At&T Inc 8-K, filed Jan 25, 2023

At&T Inc. (T)

8-K 2023-01-25 For: 2023-01-25

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Added on July 08, 2026

About this 8-K

At&T Inc filed this 8-K on January 25, 2023.

Items reported

Item 8.01: Other events
Item 9.01: Financial statements and exhibits

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☐			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))


(d)	Exhibits

	99.1	AT&T Inc. selected financial statements and operating data.

	104	Cover Page Interactive Data File (embedded within the Inline XBRL document)


AT&T Inc.
Financial Data

Consolidated Statements of Income
Dollars in millions except per share amounts
Unaudited	Fourth Quarter				Percent		Year Ended				Percent
	2022		2021		Change		2022		2021		Change
Operating Revenues
Service	$	24,833	$	24,225	2.5	%	$	97,831	$	111,565	(12.3)	%
Equipment	6,510		6,870		(5.2)	%	22,910		22,473		1.9	%
Total Operating Revenues	31,343		31,095		0.8	%	120,741		134,038		(9.9)	%

Operating Expenses
Cost of revenues
Equipment	6,999		7,443		(6.0)	%	24,009		23,685		1.4	%
Broadcast, programming and operations	—		—		—	%	—		8,106		—	%
Other cost of revenues (exclusive of depreciation and amortization shown separately below)	6,572		6,782		(3.1)	%	26,839		28,616		(6.2)	%
Selling, general and administrative	7,516		7,368		2.0	%	28,961		29,669		(2.4)	%
Asset impairments and abandonments and restructuring	26,753		108		—	%	27,498		213		—	%
Depreciation and amortization	4,595		4,500		2.1	%	18,021		17,852		0.9	%
Total Operating Expenses	52,435		26,201		—	%	125,328		108,141		15.9	%
Operating Income (Loss)	(21,092)		4,894		—	%	(4,587)		25,897		—	%
Interest Expense	1,560		1,626		(4.1)	%	6,108		6,716		(9.1)	%
Equity in Net Income of Affiliates	374		444		(15.8)	%	1,791		603		—	%
Other Income (Expense) — Net	(919)		2,429		—	%	5,810		9,387		(38.1)	%
Income (Loss) from Continuing Operations Before Income Taxes	(23,197)		6,141		—	%	(3,094)		29,171		—	%
Income tax expense (benefit) on continuing operations	(77)		939		—	%	3,780		5,395		(29.9)	%
Income (Loss) From Continuing Operations	(23,120)		5,202		—	%	(6,874)		23,776		—	%
Income (loss) from discontinued operations, net of tax	(35)		188		—	%	(181)		(2,297)		92.1	%
Net Income (Loss)	(23,155)		5,390		—	%	(7,055)		21,479		—	%
Less: Net Income Attributable to Noncontrolling Interest	(362)		(347)		(4.3)	%	(1,469)		(1,398)		(5.1)	%
Net Income (Loss) Attributable to AT&T	$	(23,517)	$	5,043	—	%	$	(8,524)	$	20,081	—	%
Less: Preferred Stock Dividends	(54)		(51)		(5.9)	%	(203)		(207)		1.9	%
Net Income (Loss) Attributable to Common Stock	$	(23,571)	$	4,992	—	%	$	(8,727)	$	19,874	—	%

Basic Earnings (Loss) Per Share Attributable to Common Stock
From continuing operations	$	(3.20)	$	0.67	—	%	$	(1.10)	$	3.07	—	%
From discontinued operations	$	—	$	0.02	—	%	$	(0.03)	$	(0.30)	90.0	%
	$	(3.20)	$	0.69	—	%	$	(1.13)	$	2.77	—	%
Weighted Average Common Shares Outstanding (000,000)	7,157		7,172		(0.2)	%	7,166		7,168		—	%
Diluted Earnings (Loss) Per Share Attributable to Common Stock 1
From continuing operations	$	(3.20)	$	0.66	—	%	$	(1.10)	$	3.02	—	%
From discontinued operations	$	—	$	0.02	—	%	$	(0.03)	$	(0.29)	89.7	%
	$	(3.20)	$	0.68	—	%	$	(1.13)	$	2.73	—	%
Weighted Average Common Shares Outstanding with Dilution (000,000) 1	7,533		7,541		(0.1)	%	7,587		7,503		1.1	%
1Reflects retrospective adoption of Accounting Standards Update (ASU) No. 2020-06


