Attachment: 8-K 2.02 AT&T 4TH QUARTER 2021 EARNINGS RELEASE


Document
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AT&T Reports Fourth-Quarter and Full-Year Results


Fourth-Quarter Consolidated Results
Consolidated revenues of $41.0 billion
Reported EPS of $0.69 compared to ($1.95) in the year-ago quarter, which included non-cash charges
Adjusted EPS of $0.78 compared to $0.75 in the year-ago quarter
Cash from operations of $11.3 billion
Capital expenditures of $3.8 billion; gross capital investment1 of $4.9 billion and cash content spend of $4.6 billion
Free cash flow2 of $8.7 billion

Full-Year Consolidated Results
Consolidated revenues of $168.9 billion
Reported EPS of $2.76 compared to ($0.75) in the prior year, which included non-cash charges
Adjusted EPS of $3.40 compared to $3.18 in the prior year
Cash from operations of $42.0 billion
Capital expenditures of $16.5 billion; gross capital investment1 of $21.6 billion
Free cash flow2 of $26.8 billion; total dividend payout ratio3 of 56%

Note: AT&T’s fourth-quarter earnings conference call will be webcast at 8:30 a.m. ET on Wednesday, January 26, 2022. The webcast and related materials will be available on AT&T’s Investor Relations website at https://investors.att.com.

DALLAS, January 26, 2022 — AT&T Inc. (NYSE:T) reported fourth-quarter results that showed continuing customer growth in wireless, fiber and HBO Max. For the full year, AT&T continued to lead the industry in postpaid phone net adds, gaining more subscribers than in the prior 10 years combined; added more than 1 million fiber subscribers — the fourth consecutive year in which it has added 1 million or more subscribers; and surpassed the high end of its guidance for global HBO Max and HBO subscribers with nearly 74 million subscribers at the end of 2021.

“A year and a half ago, we began simplifying our business to reposition AT&T for growth and we’re extremely pleased with how we’ve executed on that commitment,” said John Stankey, AT&T CEO. “We ended 2021 the way we started it – by growing our customer relationships, running our operations more effectively and efficiently, and sharpening our focus. Our momentum is strong and we’re confident there is more opportunity to continue to grow our customer base and drive costs from the business.

“We’re at the dawn of a new age of connectivity. Our focus now is to be America’s best connectivity provider and also ensure our media assets are positioned to grow and truly become a global media distribution leader. Once we do this, we’ll unlock the true value of these businesses and provide a great opportunity for shareholders.”



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Fourth-Quarter Highlights

Communications
Mobility:
884,000 postpaid phone net adds; 3.2 million for full year
1.3 million postpaid net adds; 4.5 million for full year
Postpaid phone churn of 0.85%, 0.76% for full year
Revenues up 5.1%; service revenues up 4.6%; equipment revenues up 6.2%
Operating income of $5.4 billion, up 5.2% year over year; EBITDA4 up 4.3%
Operating income margin of 25.3%; EBITDA service margin5 50.5%

Business Wireline:
Operating income margin of 15.2%; EBITDA margin4 37.5%, up 50 basis points due to cost efficiencies

Consumer Wireline:
271,000 AT&T Fiber net adds; 1.0 million for full year
Revenues up 1.4%; broadband revenues up 5.4% with ARPU growth of 4.2%

WarnerMedia
Total global HBO Max and HBO subscribers6 of 73.8 million, up 13.1 million year over year; domestic subscribers7 of 46.8 million, up 5.3 million for full year
Domestic HBO Max and HBO subscriber ARPU8 of $11.15
Total revenues up 15.4% in fourth quarter to $9.9 billion
Direct-to-Consumer subscription revenues up 11.5% in fourth quarter

Consolidated Financial Results
Consolidated revenues for the fourth quarter totaled $41.0 billion versus $45.7 billion in the year-ago quarter, down 10.4% reflecting the impact of divested businesses, mainly U.S. Video in the third quarter and Vrio in the fourth quarter, and lower Business Wireline revenues. Decreases were partially offset by higher WarnerMedia revenues, including a partial recovery from prior-year pandemic impacts, and higher Mobility and Consumer Wireline revenues. Excluding impacts of the U.S. Video business and Vrio from both quarters, consolidated revenues totaled $40.6 billion9 compared to $39.0 billion in the year-ago quarter.




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Operating expenses were $35.7 billion versus $56.4 billion in the year-ago quarter. Expenses declined due to $16.4 billion of non-cash asset impairments in the prior year, the separation of the U.S. Video operations, and impacts of Vrio and other divested businesses. These declines were partially offset by higher WarnerMedia programming, marketing and selling costs, and higher domestic wireless equipment costs, including 3G network shutdown costs. Additionally, depreciation and amortization expense was $1.3 billion lower year over year, largely due to the impairments of long-lived assets taken in 2020 and ceasing depreciation and amortization of held-for-sale businesses.

Operating income (loss) was $5.3 billion versus ($10.7) billion in the year-ago quarter primarily due to non-cash asset impairments in the prior year. When adjusting for merger-amortization costs and other items, adjusted operating income was $6.6 billion10 versus $7.8 billion in the year-ago quarter. Adjusted operating income was comparable when excluding the U.S. Video business and Vrio from both quarters.

Fourth-quarter net income (loss) attributable to common stock was $5.0 billion, or $0.69 per diluted common share, versus ($13.9) billion, or ($1.95) per common share in the year-ago quarter. Adjusting for $0.09, which includes merger-amortization costs, a proportionate share of intangible amortization at the DIRECTV equity method investment, an actuarial gain on benefit plans, and other items, earnings per diluted common share was $0.78 compared to $0.75 in the year-ago quarter.

Cash from operating activities was $11.3 billion, up $1.2 billion year over year, including content spend of $4.6 billion. Capital expenditures were $3.8 billion in the quarter. Gross capital investment totaled $4.9 billion, which includes $0.6 billion of cash payments for vendor financing and excludes $0.5 billion of FirstNet reimbursements. Free cash flow, including $1.3 billion of distributions from DIRECTV classified as investing activities, was $8.7 billion for the quarter. Net debt decreased by $1.7 billion sequentially, and net debt-to-adjusted EBITDA at the end of the fourth quarter was 3.22x.11

Full-Year Results
For full-year 2021 when compared with 2020 results, AT&T's consolidated revenues totaled $168.9 billion versus $171.8 billion, reflecting the separation of the U.S. Video business in the third quarter of 2021, and the impacts from other divested businesses. These decreases were partially offset by higher revenues in WarnerMedia and Communications. Excluding impacts of U.S. Video and Vrio from both years, consolidated revenues totaled $153.2 billion9 compared to $144.6 billion in 2020.

