t-20240424
0000732717FALSE00007327172024-04-242024-04-240000732717us-gaap:CommonStockMember2024-04-242024-04-240000732717us-gaap:SeriesAPreferredStockMember2024-04-242024-04-240000732717us-gaap:SeriesCPreferredStockMember2024-04-242024-04-240000732717t:ATTInc2400GlobalNotesDueMarch152024Member2024-04-242024-04-240000732717t:ATTIncFloatingRateGlobalNotesDueMarch62025Member2024-04-242024-04-240000732717t:ATTInc3550GlobalNotesDueNovember182023Member2024-04-242024-04-240000732717t:ATTInc3500GlobalNotesDueDecember172025Member2024-04-242024-04-240000732717t:ATTInc0250GlobalNotesDueMarch42026Member2024-04-242024-04-240000732717t:ATTInc1800GlobalNotesDueSeptember52026Member2024-04-242024-04-240000732717t:ATTInc2900GlobalNotesDueDecember42026Member2024-04-242024-04-240000732717t:ATTInc1600GlobalNotesDueMay192028Member2024-04-242024-04-240000732717t:ATTInc2350GlobalNotesDueSeptember52029Member2024-04-242024-04-240000732717t:ATTInc4375GlobalNotesDueSeptember142029Member2024-04-242024-04-240000732717t:ATTInc2600GlobalNotesDueDecember172029Member2024-04-242024-04-240000732717t:ATTInc0800GlobalNotesDueMarch42030Member2024-04-242024-04-240000732717t:ATTInc3950GlobalNotesDueApril302031Member2024-04-242024-04-240000732717t:ATTInc2050GlobalNotesDueMay192032Member2024-04-242024-04-240000732717t:ATTInc3550GlobalNotesDueDecember172032Member2024-04-242024-04-240000732717t:ATTInc5200GlobalNotesDueNovember182033Member2024-04-242024-04-240000732717t:ATTInc3375GlobalNotesDueMarch152034Member2024-04-242024-04-240000732717t:ATTInc4300GlobalNotesDueNovember182034Member2024-04-242024-04-240000732717t:ATTInc2450GlobalNotesDueMarch152035Member2024-04-242024-04-240000732717t:ATTInc3150GlobalNotesDueSeptember42036Member2024-04-242024-04-240000732717t:ATTInc2600GlobalNotesDueMay192038Member2024-04-242024-04-240000732717t:ATTInc1800GlobalNotesDueSeptember142039Member2024-04-242024-04-240000732717t:ATTInc7000GlobalNotesDueApril302040Member2024-04-242024-04-240000732717t:ATTInc4250GlobalNotesDueJune12043Member2024-04-242024-04-240000732717t:ATTInc4875GlobalNotesDueJune12044Member2024-04-242024-04-240000732717t:ATTInc4000GlobalNotesDueJune12049Member2024-04-242024-04-240000732717t:ATTInc4250GlobalNotesDueMarch12050Member2024-04-242024-04-240000732717t:ATTInc3750GlobalNotesDueSeptember12050Member2024-04-242024-04-240000732717t:ATTInc5350GlobalNotesDueNovember12066Member2024-04-242024-04-240000732717t:ATTInc5625GlobalNotesDueAugust12067Member2024-04-242024-04-24

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 24, 2024
______________________________________________________
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. 2.400% Global Notes due March 15, 2024T 24ANew York Stock Exchange
AT&T Inc. Floating Rate Global Notes due March 6, 2025T 25ANew York Stock Exchange
AT&T Inc. 3.550% Global Notes due November 18, 2025T 25BNew York Stock Exchange
AT&T Inc. 3.500% Global Notes due December 17, 2025T 25New York Stock Exchange


Title of each class
Trading
Symbol(s)
Name of each exchange
on which registered
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. 3.950% Global Notes due April 30, 2031T 31FNew 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. 4.300% Global Notes due November 18, 2034T 34CNew 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 8.01 Other Events.