AT&T Inc.
Financial Data

Consolidated Balance Sheets
Dollars in millions
Unaudited	Dec. 31,		Dec. 31,
	2022		2021
Assets
Current Assets
Cash and cash equivalents	$	3,701	$	19,223
Accounts receivable – net of related allowance for credit loss of $588 and $658	11,466		12,313
Inventories	3,123		3,325
Prepaid and other current assets	14,818		16,131
Assets from discontinued operations	—		119,776
Total current assets	33,108		170,768

Property, Plant and Equipment – Net	127,445		121,649
Goodwill – Net	67,895		92,740
Licenses – Net	124,092		113,830


Other Intangible Assets – Net	5,354		5,391
Investments in and Advances to Equity Affiliates	3,533		6,168
Operating Lease Right-Of-Use Assets	21,814		21,824
Other Assets	19,612		19,252
Total Assets	$	402,853	$	551,622
Liabilities and Stockholders’ Equity
Current Liabilities
Debt maturing within one year	$	7,467	$	24,620
Note payable to DIRECTV	130		1,245
Accounts payable and accrued liabilities	42,644		39,095
Advanced billings and customer deposits	3,918		3,966
Dividends payable	2,014		3,749
Liabilities from discontinued operations	—		33,555
Total current liabilities	56,173		106,230
Long-Term Debt	128,423		151,011
Deferred Credits and Other Noncurrent Liabilities
Deferred income taxes	57,032		53,767
Postemployment benefit obligation	7,260		12,560
Operating lease liabilities	18,659		18,956
Other noncurrent liabilities	28,849		25,243

Total deferred credits and other noncurrent liabilities	111,800		110,526
Stockholders’ Equity
Preferred stock	—		—
Common stock	7,621		7,621
Additional paid-in capital	123,610		130,112
Retained (deficit) earnings	(19,415)		42,350
Treasury stock	(17,082)		(17,280)
Accumulated other comprehensive income	2,766		3,529
Noncontrolling interest	8,957		17,523
Total stockholders’ equity	106,457		183,855
Total Liabilities and Stockholders’ Equity	$	402,853	$	551,622


AT&T Inc.
Financial Data

Consolidated Statements of Cash Flows
Dollars in millions
Unaudited	Year Ended
	2022		2021
Operating Activities
Income (loss) from continuing operations	$	(6,874)	$	23,776
Adjustments to reconcile income (loss) from continuing operations to net cash provided by operating activities from continuing operations:
Depreciation and amortization	18,021		17,852


Provision for uncollectible accounts	1,865		1,241
Deferred income tax expense	2,975		7,412
Net (gain) loss on investments, net of impairments	381		(369)
Pension and postretirement benefit expense (credit)	(3,237)		(3,857)
Actuarial (gain) loss on pension and postretirement benefits	(1,999)		(4,143)
Asset impairments and abandonments and restructuring	27,498		213
Changes in operating assets and liabilities:
Receivables	727		(1,125)
Other current assets	(674)		(1,288)
Accounts payable and other accrued liabilities	(1,109)		(1,570)
Equipment installment receivables and related sales	154		(271)
Deferred customer contract acquisition and fulfillment costs	(947)		18
Postretirement claims and contributions	(823)		(822)
Other - net	(146)		103
Total adjustments	42,686		13,394
Net Cash Provided by Operating Activities from Continuing Operations	35,812		37,170

Investing Activities
Capital expenditures	(19,626)		(15,545)
Acquisitions, net of cash acquired	(10,200)		(25,453)
Dispositions	199		7,136
Distributions from DIRECTV in excess of cumulative equity in earnings	2,649		1,323
Other - net	79		50
Net Cash Used in Investing Activities from Continuing Operations	(26,899)		(32,489)

Financing Activities
Net change in short-term borrowings with original maturities of three months or less	(519)		1,316
Issuance of other short-term borrowings	3,955		21,856
Repayment of other short-term borrowings	(18,345)		(7,510)
Issuance of long-term debt	2,979		9,931
Repayment of long-term debt	(25,118)		(3,039)
Note payable to DIRECTV, net of payments	(1,211)		1,341
Payment of vendor financing	(4,697)		(4,596)

