At&T Inc 8-K, filed Apr 21, 2022
At&T Inc. (T)
8-K
2022-04-21
For: 2022-04-21
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July 08, 2026
About this 8-K
At&T Inc filed this 8-K on April 21, 2022.
Items reported
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
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 21, 2022
______________________________________________________
(Exact Name of Registrant as Specified in Charter)
______________________________________________________
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
(Address of Principal Executive Offices) | (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 class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
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, media and technology industries.
Overview
We announced on April 21, 2022 that first-quarter 2022 net income attributable to common stock totaled $4.8 billion, or $0.65 per diluted share. First-quarter 2022 income per diluted share included amounts totaling to $(961) million (pre-tax), or $(0.12) per share, resulting from the following significant items: $(0.10) per share for the amortization of merger-related intangible assets, $(0.04) per share of transaction costs, $(0.04) per share from our proportionate share of DIRECTV intangible amortization, $(0.05) per share of other charges, including the impact from the adoption of Accounting Standards Update (ASU) No. 2020-06 (ASU 2020-06), partially offset by an actuarial gain on remeasurement of our pension benefit plan assets and obligations of $0.11. These results compare with a reported net income attributable to common stock of $7.5 billion, or $1.02 per diluted share, in the first quarter of 2021, which reflects our retrospective adoption of ASU 2020-06.
Operating revenues in the first quarter of 2022 were $38.1 billion, down 13.3 percent from the first quarter of 2021, reflecting the impact of our divested Video and Vrio businesses, which were sold in the third and fourth quarter of 2021, respectively, and lower Business Wireline revenues. The declines were partially offset by higher Mobility, and, to a lesser extent, increased WarnerMedia, Consumer Wireline and Mexico revenues.
Operating expenses in the first quarter of 2022 were $32.5 billion, down 10.5 percent, driven by impacts from divested businesses. Expenses in the quarter reflect updates to the expected economic lives of customer relationships, which extended the amortization period of deferred acquisition and fulfillment costs and reduced expenses approximately $135 million, with approximately $60 million recorded to Mobility, $35 million to Business Wireline and $40 million to Consumer Wireline. Effective January 1, 2022, we also extended the estimated economic lives and depreciation period of AT&T owned fiber assets, which decreased depreciation expense approximately $70 million. Partially offsetting the decreases were higher wireless equipment costs, including 3G network shutdown costs, and higher WarnerMedia programming, marketing and selling costs.
Operating income in the first quarter was $5.6 billion compared to $7.7 billion in the comparable 2021 period, and AT&T’s first-quarter operating income margin was 14.8 percent, compared to 17.4 percent in the comparable 2021 period.
Cash from operating activities in the first quarter of 2022 was $5.7 billion, down $4.2 billion when compared to 2021, reflecting lower receivable securitization, increased cash spend for content and higher bonus payouts. Total cash paid for WarnerMedia's content investment in the first quarter of 2022 was $5.1 billion ($0.6 billion higher than the prior-year comparable period). Capital expenditures in the first quarter of 2022 were $4.7 billion, and when including $1.6 billion cash paid for vendor financing, capital investment was $6.3 billion, compared to prior-year first quarter capital investment of $5.7 billion (capital expenditures of $4.0 billion and vendor financing of $1.7 billion).
Segment Summary
We analyze our segments based on, among other things, segment contribution, which consists of operating income, excluding acquisition-related costs and other significant items, and equity in net income (loss) of affiliates for investments managed within each segment. Our reportable segments are: Communications, WarnerMedia and Latin America.
For the quarter ended March 31, 2022, to conform with the current period presentation, we have reclassified into "Corporate" certain administrative costs borne by AT&T where the business units do not influence decision making. This recast increased Corporate operations and support expenses by approximately $100 million in the first quarter of 2021 (full-year 2021 increase of $270 million). Correspondingly, this recast lowered administrative expenses at AT&T's Communications operations, Video and WarnerMedia with no change on a consolidated basis.
Communications
Our Communications segment consists of our Mobility, Business Wireline and Consumer Wireline business units.
First-quarter 2022 operating revenues were $28.9 billion, up 2.5 percent versus first-quarter 2021, with segment operating contribution of $7.0 billion, down 5.4 percent versus the year-ago quarter. The Communications segment operating income margin was 24.3 percent, compared to 26.4 percent in the year-earlier quarter.
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Mobility
Mobility revenues for the first quarter of 2022 were $20.1 billion, up 5.5 percent versus the first quarter of 2021, driven by service revenue growth from subscriber gains, and equipment revenue growth from higher priced smartphone sales. Mobility operating expenses totaled $14.2 billion, up 9.5 percent versus the first quarter of 2021 due to increased equipment costs, including 3G network shutdown costs, higher costs associated with bundling HBO Max and the elimination of CAF II government credits. Mobility’s operating income margin was 29.2 percent compared to 31.8 percent in the year-ago quarter.
In our Mobility business unit, during the first quarter of 2022, we reported a net gain of 5.5 million wireless subscribers. At March 31, 2022, wireless subscribers totaled 196.6 million (including approximately 3.3 million FirstNet connections) compared to 186.1 million at March 31, 2021. Wireless subscribers at March 31, 2022, include a reduction of 10.7 million subscribers and connections (899,000 postpaid, including 438,000 phones, 234,000 prepaid, 749,000 reseller and 8.8 million connected devices) resulting from our 3G network shutdown in February 2022.
During the first quarter, total phone net adds (postpaid and prepaid) were 804,000 with total net adds by subscriber category as follows:
•Postpaid subscriber net adds were 965,000, with phone net adds of 691,000 and additions from wearables and non-tablet computing devices.
•Prepaid subscriber net adds were 116,000, with phone net adds of 113,000.
•Reseller net losses were 17,000.
•Connected device net adds were 4.5 million, 1.5 million of which were primarily attributable to wholesale connected cars.
For the quarter ended March 31, 2022, postpaid phone-only ARPU decreased 0.2 percent versus the year-earlier quarter.
