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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

______________________________________________________
FORM 8-K
______________________________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported) April 15, 2022
______________________________________________________
AT&T INC.
(Exact Name of Registrant as Specified in Charter)
______________________________________________________
Delaware001-0861043-1301883
(State or Other Jurisdiction
of Incorporation)		(Commission
File Number)		(IRS Employer
Identification No.)
  
208 S. Akard St., Dallas, Texas
(Address of Principal Executive Offices)
75202
(Zip Code)
Registrant’s telephone number, including area code (210) 821-4105
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240-14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities Registered Pursuant to Section 12(b) of the Act
Title of each classTrading
Symbol(s)		Name of each exchange
on which registered
Common Shares (Par Value $1.00 Per Share)TNew York Stock Exchange
Depositary Shares, each representing a 1/1000th interest in a share of 5.000% Perpetual Preferred Stock, Series AT PRANew York Stock Exchange
Depositary Shares, each representing a 1/1000th interest in a share of 4.750% Perpetual Preferred Stock, Series CT PRCNew York Stock Exchange
AT&T Inc. 1.450% Global Notes due June 1, 2022T 22BNew York Stock Exchange
AT&T Inc. 2.500% Global Notes due March 15, 2023T 23New York Stock Exchange
AT&T Inc. 2.750% Global Notes due May 19, 2023T 23CNew York Stock Exchange


Title of each class
 
Trading
Symbol(s)
 
Name of each exchange
on which registered
AT&T Inc. Floating Rate Global Notes due September 5, 2023T 23DNew York Stock Exchange
AT&T Inc. 1.050% Global Notes due September 5, 2023T 23ENew York Stock Exchange
AT&T Inc. 1.300% Global Notes due September 5, 2023T 23ANew York Stock Exchange
AT&T Inc. 1.950% Global Notes due September 15, 2023T 23FNew York Stock Exchange
AT&T Inc. 2.400% Global Notes due March 15, 2024T 24ANew York Stock Exchange
AT&T Inc. 3.500% Global Notes due December 17, 2025T 25New York Stock Exchange
AT&T Inc. 0.250% Global Notes due March 4, 2026T 26ENew York Stock Exchange
AT&T Inc. 1.800% Global Notes due September 5, 2026T 26DNew York Stock Exchange
AT&T Inc. 2.900% Global Notes due December 4, 2026T 26ANew York Stock Exchange
AT&T Inc. 1.600% Global Notes due May 19, 2028T 28CNew York Stock Exchange
AT&T Inc. 2.350% Global Notes due September 5, 2029T 29DNew York Stock Exchange
AT&T Inc. 4.375% Global Notes due September 14, 2029T 29BNew York Stock Exchange
AT&T Inc. 2.600% Global Notes due December 17, 2029T 29ANew York Stock Exchange
AT&T Inc. 0.800% Global Notes due March 4, 2030T 30BNew York Stock Exchange
AT&T Inc. 2.050% Global Notes due May 19, 2032T 32ANew York Stock Exchange
AT&T Inc. 3.550% Global Notes due December 17, 2032T 32New York Stock Exchange
AT&T Inc. 5.200% Global Notes due November 18, 2033T 33New York Stock Exchange
AT&T Inc. 3.375% Global Notes due March 15, 2034T 34New York Stock Exchange
AT&T Inc. 2.450% Global Notes due March 15, 2035T 35New York Stock Exchange
AT&T Inc. 3.150% Global Notes due September 4, 2036T 36ANew York Stock Exchange
AT&T Inc. 2.600% Global Notes due May 19, 2038T 38CNew York Stock Exchange
AT&T Inc. 1.800% Global Notes due September 14, 2039T 39BNew York Stock Exchange
AT&T Inc. 7.000% Global Notes due April 30, 2040T 40New York Stock Exchange
AT&T Inc. 4.250% Global Notes due June 1, 2043T 43New York Stock Exchange
AT&T Inc. 4.875% Global Notes due June 1, 2044T 44New York Stock Exchange
AT&T Inc. 4.000% Global Notes due June 1, 2049T 49ANew York Stock Exchange
AT&T Inc. 4.250% Global Notes due March 1, 2050T 50New York Stock Exchange
AT&T Inc. 3.750% Global Notes due September 1, 2050T 50ANew York Stock Exchange
AT&T Inc. 5.350% Global Notes due November 1, 2066TBBNew York Stock Exchange
AT&T Inc. 5.625% Global Notes due August 1, 2067TBCNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company  ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐



Item 7.01 Regulation FD Disclosure.
Throughout this document, AT&T Inc. is referred to as “we” or “AT&T.” AT&T is a holding company whose subsidiaries and affiliates operate worldwide in the telecommunications and technology industries.
As a convenience to investors, we are providing quarterly consolidated and segment and business unit income statement information as a supplement to our Form 8-K filed on April 14, 2022, which included required pro forma financial information prepared in accordance with Article 11 of Regulation S-X, to give effect to the pro forma discontinued operations presentation of the separation and distribution of the WarnerMedia business. For discontinued operations, we evaluated transactions completed during 2021 that were components of AT&T’s single plan of a strategic shift, including dispositions that may not have individually met the criteria due to materiality, and have determined discontinued operations to be comprised of the WarnerMedia, Vrio, Xandr and Playdemic Ltd. (Playdemic) transactions (collectively, the “Transactions”). Beginning with the second quarter of 2022, the transactions will be reflected in our historical financial statements as discontinued operations.

Additionally, for the quarter ended March 31, 2022, we have reclassified in to "Corporate" certain administrative costs borne by AT&T where the business units do not influence decision making to conform with the current period presentation. This recast increased Corporate operations and support expenses by approximately $1.2 billion in 2020 and $270 million in 2021. Correspondingly, this recast lowered administrative expenses at WarnerMedia, Video and AT&T's Communications operations with no change on a consolidated basis. We are also enhancing our reporting within Corporate to provide additional details of the activities and reconciling items.

This supplemental information in the exhibits includes:
•Reconciliation of AT&T's reported consolidated income statement to: (1) continuing operations, (2) standalone AT&T, and (3) adjusted standalone AT&T as Exhibit 99.1.
•Presentation of AT&T's segment and business unit results, recast for parent allocation methodology, and enhanced details of Corporate items reconciled to: (1) total AT&T reported operating results and EBITDA (operating income before depreciation and amortization), (2) standalone AT&T operating results and EBITDA, and (3) adjusted standalone AT&T operating results and EBITDA as Exhibit 99.2.
•Presentation of standalone AT&T segment and business unit results reconciled to adjusted standalone AT&T operating results and EBITDA as Exhibit 99.3.


CAUTIONARY LANGUAGE CONCERNING FORWARD-LOOKING STATEMENTS

Information set forth in this Form 8-K contains financial estimates, statements as to the expected timing, completion and effects of the Xandr transaction and other forward-looking statements that are subject to risks and uncertainties. These estimates and statements are subject to risks and uncertainties, and actual results might differ materially. A discussion of factors that may affect future results is contained in AT&T’s filings with the Securities and Exchange Commission. AT&T disclaims any obligation to update or revise statements contained in this filing based on new information or otherwise.


Item 9.01 Financial Statements and Exhibits.

The following exhibits are furnished as part of this report:

(d)
Exhibits
Supplemental consolidated quarterly income statement reconciliation of reported, continuing operations and Standalone AT&T
Supplemental quarterly segment information with reconciliation to Standalone AT&T
Supplemental quarterly segment information of Standalone AT&T
104Cover Page Interactive Data File (embedded within the Inline XBRL document)



Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 AT&T INC.
  
