Enhanced Investments - Financial Portal

Published: 2022-04-21 06:26:43 ET

EX-99.1 2 t-1q2022801exhibit991.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	First Quarter			Percent
		2022		2021		Change
Operating Revenues
Service		$	32,392	$	38,504	(15.9)	%
Equipment		5,713		5,435		5.1	%
Total Operating Revenues		38,105		43,939		(13.3)	%

Operating Expenses
Cost of revenues
Equipment		6,038		5,556		8.7	%
Broadcast, programming and operations		4,313		7,538		(42.8)	%
Other cost of revenues (exclusive of depreciation and amortization shown separately below)		7,206		7,993		(9.8)	%
Selling, general and administrative		9,368		9,382		(0.1)	%
Depreciation and amortization		5,539		5,809		(4.6)	%
Total Operating Expenses		32,464		36,278		(10.5)	%
Operating Income		5,641		7,661		(26.4)	%
Interest Expense		1,722		1,870		(7.9)	%
Equity in Net Income (Loss) of Affiliates		501		52		—	%
Other Income (Expense) — Net		2,187		4,221		(48.2)	%
Income Before Income Taxes		6,607		10,064		(34.4)	%
Income Tax Expense		1,443		2,122		(32.0)	%
Net Income		5,164		7,942		(35.0)	%
Less: Net Income Attributable to Noncontrolling Interest		(354)		(392)		9.7	%
Net Income Attributable to AT&T		$	4,810	$	7,550	(36.3)	%
Less: Preferred Stock Dividends		(48)		(50)		4.0	%
Net Income Attributable to Common Stock		$	4,762	$	7,500	(36.5)	%

Basic Earnings Per Share Attributable to Common Stock		$	0.66	$	1.04	(36.5)	%
Weighted Average Common Shares Outstanding (000,000)		7,184		7,161		0.3	%
Diluted Earnings Per Share Attributable to Common Stock1		$	0.65	$	1.02	(36.3)	%
Weighted Average Common Shares Outstanding with Dilution (000,000)1		7,556		7,482		1.0	%
1Reflects retrospective adoption of Accounting Standards Update (ASU) No. 2020-06


AT&T Inc.
Financial Data

Consolidated Balance Sheets
Dollars in millions
Unaudited	Mar. 31,		Dec. 31,
	2022		2021
Assets
Current Assets
Cash and cash equivalents	$	38,565	$	21,169
Accounts receivable – net of related allowances for credit loss of $788 and $771	17,218		17,571
Inventories	3,153		3,464
Prepaid and other current assets	17,920		17,793
Total current assets	76,856		59,997
Noncurrent Inventories and Theatrical Film and Television Production Costs	19,803		18,983
Property, Plant and Equipment – Net	127,159		125,904
Goodwill	133,247		133,223
Licenses – Net	114,107		113,830
Trademarks and Trade Names – Net	21,781		21,938
Distribution Networks – Net	11,486		11,942
Other Intangible Assets – Net	11,452		11,783
Investments in and Advances to Equity Affiliates	5,943		7,274
Operating Lease Right-Of-Use Assets	23,941		24,180
Deposits on Wireless Licenses	9,129		—
Other Assets	22,291		22,568
Total Assets	$	577,195	$	551,622
Liabilities and Stockholders’ Equity
Current Liabilities
Debt maturing within one year	$	27,333	$	24,630
Note payable to DIRECTV	1,047		1,245
Accounts payable and accrued liabilities	46,845		50,661
Advanced billings and customer deposits	5,183		5,303
Dividends payable	2,086		3,749
Total current liabilities	82,494		85,588
Long-Term Debt	180,225		152,724
Deferred Credits and Other Noncurrent Liabilities
Deferred income taxes	65,963		65,226
Postemployment benefit obligation	11,294		12,649
Operating lease liabilities	20,917		21,261
Other noncurrent liabilities	29,746		30,223
Noncurrent portion of note payable to DIRECTV	—		96
Total deferred credits and other noncurrent liabilities	127,920		129,455
Stockholders’ Equity
Preferred stock	—		—
Common stock	7,621		7,621
Additional paid-in capital	129,637		130,112
Retained earnings	45,041		42,350
Treasury stock	(16,553)		(17,280)
Accumulated other comprehensive income	3,290		3,529
Noncontrolling interest	17,520		17,523
Total stockholders’ equity	186,556		183,855
Total Liabilities and Stockholders’ Equity	$	577,195	$	551,622