Postpaid phone-only churn was 0.79 percent compared to 0.76 percent in the first quarter of 2021. Total postpaid churn was 0.94 percent compared to 0.93 percent in the year-ago quarter.
Business Wireline
Business Wireline revenues for the first quarter of 2022 were $5.6 billion, down 6.7 percent versus the year-ago quarter, primarily due to lower demand for legacy voice and data services and a strategic decision to deemphasize non-core services. Business Wireline operating expenses totaled $4.8 billion, down 3.7 percent when compared to the first quarter of 2021 due to ongoing operational cost efficiencies and lower amortization of deferred fulfillment costs, partially offset by higher depreciation expense. Business Wireline operating income margin was 15.2 percent compared to 17.9 percent in the year-earlier quarter.
Consumer Wireline
Consumer Wireline revenues for the first quarter of 2022 were $3.2 billion, up 2.0 percent versus the year-ago quarter, driven by growth in broadband revenues attributable to fiber growth, partially offset by declines in legacy voice and data services. Consumer Wireline operating expenses totaled $2.8 billion, up 1.9 percent versus the first quarter of 2021, largely driven by higher advertising costs and the elimination of CAF II government credits. These expense increases were partially offset by lower amortization of deferred fulfillment costs. Consumer Wireline operating income margin was 10.0 percent compared to 9.9 percent in the year-earlier quarter.
At March 31, 2022, Consumer Wireline had approximately 13.9 million broadband connections compared to 13.8 million at March 31, 2021. During the first quarter, broadband subscriber net adds were 5,000, with fiber broadband net adds of 289,000. Total broadband and DSL connection were 14.1 million at March 31, 2022, compared to 14.1 million at March 31, 2021.
WarnerMedia
WarnerMedia revenues for the first quarter of 2022 were $8.7 billion, up 2.5 percent versus the year-ago quarter, driven by increased subscription revenues and higher content and other revenues, partially offset by lower advertising revenues. Subscription revenues increased primarily due to growth of HBO Max subscribers. Content and other revenues increased driven by higher theatrical revenues, with higher HBO Max licensing, partially offset by lower TV licensing. Advertising revenues declined from lower linear audiences and lower political ad spending, partially offset by higher sports.
WarnerMedia operating expenses totaled $7.4 billion, up 13.0 percent when compared to the first quarter of 2021, driven by higher marketing costs, programming costs, and incremental selling costs associated with DIRECTV advertising revenue sharing arrangements.
WarnerMedia segment operating contribution was $1.3 billion, down 35.7 percent. The WarnerMedia segment operating income margin was 15.1 percent, compared to 23.0 percent in the year-earlier quarter.
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Latin America
Our Latin America segment consists of our Mexico business unit, and prior to the November 2021 disposition of Vrio, our Vrio business unit, and is subject to foreign currency fluctuations.
First-quarter 2022 operating revenues were $0.7 billion, down 49.8 percent versus the prior year, reflecting the sale of Vrio in the fourth quarter of 2021. Segment operating contribution was $(102) million, versus $(173) million in the comparable 2021 period. The Latin America operating income margin was (14.8) percent, compared to (12.3) percent in the year-earlier quarter.
Mexico
Revenues were $690 million, up 9.4 percent when compared to the first quarter of 2021, primarily due to increased service revenues driven by growth in other services and the subscriber base. Operating expenses were $792 million, up 3.5 percent, driven by increased depreciation expense from higher in-service assets and equipment costs from customer growth. Mexico’s operating income margin was (14.8) percent, compared to (21.2) percent in the year-earlier quarter.
We had approximately 20.5 million Mexico wireless subscribers at March 31, 2022 compared to 19.0 million at March 31, 2021. During the first quarter of 2022, we had postpaid net adds of 3,000 and prepaid net adds of 178,000.
Subsequent Event
On April 8, 2022, we completed the separation of our WarnerMedia business in a Reverse Morris Trust transaction, under which Magallanes, Inc., which held the WarnerMedia business (Spinco), was distributed to AT&T stockholders via a pro rata dividend, followed by the combination of Spinco with a subsidiary of Discovery, Inc., which was renamed Warner Bros. Discovery, Inc. (WBD). Each AT&T shareholder was entitled to receive 0.241917 shares of WBD common stock for each share of AT&T common stock held as of the record date.
With the separation and distribution of WarnerMedia, the WarnerMedia business will meet the criteria for discontinued operations for our second-quarter 2022 reporting. 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. transactions. Beginning with the second quarter of 2022, the transactions will be reflected in our historical financial statements as discontinued operations.
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.
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Item 9.01 Financial Statements and Exhibits.