Operating expenses were $145.5 billion in 2021 compared with $165.4 billion in 2020. Expenses declined due to $14.0 billion lower non-cash asset impairments year over year, a partial year of U.S. Video in 2021, and impacts of other divested businesses. These declines were partially offset by higher WarnerMedia programming, marketing and selling costs, and higher domestic wireless equipment costs. Additionally, depreciation and amortization expense was $5.7 billion lower year over year, largely due to the impairments of long-lived assets taken in 2020 and ceasing depreciation and amortization of held-for-sale businesses.




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Operating income was $23.3 billion compared to $6.4 billion in the prior year, and operating income margin was 13.8% versus 3.7%. With adjustments for both years, operating income was $32.8 billion10 versus $34.1 billion in 2020, and operating income margin was 19.4% versus 19.8%. Excluding impacts of U.S. Video and Vrio from both years, adjusted operating income totaled $30.5 billion12 compared to $32.4 billion in 2020.

Equity in net income (loss) of affiliates of $0.6 billion includes $0.6 billion from the DIRECTV investment for the five months after separation. With adjustment for a proportionate share of intangible amortization, adjusted equity in net income from the DIRECTV investment was $1.4 billion.13

2021 net income (loss) attributable to common stock was $19.9 billion, or $2.76 per diluted common share, versus ($5.4) billion, or ($0.75) per common share, in 2020. With adjustments for both years, earnings per diluted common share was $3.40 compared to $3.18 in 2020.

Cash from operating activities was $42.0 billion, down $1.2 billion year over year, including content spend of $19.2 billion, which was up $4.3 billion year over year. Capital expenditures were $16.5 billion for the year. Gross capital investment totaled $21.6 billion, which includes $4.6 billion of cash payments for vendor financing and excludes $0.5 billion of FirstNet reimbursements. Full-year free cash flow2, which includes $1.3 billion of distributions from DIRECTV classified as investing activities, was $26.8 billion for the year compared to $27.5 billion in 2020. The company’s free cash flow to total dividend payout ratio3 for the full year was 56%. Net debt increased by $8.7 billion in the year.

Communications Operational Highlights

Fourth-quarter revenues were $30.2 billion, up 2.4% year over year due to increases in Mobility and Consumer Wireline more than offsetting a decline in Business Wireline. Operating contribution was $6.5 billion, up 1.4% year over year, with operating income margin of 21.4%, compared to 21.6% in the year-ago quarter.

Mobility
Revenues were up 5.1% year over year to $21.1 billion due to higher service and equipment revenues. Service revenues were $14.7 billion, up 4.6% year over year due to subscriber gains and the lapping of pandemic impacts on international roaming revenues. Equipment revenues were $6.5 billion, up 6.2% year over year, driven by increased sales of higher-priced smartphones.
Operating expenses were $15.8 billion, up 5.1% year over year due to higher equipment costs, including 3G network shutdown costs of approximately $130 million, and higher HBO Max bundling costs, partially offset by lower marketing and support.
Operating income was $5.4 billion, up 5.2% year over year. Operating income margin was 25.3%, flat with the year-ago quarter.
EBITDA was $7.4 billion, up 4.3% year over year with EBITDA margin of 35.0%, down from 35.3% in the year-ago quarter. EBITDA service margin was 50.5%, compared to 50.6% in the year-ago quarter.
Total net adds were 5.3 million including:



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1,285,000 postpaid net adds, with
884,000 postpaid phone net adds
31,000 postpaid tablet and other branded computing device net adds
370,000 other net adds
24,000 prepaid phone net adds
Postpaid churn was 1.02% versus 0.94% in the year-ago quarter. Postpaid phone churn was 0.85% versus 0.76% in the year-ago quarter. Prepaid phone churn was less than 3% with Cricket substantially lower.
Postpaid phone-only ARPU was $54.06, down 0.7% versus the year-ago quarter, due to the impacts of promotional discount amortization.

Business Wireline
Revenues were $5.9 billion, down 5.6% year over year, partially due to the prior-year increase for pandemic-related connectivity, lower demand for legacy voice and data services, and a strategic decision to deemphasize non-core services.
Operating expenses were $5.0 billion, down 4.8% year over year due to the impact of ongoing operational cost efficiencies.
Operating income was $0.9 billion, down 10.0% with operating income margin of 15.2%, compared to 15.9% in the year-ago quarter.
EBITDA was $2.2 billion, down 4.3% year over year with EBITDA margin of 37.5%, compared to 37.0% in the year-ago quarter.
More than 675,000 U.S. business buildings are lit with fiber from AT&T, enabling high-speed fiber connections to more than 2.75 million U.S. business customer locations. Nationwide, more than 9.5 million business customer locations are on or within 1,000 feet of AT&T fiber.14

Consumer Wireline
Revenues were $3.2 billion, up 1.4% year over year due to gains in broadband more than offsetting declines in legacy voice and data services and other services. Broadband revenues increased 5.4%, which reflects fiber subscriber growth and higher ARPU resulting from increases in higher-revenue fiber customers.
Operating expenses were $3.0 billion, up 4.1% year over year largely driven by higher advertising, network and technology, and higher depreciation costs, partially offset by lower amortization of deferred fulfillment costs.
Operating income was $201 million, down 26.9% year over year, with operating income margin of 6.4%, compared to 8.8% in the year-ago quarter.
EBITDA was $1.0 billion, down 2.3% year over year with EBITDA margin of 31.3%, compared to 32.5% in the year-ago quarter.




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Total broadband and DSL subscriber net losses were 20,000, reflecting growth in fiber subscribers mostly offsetting losses in slower-speed services. Full-year 2021 fiber net adds totaled about 1.0 million, the fourth consecutive year in which the company added 1 million or more fiber subscribers. AT&T Fiber is marketed to about 16 million customer locations.