AT&T Inc.
Financial Data

Consolidated Statements of Cash Flows
Dollars in millions
Unaudited	First Quarter
	2022		2021
Operating Activities
Net income	$	5,164	$	7,942
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	5,539		5,809
Amortization of film and television costs	3,009		2,886
Distributed (undistributed) earnings from investments in equity affiliates	26		(47)
Provision for uncollectible accounts	460		321
Deferred income tax expense	932		1,848
Net (gain) loss on investments, net of impairments	93		(119)
Pension and postretirement benefit expense (credit)	(937)		(974)
Actuarial (gain) loss on pension and postretirement benefits	(1,053)		(2,844)
Changes in operating assets and liabilities:
Receivables	(228)		751
Other current assets, inventories and theatrical film and television production costs	(3,261)		(3,518)
Accounts payable and other accrued liabilities	(4,031)		(3,060)
Equipment installment receivables and related sales	541		1,190
Deferred customer contract acquisition and fulfillment costs	(259)		244
Postretirement claims and contributions	(97)		(343)
Other - net	(166)		(159)
Total adjustments	568		1,985
Net Cash Provided by Operating Activities	5,732		9,927

Investing Activities
Capital expenditures	(4,748)		(4,033)
Acquisitions, net of cash acquired	(9,244)		(22,884)
Dispositions	11		51
Distributions from DIRECTV in excess of cumulative equity in earnings	1,315		—
Other - net	15		14
Net Cash Used in Investing Activities	(12,651)		(26,852)

Financing Activities
Net change in short-term borrowings with original maturities of three months or less	2,285		687
Issuance of other short-term borrowings	2,593		15,485
Repayment of other short-term borrowings	(3,407)		—
Issuance of long-term debt	30,296		9,097
Repayment of long-term debt	(802)		(902)
Repayment of note payable to DIRECTV	(294)		—
Payment of vendor financing	(1,566)		(1,690)
Purchase of treasury stock	(197)		(176)
Issuance of treasury stock	26		63
Dividends paid	(3,749)		(3,741)
Other - net	(934)		(340)
Net Cash Provided by Financing Activities	24,251		18,483
Net increase in cash and cash equivalents and restricted cash	17,332		1,558
Cash and cash equivalents and restricted cash beginning of year	21,316		9,870
Cash and Cash Equivalents and Restricted Cash End of Period	$	38,648	$	11,428


AT&T Inc.
Consolidated Supplementary Data

Supplementary Financial Data
Dollars in millions except per share amounts
Unaudited	First Quarter				Percent
		2022			2021			Change
Capital expenditures
Purchase of property and equipment		$	4,712		$	3,972		18.6	%
Interest during construction - capital expenditures		36			61			(41.0)	%
Total Capital Expenditures		$	4,748		$	4,033		17.7	%

Acquisition, net of cash acquired
Business acquisitions		$	—		$	8		—	%
Spectrum acquisitions		8,956			22,876			(60.8)	%
Interest during construction - spectrum		288			—			—	%
Total Acquisitions		$	9,244		$	22,884		(59.6)	%

Cash Paid for Programming and Produced Film/TV Content		$	5,149		$	4,535		13.5	%

Dividends Declared per Common Share		$	0.28		$	0.52		(46.2)	%

End of Period Common Shares Outstanding (000,000)		7,159			7,140			0.3	%
Debt Ratio		52.7		%	49.6		%	310	BP
Total Employees		203,160			228,470			(11.1)	%

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	First Quarter			Percent
		2022		2021		Change
Segment Operating Revenues
Mobility		$	20,075	$	19,034	5.5	%
Business Wireline		5,640		6,046		(6.7)	%
Consumer Wireline		3,161		3,098		2.0	%
Total Segment Operating Revenues		28,876		28,178		2.5	%

Segment Operating Contribution
Mobility		5,853		6,044		(3.2)	%
Business Wireline		859		1,080		(20.5)	%
Consumer Wireline		317		307		3.3	%
Total Segment Operating Contribution		$	7,029	$	7,431	(5.4)	%


Supplementary Operating Data
Subscribers and connections in thousands
Unaudited		March 31,		Percent
		2022	2021	Change
Broadband Connections
Broadband		15,130	14,908	1.5	%
DSL		403	527	(23.5)	%
Total Broadband Connections		15,533	15,435	0.6	%

Voice Connections
Retail Consumer Switched Access Lines		5,956	6,988	(14.8)	%
U-verse Consumer VoIP Connections		3,227	3,684	(12.4)	%
Total Retail Voice Connections		9,183	10,672	(14.0)	%

	First Quarter		Percent
		2022	2021	Change
Broadband Net Additions
Broadband		56	90	(37.8)	%
DSL		(27)	(39)	30.8	%
Total Broadband Net Additions		29	51	(43.1)	%

Mobility

Mobility provides nationwide wireless service and equipment.


