AT&T Delivers Strong First-Quarter Cash from Operations and Free Cash Flow Powered by 5G and Fiber Growth

CNW Group04-24

Company's investment-led approach and connectivity momentum fuels Mobility service and broadband revenue growth DALLAS, April 24, 2024 /CNW/ -- AT&T Inc. (NYSE: T) reported first-quarter results ...

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DALLAS, April 24, 2024 /CNW/ -- AT&T Inc. reported first-quarter results that highlighted consistent 5G and fiber customer additions and showcased profitable growth driven by increased Mobility service and broadband revenues.Cash from operating activities of $7.5 billion, up $0.9 billion year over year. Free cash flow*of $3.1 billion, up $2.1 billion year over year. 252,000 AT&T Fiber net adds; 17th consecutive quarter of 200,000+ net adds. Consumer broadband revenues of $2.7 billion, up 7.7% year over year. Revenues for the first quarter totaled $30.0 billion versus $30.1 billion in the year-ago quarter, down 0.4%. This was due to declines in Mobility equipment revenues, driven mainly by lower sales volumes, and lower Business Wireline revenues. This was mostly offset by increased service revenues, driven by Mobility, Consumer Wireline, and Mexico. Revenue trends also includ","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU2384288077.EUR":"AZ EQUITY GLOBAL INFRASTRUCTURE \"A-INS\" (EUR) ACC","LU1621767737.EUR":"AZ EQUITY GLOBAL INFRASTRUCTURE \"AAZ\" (EUR) ACC","BK4585":"ETF&股票定投概念","BK4507":"流媒体概念","LU0149725797.USD":"汇丰美国股市经济规模基金","BK4534":"瑞士信贷持仓","BK4588":"碎股","LU1621768206.USD":"AZ EQUITY GLOBAL INFRASTRUCTURE \"AAZ\" (USD) ACC","LU1621767810.EUR":"AZ EQUITY GLOBAL INFRASTRUCTURE \"A\" (EUR) INC","BK4550":"红杉资本持仓","T":"美国电话电报","BK4115":"综合电信业务","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","TBB":"AT&T Inc.","LU1621768115.EUR":"AZ EQUITY GLOBAL INFRASTRUCTURE \"B\" (EUR) INC","BK4515":"5G概念","LU1571399168.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"IP\" (USD) ACC"},"translate_title":"在5G和光纤增长的推动下，美国电话电报公司第一季度运营现金和自由现金流强劲","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"T":1,"TBB":0.9},"content_text":"Company's investment-led approach and connectivity momentum fuels Mobility service and broadband revenue growth  \nDALLAS, April 24, 2024 /CNW/ -- AT&T Inc. (NYSE: T) reported first-quarter results that highlighted consistent 5G and fiber customer additions and showcased profitable growth driven by increased Mobility service and broadband revenues.       \nFirst-Quarter Consolidated Results \n\nRevenues of $30.0 billion\nDiluted EPS of $0.47; adjusted EPS* of $0.55\nOperating income of $5.8 billion; adjusted operating income* of $6.0 billion\nNet income of $3.8 billion; adjusted EBITDA* of $11.0 billion\nCash from operating activities of $7.5 billion, up $0.9 billion year over year\nCapital expenditures of $3.8 billion; capital investment* of $4.6 billion\nFree cash flow* of $3.1 billion, up $2.1 billion year over year\n\nFirst-Quarter Highlights \n\n349,000 postpaid phone net adds with an expected industry-leading postpaid phone churn of 0.72%\nMobility service revenues of $16.0 billion, up 3.3% year over year\n252,000 AT&T Fiber net adds; 17th consecutive quarter of 200,000+ net adds\nConsumer broadband revenues of $2.7 billion, up 7.7% year over year\n27.1 million consumer and business locations passed with fiber\n\n\"Our results this quarter reflect continued strong growth in our Mobility and Consumer Wireline connectivity businesses, which represent about 80% of our total revenues,\" said John Stankey, AT&T CEO. \"Customers are choosing AT&T and staying with us. We achieved a record-low first-quarter postpaid phone churn, grew consumer broadband subscribers for the third consecutive quarter, and expanded margins in Mobility and Consumer Wireline. We're also delivering on our commitment to grow and improve the quality and cadence of free cash flow, which increased by more than $2 billion year over year. This consistent, solid performance driven by our investment-led strategy gives us confidence to re-affirm our full-year consolidated financial guidance.\"\n2024 OutlookFor the full year, AT&T reiterates guidance of:\n\nWireless service revenue growth in the 3% range.\nBroadband revenue growth of 7%+.\nAdjusted EBITDA* growth in the 3% range.\nCapital investment* in the $21-$22 billion range.\nFree cash flow* in the $17-$18 billion range.\nAdjusted EPS* in the $2.15-$2.25 range.\nIn 2025, the company expects to deliver Adjusted EPS* growth.