The following exhibits are furnished as part of this report:
(d) | Exhibits | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
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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 21, 2022 | By: /s/ Debra L. Dial . Debra L. Dial Senior Vice President and Controller | ||||
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| AT&T Inc. | ||||||||||||||||||||
| Financial Data | ||||||||||||||||||||
| Consolidated Statements of Income | ||||||||||||||||||||
| Dollars in millions except per share amounts | ||||||||||||||||||||
| Unaudited | First Quarter | Percent | ||||||||||||||||||
| 2022 | 2021 | Change | ||||||||||||||||||
| Operating Revenues | ||||||||||||||||||||
| Service | $ | 32,392 | $ | 38,504 | (15.9) | % | ||||||||||||||
| Equipment | 5,713 | 5,435 | 5.1 | % | ||||||||||||||||
| Total Operating Revenues | 38,105 | 43,939 | (13.3) | % | ||||||||||||||||
| Operating Expenses | ||||||||||||||||||||
| Cost of revenues | ||||||||||||||||||||
| Equipment | 6,038 | 5,556 | 8.7 | % | ||||||||||||||||
| Broadcast, programming and operations | 4,313 | 7,538 | (42.8) | % | ||||||||||||||||
Other cost of revenues (exclusive of depreciation and amortization shown separately below) | 7,206 | 7,993 | (9.8) | % | ||||||||||||||||
| Selling, general and administrative | 9,368 | 9,382 | (0.1) | % | ||||||||||||||||
| Depreciation and amortization | 5,539 | 5,809 | (4.6) | % | ||||||||||||||||
| Total Operating Expenses | 32,464 | 36,278 | (10.5) | % | ||||||||||||||||
| Operating Income | 5,641 | 7,661 | (26.4) | % | ||||||||||||||||
| Interest Expense | 1,722 | 1,870 | (7.9) | % | ||||||||||||||||
| Equity in Net Income (Loss) of Affiliates | 501 | 52 | — | % | ||||||||||||||||
| Other Income (Expense) — Net | 2,187 | 4,221 | (48.2) | % | ||||||||||||||||
| Income Before Income Taxes | 6,607 | 10,064 | (34.4) | % | ||||||||||||||||
| Income Tax Expense | 1,443 | 2,122 | (32.0) | % | ||||||||||||||||
| Net Income | 5,164 | 7,942 | (35.0) | % | ||||||||||||||||
| Less: Net Income Attributable to Noncontrolling Interest | (354) | (392) | 9.7 | % | ||||||||||||||||
| Net Income Attributable to AT&T | $ | 4,810 | $ | 7,550 | (36.3) | % | ||||||||||||||
| Less: Preferred Stock Dividends | (48) | (50) | 4.0 | % | ||||||||||||||||
| Net Income Attributable to Common Stock | $ | 4,762 | $ | 7,500 | (36.5) | % | ||||||||||||||
| Basic Earnings Per Share Attributable to Common Stock | $ | 0.66 | $ | 1.04 | (36.5) | % | ||||||||||||||
| Weighted Average Common Shares Outstanding (000,000) | 7,184 | 7,161 | 0.3 | % | ||||||||||||||||
Diluted Earnings Per Share Attributable to Common Stock1 | $ | 0.65 | $ | 1.02 | (36.3) | % | ||||||||||||||
Weighted Average Common Shares Outstanding with Dilution (000,000)1 | 7,556 | 7,482 | 1.0 | % | ||||||||||||||||
1Reflects retrospective adoption of Accounting Standards Update (ASU) No. 2020-06 | ||||||||||||||||||||
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| AT&T Inc. | |||||||||||
| Financial Data | |||||||||||
| Consolidated Balance Sheets | |||||||||||
| Dollars in millions | |||||||||||
| Unaudited | Mar. 31, | Dec. 31, | |||||||||
| 2022 | 2021 | ||||||||||
| Assets | |||||||||||
| Current Assets | |||||||||||
| Cash and cash equivalents | $ | 38,565 | $ | 21,169 | |||||||
| Accounts receivable – net of related allowances for credit loss of $788 and $771 | 17,218 | 17,571 | |||||||||
| Inventories | 3,153 | 3,464 | |||||||||
| Prepaid and other current assets | 17,920 | 17,793 | |||||||||
| Total current assets | 76,856 | 59,997 | |||||||||
| Noncurrent Inventories and Theatrical Film and Television Production Costs | 19,803 | 18,983 | |||||||||
| Property, Plant and Equipment – Net | 127,159 | 125,904 | |||||||||
| Goodwill | 133,247 | 133,223 | |||||||||
| Licenses – Net | 114,107 | 113,830 | |||||||||
| Trademarks and Trade Names – Net | 21,781 | 21,938 | |||||||||
| Distribution Networks – Net | 11,486 | 11,942 | |||||||||
| Other Intangible Assets – Net | 11,452 | 11,783 | |||||||||
| Investments in and Advances to Equity Affiliates | 5,943 | 7,274 | |||||||||
| Operating Lease Right-Of-Use Assets | 23,941 | 24,180 | |||||||||
| Deposits on Wireless Licenses | 9,129 | — | |||||||||
| Other Assets | 22,291 | 22,568 | |||||||||
| Total Assets | $ | 577,195 | $ | 551,622 | |||||||
| Liabilities and Stockholders’ Equity | |||||||||||
| Current Liabilities | |||||||||||
| Debt maturing within one year | $ | 27,333 | $ | 24,630 | |||||||
| Note payable to DIRECTV | 1,047 | 1,245 | |||||||||
| Accounts payable and accrued liabilities | 46,845 | 50,661 | |||||||||
| Advanced billings and customer deposits | 5,183 | 5,303 | |||||||||
| Dividends payable | 2,086 | 3,749 | |||||||||
| Total current liabilities | 82,494 | 85,588 | |||||||||
| Long-Term Debt | 180,225 | 152,724 | |||||||||
| Deferred Credits and Other Noncurrent Liabilities | |||||||||||
| Deferred income taxes | 65,963 | 65,226 | |||||||||
| Postemployment benefit obligation | 11,294 | 12,649 | |||||||||
| Operating lease liabilities | 20,917 | 21,261 | |||||||||
| Other noncurrent liabilities | 29,746 | 30,223 | |||||||||
| Noncurrent portion of note payable to DIRECTV | — | 96 | |||||||||
| Total deferred credits and other noncurrent liabilities | 127,920 | 129,455 | |||||||||
| Stockholders’ Equity | |||||||||||
| Preferred stock | — | — | |||||||||