Purchase of treasury stock	(890)		(202)
Issuance of treasury stock	28		96

Redemption of preferred interest in subsidiaries	(2,665)		—
Dividends paid	(9,859)		(15,068)
Other - net	(3,222)		(2,231)
Net Cash (Used in) Provided by Financing Activities from Continuing Operations	(59,564)		1,894
Net (decrease) increase in cash and cash equivalents and restricted cash from continuing operations	(50,651)		6,575
Cash flows from Discontinued Operations:
Cash (used in) provided by operating activities	(3,789)		4,788
Cash provided by (used in) investing activities	1,094		399
Cash provided by (used in) financing activities	35,823		(316)
Net increase (decrease) in cash and cash equivalents and restricted cash from discontinued operations	33,128		4,871
Net (decrease) increase in cash and cash equivalents and restricted cash	$	(17,523)	$	11,446
Cash and cash equivalents and restricted cash beginning of year	21,316		9,870
Cash and Cash Equivalents and Restricted Cash End of Year	$	3,793	$	21,316


			AT&T INC.



Date: January 25, 2023			By: /s/ Debra L. Dial . Debra L. Dial Senior Vice President - Chief Accounting Officer and Controller


AT&T Inc.
Consolidated Supplementary Data

Supplementary Financial Data
Dollars in millions except per share amounts
Unaudited	Fourth Quarter				Percent		Year Ended						Percent
	2022		2021		Change		2022			2021			Change
Capital expenditures
Purchase of property and equipment	$	4,179	$	3,453	21.0	%	$	19,452		$	15,372		26.5	%
Interest during construction	50		41		22.0	%	174			173			0.6	%
Total Capital Expenditures	$	4,229	$	3,494	21.0	%	$	19,626		$	15,545		26.3	%

Acquisitions, net of cash acquired
Business acquisitions	$	—	$	—	—	%	$	—		$	—		—	%
Spectrum acquisitions	4		1,655		—	%	9,080			24,672			(63.2)	%
Interest during construction - spectrum	237		265		(10.6)	%	1,120			781			43.4	%
Total Acquisitions	$	241	$	1,920	(87.4)	%	$	10,200		$	25,453		(59.9)	%



Cash paid for interest - continuing operations	$	1,791	$	1,554	15.3	%	$	7,772		$	7,485		3.8	%


Cash paid for income taxes, net of refunds - continuing operations1	$	192	$	36	—	%	$	592		$	251		—	%



Dividends Declared per Common Share	$	0.2775	$	0.52	(46.6)	%	$	1.11		$	2.08		(46.6)	%

End of Period Common Shares Outstanding (000,000)							7,128			7,141			(0.2)	%
Debt Ratio							56.1		%	48.9		%	720	BP
Total Employees							162,920			172,880			(5.8)	%
1 Total cash income taxes paid, net of refunds, by AT&T for the quarters ended December 31, 2022 and 2021 were $192 and $162, and $696 and $700 for the years ended December 31, 2022 and 2021.


Segment Results
Dollars in millions
Unaudited	Fourth Quarter				Percent		Year Ended				Percent
	2022		2021		Change		2022		2021		Change
Segment Operating Revenues
Mobility	$	21,501	$	21,146	1.7	%	$	81,780	$	78,254	4.5	%
Business Wireline	5,635		5,901		(4.5)	%	22,538		23,937		(5.8)	%
Consumer Wireline	3,229		3,159		2.2	%	12,749		12,539		1.7	%
Total Segment Operating Revenues	30,365		30,206		0.5	%	117,067		114,730		2.0	%

Segment Operating Income
Mobility	6,044		5,332		13.4	%	24,528		23,370		5.0	%
Business Wireline	801		876		(8.6)	%	3,252		4,027		(19.2)	%
Consumer Wireline	376		202		86.1	%	1,327		996		33.2	%
Total Segment Operating Income	$	7,221	$	6,410	12.7	%	$	29,107	$	28,393	2.5	%


Supplementary Operating Data
Subscribers and connections in thousands
Unaudited					December 31,		Percent
					2022	2021	Change
Broadband Connections
Broadband					15,075	15,074	—	%
DSL					311	430	(27.7)	%
Total Broadband Connections					15,386	15,504	(0.8)	%

Voice Connections
Retail Consumer Switched Access Lines					5,213	6,177	(15.6)	%
U-verse Consumer VoIP Connections					2,930	3,333	(12.1)	%
Total Retail Consumer Voice Connections					8,143	9,510	(14.4)	%