WarnerMedia Operational Highlights

Revenues were $9.9 billion, up 15.4% versus the year-ago quarter, driven by higher content and other revenues, including the partial recovery from prior-year impacts of the pandemic and higher subscription revenues, partially offset by lower advertising revenues. Subscription revenues were $3.8 billion, up 5.4%, primarily reflecting growth of HBO Max. Content and Other revenues were $4.4 billion, up 45.0%, driven by higher TV licensing and theatrical. Advertising revenues were $1.6 billion, down 12.9% when compared to the prior year due to lower audiences with tough comparisons to the prior year political environment.
Operating expenses totaled $8.3 billion, up 38.0% when compared to the fourth quarter of 2020, driven by higher programming and marketing costs, and incremental selling costs associated with DIRECTV advertising revenue sharing arrangements.
Operating contribution was $1.6 billion, down 37.8%. Operating income was $1.6 billion, down 37.9% year over year, as continued HBO Max investments and incremental advertising revenue sharing costs were partially offset by higher revenues and cost savings initiatives. Operating income margin was 16.0%, compared to 29.7% in the year-ago quarter.
At the end of the quarter, there were 73.8 million global HBO Max and HBO subscribers, up 13.1 million year over year and up 4.3 million sequentially, driven by international as well as domestic retail subscriber gains. At the end of the quarter, there were 46.8 million domestic HBO Max and HBO subscribers versus 41.5 million in the year-ago quarter, up 5.3 million year over year. Domestic subscriber ARPU was $11.15.

Latin America Operational Highlights

Revenues were $1.1 billion, down 29.0% year over year due to the sale of Vrio on November 15, 2021. Operating contribution was ($80) million compared to ($167) million in the year-ago quarter reflecting ceasing depreciation on Vrio held-for-sale assets. Operating income margin was (7.4%), compared to (11.0%) in the prior-year quarter.

Mexico
Revenues were $704 million, down 4.3% year over year primarily due to lower equipment revenues partially offset by increased growth in service revenues. Service revenues were $485 million, up 5.7% year over year, driven by a growing subscriber base and growth in other services. Equipment revenues were $219 million, down 20.9% year over year driven by lower volumes. Operating loss was ($117) million versus ($126) million in the year-ago quarter.
Total wireless net adds were 889,000 including 858,000 prepaid net adds, 26,000 postpaid net adds, and 5,000 reseller net adds.



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2022 Outlook
The company is planning to host a virtual analyst event in the first half of March. At that event, the company expects to provide additional insight and expectations for financial and operational performance of the Communications Company following the close of the pending WarnerMedia transaction, which the company now expects to close in the second quarter.

For the full year, including WarnerMedia and Xandr, the company expects:
Consolidated revenue growth in the low-single digits range compared to 2021 consolidated revenues of $153.2 billion9, which excludes U.S. Video and Vrio.
Adjusted EPS15 from $3.10 to $3.15.
Gross capital investment1 in the $24 billion range with capital expenditures in the $20 billion range.
2022 free cash flow16 in the $23 billion range.

For the full year, the company expects the contribution for WarnerMedia and Xandr to be:
Revenues in the $37 to $39 billion range.
EBITDA in the $6 to $7 billion range.
Free cash flow16 of approximately $3 billion.



1Gross capital investment includes capital expenditures and cash payments for vendor financing and excludes FirstNet reimbursements. In 4Q21, gross capital investment included $0.6 billion in vendor financing payments and excluded $0.5 billion in FirstNet reimbursements. In 2021, gross capital investment included $4.6 billion in vendor financing payments and excluded $0.5 billion in FirstNet reimbursements. In 2022, vendor financing payments are expected to be in the $4 billion range.
2 Free cash flow is a non-GAAP financial measure that is frequently used by investors and credit rating agencies to provide relevant and useful information. In 4Q21, free cash flow is cash from operating activities of $11.3 billion, plus cash distributions from DIRECTV classified as investing activities of $1.3 billion, minus capital expenditures of $3.8 billion. In 2021, free cash flow is cash from operating activities of $42.0 billion, plus cash distributions from DIRECTV classified as investing activities of $1.3 billion, minus capital expenditures of $16.5 billion.
3 Free cash flow total dividend payout ratio is total dividends paid divided by free cash flow. For full-year 2021, dividends paid totaled $15.1 billion.
4EBITDA is operating income before depreciation and amortization. EBITDA margin is operating income before depreciation and amortization, divided by total revenues.
5EBITDA service margin is operating income before depreciation and amortization, divided by total service revenues.
6Global HBO Max and HBO subscribers consist of domestic and international HBO Max and HBO subscribers, and exclude free trials, basic and Cinemax subscribers.
7Domestic HBO Max and HBO subscribers consist of U.S. accounts with access to HBO Max (including wholesale subscribers that may not have signed in) and HBO accounts, and exclude free trials and Cinemax subscribers.
8Domestic subscriber ARPU is defined as domestic HBO Max and HBO subscriber revenues during the period divided by average domestic HBO Max and HBO subscribers during the period, excluding HBO Commercial and other bulk-billed revenues and subscribers during the period.




