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Share Name | Share Symbol | Market | Type |
---|---|---|---|
AT&T Inc | NYSE:T | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.05 | -0.30% | 16.77 | 1,222 | 10:03:23 |
|
Delaware
|
1-8610
|
43-1301883
|
(State or Other Jurisdiction of Incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
208 S. Akard St., Dallas, Texas
|
75202
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
·
|
The slower than expected growth of AT&T Next gross adds and upgrades and the greater than expected number of BYOD (bring your own device) gross adds;
|
·
|
The sale of the Connecticut wireline property expected on October 24;
|
·
|
Exiting select low-margin wireline wholesale businesses.
|
|
AT&T INC.
|
|
|
|
|
|
|
Date: October 22, 2014
|
By: /s/ Paul W. Stephens
Paul W. Stephens
Senior Vice President and Controller
|
Financial Data
|
||||||||||||||||||||||||
AT&T Inc.
|
||||||||||||||||||||||||
Consolidated Statements of Income
|
||||||||||||||||||||||||
Dollars in millions except per share amounts
|
||||||||||||||||||||||||
Unaudited
|
Three Months Ended
|
Nine Months Ended
|
||||||||||||||||||||||
9/30/2014
|
9/30/2013
|
% Chg
|
9/30/2014
|
9/30/2013
|
% Chg
|
|||||||||||||||||||
Operating Revenues
|
$
|
32,957
|
$
|
32,158
|
2.5
|
%
|
$
|
98,008
|
$
|
95,589
|
2.5
|
%
|
||||||||||||
Operating Expenses
|
||||||||||||||||||||||||
Cost of services and sales (exclusive of depreciation and
amortization shown separately below)
|
14,541
|
13,403
|
8.5
|
%
|
42,074
|
39,227
|
7.3
|
%
|
||||||||||||||||
Selling, general and administrative
|
8,475
|
7,952
|
6.6
|
%
|
24,932
|
24,406
|
2.2
|
%
|
||||||||||||||||
Depreciation and amortization
|
4,539
|
4,615
|
-1.6
|
%
|
13,706
|
13,715
|
-0.1
|
%
|
||||||||||||||||
Total Operating Expenses
|
27,555
|
25,970
|
6.1
|
%
|
80,712
|
77,348
|
4.3
|
%
|
||||||||||||||||
Operating Income
|
5,402
|
6,188
|
-12.7
|
%
|
17,296
|
18,241
|
-5.2
|
%
|
||||||||||||||||
Interest Expense
|
1,016
|
829
|
22.6
|
%
|
2,757
|
2,481
|
11.1
|
%
|
||||||||||||||||
Equity in Net Income (Loss) of Affiliates
|
(2
|
)
|
91
|
-
|
188
|
494
|
-61.9
|
%
|
||||||||||||||||
Other Income (Expense) - Net
|
42
|
50
|
-16.0
|
%
|
1,456
|
370
|
-
|
|||||||||||||||||
Income Before Income Taxes
|
4,426
|
5,500
|
-19.5
|
%
|
16,183
|
16,624
|
-2.7
|
%
|
||||||||||||||||
Income Tax Expense
|
1,367
|
1,595
|
-14.3
|
%
|
5,769
|
5,066
|
13.9
|
%
|
||||||||||||||||
Net Income
|
3,059
|
3,905
|
-21.7
|
%
|
10,414
|
11,558
|
-9.9
|
%
|
||||||||||||||||
Less: Net Income Attributable to Noncontrolling Interest
|
(57
|
)
|
(91
|
)
|
37.4
|
%
|
(213
|
)
|
(222
|
)
|
4.1
|
%
|
||||||||||||
Net Income Attributable to AT&T
|
$
|
3,002
|
$
|
3,814
|
-21.3
|
%
|
$
|
10,201
|
$
|
11,336
|
-10.0
|
%
|
||||||||||||
Basic Earnings Per Share Attributable to AT&T
|
$
|
0.58
|
$
|
0.72
|
-19.4
|
%
|
$
|
1.96
|
$
|
2.10
|
-6.7
|
%
|
||||||||||||
Weighted Average Common
Shares Outstanding (000,000)
|
5,198
|
5,315
|
-2.2
|
%
|
5,208
|
5,402
|
-3.6
|
%
|
||||||||||||||||
Diluted Earnings Per Share Attributable to AT&T
|
$
|
0.58
|
$
|
0.72
|
-19.4
|
%
|
$
|
1.95
|
$
|
2.09
|
-6.7
|
%
|
||||||||||||
Weighted Average Common
Shares Outstanding with Dilution (000,000)
|
5,214
|
5,331
|
-2.2
|
%
|
5,224
|
5,419
|
-3.6
|
%
|
||||||||||||||||
Financial Data
|
||||||||||||||||||||||||||
AT&T Inc.