| Common stock | 7,621 | 7,621 | |||||||||
| Additional paid-in capital | 129,637 | 130,112 | |||||||||
| Retained earnings | 45,041 | 42,350 | |||||||||
| Treasury stock | (16,553) | (17,280) | |||||||||
| Accumulated other comprehensive income | 3,290 | 3,529 | |||||||||
| Noncontrolling interest | 17,520 | 17,523 | |||||||||
| Total stockholders’ equity | 186,556 | 183,855 | |||||||||
| Total Liabilities and Stockholders’ Equity | $ | 577,195 | $ | 551,622 | |||||||
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| AT&T Inc. | |||||||||||
| Financial Data | |||||||||||
| Consolidated Statements of Cash Flows | |||||||||||
| Dollars in millions | |||||||||||
| Unaudited | First Quarter | ||||||||||
| 2022 | 2021 | ||||||||||
| Operating Activities | |||||||||||
| Net income | $ | 5,164 | $ | 7,942 | |||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | 5,539 | 5,809 | |||||||||
| Amortization of film and television costs | 3,009 | 2,886 | |||||||||
| Distributed (undistributed) earnings from investments in equity affiliates | 26 | (47) | |||||||||
| Provision for uncollectible accounts | 460 | 321 | |||||||||
| Deferred income tax expense | 932 | 1,848 | |||||||||
| Net (gain) loss on investments, net of impairments | 93 | (119) | |||||||||
| Pension and postretirement benefit expense (credit) | (937) | (974) | |||||||||
| Actuarial (gain) loss on pension and postretirement benefits | (1,053) | (2,844) | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Receivables | (228) | 751 | |||||||||
| Other current assets, inventories and theatrical film and television production costs | (3,261) | (3,518) | |||||||||
| Accounts payable and other accrued liabilities | (4,031) | (3,060) | |||||||||
| Equipment installment receivables and related sales | 541 | 1,190 | |||||||||
| Deferred customer contract acquisition and fulfillment costs | (259) | 244 | |||||||||
| Postretirement claims and contributions | (97) | (343) | |||||||||
| Other - net | (166) | (159) | |||||||||
| Total adjustments | 568 | 1,985 | |||||||||
| Net Cash Provided by Operating Activities | 5,732 | 9,927 | |||||||||
| Investing Activities | |||||||||||
| Capital expenditures | (4,748) | (4,033) | |||||||||
| Acquisitions, net of cash acquired | (9,244) | (22,884) | |||||||||
| Dispositions | 11 | 51 | |||||||||
| Distributions from DIRECTV in excess of cumulative equity in earnings | 1,315 | — | |||||||||
| Other - net | 15 | 14 | |||||||||
| Net Cash Used in Investing Activities | (12,651) | (26,852) | |||||||||
| Financing Activities | |||||||||||
| Net change in short-term borrowings with original maturities of three months or less | 2,285 | 687 | |||||||||
| Issuance of other short-term borrowings | 2,593 | 15,485 | |||||||||
| Repayment of other short-term borrowings | (3,407) | — | |||||||||
| Issuance of long-term debt | 30,296 | 9,097 | |||||||||
| Repayment of long-term debt | (802) | (902) | |||||||||
| Repayment of note payable to DIRECTV | (294) | — | |||||||||
| Payment of vendor financing | (1,566) | (1,690) | |||||||||
| Purchase of treasury stock | (197) | (176) | |||||||||
| Issuance of treasury stock | 26 | 63 | |||||||||
| Dividends paid | (3,749) | (3,741) | |||||||||
| Other - net | (934) | (340) | |||||||||
| Net Cash Provided by Financing Activities | 24,251 | 18,483 | |||||||||
| Net increase in cash and cash equivalents and restricted cash | 17,332 | 1,558 | |||||||||
| Cash and cash equivalents and restricted cash beginning of year | 21,316 | 9,870 | |||||||||
| Cash and Cash Equivalents and Restricted Cash End of Period | $ | 38,648 | $ | 11,428 | |||||||
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| AT&T Inc. | ||||||||||||||||||||
| Consolidated Supplementary Data | ||||||||||||||||||||
| Supplementary Financial Data | ||||||||||||||||||||
| Dollars in millions except per share amounts | ||||||||||||||||||||
| Unaudited | First Quarter | Percent | ||||||||||||||||||
| 2022 | 2021 | Change | ||||||||||||||||||
| Capital expenditures | ||||||||||||||||||||
| Purchase of property and equipment | $ | 4,712 | $ | 3,972 | 18.6 | % | ||||||||||||||
| Interest during construction - capital expenditures | 36 | 61 | (41.0) | % | ||||||||||||||||
| Total Capital Expenditures | $ | 4,748 | $ | 4,033 | 17.7 | % | ||||||||||||||
| Acquisition, net of cash acquired | ||||||||||||||||||||
| Business acquisitions | $ | — | $ | 8 | — | % | ||||||||||||||
| Spectrum acquisitions | 8,956 | 22,876 | (60.8) | % | ||||||||||||||||
| Interest during construction - spectrum | 288 | — | — | % | ||||||||||||||||
| Total Acquisitions | $ | 9,244 | $ | 22,884 | (59.6) | % | ||||||||||||||
| Cash Paid for Programming and Produced Film/TV Content | $ | 5,149 | $ | 4,535 | 13.5 | % | ||||||||||||||
| Dividends Declared per Common Share | $ | 0.28 | $ | 0.52 | (46.2) | % | ||||||||||||||
| End of Period Common Shares Outstanding (000,000) | 7,159 | 7,140 | 0.3 | % | ||||||||||||||||
| Debt Ratio | 52.7 | % | 49.6 | % | 310 | BP | ||||||||||||||
| Total Employees | 203,160 | 228,470 | (11.1) | % | ||||||||||||||||
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COMMUNICATIONS SEGMENT
The Communications segment provides wireless and wireline telecom and broadband services to consumers located in the U.S. and businesses globally. The Communications segment contains three reporting units: Mobility, Business Wireline, and Consumer Wireline.