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9 Operating Revenues, excluding impacts of the U.S. Video business and Vrio, of $40.6 billion for 4Q21 is calculated as Operating Revenues of $41.0 billion minus Vrio operating revenues of $0.4 billion. For full-year 2021, Operating Revenues, excluding impacts of the U.S. Video business and Vrio, of $153.2 billion is calculated as Operating Revenues of $168.9 billion minus Video operating revenues of $15.5 billion, minus Vrio operating revenues of $2.6 billion, plus WarnerMedia sales for content and advertising of $2.5 billion that are external after close of the transactions. Further information is included in our Form 8-K dated January 26, 2022.
10 Adjusted Operating Income is Operating Income adjusted for revenues and costs we consider non-operational in nature, including items arising from asset acquisitions or dispositions. Adjusted Operating Income for 4Q21 of $6.6 billion is calculated as Operating Income of $5.3 billion plus $1.3 billion of adjustments as detailed in the Discussion and Reconciliation of Non-GAAP Measures included in our Form 8-K dated January 26, 2022. Adjusted Operating Income for 2021 of $32.8 billion is calculated as Operating Income of $23.3 billion plus $9.5 billion of adjustments.
11Net Debt to adjusted EBITDA ratios are non-GAAP financial measures that are frequently used by investors and credit rating agencies to provide relevant and useful information. Our Net Debt to Adjusted EBITDA ratio is calculated by dividing the Net Debt of $156.2 billion (Total Debt of $177.4 billion at December 31, 2021 less Cash and Cash Equivalents of $21.2 billion) by the sum of the most recent four quarters of Pro Forma Adjusted EBITDA of $48.5 billion ($12.5 billion for March 31, 2021; $12.2 billion for June 30, 2021; $12.5 billion for September 30, 2021; and $11.3 billion for December 31, 2021).
12Adjusted Operating Income, excluding impacts of the U.S. Video business and Vrio, of $30.5 billion for 2021 is calculated as Adjusted Operating Income of $32.8 billion minus $2.4 billion of adjustments to reflect the impacts of the July 31, 2021 U.S. Video separation and the November 15, 2021 Vrio sale. Further detail of these adjustments and information is included in our Form 8-K dated January 26, 2022.
13Adjusted equity in net income from DIRECTV investment is calculated as equity income from DIRECTV reported in Equity in Net Income (Loss) of Affiliates and excludes AT&T’s proportionate share of the noncash depreciation and amortization of fair value accretion from DIRECTV’s revaluation of assets and purchase price allocation.
14The more than 2.75 million U.S. business customer locations are included within the 9.5+ million U.S. business customer locations on or within 1,000 feet of AT&T fiber.
15The company expects adjustments to 2022 reported diluted EPS (that excludes impact of adoption of new accounting standards) to include merger-related amortization in the range of $1 billion per quarter (prior to close of the WarnerMedia-Discovery transaction) and other adjustments, the proportionate share of intangible amortization at the DIRECTV equity method investment in the range of $1.5 billion, a non-cash mark-to-market benefit plan gain/loss, and other items. The company expects the mark-to-market adjustment, which is driven by interest rates and investment returns that are not reasonably estimable at this time, to be a significant item. Our 2022 EPS depends on future levels of revenues and expenses which are not reasonably estimable at this time. Accordingly, we cannot provide a reconciliation between these projected non-GAAP metrics and the reported GAAP metrics without unreasonable effort.
16Free cash flow is cash from operating activities plus cash distributions from DIRECTV classified as investing activities, minus capital expenditures. Due to high variability and difficulty in predicting items that impact cash from operating activities, cash distributions from DIRECTV, and capital expenditures, the company is not able to provide a reconciliation between projected free cash flow and the most comparable GAAP metric without unreasonable effort.




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*About AT&T
AT&T Inc. (NYSE:T) is a diversified, global leader in telecommunications, media and entertainment, and technology. AT&T Communications provides more than 100 million U.S. consumers with communications and entertainment experiences across mobile and broadband. Plus, it serves high-speed, highly secure connectivity and smart solutions to nearly 3 million business customers. WarnerMedia is a leading media and entertainment company that creates and distributes premium and popular content to global audiences through its consumer brands, including: HBO, HBO Max, Warner Bros., TNT, TBS, truTV, CNN, DC Entertainment, New Line, Cartoon Network, Adult Swim and Turner Classic Movies. AT&T Latin America provides wireless services to consumers and businesses in Mexico.

AT&T products and services are provided or offered by subsidiaries and affiliates of AT&T Inc. under the AT&T brand and not by AT&T Inc. Additional information is available at about.att.com. © 2022 AT&T Intellectual Property. All rights reserved. AT&T, the Globe logo and other marks are trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies. All other marks contained herein are the property of their respective owners.

Cautionary Language Concerning Forward-Looking Statements
Information set forth in this news release contains financial estimates and other forward-looking statements that are subject to risks and uncertainties, and actual results might differ materially. A discussion of factors that may affect future results is contained in AT&T’s filings with the Securities and Exchange Commission. AT&T disclaims any obligation to update and revise statements contained in this news release based on new information or otherwise.

This news release may contain certain non-GAAP financial measures. Reconciliations between the non-GAAP financial measures and the GAAP financial measures are available on the company’s website at https://investors.att.com.

For more information, contact:
Fletcher Cook
AT&T Inc.
Phone: 214-912-8541
Email: fletcher.cook@att.com

Daphne Avila
AT&T Inc.
Phone: (972) 266-3866
Email: daphne.avila@att.com



Document

AT&T Inc.   
Financial Data   
Consolidated Statements of Income
Dollars in millions except per share amounts
UnauditedFourth QuarterPercentYear EndedPercent
20212020Change20212020Change
Operating Revenues
Service$34,088 $39,051 (12.7)%$146,391 $152,767 (4.2)%
Equipment6,870 6,640 3.5 %22,473 18,993 18.3 %
Total Operating Revenues40,958 45,691 (10.4)%168,864 171,760 (1.7)%
Operating Expenses
Cost of revenues
Equipment7,454 7,084 5.2 %23,778 19,706 20.7 %
Broadcast, programming and operations4,906 7,750 (36.7)%24,797 27,305 (9.2)%
Other cost of revenues (exclusive of
depreciation and amortization shown
separately below)
7,435 8,076 (7.9)%31,232 32,909 (5.1)%
Selling, general and administrative9,994 10,182 (1.8)%37,944 38,039 (0.2)%
Asset impairments and abandonments188 16,365 (98.9)%4,904 18,880 (74.0)%
Depreciation and amortization5,673 6,979 (18.7)%22,862 28,516 (19.8)%
Total Operating Expenses35,650 56,436 (36.8)%145,517 165,355 (12.0)%
Operating Income (Loss)5,308 (10,745)— %23,347 6,405 — %
Interest Expense1,663 1,894 (12.2)%6,884 7,925 (13.1)%
Equity in Net Income of Affiliates447 106 — %631 95 — %
Other Income (Expense) — Net2,354 (3,020)— %9,853 (1,431)— %
Income (Loss) Before Income Taxes6,446 (15,553)— %26,947 (2,856)— %
Income Tax (Benefit) Expense1,056 (2,038)— %5,468 965 — %
Net Income (Loss)5,390 (13,515)— %21,479 (3,821)— %
Less: Net Income Attributable to
    Noncontrolling Interest
(347)(368)5.7 %(1,398)(1,355)(3.2)%
Net Income (Loss) Attributable to AT&T$5,043 $(13,883)— %$20,081 $(5,176)— %
Less: Preferred Stock Dividends(51)(55)7.3 %(207)(193)(7.3)%
Net Income (Loss) Attributable
   to Common Stock
$4,992 $(13,938)— %$19,874 $(5,369)— %
Basic Earnings Per Share Attributable
   to Common Stock
$0.69 $(1.95)— %$2.77 $(0.75)— %
Weighted Average Common
    Shares Outstanding (000,000)
7,172 7,150 0.3 %7,168 7,157 0.2 %
Diluted Earnings Per Share Attributable
    to Common Stock
$0.69 $(1.95)— %$2.76 $(0.75)— %
Weighted Average Common 
    Shares Outstanding with Dilution (000,000)
7,204 7,176 0.4 %7,199 7,183 0.2 %
1