  
  
Date: April 15, 2022
By: /s/ Debra L. Dial                                  .
       Debra L. Dial
 Senior Vice President and Controller


Comparative Basis Financial Information
Supplemental Unaudited Quarterly Comparative Financial Information1
Dollars in millions
Unaudited
Operating Revenues3/31/20206/30/20209/30/202012/31/202020203/31/20216/30/20219/30/202112/31/20212021
Reported AT&T Operating Revenues$42,779 $40,950 $42,340 $45,691 $171,760 $43,939 $44,045 $39,922 $40,958 $168,864 
[A]Less: WarnerMedia (7,765)(6,728)(7,395)(8,554)(30,442)(8,526)(8,791)(8,442)(9,873)(35,632)
[B]Less: Vrio (887)(752)(753)(762)(3,154)(743)(749)(756)(359)(2,607)
[C]Less: Securitization - Revolver (WarnerMedia)(14)(23)(21)(22)(80)(31)(35)(41)(29)(136)
[D]Add: Other items (conveyed) retained12 9 13 18 52 11 16 14 15 56 
[K]Less: Intercompany eliminations 1,232 1,070 1,223 1,388 4,913 1,228 1,254 628 383 3,493 
Revenues from Continuing Operations35,357 34,526 35,407 37,759 143,049 35,878 35,740 31,325 31,095 134,038 
[E]Less: Video (7,407)(7,021)(7,014)(7,168)(28,610)(6,725)(6,639)(2,149)— (15,513)
[F]Less: Other dispositions (Held-for-sale)(369)(369)(420)(256)(1,414)(231)(158)(64)— (453)
[K]Less: Intercompany eliminations 64 55 65 83 267 62 57 17 — 136 
Standalone AT&T Operating Revenues$27,645 $27,191 $28,038 $30,418 $113,292 $28,984 $29,000 $29,129 $31,095 $118,208 
Reported Revenue Growth Rate Y/Y2.7 %7.6 %(5.7)%(10.4)%(1.7)%
Revenue from Continuing Operations Growth Rate Y/Y1.5 %3.5 %(11.5)%(17.6)%(6.3)%
Standalone AT&T Revenue Growth Rate Y/Y4.8 %6.7 %3.9 %2.2 %4.3 %

1

Operations and Support Expenses3/31/20206/30/20209/30/202012/31/202020203/31/20216/30/20219/30/202112/31/20212021
Reported AT&T Operations and
   Support Expenses		$28,071 $30,133 $29,178 $49,457 $136,839 $30,469 $35,015 $27,194 $29,977 $122,655 
[A]Less: WarnerMedia (5,605)(4,656)(5,483)(5,835)(21,579)(6,403)(6,934)(6,271)(8,129)(27,737)
[B]Less: Vrio (783)(661)(675)(681)(2,800)(661)(660)(660)(321)(2,302)
[L]Less: Merger & Significant items related to WarnerMedia and Vrio(242)(2,440)(183)(1,082)(3,947)(59)(4,555)(179)(215)(5,008)
[D]Add: Other items (conveyed) retained57 67 55 75 254 41 42 48 40 171 
[C]Less: WarnerMedia Film amortization
   recharacterization and receivable
   securitization		13 54 (11)(16)40 (49)(52)(28)(33)(162)
[K]Less: Intercompany eliminations 858 814 853 823 3,348 879 882 529 383 2,673 
Operations and Support Expenses
   from Continuing Operations		22,369 23,311 23,734 42,741 112,155 24,217 23,738 20,633 21,702 90,290 
[D]Less: Video(6,020)(5,809)(5,887)(6,458)(24,174)(5,660)(5,275)(1,731)— (12,666)
[E]Less: Other dispositions (Held-for-sale)(272)(268)(310)(190)(1,040)(194)(115)(47)— (356)
[L]Less: Merger & Significant items related
   to DTV and other dispositions		(32)(98)(24)(15,529)(15,683)(13)(22)37 11 13 
[K]Less: Intercompany eliminations 64 55 65 83 267 62 57 17 — 136 
[M]Less: Reclassification of allocations for
   separated businesses		(76)(86)(76)(84)(322)(15)(19)(16)4 (46)
[G]Add: DTV-related retained costs350 350 350 350 1,400 350 350 117 — 817 
Standalone AT&T Operations and
   Support Expenses		16,535 17,627 18,004 21,081 73,247 18,777 18,752 19,042 21,709 78,280 
[L]Standalone AT&T Merger & Significant
   items		750 (757)56 (44)5 11 93 (145)(97)(138)
Standalone AT&T Adjusted Operations
   and Support Expenses		$17,285 $16,870 $18,060 $21,037 $73,252 $18,788 $18,845 $18,897 $21,612 $78,142 
Reported Operations and Support Expense Growth Rate Y/Y8.5 %16.2 %(6.8)%(39.4)%(10.4)%
Operations and Support Expenses from Continuing Operations Growth Rate Y/Y8.3 %1.8 %(13.1)%(49.2)%(19.5)%
Standalone AT&T Operations and Support Expense Growth Rate Y/Y13.6 %6.4 %5.8 %3.0 %6.9 %
Standalone AT&T Adjusted Operations and Support Expense Growth Rate Y/Y8.7 %11.7 %4.6 %2.7 %6.7 %


2

Depreciation and Amortization Expense3/31/20206/30/20209/30/202012/31/202020203/31/20216/30/20219/30/202112/31/20212021
Reported AT&T Depreciation and
   Amortization Expense		$7,222 $7,285 $7,030 $6,979 $28,516 $5,809 $5,761 $5,619 $5,673 $22,862 
[A]Less: WarnerMedia (161)(164)(169)(177)(671)(163)(165)(163)(165)(656)
[B]Less: Vrio (147)(127)(126)(120)(520)(117)(114)— — (231)
[D]Add: Other items (conveyed) retained3 3 3 3 12 3 3 3 3 12 
[C]Less: WarnerMedia Film amortization
  recharacterization and receivable
   securitization		(69)(77)(47)(38)(231)(20)(16)(18)(19)(73)
[L]Less: Merger & Significant items related
   to WarnerMedia and Vrio		(1,143)(1,267)(1,082)(1,093)(4,585)(1,045)(1,040)(1,021)(1,014)(4,120)
[K]Less: Intercompany eliminations — 1 — 1 — — — — — 
Depreciation and Amortization Expense
   from Continuing Operations		5,705 5,654 5,609 5,554 22,522 4,467 4,429 4,420 4,478 17,794 
[E]Less: Video(591)(593)(557)(521)(2,262)(164)(148)(44)— (356)
[F]Less: Other dispositions (Held-for-sale)(4)(4)(4)(3)(15)— — — — — 
[L]Less: Merger & Significant items related
   to DTV and other dispositions		(879)(846)(813)(780)(3,318)— — — — — 
[G]Add: DTV-related retained costs180 180 180 180 720 180 180 60 — 420 
Standalone AT&T Depreciation and
   Amortization Expense		4,411 4,391 4,415 4,430 17,647 4,483 4,461 4,436 4,478 17,858 
[L]Standalone AT&T Merger & Significant
   items		(34)(32)(26)(31)(123)(86)(29)9 (7)(113)
Standalone AT&T Adjusted Depreciation
   and Amortization Expense		$4,377 $4,359 $4,389 $4,399 $17,524 $4,397 $4,432 $4,445 $4,471 $17,745 
Reported Depreciation and Amortization Expense Growth Rate Y/Y(19.6)%(20.9)%(20.1)%(18.7)%(19.8)%
Depreciation and Amortization Expense from Continuing Operations Growth Rate Y/Y(21.7)%(21.7)%(21.2)%(19.4)%(21.0)%
Standalone AT&T Depreciation and Amortization Expense Growth Rate Y/Y1.6 %1.6 %0.5 %1.1 %1.2 %
Standalone AT&T Adjusted Depreciation and Amortization Expense Growth Rate Y/Y0.5 %1.7 %1.3 %1.6 %1.3 %