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.

Overview
We announced on April 24, 2024 that first-quarter 2024 net income attributable to common stock totaled $3.4 billion, or $0.47 per diluted share. First-quarter 2024 income per diluted share included amounts totaling $0.7 billion (pre-tax), or $(0.08) per share, resulting from the following significant items: $(0.06) per share from restructuring charges related to our Open RAN deployment and noncash impairment charges and $(0.03) per share from our proportionate share of DIRECTV intangible amortization, partially offset by $0.01 per share of other benefit related market-driven adjustments and other items. These results compare with a reported net income attributable to common stock of $4.2 billion, or $0.57 per diluted share, in the first quarter of 2023, which included $(0.04) per share from our proportionate share of DIRECTV intangible amortization and $(0.01) per share related to Accounting Standards Update No. 2020-06, partially offset by $0.02 per share of benefit-related market-driven adjustments.

Operating revenues in the first quarter of 2024 were $30.0 billion, down 0.4 percent from the first quarter of 2023, reflecting lower Mobility equipment revenue and continued declines in Business Wireline revenues. These decreases were partially offset by increased service revenues in Mobility and Consumer Wireline. Revenues also include increases resulting from favorable impacts of foreign exchange rates in Mexico.

Operating expenses in the first quarter of 2024 were $24.2 billion, up 0.2 percent, driven by higher depreciation expense related to our continued fiber and 5G investment, and the shortening of estimated lives of network equipment that will be replaced earlier than originally anticipated with our Open RAN deployment (our collaboration with Ericsson for commercial scale open radio access network deployment) and associated restructuring charges. These increases were largely offset by lower Mobility equipment costs resulting from lower wireless sales volumes and our continued transformation efforts.

Operating income in the first quarter was $5.8 billion compared to $6.0 billion in the comparable 2023 period, and AT&T’s first-quarter operating income margin was 19.5 percent, compared to 19.9 percent in the comparable 2023 period.

Other income (expense) - net in the first quarter was $0.5 billion compared to $0.9 billion in the comparable 2023 period. The decrease reflects lower pension and postretirement benefit credits in 2024, and impairments recognized on a held-for-sale business and an equity investment in a Latin America satellite business.

Cash from operating activities in the first quarter of 2024 was $7.5 billion, up $0.9 billion when compared to 2023, reflecting operational growth and timing of working capital, including higher receivable sales that were partially offset by higher device payments. Capital expenditures in the first quarter of 2024 were $3.8 billion, and when including $0.8 billion cash paid for vendor financing, capital investment was $4.6 billion, compared to prior-year first quarter capital investment of $6.4 billion (capital expenditures of $4.3 billion and vendor financing of $2.1 billion).

Segment Summary
We analyze our segments based on segment operating income, which excludes acquisition-related costs and other significant items. Our reportable segments are: Communications and Latin America.

Communications
Our Communications segment consists of our Mobility, Business Wireline and Consumer Wireline business units.

First-quarter 2024 operating revenues were $28.9 billion, down 1.0 percent versus first-quarter 2023, with segment operating income of $6.7 billion, consistent with the year-ago quarter. The Communications segment operating income margin was 23.4 percent, compared to 23.1 percent in the year-earlier quarter.

Mobility
Mobility revenues for the first quarter of 2024 were $20.6 billion, up 0.1 percent versus the first quarter of 2023, driven by service revenue growth of 3.3% from subscriber and postpaid phone ARPU growth, offset by lower equipment revenues due to lower sales volumes. Mobility operating expenses totaled $14.1 billion, down 1.3 percent versus the first quarter of 2023 due to lower equipment expenses resulting from lower device sales, partially offset by higher depreciation expense due to our Open RAN deployment and network transformation. Mobility’s operating income margin was 31.4 percent compared to 30.5 percent in the year-ago quarter.

