Enhanced Investments - Financial Portal

Published: 2022-07-21 06:28:46 ET

EX-99.1 2 t-2q2022801exhibit991.htm EX-99.1 AT&T INC. SELECTED FINANCIAL STATEMENTS AND OPERATING DATA Document


AT&T Inc.
Financial Data

Consolidated Statements of Income
Dollars in millions except per share amounts
Unaudited	Second Quarter				Percent		Six-Month Period				Percent
	2022		2021		Change		2022		2021		Change
Operating Revenues
Service	$	24,268	$	30,651	(20.8)	%	$	48,267	$	61,093	(21.0)	%
Equipment	5,375		5,089		5.6	%	11,088		10,524		5.4	%
Total Operating Revenues	29,643		35,740		(17.1)	%	59,355		71,617		(17.1)	%

Operating Expenses
Cost of revenues
Equipment	5,534		5,315		4.1	%	11,570		10,841		6.7	%
Broadcast, programming and operations	—		3,397		—	%	—		6,989		—	%
Other cost of revenues (exclusive of depreciation and amortization shown separately below)	6,807		7,446		(8.6)	%	13,506		14,919		(9.5)	%
Selling, general and administrative	7,265		7,581		(4.2)	%	14,243		15,207		(6.3)	%
Asset impairments and abandonments and restructuring	631		—		—	%	631		—		—	%
Depreciation and amortization	4,450		4,429		0.5	%	8,912		8,895		0.2	%
Total Operating Expenses	24,687		28,168		(12.4)	%	48,862		56,851		(14.1)	%
Operating Income	4,956		7,572		(34.5)	%	10,493		14,766		(28.9)	%
Interest Expense	1,502		1,640		(8.4)	%	3,128		3,463		(9.7)	%
Equity in Net Income (Loss) of Affiliates	504		(18)		—	%	1,025		(24)		—	%
Other Income (Expense) — Net	2,302		1,206		90.9	%	4,459		5,436		(18.0)	%
Income from Continuing Operations Before Income Taxes	6,260		7,120		(12.1)	%	12,849		16,715		(23.1)	%
Income tax expense on continuing operations	1,509		1,151		31.1	%	2,949		3,160		(6.7)	%
Income From Continuing Operations	4,751		5,969		(20.4)	%	9,900		13,555		(27.0)	%
Income (loss) from discontinued operations, net of tax	(214)		(4,095)		94.8	%	(199)		(3,739)		94.7	%
Net Income	4,537		1,874		—	%	9,701		9,816		(1.2)	%
Less: Net Income Attributable to Noncontrolling Interest	(380)		(304)		(25.0)	%	(734)		(696)		(5.5)	%
Net Income Attributable to AT&T	$	4,157	$	1,570	—	%	$	8,967	$	9,120	(1.7)	%
Less: Preferred Stock Dividends	(52)		(56)		7.1	%	(100)		(106)		5.7	%
Net Income Attributable to Common Stock	$	4,105	$	1,514	—	%	$	8,867	$	9,014	(1.6)	%

Basic Earnings Per Share Attributable to Common Stock
From continuing operations	$	0.60	$	0.77	(22.1)	%	$	1.26	$	1.76	(28.4)	%
From discontinued operations	$	(0.03)	$	(0.56)	94.6	%	$	(0.03)	$	(0.51)	94.1	%
	$	0.57	$	0.21	—	%	$	1.23	$	1.25	(1.6)	%
Weighted Average Common Shares Outstanding (000,000)	7,169		7,168		—	%	7,176		7,165		0.2	%
Diluted Earnings Per Share Attributable to Common Stock 1
From continuing operations	$	0.59	$	0.76	(22.4)	%	$	1.23	$	1.73	(28.9)	%
From discontinued operations	$	(0.03)	$	(0.54)	94.4	%	$	(0.02)	$	(0.49)	95.9	%
	$	0.56	$	0.22	—	%	$	1.21	$	1.24	(2.4)	%
Weighted Average Common Shares Outstanding with Dilution (000,000) 1	7,611		7,484		1.7	%	7,584		7,483		1.3	%
1Reflects retrospective adoption of Accounting Standards Update (ASU) No. 2020-06