\n\nNote: AT&T's first-quarter earnings conference call will be webcast at 8:30 a.m. ET on Wednesday, April 24, 2024. The webcast and related materials, including financial highlights, will be available at https://investors.att.com.\n\n\n\nConsolidated Financial Results\n\nRevenues for the first quarter totaled $30.0 billion versus $30.1 billion in the year-ago quarter, down 0.4%. This was due to declines in Mobility equipment revenues, driven mainly by lower sales volumes, and lower Business Wireline revenues. This was mostly offset by increased service revenues, driven by Mobility, Consumer Wireline, and Mexico. Revenue trends also include increases from favorable impacts of foreign exchange rates in Mexico.\nOperating expenses were $24.2 billion, essentially stable with $24.1 billion in the year-ago quarter. Operating expenses increased primarily due to higher depreciation related to our continued fiber and 5G investment, accelerated depreciation on wireless network equipment due to Open RAN transformation and associated restructuring charges. This was largely offset by lower Mobility equipment costs from lower sales volumes and benefits from continued transformation.\nOperating income was $5.8 billion versus $6.0 billion in the year-ago quarter. When adjusting for certain items, adjusted operating income* was $6.0 billion, essentially flat with the year-ago quarter.\nEquity in net income of affiliates was $0.3 billion, primarily from the DIRECTV investment. With adjustment for our proportionate share of intangible amortization, adjusted equity in net income from the DIRECTV investment* was $0.6 billion.\nNet income was $3.8 billion versus $4.5 billion in the year-ago quarter.\nNet income attributable to common stock was $3.4 billion versus $4.2 billion in the year-ago quarter. Earnings per diluted common share was $0.47 versus $0.57 in the year-ago quarter. Adjusting for $0.08, which includes restructuring and non-cash impairments, our proportionate share of intangible amortization from the DIRECTV equity method investment, and other items, adjusted earnings per diluted common share* was $0.55 compared to $0.60 in the year-ago quarter.\nAdjusted EBITDA was $11.0 billion versus $10.6 billion in the year-ago quarter.\nCash from operating activities was $7.5 billion, up $0.9 billion year over year, due to operational growth and timing of working capital, including higher receivable sales, partially offset by higher mobile device payments.\nCapital expenditures were $3.8 billion in the quarter versus $4.3 billion in the year-ago quarter. Capital investment*, which includes $0.8 billion of cash payments for vendor financing, totaled $4.6 billion versus $6.4 billion in the year-ago quarter.\nFree cash flow* was $3.1 billion for the quarter versus $1.0 billion in the year-ago quarter.\nTotal debt was $132.8 billion at the end of the first quarter, and net debt* was $128.7 billion. In the quarter, the company repaid $4.7 billion of long-term debt. The company continues to expect to achieve net debt-to-adjusted EBITDA* in the 2.5x range in the first half of 2025.\n\nSegment and Business Unit Results\n\n\n\n\nCommunications Segment \n\n\nDollars in millions \nFirst Quarter \nPercent  \n\n\nUnaudited \n2024 \n2023 \nChange \n\n\n\n\n\n\n\n\nOperating Revenues \n$                 28,857 \n$                 29,152 \n(1.0 %) \n\n\nOperating Income \n6,745 \n6,743 \n--- % \n\n\nOperating Income Margin \n23.4 % \n23.1 % \n30 BP \n\n\n\n\nCommunications segment revenues were $28.9 billion, down 1.0% year over year, with operating income essentially flat year over year.\n\n\n\n\nMobility \n\n\nDollars in millions; Subscribers in thousands \nFirst Quarter \nPercent  \n\n\nUnaudited \n2024 \n2023 \nChange \n\n\n\n\n\n\n\n\nOperating Revenues \n$                 20,594 \n$                 20,582 \n0.1 % \n\n\n Service \n15,994 \n15,483 \n3.3 % \n\n\n Equipment \n4,600 \n5,099 \n(9.8 %) \n\n\nOperating Expenses \n14,126 \n14,311 \n(1.3 %) \n\n\nOperating Income \n6,468 \n6,271 \n3.1 % \n\n\nOperating Income Margin \n31.4 % \n30.5 % \n90 BP \n\n\n\n\n\n\n\n\nEBITDA* \n$                   8,955 \n$                   8,369 \n7.0 % \n\n\nEBITDA Margin* \n43.5 % \n40.7 % \n280 BP \n\n\nEBITDA Service Margin* \n56.0 % \n54.1 % \n190 BP \n\n\n\n\n\n\n\n\nTotal Wireless Net Adds (excl. Connected Devices)1 \n741 \n690 \n\n\n\nPostpaid \n389 \n542 \n\n\n\nPostpaid phone \n349 \n424 \n\n\n\nPostpaid other \n40 \n118 \n\n\n\nPrepaid phone \n1 \n40 \n\n\n\n\n\n\n\n\n\nPostpaid Churn \n0.89 % \n0.99 % \n (10 BP) \n\n\nPostpaid Phone-Only Churn \n0.72 % \n0.81 % \n (9 BP) \n\n\nPrepaid Churn \n2.77 % \n2.73 % \n4 BP \n\n\n\n\n\n\n\n\nPostpaid Phone ARPU \n$55.57 \n$55.05 \n0.9 % \n\n\n\n\nMobility grew service revenue 3.3% with record-low 1Q postpaid phone churn of 0.72% that contributed to postpaid phone net adds of 349,000 and year-over-year margin expansion.