AT&T Inc.  
Financial Data  
Consolidated Balance Sheets
Dollars in millions
UnauditedDec. 31,Dec. 31,
20212020
Assets
Current Assets
Cash and cash equivalents$21,169 $9,740 
Accounts receivable – net of related allowance for credit loss of $771 and $1,22117,571 20,215 
Inventories3,464 3,695 
Prepaid and other current assets17,793 18,358 
Total current assets59,997 52,008 
Noncurrent Inventories and Theatrical Film and Television Production Costs18,983 14,752 
Property, Plant and Equipment – Net125,904 127,315 
Goodwill133,223 135,259 
Licenses – Net113,830 93,840 
Trademarks and Trade Names – Net21,938 23,297 
Distribution Networks – Net11,942 13,793 
Other Intangible Assets – Net11,783 15,386 
Investments in and Advances to Equity Affiliates7,274 1,780 
Operating Lease Right-Of-Use Assets24,180 24,714 
Other Assets22,568 23,617 
Total Assets$551,622 $525,761 
Liabilities and Stockholders’ Equity
Current Liabilities
Debt maturing within one year$24,630 $3,470 
Note payable to DIRECTV1,245 — 
Accounts payable and accrued liabilities50,661 50,051 
Advanced billings and customer deposits5,303 6,176 
Dividends payable3,749 3,741 
Total current liabilities85,588 63,438 
Long-Term Debt152,724 153,775 
Deferred Credits and Other Noncurrent Liabilities
Deferred income taxes64,871 60,472 
Postemployment benefit obligation12,649 18,276 
Operating lease liabilities21,261 22,202 
Other noncurrent liabilities30,578 28,358 
Noncurrent portion of note payable to DIRECTV96 — 
Total deferred credits and other noncurrent liabilities129,455 129,308 
Stockholders’ Equity
Preferred stock — 
Common stock7,621 7,621 
Additional paid-in capital130,112 130,175 
Retained earnings42,350 37,457 
Treasury stock(17,280)(17,910)
Accumulated other comprehensive income3,529 4,330 
Noncontrolling interest17,523 17,567 
Total stockholders’ equity183,855 179,240 
Total Liabilities and Stockholders’ Equity$551,622 $525,761 
2


AT&T Inc.  
Financial Data  
Consolidated Statements of Cash Flows
Dollars in millions
UnauditedYear Ended
20212020
Operating Activities
Net income (loss)$21,479 $(3,821)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization22,862 28,516 
Amortization of film and television costs11,006 8,603 
Distributed (undistributed) earnings from investments in equity affiliates184 38 
Provision for uncollectible accounts1,240 1,972 
Deferred income tax expense5,246 1,675 
Net (gain) loss on investments, net of impairments(927)(742)
Pension and postretirement benefit expense (credit)(3,848)(2,992)
Actuarial (gain) loss on pension and postretirement benefits(4,140)4,169 
Asset impairments and abandonments4,904 18,880 
Changes in operating assets and liabilities:
Receivables(634)2,216 
Other current assets, inventories and theatrical film and television production costs(16,472)(13,070)
Accounts payable and other accrued liabilities1,636 (1,410)
Equipment installment receivables and related sales(265)(1,429)
Deferred customer contract acquisition and fulfillment costs52 376 
Postretirement claims and contributions(822)(985)
Other - net456 1,134 
Total adjustments20,478 46,951 
Net Cash Provided by Operating Activities41,957 43,130 
Investing Activities
Capital expenditures(16,527)(15,675)
Acquisitions, net of cash acquired(25,453)(1,851)
Dispositions8,740 3,641 
Distributions from DIRECTV in excess of cumulative equity in earnings1,323 — 
Other - net(172)337 
Net Cash Used in Investing Activities(32,089)(13,548)
Financing Activities
Net change in short-term borrowings with original maturities of three months or less1,316 (17)
Issuance of other short-term borrowings21,856 9,440 
Repayment of other short-term borrowings(7,510)(9,467)
Issuance of long-term debt9,931 31,988 
Repayment of long-term debt(3,142)(39,964)
Note payable to DIRECTV, net of payments of $4591,341 — 
Payment of vendor financing(4,596)(2,966)
Issuance of preferred stock 3,869 
Purchase of treasury stock(202)(5,498)
Issuance of treasury stock96 105 
Issuance of preferred interests in subsidiaries 1,979 
Redemption of preferred interest in subsidiaries (1,950)
Dividends paid(15,068)(14,956)
Other - net(2,444)(4,570)
Net Cash Provided by (Used in) Financing Activities1,578 (32,007)
Net increase (decrease) in cash and cash equivalents and restricted cash11,446 (2,425)
Cash and cash equivalents and restricted cash beginning of year9,870 12,295 
Cash and Cash Equivalents and Restricted Cash End of Year$21,316 $9,870 

3


AT&T Inc.
Consolidated Supplementary Data
Supplementary Financial Data
Dollars in millions except per share amounts
UnauditedFourth QuarterPercentYear EndedPercent
20212020Change20212020Change
Capital expenditures
Purchase of property and equipment$3,790 $2,361 60.5 %$16,354 $15,552 5.2 %
Interest during construction41 31 32.3 %173 123 40.7 %
Total Capital Expenditures$3,831 $2,392 60.2 %$16,527 $15,675 5.4 %
Acquisition, net of cash acquired
Business acquisitions$ $85 — %$ $238 — %
Spectrum acquisitions1,655 551 — %24,672 1,613 — %
Interest during construction - spectrum265 — — %781 — — %
Total Acquisitions$1,920 $636 — %$25,453 $1,851 — %
Cash Paid for Programming and Produced Film/TV Content$4,602 $4,617 (0.3)%$19,164 $14,898 28.6 %
Dividends Declared per Common Share$0.52 $0.52 — %$2.08 $2.08 — %
End of Period Common Shares Outstanding (000,000)7,141 7,126 0.2 %
Debt Ratio49.1 %46.7 %240  BP
Total Employees202,600 230,760 (12.2)%

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.