AT&T Inc.
Financial Data

Consolidated Balance Sheets
Dollars in millions
Unaudited	Jun. 30,		Dec. 31,
	2022		2021
Assets
Current Assets
Cash and cash equivalents	$	4,018	$	19,223
Accounts receivable – net of related allowances for credit loss of $655 and $658	11,377		12,313
Inventories	3,241		3,325
Prepaid and other current assets	15,764		16,131
Assets from discontinued operations	85		119,776
Total current assets	34,485		170,768

Property, Plant and Equipment – Net	125,135		121,649
Goodwill	92,746		92,740
Licenses – Net	123,557		113,830


Other Intangible Assets – Net	5,371		5,391
Investments in and Advances to Equity Affiliates	4,523		6,168
Operating Lease Right-Of-Use Assets	21,808		21,824

Other Assets	18,808		19,252
Total Assets	$	426,433	$	551,622
Liabilities and Stockholders’ Equity
Current Liabilities
Debt maturing within one year	$	6,210	$	24,620
Note payable to DIRECTV	619		1,245
Accounts payable and accrued liabilities	35,459		39,095
Advanced billings and customer deposits	3,603		3,966
Dividends payable	2,013		3,749
Liabilities from discontinued operations	85		33,555
Total current liabilities	47,989		106,230
Long-Term Debt	129,747		151,011
Deferred Credits and Other Noncurrent Liabilities
Deferred income taxes	55,301		53,767
Postemployment benefit obligation	9,775		12,560
Operating lease liabilities	18,749		18,956
Other noncurrent liabilities	28,365		25,243

Total deferred credits and other noncurrent liabilities	112,190		110,526
Stockholders’ Equity
Preferred stock	—		—
Common stock	7,621		7,621
Additional paid-in capital	124,050		130,112
Retained earnings	2,128		42,350
Treasury stock	(17,160)		(17,280)
Accumulated other comprehensive income	2,307		3,529
Noncontrolling interest	17,561		17,523
Total stockholders’ equity	136,507		183,855
Total Liabilities and Stockholders’ Equity	$	426,433	$	551,622


AT&T Inc.
Financial Data

Consolidated Statements of Cash Flows
Dollars in millions
Unaudited	Six-Month Period
	2022		2021
Operating Activities
Income from continuing operations	$	9,900	$	13,555
Adjustments to reconcile income from continuing operations to net cash provided by operating activities from continuing operations:
Depreciation and amortization	8,912		8,895


Provision for uncollectible accounts	870		606
Deferred income tax expense	2,324		3,525
Net (gain) loss on investments, net of impairments	333		(310)
Pension and postretirement benefit expense (credit)	(1,735)		(1,903)
Actuarial (gain) loss on pension and postretirement benefits	(2,398)		(2,647)
Asset impairments and abandonments and restructuring	631		—
Changes in operating assets and liabilities:
Receivables	1,292		796
Other current assets	11		751
Accounts payable and other accrued liabilities	(3,905)		(4,108)
Equipment installment receivables and related sales	342		811
Deferred customer contract acquisition and fulfillment costs	(506)		394
Postretirement claims and contributions	(186)		(207)
Other - net	(515)		(375)
Total adjustments	5,470		6,228
Net Cash Provided by Operating Activities from Continuing Operations	15,370		19,783

Investing Activities
Capital expenditures	(9,476)		(7,581)
Acquisitions, net of cash acquired	(9,570)		(23,143)
Dispositions	22		375
Distributions from DIRECTV in excess of cumulative equity in earnings	1,638		—
Other - net	75		20
Net Cash Used in Investing Activities from Continuing Operations	(17,311)		(30,329)

