Enhanced Investments - Financial Portal

Published: 2021-04-22 00:00:00 ET

EX-99.2 3 t-1q2021exhibit992.htm EX-99.2 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
		2021		2020		Change
Operating Revenues
Service		$	38,504	$	38,883	(1.0)	%
Equipment		5,435		3,896		39.5	%
Total Operating Revenues		43,939		42,779		2.7	%

Operating Expenses
Cost of revenues
Equipment		5,556		4,092		35.8	%
Broadcast, programming and operations		7,538		6,754		11.6	%
Other cost of revenues (exclusive of depreciation and amortization shown separately below)		7,993		8,342		(4.2)	%
Selling, general and administrative		9,382		8,760		7.1	%
Asset impairments and abandonments		—		123		—	%
Depreciation and amortization		5,809		7,222		(19.6)	%
Total Operating Expenses		36,278		35,293		2.8	%
Operating Income		7,661		7,486		2.3	%
Interest Expense		1,870		2,018		(7.3)	%
Equity in Net Income (Loss) of Affiliates		52		(6)		—	%
Other Income (Expense) — Net		4,221		803		—	%
Income Before Income Taxes		10,064		6,265		60.6	%
Income Tax Expense		2,122		1,302		63.0	%
Net Income		7,942		4,963		60.0	%
Less: Net Income Attributable to Noncontrolling Interest		(392)		(353)		(11.0)	%
Net Income Attributable to AT&T		$	7,550	$	4,610	63.8	%
Less: Preferred Stock Dividends		(50)		(32)		(56.3)	%
Net Income Attributable to Common Stock		$	7,500	$	4,578	63.8	%

Basic Earnings Per Share Attributable to Common Stock		$	1.04	$	0.63	65.1	%
Weighted Average Common Shares Outstanding (000,000)		7,161		7,187		(0.4)	%
Diluted Earnings Per Share Attributable to Common Stock		$	1.04	$	0.63	65.1	%
Weighted Average Common Shares Outstanding with Dilution (000,000)		7,188		7,214		(0.4)	%


AT&T Inc.
Financial Data

Consolidated Balance Sheets
Dollars in millions
Unaudited	Mar. 31,		Dec. 31,
	2021		2020
Assets
Current Assets
Cash and cash equivalents	$	11,342	$	9,740
Accounts receivable – net of related allowances for credit loss of $954 and $1,221	16,971		20,215
Inventories	3,347		3,695
Prepaid and other current assets	31,094		18,358
Total current assets	62,754		52,008
Noncurrent Inventories and Theatrical Film and Television Production Costs	15,626		14,752
Property, Plant and Equipment – Net	124,607		127,315
Goodwill	135,168		135,259
Licenses – Net	87,947		93,840
Trademarks and Trade Names – Net	23,043		23,297
Distribution Networks – Net	13,334		13,793
Other Intangible Assets – Net	13,384		15,386
Investments in and Advances to Equity Affiliates	1,805		1,780
Operating Lease Right-Of-Use Assets	24,415		24,714
Deposits on Wireless Licenses	23,406		—
Other Assets	21,496		23,617
Total Assets	$	546,985	$	525,761
Liabilities and Stockholders’ Equity
Current Liabilities
Debt maturing within one year	$	19,505	$	3,470
Accounts payable and accrued liabilities	48,245		50,051
Advanced billings and customer deposits	5,029		6,176
Dividends payable	3,829		3,741
Total current liabilities	76,608		63,438
Long-Term Debt	160,694		153,775
Deferred Credits and Other Noncurrent Liabilities
Deferred income taxes	61,886		60,472
Postemployment benefit obligation	14,723		18,276
Operating lease liabilities	21,766		22,202
Other noncurrent liabilities	28,229		28,358
Total deferred credits and other noncurrent liabilities	126,604		129,308
Stockholders’ Equity
Preferred stock	—		—
Common stock	7,621		7,621
Additional paid-in capital	129,856		130,175
Retained earnings	41,154		37,457
Treasury stock	(17,342)		(17,910)
Accumulated other comprehensive income	4,199		4,330
Noncontrolling interest	17,591		17,567
Total stockholders’ equity	183,079		179,240
Total Liabilities and Stockholders’ Equity	$	546,985	$	525,761


