 

 

$

3.18

 

 

$

3.57

 

 

Year-over-year growth - Adjusted

-15.7

 

%

 

 

-10.9

 

%

 

Weighted Average Common Shares Outstanding
with Dilution (000,000)

7,176

 

 

7,341

 

 

7,183

 

 

7,348

 

 

1 Includes adjustments for actuarial gains or losses associated with our postemployment benefit plans, which we immediately recognize in the income statement, pursuant to our accounting policy for the recognition of actuarial gains/losses. We recorded total net actuarial losses of $4.2 billion in 2020. As a result, adjusted EPS reflects an expected return on plan assets of $3.7 billion (based on an average expected return on plan assets of 7.0% for our pension trust and 4.75% for our VEBA trusts), rather than the actual return on plan assets of $6.5 billion gain (actual pension return of 12.2% and VEBA return of 8.4%), included in the GAAP measure of income.

2 Includes $1.91 for the impairment of goodwill and other long-lived assets in our video business. 

Constant Currency

Constant Currency is a non-GAAP financial measure that management uses to evaluate the operating performance of certain international subsidiaries by excluding or otherwise adjusting for the impact of changes in foreign currency exchange rates between comparative periods. We believe constant currency enhances comparison and is useful to investors to evaluate the performance of our business without taking into account the impact of changes to the foreign exchange rates to which our business is subject. To compute our constant currency results, we multiply or divide, as appropriate, our current year U.S. dollar results by the current year average foreign exchange rates and then multiply or divide, as appropriate, those amounts by the prior year average foreign exchange rates. In calculating amounts on a constant currency basis, for our Vrio business unit (sale of this business unit closed in second quarter 2020), we exclude our Venezuela subsidiary in light of the hyperinflationary conditions in Venezuela, which we do not believe are representative of the macroeconomics of the rest of the region in which we operate.

Constant Currency

Dollars in millions

 

 

Fourth Quarter

 

2020

 

2019

AT&T Inc.

Total Operating Revenues

$

45,691

 

 

$

46,821

 

Exclude Venezuela

 

 

(6)

 

Impact of foreign exchange translation

219

 

 

 

Operating Revenues on Constant Currency Basis

45,910

 

 

46,815

 

Year-over-year growth

-1.9

%

 

 

 

 

 

 

Adjusted EBITDA

12,889

 

 

14,365

 

Exclude Venezuela

 

 

(38)

 

Impact of foreign exchange translation

52

 

 

 

Adjusted EBITDA on Constant Currency Basis

12,941

 

 

14,327

 

Year-over-year growth

-9.7

%

 

 

 

 

 

 

WarnerMedia Segment

Total Operating Revenues

$

8,554

 

 

$

9,453

 

Impact of foreign exchange translation

(6)

 

 

 

WarnerMedia Operating Revenues on Constant Currency Basis

8,548

 

 

9,453

 

Year-over-year growth

-9.6

%

 

 

 

 

 

 

EBITDA

2,719

 

 

3,005

 

Impact of foreign exchange translation

4

 

 

 

WarnerMedia EBITDA on Constant Currency Basis

2,723

 

 

3,005

 

Year-over-year growth

-9.4

%

 

 

 

 

 

 

Latin America Segment

Total Operating Revenues

$

1,498

 

 

$

1,758

 

Exclude Venezuela

 

 

(6)

 

Impact of foreign exchange translation

225

 

 

 

Latin America Operating Revenues on Constant Currency Basis

1,723

 

 

1,752

 

Year-over-year growth

-1.7

%

 

 

 

 

 

 

EBITDA

95

 

 

205

 

Exclude Venezuela

 

 

(38)

 

Impact of foreign exchange translation

48

 

 

 

Latin America EBITDA on Constant Currency Basis

143

 

 

167

 

Year-over-year growth

-14.4

%

 

 

Net Debt to Adjusted EBITDA

Net Debt to EBITDA ratios are non-GAAP financial measures frequently used by investors and credit rating agencies and management believes these measures provide relevant and useful information to investors and other users of our financial data. Our Net Debt to Adjusted EBITDA ratio is calculated by dividing the Net Debt by the sum of the most recent four quarters Adjusted EBITDA. Net Debt is calculated by subtracting cash and cash equivalents and certificates of deposit and time deposits that are greater than 90 days, from the sum of debt maturing within one year and long-term debt.

