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OFFON

AT&T INC.

(T)
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AT&T : Third-Quarter Earnings Financial and Operational Schedules & Non-GAAP Reconciliations

10/21/2021 | 06:54am EST

Financial and Operational Schedules & Non-GAAP Reconciliations

October 21ST, 2021

AT&T Inc.

Financial Data

Consolidated Statements of Income

Dollars in millions except per share amounts

Unaudited

Third Quarter

Percent

Nine-Month Period

Percent

2021

2020

Change

2021

2020

Change

Operating Revenues

Service

$

34,843

$

37,782

(7.8)% $

112,303

$

113,716

(1.2)%

Equipment

5,079

4,558

11.4 %

15,603

12,353

26.3 %

Total Operating Revenues

39,922

42,340

(5.7)%

127,906

126,069

1.5 %

Operating Expenses

Cost of revenues

Equipment

5,427

4,552

19.2 %

16,324

12,622

29.3 %

Broadcast, programming and operations

4,750

6,912

(31.3)%

19,891

19,555

1.7 %

Other cost of revenues (exclusive of

depreciation and amortization shown

7,649

8,375

(8.7)%

23,797

24,833

(4.2)%

separately below)

Selling, general and administrative

9,207

9,266

(0.6)%

27,950

27,857

0.3 %

Asset impairments and abandonments

161

73

- %

4,716

2,515

87.5 %

Depreciation and amortization

5,619

7,030

(20.1)%

17,189

21,537

(20.2)%

Total Operating Expenses

32,813

36,208

(9.4)%

109,867

108,919

0.9 %

Operating Income

7,109

6,132

15.9 %

18,039

17,150

5.2 %

Interest Expense

1,667

1,972

(15.5)%

5,221

6,031

(13.4)%

Equity in Net Income (Loss) of Affiliates

91

5

- %

184

(11)

- %

Other Income (Expense) - Net

2,279

(231)

- %

7,499

1,589

- %

Income Before Income Taxes

7,812

3,934

98.6 %

20,501

12,697

61.5 %

Income Tax Expense

1,539

766

- %

4,412

3,003

46.9 %

Net Income

6,273

3,168

98.0 %

16,089

9,694

66.0 %

Less: Net Income Attributable to

(355)

(352)

(0.9)%

(1,051)

(987)

(6.5)%

Noncontrolling Interest

Net Income Attributable to AT&T

$

5,918

$

2,816

- %

$

15,038

$

8,707

72.7 %

Less: Preferred Stock Dividends

(50)

(54)

7.4 %

(156)

(138)

(13.0)%

Net Income Attributable

$

5,868

$

2,762

- % $

14,882

$

8,569

73.7 %

to Common Stock

Basic Earnings Per Share Attributable

$

0.82

$

0.39

- % $

2.07

$

1.19

73.9 %

to Common Stock

Weighted Average Common

7,171

7,147

0.3 %

7,167

7,160

0.1 %

Shares Outstanding (000,000)

Diluted Earnings Per Share Attributable

$

0.82

$

0.39

- % $

2.07

$

1.19

73.9 %

to Common Stock

Weighted Average Common

7,202

7,173

0.4 %

7,197

7,186

0.2 %

Shares Outstanding with Dilution (000,000)

1

AT&T Inc.

Financial Data

Consolidated Balance Sheets

Dollars in millions

Unaudited

Sep. 30,

Dec. 31,

2021

2020

Assets

Current Assets

Cash and cash equivalents

$

21,270

$

9,740

Accounts receivable - net of related allowances for credit loss of $806 and $1,221

16,304

20,215

Inventories

3,088

3,695

Prepaid and other current assets

16,568

18,358

Total current assets

57,230

52,008

Noncurrent Inventories and Theatrical Film and Television Production Costs

17,811

14,752

Property, Plant and Equipment - Net

124,419

127,315

Goodwill

133,663

135,259

Licenses - Net

112,423

93,840

Trademarks and Trade Names - Net

22,097

23,297

Distribution Networks - Net

12,408

13,793

Other Intangible Assets - Net

12,338

15,386

Investments in and Advances to Equity Affiliates

8,629

1,780

Operating Lease Right-Of-Use Assets

24,341

24,714

Other Assets

21,748

23,617

Total Assets

$

547,107

$

525,761

Liabilities and Stockholders' Equity

Current Liabilities

Debt maturing within one year

$

23,755

$

3,470

Note payable to DIRECTV

1,180

-

Accounts payable and accrued liabilities

47,926

50,051

Advanced billings and customer deposits

4,991

6,176

Dividends payable

3,749

3,741

Total current liabilities

81,601

63,438

Long-Term Debt

155,406

153,775

Deferred Credits and Other Noncurrent Liabilities

Deferred income taxes

63,405

60,472

Postemployment benefit obligation

14,158

18,276

Operating lease liabilities

21,510

22,202

Other noncurrent liabilities

29,466

28,358

Noncurrent note payable to DIRECTV

258

-

Total deferred credits and other noncurrent liabilities

128,797

129,308

Stockholders' Equity

Preferred stock

-

-

Common stock

7,621

7,621

Additional paid-in capital

130,035

130,175

Retained earnings

41,091

37,457

Treasury stock

(17,319)

(17,910)

Accumulated other comprehensive income

2,343

4,330

Noncontrolling interest

17,532

17,567

Total stockholders' equity

181,303

179,240

Total Liabilities and Stockholders' Equity

$

547,107

$

525,761

2

AT&T Inc.