AT&T Inc.
Financial Data

Consolidated Statements of Cash Flows
Dollars in millions
Unaudited	First Quarter
	2021		2020
Operating Activities
Net income	$	7,942	$	4,963
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	5,809		7,222
Amortization of film and television costs	2,886		2,269
Undistributed earnings from investments in equity affiliates	(47)		39
Provision for uncollectible accounts	321		780
Deferred income tax expense	1,848		259
Net (gain) loss on investments, net of impairments	(119)		(646)
Pension and postretirement benefit expense (credit)	(974)		(748)
Actuarial (gain) loss on pension and postretirement benefits	(2,844)		—
Asset impairments and abandonments	—		123
Changes in operating assets and liabilities:
Receivables	751		1,695
Other current assets, inventories and theatrical film and television production costs	(3,518)		(3,267)
Accounts payable and other accrued liabilities	(3,060)		(3,884)
Equipment installment receivables and related sales	1,190		535
Deferred customer contract acquisition and fulfillment costs	244		105
Postretirement claims and contributions	(343)		(111)
Other - net	(159)		(468)
Total adjustments	1,985		3,903
Net Cash Provided by Operating Activities	9,927		8,866

Investing Activities
Capital expenditures, including $(61) and $(28) of interest during construction	(4,033)		(4,966)
Acquisitions, net of cash acquired	(22,884)		(100)
Dispositions	51		118
(Purchases), sales and settlements of securities and investments, net	(4)		(6)
Advances to and investments in equity affiliates, net	18		(68)
Net Cash Used in Investing Activities	(26,852)		(5,022)

Financing Activities
Net change in short-term borrowings with original maturities of three months or less	687		1,742
Issuance of other short-term borrowings	15,485		1,390

Issuance of long-term debt	9,097		4,357
Repayment of long-term debt	(902)		(4,422)
Payment of vendor financing	(1,690)		(791)
Issuance of preferred stock	—		3,869
Purchase of treasury stock	(176)		(5,463)
Issuance of treasury stock	63		58
Dividends paid	(3,741)		(3,737)
Other - net	(340)		(3,102)
Net Cash Provided by (Used in) Financing Activities	18,483		(6,099)
Net increase (decrease) in cash and cash equivalents and restricted cash	1,558		(2,255)
Cash and cash equivalents and restricted cash beginning of year	9,870		12,295
Cash and Cash Equivalents and Restricted Cash End of Period	$	11,428	$	10,040


AT&T Inc.
Consolidated Supplementary Data

Supplementary Financial Data
Dollars in millions except per share amounts
Unaudited	First Quarter				Percent
		2021			2020			Change
Capital expenditures
Purchase of property and equipment		$	3,972		$	4,938		(19.6)	%
Interest during construction		61			28			—	%
Total Capital Expenditures		$	4,033		$	4,966		(18.8)	%

Cash Paid for Programming and Produced Film/TV Content		$	4,508		$	4,322		4.3	%

Dividends Declared per Common Share		$	0.52		$	0.52		—	%

End of Period Common Shares Outstanding (000,000)		7,140			7,125			0.2	%
Debt Ratio		49.6		%	45.7		%	390	BP
Total Employees		228,470			244,490			(6.6)	%

Supplementary Operating Data
Subscribers and connections in thousands
Unaudited		March 31,						Percent
		2021			2020			Change
Broadband Connections
IP		14,908			14,627			1.9	%
DSL		527			688			(23.4)	%
Total Broadband Connections		15,435			15,315			0.8	%

Voice Connections
Network Access Lines		6,988			8,160			(14.4)	%
U-verse VoIP Connections		3,684			4,213			(12.6)	%
Total Retail Voice Connections		10,672			12,373			(13.7)	%

	First Quarter				Percent
		2021			2020			Change
Broadband Net Additions
IP		90			(32)			—	%
DSL		(39)			(42)			7.1	%
Total Broadband Net Additions		51			(74)			—	%

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 remove the Video and Government Solutions held-for-sale businesses, instead reporting those results in Corporate and Other.