	Fourth Quarter		Percent		Year Ended		Percent
	2022	2021	Change		2022	2021	Change
Broadband Net Additions
Broadband	(37)	24	—	%	1	256	—	%
DSL	(29)	(30)	3.3	%	(119)	(136)	12.5	%
Total Broadband Net Additions	(66)	(6)	—	%	(118)	120	—	%


Mobility Results
Dollars in millions
Unaudited	Fourth Quarter						Percent		Year Ended						Percent
	2022			2021			Change		2022			2021			Change
Operating Revenues
Service	$	15,434		$	14,669		5.2	%	$	60,499		$	57,590		5.1	%
Equipment	6,067			6,477			(6.3)	%	21,281			20,664			3.0	%
Total Operating Revenues	21,501			21,146			1.7	%	81,780			78,254			4.5	%

Operating Expenses
Operations and support	13,377			13,764			(2.8)	%	49,054			46,762			4.9	%
Depreciation and amortization	2,080			2,050			1.5	%	8,198			8,122			0.9	%
Total Operating Expenses	15,457			15,814			(2.3)	%	57,252			54,884			4.3	%
Operating Income	$	6,044		$	5,332		13.4	%	$	24,528		$	23,370		5.0	%

Operating Income Margin	28.1		%	25.2		%	290	BP	30.0		%	29.9		%	10	BP

Supplementary Operating Data
Subscribers and connections in thousands
Unaudited									December 31,						Percent
									2022			2021			Change
Mobility Subscribers
Postpaid									84,700			81,534			3.9	%
Postpaid phone									69,596			67,260			3.5	%
Prepaid									19,176			19,028			0.8	%
Reseller									6,043			6,113			(1.1)	%
Connected Devices									107,478			95,116			13.0	%
Total Mobility Subscribers1									217,397			201,791			7.7	%
1Wireless subscribers at December 31, 2022 excludes the impact of 10,537 subscriber and connected device disconnections resulting from our 3G network shutdown in February 2022. Postpaid disconnections were 897, including 438 phone, 234 prepaid, 749 reseller subscribers, and 8,657 connected devices. The fourth quarter includes an adjustment of 360 subscribers, primarily connected devices.

	Fourth Quarter						Percent		Year Ended						Percent
	2022			2021			Change		2022			2021			Change
Mobility Net Additions
Postpaid Phone Net Additions	656			884			(25.8)	%	2,868			3,196			(10.3)	%
Total Phone Net Additions	643			908			(29.2)	%	3,272			3,850			(15.0)	%

Postpaid	1,104			1,285			(14.1)	%	4,091			4,482			(8.7)	%
Prepaid	(9)			29			—	%	479			956			(49.9)	%
Reseller	150			(177)			—	%	462			(534)			—	%
Connected Devices	5,118			4,134			23.8	%	20,594			14,328			43.7	%
Total Mobility Net Additions	6,363			5,271			20.7	%	25,626			19,232			33.2	%

Postpaid Churn	1.01		%	1.02		%	(1)	BP	0.97		%	0.94		%	3 BP
Postpaid Phone-Only Churn	0.84		%	0.85		%	(1)	BP	0.81		%	0.76		%	5 BP


Business Wireline Results
Dollars in millions
Unaudited	Fourth Quarter						Percent		Year Ended						Percent
	2022			2021			Change		2022			2021			Change
Operating Revenues
Service	$	5,473		$	5,727		(4.4)	%	$	21,891		$	23,224		(5.7)	%
Equipment	162			174			(6.9)	%	647			713			(9.3)	%
Total Operating Revenues	5,635			5,901			(4.5)	%	22,538			23,937			(5.8)	%

Operating Expenses
Operations and support	3,474			3,708			(6.3)	%	13,972			14,718			(5.1)	%
Depreciation and amortization	1,360			1,317			3.3	%	5,314			5,192			2.3	%
Total Operating Expenses	4,834			5,025			(3.8)	%	19,286			19,910			(3.1)	%
Operating Income	$	801		$	876		(8.6)	%	$	3,252		$	4,027		(19.2)	%