\nMobility revenues were up 0.1% year over year, driven by service revenue growth of 3.3% from subscriber and postpaid ARPU growth, offset by lower equipment revenues due to lower sales volumes. Operating expenses were down 1.3% year over year due to lower equipment expenses resulting from lower device sales, partially offset by higher depreciation expense due to our Open RAN deployment and network transformation. Operating income was $6.5 billion, up 3.1% year over year. EBITDA* was $9.0 billion, up $586 million year over year, reflecting service revenue growth. This was the company's highest first-quarter Mobility EBITDA*. \n\n\n\n\nBusiness Wireline \n\n\nDollars in millions \nFirst Quarter \nPercent  \n\n\nUnaudited \n2024 \n2023 \nChange \n\n\n\n\n\n\n\n\nOperating Revenues \n$                   4,913 \n$                   5,331 \n(7.8 %) \n\n\nOperating Expenses \n4,849 \n4,953 \n(2.1 %) \n\n\nOperating Income \n64 \n378 \n(83.1 %) \n\n\nOperating Income Margin \n1.3 % \n7.1 % \n (580 BP) \n\n\n\n\n\n\n\n\nEBITDA* \n$                   1,426 \n$                   1,708 \n(16.5 %) \n\n\nEBITDA Margin* \n29.0 % \n32.0 % \n (300 BP) \n\n\n\n\nBusiness Wireline revenues and profitability declined year over year, driven by intensifying secular pressures on legacy voice and data services that were partially offset by growth in fiber and other advanced connectivity services.\nBusiness Wireline revenues were down 7.8% year over year, primarily due to lower demand for legacy voice and data services as well as product simplification, partially offset by growth in connectivity services, and non-recurring equipment revenues. Operating expenses were down 2.1% year over year, due to lower personnel costs, and lower marketing and customer support expenses, partially offset by higher equipment costs. Operating income was $64 million, down 83.1% year over year, and EBITDA* was $1.4 billion, down $282 million.\n\n\n\n\nConsumer Wireline \n\n\nDollars in millions; Subscribers in thousands \nFirst Quarter \nPercent  \n\n\nUnaudited \n2024 \n2023 \nChange \n\n\n\n\n\n\n\n\nOperating Revenues \n$                   3,350 \n$                   3,239 \n3.4 % \n\n\nBroadband \n2,722 \n2,527 \n7.7 % \n\n\nOperating Expenses \n3,137 \n3,145 \n(0.3 %) \n\n\nOperating Income \n213 \n94 \n--- % \n\n\nOperating Income Margin \n6.4 % \n2.9 % \n350 BP \n\n\n\n\n\n\n\n\nEBITDA* \n$                   1,094 \n$                      955 \n14.6 % \n\n\nEBITDA Margin* \n32.7 % \n29.5 % \n320 BP \n\n\n\n\n\n\n\n\nBroadband Net Adds (excluding DSL) \n55 \n(23) \n\n\n\nFiber \n252 \n272 \n\n\n\nNon Fiber \n(197) \n(295) \n\n\n\nAT&T Internet Air \n110 \n- \n\n\n\n\n\n\n\n\n\nBroadband ARPU \n$65.98 \n$61.31 \n7.6 % \n\n\nFiber ARPU \n$68.61 \n$65.92 \n4.1 % \n\n\n\n\nConsumer Wireline achieved positive broadband net adds for the third consecutive quarter, driven by 252,000 AT&T Fiber net additions and the recent launch of AT&T Internet Air.\nConsumer Wireline revenues were up 3.4% year over year, driven by growth in broadband revenues attributable to fiber revenues, which grew 19.5%, partially offset by declines in legacy voice and data services and other services. Operating expenses were down 0.3% year over year, largely driven by lower customer support costs that were offset by increased network-related costs and depreciation. Operating income was $213 million versus $94 million in the prior-year quarter, and EBITDA* was $1.1 billion, up $139 million year over year.\n\n\n\n\nLatin America Segment – Mexico \n\n\nDollars in millions; Subscribers in thousands \nFirst Quarter \nPercent  \n\n\nUnaudited \n2024 \n2023 \nChange \n\n\n\n\n\n\n\n\nOperating Revenues \n$                   1,063 \n$                      883 \n20.4 % \n\n\n Service \n690 \n591 \n16.8 % \n\n\n Equipment \n373 \n292 \n27.7 % \n\n\nOperating Expenses \n1,060 \n913 \n16.1 % \n\n\nOperating Income/(Loss) \n3 \n(30) \n--- % \n\n\nEBITDA* \n180 \n145 \n24.1 % \n\n\n\n\n\n\n\n\nTotal Wireless Net Adds \n143 \n10 \n\n\n\nPostpaid \n116 \n49 \n\n\n\nPrepaid \n79 \n(58) \n\n\n\nReseller \n(52) \n19 \n\n\n\n\n\nLatin America segment revenues were up 20.4% year over year, primarily due to favorable impacts of foreign exchange rates, higher equipment sales and subscriber growth. Operating expenses were up 16.1% due to unfavorable impact of foreign exchange and higher equipment costs attributable to subscriber growth. Operating income was $3 million compared to ($30) million in the year-ago quarter. EBITDA* was $180 million, up $35 million year over year.