Segment Results
Dollars in millions
Unaudited	First Quarter			Percent
		2021		2020		Change
Segment Operating Revenues
Mobility		$	19,034	$	17,402	9.4	%
Business Wireline		6,046		6,266		(3.5)	%
Consumer Wireline		3,098		3,111		(0.4)	%
Total Segment Operating Revenues		28,178		26,779		5.2	%

Segment Operating Contribution
Mobility		6,002		5,788		3.7	%
Business Wireline		1,058		1,093		(3.2)	%
Consumer Wireline		305		520		(41.3)	%
Total Segment Operating Contribution		$	7,365	$	7,401	(0.5)	%

Mobility

Mobility provides nationwide wireless service and equipment.


Mobility Results
Dollars in millions
Unaudited	First Quarter				Percent
		2021			2020			Change
Operating Revenues
Service		$	14,048		$	13,968		0.6	%
Equipment		4,986			3,434			45.2	%
Total Operating Revenues		19,034			17,402			9.4	%

Operating Expenses
Operations and support		11,018			9,569			15.1	%
Depreciation and amortization		2,014			2,045			(1.5)	%
Total Operating Expenses		13,032			11,614			12.2	%
Operating Income		6,002			5,788			3.7	%
Equity in Net Income (Loss) of Affiliates		—			—			—	%
Operating Contribution		$	6,002		$	5,788		3.7	%

Operating Income Margin		31.5		%	33.3		%	(180)	BP

Supplementary Operating Data
Subscribers and connections in thousands
Unaudited	March 31,				Percent
		2021			2020			Change
Mobility Subscribers
Postpaid		77,934			75,148			3.7	%
Postpaid phone		64,752			63,105			2.6	%
Prepaid		18,387			17,808			3.3	%
Reseller		6,501			6,736			(3.5)	%
Connected Devices		83,286			69,506			19.8	%
Total Mobility Subscribers		186,108			169,198			10.0	%

	First Quarter				Percent
		2021			2020			Change
Mobility Net Additions
Postpaid Phone Net Additions		595			163			—	%
Total Phone Net Additions		802			120			—	%

Postpaid		823			27			—	%
Prepaid		279			(45)			—	%
Reseller		(68)			(190)			64.2	%
Connected Devices		2,517			3,518			(28.5)	%
Total Mobility Net Additions		3,551			3,310			7.3	%

Postpaid Churn		0.93		%	1.08		%	(15) BP
Postpaid Phone-Only Churn		0.76		%	0.86		%	(10) BP

Business Wireline

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

Results have been recast to characterize revenues as either service or equipment, consistent with the way we are managing the business unit.


Business Wireline Results
Dollars in millions
Unaudited	First Quarter				Percent
		2021			2020			Change
Operating Revenues
Service		$	5,872		$	6,091		(3.6)	%
Equipment		174			175			(0.6)	%
Total Operating Revenues		6,046			6,266			(3.5)	%

Operating Expenses
Operations and support		3,710			3,887			(4.6)	%
Depreciation and amortization		1,278			1,286			(0.6)	%
Total Operating Expenses		4,988			5,173			(3.6)	%
Operating Income		1,058			1,093			(3.2)	%
Equity in Net Income (Loss) of Affiliates		—			—			—	%
Operating Contribution		$	1,058		$	1,093		(3.2)	%

Operating Income Margin		17.5		%	17.4		%	10	BP

Consumer Wireline

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

Results have been recast to refine the allocation of shared infrastructure and deferred customer acquisition costs between Consumer Wireline and Video.