Net Debt to Adjusted EBITDA

Dollars in millions

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

March 31,

 

June 30,

 

Sept. 30,

 

Dec. 31,

 

Four
Quarters

 

 

2020 1

 

2020 1

 

2020 1

 

2020

 

Adjusted EBITDA2

 

$

14,232

 

 

$

14,112

 

 

$

13,313

 

 

$

12,889

 

 

$

54,546

 

End-of-period current debt

 

 

 

 

 

 

 

 

 

3,470

 

End-of-period long-term debt

 

 

 

 

 

 

 

 

 

153,775

 

Total End-of-Period Debt

 

 

 

 

 

 

 

 

 

157,245

 

Less: Cash and Cash Equivalents

 

 

 

 

 

 

 

 

 

9,740

 

Net Debt Balance

 

 

 

 

 

 

 

 

 

147,505

 

Annualized Net Debt to Adjusted EBITDA Ratio

 

 

 

 

 

 

 

 

 

2.70

 

1 As reported in AT&T's Form 8-K filed April 22, 2020, July 23, 2020, and October 22, 2020.

2 Includes the purchase accounting reclassification of released content amortization of $69 million, $75 million, $45 million, and $38 million in the four quarters presented, respectively.

Supplemental Operational Measures

We provide a supplemental discussion of our business solutions operations that is calculated by combining our Mobility and Business Wireline operating units, and then adjusting to remove non-business operations. The following tables present a reconciliation of our supplemental Business Solutions results. Results have been recast to conform to the current period's classification.

Supplemental Operational Measure

 

Fourth Quarter

 

December 31, 2020

 

December 31, 2019

 

Mobility

Business
Wireline

Adjustments1

Business
Solutions

 

Mobility

Business
Wireline

Adjustments1

Business
Solutions

Operating Revenues

 

 

 

 

 

 

 

 

 

Wireless service

$

14,022

 

$

 

$

(12,074)

 

$

1,948

 

 

$

13,948

 

$

 

$

(12,049)

 

$

1,899

 

Strategic and managed services

 

4,006

 

 

4,006

 

 

 

3,925

 

 

3,925

 

Legacy voice and data services

 

1,956

 

 

1,956

 

 

 

2,207

 

 

2,207

 

Other services and equipment

 

357

 

 

357

 

 

 

454

 

 

454

 

Wireless equipment

6,097

 

 

(5,172)

 

925

 

 

4,752

 

 

(3,897)

 

855

 

Total Operating Revenues

20,119

 

6,319

 

(17,246)

 

9,192

 

 

18,700

 

6,586

 

(15,946)

 

9,340

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses

 

 

 

 

 

 

 

 

 

Operations and support

13,023

 

3,993

 

(10,925)

 

6,091

 

 

11,170

 

4,056

 

(9,266)

 

5,960

 

EBITDA

7,096

 

2,326

 

(6,321)

 

3,101

 

 

7,530

 

2,530

 

(6,680)

 

3,380

 

Depreciation and amortization

2,008

 

1,320

 

(1,688)

 

1,640

 

 

2,027

 

1,247

 

(1,720)

 

1,554

 

Total Operating Expenses

15,031

 

5,313

 

(12,613)

 

7,731

 

 

13,197

 

5,303

 

(10,986)

 

7,514

 

Operating Income

5,088

 

1,006

 

(4,633)

 

1,461

 

 

5,503

 

1,283

 

(4,960)

 

1,826

 

Equity in Net Income (Loss) of Affiliates

 