|
||||||||||||||||||||||||||
Statements of Segment Income
|
||||||||||||||||||||||||||
Dollars in millions
|
||||||||||||||||||||||||||
Unaudited
|
||||||||||||||||||||||||||
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||||||||||||
Wireless
|
9/30/2014
|
9/30/2013
|
% Chg
|
9/30/2014
|
9/30/2013
|
% Chg
|
||||||||||||||||||||
Segment Operating Revenues
|
||||||||||||||||||||||||||
Service
|
$
|
15,423
|
|
$
|
15,460
|
-0.2
|
%
|
$
|
45,958
|
|
$
|
45,892
|
0.1
|
%
|
||||||||||||
Equipment
|
2,914
|
2,020
|
44.3
|
%
|
8,175
|
5,570
|
46.8
|
%
|
||||||||||||||||||
Total Segment Operating Revenues
|
18,337
|
17,480
|
4.9
|
%
|
54,133
|
51,462
|
5.2
|
%
|
||||||||||||||||||
Segment Operating Expenses
|
||||||||||||||||||||||||||
Operations and support
|
11,855
|
10,982
|
7.9
|
%
|
34,305
|
31,932
|
7.4
|
%
|
||||||||||||||||||
Depreciation and amortization
|
1,965
|
1,875
|
4.8
|
%
|
5,931
|
5,553
|
6.8
|
%
|
||||||||||||||||||
Total Segment Operating Expenses
|
13,820
|
12,857
|
7.5
|
%
|
40,236
|
37,485
|
7.3
|
%
|
||||||||||||||||||
Segment Operating Income
|
4,517
|
4,623
|
-2.3
|
%
|
13,897
|
13,977
|
-0.6
|
%
|
||||||||||||||||||
Equity in Net Income (Loss) of Affiliates
|
(26
|
)
|
(18
|
)
|
-44.4
|
%
|
(75
|
)
|
(55
|
)
|
-36.4
|
%
|
||||||||||||||
Segment Income
|
$
|
4,491
|
|
$
|
4,605
|
-2.5
|
%
|
$
|
13,822
|
|
$
|
13,922
|
-0.7
|
%
|
||||||||||||
Segment Operating Income Margin
|
24.6
|
% |
|
26.4
|
%
|
25.7
|
% |
|
27.2
|
%
|
||||||||||||||||
Wireline
|
||||||||||||||||||||||||||
Segment Operating Revenues
|
||||||||||||||||||||||||||
Service
|
$
|
14,368
|
|
$
|
14,403
|
-0.2
|
%
|
$
|
43,165
|
|
$
|
43,266
|
-0.2
|
%
|
||||||||||||
Equipment
|
247
|
267
|
-7.5
|
%
|
688
|
832
|
-17.3
|
%
|
||||||||||||||||||
Total Segment Operating Revenues
|
14,615
|
14,670
|
-0.4
|
%
|
43,853
|
44,098
|
-0.6
|
%
|
||||||||||||||||||
Segment Operating Expenses
|
||||||||||||||||||||||||||
Operations and support
|
10,761
|
10,385
|
3.6
|
%
|
31,918
|
31,137
|
2.5
|
%
|
||||||||||||||||||
Depreciation and amortization
|
2,571
|
2,736
|
-6.0
|
%
|
7,769
|
8,146
|
-4.6
|
%
|
||||||||||||||||||
Total Segment Operating Expenses
|
13,332
|
13,121
|
1.6
|
%
|
39,687
|
39,283
|
1.0
|
%
|
||||||||||||||||||
Segment Operating Income
|
1,283
|
1,549
|
-17.2
|
%
|
4,166
|
4,815
|
-13.5
|
%
|
||||||||||||||||||
Equity in Net Income of Affiliates
|
1
|
-
|
-
|
2
|
1
|
-
|
||||||||||||||||||||
Segment Income
|
$
|
1,284
|
|
$
|
1,549
|
-17.1
|
%
|
$
|
4,168
|
|
$
|
4,816
|
-13.5
|
%
|
||||||||||||
Segment Operating Income Margin
|
8.8
|
% |
|
10.6
|
%
|
9.5
|
% |
|
10.9
|
%
|
Financial Data
|
||||||||
AT&T Inc.