Consumer Wireline Results
Dollars in millions
Unaudited	First Quarter				Percent
		2021			2020			Change
Operating Revenues
IP Broadband		$	2,205		$	2,109		4.6	%
Legacy voice and data services		519			581			(10.7)	%
Other service and equipment		374			421			(11.2)	%
Total Operating Revenues		3,098			3,111			(0.4)	%

Operating Expenses
Operations and support		2,031			1,879			8.1	%
Depreciation and amortization		762			712			7.0	%
Total Operating Expenses		2,793			2,591			7.8	%
Operating Income		305			520			(41.3)	%
Equity in Net Income (Loss) of Affiliates		—			—			—	%
Operating Contribution		$	305		$	520		(41.3)	%

Operating Income Margin		9.8		%	16.7		%	(690)	BP

Supplementary Operating Data
Subscribers and connections in thousands
Unaudited		March 31,						Percent
		2021			2020			Change
Broadband Connections
Total Broadband Connections		14,146			14,046			0.7	%
Fiber Broadband Connections		5,186			4,096			26.6	%

Voice Connections
Retail Consumer Switched Access Lines		2,740			3,196			(14.3)	%
U-verse Consumer VoIP Connections		3,096			3,630			(14.7)	%
Total Retail Consumer Voice Connections		5,836			6,826			(14.5)	%

	First Quarter				Percent
		2021			2020			Change
Broadband Net Additions
Total Broadband Net Additions		46			(73)			—	%
Fiber Broadband Net Additions		235			209			12.4	%

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.

Results have been recast to conform to the current period's classification of revenues.


Business Solutions Results
Dollars in millions
Unaudited	First Quarter				Percent
		2021			2020			Change
Operating Revenues
Wireless service		$	1,969		$	1,949		1.0	%
Wireline service		5,872			6,091			(3.6)	%
Wireless equipment		790			710			11.3	%
Wireline equipment		174			175			(0.6)	%
Total Operating Revenues		8,805			8,925			(1.3)	%

Operating Expenses
Operations and support		5,549			5,646			(1.7)	%
Depreciation and amortization		1,614			1,609			0.3	%
Total Operating Expenses		7,163			7,255			(1.3)	%
Operating Income		1,642			1,670			(1.7)	%
Equity in Net Income (Loss) of Affiliates		—			—			—	%
Operating Contribution		$	1,642		$	1,670		(1.7)	%

Operating Income Margin		18.6		%	18.7		%	(10)	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, Otter Media Holdings and eliminate intercompany transactions between WarnerMedia businesses. Additional information is provided as part of the earnings material on the company’s Investor Relations website.


Segment Results
Dollars in millions
Unaudited	First Quarter			Percent
		2021		2020		Change
Segment Operating Revenues
Subscription		$	3,830	$	3,401	12.6	%
Content		3,420		3,303		3.5	%
Advertising		1,750		1,477		18.5	%
Other		169		254		(33.5)	%
Eliminations		(643)		(670)		4.0	%
Total Segment Operating Revenues		8,526		7,765		9.8	%

Direct Costs
Programming		4,383		3,513		24.8	%
Marketing		849		526		61.4	%
Other		722		669		7.9	%
General and administrative		967		1,222		(20.9)	%
Eliminations and other		(518)		(325)		(59.4)	%
Depreciation and amortization		163		161		1.2	%
Total Operating Expenses		6,566		5,766		13.9	%
Operating Income		1,960		1,999		(2.0)	%
Equity in Net Income (Loss) of Affiliates		70		15		—	%
Total Segment Operating Contribution		$	2,030	$	2,014	0.8	%

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: Vrio and Mexico.