3

Operating Income3/31/20206/30/20209/30/202012/31/202020203/31/20216/30/20219/30/202112/31/20212021
Reported AT&T Operating Income$7,486 $3,532 $6,132 $(10,745)$6,405 $7,661 $3,269 $7,109 $5,308 $23,347 
Less: WarnerMedia (1,999)(1,908)(1,743)(2,542)(8,192)(1,960)(1,692)(2,008)(1,579)(7,239)
Less: Vrio 43 36 48 39 166 35 25 (96)(38)(74)
Less: Merger & Significant items related
   to WarnerMedia and Vrio		1,385 3,707 1,265 2,175 8,532 1,104 5,595 1,200 1,229 9,128 
Add: Other items conveyed (retained)(48)(61)(45)(60)(214)(33)(29)(37)(28)(127)
Less: WarnerMedia Film amortization
   recharacterization and receivable
   securitization		42 — 37 32 111 38 33 5 23 99 
Less: Intercompany eliminations 374 255 370 565 1,564 349 372 99 — 820 
Operating Income from
   Continuing Operations		7,283 5,561 6,064 (10,536)8,372 7,194 7,573 6,272 4,915 25,954 
Less: Video (796)(619)(570)(189)(2,174)(901)(1,216)(374)— (2,491)
Less: Other dispositions (Held-for-sale)(93)(97)(106)(63)(359)(37)(43)(17)— (97)
Less: Merger & Significant items related
   to DTV and other dispositions		911 944 837 16,309 19,001 13 22 (37)(11)(13)
Less: Intercompany eliminations — — — — — — — — — — 
Less: Reclassification of allocations for
   separated businesses		(76)(86)(76)(84)(322)(15)(19)(16)4 (46)
Add: Retained costs(530)(530)(530)(530)(2,120)(530)(530)(177)— (1,237)
Standalone AT&T Operating Income$6,699 $5,173 $5,619 $4,907 $22,398 $5,724 $5,787 $5,651 $4,908 $22,070 
Standalone AT&T Merger & Significant
   items		(716)789 (30)77 120 75 (64)136 104 251 
Standalone AT&T Adjusted
   Operating Income 		$5,983 $5,962 $5,589 $4,984 $22,518 $5,799 $5,723 $5,787 $5,012 $22,321 
Reported Operating Income Growth Rate Y/Y2.3 %(7.4)%15.9 %149.4 %264.5 %
Operating Income from Continuing Operations
   Growth Rate Y/Y		(1.2)%36.2 %3.4 %146.6 %210.0 %
Standalone AT&T Operating Income Growth
   Rate Y/Y		(14.6)%11.9 %0.6 %— %(1.5)%
Standalone AT&T Adjusted Operating Income
   Growth Rate Y/Y		(3.1)%(4.0)%3.5 %0.6 %(0.9)%
Reported Operating Income Margin17.5 %8.6 %14.5 %(23.5)%3.7 %17.4 %7.4 %17.8 %13.0 %13.8 %
Operating Income Margin from Continuing
   Operations		20.6 %16.1 %17.1 %(27.9)%5.9 %20.1 %21.2 %20.0 %15.8 %19.4 %
Standalone AT&T Operating Income Margin24.2 %19.0 %20.0 %16.1 %19.8 %19.7 %20.0 %19.4 %15.8 %18.7 %
Standalone AT&T Adjusted Operating
   Income Margin		21.6 %21.9 %19.9 %16.4 %19.9 %20.0 %19.7 %19.9 %16.1 %18.9 %
4


Other Income (Expense)3/31/20206/30/20209/30/202012/31/202020203/31/20216/30/20219/30/202112/31/20212021
Interest expense$(2,018)$(2,041)$(1,972)$(1,894)$(7,925)$(1,870)$(1,684)$(1,667)$(1,663)$(6,884)
Equity in net income (loss) of affiliates(6)(10)5 106 95 52 41 91 447 631 
Other income (expense) - net803 1,017 (231)(3,020)(1,431)4,221 999 2,279 2,354 9,853 
Reported AT&T Other Income (Expense)(1,221)(1,034)(2,198)(4,808)(9,261)2,403 (644)703 1,138 3,600 
Less: Interest expense on debt conveyed54 52 49 43 198 46 45 40 31 162 
Less: Equity method investments
   conveyed		(25)1 (7)20 (11)(68)(56)74 1 (49)
Less: Other income (expense) - net
   related to WarnerMedia and Vrio		(24)(42)(41)220 113 (22)(215)119 (179)(297)
[L]Less: Merger & Significant items related
   to WarnerMedia and Vrio		24 158 37 2 221 — 135 (703)124 (444)
Other Income (Expense) from
   Continuing Operations		(1,192)(865)(2,160)(4,523)(8,740)2,359 (735)233 1,115 2,972 
[I]Less: Estimated interest expense impact
   of debt redemptions		— — — — — 371 371 371 371 1,484 
[H]Add: Estimated equity in net income from
   DIRECTV investment		971 848 789 497 3,105 746 955 293 — 1,994 
[L]Less: Merger & Significant items related
   to DTV and other dispositions		5 — — 82 87 (64)— (2)67 1 
Standalone AT&T Other Income
   (Expense)		$(216)$(17)$(1,371)$(3,944)$(5,548)$3,412 $591 $895 $1,553 $6,451 
[L]Standalone AT&T Merger & Significant
   items		288 (26)1,225 3,862 5,349 (2,899)(12)25 (854)(3,740)
Standalone AT&T Adjusted Other Income
    (Expense)		$72 $(43)$(146)$(82)$(199)$513 $579 $920 $699 $2,711 


5

Income From Continuing Operations3/31/20206/30/20209/30/202012/31/202020203/31/20216/30/20219/30/202112/31/20212021
Revenues$35,357 $34,526 $35,407 $37,759 $143,049 $35,878 $35,740 $31,325 $31,095 $134,038 
Operations and Support Expenses 22,369 23,311 23,734 42,741 112,155 24,217 23,738 20,633 21,702 90,290 
Depreciation and Amortization Expense 5,705 5,654 5,609 5,554 22,522 4,467 4,429 4,420 4,478 17,794 
Operating Income 7,283 5,561 6,064 (10,536)8,372 7,194 7,573 6,272 4,915 25,954 
Other Income (Expense) (1,192)(865)(2,160)(4,523)(8,740)2,359 (735)233 1,115 2,972 
Income (Loss) Before Income Taxes6,091 4,696 3,904 (15,059)(368)9,553 6,838 6,505 6,030 28,926 
Income tax expense1,280 1,026 741 (1,900)1,147 2,028 1,047 1,335 906 5,316 
Income from Continuing Operations4,811 3,670 3,163 (13,159)(1,515)7,525 5,791 5,170 5,124 23,610 
Less: Pro Forma adjustments to
   Operating Income		(584)(388)(445)15,443 14,026 (1,470)(1,786)(621)(7)(3,884)
Less: Pro forma adjustments Other
   Income (Expense)		976 848 789 579 3,192 1,053 1,326 662 438 3,479 
[J]Less: Estimated tax on pro forma
   adjustments		92 113 64 1,773 2,042 (62)(101)41 17 (106)
Standalone AT&T Net Income5,111 4,017 3,443 1,090 13,661 7,170 5,432 5,170 5,538 23,311 
Standalone AT&T Merger & Significant
   items		(341)596 966 2,930 4,151 (2,251)(72)20 (802)(3,105)
[M]Add: Adjustment of estimated interest
   expense impact of debt redemptions		— — — — — (297)(297)(297)(297)(1,188)
Standalone AT&T Adjusted Net Income4,770 4,613 4,409 4,020 17,812 4,622 5,063 4,893 4,439 19,018 
Less: Income from Continuing
   Operations attributable to
   Noncontrolling Interest		(353)(282)(352)(368)(1,355)(392)(304)(355)(347)(1,398)
Less: Preferred Stock Dividends(32)(52)(54)(55)(193)(50)(56)(50)(51)(207)
Less: Merger & Significant items related
   to WarnerMedia and Vrio		— (105)— — (105)— (81)— — (81)
Adjusted Income from Continuing
   Operations Attributable to AT&T		$4,385 $4,174 $4,003 $3,597 $16,159 $4,180 $4,622 $4,488 $4,041 $17,332 