Results have been recast to remove the Video business, instead reporting those results in Corporate and Other.
Segment Results
Dollars in millions
UnauditedFourth QuarterPercentYear EndedPercent
20212020Change20212020Change
Segment Operating Revenues
Mobility$21,146 $20,119 5.1 %$78,254 $72,564 7.8 %
Business Wireline5,901 6,251 (5.6)%23,937 25,083 (4.6)%
Consumer Wireline3,159 3,116 1.4 %12,539 12,318 1.8 %
Total Segment Operating Revenues30,206 29,486 2.4 %114,730 109,965 4.3 %
Segment Operating Contribution
Mobility5,353 5,088 5.2 %23,312 22,372 4.2 %
Business Wireline897 997 (10.0)%3,990 4,564 (12.6)%
Consumer Wireline201 275 (26.9)%977 1,377 (29.0)%
Total Segment Operating Contribution$6,451 $6,360 1.4 %$28,279 $28,313 (0.1)%

Supplementary Operating Data
Subscribers and connections in thousands
UnauditedDecember 31,Percent
20212020Change
Broadband Connections
Broadband15,074 14,818 1.7 %
DSL430 566 (24.0)%
Total Broadband Connections15,504 15,384 0.8 %
Voice Connections
Retail Consumer Switched Access Lines6,177 7,263 (15.0)%
U-verse Consumer VoIP Connections3,333 3,816 (12.7)%
Total Retail Consumer Voice Connections9,510 11,079 (14.2)%
Fourth QuarterPercentYear EndedPercent
20212020Change20212020Change
Broadband Net Additions
Broadband24 57 (57.9)%256 159 61.0 %
DSL(30)(48)37.5 %(136)(164)17.1 %
Total Broadband Net Additions(6)— %120 (5)— %

5


Mobility

Mobility provides nationwide wireless service and equipment.
Mobility Results
Dollars in millions
UnauditedFourth QuarterPercentYear EndedPercent
20212020Change20212020Change
Operating Revenues
Service$14,669 $14,022 4.6 %$57,590 $55,542 3.7 %
Equipment6,477 6,097 6.2 %20,664 17,022 21.4 %
Total Operating Revenues21,146 20,119 5.1 %78,254 72,564 7.8 %
Operating Expenses
Operations and support13,743 13,023 5.5 %46,820 42,106 11.2 %
Depreciation and amortization2,050 2,008 2.1 %8,122 8,086 0.4 %
Total Operating Expenses15,793 15,031 5.1 %54,942 50,192 9.5 %
Operating Income5,353 5,088 5.2 %23,312 22,372 4.2 %
Equity in Net Income (Loss) of Affiliates — — % — — %
Operating Contribution$5,353 $5,088 5.2 %$23,312 $22,372 4.2 %
Operating Income Margin25.3 %25.3 %—  BP29.8 %30.8 %(100) BP
Supplementary Operating Data
Subscribers and connections in thousands
UnauditedDecember 31,Percent
20212020Change
Mobility Subscribers
Postpaid81,534 77,154 5.7 %
Postpaid phone67,260 64,216 4.7 %
Prepaid19,028 18,102 5.1 %
Reseller6,113 6,535 (6.5)%
Connected Devices95,116 80,767 17.8 %
Total Mobility Subscribers201,791 182,558 10.5 %
Fourth QuarterPercentYear EndedPercent
20212020Change20212020Change
Mobility Net Additions
Postpaid Phone Net Additions884 800 10.5 %3,196 1,457 — %
Total Phone Net Additions908 760 19.5 %3,850 1,640 — %
Postpaid1,285 1,229 4.6 %4,482 2,183 — %
Prepaid29 14 — %956 379 — %
Reseller(177)(197)10.2 %(534)(449)(18.9)%
Connected Devices4,134 4,809 (14.0)%14,328 14,785 (3.1)%
Total Mobility Net Additions5,271 5,855 (10.0)%19,232 16,898 13.8 %
Postpaid Churn1.02 %0.94 %BP0.94 %0.98 %(4) BP
Postpaid Phone-Only Churn0.85 %0.76 %BP0.76 %0.79 %(3) BP






6


Business Wireline

Business Wireline provides advanced IP-based services, as well as traditional data services to business customers.

Results have been recast to characterize revenues as either service or equipment, consistent with the way we are managing the business unit.
Business Wireline Results
Dollars in millions
UnauditedFourth QuarterPercentYear EndedPercent
20212020Change20212020Change
Operating Revenues
Service$5,727 $6,042 (5.2)%$23,224 $24,313 (4.5)%
Equipment174 209 (16.7)%713 770 (7.4)%
Total Operating Revenues5,901 6,251 (5.6)%23,937 25,083 (4.6)%
Operating Expenses
Operations and support3,687 3,938 (6.4)%14,755 15,303 (3.6)%
Depreciation and amortization1,317 1,316 0.1 %5,192 5,216 (0.5)%
Total Operating Expenses5,004 5,254 (4.8)%19,947 20,519 (2.8)%
Operating Income897 997 (10.0)%3,990 4,564 (12.6)%
Equity in Net Income (Loss) of Affiliates — — % — — %
Operating Contribution$897 $997 (10.0)%$3,990 $4,564 (12.6)%
Operating Income Margin15.2 %15.9 %(70) BP16.7 %18.2 %(150) BP
7


Consumer Wireline

Consumer Wireline provides internet, including broadband fiber, and voice communication services primarily to residential customers.