Results have been recast to refine the allocation of shared infrastructure costs between the Communications segment and Corporate and Other.
| Segment Results | ||||||||||||||||||||
| Dollars in millions | ||||||||||||||||||||
| Unaudited | First Quarter | Percent | ||||||||||||||||||
| 2022 | 2021 | Change | ||||||||||||||||||
| Segment Operating Revenues | ||||||||||||||||||||
| Mobility | $ | 20,075 | $ | 19,034 | 5.5 | % | ||||||||||||||
| Business Wireline | 5,640 | 6,046 | (6.7) | % | ||||||||||||||||
| Consumer Wireline | 3,161 | 3,098 | 2.0 | % | ||||||||||||||||
| Total Segment Operating Revenues | 28,876 | 28,178 | 2.5 | % | ||||||||||||||||
| Segment Operating Contribution | ||||||||||||||||||||
| Mobility | 5,853 | 6,044 | (3.2) | % | ||||||||||||||||
| Business Wireline | 859 | 1,080 | (20.5) | % | ||||||||||||||||
| Consumer Wireline | 317 | 307 | 3.3 | % | ||||||||||||||||
| Total Segment Operating Contribution | $ | 7,029 | $ | 7,431 | (5.4) | % | ||||||||||||||
| Supplementary Operating Data | ||||||||||||||||||||
| Subscribers and connections in thousands | ||||||||||||||||||||
| Unaudited | March 31, | Percent | ||||||||||||||||||
| 2022 | 2021 | Change | ||||||||||||||||||
| Broadband Connections | ||||||||||||||||||||
| Broadband | 15,130 | 14,908 | 1.5 | % | ||||||||||||||||
| DSL | 403 | 527 | (23.5) | % | ||||||||||||||||
| Total Broadband Connections | 15,533 | 15,435 | 0.6 | % | ||||||||||||||||
| Voice Connections | ||||||||||||||||||||
| Retail Consumer Switched Access Lines | 5,956 | 6,988 | (14.8) | % | ||||||||||||||||
| U-verse Consumer VoIP Connections | 3,227 | 3,684 | (12.4) | % | ||||||||||||||||
| Total Retail Voice Connections | 9,183 | 10,672 | (14.0) | % | ||||||||||||||||
| First Quarter | Percent | |||||||||||||||||||
| 2022 | 2021 | Change | ||||||||||||||||||
| Broadband Net Additions | ||||||||||||||||||||
| Broadband | 56 | 90 | (37.8) | % | ||||||||||||||||
| DSL | (27) | (39) | 30.8 | % | ||||||||||||||||
| Total Broadband Net Additions | 29 | 51 | (43.1) | % | ||||||||||||||||
5
Mobility
Mobility provides nationwide wireless service and equipment.
| Mobility Results | ||||||||||||||||||||
| Dollars in millions | ||||||||||||||||||||
| Unaudited | First Quarter | Percent | ||||||||||||||||||
| 2022 | 2021 | Change | ||||||||||||||||||
| Operating Revenues | ||||||||||||||||||||
| Service | $ | 14,724 | $ | 14,048 | 4.8 | % | ||||||||||||||
| Equipment | 5,351 | 4,986 | 7.3 | % | ||||||||||||||||
| Total Operating Revenues | 20,075 | 19,034 | 5.5 | % | ||||||||||||||||
| Operating Expenses | ||||||||||||||||||||
| Operations and support | 12,163 | 10,976 | 10.8 | % | ||||||||||||||||
| Depreciation and amortization | 2,059 | 2,014 | 2.2 | % | ||||||||||||||||
| Total Operating Expenses | 14,222 | 12,990 | 9.5 | % | ||||||||||||||||
| Operating Income | 5,853 | 6,044 | (3.2) | % | ||||||||||||||||
| Equity in Net Income (Loss) of Affiliates | — | — | — | % | ||||||||||||||||
| Operating Contribution | $ | 5,853 | $ | 6,044 | (3.2) | % | ||||||||||||||
| Operating Income Margin | 29.2 | % | 31.8 | % | (260) | BP | ||||||||||||||
| Supplementary Operating Data | ||||||||||||||||||||
| Subscribers and connections in thousands | ||||||||||||||||||||
| Unaudited | March 31, | Percent | ||||||||||||||||||
| 2022 | 2021 | Change | ||||||||||||||||||
| Mobility Subscribers | ||||||||||||||||||||
| Postpaid | 81,639 | 77,934 | 4.8 | % | ||||||||||||||||
| Postpaid phone | 67,518 | 64,752 | 4.3 | % | ||||||||||||||||
| Prepaid | 18,859 | 18,387 | 2.6 | % | ||||||||||||||||
| Reseller | 5,383 | 6,501 | (17.2) | % | ||||||||||||||||
| Connected Devices | 90,735 | 83,286 | 8.9 | % | ||||||||||||||||
Total Mobility Subscribers1 | 196,616 | 186,108 | 5.6 | % | ||||||||||||||||
1Wireless subscribers at March 31, 2022 includes a reduction of 10.7 million subscribers and connections (899 postpaid, including 438 phone, 234 prepaid, 749 reseller subscribers, and 8.8 million connected devices) resulting from our 3G network shutdown in February 2022. | ||||||||||||||||||||
| First Quarter | Percent | |||||||||||||||||||
| 2022 | 2021 | Change | ||||||||||||||||||
| Mobility Net Additions | ||||||||||||||||||||
| Postpaid Phone Net Additions | 691 | 595 | 16.1 | % | ||||||||||||||||
| Total Phone Net Additions | 804 | 802 | 0.2 | % | ||||||||||||||||
| Postpaid | 965 | 823 | 17.3 | % | ||||||||||||||||
| Prepaid | 116 | 279 | (58.4) | % | ||||||||||||||||
| Reseller | (17) | (68) | 75.0 | % | ||||||||||||||||
| Connected Devices | 4,468 | 2,517 | 77.5 | % | ||||||||||||||||
| Total Mobility Net Additions | 5,532 | 3,551 | 55.8 | % | ||||||||||||||||
| Postpaid Churn | 0.94 | % | 0.93 | % | 1 BP | |||||||||||||||
| Postpaid Phone-Only Churn | 0.79 | % | 0.76 | % | 3 BP | |||||||||||||||
6
Business Wireline
Business Wireline provides advanced IP-based services, as well as traditional voice and data services and related equipment to business customers.
