At&T Inc 8-K, filed Jul 26, 2023

At&T Inc. (T)

8-K 2023-07-26 For: 2023-07-26

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Added on July 08, 2026

About this 8-K

At&T Inc filed this 8-K on July 26, 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	Second Quarter				Percent		Six-Month Period				Percent
	2023		2022		Change		2023		2022		Change
Operating Revenues
Service	$	24,850	$	24,268	2.4	%	$	49,467	$	48,267	2.5	%
Equipment	5,067		5,375		(5.7)	%	10,589		11,088		(4.5)	%
Total Operating Revenues	29,917		29,643		0.9	%	60,056		59,355		1.2	%

Operating Expenses
Cost of revenues
Equipment	5,056		5,534		(8.6)	%	10,714		11,570		(7.4)	%

Other cost of revenues (exclusive of depreciation and amortization shown separately below)	6,771		6,807		(0.5)	%	13,444		13,506		(0.5)	%
Selling, general and administrative	7,009		7,265		(3.5)	%	14,184		14,243		(0.4)	%
Asset impairments and abandonments and restructuring	—		631		—	%	—		631		—	%
Depreciation and amortization	4,675		4,450		5.1	%	9,306		8,912		4.4	%
Total Operating Expenses	23,511		24,687		(4.8)	%	47,648		48,862		(2.5)	%
Operating Income	6,406		4,956		29.3	%	12,408		10,493		18.3	%
Interest Expense	1,608		1,502		7.1	%	3,316		3,128		6.0	%
Equity in Net Income of Affiliates	380		504		(24.6)	%	918		1,025		(10.4)	%
Other Income (Expense) — Net	987		2,302		(57.1)	%	1,922		4,459		(56.9)	%
Income from Continuing Operations Before Income Taxes	6,165		6,260		(1.5)	%	11,932		12,849		(7.1)	%
Income tax expense on continuing operations	1,403		1,509		(7.0)	%	2,717		2,949		(7.9)	%
Income From Continuing Operations	4,762		4,751		0.2	%	9,215		9,900		(6.9)	%
Income (loss) from discontinued operations, net of tax	—		(214)		—	%	—		(199)		—	%
Net Income	4,762		4,537		5.0	%	9,215		9,701		(5.0)	%
Less: Net Income Attributable to Noncontrolling Interest	(273)		(380)		28.2	%	(498)		(734)		32.2	%
Net Income Attributable to AT&T	$	4,489	$	4,157	8.0	%	$	8,717	$	8,967	(2.8)	%
Less: Preferred Stock Dividends	(52)		(52)		—	%	(104)		(100)		(4.0)	%
Net Income Attributable to Common Stock	$	4,437	$	4,105	8.1	%	$	8,613	$	8,867	(2.9)	%

Basic Earnings (Loss) Per Share Attributable to Common Stock
From continuing operations	$	0.61	$	0.60	1.7	%	$	1.19	$	1.26	(5.6)	%
From discontinued operations	$	—	$	(0.03)	—	%	$	—	$	(0.03)	—	%
	$	0.61	$	0.57	7.0	%	$	1.19	$	1.23	(3.3)	%
Weighted Average Common Shares Outstanding (000,000)	7,180		7,169		0.2	%	7,174		7,176		—	%
Diluted Earnings (Loss) Per Share Attributable to Common Stock
From continuing operations	$	0.61	$	0.59	3.4	%	$	1.19	$	1.23	(3.3)	%
From discontinued operations	$	—	$	(0.03)	—	%	$	—	$	(0.02)	—	%
	$	0.61	$	0.56	8.9	%	$	1.19	$	1.21	(1.7)	%
Weighted Average Common Shares Outstanding with Dilution (000,000)	7,180		7,611		(5.7)	%	7,327		7,584		(3.4)	%


AT&T Inc.
Financial Data

Consolidated Balance Sheets
Dollars in millions
Unaudited	Jun. 30,		Dec. 31,
	2023		2022
Assets
Current Assets
Cash and cash equivalents	$	9,528	$	3,701
Accounts receivable – net of related allowances for credit loss of $528 and $588	9,304		11,466
Inventories	2,348		3,123
Prepaid and other current assets	15,492		14,818
Total current assets	36,672		33,108
Property, Plant and Equipment – Net	128,783		127,445
Goodwill – Net	67,854		67,895
Licenses – Net	125,049		124,092
Other Intangible Assets – Net	5,339		5,354
Investments in and Advances to Equity Affiliates	2,779		3,533
Operating Lease Right-Of-Use Assets	21,581		21,814