6

Earnings from continuing operations per
share of common stock:1
3/31/20206/30/20209/30/202012/31/202020203/31/20216/30/20219/30/202112/31/20212021
Basic$0.62 $0.45 $0.39 $(1.90)$(0.44)$0.99 $0.75 $0.66 $0.66 $3.06 
Diluted$0.61 $0.45 $0.38 $(1.89)$(0.44)$0.99 $0.74 $0.66 $0.66 $3.05 
Comparative Basis Adjusted Diluted$0.61 $0.58 $0.56 $0.50 $2.25 $0.58 $0.64 $0.62 $0.56 $2.41 
7

EBITDA2
3/31/20206/30/20209/30/202012/31/202020203/31/20216/30/20219/30/202112/31/20212021
Reported AT&T Net Income$4,963 $1,563 $3,168 $(13,515)$(3,821)$7,942 $1,874 $6,273 $5,390 $21,479 
Additions:
Income Tax Expense (Benefit)1,302 935 766 (2,038)965 2,122 751 1,539 1,056 5,468 
Interest Expense2,018 2,041 1,972 1,894 7,925 1,870 1,684 1,667 1,663 6,884 
Equity in Net Income (Loss) of Affiliates6 10 (5)(106)(95)(52)(41)(91)(447)(631)
Other (Income) Expense - net(803)(1,017)231 3,020 1,431 (4,221)(999)(2,279)(2,354)(9,853)
Depreciation and amortization7,222 7,285 7,030 6,979 28,516 5,809 5,761 5,619 5,673 22,862 
EBITDA14,708 10,817 13,162 (3,766)34,921 13,470 9,030 12,728 10,981 46,209 
[L]Adjustments(476)3,295 151 16,655 19,625 61 4,484 287 301 5,133 
Adjusted EBITDA14,232 14,112 13,313 12,889 54,546 13,531 13,514 13,015 11,282 51,342 
Less: WarnerMedia(2,160)(2,072)(1,912)(2,719)(8,863)(2,123)(1,857)(2,171)(1,744)(7,895)
Less: Vrio (104)(91)(78)(81)(354)(82)(89)(96)(38)(305)
Add: Other items conveyed (retained)(45)(58)(42)(57)(202)(30)(26)(34)(25)(115)
Less: WarnerMedia Film amortization
   recharacterization and receivable
   securitization		(27)(77)(10)(6)(120)18 17 (13)4 26 
Less: Other dispositions (Held-for-sale)(97)(101)(110)(66)(374)(37)(43)(17)— (97)
Less: Video(1,387)(1,212)(1,127)(710)(4,436)(1,065)(1,364)(418)— (2,847)
Less: Intercompany eliminations374 256 370 565 1,565 349 372 99 — 820 
Less: Reclassification of allocations for
   separated businesses		(76)(86)(76)(84)(322)(15)(19)(16)4 (46)
Add: Retained costs(350)(350)(350)(350)(1,400)(350)(350)(117)— (817)
Standalone AT&T Adjusted EBITDA3
$10,360 $10,321 $9,978 $9,381 $40,040 $10,196 $10,155 $10,232 $9,483 $40,066 
Adjusted EBITDA Growth Rate Y/Y(4.9)%(4.2)%(2.2)%(12.5)%(5.9)%
Standalone AT&T Adjusted EBITDA Growth
   Rate Y/Y		(1.6)%(1.6)%2.5 %1.1 %0.1 %
Standalone AT&T EBITDA Margin33.3 %34.5 %31.4 %28.2 %31.8 %30.8 %30.7 %32.6 %27.5 %30.4 %
Standalone AT&T Adjusted EBITDA Margin37.5 %38.0 %35.6 %30.8 %35.3 %35.2 %35.0 %35.1 %30.5 %33.9 %
1 Diluted EPS does not reflect the adoption of ASU 2020-06.
2 EBITDA is operating income before depreciation and amortization. It excludes depreciation and amortization, interest expense, other income (expense) - net and income taxes from net income.
3Standalone AT&T adjusted EBITDA and pro forma adjusted net income definitions have been updated to exclude mark-to-market adjustments on benefit-related investments in 2021. Benefit-related investment gains included in EBITDA were ~$30M, $70M, $5M and $20M in the first, second, third and fourth quarters of 2021. Total benefit-related gains (losses) in net income were ~$90M, $170M, $0M and $170M in first, second, third and fourth quarters of 2021.
8

NOTES

[A]WarnerMedia segment results as reported in AT&T's consolidated financial statements, including Otter, Xandr and Playdemic.
[B]Vrio business unit results within the Latin America segment as reported in AT&T's consolidated statements. AT&T retained the investment in Sky Mexico.
[C]Adjustments for impacts from receivable securitizations related to WarnerMedia and the recharacterization of programming intangible assets amortization for released programming acquired in the Time Warner acquisition, which we continued to report with the WarnerMedia segment operating expenses.
[D]Adjustments for AT&T's retention of the addressable TV advertising business, Invidi, and historically allocated general corporate overhead costs that do not meet the requirements for presentation in discontinued operations.
[E]Video business results as reported in AT&T's consolidated financial results; quarters ended 2021 include retained depreciation on assets supporting U-verse products.
[F]Other dispositions include the held-for-sale businesses, Crunchyroll, Government Solutions and operations in Puerto Rico that do not meet the requirements for presentation in discontinued operations.
[G]After the DIRECTV transaction, we expect to retain incurred operations and support costs in the range of ~$500M per quarter and depreciation of network infrastructure that provides both U-verse video and broadband services to customers of ~$150M per quarter, of which approximately 60% will be received from DIRECTV through transition service agreements and commercial arrangements. These estimated net retained costs have been applied to prior periods for comparability.
[H]Estimated equity in net income of affiliates from DIRECTV. Calculated at 70% of Video EBITDA, which excludes the noncash depreciation and amortization of fair value accretion expected to result from DIRECTV’s revaluation of assets and purchase price allocation.
[I]Reflects the use of proceeds to pay down approximately $39.0 billion of borrowings and the resulting reduction to interest expense. The estimated impact of interest expense reduction was determined using the weighted-average interest rate of AT&T’s long-term debt portfolio, including credit agreement borrowings and the impact of derivatives, of 3.8%. As of the date of the filing to which these unaudited pro forma financial statements are attached, the Company has committed to approximately $10.1 billion of term loan repayments with a weighted-average rate of 1.1% and make-whole or other redemptions totaling $9.3 billion with a weighted-average rate of 3.5%. This adjustment is required for forma financial information prepared in accordance with Article 11 of Regulation S-X.
[J]Estimated tax impact of pro forma and other adjustments at AT&T's adjusted effective tax rate of 20.0% for the year ended December 31, 2021, and 19.6% for the year ended December 31, 2020.
[K]Under GAAP, AT&T removed transactions involving dealing between segments, including channel distribution of WarnerMedia content, and advertising arrangements.
9

[L] Non-GAAP Adjustments1:
3/31/20206/30/20209/30/202012/31/202020203/31/20216/30/20219/30/202112/31/20212021
Intercompany Eliminations as reported
   by AT&T:
DTC (HBO Max) sales to Mobility &
   Consumer Wireline		$— $(61)$(190)$(217)$(468)$(235)$(253)$(261)$(302)$(1,051)
WarnerMedia video distribution sales
   to DIRECTV and Vrio		(794)(704)(600)(544)(2,642)(585)(570)(226)(31)(1,412)
WarnerMedia sales of DIRECTV
   advertising inventory		(413)(294)(408)(603)(1,718)(388)(410)(111)— (909)
Other(89)(66)(90)(107)(352)(82)(78)(47)(50)(257)
Revenue Eliminations(1,296)(1,125)(1,288)(1,471)(5,180)(1,290)(1,311)(645)(383)(3,629)
DTC (HBO Max) sales to Mobility &
   Consumer Wireline		— (61)(190)(217)(468)(235)(253)(261)(302)(1,051)
WarnerMedia video distribution sales
   to DIRECTV and Vrio		(794)(704)(600)(544)(2,642)(585)(570)(226)(31)(1,412)
WarnerMedia sales of DIRECTV
   advertising inventory		(39)(38)(38)(38)(153)(39)(38)(12)— (89)
Other(89)(66)(90)(107)(352)(82)(78)(47)(50)(257)
Operations and Support Eliminations(922)(869)(918)(906)(3,615)(941)(939)(546)(383)(2,809)
Operating Income & EBITDA$(374)$(256)$(370)$(565)$(1,565)$(349)$(372)$(99)$— $(820)