\n\n\n\n\n* Further clarification and explanation of non-GAAP measures and reconciliations to their most comparable GAAP measures can be found in the \"Non-GAAP Measures and Reconciliations to GAAP Measures\" section of the release and at https://investors.att.com. \n\n\n\n\n\n1 Effective with our first-quarter 2024 reporting, we have removed connected devices from our total Mobility subscribers, consistent with industry standards and our key performance metrics. Connected devices include data-centric devices such as session-based tablets, monitoring devices and primarily wholesale automobile systems. \n\n\n\n\nAbout AT&TWe help more than 100 million U.S. families, friends and neighbors, plus nearly 2.5 million businesses, connect to greater possibility. From the first phone call 140+ years ago to our 5G wireless and multi-gig internet offerings today, we @ATT innovate to improve lives. For more information about AT&T Inc. (NYSE:T), please visit us at about.att.com. Investors can learn more at investors.att.com.\nCautionary Language Concerning Forward-Looking StatementsInformation 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.\nNon-GAAP Measures and Reconciliations to GAAP MeasuresSchedules and reconciliations of non-GAAP financial measures cited in this document to the most directly comparable financial measures under generally accepted accounting principles (GAAP) can be found at https://investors.att.com and in our Form 8-K dated April 24, 2024. Adjusted diluted EPS, adjusted operating income, EBITDA, adjusted EBITDA, free cash flow, net debt and net debt-to-adjusted EBITDA are non-GAAP financial measures frequently used by investors and credit rating agencies.\nAdjusted diluted EPS is calculated by excluding from operating revenues, operating expenses, other income (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, benefit-related gains and losses, employee separation and other material gains and losses.\nNon-operational items arising from asset acquisitions and dispositions include the amortization of intangible assets. While the expense associated with the amortization of certain wireless licenses and customer lists is excluded, the revenue of the acquired companies is reflected in the measure and those assets contribute to revenue generation.\nWe 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.\nThe 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%.\nFor 1Q24, adjusted EPS of $0.55 is diluted EPS of $0.47 adjusted for $0.06 restructuring and non-cash impairments, $0.03 proportionate share of intangible amortization at the DIRECTV equity method investment, minus $0.01 benefit-related, transaction and other items.\nFor 1Q23, adjusted EPS of $0.60 is diluted EPS of $0.57 adjusted for $0.04 proportionate share of intangible amortization at the DIRECTV equity method investment, minus $0.01 benefit-related and other items.\nThe company expects adjustments to 2024 reported diluted EPS to include our proportionate share of intangible amortization at the DIRECTV equity method investment in the range of $0.5-$0.7 billion, a non-cash mark-to-market benefit plan gain/loss, and other items. The company expects 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 projected 2024 and 2025 adjusted EPS depend on future levels of revenues and expenses, most of which are not reasonably estimable at this time. Accordingly, we cannot provide a reconciliation between these projected non-GAAP metrics and the reported GAAP metrics without unreasonable effort.\nAdjusted operating income is operating income adjusted for revenues and costs we consider non-operational in nature, including items arising from asset acquisitions or dispositions. For 1Q24, adjusted operating income of $6.0 billion is calculated as operating income of $5.8 billion plus $167 million of adjustments. For 1Q23, adjusted operating income of $6.0 billion is calculated as operating income of $6.0 billion minus $27 million of adjustments. Adjustments for all periods are detailed in the Discussion and Reconciliation of Non-GAAP Measures included in our Form 8-K dated April 24, 2024.