|
||||||||
Consolidated Balance Sheets
|
||||||||
Dollars in millions
|
||||||||
9/30/14
|
12/31/13
|
|||||||
Unaudited
|
||||||||
Assets
|
||||||||
Current Assets
|
||||||||
Cash and cash equivalents
|
$
|
2,458
|
$
|
3,339
|
||||
Accounts receivable - net of allowances for doubtful accounts of $482 and $483
|
13,445
|
12,918
|
||||||
Prepaid expenses
|
869
|
960
|
||||||
Deferred income taxes
|
1,030
|
1,199
|
||||||
Other current assets
|
8,033
|
4,780
|
||||||
Total current assets
|
25,835
|
23,196
|
||||||
Property, Plant and Equipment - Net
|
115,134
|
110,968
|
||||||
Goodwill
|
70,131
|
69,273
|
||||||
Licenses
|
60,784
|
56,433
|
||||||
Other Intangible Assets - Net
|
6,252
|
5,779
|
||||||
Investments in and Advances to Equity Affiliates
|
166
|
3,860
|
||||||
Other Assets
|
9,637
|
8,278
|
||||||
Total Assets
|
$
|
287,939
|
$
|
277,787
|
||||
Liabilities and Stockholders' Equity
|
||||||||
Current Liabilities
|
||||||||
Debt maturing within one year
|
$
|
5,109
|
$
|
5,498
|
||||
Accounts payable and accrued liabilities
|
24,119
|
21,107
|
||||||
Advanced billing and customer deposits
|
4,038
|
4,212
|
||||||
Accrued taxes
|
4,328
|
1,774
|
||||||
Dividends payable
|
2,385
|
2,404
|
||||||
Total current liabilities
|
39,979
|
34,995
|
||||||
Long-Term Debt
|
70,516
|
69,290
|
||||||
Deferred Credits and Other Noncurrent Liabilities
|
||||||||
Deferred income taxes
|
37,393
|
36,308
|
||||||
Postemployment benefit obligation
|
29,918
|
29,946
|
||||||
Other noncurrent liabilities
|
17,014
|
15,766
|
||||||
Total deferred credits and other noncurrent liabilities
|
84,325
|
82,020
|
||||||
Stockholders' Equity
|
||||||||
Common stock
|
6,495
|
6,495
|
||||||
Additional paid-in capital
|
91,064
|
91,091
|
||||||
Retained earnings
|
34,165
|
31,141
|
||||||
Treasury stock
|
(47,037
|
)
|
(45,619
|
)
|
||||
Accumulated other comprehensive income
|
7,926
|
7,880
|
||||||
Noncontrolling interest
|
506
|
494
|
||||||
Total stockholders' equity
|
93,119
|
91,482
|
||||||
Total Liabilities and Stockholders' Equity
|
$
|
287,939
|
$
|
277,787
|
Financial Data
|
||||||||
AT&T Inc.