10

[L] Non-GAAP Adjustments1:
3/31/20206/30/20209/30/202012/31/202020203/31/20216/30/20219/30/202112/31/20212021
Merger costs$182 $211 $38 $37 $468 $37 $— $130 $132 $299 
Employee separation costs and
   benefit-related (gain) loss		119 765 40 253 1,177 57 — — — 57 
Recast: (Gains) losses on benefit-
   related investments		— — — — — (33)(71)(4)(19)(127)
Asset impairments and abandonments123 2,319 73 16,365 18,880 — 4,555 161 188 4,904 
Gain on spectrum transaction(900)— — — (900)— — — — — 
Adjustments to Operations and Support
    Expenses/ EBITDA		(476)3,295 151 16,655 19,625 61 4,484 287 301 5,133 
Amortization of intangible assets2,056 2,145 1,921 1,890 8,012 1,131 1,069 1,012 1,021 4,233 
Impairments— — — 14 14 — — — — — 
Adjustments to Operating Income1,580 5,440 2,072 18,559 27,651 1,192 5,553 1,299 1,322 9,366 
Other income (expense) net2
317 132 1,262 3,971 5,682 (2,903)337 (682)(491)(3,739)
Recast: (Gains) losses on benefit-
   related and other cost investments		— — — (17)(17)(60)(214)2 (154)(426)
Tax impact of adjustments and discrete
    items		(394)(749)(648)(3,227)(5,018)352 (1,018)(195)(224)(1,085)
Noncontrolling interest— (105)— — (105)— (81)— — (81)
Adjustments to Net Income$1,503 $4,718 $2,686 $19,286 $28,193 $(1,419)$4,577 $424 $453 $4,035 

1 As reported in AT&T’s Form 8-K filed April 22, 2021, July 23, 2021, October 21, 2021 and January 26, 2022, recast for consistency to include gains on benefit-related and other cost investments as noted above. Adjusting items include items considered non-operational or non-recurring in nature, including dispositions and merger integration and transaction costs, actuarial gains and losses, significant abandonments and impairments, severance and other material gains and losses.
2 Includes adjustments to equity in net income of affiliates, including adjustment for DIRECTV intangible amortization (proportionate share).


[M]Adjustment to reflect AT&T's first-quarter 2022 reclassification of certain administrative costs born by AT&T where the business units did not influence decision making. These costs are not expected to continue in standalone AT&T.
11

Comparative Basis Financial Information - Historical, Continuing Operations and Standalone AT&T by Segment
Supplemental Unaudited Quarterly Comparative Financial Information
Dollars in millions
Unaudited
Operating Revenues3/31/20206/30/20209/30/202012/31/202020203/31/20216/30/20219/30/202112/31/20212021
Mobility$17,402 $17,149 $17,894 $20,119 $72,564 $19,034 $18,936 $19,138 $21,146 $78,254 
Business Wireline6,266 6,305 6,261 6,251 25,083 6,046 6,052 5,938 5,901 23,937 
Consumer Wireline3,111 3,051 3,040 3,116 12,318 3,098 3,140 3,142 3,159 12,539 
WarnerMedia7,765 6,728 7,395 8,554 30,442 8,526 8,791 8,442 9,873 35,632 
Mexico703 480 643 736 2,562 631 688 724 704 2,747 
Vrio887 752 753 762 3,154 743 749 756 359 2,607 
Segment Total36,134 34,465 35,986 39,538 146,123 38,078 38,356 38,140 41,142 155,716 
Corporate:
Securitization14 14 13 12 53 13 15 16 17 61 
Securitization - Revolver (WarnerMedia)14 23 21 22 80 31 35 41 29 136 
Commercial agreements with DIRECTV— — — — — — — 20 29 49 
Parent (43)(9)(4)(6)(62)(12)— — (6)(18)
Value portfolio180 192 178 172 722 163 153 137 130 583 
Total Corporate165 220 208 200 793 195 203 214 199 811 
Video7,407 7,021 7,014 7,168 28,610 6,725 6,639 2,149 — 15,513 
Held-for-sale2
369 369 420 256 1,414 231 158 64 — 453 
Eliminations and consolidations(1,296)(1,125)(1,288)(1,471)(5,180)(1,290)(1,311)(645)(383)(3,629)
Historical Operating Revenues42,779 40,950 42,340 45,691 171,760 43,939 44,045 39,922 40,958 168,864 
Adjustments for Discontinued Operations
[A]Less: WarnerMedia(7,765)(6,728)(7,395)(8,554)(30,442)(8,526)(8,791)(8,442)(9,873)(35,632)
[B]Less: Vrio (887)(752)(753)(762)(3,154)(743)(749)(756)(359)(2,607)
[C]Less: Securitization - Revolver (WarnerMedia)(14)(23)(21)(22)(80)(31)(35)(41)(29)(136)
[D]Add: Other items (conveyed) retained12 9 13 18 52 11 16 14 15 56 
[L]Eliminations and consolidations1,232 1,070 1,223 1,388 4,913 1,228 1,254 628 383 3,493 
Operating Revenues from
Continuing Operations		35,357 34,526 35,407 37,759 143,049 35,878 35,740 31,325 31,095 134,038 
Adjustments for Other Separated Businesses
[E]Less: Video (7,407)(7,021)(7,014)(7,168)(28,610)(6,725)(6,639)(2,149)— (15,513)
[F]
Less: Held-for-sale2
(369)(369)(420)(256)(1,414)(231)(158)(64)— (453)
[L]Less: Intercompany eliminations 64 55 65 83 267 62 57 17 — 136 
Standalone AT&T Operating Revenues$27,645 $27,191 $28,038 $30,418 $113,292 $28,984 $29,000 $29,129 $31,095 $118,208 
1