Operating Income Margin	14.2		%	14.8		%	(60)	BP	14.4		%	16.8		%	(240)	BP


Consumer Wireline Results
Dollars in millions
Unaudited	Fourth Quarter						Percent		Year Ended						Percent
	2022			2021			Change		2022			2021			Change
Operating Revenues
Broadband	$	2,492		$	2,324		7.2	%	$	9,669		$	9,085		6.4	%
Legacy voice and data services	414			470			(11.9)	%	1,746			1,977			(11.7)	%
Other service and equipment	323			365			(11.5)	%	1,334			1,477			(9.7)	%
Total Operating Revenues	3,229			3,159			2.2	%	12,749			12,539			1.7	%

Operating Expenses
Operations and support	2,035			2,168			(6.1)	%	8,253			8,448			(2.3)	%
Depreciation and amortization	818			789			3.7	%	3,169			3,095			2.4	%
Total Operating Expenses	2,853			2,957			(3.5)	%	11,422			11,543			(1.0)	%
Operating Income	$	376		$	202		86.1	%	$	1,327		$	996		33.2	%

Operating Income Margin	11.6		%	6.4		%	520	BP	10.4		%	7.9		%	250	BP

Supplementary Operating Data
Subscribers and connections in thousands
Unaudited									December 31,						Percent
									2022			2021			Change





Broadband Connections
Total Broadband and DSL Connections									13,991			14,160			(1.2)	%
Broadband									13,753			13,845			(0.7)	%
Fiber Broadband Connections									7,215			5,992			20.4	%

Voice Connections
Retail Consumer Switched Access Lines									2,028			2,423			(16.3)	%
U-verse Consumer VoIP Connections									2,311			2,736			(15.5)	%
Total Retail Consumer Voice Connections									4,339			5,159			(15.9)	%

	Fourth Quarter						Percent		Year Ended						Percent
	2022			2021			Change		2022			2021			Change





Broadband Net Additions
Total Broadband and DSL Net Additions	(64)			(20)			—	%	(169)			60			—	%
Broadband Net Additions	(43)			(1)			—	%	(92)			152			—	%
Fiber Broadband Net Additions	280			271			3.3	%	1,223			1,041			17.5	%


Business Solutions Results
Dollars in millions
Unaudited	Fourth Quarter						Percent		Year Ended						Percent
	2022			2021			Change		2022			2021			Change
Operating Revenues
Wireless service	$	2,258		$	2,108		7.1	%	$	8,789		$	8,161		7.7	%
Wireline service	5,473			5,727			(4.4)	%	21,891			23,224			(5.7)	%
Wireless equipment	937			1,030			(9.0)	%	3,569			3,414			4.5	%
Wireline equipment	162			174			(6.9)	%	647			713			(9.3)	%
Total Operating Revenues	8,830			9,039			(2.3)	%	34,896			35,512			(1.7)	%

Operating Expenses
Operations and support	5,656			6,035			(6.3)	%	22,479			22,778			(1.3)	%
Depreciation and amortization	1,724			1,667			3.4	%	6,749			6,570			2.7	%
Total Operating Expenses	7,380			7,702			(4.2)	%	29,228			29,348			(0.4)	%
Operating Income	$	1,450		$	1,337		8.5	%	$	5,668		$	6,164		(8.0)	%

Operating Income Margin	16.4		%	14.8		%	160	BP	16.2		%	17.4		%	(120)	BP


Three Months Ended
Dollars in millions
Unaudited
December 31, 2022
	Revenues		Operations and Support Expenses		EBITDA		Depreciation and Amortization		Operating Income (Loss)
Communications
Mobility	$	21,501	$	13,377	$	8,124	$	2,080	$	6,044
Business Wireline	5,635		3,474		2,161		1,360		801
Consumer Wireline	3,229		2,035		1,194		818		376
Total Communications	30,365		18,886		11,479		4,258		7,221
Latin America - Mexico	861		776		85		164		(79)
Segment Total	31,226		19,662		11,564		4,422		7,142
Corporate and Other
Corporate:
DTV-related retained costs	—		205		(205)		141		(346)
Parent administration support	(8)		326		(334)		4		(338)
Securitization fees	17		156		(139)		—		(139)
Value portfolio	108		33		75		12		63
Total Corporate	117		720		(603)		157		(760)


Reclassification of prior service credits	—		730		(730)		—		(730)
Merger & Significant Items	—		26,728		(26,728)		16		(26,744)

Total Corporate and Other	117		28,178		(28,061)		173		(28,234)
AT&T Inc.	$	31,343	$	47,840	$	(16,497)	$	4,595	$	(21,092)