In our Mobility business unit, during the first quarter of 2024, we reported a net gain of 741 thousand wireless subscribers. At March 31, 2024, wireless subscribers totaled 114.5 million (including approximately 5.9 million FirstNet connections) compared to 110.8 million at March 31, 2023. Effective with our first-quarter 2024 reporting, we have removed connected devices from our total
1

Mobility subscribers, consistent with industry standards and our key performance metrics. Connected devices include data-centric devices such as session-based tablets, monitoring devices and primarily wholesale automobile systems.

During the first quarter, total phone net adds (postpaid and prepaid) were 350,000 with total net adds by subscriber category as follows:
•Postpaid subscriber net adds were 389,000, with phone net adds of 349,000.
•Prepaid subscriber net adds were 1,000, with phone net adds of 1,000.
•Reseller net adds were 351,000.

For the quarter ended March 31, 2024, postpaid phone-only ARPU increased 0.9 percent versus the year-earlier quarter.

Postpaid phone-only churn was 0.72 percent compared to 0.81 percent in the first quarter of 2023. Total postpaid churn was 0.89 percent compared to 0.99 percent in the year-ago quarter.

Business Wireline
Business Wireline revenues for the first quarter of 2024 were $4.9 billion, down 7.8 percent versus the year-ago quarter, primarily due to lower demand for legacy voice and data services as well as product simplification, partially offset by growth in connectivity services and nonrecurring equipment revenues. Business Wireline operating expenses totaled $4.8 billion, down 2.1 percent when compared to the first quarter of 2023, due to lower personnel costs, and lower marketing and customer support expenses, partially offset by higher equipment costs. Business Wireline operating income margin was 1.3 percent compared to 7.1 percent in the year-earlier quarter.

Consumer Wireline
Consumer Wireline revenues for the first quarter of 2024 were $3.4 billion, up 3.4 percent versus the year-ago quarter, driven by growth in broadband revenues attributable to fiber, partially offset by declines in legacy voice and data services and other services. Consumer Wireline operating expenses totaled $3.1 billion, down 0.3 percent versus the first quarter of 2023, largely driven by lower customer support costs that were offset by increased network-related costs and depreciation. Consumer Wireline operating income margin was 6.4 percent compared to 2.9 percent in the year-earlier quarter.

At March 31, 2024, Consumer Wireline had approximately 13.8 million broadband connections compared to 13.7 million at March 31, 2023. During the first quarter, broadband subscriber net adds were 55,000, with growth in AT&T Internet Air and fiber broadband net adds of 252,000. Total broadband and DSL connections were 13.9 million at March 31, 2024, compared to 13.9 million at March 31, 2023.

Latin America
Our Latin America segment consists of our Mexico business unit and is subject to foreign currency fluctuations.

Revenues were $1.1 billion, up 20.4 percent when compared to the first quarter of 2023, primarily due to favorable impacts of foreign exchange rates, higher equipment sales and subscriber growth. Operating expenses were $1.1 billion, up 16.1 percent, driven by unfavorable impact of foreign exchange and higher equipment sales attributable to subscriber growth. Mexico’s operating income margin was 0.3 percent, compared to (3.4) percent in the year-earlier quarter.

We had approximately 22.5 million Mexico wireless subscribers at March 31, 2024 compared to 21.6 million at March 31, 2023. During the first quarter of 2024, we had postpaid net adds of 116,000 and prepaid net adds of 79,000.

CAUTIONARY LANGUAGE CONCERNING FORWARD-LOOKING STATEMENTS

Information set forth in this filing contains financial estimates and other forward-looking statements that are subject to risks and uncertainties. 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.
2


Item 9.01 Financial Statements and Exhibits.
The following exhibits are filed as part of this report:
(d)
Exhibits
104Cover Page Interactive Data File (embedded within the Inline XBRL document)

3


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 24, 2024
By: /s/ Sabrina Sanders                               .
       Sabrina Sanders
Senior Vice President - Chief Accounting Officer
   and Controller
4