| Business Wireline Results | ||||||||||||||||||||
| Dollars in millions | ||||||||||||||||||||
| Unaudited | First Quarter | Percent | ||||||||||||||||||
| 2022 | 2021 | Change | ||||||||||||||||||
| Operating Revenues | ||||||||||||||||||||
| Service | $ | 5,478 | $ | 5,872 | (6.7) | % | ||||||||||||||
| Equipment | 162 | 174 | (6.9) | % | ||||||||||||||||
| Total Operating Revenues | 5,640 | 6,046 | (6.7) | % | ||||||||||||||||
| Operating Expenses | ||||||||||||||||||||
| Operations and support | 3,482 | 3,688 | (5.6) | % | ||||||||||||||||
| Depreciation and amortization | 1,299 | 1,278 | 1.6 | % | ||||||||||||||||
| Total Operating Expenses | 4,781 | 4,966 | (3.7) | % | ||||||||||||||||
| Operating Income | 859 | 1,080 | (20.5) | % | ||||||||||||||||
| Equity in Net Income (Loss) of Affiliates | — | — | — | % | ||||||||||||||||
| Operating Contribution | $ | 859 | $ | 1,080 | (20.5) | % | ||||||||||||||
| Operating Income Margin | 15.2 | % | 17.9 | % | (270) | BP | ||||||||||||||
7
Consumer Wireline
Consumer Wireline provides broadband, including fiber, and legacy telephony voice communication services to residential customers.
| Consumer Wireline Results | ||||||||||||||||||||
| Dollars in millions | ||||||||||||||||||||
| Unaudited | First Quarter | Percent | ||||||||||||||||||
| 2022 | 2021 | Change | ||||||||||||||||||
| Operating Revenues | ||||||||||||||||||||
| Broadband | $ | 2,355 | $ | 2,205 | 6.8 | % | ||||||||||||||
| Legacy voice and data services | 460 | 519 | (11.4) | % | ||||||||||||||||
| Other service and equipment | 346 | 374 | (7.5) | % | ||||||||||||||||
| Total Operating Revenues | 3,161 | 3,098 | 2.0 | % | ||||||||||||||||
| Operating Expenses | ||||||||||||||||||||
| Operations and support | 2,078 | 2,029 | 2.4 | % | ||||||||||||||||
| Depreciation and amortization | 766 | 762 | 0.5 | % | ||||||||||||||||
| Total Operating Expenses | 2,844 | 2,791 | 1.9 | % | ||||||||||||||||
| Operating Income | 317 | 307 | 3.3 | % | ||||||||||||||||
| Equity in Net Income (Loss) of Affiliates | — | — | — | % | ||||||||||||||||
| Operating Contribution | $ | 317 | $ | 307 | 3.3 | % | ||||||||||||||
| Operating Income Margin | 10.0 | % | 9.9 | % | 10 | BP | ||||||||||||||
| Supplementary Operating Data | ||||||||||||||||||||
| Subscribers and connections in thousands | ||||||||||||||||||||
| Unaudited | March 31, | Percent | ||||||||||||||||||
| 2022 | 2021 | Change | ||||||||||||||||||
| Broadband Connections | ||||||||||||||||||||
| Total Broadband and DSL Connections | 14,148 | 14,146 | — | % | ||||||||||||||||
| Broadband | 13,850 | 13,767 | 0.6 | % | ||||||||||||||||
| Fiber Broadband Connections | 6,281 | 5,186 | 21.1 | % | ||||||||||||||||
| Voice Connections | ||||||||||||||||||||
| Retail Consumer Switched Access Lines | 2,324 | 2,740 | (15.2) | % | ||||||||||||||||
| U-verse Consumer VoIP Connections | 2,628 | 3,096 | (15.1) | % | ||||||||||||||||
| Total Retail Consumer Voice Connections | 4,952 | 5,836 | (15.1) | % | ||||||||||||||||
| First Quarter | Percent | |||||||||||||||||||
| 2022 | 2021 | Change | ||||||||||||||||||
| Broadband Net Additions | ||||||||||||||||||||
| Total Broadband and DSL Net Additions | (12) | 46 | — | % | ||||||||||||||||
| Broadband | 5 | 74 | (93.2) | % | ||||||||||||||||
| Fiber Broadband Net Additions | 289 | 235 | 23.0 | % | ||||||||||||||||
8
Business Solutions
As a supplemental presentation to our Communications segment operating results, we are providing a view of our AT&T Business Solutions results which includes both wireless and fixed operations. This combined view presents a complete profile of the entire business customer relationship and underscores the importance of mobile solutions to serving our business customers.
| Business Solutions Results | ||||||||||||||||||||
| Dollars in millions | ||||||||||||||||||||
| Unaudited | First Quarter | Percent | ||||||||||||||||||
| 2022 | 2021 | Change | ||||||||||||||||||
| Operating Revenues | ||||||||||||||||||||
| Wireless service | $ | 2,134 | $ | 1,969 | 8.4 | % | ||||||||||||||
| Wireline service | 5,478 | 5,872 | (6.7) | % | ||||||||||||||||
| Wireless equipment | 899 | 790 | 13.8 | % | ||||||||||||||||
| Wireline equipment | 162 | 174 | (6.9) | % | ||||||||||||||||
| Total Operating Revenues | 8,673 | 8,805 | (1.5) | % | ||||||||||||||||
| Operating Expenses | ||||||||||||||||||||
| Operations and support | 5,608 | 5,519 | 1.6 | % | ||||||||||||||||
| Depreciation and amortization | 1,660 | 1,614 | 2.9 | % | ||||||||||||||||
| Total Operating Expenses | 7,268 | 7,133 | 1.9 | % | ||||||||||||||||
| Operating Income | 1,405 | 1,672 | (16.0) | % | ||||||||||||||||
| Equity in Net Income (Loss) of Affiliates | — | — | — | % | ||||||||||||||||
| Operating Contribution | $ | 1,405 | $ | 1,672 | (16.0) | % | ||||||||||||||
| Operating Income Margin | 16.2 | % | 19.0 | % | (280) | BP | ||||||||||||||
9
WARNERMEDIA SEGMENT
The WarnerMedia segment develops, produces and distributes feature films, television, gaming and other content in various physical and digital formats globally. WarnerMedia content is distributed through basic networks, Direct-to-Consumer (DTC) or theatrical, TV content and games licensing. Segment results also include Xandr advertising and Otter Media Holdings, prior to our substantial disposal of the latter in the third quarter of 2021. Additional information is provided as part of the earnings material on the company’s Investor Relations website.