Financing Activities
Net change in short-term borrowings with original maturities of three months or less	172		76
Issuance of other short-term borrowings	2,593		16,440
Repayment of other short-term borrowings	(15,613)		(857)
Issuance of long-term debt	479		9,097
Repayment of long-term debt	(24,213)		(1,096)
Repayment of note payable to DIRECTV	(722)		—
Payment of vendor financing	(3,337)		(2,994)
Purchase of treasury stock	(872)		(185)
Issuance of treasury stock	28		85
Dividends paid	(5,835)		(7,571)
Other - net	(2,144)		(892)
Net Cash (Used in) Provided by Financing Activities from Continuing Operations	(49,464)		12,103
Net (decrease) increase in cash and cash equivalents and restricted cash from continuing operations	(51,405)		1,557
Cash flows from Discontinued Operations:
Cash (used in) provided by operating activities	(3,731)		1,054
Cash provided by (used in) investing activities	872		(302)
Cash provided by (used in) financing activities	37,065		(203)
Net increase in cash and cash equivalents and restricted cash from discontinued operations	34,206		549
Net (decrease) increase in cash and cash equivalents and restricted cash	$	(17,199)	$	2,106
Cash and cash equivalents and restricted cash beginning of year	21,316		9,870
Cash and Cash Equivalents and Restricted Cash End of Period	$	4,117	$	11,976


AT&T Inc.
Consolidated Supplementary Data

Supplementary Financial Data
Dollars in millions except per share amounts
Unaudited	Second Quarter				Percent		Six-Month Period						Percent
	2022		2021		Change		2022			2021			Change
Capital expenditures
Purchase of property and equipment	$	4,867	$	3,677	32.4	%	$	9,399		$	7,487		25.5	%
Interest during construction - capital expenditures	41		33		24.2	%	77			94			(18.1)	%
Total Capital Expenditures	$	4,908	$	3,710	32.3	%	$	9,476		$	7,581		25.0	%

Acquisition, net of cash acquired

Spectrum acquisitions	$	8	$	10	(20.0)	%	$	8,964		$	22,886		(60.8)	%
Interest during construction - spectrum	318		257		23.7	%	606			257			—	%
Total Acquisitions	$	326	$	267	22.1	%	$	9,570		$	23,143		(58.6)	%



Dividends Declared per Common Share	$	0.2775	$	0.52	(46.6)	%	$	0.5550		$	1.04		(46.6)	%

End of Period Common Shares Outstanding (000,000)							7,126			7,140			(0.2)	%
Debt Ratio							49.9		%	49.7		%	20	BP
Total Employees							172,400			188,710			(8.6)	%

COMMUNICATIONS SEGMENT

The Communications segment provides wireless and wireline telecom and broadband services to consumers located in the U.S. and businesses globally. The Communications segment contains three reporting units: Mobility, Business Wireline, and Consumer Wireline.

Results have been recast to refine the allocation of shared infrastructure costs between the Communications segment and Corporate and Other.


Segment Results
Dollars in millions
Unaudited	Second Quarter				Percent		Six-Month Period				Percent
	2022		2021		Change		2022		2021		Change
Segment Operating Revenues
Mobility	$	19,926	$	18,936	5.2	%	$	40,001	$	37,970	5.3	%
Business Wireline	5,595		6,052		(7.6)	%	11,235		12,098		(7.1)	%
Consumer Wireline	3,174		3,140		1.1	%	6,335		6,238		1.6	%
Total Segment Operating Revenues	28,695		28,128		2.0	%	57,571		56,306		2.2	%

Operating Income
Mobility	6,212		6,007		3.4	%	12,065		12,051		0.1	%
Business Wireline	710		1,069		(33.6)	%	1,569		2,149		(27.0)	%
Consumer Wireline	304		308		(1.3)	%	621		615		1.0	%
Total Operating Income	$	7,226	$	7,384	(2.1)	%	$	14,255	$	14,815	(3.8)	%


Supplementary Operating Data
Subscribers and connections in thousands
Unaudited					June 30,		Percent
					2022	2021	Change
Broadband Connections
Broadband					15,136	14,988	1.0	%
DSL					373	493	(24.3)	%
Total Broadband Connections					15,509	15,481	0.2	%