Mobility Results
Dollars in millions
Unaudited	First Quarter				Percent
		2022			2021			Change
Operating Revenues
Service		$	14,724		$	14,048		4.8	%
Equipment		5,351			4,986			7.3	%
Total Operating Revenues		20,075			19,034			5.5	%

Operating Expenses
Operations and support		12,163			10,976			10.8	%
Depreciation and amortization		2,059			2,014			2.2	%
Total Operating Expenses		14,222			12,990			9.5	%
Operating Income		5,853			6,044			(3.2)	%
Equity in Net Income (Loss) of Affiliates		—			—			—	%
Operating Contribution		$	5,853		$	6,044		(3.2)	%

Operating Income Margin		29.2		%	31.8		%	(260)	BP

Supplementary Operating Data
Subscribers and connections in thousands
Unaudited	March 31,				Percent
		2022			2021			Change
Mobility Subscribers
Postpaid		81,639			77,934			4.8	%
Postpaid phone		67,518			64,752			4.3	%
Prepaid		18,859			18,387			2.6	%
Reseller		5,383			6,501			(17.2)	%
Connected Devices		90,735			83,286			8.9	%
Total Mobility Subscribers1		196,616			186,108			5.6	%
1Wireless subscribers at March 31, 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.

	First Quarter				Percent
		2022			2021			Change
Mobility Net Additions
Postpaid Phone Net Additions		691			595			16.1	%
Total Phone Net Additions		804			802			0.2	%

Postpaid		965			823			17.3	%
Prepaid		116			279			(58.4)	%
Reseller		(17)			(68)			75.0	%
Connected Devices		4,468			2,517			77.5	%
Total Mobility Net Additions		5,532			3,551			55.8	%

Postpaid Churn		0.94		%	0.93		%	1 BP
Postpaid Phone-Only Churn		0.79		%	0.76		%	3 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	First Quarter				Percent
		2022			2021			Change
Operating Revenues
Service		$	5,478		$	5,872		(6.7)	%
Equipment		162			174			(6.9)	%
Total Operating Revenues		5,640			6,046			(6.7)	%

Operating Expenses
Operations and support		3,482			3,688			(5.6)	%
Depreciation and amortization		1,299			1,278			1.6	%
Total Operating Expenses		4,781			4,966			(3.7)	%
Operating Income		859			1,080			(20.5)	%
Equity in Net Income (Loss) of Affiliates		—			—			—	%
Operating Contribution		$	859		$	1,080		(20.5)	%

Operating Income Margin		15.2		%	17.9		%	(270)	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	First Quarter				Percent
		2022			2021			Change
Operating Revenues
Broadband		$	2,355		$	2,205		6.8	%
Legacy voice and data services		460			519			(11.4)	%
Other service and equipment		346			374			(7.5)	%
Total Operating Revenues		3,161			3,098			2.0	%

Operating Expenses
Operations and support		2,078			2,029			2.4	%
Depreciation and amortization		766			762			0.5	%
Total Operating Expenses		2,844			2,791			1.9	%
Operating Income		317			307			3.3	%
Equity in Net Income (Loss) of Affiliates		—			—			—	%
Operating Contribution		$	317		$	307		3.3	%

Operating Income Margin		10.0		%	9.9		%	10	BP

Supplementary Operating Data
Subscribers and connections in thousands
Unaudited		March 31,						Percent
		2022			2021			Change
Broadband Connections
Total Broadband and DSL Connections		14,148			14,146			—	%
Broadband		13,850			13,767			0.6	%
Fiber Broadband Connections		6,281			5,186			21.1	%

Voice Connections
Retail Consumer Switched Access Lines		2,324			2,740			(15.2)	%
U-verse Consumer VoIP Connections		2,628			3,096			(15.1)	%
Total Retail Consumer Voice Connections		4,952			5,836			(15.1)	%