Segment Results
Dollars in millions
Unaudited	First Quarter			Percent
		2021		2020		Change
Segment Operating Revenues
Vrio		$	743	$	887	(16.2)	%
Mexico		631		703		(10.2)	%
Total Segment Operating Revenues		1,374		1,590		(13.6)	%

Segment Operating Contribution
Vrio		(39)		(39)		—	%
Mexico		(134)		(145)		7.6	%
Total Segment Operating Contribution		$	(173)	$	(184)	6.0	%

Vrio

Vrio provides entertainment services to customers utilizing satellite technology in Latin America and the Caribbean.


Vrio Results
Dollars in millions
Unaudited	First Quarter				Percent
		2021			2020			Change
Operating Revenues		$	743		$	887		(16.2)	%

Operating Expenses
Operations and support		661			783			(15.6)	%
Depreciation and amortization		117			147			(20.4)	%
Total Operating Expenses		778			930			(16.3)	%
Operating Income (Loss)		(35)			(43)			18.6	%
Equity in Net Income (Loss) of Affiliates		(4)			4			—	%
Operating Contribution		$	(39)		$	(39)		—	%

Operating Income Margin		(4.7)		%	(4.8)		%	10	BP

Supplementary Operating Data
Subscribers and connections in thousands
Unaudited		March 31,						Percent
		2021			2020			Change
Vrio Video Subscribers		10,559			13,217			(20.1)	%

	First Quarter				Percent
		2021			2020			Change
Vrio Video Net Additions		(383)			(114)			—	%

Mexico

Mexico provides wireless services and equipment to customers in Mexico.


Mexico Results
Dollars in millions
Unaudited	First Quarter				Percent
		2021			2020			Change
Operating Revenues
Wireless service		$	439		$	467		(6.0)	%
Wireless equipment		192			236			(18.6)	%
Total Operating Revenues		631			703			(10.2)	%

Operating Expenses
Operations and support		620			714			(13.2)	%
Depreciation and amortization		145			134			8.2	%
Total Operating Expenses		765			848			(9.8)	%
Operating Income (Loss)		(134)			(145)			7.6	%
Equity in Net Income (Loss) of Affiliates		—			—			—	%
Operating Contribution		$	(134)		$	(145)		7.6	%

Operating Income Margin		(21.2)		%	(20.6)		%	(60)	BP

Supplementary Operating Data
Subscribers and connections in thousands
Unaudited		March 31,						Percent
		2021			2020			Change
Mexico Wireless Subscribers
Postpaid		4,725			4,962			(4.8)	%
Prepaid		13,756			13,692			0.5	%
Reseller		500			504			(0.8)	%
Total Mexico Wireless Subscribers		18,981			19,158			(0.9)	%

	First Quarter				Percent
		2021			2020			Change
Mexico Wireless Net Additions
Postpaid		29			(141)			—	%
Prepaid		(2)			108			—	%
Reseller		11			32			(65.6)	%
Total Mexico Wireless Net Additions		38			(1)			—	%

Supplemental AT&T Advertising Revenues

As a supplemental presentation, we are providing a view of total advertising revenues generated by AT&T, which combines the advertising revenues recorded across all operating segments. This combined view presents the entire portfolio of revenues generated from AT&T assets.


Advertising Revenues
Dollars in millions
Unaudited	First Quarter			Percent
		2021		2020		Change
Operating Revenues
WarnerMedia1		$	1,750	$	1,477	18.5	%
Video		388		413		(6.1)	%
Other		83		76		9.2	%
Eliminations		(388)		(413)		6.1	%
Total Advertising Revenues		$	1,833	$	1,553	18.0	%
1 Primarily Basic Networks and Xandr of $466 and $489 for the three months ended March 31, 2021 and 2020. Excludes intrasegment eliminations.

Video

As a supplemental presentation, we are providing a view of our Video business that is accounted for as held-for-sale and included in Corporate and Other. Video provides video, including over-the-top (OTT) services and also sells advertising on video distribution platforms.