Voice Connections
Retail Consumer Switched Access Lines					5,725	6,691	(14.4)	%
U-verse Consumer VoIP Connections					3,124	3,559	(12.2)	%
Total Retail Voice Connections					8,849	10,250	(13.7)	%

	Second Quarter		Percent		Six-Month Period		Percent
	2022	2021	Change		2022	2021	Change
Broadband Net Additions
Broadband	6	80	(92.5)	%	62	170	(63.5)	%
DSL	(30)	(34)	11.8	%	(57)	(73)	21.9	%
Total Broadband Net Additions	(24)	46	—	%	5	97	(94.8)	%

Mobility

Mobility provides nationwide wireless service and equipment.


Mobility Results
Dollars in millions
Unaudited	Second Quarter						Percent		Six-Month Period						Percent
	2022			2021			Change		2022			2021			Change
Operating Revenues
Service	$	15,004		$	14,346		4.6	%	$	29,728		$	28,394		4.7	%
Equipment	4,922			4,590			7.2	%	10,273			9,576			7.3	%
Total Operating Revenues	19,926			18,936			5.2	%	40,001			37,970			5.3	%

Operating Expenses
Operations and support	11,697			10,906			7.3	%	23,860			21,882			9.0	%
Depreciation and amortization	2,017			2,023			(0.3)	%	4,076			4,037			1.0	%
Total Operating Expenses	13,714			12,929			6.1	%	27,936			25,919			7.8	%
Operating Income	$	6,212		$	6,007		3.4	%	$	12,065		$	12,051		0.1	%



Operating Income Margin	31.2		%	31.7		%	(50)	BP	30.2		%	31.7		%	(150)	BP

Supplementary Operating Data
Subscribers and connections in thousands
Unaudited									June 30,						Percent
									2022			2021			Change
Mobility Subscribers
Postpaid									82,694			79,059			4.6	%
Postpaid phone									68,311			65,503			4.3	%
Prepaid									19,095			18,681			2.2	%
Reseller									5,480			6,406			(14.5)	%
Connected Devices									96,104			87,500			9.8	%
Total Mobility Subscribers1									203,373			191,646			6.1	%
1Wireless subscribers at June 30, 2022 includes a reduction of 10.7 million subscribers and connections (899 postpaid, including 438 phone, 234 prepaid, 749 reseller subscribers, and 8.8 million connected devices) resulting from our 3G network shutdown in February 2022.

	Second Quarter						Percent		Six-Month Period						Percent
	2022			2021			Change		2022			2021			Change
Mobility Net Additions
Postpaid Phone Net Additions	813			789			3.0	%	1,504			1,384			8.7	%
Total Phone Net Additions	1,009			963			4.8	%	1,813			1,765			2.7	%

Postpaid	1,058			1,156			(8.5)	%	2,023			1,979			2.2	%
Prepaid	231			297			(22.2)	%	347			576			(39.8)	%
Reseller	21			(125)			—	%	4			(193)			—	%
Connected Devices	5,292			4,209			25.7	%	9,760			6,726			45.1	%
Total Mobility Net Additions	6,602			5,537			19.2	%	12,134			9,088			33.5	%

Postpaid Churn	0.93		%	0.87		%	6	BP	0.93		%	0.90		%	3 BP
Postpaid Phone-Only Churn	0.75		%	0.69		%	6	BP	0.77		%	0.73		%	4 BP

Business Wireline

Business Wireline provides advanced IP-based services, as well as traditional voice and data services and related equipment to business customers.


Business Wireline Results
Dollars in millions
Unaudited	Second Quarter						Percent		Six-Month Period						Percent
	2022			2021			Change		2022			2021			Change
Operating Revenues
Service	$	5,416		$	5,860		(7.6)	%	$	10,894		$	11,732		(7.1)	%
Equipment	179			192			(6.8)	%	341			366			(6.8)	%
Total Operating Revenues	5,595			6,052			(7.6)	%	11,235			12,098			(7.1)	%

Operating Expenses
Operations and support	3,572			3,690			(3.2)	%	7,054			7,378			(4.4)	%
Depreciation and amortization	1,313			1,293			1.5	%	2,612			2,571			1.6	%
Total Operating Expenses	4,885			4,983			(2.0)	%	9,666			9,949			(2.8)	%
Operating Income	$	710		$	1,069		(33.6)	%	$	1,569		$	2,149		(27.0)	%



Operating Income Margin	12.7		%	17.7		%	(500)	BP	14.0		%	17.8		%	(380)	BP

Consumer Wireline

Consumer Wireline provides broadband, including fiber, and legacy telephony voice communication services to residential customers.