Operations and Support Expenses3/31/20206/30/20209/30/202012/31/202020203/31/20216/30/20219/30/202112/31/20212021
Mobility$9,463 $9,218 $10,075 $12,921 $41,677 $10,976 $10,906 $11,116 $13,764 $46,762 
Business Wireline3,823 3,653 3,699 3,893 15,068 3,688 3,690 3,632 3,708 14,718 
Consumer Wireline1,860 1,906 2,082 2,094 7,942 2,029 2,063 2,188 2,168 8,448 
WarnerMedia5,605 4,656 5,483 5,835 21,579 6,403 6,934 6,271 8,129 27,737 
Mexico714 538 662 722 2,636 620 667 697 668 2,652 
Vrio783 661 675 681 2,800 661 660 660 321 2,302 
Segment Total22,248 20,632 22,676 26,146 91,702 24,377 24,920 24,564 28,758 102,619 
Corporate:
DTV stranded costs— — — — — — — 69 174 243 
Parent 283 435 455 306 1,479 334 376 316 348 1,374 
Securitization fees42 20 3 7 72 40 12 1 36 89 
Value portfolio83 72 68 60 283 41 67 42 38 188 
Total Corporate408 527 526 373 1,834 415 455 428 596 1,894 
Video6,020 5,809 5,887 6,458 24,174 5,660 5,275 1,731 — 12,666 
Held-for-sale2
272 268 310 190 1,040 194 115 47 — 356 
Film amortization recharacterization and
   receivable securitization - WarnerMedia1
(13)(54)11 16 (40)49 52 28 33 162 
Reclassification of allocation changes for
separated businesses		(76)(86)(76)(84)(322)(15)(19)(16)4 (46)
Reclassification of prior service credits610 611 611 610 2,442 669 672 670 669 2,680 
Merger & Significant Items(476)3,295 151 16,654 19,624 61 4,484 288 300 5,133 
Eliminations and consolidations(922)(869)(918)(906)(3,615)(941)(939)(546)(383)(2,809)
Historical Operations and Support Expenses28,071 30,133 29,178 49,457 136,839 30,469 35,015 27,194 29,977 122,655 
Adjustments for Discontinued Operations
[A]Less: WarnerMedia(5,605)(4,656)(5,483)(5,835)(21,579)(6,403)(6,934)(6,271)(8,129)(27,737)
[B]Less: Vrio (783)(661)(675)(681)(2,800)(661)(660)(660)(321)(2,302)
[C]Add: Other items (conveyed) retained57 67 55 75 254 41 42 48 40 171 
Less: WarnerMedia Film amortization
recharacterization and receivable
securitization		13 54 (11)(16)40 (49)(52)(28)(33)(162)
[D]Less: Merger & Significant items related to
WarnerMedia and Vrio		(242)(2,440)(183)(1,082)(3,947)(59)(4,555)(179)(215)(5,008)
[L]Less: Intercompany eliminations 858 814 853 823 3,348 879 882 529 383 2,673 
Operations and Support from
Continuing Operations		22,369 23,311 23,734 42,741 112,155 24,217 23,738 20,633 21,702 90,290 
Adjustments for Other Separated Businesses
[E]Less: Video (6,020)(5,809)(5,887)(6,458)(24,174)(5,660)(5,275)(1,731)— (12,666)
[F]
Less: Held-for-sale2
(272)(268)(310)(190)(1,040)(194)(115)(47)— (356)
Less: Merger & Significant items related to
DTV and other dispositions		(32)(98)(24)(15,529)(15,683)(13)(22)37 11 13 
Less: Intercompany eliminations 64 55 65 83 267 62 57 17 — 136 
[M]Less: Reclassification of allocations for
separated businesses		76 86 76 84 322 15 19 16 (4)46 
[L]Add: Estimated comparative adjustment for
DTV retained costs
350 350 350 350 1,400 350 350 117 — 817 
Standalone AT&T Operations and
Support Expenses		16,535 17,627 18,004 21,081 73,247 18,777 18,752 19,042 21,709 78,280 
Standalone AT&T Merger & Significant items750 (757)56 (44)5 11 93 (145)(97)(138)
Standalone AT&T Adjusted Operations
and Support Expenses		$17,285 $16,870 $18,060 $21,037 $73,252 $18,788 $18,845 $18,897 $21,612 $78,142 
1 Includes the recharacterization of programming intangible assets amortization for released programming acquired in the Time Warner acquisition, which we continued to report with WarnerMedia segment operating expenses.
2

Depreciation and Amortization Expense3/31/20206/30/20209/30/202012/31/202020203/31/20216/30/20219/30/202112/31/20212021
Mobility$2,045 $2,012 $2,021 $2,008 $8,086 $2,014 $2,023 $2,035 $2,050 $8,122 
Business Wireline1,286 1,301 1,313 1,316 5,216 1,278 1,293 1,304 1,317 5,192 
Consumer Wireline712 730 734 738 2,914 762 769 775 789 3,095 
WarnerMedia161 164 169 177 671 163 165 163 165 656 
Mexico134 115 124 140 513 145 150 157 153 605 
Vrio147 127 126 120 520 117 114 — — 231 
Segment Total4,485 4,449 4,487 4,499 17,920 4,479 4,514 4,434 4,474 17,901 
Corporate:
DTV stranded costs— — — — — — — 92 144 236 
Value Portfolio17 18 14 15 64 15 14 19 15 63 
Total Corporate17 18 14 15 64 15 14 111 159 299 
Video591 593 557 521 2,262 164 148 44 — 356 
Held-for-sale2
4 4 4 3 15 — — — — — 
Film amortization recharacterization and
   receivable securitization - WarnerMedia1
69 77 47 38 231 20 16 18 19 73 
Merger & Significant Items2,056 2,145 1,921 1,904 8,026 1,131 1,069 1,012 1,021 4,233 
Eliminations and consolidations— (1)— (1)(2)— — — — — 
Historical Depreciation and
Amortization Expense		7,222 7,285 7,030 6,979 28,516 5,809 5,761 5,619 5,673 22,862 
Adjustments for Discontinued Operations
[A]Less: WarnerMedia(161)(164)(169)(177)(671)(163)(165)(163)(165)(656)
[B]Less: Vrio (147)(127)(126)(120)(520)(117)(114)— — (231)
[D]Add: Other items (conveyed) retained3 3 3 3 12 3 3 3 3 12 
[C]Less: WarnerMedia Film amortization
recharacterization and receivable
securitization		(69)(77)(47)(38)(231)(20)(16)(18)(19)(73)
[L]Less: Merger & Significant items related to
WarnerMedia and Vrio		(1,143)(1,267)(1,082)(1,093)(4,585)(1,045)(1,040)(1,021)(1,014)(4,120)
[K]Less: Intercompany eliminations — 1 — — 1 — — — — — 
Depreciation and Amortization from
Continuing Operations		5,705 5,654 5,609 5,554 22,522 4,467 4,429 4,420 4,478 17,794 
Adjustments for Other Separated Businesses
[E]Less: Video (591)(593)(557)(521)(2,262)(164)(148)(44)— (356)
[F]
Less: Held-for-sale2
(4)(4)(4)(3)(15)— — — — — 
[L]Less: Merger & Significant items related to
DTV and other dispositions		(879)(846)(813)(780)(3,318)— — — — — 
[G]Add: Estimated comparative adjustment for
DTV retained costs		180 180 180 180 720 180 180 60 — 420 
Standalone AT&T Depreciation and
Amortization Expense		4,411 4,391 4,415 4,430 17,647 4,483 4,461 4,436 4,478 17,858 
[L]Standalone AT&T Merger & Significant items(34)(32)(26)(31)(123)(86)(29)9 (7)(113)
Standalone AT&T Adjusted Depreciation and
Amortization Expense		$4,377 $4,359 $4,389 $4,399 $17,524 $4,397 $4,432 $4,445 $4,471 $17,745 
1 Includes the recharacterization of programming intangible assets amortization for released programming acquired in the Time Warner acquisition, which we continued to report with WarnerMedia segment operating expenses.