Other Assets	20,396		19,612
Total Assets	$	408,453	$	402,853
Liabilities and Stockholders’ Equity
Current Liabilities
Debt maturing within one year	$	15,268	$	7,467
Note payable to DIRECTV	—		130
Accounts payable and accrued liabilities	33,038		42,644
Advanced billings and customer deposits	3,833		3,918
Dividends payable	2,020		2,014
Total current liabilities	54,159		56,173
Long-Term Debt	128,012		128,423
Deferred Credits and Other Noncurrent Liabilities
Deferred income taxes	57,972		57,032
Postemployment benefit obligation	6,696		7,260
Operating lease liabilities	18,311		18,659
Other noncurrent liabilities	25,258		28,849
Total deferred credits and other noncurrent liabilities	108,237		111,800
Redeemable Noncontrolling Interest	1,970		—
Stockholders’ Equity
Preferred stock	—		—
Common stock	7,621		7,621
Additional paid-in capital	118,833		123,610
Retained (deficit) earnings	(10,698)		(19,415)
Treasury stock	(16,158)		(17,082)
Accumulated other comprehensive income	2,305		2,766
Noncontrolling interest	14,172		8,957
Total stockholders’ equity	116,075		106,457
Total Liabilities and Stockholders’ Equity	$	408,453	$	402,853


AT&T Inc.
Financial Data

Consolidated Statements of Cash Flows
Dollars in millions
Unaudited	Six-Month Period
	2023		2022
Operating Activities
Income from continuing operations	$	9,215	$	9,900
Adjustments to reconcile income from continuing operations to net cash provided by operating activities from continuing operations:
Depreciation and amortization	9,306		8,912


Provision for uncollectible accounts	929		870
Deferred income tax expense	1,836		2,324
Net (gain) loss on investments, net of impairments	(160)		333
Pension and postretirement benefit expense (credit)	(1,341)		(1,735)
Actuarial and settlement (gain) loss on pension and postretirement benefits - net	(74)		(2,398)
Asset impairments and abandonments and restructuring	—		631
Changes in operating assets and liabilities:
Receivables	1,342		1,292
Other current assets	1,106		11
Accounts payable and other accrued liabilities	(5,769)		(3,905)
Equipment installment receivables and related sales	(302)		342
Deferred customer contract acquisition and fulfillment costs	34		(506)
Postretirement claims and contributions	(556)		(186)
Other - net	1,034		(515)
Total adjustments	7,385		5,470
Net Cash Provided by Operating Activities from Continuing Operations	16,600		15,370

Investing Activities
Capital expenditures	(8,605)		(9,476)
Acquisitions, net of cash acquired	(515)		(9,570)
Dispositions	16		22
Distributions from DIRECTV in excess of cumulative equity in earnings	974		1,638
(Purchases), sales and settlements of securities and investments - net	(1,056)		73
Other - net	(55)		2
Net Cash Used in Investing Activities from Continuing Operations	(9,241)		(17,311)

Financing Activities
Net change in short-term borrowings with original maturities of three months or less	(914)		172
Issuance of other short-term borrowings	5,406		2,593
Repayment of other short-term borrowings	(867)		(15,613)
Issuance of long-term debt	9,633		479
Repayment of long-term debt	(7,609)		(24,213)
Repayment of note payable to DIRECTV	(130)		(722)
Payment of vendor financing	(3,756)		(3,337)
Purchase of treasury stock	(189)		(872)
Issuance of treasury stock	3		28
Issuance of preferred interests in subsidiary	7,151		—
Redemption of preferred interests in subsidiary	(5,333)		—
Dividends paid	(4,097)		(5,835)
Other - net	(828)		(2,144)
Net Cash Used in Financing Activities from Continuing Operations	(1,530)		(49,464)
Net increase (decrease) in cash and cash equivalents and restricted cash from continuing operations	5,829		(51,405)
Cash flows from Discontinued Operations:
Cash (used in) provided by operating activities	—		(3,731)
Cash provided by (used in) investing activities	—		872
Cash provided by (used in) financing activities	—		37,065
Net increase (decrease) in cash and cash equivalents and restricted cash from discontinued operations	—		34,206
Net increase (decrease) in cash and cash equivalents and restricted cash	$	5,829	$	(17,199)
Cash and cash equivalents and restricted cash beginning of year	3,793		21,316
Cash and Cash Equivalents and Restricted Cash End of Period	$	9,622	$	4,117


			AT&T INC.