AT&T Inc.
Financial Data
Consolidated Statements of Income
Dollars in millions except per share amounts
UnauditedFirst QuarterPercent
20242023Change
Operating Revenues
Service$24,842 $24,617 0.9 %
Equipment5,186 5,522 (6.1)%
Total Operating Revenues30,028 30,139 (0.4)%
Operating Expenses
Cost of revenues
Equipment5,143 5,658 (9.1)%
Other cost of revenues (exclusive of depreciation
   and amortization shown separately below)
6,811 6,673 2.1 %
Selling, general and administrative7,021 7,175 (2.1)%
Asset impairments and abandonments and restructuring159 — — %
Depreciation and amortization5,047 4,631 9.0 %
Total Operating Expenses24,181 24,137 0.2 %
Operating Income5,847 6,002 (2.6)%
Interest Expense1,724 1,708 0.9 %
Equity in Net Income of Affiliates295 538 (45.2)%
Other Income (Expense) — Net451 935 (51.8)%
Income Before Income Taxes4,869 5,767 (15.6)%
Income Tax Expense1,118 1,314 (14.9)%
Net Income3,751 4,453 (15.8)%
Less: Net Income Attributable to Noncontrolling Interest(306)(225)(36.0)%
Net Income Attributable to AT&T$3,445 $4,228 (18.5)%
Less: Preferred Stock Dividends(50)(52)3.8 %
Net Income Attributable to Common Stock$3,395 $4,176 (18.7)%
Basic Earnings Per Share Attributable to Common Stock$0.47 $0.58 (19.0)%
Weighted Average Common Shares Outstanding (000,000)7,192 7,168 0.3 %
Diluted Earnings Per Share Attributable to Common Stock$0.47 $0.57 (17.5)%
Weighted Average Common Shares Outstanding with Dilution (000,000)7,193 7,474 (3.8)%
1

AT&T Inc.  
Financial Data  
Consolidated Balance Sheets
Dollars in millions
Mar. 31,Dec. 31,
20242023
Assets(Unaudited)
Current Assets
Cash and cash equivalents$3,520 $6,722 
Accounts receivable – net of related allowances for credit loss of $463 and $4999,577 10,289 
Inventories2,127 2,177 
Prepaid and other current assets15,221 17,270 
Total current assets30,445 36,458 
Property, Plant and Equipment – Net127,851 128,489 
Goodwill – Net67,854 67,854 
Licenses – Net127,423 127,219 
Other Intangible Assets – Net5,281 5,283 
Investments in and Advances to Equity Affiliates891 1,251 
Operating Lease Right-Of-Use Assets20,668 20,905 
Other Assets19,015 19,601 
Total Assets$399,428 $407,060 
Liabilities and Stockholders’ Equity
Current Liabilities
Debt maturing within one year$7,060 $9,477 
Accounts payable and accrued liabilities31,973 35,852 
Advanced billings and customer deposits3,713 3,778 
Dividends payable2,088 2,020 
Total current liabilities44,834 51,127 
Long-Term Debt125,704 127,854 
Deferred Credits and Other Noncurrent Liabilities
Deferred income taxes58,820 58,666 
Postemployment benefit obligation8,743 8,734 
Operating lease liabilities17,291 17,568 
Other noncurrent liabilities23,441 23,696 
Total deferred credits and other noncurrent liabilities108,295 108,664 
Redeemable Noncontrolling Interest1,975 1,973 
Stockholders’ Equity
Preferred stock— — 
Common stock7,621 7,621 
Additional paid-in capital111,599 114,519 
Retained (deficit) earnings(1,570)(5,015)
Treasury stock(15,277)(16,128)
Accumulated other comprehensive income2,167 2,300 
Noncontrolling interest14,080 14,145 
Total stockholders’ equity118,620 117,442 
Total Liabilities and Stockholders’ Equity$399,428 $407,060 
2