Results have been recast to refine the allocation of shared infrastructure and deferred customer acquisition costs between Consumer Wireline and Video.
Consumer Wireline Results
Dollars in millions
UnauditedFourth QuarterPercentYear EndedPercent
20212020Change20212020Change
Operating Revenues
Broadband$2,324 $2,205 5.4 %$9,085 $8,534 6.5 %
Legacy voice and data services470 534 (12.0)%1,977 2,213 (10.7)%
Other service and equipment365 377 (3.2)%1,477 1,571 (6.0)%
Total Operating Revenues3,159 3,116 1.4 %12,539 12,318 1.8 %
Operating Expenses
Operations and support2,169 2,103 3.1 %8,467 8,027 5.5 %
Depreciation and amortization789 738 6.9 %3,095 2,914 6.2 %
Total Operating Expenses2,958 2,841 4.1 %11,562 10,941 5.7 %
Operating Income201 275 (26.9)%977 1,377 (29.0)%
Equity in Net Income (Loss) of Affiliates — — % — — %
Operating Contribution$201 $275 (26.9)%$977 $1,377 (29.0)%
Operating Income Margin6.4 %8.8 %(240) BP7.8 %11.2 %(340) BP
    
Supplementary Operating Data
Subscribers and connections in thousands
UnauditedDecember 31,Percent
20212020Change
Broadband Connections
Total Broadband and DSL Connections14,160 14,100 0.4 %
Fiber Broadband Connections5,992 4,951 21.0 %
Voice Connections
Retail Consumer Switched Access Lines2,423 2,862 (15.3)%
U-verse Consumer VoIP Connections2,736 3,231 (15.3)%
Total Retail Consumer Voice Connections5,159 6,093 (15.3)%
Fourth QuarterPercentYear EndedPercent
20212020Change20212020Change
Broadband Net Additions
Total Broadband and DSL Net Additions(20)(2)— %60 (19)— %
    Fiber Broadband Net Additions271 273 (0.7)%1,041 1,064 (2.2)%
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.

Results have been recast to conform to the current period's classification of revenues.
Business Solutions Results
Dollars in millions
UnauditedFourth QuarterPercentYear EndedPercent
20212020Change20212020Change
Operating Revenues
Wireless service$2,108 $1,948 8.2 %$8,161 $7,732 5.5 %
Wireline service5,727 6,042 (5.2)%23,224 24,313 (4.5)%
Wireless equipment1,030 925 11.4 %3,414 2,882 18.5 %
Wireline equipment174 209 (16.7)%713 770 (7.4)%
Total Operating Revenues9,039 9,124 (0.9)%35,512 35,697 (0.5)%
Operating Expenses
Operations and support6,011 6,035 (0.4)%22,826 22,482 1.5 %
Depreciation and amortization1,667 1,638 1.8 %6,570 6,500 1.1 %
Total Operating Expenses7,678 7,673 0.1 %29,396 28,982 1.4 %
Operating Income1,361 1,451 (6.2)%6,116 6,715 (8.9)%
Equity in Net Income (Loss) of Affiliates — — % — — %
Operating Contribution$1,361 $1,451 (6.2)%$6,116 $6,715 (8.9)%
Operating Income Margin15.1 %15.9 %(80) BP17.2 %18.8 %(160) 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. We disposed of substantially all Otter Media assets in the third quarter of 2021. Additional information is provided as part of the earnings material on the company's Investor Relations website.
Segment Results
Dollars in millions
UnauditedFourth QuarterPercentYear EndedPercent
20212020Change20212020Change
Segment Operating Revenues
Subscription$3,817 $3,623 5.4 %$15,596 $13,765 13.3 %
Content and other4,411 3,042 45.0 %13,514 10,552 28.1 %
Advertising1,645 1,889 (12.9)%6,522 6,125 6.5 %
Total Segment Operating Revenues9,873 8,554 15.4 %35,632 30,442 17.0 %
Direct Costs
Programming4,290 3,040 41.1 %15,286 11,678 30.9 %
Marketing1,208 779 55.1 %4,137 2,529 63.6 %
Other1,059 882 20.1 %3,658 3,211 13.9 %
Selling, general and administrative1,572 1,134 38.6 %4,656 4,161 11.9 %
Depreciation and amortization165 177 (6.8)%656 671 (2.2)%
Total Operating Expenses8,294 6,012 38.0 %28,393 22,250 27.6 %
Operating Income1,579 2,542 (37.9)%7,239 8,192 (11.6)%
Equity in Net Income (Loss) of Affiliates(6)(13)53.8 %38 18 — %
Total Segment Operating Contribution$1,573 $2,529 (37.8)%$7,277 $8,210 (11.4)%

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  
UnauditedFourth QuarterPercentYear EndedPercent
 20212020Change20212020Change
Segment Operating Revenues   
Mexico$704 $736 (4.3)%$2,747 $2,562 7.2 %
Vrio359 762 (52.9)%2,607 3,154 (17.3)%
Total Segment Operating Revenues1,063 1,498 (29.0)%5,354 5,716 (6.3)%
Segment Operating Contribution
Mexico(117)(126)7.1 %(510)(587)13.1 %
Vrio37 (41)— %80 (142)— %
  Total Segment Operating Contribution$(80)$(167)52.1 %$(430)$(729)41.0 %

10


Mexico

Mexico provides wireless services and equipment to customers in Mexico.
Mexico Results
Dollars in millions  
UnauditedFourth QuarterPercentYear EndedPercent
 20212020Change20212020Change
Operating Revenues    
Wireless service$485 $459 5.7 %$1,834 $1,656 10.7 %
Wireless equipment219 277 (20.9)%913 906 0.8 %
Total Operating Revenues704 736 (4.3)%2,747 2,562 7.2 %
Operating Expenses
Operations and support668 722 (7.5)%2,652 2,636 0.6 %
Depreciation and amortization153 140 9.3 %605 513 17.9 %
Total Operating Expenses821 862 (4.8)%3,257 3,149 3.4 %
Operating Income (Loss)(117)(126)7.1 %(510)(587)13.1 %
Equity in Net Income (Loss) of Affiliates — — % — — %
Operating Contribution$(117)$(126)7.1 %$(510)$(587)13.1 %
Operating Income Margin(16.6)%(17.1)%50  BP(18.6)%(22.9)%430  BP
Supplementary Operating Data
Subscribers and connections in thousands  
UnauditedDecember 31,Percent
 20212020Change
Mexico Wireless Subscribers
Postpaid4,807 4,696 2.4 %
Prepaid15,057 13,758 9.4 %
Reseller498 489 1.8 %
Total Mexico Wireless Subscribers20,362 18,943 7.5 %
 Fourth QuarterPercentYear EndedPercent
 20212020Change20212020Change
Mexico Wireless Net Additions
Postpaid26 (14)— %111 (407)— %
Prepaid858 509 68.6 %1,299 174 — %
Reseller5 34 (85.3)%9 118 (92.4)%
Total Mexico Wireless Net Additions889 529 68.1 %1,419 (115)— %
11