3

Operating Income3/31/20206/30/20209/30/202012/31/202020203/31/20216/30/20219/30/202112/31/20212021
Mobility$5,894 $5,919 $5,798 $5,190 $22,801 $6,044 $6,007 $5,987 $5,332 $23,370 
Business Wireline1,157 1,351 1,249 1,042 4,799 1,080 1,069 1,002 876 4,027 
Consumer Wireline539 415 224 284 1,462 307 308 179 202 996 
WarnerMedia1,999 1,908 1,743 2,542 8,192 1,960 1,692 2,008 1,579 7,239 
Mexico(145)(173)(143)(126)(587)(134)(129)(130)(117)(510)
Vrio(43)(36)(48)(39)(166)(35)(25)96 38 74 
Segment Total9,401 9,384 8,823 8,893 36,501 9,222 8,922 9,142 7,910 35,196 
Corporate:
DTV stranded costs— — — — — — — (141)(289)(430)
Parent administration support(326)(444)(459)(312)(1,541)(346)(376)(316)(354)(1,392)
Securitization fees(28)(6)10 5 (19)(27)3 15 (19)(28)
Value portfolio80 102 96 97 375 107 72 76 77 332 
Total Corporate(274)(348)(353)(210)(1,185)(266)(301)(366)(585)(1,518)
Video796 619 570 189 2,174 901 1,216 374 — 2,491 
Held-for-sale93 97 106 63 359 37 43 17 — 97 
Film amortization recharacterization and
   receivable securitization - WarnerMedia1
(42)— (37)(32)(111)(38)(33)(5)(23)(99)
Reclassification of allocation changes for
separated businesses		76 86 76 84 322 15 19 16 (4)46 
Reclassification of prior service credits(610)(611)(611)(610)(2,442)(669)(672)(670)(669)(2,680)
Merger & Significant Items(1,580)(5,440)(2,072)(18,558)(27,650)(1,192)(5,553)(1,300)(1,321)(9,366)
Eliminations and consolidations(374)(255)(370)(564)(1,563)(349)(372)(99)— (820)
Historical Operating Income7,486 3,532 6,132 (10,745)6,405 7,661 3,269 7,109 5,308 23,347 
Adjustments for Discontinued Operations
Less: WarnerMedia(1,999)(1,908)(1,743)(2,542)(8,192)(1,960)(1,692)(2,008)(1,579)(7,239)
Less: Vrio 43 36 48 39 166 35 25 (96)(38)(74)
Add: Other items conveyed (retained)(48)(61)(45)(60)(214)(33)(29)(37)(28)(127)
Less: WarnerMedia Film amortization
recharacterization and receivable
securitization		42 — 37 32 111 38 33 5 23 99 
Less: Merger & Significant items related to
WarnerMedia and Vrio		1,385 3,707 1,265 2,175 8,532 1,104 5,595 1,200 1,229 9,128 
Less: Intercompany eliminations 374 255 370 565 1,564 349 372 99 — 820 
Operating Income from
Continuing Operations		7,283 5,561 6,064 (10,536)8,372 7,194 7,573 6,272 4,915 25,954 
Adjustments for Other Separated Businesses
Less: Video (796)(619)(570)(189)(2,174)(901)(1,216)(374)— (2,491)
Less: Held-for-sale(93)(97)(106)(63)(359)(37)(43)(17)— (97)
Less: Merger & Significant items related to
DTV and other dispositions		911 944 837 16,309 19,001 13 22 (37)(11)(13)
Less: Intercompany eliminations — — — — — — — — — — 
Less: Reclassification of allocations for
separated businesses		(76)(86)(76)(84)(322)(15)(19)(16)4 (46)
Add: Estimated comparative adjustment for
DTV retained costs		(530)(530)(530)(530)(2,120)(530)(530)(177)— (1,237)
Standalone AT&T Operating Income6,699 5,173 5,619 4,907 22,398 5,724 5,787 5,651 4,908 22,070 
Standalone AT&T Merger & Significant items(716)789 (30)77 120 75 (64)136 104 251 
Standalone AT&T Adjusted Operating Income $5,983 $5,962 $5,589 $4,984 $22,518 $5,799 $5,723 $5,787 $5,012 $22,321 

4

EBITDA1
3/31/20206/30/20209/30/202012/31/202020203/31/20216/30/20219/30/202112/31/20212021
Mobility$7,939 $7,931 $7,819 $7,198 $30,887 $8,058 $8,030 $8,022 $7,382 $31,492 
Business Wireline2,443 2,652 2,562 2,358 10,015 2,358 2,362 2,306 2,193 9,219 
Consumer Wireline1,251 1,145 958 1,022 4,376 1,069 1,077 954 991 4,091 
WarnerMedia2,160 2,072 1,912 2,719 8,863 2,123 1,857 2,171 1,744 7,895 
Mexico(11)(58)(19)14 (74)11 21 27 36 95 
Vrio104 91 78 81 354 82 89 96 38 305 
Segment Total13,886 13,833 13,310 13,392 54,421 13,701 13,436 13,576 12,384 53,097 
Corporate:
DTV stranded costs— — — — — — — (49)(145)(194)
Parent administration support(326)(444)(459)(312)(1,541)(346)(376)(316)(354)(1,392)
Securitization fees(28)(6)10 5 (19)(27)3 15 (19)(28)
Value portfolio97 120 110 112 439 122 86 95 92 395 
Total Corporate(257)(330)(339)(195)(1,121)(251)(287)(255)(426)(1,219)
Video1,387 1,212 1,127 710 4,436 1,065 1,364 418 — 2,847 
Held-for-sale2
97 101 110 66 374 37 43 17 — 97 
Film amortization recharacterization and
   receivable securitization - WarnerMedia1
27 77 10 6 120 (18)(17)13 (4)(26)
Reclassification of allocation changes for
separated businesses		76 86 76 84 322 15 19 16 (4)46 
Reclassification of prior service credits(610)(611)(611)(610)(2,442)(669)(672)(670)(669)(2,680)
Merger & Significant Items476 (3,295)(151)(16,654)(19,624)(61)(4,484)(288)(300)(5,133)
Eliminations and consolidations(374)(256)(370)(565)(1,565)(349)(372)(99)— (820)
Historical EBITDA14,708 10,817 13,162 (3,766)34,921 13,470 9,030 12,728 10,981 46,209 
Adjustments for Discontinued Operations
Less: WarnerMedia(2,160)(2,072)(1,912)(2,719)(8,863)(2,123)(1,857)(2,171)(1,744)(7,895)
Less: Vrio (104)(91)(78)(81)(354)(82)(89)(96)(38)(305)
Add: Other items conveyed (retained)(45)(58)(42)(57)(202)(30)(26)(34)(25)(115)
Less: WarnerMedia Film amortization
recharacterization and receivable
securitization		(27)(77)(10)(6)(120)18 17 (13)4 26 
Less: Merger & Significant items related to
WarnerMedia and Vrio		242 2,440 183 1,082 3,947 59 4,555 179 215 5,008 
Less: Intercompany eliminations 374 256 370 565 1,565 349 372 99 — 820 
EBITDA from Continuing Operations12,988 11,215 11,673 (4,982)30,894 11,661 12,002 10,692 9,393 43,748 
Adjustments for Other Separated Businesses
Less: Video (1,387)(1,212)(1,127)(710)(4,436)(1,065)(1,364)(418)— (2,847)
Less: Held-for-sale2
(97)(101)(110)(66)(374)(37)(43)(17)— (97)
Less: Merger & Significant items related to
DTV and other dispositions		32 98 24 15,529 15,683 13 22 (37)(11)(13)
Less: Intercompany eliminations — — — — — — — — — — 
[M]Less: Reclassification of allocations for
separated businesses		(76)(86)(76)(84)(322)(15)(19)(16)4 (46)
Add: Estimated comparative adjustment for
DTV retained costs		(350)(350)(350)(350)(1,400)(350)(350)(117)— (817)
Standalone AT&T EBITDA11,110 9,564 10,034 9,337 40,045 10,207 10,248 10,087 9,386 39,928 
Standalone AT&T Merger & Significant items(750)757 (56)44 (5)(11)(93)145 97 138 
Standalone AT&T Adjusted EBITDA$10,360 $10,321 $9,978 $9,381 $40,040 $10,196 $10,155 $10,232 $9,483 $40,066 
1 EBITDA is operating income before depreciation and amortization. It excludes depreciation and amortization, interest expense, other income (expense) - net and income taxes from net income.
2 Crunchyroll anime business (sold third-quarter 2021), Government Solutions (sold first-quarter 2021) and wireless and wireline operations in Puerto Rico and the U.S. Virgin Islands (sold fourth-quarter 2020).
5