Consumer Wireline Results
Dollars in millions
Unaudited	Second Quarter						Percent		Six-Month Period						Percent
	2022			2021			Change		2022			2021			Change
Operating Revenues
Broadband	$	2,393		$	2,266		5.6	%	$	4,748		$	4,471		6.2	%
Legacy voice and data services	445			504			(11.7)	%	905			1,023			(11.5)	%
Other service and equipment	336			370			(9.2)	%	682			744			(8.3)	%
Total Operating Revenues	3,174			3,140			1.1	%	6,335			6,238			1.6	%

Operating Expenses
Operations and support	2,085			2,063			1.1	%	4,163			4,092			1.7	%
Depreciation and amortization	785			769			2.1	%	1,551			1,531			1.3	%
Total Operating Expenses	2,870			2,832			1.3	%	5,714			5,623			1.6	%
Operating Income	$	304		$	308		(1.3)	%	$	621		$	615		1.0	%



Operating Income Margin	9.6		%	9.8		%	(20)	BP	9.8		%	9.9		%	(10)	BP

Supplementary Operating Data
Subscribers and connections in thousands
Unaudited									June 30,						Percent
									2022			2021			Change
Broadband Connections
Total Broadband and DSL Connections									14,105			14,174			(0.5)	%
Broadband									13,825			13,818			0.1	%
Fiber Broadband Connections									6,597			5,432			21.4	%

Voice Connections
Retail Consumer Switched Access Lines									2,228			2,631			(15.3)	%
U-verse Consumer VoIP Connections									2,521			2,965			(15.0)	%
Total Retail Consumer Voice Connections									4,749			5,596			(15.1)	%

	Second Quarter						Percent		Six-Month Period						Percent
	2022			2021			Change		2022			2021			Change
Broadband Net Additions
Total Broadband and DSL Net Additions	(43)			28			—	%	(55)			74			—	%
Broadband	(25)			51			—	%	(20)			125			—	%
Fiber Broadband Net Additions	316			246			28.5	%	605			481			25.8	%

Business Solutions

As 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.


Business Solutions Results
Dollars in millions
Unaudited	Second Quarter						Percent		Six-Month Period						Percent
	2022			2021			Change		2022			2021			Change
Operating Revenues
Wireless service	$	2,175		$	2,025		7.4	%	$	4,309		$	3,994		7.9	%
Wireline service	5,416			5,860			(7.6)	%	10,894			11,732			(7.1)	%
Wireless equipment	874			781			11.9	%	1,773			1,571			12.9	%
Wireline equipment	179			192			(6.8)	%	341			366			(6.8)	%
Total Operating Revenues	8,644			8,858			(2.4)	%	17,317			17,663			(2.0)	%

Operating Expenses
Operations and support	5,684			5,643			0.7	%	11,292			11,162			1.2	%
Depreciation and amortization	1,666			1,638			1.7	%	3,326			3,252			2.3	%
Total Operating Expenses	7,350			7,281			0.9	%	14,618			14,414			1.4	%
Operating Income	$	1,294		$	1,577		(17.9)	%	$	2,699		$	3,249		(16.9)	%



Operating Income Margin	15.0		%	17.8		%	(280)	BP	15.6		%	18.4		%	(280)	BP

LATIN AMERICA SEGMENT

The segment provides wireless services and equipment to customers in Mexico.