\nEBITDA is net income plus income tax, interest, and depreciation and amortization expenses minus equity in net income of affiliates and other income (expense) – net. Adjusted EBITDA is calculated by excluding from EBITDA certain significant items that are non-operational or non-recurring in nature, including dispositions and merger integration and transaction costs, significant abandonments and impairments, benefit-related gains and losses, employee separation and other material gains and losses. Adjusted EBITDA estimates depend on future levels of revenues and expenses which are not reasonably estimable at this time. Accordingly, we cannot provide a reconciliation between projected adjusted EBITDA and the most comparable GAAP metrics without unreasonable effort.\nFor 1Q24, adjusted EBITDA of $11.0 billion is calculated as net income of $3.8 billion, plus income tax expense of $1.1 billion, plus interest expense of $1.7 billion, minus equity in net income of affiliates of $0.3 billion, minus other income (expense) – net of $0.5 billion, plus depreciation and amortization of $5.0 billion, plus adjustments of $152 million. For 1Q23, adjusted EBITDA of $10.6 billion is calculated as net income of $4.5 billion, plus income tax expense of $1.3 billion, plus interest expense of $1.7 billion, minus equity in net income of affiliates of $0.5 billion, minus other income (expense) – net of $0.9 billion, plus depreciation and amortization of $4.6 billion, minus adjustments of $44 million. Adjustments for all periods are detailed in the Discussion and Reconciliation of Non-GAAP Measures included in our Form 8-K dated April 24, 2024.\nAt the segment or business unit level, EBITDA is operating income before depreciation and amortization. EBITDA margin is operating income before depreciation and amortization, divided by total revenues. EBITDA service margin is operating income before depreciation and amortization, divided by total service revenues.\nFree cash flow for 1Q24 of $3.1 billion is cash from operating activities of $7.5 billion, plus cash distributions from DIRECTV classified as investing activities of $0.2 billion, minus capital expenditures of $3.8 billion and cash paid for vendor financing of $0.8 billion. For 1Q23, free cash flow of $1.0 billion is cash from operating activities of $6.7 billion, plus cash distributions from DIRECTV classified as investing activities of $0.8 billion, minus capital expenditures of $4.3 billion and cash paid for vendor financing of $2.1 billion. Due to high variability and difficulty in predicting items that impact cash from operating activities, cash distributions from DIRECTV, capital expenditures and vendor financing payments, the company is not able to provide a reconciliation between projected free cash flow and the most comparable GAAP metric without unreasonable effort.\nCapital investment provides a comprehensive view of cash used to invest in our networks, product developments and support systems. In connection with capital improvements, we have favorable payment terms of 120 days or more with certain vendors, referred to as vendor financing, which are excluded from capital expenditures and reported as financing activities. Capital investment includes capital expenditures and cash paid for vendor financing ($0.8 billion in 1Q24 and $2.1 billion in 1Q23). For 2024, capital investment is expected to be in the $21-$22 billion range. Due to high variability and difficulty in predicting items that impact capital expenditures and vendor financing payments, the company is not able to provide a reconciliation between projected capital investment and the most comparable GAAP metrics without unreasonable effort.\nAdjusted equity in net income from DIRECTV investment of $0.6 billion for 1Q24 is calculated as equity income from DIRECTV of $0.3 billion reported in Equity in Net Income of Affiliates and excludes $0.3 billion of AT&T's proportionate share of the noncash depreciation and amortization of fair value accretion from DIRECTV's revaluation of assets and purchase price allocation.\nNet debt of $128.7 billion at March 31, 2024, is calculated as total debt of $132.8 billion less cash and cash equivalents of $3.5 billion and time deposits (i.e. deposits at financial institutions that are greater than 90 days) of $0.5 billion. \nNet debt-to-adjusted EBITDA is calculated by dividing net debt by the sum of the most recent four quarters of adjusted EBITDA. Net debt and adjusted EBITDA are calculated as defined above. Net debt and adjusted EBITDA estimates depend on future levels of revenues, expenses and other metrics which are not reasonably estimable at this time. Accordingly, we cannot provide a reconciliation between projected net debt-to-adjusted EBITDA and the most comparable GAAP metrics and related ratios without unreasonable effort.