Results have been recast to refine the allocation of shared infrastructure and deferred customer acquisition costs between Video and Consumer Wireline.


Video Results
Dollars in millions
Unaudited	First Quarter				Percent
		2021			2020			Change
Operating Revenues
Service		$	6,684		$	7,397		(9.6)	%
Equipment		41			10			—	%
Total Operating Revenues		6,725			7,407			(9.2)	%

Operating Expenses
Operations and support		5,660			6,020			(6.0)	%
Depreciation and amortization1		164			591			(72.3)	%
Total Operating Expenses		5,824			6,611			(11.9)	%
Operating Income		901			796			13.2	%
Equity in Net Income (Loss) of Affiliates		—			—			—	%
Operating Contribution		$	901		$	796		13.2	%

Operating Income Margin		13.4		%	10.7		%	270	BP
1Includes depreciation on assets that support AT&T U-verse products that provide both video and broadband services to customers over a shared network infrastructure.


Supplementary Operating Data
Subscribers and connections in thousands
Unaudited		March 31,						Percent
		2021			2020			Change
Premium TV Connections		15,885			18,599			(14.6)	%

	First Quarter				Percent
		2021			2020			Change
Premium TV Net Additions		(620)			(897)			30.9	%

SUPPLEMENTAL SEGMENT RECONCILIATION


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		Segment Contribution
Communications
Mobility	$	19,034	$	11,018	$	8,016	$	2,014	$	6,002	$	—	$	6,002
Business Wireline	6,046		3,710		2,336		1,278		1,058		—		1,058
Consumer Wireline	3,098		2,031		1,067		762		305		—		305
Total Communications	28,178		16,759		11,419		4,054		7,365		—		7,365





WarnerMedia	8,526		6,403		2,123		163		1,960		70		2,030
Latin America
Vrio	743		661		82		117		(35)		(4)		(39)
Mexico	631		620		11		145		(134)		—		(134)
Total Latin America	1,374		1,281		93		262		(169)		(4)		(173)
Segment Total	38,078		24,443		13,635		4,479		9,156		$	66	$	9,222
Corporate and Other
Corporate	426		1,213		(787)		35		(822)
Video	6,725		5,660		1,065		164		901
Acquisition-related items	—		37		(37)		1,131		(1,168)
Certain significant items	—		57		(57)		—		(57)
Eliminations and consolidations	(1,290)		(941)		(349)		—		(349)
AT&T Inc.	$	43,939	$	30,469	$	13,470	$	5,809	$	7,661


Three Months Ended
Dollars in millions
Unaudited

March 31, 2020
	Revenues		Operations and Support Expenses		EBITDA		Depreciation and Amortization		Operating Income (Loss)		Equity in Net Income (Loss) of Affiliates		Segment Contribution
Communications
Mobility	$	17,402	$	9,569	$	7,833	$	2,045	$	5,788	$	—	$	5,788
Business Wireline	6,266		3,887		2,379		1,286		1,093		—		1,093
Consumer Wireline	3,111		1,879		1,232		712		520		—		520
Total Communications	26,779		15,335		11,444		4,043		7,401		—		7,401





WarnerMedia	7,765		5,605		2,160		161		1,999		15		2,014
Latin America
Vrio	887		783		104		147		(43)		4		(39)
Mexico	703		714		(11)		134		(145)		—		(145)
Total Latin America	1,590		1,497		93		281		(188)		4		(184)
Segment Total	36,134		22,437		13,697		4,485		9,212		$	19	$	9,231
Corporate and Other
Corporate	534		1,012		(478)		90		(568)
Video	7,407		6,020		1,387		591		796
Acquisition-related items	—		182		(182)		2,056		(2,238)
Certain significant items	—		(658)		658		—		658
Eliminations and consolidations	(1,296)		(922)		(374)		—		(374)
AT&T Inc.	$	42,779	$	28,071	$	14,708	$	7,222	$	7,486

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.