Segment Results
Dollars in millions
Unaudited	Second Quarter						Percent		Six-Month Period						Percent
	2022			2021			Change		2022			2021			Change
Operating Revenues
Wireless service	$	534		$	447		19.5	%	$	1,024		$	886		15.6	%
Wireless equipment	274			241			13.7	%	474			433			9.5	%
Total Segment Operating Revenues	808			688			17.4	%	1,498			1,319			13.6	%

Operating Expenses
Operations and support	721			667			8.1	%	1,352			1,287			5.1	%
Depreciation and amortization	169			150			12.7	%	330			295			11.9	%
Total Segment Operating Expenses	890			817			8.9	%	1,682			1,582			6.3	%
Operating Income (Loss)	$	(82)		$	(129)		36.4	%	$	(184)		$	(263)		30.0	%

Operating Income Margin	(10.1)		%	(18.8)		%	870	BP	(12.3)		%	(19.9)		%	760	BP

Supplementary Operating Data
Subscribers and connections in thousands
Unaudited									June 30,						Percent
									2022			2021			Change
Mexico Wireless Subscribers
Postpaid									4,835			4,745			1.9	%
Prepaid									15,422			13,810			11.7	%
Reseller									443			491			(9.8)	%
Total Mexico Wireless Subscribers									20,700			19,046			8.7	%

	Second Quarter						Percent		Six-Month Period						Percent
	2022			2021			Change		2022			2021			Change
Mexico Wireless Net Additions
Postpaid	25			20			25.0	%	28			49			(42.9)	%
Prepaid	187			54			—	%	365			52			—	%
Reseller	(15)			(9)			(66.7)	%	(55)			2			—	%
Total Mexico Wireless Net Additions	197			65			—	%	338			103			—	%

SUPPLEMENTAL SEGMENT RECONCILIATION


Three Months Ended
Dollars in millions
Unaudited
June 30, 2022
	Revenues		Operations and Support Expenses		EBITDA		Depreciation and Amortization		Operating Income (Loss)
Communications
Mobility	$	19,926	$	11,697	$	8,229	$	2,017	$	6,212
Business Wireline	5,595		3,572		2,023		1,313		710
Consumer Wireline	3,174		2,085		1,089		785		304
Total Communications	28,695		17,354		11,341		4,115		7,226
Latin America - Mexico	808		721		87		169		(82)
Segment Total	29,503		18,075		11,428		4,284		7,144
Corporate and Other
Corporate:
DTV-related retained costs	—		207		(207)		135		(342)
Parent administration support	(6)		303		(309)		4		(313)
Securitization fees	17		78		(61)		—		(61)
Value portfolio	129		37		92		10		82
Total Corporate	140		625		(485)		149		(634)





Reclassification of prior service credits	—		613		(613)		—		(613)
Merger & Significant Items	—		924		(924)		17		(941)

Total Corporate and Other	140		2,162		(2,022)		166		(2,188)
AT&T Inc.	$	29,643	$	20,237	$	9,406	$	4,450	$	4,956


Three Months Ended
Dollars in millions
Unaudited
June 30, 2021
	Revenues		Operations and Support Expenses		EBITDA		Depreciation and Amortization		Operating Income (Loss)
Communications
Mobility	$	18,936	$	10,906	$	8,030	$	2,023	$	6,007
Business Wireline	6,052		3,690		2,362		1,293		1,069
Consumer Wireline	3,140		2,063		1,077		769		308
Total Communications	28,128		16,659		11,469		4,085		7,384
Latin America - Mexico	688		667		21		150		(129)
Segment Total	28,816		17,326		11,490		4,235		7,255
Corporate and Other
Corporate:
DTV-related retained costs	—		—		—		—		—
Parent administration support	3		414		(411)		8		(419)
Securitization fees	15		12		3		—		3
Value portfolio	166		71		95		10		85
Total Corporate	184		497		(313)		18		(331)
Video	6,639		5,275		1,364		148		1,216



Held-for-sale and other reclassifications	158		96		62		—		62
Reclassification of prior service credits	—		672		(672)		—		(672)
Merger & Significant Items	—		(70)		70		28		42
Eliminations and consolidations	(57)		(57)		—		—		—
Total Corporate and Other	6,924		6,413		511		194		317
AT&T Inc.	$	35,740	$	23,739	$	12,001	$	4,429	$	7,572

