AT&T INC. - FORM 8-K - EX-99.1 - AT&T INC. SELECTED FINANCIAL STATEMENTS AND OPERATING DATA

Attached files

file	filename
8-K - AT&T INC. 1ST QTR 2014 EARNINGS RELEASE 8-K - AT&T INC.	q1earnings801_8k.htm

Financial Data

AT&T Inc.
Consolidated Statements of Income
Dollars in millions except per share amounts
Unaudited	Three Months Ended
		3/31/2014			3/31/2013			% Chg
Operating Revenues		$	32,476		$	31,356			3.6	%

Operating Expenses
Cost of services and sales (exclusive of depreciation and amortization shown separately below)			13,321			12,554			6.1	%
Selling, general and administrative			8,260			8,333			-0.9	%
Depreciation and amortization			4,617			4,529			1.9	%
Total Operating Expenses			26,198			25,416			3.1	%
Operating Income			6,278			5,940			5.7	%
Interest Expense			860			827			4.0	%
Equity in Net Income of Affiliates			88			185			-52.4	%
Other Income (Expense) - Net			145			32			-
Income Before Income Taxes			5,651			5,330			6.0	%
Income Tax Expense			1,917			1,557			23.1	%
Net Income			3,734			3,773			-1.0	%
Less: Net Income Attributable to Noncontrolling Interest			(82	)		(73	)		-12.3	%
Net Income Attributable to AT&T		$	3,652		$	3,700			-1.3	%


Basic Earnings Per Share Attributable to AT&T		$	0.70		$	0.67			4.5	%
Weighted Average Common Shares Outstanding (000,000)			5,222			5,513			-5.3	%

Diluted Earnings Per Share Attributable to AT&T		$	0.70		$	0.67			4.5	%
Weighted Average Common Shares Outstanding with Dilution (000,000)			5,238			5,530			-5.3	%

Financial Data

AT&T Inc.
Statements of Segment Income
Dollars in millions
Unaudited
	Three Months Ended

Wireless	3/31/2014			3/31/2013			% Chg
Segment Operating Revenues
Service	$	15,387		$	15,062			2.2	%
Equipment		2,479			1,629			52.2	%
Total Segment Operating Revenues		17,866			16,691			7.0	%

Segment Operating Expenses
Operations and support		10,882			10,180			6.9	%
Depreciation and amortization		1,931			1,835			5.2	%
Total Segment Operating Expenses		12,813			12,015			6.6	%
Segment Operating Income		5,053			4,676			8.1	%
Equity in Net Income (Loss) of Affiliates		(20	)		(18	)		-11.1	%
Segment Income	$	5,033		$	4,658			8.1	%

Segment Operating Income Margin		28.3	%		28.0	%

Wireline
Segment Operating Revenues
Service	$	14,389		$	14,381			0.1	%
Equipment		212			274			-22.6	%
Total Segment Operating Revenues		14,601			14,655			-0.4	%

Segment Operating Expenses
Operations and support		10,457			10,335			1.2	%
Depreciation and amortization		2,684			2,688			-0.1	%
Total Segment Operating Expenses		13,141			13,023			0.9	%
Segment Operating Income		1,460			1,632			-10.5	%
Equity in Net Income of Affiliates		1			1			-
Segment Income	$	1,461		$	1,633			-10.5	%

Segment Operating Income Margin		10.0	%		11.1	%

Financial Data

AT&T Inc.
Consolidated Balance Sheets
Dollars in millions
	3/31/2014			12/31/2013
	Unaudited

Assets
Current Assets
Cash and cash equivalents	$	3,611		$	3,339
Accounts receivable - net of allowances for doubtful accounts of $483 and $483		13,120			12,918
Prepaid expenses		1,000			960
Deferred income taxes		1,171			1,199
Other current assets		5,187			4,780
Total current assets		24,089			23,196
Property, Plant and Equipment - Net		112,809			110,968
Goodwill		69,720			69,273
Licenses		59,584			56,433
Other Intangible Assets - Net		6,515			5,779
Investments in Equity Affiliates		3,613			3,860
Other Assets		9,010			8,278
Total Assets	$	285,340		$	277,787

Liabilities and Stockholders' Equity
Current Liabilities
Debt maturing within one year	$	8,301		$	5,498
Accounts payable and accrued liabilities		22,234			21,107
Advanced billing and customer deposits		4,121			4,212
Accrued taxes		2,784			1,774
Dividends payable		2,390			2,404
Total current liabilities		39,830			34,995
Long-Term Debt		71,575			69,290
Deferred Credits and Other Noncurrent Liabilities
Deferred income taxes		36,448			36,308
Postemployment benefit obligation		30,029			29,946
Other noncurrent liabilities		16,089			15,766
Total deferred credits and other noncurrent liabilities		82,566			82,020
Stockholders' Equity
Common stock		6,495			6,495
Additional paid-in capital		91,027			91,091
Retained earnings		32,402			31,141
Treasury stock		(46,684	)		(45,619	)
Accumulated other comprehensive income		7,666			7,880
Noncontrolling interest		463			494
Total stockholders' equity		91,369			91,482
Total Liabilities and Stockholders' Equity	$	285,340		$	277,787