Date: July 26, 2023			By: /s/ Sabrina Sanders . Sabrina Sanders 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	Second Quarter				Percent		Six-Month Period						Percent
	2023		2022		Change		2023			2022			Change
Capital expenditures
Purchase of property and equipment	$	4,224	$	4,867	(13.2)	%	$	8,515		$	9,399		(9.4)	%
Interest during construction - capital expenditures	46		41		12.2	%	90			77			16.9	%
Total Capital Expenditures	$	4,270	$	4,908	(13.0)	%	$	8,605		$	9,476		(9.2)	%

Acquisitions, net of cash acquired
Business acquisitions	$	—	$	—	—	%	$	—		$	—		—	%
Spectrum acquisitions	5		9		(44.4)	%	68			8,965			(99.2)	%
Interest during construction - spectrum	219		317		(30.9)	%	447			605			(26.1)	%
Total Acquisitions	$	224	$	326	(31.3)	%	$	515		$	9,570		(94.6)	%

Cash paid for interest - continuing operations	$	1,633	$	1,874	(12.9)	%	$	3,604		$	4,028		(10.5)	%

Cash paid for income taxes, net of refunds - continuing operations	$	325	$	266	22.2	%	$	335		$	338		(0.9)	%

Dividends Declared per Common Share	$	0.2775	$	0.2775	—	%	$	0.5550		$	0.5550		—	%

End of Period Common Shares Outstanding (000,000)							7,149			7,126			0.3	%
Debt Ratio							54.8		%	50.1		%	470	BP
Total Employees							156,630			172,400			(9.1)	%


Segment Results
Dollars in millions
Unaudited	Second Quarter				Percent		Six-Month Period				Percent
	2023		2022		Change		2023		2022		Change
Segment Operating Revenues
Mobility	$	20,315	$	19,926	2.0	%	$	40,897	$	40,001	2.2	%
Business Wireline	5,279		5,595		(5.6)	%	10,610		11,235		(5.6)	%
Consumer Wireline	3,251		3,174		2.4	%	6,490		6,335		2.4	%
Total Segment Operating Revenues	28,845		28,695		0.5	%	57,997		57,571		0.7	%

Segment Operating Income
Mobility	6,613		6,048		9.3	%	12,884		11,737		9.8	%
Business Wireline	396		490		(19.2)	%	774		1,129		(31.4)	%
Consumer Wireline	168		145		15.9	%	262		304		(13.8)	%
Total Segment Operating Income	$	7,177	$	6,683	7.4	%	$	13,920	$	13,170	5.7	%


Supplementary Operating Data
Subscribers and connections in thousands
Unaudited					June 30,		Percent
					2023	2022	Change
Broadband Connections
Broadband					15,045	15,136	(0.6)	%
DSL					259	373	(30.6)	%
Total Broadband Connections					15,304	15,509	(1.3)	%

Voice Connections
Retail Consumer Switched Access Lines					4,677	5,725	(18.3)	%
U-verse Consumer VoIP Connections					2,749	3,124	(12.0)	%
Total Retail Consumer Voice Connections					7,426	8,849	(16.1)	%

	Second Quarter		Percent		Six-Month Period		Percent
	2023	2022	Change		2023	2022	Change
Broadband Net Additions
Broadband	(16)	6	—	%	(30)	62	—	%
DSL	(25)	(30)	16.7	%	(52)	(57)	8.8	%
Total Broadband Net Additions	(41)	(24)	(70.8)	%	(82)	5	—	%


Mobility Results
Dollars in millions
Unaudited	Second Quarter						Percent		Six-Month Period						Percent
	2023			2022			Change		2023			2022			Change
Operating Revenues
Service	$	15,745		$	15,004		4.9	%	$	31,228		$	29,728		5.0	%
Equipment	4,570			4,922			(7.2)	%	9,669			10,273			(5.9)	%
Total Operating Revenues	20,315			19,926			2.0	%	40,897			40,001			2.2	%

Operating Expenses
Operations and support	11,579			11,861			(2.4)	%	23,792			24,188			(1.6)	%
Depreciation and amortization	2,123			2,017			5.3	%	4,221			4,076			3.6	%
Total Operating Expenses	13,702			13,878			(1.3)	%	28,013			28,264			(0.9)	%
Operating Income	$	6,613		$	6,048		9.3	%	$	12,884		$	11,737		9.8	%

Operating Income Margin	32.6		%	30.4		%	220	BP	31.5		%	29.3		%	220	BP

Supplementary Operating Data
Subscribers and connections in thousands
Unaudited									June 30,						Percent
									2023			2022			Change
Mobility Subscribers
Postpaid									85,846			82,694			3.8	%
Postpaid phone									70,331			68,311			3.0	%
Prepaid									19,352			19,095			1.3	%
Reseller									6,656			5,480			21.5	%
Connected Devices									117,177			96,104			21.9	%
Total Mobility Subscribers1									229,031			203,373			12.6	%

1Wireless subscribers at June 30, 2023 includes an increase of 295 subscribers and connections (206 postpaid, including 74 phone, and 89 connected devices) resulting from our 3G network shutdown.