SUPPLEMENTAL SEGMENT RECONCILIATION


Six Months Ended
Dollars in millions
Unaudited
June 30, 2022
	Revenues		Operations and Support Expenses		EBITDA		Depreciation and Amortization		Operating Income (Loss)
Communications
Mobility	$	40,001	$	23,860	$	16,141	$	4,076	$	12,065
Business Wireline	11,235		7,054		4,181		2,612		1,569
Consumer Wireline	6,335		4,163		2,172		1,551		621
Total Communications	57,571		35,077		22,494		8,239		14,255
Latin America - Mexico	1,498		1,352		146		330		(184)
Segment Total	59,069		36,429		22,640		8,569		14,071
Corporate and Other
Corporate:
DTV-related retained costs	8		335		(327)		269		(596)
Parent administration support	(18)		607		(625)		10		(635)
Securitization fees	33		160		(127)		—		(127)
Value portfolio	263		74		189		20		169
Total Corporate	286		1,176		(890)		299		(1,189)


Reclassification of prior service credits	—		1,230		(1,230)		—		(1,230)
Merger & Significant Items	—		1,115		(1,115)		44		(1,159)

Total Corporate and Other	286		3,521		(3,235)		343		(3,578)
AT&T Inc.	$	59,355	$	39,950	$	19,405	$	8,912	$	10,493


Six Months Ended
Dollars in millions
Unaudited
June 30, 2021
	Revenues		Operations and Support Expenses		EBITDA		Depreciation and Amortization		Operating Income (Loss)
Communications
Mobility	$	37,970	$	21,882	$	16,088	$	4,037	$	12,051
Business Wireline	12,098		7,378		4,720		2,571		2,149
Consumer Wireline	6,238		4,092		2,146		1,531		615
Total Communications	56,306		33,352		22,954		8,139		14,815
Latin America - Mexico	1,319		1,287		32		295		(263)
Segment Total	57,625		34,639		22,986		8,434		14,552
Corporate and Other
Corporate:
DTV-related retained costs	—		—		—		—		—
Parent administration support	(12)		787		(799)		15		(814)
Securitization fees	28		52		(24)		—		(24)
Value portfolio	342		115		227		20		207
Total Corporate	358		954		(596)		35		(631)
Video	13,364		10,935		2,429		312		2,117
Held-for-sale and other reclassifications	389		275		114		—		114
Reclassification of prior service credits	—		1,341		(1,341)		—		(1,341)
Merger & Significant Items	—		(69)		69		114		(45)
Eliminations and consolidations	(119)		(119)		—		—		—
Total Corporate and Other	13,992		13,317		675		461		214
AT&T Inc.	$	71,617	$	47,956	$	23,661	$	8,895	$	14,766

Enhanced Investments, Inc.
329 South Oyster Bay Road #2085
Plainview, NY 11803
team@eninvs.com

Important disclosures

Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.

Nothing on this website should be considered an offer, solicitation of an offer, or advice to buy or sell securities.
Past performance is no guarantee of future results. Any historical returns, expected returns [or probability projections] are hypothetical in nature and may not reflect actual future performance.
All the strategies assume investments in equity invstrumenta only and are more relevant for "agressive investment profile". Eastern European flagship strategy assumes using up to 20% leverage of total portfolio. GlobalCommodities and US Growth strategy currently assume no leverage.
Results for the Enhanced Investments strategies as compared to the performance of Illustrative Benchmarks is for informational purposes only. Our investment program does not mirror that of the Illustrative Benchmarks and the volatility may be materially different from the volatility of Illustrative Benchmarks. Reference or comparison to an Illustrative Benchmark does not imply that strategies of Enhanced Investments will be constructed in the same way as the Illustrative Benchmark or achieve returns, volatility, or other results similar to those of the Illustrative Benchmark. The S&P 500 is an unmanaged market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.
Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.