|
||||||||
Consolidated Statements of Cash Flows
|
||||||||
Dollars in millions
|
||||||||
Unaudited
|
Nine Months Ended
September 30,
|
|||||||
2014
|
2013
|
|||||||
Operating Activities
|
||||||||
Net income
|
$
|
10,414
|
$
|
11,558
|
||||
Adjustments to reconcile net income to
|
||||||||
net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
13,706
|
13,715
|
||||||
Undistributed earnings from investments in equity affiliates
|
(45
|
)
|
(232
|
)
|
||||
Provision for uncollectible accounts
|
692
|
653
|
||||||
Deferred income tax expense
|
1,304
|
2,505
|
||||||
Net gain from sale of investments, net of impairments
|
(1,374
|
)
|
(272
|
)
|
||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable
|
(1,269
|
)
|
(440
|
)
|
||||
Other current assets
|
(813
|
)
|
520
|
|||||
Accounts payable and accrued liabilities
|
4,763
|
(420
|
)
|
|||||
Retirement benefit funding
|
(420
|
)
|
(175
|
)
|
||||
Other - net
|
(1,365
|
)
|
(533
|
)
|
||||
Total adjustments
|
15,179
|
15,321
|
||||||
Net Cash Provided by Operating Activities
|
25,593
|
26,879
|
||||||
Investing Activities
|
||||||||
Construction and capital expenditures:
|
||||||||
Capital expenditures
|
(16,829
|
)
|
(15,565
|
)
|
||||
Interest during construction
|
(178
|
)
|
(213
|
)
|
||||
Acquisitions, net of cash acquired
|
(2,053
|
)
|
(4,025
|
)
|
||||
Dispositions
|
6,074
|
846
|
||||||
Purchases of securities, net
|
(1,996
|
)
|
-
|
|||||
Return of advances to and investments in equity affiliates
|
3
|
301
|
||||||
Other
|
(1
|
)
|
(4
|
)
|
||||
Net Cash Used in Investing Activities
|
(14,980
|
)
|
(18,660
|
)
|
||||
Financing Activities
|
||||||||
Net change in short-term borrowings with
|
||||||||
original maturities of three months or less
|
(16
|
)
|
1,851
|
|||||
Issuance of other short-term borrowings
|
-
|
1,476
|
||||||
Repayment of other short-term borrowings
|
-
|
(1,476
|
)
|
|||||
Issuance of long-term debt
|
8,564
|
6,416
|
||||||
Repayment of long-term debt
|
(10,376
|
)
|
(2,131
|
)
|
||||
Purchase of treasury stock
|
(1,617
|
)
|
(11,134
|
)
|
||||
Issuance of treasury stock
|
34
|
108
|
||||||
Dividends paid
|
(7,170
|
)
|
(7,325
|
)
|
||||
Other
|
(913
|
)
|
499
|
|||||
Net Cash Used in Financing Activities
|
(11,494
|
)
|
(11,716
|
)
|
||||
Net decrease in cash and cash equivalents
|
(881
|
)
|
(3,497
|
)
|
||||
Cash and cash equivalents beginning of year
|
3,339
|
4,868
|
||||||
Cash and Cash Equivalents End of Period
|
$
|
2,458
|
$ |
1,371
|
Financial Data
|
|
|||||||||||||||||||||||
AT&T Inc.
|
||||||||||||||||||||||||
Supplementary Operating and Financial Data
|
||||||||||||||||||||||||
Dollars in millions except per share amounts, subscribers and connections in (000s)
|
||||||||||||||||||||||||
Unaudited
|
Three Months Ended
|
Nine Months Ended
|
||||||||||||||||||||||
9/30/2014
|
9/30/2013
|
% Chg
|
9/30/2014
|
9/30/2013
|
% Chg
|
|||||||||||||||||||
Wireless
|
||||||||||||||||||||||||
Subscribers and Connections
|
||||||||||||||||||||||||
Total
|
118,650
|
109,460
|
8.4
|
%
|
||||||||||||||||||||
Postpaid
|
75,105
|
72,032
|
4.3
|
%
|
||||||||||||||||||||
Prepaid
|
11,179
|
7,425
|
50.6
|
%
|
||||||||||||||||||||
Reseller
|
13,884
|
14,089
|
-1.5
|
%
|
||||||||||||||||||||
Connected Devices
|
18,482
|
15,914
|
16.1
|
%
|
||||||||||||||||||||
Wireless Net Adds
|
||||||||||||||||||||||||
Total
|
2,007
|
989
|
-
|
3,703
|
1,912
|
93.7
|
%
|
|||||||||||||||||
Postpaid
|
785
|
363
|
-
|
2,436
|
1,210
|
-
|
||||||||||||||||||
Prepaid
|
(140
|
)
|
192
|
-
|
(595
|
)
|
19
|
-
|
||||||||||||||||
Reseller
|
87
|
(285
|
)
|
-
|
(281
|
)
|
(951
|
)
|
70.5
|
%
|
||||||||||||||
Connected Devices
|
1,275
|
719
|
77.3
|
%
|
2,143
|
1,634
|
31.2
|
%
|
||||||||||||||||
M&A Activity, Partitioned Customers and Other Adjs.