Financial Data

Consolidated Statements of Cash Flows

Dollars in millions

UnauditedNine-Month Period

2021 2020

Operating Activities

Net income

$

16,089

$

9,694

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

17,189

21,537

Amortization of film and television costs

8,421

6,448

Distributed (undistributed) earnings from investments in equity affiliates

102

108

Provision for uncollectible accounts

858

1,611

Deferred income tax expense

3,187

2,248

Net (gain) loss on investments, net of impairments

(965)

(689)

Pension and postretirement benefit expense (credit)

(2,870)

(2,245)

Actuarial (gain) loss on pension and postretirement benefits

(3,021)

63

Asset impairments and abandonments

4,716

2,515

Changes in operating assets and liabilities:

Receivables

57

2,321

Other current assets, inventories and theatrical film and television production costs

(11,928)

(7,836)

Accounts payable and other accrued liabilities

(2,254)

(4,905)

Equipment installment receivables and related sales

715

(148)

Deferred customer contract acquisition and fulfillment costs

316

453

Postretirement claims and contributions

(425)

(409)

Other - net

516

2,282

Total adjustments

14,614

23,354

Net Cash Provided by Operating Activities

30,703

33,048

Investing Activities

Capital expenditures

(12,696)

(13,283)

Acquisitions, net of cash acquired

(23,533)

(1,215)

Dispositions

9,086

428

Other - net

(190)

344

Net Cash Used in Investing Activities

(27,333)

(13,726)

Financing Activities

Net change in short-term borrowings with original maturities of three months or less

630

(17)

Issuance of other short-term borrowings

17,476

9,440

Repayment of other short-term borrowings

(2,448)

(7,710)

Issuance of long-term debt

9,931

31,987

Repayment of long-term debt

(1,653)

(37,583)

Note payable to DIRECTV, net of payments of $361

1,439

-

Payment of vendor financing

(4,013)

(1,965)

Issuance of preferred stock

-

3,869

Purchase of treasury stock

(191)

(5,483)

Issuance of treasury stock

89

88

Issuance of preferred interests in subsidiaries

-

1,979

Dividends paid

(11,319)

(11,215)

Other - net

(1,776)

(5,158)

Net Cash Provided by (Used in) Financing Activities

8,165

(21,768)

Net increase (decrease) in cash and cash equivalents and restricted cash

11,535

(2,446)

Cash and cash equivalents and restricted cash beginning of year

9,870

12,295

Cash and Cash Equivalents and Restricted Cash End of Period

$

21,405

$

9,849

3

AT&T Inc.

Consolidated Supplementary Data

Supplementary Financial Data

Dollars in millions except per share amounts

Unaudited

Third Quarter

Percent

Nine-Month Period

Percent

2021

2020

Change

2021

2020

Change

Capital expenditures

Purchase of property and equipment

$

4,666

$

3,819

22.2 % $

12,564

$

13,191

(4.8)

%

Interest during construction - capital expenditures

38

32

18.8 %

132

92

43.5

%

Total Capital Expenditures

$

4,704

$

3,851

22.2 % $

12,696

$

13,283

(4.4)

%

Acquisition, net of cash acquired

Business acquisitions

$

(26)

$

25

- % $

-

$

153

-

%

Spectrum acquisitions

131

16

- %

23,017

1,062

-

%

Interest during construction - spectrum

259

-

- %

516

-

-

%

Total Acquisitions

$

364

$

41

- %

$

23,533

$

1,215

-

%

Cash Paid for Programming and Produced Film/TV

$

4,766

$

3,062

55.6 % $

14,562

$

10,281

41.6

%

Content

Dividends Declared per Common Share

$

0.52

$

0.52

- % $

1.56

$

1.56

-

%

End of Period Common Shares Outstanding

7,140

7,125

0.2

%

(000,000)

Debt Ratio

49.7 %

44.9 %

480

BP

Total Employees

214,840

234,630

(8.4)

%

4

Disclaimer

AT&T Inc. published this content on 21 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 October 2021 10:53:08 UTC.


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Sales 2021 169 B - -
Net income 2021 19 932 M - -
Net Debt 2021 156 B - -
P/E ratio 2021 8,31x
Yield 2021 9,03%
Capitalization 165 B 165 B -
EV / Sales 2021 1,90x
EV / Sales 2022 2,03x
Nbr of Employees 230 760
Free-Float 93,6%
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Technical analysis trends AT&T INC.
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
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Mean consensus HOLD
Number of Analysts 26
Last Close Price 23,08 $
Average target price 31,21 $
Spread / Average Target 35,2%
EPS Revisions
Managers and Directors
John T. Stankey President, CEO, COO & Director
Pascal Desroches Chief Financial Officer & Senior Executive VP
William E. Kennard Independent Chairman
David S. Huntley Chief Compliance Officer & Senior Executive VP
Matthew K. Rose Lead Independent Director
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