On April 8, 2022, we completed the WarnerMedia/Discovery transaction. With the separation and distribution of WarnerMedia, the WarnerMedia business will meet the criteria for discontinued operations for our second-quarter 2022 reporting.
| Segment Results | ||||||||||||||||||||
| Dollars in millions | ||||||||||||||||||||
| Unaudited | First Quarter | Percent | ||||||||||||||||||
| 2022 | 2021 | Change | ||||||||||||||||||
| Segment Operating Revenues | ||||||||||||||||||||
| Subscription | $ | 3,997 | $ | 3,830 | 4.4 | % | ||||||||||||||
| Content and other | 3,059 | 2,959 | 3.4 | % | ||||||||||||||||
| Advertising | 1,685 | 1,737 | (3.0) | % | ||||||||||||||||
| Total Segment Operating Revenues | 8,741 | 8,526 | 2.5 | % | ||||||||||||||||
| Direct Costs | ||||||||||||||||||||
| Programming | 3,976 | 3,774 | 5.4 | % | ||||||||||||||||
| Marketing | 1,096 | 850 | 28.9 | % | ||||||||||||||||
| Other | 869 | 813 | 6.9 | % | ||||||||||||||||
| Selling, general and administrative | 1,354 | 966 | 40.2 | % | ||||||||||||||||
| Depreciation and amortization | 127 | 163 | (22.1) | % | ||||||||||||||||
| Total Operating Expenses | 7,422 | 6,566 | 13.0 | % | ||||||||||||||||
| Operating Income | 1,319 | 1,960 | (32.7) | % | ||||||||||||||||
| Equity in Net Income (Loss) of Affiliates | (13) | 70 | — | % | ||||||||||||||||
| Total Segment Operating Contribution | $ | 1,306 | $ | 2,030 | (35.7) | % | ||||||||||||||
10
LATIN AMERICA SEGMENT
The Latin America segment provides entertainment and wireless service outside of the U.S. Our international subsidiaries conduct business in their local currency and operating results are converted to U.S. dollars using official exchange rates. The Latin America segment contains two business units: Mexico and Vrio, which was sold in November 2021.
| Segment Results | ||||||||||||||||||||
| Dollars in millions | ||||||||||||||||||||
| Unaudited | First Quarter | Percent | ||||||||||||||||||
| 2022 | 2021 | Change | ||||||||||||||||||
| Segment Operating Revenues | ||||||||||||||||||||
| Mexico | $ | 690 | $ | 631 | 9.4 | % | ||||||||||||||
| Vrio | — | 743 | — | % | ||||||||||||||||
| Total Segment Operating Revenues | 690 | 1,374 | (49.8) | % | ||||||||||||||||
| Segment Operating Contribution | ||||||||||||||||||||
| Mexico | (102) | (134) | 23.9 | % | ||||||||||||||||
| Vrio | — | (39) | — | % | ||||||||||||||||
| Total Segment Operating Contribution | $ | (102) | $ | (173) | 41.0 | % | ||||||||||||||
11
Mexico
Mexico provides wireless services and equipment to customers in Mexico.
| Mexico Results | ||||||||||||||||||||
| Dollars in millions | ||||||||||||||||||||
| Unaudited | First Quarter | Percent | ||||||||||||||||||
| 2022 | 2021 | Change | ||||||||||||||||||
| Operating Revenues | ||||||||||||||||||||
| Wireless service | $ | 490 | $ | 439 | 11.6 | % | ||||||||||||||
| Wireless equipment | 200 | 192 | 4.2 | % | ||||||||||||||||
| Total Operating Revenues | 690 | 631 | 9.4 | % | ||||||||||||||||
| Operating Expenses | ||||||||||||||||||||
| Operations and support | 631 | 620 | 1.8 | % | ||||||||||||||||
| Depreciation and amortization | 161 | 145 | 11.0 | % | ||||||||||||||||
| Total Operating Expenses | 792 | 765 | 3.5 | % | ||||||||||||||||
| Operating Income (Loss) | (102) | (134) | 23.9 | % | ||||||||||||||||
| Equity in Net Income (Loss) of Affiliates | — | — | — | % | ||||||||||||||||
| Operating Contribution | $ | (102) | $ | (134) | 23.9 | % | ||||||||||||||
| Operating Income Margin | (14.8) | % | (21.2) | % | 640 | BP | ||||||||||||||
| Supplementary Operating Data | ||||||||||||||||||||
| Subscribers and connections in thousands | ||||||||||||||||||||
| Unaudited | March 31, | Percent | ||||||||||||||||||
| 2022 | 2021 | Change | ||||||||||||||||||
| Mexico Wireless Subscribers | ||||||||||||||||||||
| Postpaid | 4,810 | 4,725 | 1.8 | % | ||||||||||||||||
| Prepaid | 15,235 | 13,756 | 10.8 | % | ||||||||||||||||
| Reseller | 458 | 500 | (8.4) | % | ||||||||||||||||
| Total Mexico Wireless Subscribers | 20,503 | 18,981 | 8.0 | % | ||||||||||||||||
| First Quarter | Percent | |||||||||||||||||||
| 2022 | 2021 | Change | ||||||||||||||||||
| Mexico Wireless Net Additions | ||||||||||||||||||||
| Postpaid | 3 | 29 | (89.7) | % | ||||||||||||||||
| Prepaid | 178 | (2) | — | % | ||||||||||||||||
| Reseller | (40) | 11 | — | % | ||||||||||||||||
| Total Mexico Wireless Net Additions | 141 | 38 | — | % | ||||||||||||||||
12
SUPPLEMENTAL SEGMENT RECONCILIATION
| Three Months Ended | |||||||||||||||||||||||
| Dollars in millions | |||||||||||||||||||||||