|
9
|
587
|
-98.5
|
% |
4,571
|
591
|
-
|
|||||||||||||||||
Wireless Churn
|
||||||||||||||||||||||||
Postpaid Churn
|
0.99
|
%
|
1.07
|
%
|
-8 BP
|
0.97
|
%
|
1.04
|
%
|
-7 BP
|
||||||||||||||
Total Churn
|
1.36
|
%
|
1.31
|
%
|
5 BP
|
1.41
|
%
|
1.35
|
%
|
6 BP
|
||||||||||||||
Other
|
||||||||||||||||||||||||
Licensed POPs (000,000)
|
321
|
317
|
1.3
|
%
|
||||||||||||||||||||
Wireline
|
||||||||||||||||||||||||
Voice
|
||||||||||||||||||||||||
Total Wireline Voice Connections
|
26,220
|
29,296
|
-10.5
|
%
|
||||||||||||||||||||
Net Change
|
(738
|
)
|
(932
|
)
|
20.8
|
%
|
(2,269
|
)
|
(2,888
|
)
|
21.4
|
%
|
||||||||||||
Broadband
|
||||||||||||||||||||||||
Total Wireline Broadband Connections
|
16,486
|
16,427
|
0.4
|
%
|
||||||||||||||||||||
Net Change
|
38
|
(26
|
)
|
-
|
61
|
37
|
64.9
|
%
|
||||||||||||||||
Video
|
||||||||||||||||||||||||
Total U-verse Video Connections
|
6,067
|
5,266
|
15.2
|
%
|
||||||||||||||||||||
Net Change
|
216
|
265
|
-18.5
|
%
|
607
|
730
|
-16.8
|
%
|
||||||||||||||||
Consumer Revenue Connections
|
||||||||||||||||||||||||
Broadband1
|
14,844
|
14,665
|
1.2
|
%
|
||||||||||||||||||||
U-verse Video Connections
|
6,045
|
5,249
|
15.2
|
%
|
||||||||||||||||||||
Voice2
|
14,880
|
16,749
|
-11.2
|
%
|
||||||||||||||||||||
Total Consumer Revenue Connections1
|
35,769
|
36,663
|
-2.4
|
%
|
||||||||||||||||||||
Net Change
|
(156
|
)
|
(345
|
)
|
54.8
|
%
|
(621
|
)
|
(1,004
|
)
|
38.1
|
%
|
||||||||||||
AT&T Inc.
|
||||||||||||||||||||||||
Construction and capital expenditures:
|
||||||||||||||||||||||||
Capital expenditures
|
$
|
5,180
|
$
|
5,900
|
-12.2
|
%
|
$
|
16,829
|
$
|
15,565
|
8.1
|
%
|
||||||||||||
Interest during construction
|
$
|
60
|
$
|
73
|
-17.8
|
%
|
$
|
178
|
$
|
213
|
-16.4
|
%
|
||||||||||||
Dividends Declared per Share
|
$
|
0.46
|
$
|
0.45
|
2.2
|
%
|
$
|
1.38
|
$
|
1.35
|
2.2
|
%
|
||||||||||||
End of Period Common Shares Outstanding (000,000)
|
5,185
|
5,280
|
-1.8
|
%
|
||||||||||||||||||||
Debt Ratio3
|
44.8
|
%
|
46.9
|
%
|
-210 BP
|
|||||||||||||||||||
Total Employees
|
247,700
|
246,740
|
0.4
|
%
|
||||||||||||||||||||
1
|
Consumer wireline broadband connections include DSL lines, U-verse high speed Internet access and satellite broadband.
|
|
2
|
Includes consumer U-verse Voice over Internet Protocol connections of 4,698 as of September 30, 2014.
|
|
3
|
Total long-term debt plus debt maturing within one year divided by total debt plus total stockholders' equity.
|
|
Note: For the end of 3Q14, total switched access lines were 21,464; retail business switched access lines totaled 9,509; and wholesale,
|
||
national mass markets and coin switched access lines totaled 1,773. Restated switched access lines do not include ISDN lines.
|
1 Year AT&T Chart |
1 Month AT&T Chart |
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