\nDiscussion and Reconciliation of Non-GAAP Measures  \nWe 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).\nFree Cash Flow\nFree cash flow is defined as cash from operations and cash distributions from DIRECTV classified as investing activities minus capital expenditures and cash paid for vendor financing (classified as financing activities). Free cash flow after dividends is defined as cash from operations and cash distributions from DIRECTV classified as investing activities, minus capital expenditures, cash paid for vendor financing 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 vendor financing, and from our continued economic interest in the U.S. video operations as part of our DIRECTV equity method investment, 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.\n\n\n\n\nFree Cash Flow and Free Cash Flow Dividend Payout Ratio \n\n\nDollars in millions \n\n\n\n\nFirst Quarter \n\n\n\n2024 \n2023 \n\n\nNet cash provided by operating activities1 \n$             7,547 \n$              6,678 \n\n\nAdd: Distributions from DIRECTV classified as investing activities \n194 \n774 \n\n\nLess: Capital expenditures \n(3,758) \n(4,335) \n\n\nLess: Cash paid for vendor financing \n(841) \n(2,113) \n\n\nFree Cash Flow \n3,142 \n1,004 \n\n\n\n\n\n\n\nLess: Dividends paid \n(2,034) \n(2,014) \n\n\nFree Cash Flow after Dividends \n$             1,108 \n$            (1,010) \n\n\nFree Cash Flow Dividend Payout Ratio \n64.7 % \n200.6 % \n\n\n1 Includes distributions from DIRECTV of $324 in the first quarter of 2024 and $534 in the first quarter of 2023. \n\n\n\n\nCash Paid for Capital Investment\nIn connection with capital improvements, we negotiate with some of our vendors to obtain favorable payment terms of 120 days or more, referred to as vendor financing, which are excluded from capital expenditures and reported in accordance with GAAP as financing activities. We present an additional view of cash paid for capital investment to provide investors with a comprehensive view of cash used to invest in our networks, product developments and support systems. \n\n\n\n\nCash Paid for Capital Investment \n\n\nDollars in millions \n\n\n\n\n\nFirst Quarter \n\n\n\n2024 \n2023 \n\n\nCapital Expenditures \n$               (3,758) \n$               (4,335) \n\n\nCash paid for vendor financing \n(841) \n(2,113) \n\n\nCash paid for Capital Investment \n$               (4,599) \n$               (6,448) \n\n\n\n\nEBITDA\nOur 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.\nEBITDA service margin is calculated as EBITDA divided by service revenues.\nThese 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 cash generation potential 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.\nWe 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.\nThere 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.\n\n\n\n\nEBITDA, EBITDA Margin and EBITDA Service Margin \n\n\nDollars in millions \n\n\n\n\nFirst Quarter \n\n\n\n2024 \n2023 \n\n\nNet Income \n$                 3,751 \n$                 4,453 \n\n\nAdditions: \n\n\n\n\nIncome Tax Expense \n1,118 \n1,314 \n\n\nInterest Expense \n1,724 \n1,708 \n\n\nEquity in Net (Income) of Affiliates \n(295) \n(538) \n\n\nOther (Income) Expense - Net \n(451) \n(935) \n\n\nDepreciation and amortization \n5,047 \n4,631 \n\n\nEBITDA \n10,894 \n10,633 \n\n\nTransaction and other costs \n32 \n— \n\n\n  Benefit-related (gain) loss  \n(39) \n(44) \n\n\nAsset impairments and abandonments and restructuring \n159 \n— \n\n\nAdjusted EBITDA1 \n$               11,046 \n$               10,589 \n\n\n1 See \"Adjusting Items\" section for additional discussion and reconciliation of adjusted items. \n\n\n\n\n\n\n\n\nSegment and Business Unit EBITDA, EBITDA Margin and EBITDA Service Margin \n\n\nDollars in millions \n\n\n\n\nFirst Quarter \n\n\n\n2024 \n2023 \n\n\nCommunications Segment \n\n\nOperating Income \n$             6,745 \n$              6,743 \n\n\n  Add: Depreciation and amortization \n4,730 \n4,289 \n\n\nEBITDA \n$           11,475 \n$            11,032 \n\n\n\n\n\n\n\nTotal Operating Revenues \n$           28,857 \n$            29,152 \n\n\nOperating Income Margin \n23.4 % \n23.1 % \n\n\nEBITDA Margin \n39.8 % \n37.8 % \n\n\n\n\n\n\n\nMobility \n\n\nOperating Income \n$             6,468 \n$              6,271 \n\n\n  Add: Depreciation and amortization \n2,487 \n2,098 \n\n\nEBITDA \n$             8,955 \n$              8,369 \n\n\n\n\n\n\n\nTotal Operating Revenues \n$           20,594 \n$            20,582 \n\n\nService Revenues \n15,994 \n15,483 \n\n\nOperating Income Margin \n31.4 % \n30.5 % \n\n\nEBITDA Margin \n43.5 % \n40.7 % \n\n\nEBITDA Service Margin \n56.0 % \n54.1 % \n\n\n\n\n\n\n\nBusiness Wireline \n\n\nOperating Income \n$                  64 \n$                 378 \n\n\n  Add: Depreciation and amortization \n1,362 \n1,330 \n\n\nEBITDA \n$             1,426 \n$              1,708 \n\n\n\n\n\n\n\nTotal Operating Revenues \n$             4,913 \n$              5,331 \n\n\nOperating Income Margin \n1.3 % \n7.1 % \n\n\nEBITDA Margin \n29.0 % \n32.0 % \n\n\n\n\n\n\n\nConsumer Wireline \n\n\nOperating Income \n$                213 \n$                   94 \n\n\n  Add: Depreciation and amortization \n881 \n861 \n\n\nEBITDA \n$             1,094 \n$                 955 \n\n\n\n\n\n\n\nTotal Operating Revenues \n$             3,350 \n$              3,239 \n\n\nOperating Income Margin \n6.4 % \n2.9 % \n\n\nEBITDA Margin \n32.7 % \n29.5 % \n\n\n\n\n\n\n\nLatin America Segment \n\n\n\n\nOperating Income (Loss) \n$                    3 \n$                 (30) \n\n\n  Add: Depreciation and amortization \n177 \n175 \n\n\nEBITDA \n$                180 \n$                 145 \n\n\n\n\n\n\n\nTotal Operating Revenues \n$             1,063 \n$                 883 \n\n\nOperating Income Margin \n0.3 % \n-3.4 % \n\n\nEBITDA Margin \n16.9 % \n16.4 % \n\n\n\n\nAdjusting Items\nAdjusting items include revenues and costs we consider non-operational in nature, including items arising from asset acquisitions or dispositions, including the amortization of intangible assets. While the expense associated with the amortization of certain wireless licenses and customer lists is excluded, the revenue of the acquired companies is reflected in the measure and that those assets contribute to revenue generation. 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.\nThe 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%.   \n\n\n\n\nAdjusting Items \n\n\nDollars in millions \n\n\n\n\nFirst Quarter \n\n\n\n2024 \n2023 \n\n\nOperating Expenses \n\n\n\n\nTransaction and other costs \n$                      32 \n$                      — \n\n\n  Benefit-related (gain) loss \n(39) \n(44) \n\n\nAsset impairments and abandonments and restructuring \n159 \n— \n\n\nAdjustments to Operations and Support Expenses \n152 \n(44) \n\n\n   Amortization of intangible assets \n15 \n17 \n\n\nAdjustments to Operating Expenses \n167 \n(27) \n\n\nOther \n\n\n\n\n  DIRECTV intangible amortization (proportionate share) \n286 \n341 \n\n\n   Benefit-related (gain) loss, impairments of investment and other \n254 \n(111) \n\n\nAdjustments to Income Before Income Taxes \n707 \n203 \n\n\nTax impact of adjustments \n162 \n46 \n\n\nAdjustments to Net Income \n$                    545 \n$                    157 \n\n\n\n\nAdjusted 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, other income (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 impairments, benefit-related gains and losses, employee separation 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.\nAdjusted 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.\n\n\n\n\nAdjusted Operating Income, Adjusted Operating Income Margin, Adjusted EBITDA and Adjusted EBITDA Margin  \n\n\nDollars in millions \n\n\n\n\nFirst Quarter \n\n\n\n2024 \n2023 \n\n\nOperating Income \n$              5,847 \n$                6,002 \n\n\nAdjustments to Operating Expenses \n167 \n(27) \n\n\nAdjusted Operating Income \n$              6,014 \n$                5,975 \n\n\n\n\n\n\n\nEBITDA \n$            10,894 \n$              10,633 \n\n\nAdjustments to Operations and Support Expenses \n152 \n(44) \n\n\nAdjusted EBITDA \n$            11,046 \n$              10,589 \n\n\n\n\n\n\n\nTotal Operating Revenues \n$            30,028 \n$              30,139 \n\n\n\n\n\n\n\nOperating Income Margin \n19.5 % \n19.9 % \n\n\nAdjusted Operating Income Margin \n20.0 % \n19.8 % \n\n\nAdjusted EBITDA Margin \n36.8 % \n35.1 % \n\n\n\n\n\nAdjusted Diluted EPS \n\n\n\nFirst Quarter \n\n\n\n2024 \n2023 \n\n\nDiluted Earnings Per Share (EPS) \n$                0.47 \n$                  0.57 \n\n\n  DIRECTV intangible amortization (proportionate share) \n0.03 \n0.04 \n\n\n   Restructuring and impairments \n0.06 \n— \n\n\n   Benefit-related, transaction and other costs \n(0.01) \n(0.01) \n\n\nAdjusted EPS \n$                0.55 \n$                  0.60 \n\n\nYear-over-year growth - Adjusted \n-8.3 % \n\n\n\nWeighted Average Common Shares Outstanding with Dilution (000,000) \n7,193 \n7,474 \n\n\n\n\nNet Debt to Adjusted EBITDA\nNet 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 deposits at financial institutions that are greater than 90 days (e.g., certificates of deposit and time deposits), from the sum of debt maturing within one year and long-term debt.