 

 

 

 

 

 

 

 

Operating Contribution

$

5,088

 

$

1,006

 

$

(4,633)

 

$

1,461

 

 

$

5,503

 

$

1,283

 

$

(4,960)

 

$

1,826

 

1 Non-business wireless reported in the Communication segment under the Mobility business unit.

Supplemental Operational Measure

 

Year Ended

 

December 31, 2020

 

December 31, 2019

 

Mobility

Business
Wireline

Adjustments1

Business
Solutions

 

Mobility

Business
Wireline

Adjustments1

Business
Solutions

Operating Revenues

 

 

 

 

 

 

 

 

 

Wireless service

$

55,542

 

$

 

$

(47,810)

 

$

7,732

 

 

$

55,331

 

$

 

$

(47,887)

 

$

7,444

 

Strategic and managed services

 

15,788

 

 

15,788

 

 

 

15,430

 

 

15,430

 

Legacy voice and data services

 

8,183

 

 

8,183

 

 

 

9,180

 

 

9,180

 

Other services and equipment

 

1,387

 

 

1,387

 

 

 

1,557

 

 

1,557

 

Wireless equipment

17,022

 

 

(14,140)

 

2,882

 

 

15,725

 

 

(12,971)

 

2,754

 

Total Operating Revenues

72,564

 

25,358

 

(61,950)

 

35,972

 

 

71,056

 

26,167

 

(60,858)

 

36,365

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses

 

 

 

 

 

 

 

 

 

Operations and support

42,106

 

15,534

 

(34,927)

 

22,713

 

 

40,681

 

16,069

 

(34,036)

 

22,714

 

EBITDA

30,458

 

9,824

 

(27,023)

 

13,259

 

 

30,375

 

10,098

 

(26,822)

 

13,651

 

Depreciation and amortization

8,086

 

5,226

 

(6,803)

 

6,509

 

 

8,054

 

4,934

 

(6,840)

 

6,148

 

Total Operating Expenses

50,192

 

20,760

 

(41,730)

 

29,222

 

 

48,735

 

21,003

 

(40,876)

 

28,862

 

Operating Income

22,372

 

4,598

 

(20,220)

 

6,750

 

 

22,321

 

5,164

 

(19,982)

 

7,503

 

Equity in Net Income (Loss) of Affiliates

 

 

 

 

 

 

 

 

 

Operating Contribution

$

22,372

 

$

4,598

 

$

(20,220)

 

$

6,750

 

 

$

22,321

 

$

5,164

 

$

(19,982)

 

$

7,503

 

1 Non-business wireless reported in the Communication segment under the Mobility business unit.

For comparative purposes and to assist in the transition to our current financial presentation, we provided on a one-time basis, a supplemental presentation of the Historical Entertainment Group business unit (Historical EG) that is calculated by combining our Video and Broadband business units, adjusted to remove the business video operations previously reported in the Business Wireline business unit. The following tables present a reconciliation of the supplemental Historical EG results.

Supplemental Operational Measure

 

Fourth Quarter

 

December 31, 2020

 

December 31, 2019

 

Video

Broadband

Adj.1

Historical
EG

 

Video

Broadband

Adj.1

Historical
EG

Operating Revenues

 

 

 

 

 

 

 

 

 

Video

$

7,124

 

$

 

$

(2)

 

$

7,122

 

 

$

8,074

 

$

 

$

(6)

 

$

8,068

 

High-speed internet

 

2,205

 

 

2,205

 

 

 

2,107

 

 

2,107

 

Legacy voice and data services

 

534

 

 

534

 

 

 

604

 

 

604

 

Other services and equipment

44

 

377

 

 

421

 

 

1

 

450

 

3

 

454

 

Total Operating Revenues

7,168

 

3,116

 

(2)

 

10,282

 

 

8,075

 

3,161

 

(3)

 

11,233

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses

 

 

 

 

 

 