	First Quarter				Percent
		2022			2021			Change
Broadband Net Additions
Total Broadband and DSL Net Additions		(12)			46			—	%
Broadband		5			74			(93.2)	%
Fiber Broadband Net Additions		289			235			23.0	%

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	First Quarter				Percent
		2022			2021			Change
Operating Revenues
Wireless service		$	2,134		$	1,969		8.4	%
Wireline service		5,478			5,872			(6.7)	%
Wireless equipment		899			790			13.8	%
Wireline equipment		162			174			(6.9)	%
Total Operating Revenues		8,673			8,805			(1.5)	%

Operating Expenses
Operations and support		5,608			5,519			1.6	%
Depreciation and amortization		1,660			1,614			2.9	%
Total Operating Expenses		7,268			7,133			1.9	%
Operating Income		1,405			1,672			(16.0)	%
Equity in Net Income (Loss) of Affiliates		—			—			—	%
Operating Contribution		$	1,405		$	1,672		(16.0)	%

Operating Income Margin		16.2		%	19.0		%	(280)	BP

WARNERMEDIA SEGMENT

The WarnerMedia segment develops, produces and distributes feature films, television, gaming and other content in various physical and digital formats globally. WarnerMedia content is distributed through basic networks, Direct-to-Consumer (DTC) or theatrical, TV content and games licensing. Segment results also include Xandr advertising and Otter Media Holdings, prior to our substantial disposal of the latter in the third quarter of 2021. Additional information is provided as part of the earnings material on the company’s Investor Relations website.

On April 8, 2022, we completed the WarnerMedia/Discovery transaction. With the separation and distribution of WarnerMedia, the WarnerMedia business will meet the criteria for discontinued operations for our second-quarter 2022 reporting.


Segment Results
Dollars in millions
Unaudited	First Quarter			Percent
		2022		2021		Change
Segment Operating Revenues
Subscription		$	3,997	$	3,830	4.4	%
Content and other		3,059		2,959		3.4	%
Advertising		1,685		1,737		(3.0)	%
Total Segment Operating Revenues		8,741		8,526		2.5	%

Direct Costs
Programming		3,976		3,774		5.4	%
Marketing		1,096		850		28.9	%
Other		869		813		6.9	%
Selling, general and administrative		1,354		966		40.2	%
Depreciation and amortization		127		163		(22.1)	%
Total Operating Expenses		7,422		6,566		13.0	%
Operating Income		1,319		1,960		(32.7)	%
Equity in Net Income (Loss) of Affiliates		(13)		70		—	%
Total Segment Operating Contribution		$	1,306	$	2,030	(35.7)	%

LATIN AMERICA SEGMENT

The Latin America segment provides entertainment and wireless service outside of the U.S. Our international subsidiaries conduct business in their local currency and operating results are converted to U.S. dollars using official exchange rates. The Latin America segment contains two business units: Mexico and Vrio, which was sold in November 2021.


Segment Results
Dollars in millions
Unaudited	First Quarter				Percent
	2022		2021		Change
Segment Operating Revenues
Mexico	$	690	$	631	9.4	%
Vrio	—		743		—	%
Total Segment Operating Revenues	690		1,374		(49.8)	%

Segment Operating Contribution
Mexico	(102)		(134)		23.9	%
Vrio	—		(39)		—	%
Total Segment Operating Contribution	$	(102)	$	(173)	41.0	%

Mexico

Mexico provides wireless services and equipment to customers in Mexico.


Mexico Results
Dollars in millions
Unaudited	First Quarter				Percent
		2022			2021			Change
Operating Revenues
Wireless service		$	490		$	439		11.6	%
Wireless equipment		200			192			4.2	%
Total Operating Revenues		690			631			9.4	%

Operating Expenses
Operations and support		631			620			1.8	%
Depreciation and amortization		161			145			11.0	%
Total Operating Expenses		792			765			3.5	%
Operating Income (Loss)		(102)			(134)			23.9	%
Equity in Net Income (Loss) of Affiliates		—			—			—	%
Operating Contribution		$	(102)		$	(134)		23.9	%

Operating Income Margin		(14.8)		%	(21.2)		%	640	BP

Supplementary Operating Data
Subscribers and connections in thousands
Unaudited		March 31,						Percent
		2022			2021			Change
Mexico Wireless Subscribers
Postpaid		4,810			4,725			1.8	%
Prepaid		15,235			13,756			10.8	%
Reseller		458			500			(8.4)	%
Total Mexico Wireless Subscribers		20,503			18,981			8.0	%