AT&T Inc.  
Financial Data  
Consolidated Statements of Cash Flows
Dollars in millions
UnauditedFirst Quarter
20242023
Operating Activities
Net income$3,751 $4,453 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization5,047 4,631 
Provision for uncollectible accounts472 477 
Deferred income tax expense479 529 
Net (gain) loss on investments, net of impairments201 (93)
Pension and postretirement benefit expense (credit)(471)(670)
Asset impairments and abandonments and restructuring159 — 
Changes in operating assets and liabilities:
Receivables512 620 
Other current assets629 364 
Accounts payable and other accrued liabilities(3,497)(3,409)
Equipment installment receivables and related sales24 (243)
Deferred customer contract acquisition and fulfillment costs103 (22)
Postretirement claims and contributions(54)(89)
Other - net192 130 
Total adjustments3,796 2,225 
Net Cash Provided by Operating Activities 7,547 6,678 
Investing Activities
Capital expenditures(3,758)(4,335)
Acquisitions, net of cash acquired(211)(291)
Dispositions8 15 
Distributions from DIRECTV in excess of cumulative equity in earnings194 774 
(Purchases), sales and settlements of securities and investments - net1,079 19 
Other - net(273)— 
Net Cash Used in Investing Activities (2,961)(3,818)
Financing Activities
Net change in short-term borrowings with original maturities of three months or less1,933 (536)
Issuance of other short-term borrowings491 3,627 
Repayment of other short-term borrowings(1,996)— 
Issuance of long-term debt— 3,366 
Repayment of long-term debt(4,685)(5,945)
Repayment of note payable to DIRECTV— (130)
Payment of vendor financing(841)(2,113)
Purchase of treasury stock(157)(188)
Issuance of treasury stock— 3 
Dividends paid(2,034)(2,014)
Other - net(526)219 
Net Cash Used in Financing Activities(7,815)(3,711)
Net increase (decrease) in cash and cash equivalents and restricted cash(3,229)(851)
Cash and cash equivalents and restricted cash beginning of year6,833 3,793 
Cash and Cash Equivalents and Restricted Cash End of Period$3,604 $2,942 
3

AT&T Inc.
Consolidated Supplementary Data
Supplementary Financial Data
Dollars in millions except per share amounts
UnauditedFirst QuarterPercent
20242023Change
Capital expenditures
Purchase of property and equipment$3,721 $4,291 (13.3)%
Interest during construction37 44 (15.9)%
Total Capital Expenditures$3,758 $4,335 (13.3)%
Acquisitions, net of cash acquired
Business acquisitions$— $— — %
Spectrum acquisitions145 63 — %
Interest during construction - spectrum66 228 (71.1)%
Total Acquisitions$211 $291 (27.5)%
Cash paid for interest$2,077 $1,971 5.4 %
Cash paid for income taxes, net of (refunds)$(9)$10 — %
Dividends Declared per Common Share$0.2775 $0.2775 — %
End of Period Common Shares Outstanding (000,000)7,170 7,149 0.3 %
Debt Ratio52.4 %55.9 %(350) BP
Total Employees148,290 157,790 (6.0)%
4

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.

Segment Results
Dollars in millions
UnauditedFirst QuarterPercent
20242023Change
Segment Operating Revenues
Mobility$20,594 $20,582 0.1 %
Business Wireline4,913 5,331 (7.8)%
Consumer Wireline3,350 3,239 3.4 %
Total Segment Operating Revenues28,857 29,152 (1.0)%
Segment Operating Income
Mobility6,468 6,271 3.1 %
Business Wireline64 378 (83.1)%
Consumer Wireline213 94 — %
Total Segment Operating Income$6,745 $6,743 — %


Supplementary Operating Data
Subscribers and connections in thousands
UnauditedMarch 31,Percent
20242023Change
Broadband Connections
Broadband15,143 15,061 0.5 %
DSL191 284 (32.7)%
Total Broadband Connections15,334 15,345 (0.1)%
Voice Connections
Retail Consumer Switched Access Lines3,934 4,938 (20.3)%
Consumer VoIP Connections
2,467 2,835 (13.0)%
Total Retail Consumer Voice Connections6,401 7,773 (17.7)%
First QuarterPercent
20242023Change
Broadband Net Additions
Broadband65 (14)— %
DSL(19)(27)29.6 %
Total Broadband Net Additions46 (41)— %
5