 

 

 

Operations and support

6,549

 

2,012

 

(8)

 

8,553

 

 

7,447

 

1,749

 

(7)

 

9,189

 

EBITDA

619

 

1,104

 

6

 

1,729

 

 

628

 

1,412

 

4

 

2,044

 

Depreciation and amortization

521

 

738

 

(15)

 

1,244

 

 

589

 

726

 

(17)

 

1,298

 

Total Operating Expenses

7,070

 

2,750

 

(23)

 

9,797

 

 

8,036

 

2,475

 

(24)

 

10,487

 

Operating Income

98

 

366

 

21

 

485

 

 

39

 

686

 

21

 

746

 

Equity in Net Income (Loss) of Affiliates

 

 

 

 

 

 

 

 

 

Operating Contribution

$

98

 

$

366

 

$

21

 

$

485

 

 

$

39

 

$

686

 

$

21

 

$

746

 

Operating Income Margin

1.4

%

11.7

%

 

4.7

%

 

0.5

%

21.7

%

 

6.6

%

EBITDA Margin

8.6

%

35.4

%

 

16.8

%

 

7.8

%

44.7

%

 

18.2

%

1 Predominantly the video business previously reported in the Communications segment under the Business Wireline business unit.

Supplemental Operational Measure

 

Year Ended

 

December 31, 2020

 

December 31, 2019

 

Video

Broadband

Adj.1

Historical
EG

 

Video

Broadband

Adj.1

Historical
EG

Operating Revenues

 

 

 

 

 

 

 

 

 

Video

$

28,465

 

$

 

$

(8)

 

$

28,457

 

 

$

32,123

 

$

 

$

(13)

 

$

32,110

 

High-speed internet

 

8,534

 

 

8,534

 

 

 

8,403

 

 

8,403

 

Legacy voice and data services

 

2,213

 

 

2,213

 

 

 

2,573

 

 

2,573

 

Other services and equipment

145

 

1,571

 

(1)

 

1,715

 

 

1

 

2,036

 

3

 

2,040

 

Total Operating Revenues

28,610

 

12,318

 

(9)

 

40,919

 

 

32,124

 

13,012

 

(10)

 

45,126

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses

 

 

 

 

 

 

 

 

 

Operations and support

24,619

 

7,582

 

(30)

 

32,171

 

 

27,599

 

7,451

 

(22)

 

35,028

 

EBITDA

3,991

 

4,736

 

21

 

8,748

 

 

4,525

 

5,561

 

12

 

10,098

 

Depreciation and amortization

2,262

 

2,914

 

(57)

 

5,119

 

 

2,461

 

2,880

 

(65)

 

5,276

 

Total Operating Expenses

26,881

 

10,496

 

(87)

 

37,290

 

 

30,060

 

10,331

 

(87)

 

40,304

 

Operating Income

1,729

 

1,822

 

78

 

3,629

 

 

2,064

 

2,681

 

77

 

4,822

 

Equity in Net Income (Loss) of Affiliates

 

 

 

 

 

 

 

 

 

Operating Contribution

$

1,729

 

$

1,822

 

$

78

 

$

3,629

 

 

$

2,064

 

$

2,681

 

$

77

 

$

4,822

 

Operating Income Margin

6.0

%

14.8

%

 

8.9

%

 

6.4

%

20.6

%

 

10.7

%

EBITDA Margin

13.9

%

38.4

%

 

21.4

%

 

14.1

%

42.7

%

22.4

%

1 Predominantly the video business previously reported in the Communications segment under the Business Wireline business unit.

 



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Disclaimer

AT&T Reports Fourth-Quarter and Full-Year Results AT&T Inc. (NYSE:T): Fourth-Quarter Consolidated Results Consolidated revenues of $45.7 billion Cash from operations of $10.1 billion Capital expenditures of $2.4 billion; gross capital investment of $4.3 billion1 Free cash flow of $7.7 billion2; …

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