Comparative Basis Financial Information - Standalone AT&T by Segment
Supplemental Unaudited Quarterly Comparative Financial Information
Dollars in millions
Unaudited
Operating Revenues3/31/20206/30/20209/30/202012/31/202020203/31/20216/30/20219/30/202112/31/20212021
Mobility$17,402 $17,149 $17,894 $20,119 $72,564 $19,034 $18,936 $19,138 $21,146 $78,254 
Business Wireline6,266 6,305 6,261 6,251 25,083 6,046 6,052 5,938 5,901 23,937 
Consumer Wireline3,111 3,051 3,040 3,116 12,318 3,098 3,140 3,142 3,159 12,539 
Mexico703 480 643 736 2,562 631 688 724 704 2,747 
Segment Total27,482 26,985 27,838 30,222 112,527 28,809 28,816 28,942 30,910 117,477 
Corporate:
Securitization - Installment14 14 13 12 53 13 15 16 17 61 
Commercial agreements with DIRECTV— — — — — — — 20 29 49 
Parent retained(43)(9)(4)(6)(62)(12)— — (6)(18)
Value portfolio (including Invidi)192 201 191 190 774 174 169 151 145 639 
Total Corporate163 206 200 196 765 175 184 187 185 731 
Standalone AT&T Operating Revenues$27,645 $27,191 $28,038 $30,418 $113,292 $28,984 $29,000 $29,129 $31,095 $118,208 




Operations and Support Expenses3/31/20206/30/20209/30/202012/31/202020203/31/20216/30/20219/30/202112/31/20212021
Mobility$9,463 $9,218 $10,075 $12,921 $41,677 $10,976 $10,906 $11,116 $13,764 $46,762 
Business Wireline3,823 3,653 3,699 3,893 15,068 3,688 3,690 3,632 3,708 14,718 
Consumer Wireline1,860 1,906 2,082 2,094 7,942 2,029 2,063 2,188 2,168 8,448 
Mexico714 538 662 722 2,636 620 667 697 668 2,652 
Segment Total15,860 15,315 16,518 19,630 67,323 17,313 17,326 17,633 20,308 72,580 
Corporate:
DTV stranded costs— — — — — — — 69 174 243 
Estimated comparative adjustment for
DTV retained cost		350 350 350 350 1,400 350 350 117 — 817 
Parent administration support327 489 497 368 1,681 364 406 352 376 1,498 
Securitization fees42 20 3 7 72 40 12 1 36 89 
Value portfolio (including Invidi)96 85 81 72 334 52 79 54 50 235 
Total Corporate815 944 931 797 3,487 806 847 593 636 2,882 
Reclassification of prior service credits610 611 611 610 2,442 669 672 670 669 2,680 
Merger & Significant Items(750)757 (56)44 (5)(11)(93)146 96 138 
Standalone AT&T Operations and
Support Expenses		16,535 17,627 18,004 21,081 73,247 18,777 18,752 19,042 21,709 78,280 
Standalone AT&T Merger & Significant items750 (757)56 (44)5 11 93 (145)(97)(138)
Standalone AT&T Adjusted Operations
and Support Expenses		$17,285 $16,870 $18,060 $21,037 $73,252 $18,788 $18,845 $18,897 $21,612 $78,142 



Depreciation and Amortization Expense3/31/20206/30/20209/30/202012/31/202020203/31/20216/30/20219/30/202112/31/20212021
Mobility$2,045 $2,012 $2,021 $2,008 $8,086 $2,014 $2,023 $2,035 $2,050 $8,122 
Business Wireline1,286 1,301 1,313 1,316 5,216 1,278 1,293 1,304 1,317 5,192 
Consumer Wireline712 730 734 738 2,914 762 769 775 789 3,095 
Mexico134 115 124 140 513 145 150 157 153 605 
Segment Total4,177 4,158 4,192 4,202 16,729 4,199 4,235 4,271 4,309 17,014 
Corporate:
DTV stranded costs— — — — — — — 92 144 236 
Estimated comparative adjustment for
DTV retained cost		180 180 180 180 720 180 180 60 — 420 
Value Portfolio20 21 17 18 76 18 17 22 18 75 
Total Corporate200 201 197 198 796 198 197 174 162 731 
Merger & Significant Items34 32 26 30 122 86 29 (9)7 113 
Standalone AT&T Depreciation and
Amortization Expense		4,411 4,391 4,415 4,430 17,647 4,483 4,461 4,436 4,478 17,858 
Standalone AT&T Merger & Significant items(34)(32)(26)(31)(123)(86)(29)9 (7)(113)
Standalone AT&T Adjusted Depreciation and
Amortization Expense		$4,377 $4,359 $4,389 $4,399 $17,524 $4,397 $4,432 $4,445 $4,471 $17,745 




Operating Income3/31/20206/30/20209/30/202012/31/202020203/31/20216/30/20219/30/202112/31/20212021
Mobility$5,894 $5,919 $5,798 $5,190 $22,801 $6,044 $6,007 $5,987 $5,332 $23,370 
Business Wireline1,157 1,351 1,249 1,042 4,799 1,080 1,069 1,002 876 4,027 
Consumer Wireline539 415 224 284 1,462 307 308 179 202 996 
Mexico(145)(173)(143)(126)(587)(134)(129)(130)(117)(510)
Segment Total7,445 7,512 7,128 6,390 28,475 7,297 7,255 7,038 6,293 27,883 
Corporate
DTV stranded costs— — — — — — — (141)(289)(430)
Estimated comparative adjustment for
DTV retained cost		(530)(530)(530)(530)(2,120)(530)(530)(177)— (1,237)
Parent administration support(370)(498)(501)(374)(1,743)(376)(406)(352)(382)(1,516)
Securitization fees(28)(6)10 5 (19)(27)3 15 (19)(28)
Value portfolio (including Invidi)76 95 93 100 364 104 73 75 77 329 
Total Corporate(852)(939)(928)(799)(3,518)(829)(860)(580)(613)(2,882)
Reclassification of prior service credits(610)(611)(611)(610)(2,442)(669)(672)(670)(669)(2,680)
Merger & Significant Items716 (789)30 (74)(117)(75)64 (137)(103)(251)
Standalone AT&T Operating Income6,699 5,173 5,619 4,907 22,398 5,724 5,787 5,651 4,908 22,070 
Standalone AT&T Merger & Significant items(716)789 (30)77 120 75 (64)136 104 251 
Standalone AT&T Adjusted Operating Income $5,983 $5,962 $5,589 $4,984 $22,518 $5,799 $5,723 $5,787 $5,012 $22,321 


EBITDA1
3/31/20206/30/20209/30/202012/31/202020203/31/20216/30/20219/30/202112/31/20212021
Mobility$7,939 $7,931 $7,819 $7,198 $30,887 $8,058 $8,030 $8,022 $7,382 $31,492 
Business Wireline2,443 2,652 2,562 2,358 10,015 2,358 2,362 2,306 2,193 9,219 
Consumer Wireline1,251 1,145 958 1,022 4,376 1,069 1,077 954 991 4,091 
Mexico(11)(58)(19)14 (74)11 21 27 36 95 
Segment Total11,622 11,670 11,320 10,592 45,204 11,496 11,490 11,309 10,602 44,897 
Corporate
DTV stranded costs— — — — — — — (49)(145)(194)
Estimated comparative adjustment for
DTV retained cost		(350)(350)(350)(350)(1,400)(350)(350)(117)— (817)
Parent administration support(370)(498)(501)(374)(1,743)(376)(406)(352)(382)(1,516)
Securitization fees(28)(6)10 5 (19)(27)3 15 (19)(28)
Value portfolio (including Invidi)96 116 110 118 440 122 90 97 95 404 
Total Corporate(652)(738)(731)(601)(2,722)(631)(663)(406)(451)(2,151)
Reclassification of prior service credits(610)(611)(611)(610)(2,442)(669)(672)(670)(669)(2,680)
Merger & Significant Items750 (757)56 (44)5 11 93 (146)(96)(138)
Standalone AT&T EBITDA11,110 9,564 10,034 9,337 40,045 10,207 10,248 10,087 9,386 39,928 
Standalone AT&T Merger & Significant items(750)757 (56)44 (5)(11)(93)145 97 138 
Standalone AT&T Adjusted EBITDA$10,360 $10,321 $9,978 $9,381 $40,040 $10,196 $10,155 $10,232 $9,483 $40,066 
1 EBITDA is operating income before depreciation and amortization. It excludes depreciation and amortization, interest expense, other income (expense) - net and income taxes from net income.