Mobility

Mobility provides nationwide wireless service and equipment.
Mobility Results
Dollars in millions
UnauditedFirst QuarterPercent
20242023Change
Operating Revenues
Service$15,994 $15,483 3.3 %
Equipment4,600 5,099 (9.8)%
Total Operating Revenues20,594 20,582 0.1 %
Operating Expenses
Operations and support11,639 12,213 (4.7)%
Depreciation and amortization2,487 2,098 18.5 %
Total Operating Expenses14,126 14,311 (1.3)%
Operating Income$6,468 $6,271 3.1 %
Operating Income Margin31.4 %30.5 %90  BP
Supplementary Operating Data
Subscribers and connections in thousands
UnauditedMarch 31,Percent
20242023Change
Mobility Subscribers
Postpaid87,450 85,421 2.4 %
Postpaid phone71,558 70,049 2.2 %
Prepaid19,211 19,200 0.1 %
Reseller7,852 6,192 26.8 %
Total Mobility Subscribers1
114,513 110,813 3.3 %
1Effective with our first-quarter 2024 reporting, we have removed connected devices from our total Mobility subscribers, consistent with industry standards and our key performance metrics. Connected devices include data-centric devices such as session-based tablets, monitoring devices and primarily wholesale automobile systems.
First QuarterPercent
20242023Change
Mobility Net Additions
Postpaid Phone Net Additions349 424 (17.7)%
Total Phone Net Additions350 464 (24.6)%
Postpaid389 542 (28.2)%
Prepaid1 40 (97.5)%
Reseller351 108 — %
Total Mobility Net Additions1
741 690 7.4 %
Postpaid Churn0.89 %0.99 %(10) BP
Postpaid Phone-Only Churn0.72 %0.81 %(9) BP
1Excludes migrations between wireless subscriber categories, including connected devices, and acquisition-related activity during the period.





6


Business Wireline

Business Wireline provides advanced ethernet-based fiber services, IP Voice and managed professional services, as well as our fixed wireless access product and traditional voice and data services and related equipment to business customers.
Business Wireline Results
Dollars in millions
UnauditedFirst QuarterPercent
20242023Change
Operating Revenues
Service$4,700 $5,200 (9.6)%
Equipment213 131 62.6 %
Total Operating Revenues4,913 5,331 (7.8)%
Operating Expenses  
Operations and support3,487 3,623 (3.8)%
Depreciation and amortization1,362 1,330 2.4 %
Total Operating Expenses4,849 4,953 (2.1)%
Operating Income$64 $378 (83.1)%
Operating Income Margin1.3 %7.1 %(580) BP

7

Consumer Wireline

Consumer Wireline provides broadband services, including fiber connections that provide multi-gig services to residential customers in select locations and our fixed wireless access product that provides home internet services. Consumer Wireline also provides legacy telephony voice communication services.
Consumer Wireline Results
Dollars in millions
UnauditedFirst QuarterPercent
20242023Change
Operating Revenues
Broadband$2,722 $2,527 7.7 %
Legacy voice and data services342 396 (13.6)%
Other service and equipment286 316 (9.5)%
Total Operating Revenues3,350 3,239 3.4 %
Operating Expenses
Operations and support2,256 2,284 (1.2)%
Depreciation and amortization881 861 2.3 %
Total Operating Expenses3,137 3,145 (0.3)%
Operating Income$213 $94 — %
Operating Income Margin6.4 %2.9 %350  BP
 