Financial Data

AT&T Inc.
Consolidated Statements of Cash Flows
Dollars in millions
Unaudited	Three months ended March 31,
	2014			2013

Operating Activities
Net income	$	3,734		$	3,773
Adjustments to reconcile net income to
net cash provided by operating activities:
Depreciation and amortization		4,617			4,529
Undistributed earnings from investments in equity affiliates		17			(185	)
Provision for uncollectible accounts		241			262
Deferred income tax expense		578			433
Net (gain) loss from sale of investments, net of impairments		(122	)		(11	)
Changes in operating assets and liabilities:
Accounts receivable		(498	)		295
Other current assets		(340	)		864
Accounts payable and accrued liabilities		1,025			(1,675	)
Retirement benefit funding		(140	)		-
Other - net		(313	)		(86	)
Total adjustments		5,065			4,426
Net Cash Provided by Operating Activities		8,799			8,199

Investing Activities
Construction and capital expenditures:
Capital expenditures		(5,716	)		(4,252	)
Interest during construction		(55	)		(66	)
Acquisitions, net of cash acquired		(662	)		(1,045	)
Dispositions		351			5
Other		-			1
Net Cash Used in Investing Activities		(6,082	)		(5,357	)

Financing Activities
Net change in short-term borrowings with
original maturities of three months or less		(17	)		274
Issuance of other short-term borrowings		-			1,474
Issuance of long-term debt		2,987			4,875
Repayment of long-term debt		(1,867	)		(1,791	)
Purchase of treasury stock		(1,237	)		(5,911	)
Issuance of treasury stock		13			56
Dividends paid		(2,398	)		(2,502	)
Other		74			(310	)
Net Cash Used in Financing Activities		(2,445	)		(3,835	)
Net increase (decrease) in cash and cash equivalents		272			(993	)
Cash and cash equivalents beginning of year		3,339			4,868
Cash and Cash Equivalents End of Period	$	3,611		$	3,875

Financial Data

AT&T Inc.
Supplementary Operating and Financial Data
Dollars in millions except per share amounts, subscribers and connections in (000s)
Unaudited		Three Months Ended
		3/31/2014			3/31/2013			% Chg

Wireless
Subscribers and Connections
	Total		116,014			107,251			8.2	%
	Postpaid		73,291			70,749			3.6	%
	Prepaid		11,812			7,104			66.3	%
	Reseller		13,886			14,702			-5.6	%
	Connected Devices		17,025			14,696			15.8	%

Wireless Net Adds
	Total		1,062			291			-
	Postpaid		625			296			-
	Prepaid		(50	)		(184	)		72.8	%
	Reseller		(206	)		(252	)		18.3	%
	Connected Devices		693			431			60.8	%
	M&A Activity, Partitioned Customers and Other Adjs.		4,576			3			-

Wireless Churn
	Postpaid Churn		1.07	%		1.04	%	3 BP
	Total Churn		1.39	%		1.38	%	1 BP

Other
	Licensed POPs (000,000)		321			317			1.3	%

Wireline
Voice
	Total Wireline Voice Connections		27,716			31,163			-11.1	%
	Net Change		(773	)		(1,021	)		24.3	%

Broadband
	Total Wireline Broadband Connections		16,503			16,514			-0.1	%
	Net Change		78			124			-37.1	%

Video
	Total U-verse Video Connections		5,661			4,768			18.7	%
	Net Change		201			232			-13.4	%

Consumer Revenue Connections
	Broadband1		14,807			14,686			0.8	%
	U-verse Video Connections		5,642			4,755			18.7	%
	Voice2		15,775			17,960			-12.2	%
Total Consumer Revenue Connections1			36,224			37,401			-3.1	%
	Net Change		(166	)		(266	)		37.6	%

AT&T Inc.
	Construction and capital expenditures
	Capital expenditures	$	5,716		$	4,252			34.4	%
	Interest during construction	$	55		$	66			-16.7	%
	Dividends Declared per Share	$	0.46		$	0.45			2.2	%
	End of Period Common Shares Outstanding (000,000)		5,195			5,423			-4.2	%
	Debt Ratio3		46.6	%		45.6	%	100 BP
	Total Employees		246,730			243,340			1.4	%

1	Consumer wireline broadband connections include DSL lines, U-verse High Speed Internet access and satellite broadband.
2	Includes consumer U-verse Voice over Internet Protocol connections of 4,120 as of Match 31, 2014.
3	Total long-term debt plus debt maturing within one year divided by total debt plus total stockholders' equity.
	Note: For the end of 1Q14, total switched access lines were 23,582, retail business switched access lines totaled 10,088, and wholesale,
	national mass markets and coin switched access lines totaled 1,839.

AT&T INC. - FORM 8-K - EX-99.1 - AT&T INC. SELECTED FINANCIAL STATEMENTS AND OPERATING DATA - April 22, 2014

Attached files

AT&T INC. Reports