\n\n\n\n\nNet Debt to Adjusted EBITDA - 2024 \n\n\nDollars in millions \n\n\n\n\n\n\n\n\nThree Months Ended \n\n\n\n\n\nJune 30, \n\nSept. 30, \n\nDec.  31, \n\nMarch 31, \n\nFour Quarters \n\n\n\n20231 \n\n20231 \n\n20231 \n\n2024 \n\n\n\nAdjusted EBITDA \n$           11,053 \n\n$           11,203 \n\n$           10,555 \n\n$          11,046 \n\n$            43,857 \n\n\nEnd-of-period current debt \n\n\n\n\n\n\n\n\n7,060 \n\n\nEnd-of-period long-term debt \n\n\n\n\n\n\n\n\n125,704 \n\n\nTotal End-of-Period Debt \n\n\n\n\n\n\n\n\n132,764 \n\n\nLess: Cash and Cash Equivalents \n\n\n\n\n\n\n\n\n3,520 \n\n\nLess: Time Deposits \n\n\n\n\n\n\n\n\n500 \n\n\nNet Debt Balance \n\n\n\n\n\n\n\n\n128,744 \n\n\nAnnualized Net Debt to Adjusted EBITDA Ratio  \n\n\n\n\n\n\n\n\n2.94 \n\n\n 1 As reported in AT&T's Form 8-K filed January 24, 2024. \n\n\n\n\n\nNet Debt to Adjusted EBITDA - 2023 \n\n\nDollars in millions \n\n\n\n\n\n\n\n\nThree Months Ended \n\n\n\n\n\nJune 30, \n\nSept. 30, \n\nDec. 31, \n\nMarch 31, \n\nFour Quarters \n\n\n\n20221 \n\n20221 \n\n20221 \n\n20231 \n\n\n\nAdjusted EBITDA \n$           10,330 \n\n$           10,714 \n\n$           10,231 \n\n$          10,589 \n\n$            41,864 \n\n\nEnd-of-period current debt \n\n\n\n\n\n\n\n\n13,757 \n\n\nEnd-of-period long-term debt \n\n\n\n\n\n\n\n\n123,727 \n\n\nTotal End-of-Period Debt \n\n\n\n\n\n\n\n\n137,484 \n\n\nLess: Cash and Cash Equivalents \n\n\n\n\n\n\n\n\n2,821 \n\n\nNet Debt Balance \n\n\n\n\n\n\n\n\n134,663 \n\n\nAnnualized Net Debt to Adjusted EBITDA Ratio \n\n\n\n\n\n\n\n\n3.22 \n\n\n 1 As reported in AT&T's Form 8-K filed January 24, 2024. \n\n\n\n\nSupplemental Operational Measures\nAs a supplemental presentation to our Communications segment operating results, we are providing a view of our AT&T Business Solutions results which includes both wireless and fixed operations. This combined view presents a complete profile of the entire business customer relationship and underscores the importance of mobile solutions to serving our business customers. Our supplemental presentation of business solutions operations is calculated by combining our Mobility and Business Wireline operating units, and then adjusting to remove non-business operations. The following table presents a reconciliation of our supplemental Business Solutions results.\n\n\n\n\nSupplemental Operational Measure \n\n\n\nFirst Quarter \n\n\n\n\nMarch 31, 2024 \n\nMarch 31, 2023 \n\n\n\n\nMobility \nBusiness Wireline \nAdj.1 \nBusiness Solutions \n\nMobility \nBusiness Wireline \nAdj.1 \nBusiness Solutions \nPercent Change \n\n\nOperating Revenues \n\n\n\n\n\n\n\n\n\n\n\n\nWireless service \n$    15,994 \n$          — \n$ (13,608) \n$   2,386 \n\n$    15,483 \n$          — \n$ (13,203) \n$   2,280 \n4.6 % \n\n\nWireline service \n— \n4,700 \n— \n4,700 \n\n— \n5,200 \n— \n5,200 \n(9.6) % \n\n\nWireless equipment \n4,600 \n— \n(3,834) \n766 \n\n5,099 \n— \n(4,326) \n773 \n(0.9) % \n\n\nWireline equipment \n— \n213 \n— \n213 \n\n— \n131 \n— \n131 \n62.6 % \n\n\nTotal Operating Revenues \n20,594 \n4,913 \n(17,442) \n8,065 \n\n20,582 \n5,331 \n(17,529) \n8,384 \n(3.8) % \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nOperating Expenses \n\n\n\n\n\n\n\n\n\n\n\n\nOperations and support \n11,639 \n3,487 \n(9,526) \n5,600 \n\n12,213 \n3,623 \n(10,196) \n5,640 \n(0.7) % \n\n\nEBITDA \n8,955 \n1,426 \n(7,916) \n2,465 \n\n8,369 \n1,708 \n(7,333) \n2,744 \n(10.2) % \n\n\nDepreciation and amortization \n2,487 \n1,362 \n(2,033) \n1,816 \n\n2,098 \n1,330 \n(1,712) \n1,716 \n5.8 % \n\n\nTotal Operating Expenses \n14,126 \n4,849 \n(11,559) \n7,416 \n\n14,311 \n4,953 \n(11,908) \n7,356 \n0.8 % \n\n\nOperating Income \n$      6,468 \n$          64 \n$   (5,883) \n$      649 \n\n$      6,271 \n$        378 \n$   (5,621) \n$   1,028 \n(36.9) % \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nOperating Income Margin \n\n\n\n8.0 % \n\n\n\n\n12.3 % \n   (430) BP \n\n\n1 Non-business wireless reported in the Communications segment under the Mobility business unit.  \n\n\n\n\n© 2024 AT&T Intellectual Property. All rights reserved. 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