Supplementary Operating Data
Subscribers and connections in thousands
UnauditedMarch 31,Percent
20242023Change
Broadband Connections
Total Broadband and DSL Connections13,930 13,949 (0.1)%
Broadband1
13,784 13,730 0.4 %
Fiber Broadband Connections8,559 7,487 14.3 %
Voice Connections
Retail Consumer Switched Access Lines1,553 1,921 (19.2)%
Consumer VoIP Connections1,869 2,212 (15.5)%
Total Retail Consumer Voice Connections3,422 4,133 (17.2)%
1 Includes AT&T Internet Air
First QuarterPercent
20242023Change
Broadband Net Additions
Total Broadband and DSL Net Additions40 (42)— %
Broadband Net Additions1
55 (23)— %
Fiber Broadband Net Additions252 272 (7.4)%
1 Includes AT&T Internet Air
8

LATIN AMERICA SEGMENT

The segment provides wireless services and equipment to customers in Mexico.
Segment Results
Dollars in millions
UnauditedFirst QuarterPercent
 20242023Change
Operating Revenues
Wireless service$690 $591 16.8 %
Wireless equipment373 292 27.7 %
Total Segment Operating Revenues1,063 883 20.4 %
Operating Expenses
Operations and support883 738 19.6 %
Depreciation and amortization177 175 1.1 %
Total Segment Operating Expenses1,060 913 16.1 %
Operating Income (Loss)$3 $(30)— %
Operating Income Margin0.3 %(3.4)%370  BP
Supplementary Operating Data
Subscribers and connections in thousands
UnauditedMarch 31,Percent
 20242023Change
Mexico Wireless Subscribers
Postpaid5,352 4,973 7.6 %
Prepaid16,742 16,146 3.7 %
Reseller365 494 (26.1)%
Total Mexico Wireless Subscribers22,459 21,613 3.9 %
 First QuarterPercent
 20242023Change
Mexico Wireless Net Additions
Postpaid116 49 — %
Prepaid79 (58)— %
Reseller(52)19 — %
Total Mexico Wireless Net Additions143 10 — %

9

SUPPLEMENTAL SEGMENT RECONCILIATION
Three Months Ended
Dollars in millions
Unaudited
March 31, 2024
RevenuesOperations
and Support
Expenses		EBITDADepreciation
and
Amortization		Operating
Income (Loss)
Communications
Mobility$20,594 $11,639 $8,955 $2,487 $6,468 
Business Wireline4,913 3,487 1,426 1,362 64 
Consumer Wireline3,350 2,256 1,094 881 213 
Total Communications28,857 17,382 11,475 4,730 6,745 
Latin America - Mexico1,063 883 180 177 3 
Segment Total29,920 18,265 11,655 4,907 6,748 
Corporate and Other
Corporate:
DTV-related retained costs— 134 (134)120 (254)
Parent administration support— 392 (392)1 (393)
Securitization fees26 165 (139)— (139)
Value portfolio82 26 56 4 52 
Total Corporate108 717 (609)125 (734)
Certain significant items— 152 (152)15 (167)
Total Corporate and Other108 869 (761)140 (901)
AT&T Inc.$30,028 $19,134 $10,894 $5,047 $5,847 
March 31, 2023
RevenuesOperations and Support ExpensesEBITDADepreciation and AmortizationOperating Income (Loss)
Communications
Mobility$20,582 $12,213 $8,369 $2,098 $6,271 
Business Wireline5,331 3,623 1,708 1,330 378 
Consumer Wireline3,239 2,284 955 861 94 
Total Communications29,152 18,120 11,032 4,289 6,743 
Latin America - Mexico883 738 145 175 (30)
Segment Total30,035 18,858 11,177 4,464 6,713 
Corporate and Other
Corporate:
DTV-related retained costs— 169 (169)144 (313)
Parent administration support(9)374 (383)1 (384)
Securitization fees19 121 (102)— (102)
Value portfolio94 28 66 5 61 
Total Corporate104 692 (588)150 (738)
Certain significant items— (44)44 17 27 
Total Corporate and Other104 648 (544)167 (711)
AT&T Inc.$30,139 $19,506 $10,633 $4,631 $6,002 
10