	Second Quarter						Percent		Six-Month Period						Percent
	2023			2022			Change		2023			2022			Change
Mobility Net Additions
Postpaid Phone Net Additions	326			813			(59.9)	%	750			1,504			(50.1)	%
Total Phone Net Additions	449			1,009			(55.5)	%	913			1,813			(49.6)	%

Postpaid	464			1,058			(56.1)	%	1,006			2,023			(50.3)	%
Prepaid	167			231			(27.7)	%	207			347			(40.3)	%
Reseller	432			21			—	%	540			4			—	%
Connected Devices	5,129			5,292			(3.1)	%	9,586			9,760			(1.8)	%
Total Mobility Net Additions	6,192			6,602			(6.2)	%	11,339			12,134			(6.6)	%

Postpaid Churn	0.95		%	0.93		%	2	BP	0.97		%	0.93		%	4 BP
Postpaid Phone-Only Churn	0.79		%	0.75		%	4	BP	0.80		%	0.77		%	3 BP


Business Wireline Results
Dollars in millions
Unaudited	Second Quarter						Percent		Six-Month Period						Percent
	2023			2022			Change		2023			2022			Change
Operating Revenues
Service	$	5,114		$	5,416		(5.6)	%	$	10,314		$	10,894		(5.3)	%
Equipment	165			179			(7.8)	%	296			341			(13.2)	%
Total Operating Revenues	5,279			5,595			(5.6)	%	10,610			11,235			(5.6)	%

Operating Expenses
Operations and support	3,550			3,792			(6.4)	%	7,173			7,494			(4.3)	%
Depreciation and amortization	1,333			1,313			1.5	%	2,663			2,612			2.0	%
Total Operating Expenses	4,883			5,105			(4.3)	%	9,836			10,106			(2.7)	%
Operating Income	$	396		$	490		(19.2)	%	$	774		$	1,129		(31.4)	%

Operating Income Margin	7.5		%	8.8		%	(130)	BP	7.3		%	10.0		%	(270)	BP


Consumer Wireline Results
Dollars in millions
Unaudited	Second Quarter						Percent		Six-Month Period						Percent
	2023			2022			Change		2023			2022			Change
Operating Revenues
Broadband	$	2,561		$	2,393		7.0	%	$	5,088		$	4,748		7.2	%
Legacy voice and data services	383			445			(13.9)	%	779			905			(13.9)	%
Other service and equipment	307			336			(8.6)	%	623			682			(8.7)	%
Total Operating Revenues	3,251			3,174			2.4	%	6,490			6,335			2.4	%

Operating Expenses
Operations and support	2,226			2,244			(0.8)	%	4,510			4,480			0.7	%
Depreciation and amortization	857			785			9.2	%	1,718			1,551			10.8	%
Total Operating Expenses	3,083			3,029			1.8	%	6,228			6,031			3.3	%
Operating Income	$	168		$	145		15.9	%	$	262		$	304		(13.8)	%

Operating Income Margin	5.2		%	4.6		%	60	BP	4.0		%	4.8		%	(80)	BP

Supplementary Operating Data
Subscribers and connections in thousands
Unaudited									June 30,						Percent
									2023			2022			Change
Broadband Connections
Total Broadband and DSL Connections									13,895			14,105			(1.5)	%
Broadband									13,695			13,825			(0.9)	%
Fiber Broadband Connections									7,738			6,597			17.3	%

Voice Connections
Retail Consumer Switched Access Lines									1,829			2,228			(17.9)	%
U-verse Consumer VoIP Connections									2,126			2,521			(15.7)	%
Total Retail Consumer Voice Connections									3,955			4,749			(16.7)	%

	Second Quarter						Percent		Six-Month Period						Percent
	2023			2022			Change		2023			2022			Change
Broadband Net Additions
Total Broadband and DSL Net Additions	(54)			(43)			(25.6)	%	(96)			(55)			(74.5)	%
Broadband	(35)			(25)			(40.0)	%	(58)			(20)			—	%
Fiber Broadband Net Additions	251			316			(20.6)	%	523			605			(13.6)	%