Vrio

Vrio provides entertainment services to customers utilizing satellite technology in Latin America and the Caribbean. Vrio was sold to Grupo Werthein in November 2021.
Vrio Results
Dollars in millions  
UnauditedFourth QuarterPercentYear EndedPercent
 20212020Change20212020Change
Operating Revenues$359 $762 (52.9)%$2,607 $3,154 (17.3)%
Operating Expenses
Operations and support321 681 (52.9)%2,302 2,800 (17.8)%
Depreciation and amortization 120 — %231 520 (55.6)%
Total Operating Expenses321 801 (59.9)%2,533 3,320 (23.7)%
Operating Income (Loss)38 (39)— %74 (166)— %
Equity in Net Income (Loss) of Affiliates(1)(2)50.0 %6 24 (75.0)%
Operating Contribution$37 $(41)— %$80 $(142)— %
Operating Income Margin10.6 %(5.1)%1,570  BP2.8 %(5.3)%810  BP

12


SUPPLEMENTAL SEGMENT RECONCILIATION
Three Months Ended
Dollars in millions
Unaudited
December 31, 2021
RevenuesOperations
and Support
Expenses
EBITDADepreciation
and
Amortization
Operating
Income (Loss)
Equity in Net
Income (Loss) of
Affiliates
Segment
Contribution
Communications
Mobility$21,146 $13,743 $7,403 $2,050 $5,353 $ $5,353 
Business Wireline5,901 3,687 2,214 1,317 897  897 
Consumer Wireline3,159 2,169 990 789 201  201 
Total Communications30,206 19,599 10,607 4,156 6,451  6,451 
WarnerMedia9,873 8,129 1,744 165 1,579 (6)1,573 
Latin America
Mexico704 668 36 153 (117) (117)
Vrio359 321 38  38 (1)37 
Total Latin America1,063 989 74 153 (79)(1)(80)
Segment Total41,142 28,717 12,425 4,474 7,951 $(7)$7,944 
Corporate and Other
Corporate199 1,323 (1,124)178 (1,302)
Video     
Acquisition-related items 132 (132)1,021 (1,153)
Certain significant items 188 (188) (188)
Eliminations and
consolidations
(383)(383)   
AT&T Inc.$40,958 $29,977 $10,981 $5,673 $5,308 
13


Three Months Ended
Dollars in millions
Unaudited
December 31, 2020
RevenuesOperations and Support ExpensesEBITDADepreciation and AmortizationOperating Income (Loss)Equity in Net
Income (Loss) of
Affiliates
Segment Contribution
Communications
Mobility$20,119 $13,023 $7,096 $2,008 $5,088 $— $5,088 
Business Wireline6,251 3,938 2,313 1,316 997 — 997 
Consumer Wireline3,116 2,103 1,013 738 275 — 275 
Total Communications29,486 19,064 10,422 4,062 6,360 — 6,360 
WarnerMedia8,554 5,835 2,719 177 2,542 (13)2,529 
Latin America
Mexico736 722 14 140 (126)— (126)
Vrio762 681 81 120 (39)(2)(41)
Total Latin America1,498 1,403 95 260 (165)(2)(167)
Segment Total39,538 26,302 13,236 4,499 8,737 $(15)$8,722 
Corporate and Other
Corporate456 949 (493)56 (549)
Video7,168 6,458 710 521 189 
Acquisition-related items— 37 (37)1,890 (1,927)
Certain significant items— 16,617 (16,617)14 (16,631)
Eliminations and
consolidations
(1,471)(906)(565)(1)(564)
AT&T Inc.$45,691 $49,457 $(3,766)$6,979 $(10,745)

14


SUPPLEMENTAL SEGMENT RECONCILIATION
Year Ended
Dollars in millions
Unaudited
December 31, 2021
RevenuesOperations
and Support
Expenses
EBITDADepreciation
and
Amortization
Operating
Income (Loss)
Equity in Net
Income (Loss) of
Affiliates
Segment
Contribution
Communications
Mobility$78,254 $46,820 $31,434 $8,122 $23,312 $ $23,312 
Business Wireline23,937 14,755 9,182 5,192 3,990  3,990 
Consumer Wireline12,539 8,467 4,072 3,095 977  977 
Total Communications114,730 70,042 44,688 16,409 28,279  28,279 
WarnerMedia35,632 27,737 7,895 656 7,239 38 7,277 
Latin America
Mexico2,747 2,652 95 605 (510) (510)
Vrio2,607 2,302 305 231 74 6 80 
Total Latin America5,354 4,954 400 836 (436)6 (430)
Segment Total155,716 102,733 52,983 17,901 35,082 $44 $35,126 
Corporate and Other
Corporate1,264 4,805 (3,541)372 (3,913)
Video15,513 12,666 2,847 356 2,491 
Acquisition-related items 299 (299)4,233 (4,532)
Certain significant items 4,961 (4,961) (4,961)
Eliminations and
consolidations
(3,629)(2,809)(820) (820)
AT&T Inc.$168,864 $122,655 $46,209 $22,862 $23,347 
15


<
Year Ended
Dollars in millions
Unaudited
December 31, 2020
RevenuesOperations and Support ExpensesEBITDADepreciation and AmortizationOperating Income (Loss)Equity in Net
Income (Loss) of
Affiliates
Segment Contribution
Communications
Mobility$72,564 $42,106 $30,458 $8,086 $22,372 $— $22,372 
Business Wireline25,083 15,303 9,780 5,216 4,564 — 4,564 
Consumer Wireline12,318 8,027 4,291 2,914 1,377 — 1,377 
Total Communications109,965 65,436 44,529 16,216 28,313 — 28,313 
WarnerMedia30,442 21,579