| Unaudited | |||||||||||||||||||||||
| March 31, 2022 | |||||||||||||||||||||||
| Revenues | Operations and Support Expenses | EBITDA | Depreciation and Amortization | Operating Income (Loss) | Equity in Net Income (Loss) of Affiliates | Operating Contribution | |||||||||||||||||
| Communications | |||||||||||||||||||||||
| Mobility | $ | 20,075 | $ | 12,163 | $ | 7,912 | $ | 2,059 | $ | 5,853 | $ | — | $ | 5,853 | |||||||||
| Business Wireline | 5,640 | 3,482 | 2,158 | 1,299 | 859 | — | 859 | ||||||||||||||||
| Consumer Wireline | 3,161 | 2,078 | 1,083 | 766 | 317 | — | 317 | ||||||||||||||||
| Total Communications | 28,876 | 17,723 | 11,153 | 4,124 | 7,029 | — | 7,029 | ||||||||||||||||
| WarnerMedia | 8,741 | 7,295 | 1,446 | 127 | 1,319 | (13) | 1,306 | ||||||||||||||||
| Latin America - Mexico | 690 | 631 | 59 | 161 | (102) | — | (102) | ||||||||||||||||
| Segment Total | 38,307 | 25,649 | 12,658 | 4,412 | 8,246 | (13) | 8,233 | ||||||||||||||||
| Corporate and Other | |||||||||||||||||||||||
| Corporate: | |||||||||||||||||||||||
| DTV stranded costs | 8 | 128 | (120) | 134 | (254) | — | (254) | ||||||||||||||||
| Parent administration support | (12) | 312 | (324) | 4 | (328) | (8) | (336) | ||||||||||||||||
| Securitization fees | 16 | 82 | (66) | — | (66) | — | (66) | ||||||||||||||||
| Value portfolio | 118 | 24 | 94 | 9 | 85 | — | 85 | ||||||||||||||||
| Total Corporate | 130 | 546 | (416) | 147 | (563) | (8) | (571) | ||||||||||||||||
| Video | — | — | — | — | — | 522 | 522 | ||||||||||||||||
Held-for-sale and other reclassifications | 29 | 16 | 13 | 9 | 4 | — | 4 | ||||||||||||||||
Reclassification of prior service credits | — | 617 | (617) | — | (617) | — | (617) | ||||||||||||||||
| Merger & Significant Items | — | 458 | (458) | 971 | (1,429) | — | (1,429) | ||||||||||||||||
Eliminations and consolidations | (361) | (361) | — | — | — | — | — | ||||||||||||||||
| Total Corporate and Other | (202) | 1,276 | (1,478) | 1,127 | (2,605) | 514 | (2,091) | ||||||||||||||||
| AT&T Inc. | $ | 38,105 | $ | 26,925 | $ | 11,180 | $ | 5,539 | $ | 5,641 | $ | 501 | $ | 6,142 | |||||||||
13
| Three Months Ended | |||||||||||||||||||||||
| Dollars in millions | |||||||||||||||||||||||
| Unaudited | |||||||||||||||||||||||
| March 31, 2021 | |||||||||||||||||||||||
| Revenues | Operations and Support Expenses | EBITDA | Depreciation and Amortization | Operating Income (Loss) | Equity in Net Income (Loss) of Affiliates | Operating Contribution | |||||||||||||||||
| Communications | |||||||||||||||||||||||
| Mobility | $ | 19,034 | $ | 10,976 | $ | 8,058 | $ | 2,014 | $ | 6,044 | $ | — | $ | 6,044 | |||||||||
| Business Wireline | 6,046 | 3,688 | 2,358 | 1,278 | 1,080 | — | 1,080 | ||||||||||||||||
| Consumer Wireline | 3,098 | 2,029 | 1,069 | 762 | 307 | — | 307 | ||||||||||||||||
| Total Communications | 28,178 | 16,693 | 11,485 | 4,054 | 7,431 | — | 7,431 | ||||||||||||||||
| WarnerMedia | 8,526 | 6,403 | 2,123 | 163 | 1,960 | 70 | 2,030 | ||||||||||||||||
| Latin America | |||||||||||||||||||||||
| Mexico | 631 | 620 | 11 | 145 | (134) | — | (134) | ||||||||||||||||
| Vrio | 743 | 661 | 82 | 117 | (35) | (4) | (39) | ||||||||||||||||
| Total Latin America | 1,374 | 1,281 | 93 | 262 | (169) | (4) | (173) | ||||||||||||||||
| Segment Total | 38,078 | 24,377 | 13,701 | 4,479 | 9,222 | 66 | 9,288 | ||||||||||||||||
| Corporate and Other | |||||||||||||||||||||||
| Corporate: | |||||||||||||||||||||||
| DTV stranded costs | — | — | — | — | — | — | — | ||||||||||||||||
| Parent administration support | (12) | 334 | (346) | 6 | (352) | (9) | (361) | ||||||||||||||||
| Securitization fees | 13 | 40 | (27) | — | (27) | — | (27) | ||||||||||||||||
| Value portfolio | 163 | 41 | 122 | 9 | 113 | — | 113 | ||||||||||||||||
| Total Corporate | 164 | 415 | (251) | 15 | (266) | (9) | (275) | ||||||||||||||||
| Video | 6,725 | 5,660 | 1,065 | 164 | 901 | — | 901 | ||||||||||||||||
Held-for-sale and other reclassifications | 262 | 228 | 34 | 20 | 14 | (5) | 9 | ||||||||||||||||
Reclassification of prior service credits | — | 669 | (669) | — | (669) | — | (669) | ||||||||||||||||
| Merger & Significant Items | — | 61 | (61) | 1,131 | (1,192) | — | (1,192) | ||||||||||||||||
Eliminations and consolidations | (1,290) | (941) | (349) | — | (349) | — | (349) | ||||||||||||||||
| Total Corporate and Other | 5,861 | 6,092 | (231) | 1,330 | (1,561) | (14) | (1,575) | ||||||||||||||||
| AT&T Inc. | $ | 43,939 | $ | 30,469 | $ | 13,470 | $ | 5,809 | $ | 7,661 | $ | 52 | $ | 7,713 | |||||||||
14