Three Months Ended
Dollars in millions
Unaudited
June 30, 2023
	Revenues		Operations and Support Expenses		EBITDA		Depreciation and Amortization		Operating Income (Loss)
Communications
Mobility	$	20,315	$	11,579	$	8,736	$	2,123	$	6,613
Business Wireline	5,279		3,550		1,729		1,333		396
Consumer Wireline	3,251		2,226		1,025		857		168
Total Communications	28,845		17,355		11,490		4,313		7,177
Latin America - Mexico	967		821		146		185		(39)
Segment Total	29,812		18,176		11,636		4,498		7,138
Corporate and Other
Corporate:
DTV-related retained costs	—		178		(178)		152		(330)
Parent administration support	(3)		332		(335)		2		(337)
Securitization fees	17		154		(137)		—		(137)
Value portfolio	91		24		67		6		61
Total Corporate	105		688		(583)		160		(743)





Certain significant items	—		(28)		28		17		11

Total Corporate and Other	105		660		(555)		177		(732)
AT&T Inc.	$	29,917	$	18,836	$	11,081	$	4,675	$	6,406


June 30, 2022
	Revenues		Operations and Support Expenses		EBITDA		Depreciation and Amortization		Operating Income (Loss)
Communications
Mobility	$	19,926	$	11,861	$	8,065	$	2,017	$	6,048
Business Wireline	5,595		3,792		1,803		1,313		490
Consumer Wireline	3,174		2,244		930		785		145
Total Communications	28,695		17,897		10,798		4,115		6,683
Latin America - Mexico	808		721		87		169		(82)
Segment Total	29,503		18,618		10,885		4,284		6,601
Corporate and Other
Corporate:
DTV-related retained costs	—		239		(239)		135		(374)
Parent administration support	(6)		341		(347)		4		(351)
Securitization fees	17		78		(61)		—		(61)
Value portfolio	129		37		92		10		82
Total Corporate	140		695		(555)		149		(704)





Certain significant items	—		924		(924)		17		(941)

Total Corporate and Other	140		1,619		(1,479)		166		(1,645)
AT&T Inc.	$	29,643	$	20,237	$	9,406	$	4,450	$	4,956


Six Months Ended
Dollars in millions
Unaudited
June 30, 2023
	Revenues		Operations and Support Expenses		EBITDA		Depreciation and Amortization		Operating Income (Loss)
Communications
Mobility	$	40,897	$	23,792	$	17,105	$	4,221	$	12,884
Business Wireline	10,610		7,173		3,437		2,663		774
Consumer Wireline	6,490		4,510		1,980		1,718		262
Total Communications	57,997		35,475		22,522		8,602		13,920
Latin America - Mexico	1,850		1,559		291		360		(69)
Segment Total	59,847		37,034		22,813		8,962		13,851
Corporate and Other
Corporate:
DTV-related retained costs	—		347		(347)		296		(643)
Parent administration support	(12)		706		(718)		3		(721)
Securitization fees	36		275		(239)		—		(239)
Value portfolio	185		52		133		11		122
Total Corporate	209		1,380		(1,171)		310		(1,481)


Certain significant items	—		(72)		72		34		38

Total Corporate and Other	209		1,308		(1,099)		344		(1,443)
AT&T Inc.	$	60,056	$	38,342	$	21,714	$	9,306	$	12,408


June 30, 2022
	Revenues		Operations and Support Expenses		EBITDA		Depreciation and Amortization		Operating Income (Loss)
Communications
Mobility	$	40,001	$	24,188	$	15,813	$	4,076	$	11,737
Business Wireline	11,235		7,494		3,741		2,612		1,129
Consumer Wireline	6,335		4,480		1,855		1,551		304
Total Communications	57,571		36,162		21,409		8,239		13,170
Latin America - Mexico	1,498		1,352		146		330		(184)
Segment Total	59,069		37,514		21,555		8,569		12,986
Corporate and Other
Corporate:
DTV-related retained costs	8		399		(391)		269		(660)
Parent administration support	(18)		688		(706)		10		(716)
Securitization fees	33		160		(127)		—		(127)
Value portfolio	263		74		189		20		169
Total Corporate	286		1,321		(1,035)		299		(1,334)
Certain significant items	—		1,115		(1,115)		44		(1,159)
Total Corporate and Other	286		2,436		(2,150)		343		(2,493)
AT&T Inc.	$	59,355	$	39,950	$	19,405	$	8,912	$	10,493