Tune in at 1:15 p.m. ET today for
a fireside chat with our chief operating officer, where he will
cover AT&T's progress on its multiyear strategy to drive
sustainable and profitable growth
DALLAS, March 4,
2024 /CNW/ --
Key Takeaways:
- AT&T is executing well on its sustainable, long-term growth
strategy. The company remains on track to meet all of its financial
guidance
- The company continues to see healthy demand for world-class
connectivity through 5G and fiber
- As one of the largest investors in the United States, the company remains focused
on building vital, high-performance network infrastructure for both
mobile and fiber networks. To support these efforts, the company
continues to expect 2024 capital investment in the $21-22 billion range
Jeff McElfresh, chief operating
officer, AT&T* (NYSE:T) Inc., will speak today at the
Morgan Stanley Technology, Media and Telecom Conference where he
will provide an update to shareholders. Here are the key
topics McElfresh is expected to cover:
The company's focus on leading with world-class connectivity,
is working.
- AT&T continues to benefit from the connectivity-focused,
investment-led strategy it laid out more than 3 years ago. By
executing a simple and proven playbook, the company is powering
customer growth, improving returns and enabling additional
investments that are benefiting the business.
- AT&T's simple and consistent go-to-market approach
continues to resonate with customers and has created a sustainable
model for healthy growth and strong cash conversion.
AT&T continues to invest in the future of America's
connectivity.
- AT&T is focused on becoming America's best high-performance
network provider. AT&T now has the largest wireless network in
North America1, with
mid-band 5G spectrum covering 210 million+ people. Additionally,
AT&T has the nation's largest fiber network passing 26 million+
consumer and business locations.
- AT&T is making critical investments in its wireless and
fiber future. This includes accelerating the transition to Open
Radio Access Networks (Open RAN), which will enable a more robust
supplier ecosystem, and drive efficiencies and longer-term cost
savings. Additionally, based on fiber returns better than initial
assumptions, AT&T sees an opportunity to potentially pass an
incremental 10 to 15 million consumer and business fiber locations
within its existing footprint – assuming similar build parameters
and a regulatory environment that incentivizes investing in
America's robust connectivity needs.
- The company remains on track to hit its target of 30 million+
fiber locations passed by the end of 2025.
- Over the past five years, from 2019 to 2023, AT&T invested
$145 billion+ in its wireless and wireline networks, including
capital investments and acquisitions of wireless
spectrum2.
AT&T remains on track to achieve its financial
guidance.
- The company remains confident in its ability to deliver on all
of the financial guidance provided with its earnings report in
January 2024.
- AT&T also remains focused on driving incremental
efficiencies with an additional $2 billion+ in run-rate cost
savings by mid-2026.
- The company is on track to reduce net debt and to achieve
net-debt to adjusted EBITDA in the 2.5x range in the first half of
2025. It also plans to continue addressing short-term financing
obligations as it shapes an even more sustainable and ratable free
cash flow cadence.
AT&T remains focused on growing durable relationships
with high-quality 5G & fiber customers.
- The company continues to see healthy, but normalizing, wireless
industry trends and steady fiber customer demand.
- AT&T is uniquely positioned to take advantage of its owned
and operated scaled wireless and fiber networks. Unlike others in
the industry, the company realizes economic benefit from both
wireless and fiber when it adds converged subscribers.
- AT&T's connectivity toolkit includes multiple technologies,
including 5G, fiber and the company's fixed wireless access product
– AT&T Internet Air – which is now available in parts of nearly
60 markets.
Following the event, the webcast of McElfresh's conversation
will be available for replay at AT&T Investor Relations.
1 Based
on comparison of carrier owned & operated networks. No AT&T
on-net coverage in select countries, including Canada. Details:
att.com/international. Destinations covered:
att.com/globalcountries. 5G claim based on nationwide GWS drive
test data. GWS conducts paid drive tests for AT&T and uses the
data in its analysis. AT&T 5G requires compatible plan and
device. 5G coverage not available everywhere. Learn more at
att.com/5Gforyou
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2 The years
ended December 31, 2020 through 2023 present results from
continuing operations, and the year ended December 31, 2019
includes comparable adjustments to remove capital expenditures from
discontinued operations.
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*About AT&T
We help more than 100 million U.S. families, friends and
neighbors, plus nearly 2.5 million businesses, connect to greater
possibility. From the first phone call 140+ years ago to our 5G
wireless and multi-gig internet offerings today, we @ATT innovate
to improve lives. For more information about AT&T Inc.
(NYSE:T), please visit us at about.att.com. Investors can
learn more at investors.att.com.
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.
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SOURCE AT&T