	First Quarter				Percent
		2022			2021			Change
Mexico Wireless Net Additions
Postpaid		3			29			(89.7)	%
Prepaid		178			(2)			—	%
Reseller		(40)			11			—	%
Total Mexico Wireless Net Additions		141			38			—	%

SUPPLEMENTAL SEGMENT RECONCILIATION


Three Months Ended
Dollars in millions
Unaudited
March 31, 2022
	Revenues		Operations and Support Expenses		EBITDA		Depreciation and Amortization		Operating Income (Loss)		Equity in Net Income (Loss) of Affiliates		Operating Contribution
Communications
Mobility	$	20,075	$	12,163	$	7,912	$	2,059	$	5,853	$	—	$	5,853
Business Wireline	5,640		3,482		2,158		1,299		859		—		859
Consumer Wireline	3,161		2,078		1,083		766		317		—		317
Total Communications	28,876		17,723		11,153		4,124		7,029		—		7,029
WarnerMedia	8,741		7,295		1,446		127		1,319		(13)		1,306



Latin America - Mexico	690		631		59		161		(102)		—		(102)
Segment Total	38,307		25,649		12,658		4,412		8,246		(13)		8,233
Corporate and Other
Corporate:
DTV stranded costs	8		128		(120)		134		(254)		—		(254)
Parent administration support	(12)		312		(324)		4		(328)		(8)		(336)
Securitization fees	16		82		(66)		—		(66)		—		(66)
Value portfolio	118		24		94		9		85		—		85
Total Corporate	130		546		(416)		147		(563)		(8)		(571)
Video	—		—		—		—		—		522		522



Held-for-sale and other reclassifications	29		16		13		9		4		—		4
Reclassification of prior service credits	—		617		(617)		—		(617)		—		(617)
Merger & Significant Items	—		458		(458)		971		(1,429)		—		(1,429)
Eliminations and consolidations	(361)		(361)		—		—		—		—		—
Total Corporate and Other	(202)		1,276		(1,478)		1,127		(2,605)		514		(2,091)
AT&T Inc.	$	38,105	$	26,925	$	11,180	$	5,539	$	5,641	$	501	$	6,142


Three Months Ended
Dollars in millions
Unaudited
March 31, 2021
	Revenues		Operations and Support Expenses		EBITDA		Depreciation and Amortization		Operating Income (Loss)		Equity in Net Income (Loss) of Affiliates		Operating Contribution
Communications
Mobility	$	19,034	$	10,976	$	8,058	$	2,014	$	6,044	$	—	$	6,044
Business Wireline	6,046		3,688		2,358		1,278		1,080		—		1,080
Consumer Wireline	3,098		2,029		1,069		762		307		—		307
Total Communications	28,178		16,693		11,485		4,054		7,431		—		7,431
WarnerMedia	8,526		6,403		2,123		163		1,960		70		2,030
Latin America
Mexico	631		620		11		145		(134)		—		(134)
Vrio	743		661		82		117		(35)		(4)		(39)
Total Latin America	1,374		1,281		93		262		(169)		(4)		(173)
Segment Total	38,078		24,377		13,701		4,479		9,222		66		9,288
Corporate and Other
Corporate:
DTV stranded costs	—		—		—		—		—		—		—
Parent administration support	(12)		334		(346)		6		(352)		(9)		(361)
Securitization fees	13		40		(27)		—		(27)		—		(27)
Value portfolio	163		41		122		9		113		—		113
Total Corporate	164		415		(251)		15		(266)		(9)		(275)
Video	6,725		5,660		1,065		164		901		—		901



Held-for-sale and other reclassifications	262		228		34		20		14		(5)		9
Reclassification of prior service credits	—		669		(669)		—		(669)		—		(669)
Merger & Significant Items	—		61		(61)		1,131		(1,192)		—		(1,192)
Eliminations and consolidations	(1,290)		(941)		(349)		—		(349)		—		(349)
Total Corporate and Other	5,861		6,092		(231)		1,330		(1,561)		(14)		(1,575)
AT&T Inc.	$	43,939	$	30,469	$	13,470	$	5,809	$	7,661	$	52	$	7,713

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.