AT&T CFO Pascal Desroches to Update Shareholders at Bank of America Media, Communications and Entertainment Conference on September 5

Rhea-AI Summary

AT&T's CFO Pascal Desroches will update shareholders at the Bank of America Media, Communications and Entertainment Conference on September 5, 2024. Key points include:

• AT&T remains on track to meet all consolidated financial guidance
• The company sees healthy customer demand for 5G and fiber connectivity
• AT&T is focusing on growing durable converged relationships with high-quality customers
• Wireless industry trends are healthy but normalizing
• Fiber penetration rates exceed initial business case assumptions
• AT&T's connectivity portfolio now includes 5G, fiber, and fixed wireless access in 204 geographies
• Capital investment for 2024 is expected to be in the $21-22 billion range
• The company aims for $2 billion+ in run-rate cost savings by mid-2026
• AT&T targets a net-debt to adjusted EBITDA ratio of 2.5x by first half of 2025

Positive

• AT&T remains on track to meet all consolidated financial guidance
• Healthy customer demand for 5G and fiber connectivity
• Fiber penetration rates exceeding initial business case assumptions
• Expansion of connectivity portfolio to include 5G, fiber, and fixed wireless access in 204 geographies
• Expected $2 billion+ in run-rate cost savings by mid-2026
• Targeting net-debt to adjusted EBITDA ratio of 2.5x by first half of 2025

Negative

• Fiber installations impacted by work stoppage in a portion of AT&T's footprint
• High capital investment range of $21-22 billion for 2024

News Market Reaction

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On the day this news was published, T gained 0.39%, reflecting a mild positive market reaction.

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DALLAS, Sept. 4, 2024 /PRNewswire/ -- Tune in at 8:00 a.m. ET on September 5 for a fireside chat with AT&T's chief financial officer, where he will cover recent progress on the Company's multi-year growth strategy.

Key Takeaways:

• AT&T continues to make progress on its sustainable, long-term growth strategy and remains on track to meet all of its consolidated financial guidance.
• The Company continues to see healthy customer demand for world-class converged connectivity through 5G and fiber.
• As America's largest fiber provider¹ and with the largest wireless network in North America², AT&T is uniquely positioned to offer converged wireless and broadband services at scale with benefits from owner's economics.

Pascal Desroches, chief financial officer, AT&T (NYSE:T) Inc., will speak tomorrow at the Bank of America Media, Communications and Entertainment Conference where he will provide an update to shareholders. Here are the key topics Desroches is expected to cover:

AT&T remains focused on growing durable converged relationships with high-quality 5G & fiber customers

• AT&T continues to see healthy, but normalizing, wireless industry trends and is pleased with how the Mobility business is performing in the third quarter.
• AT&T Fiber penetration rates continue to exceed initial business case assumptions with net adds varying from quarter to quarter based primarily on the pace of new fiber locations passed, seasonality and marketplace dynamics. Fiber installations are currently being impacted in a portion of AT&T's footprint from a work stoppage, but the Company does not expect this to materially impact third quarter financial performance.
• AT&T's connectivity portfolio continues to expand and 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 204 geographies for consumers and nationwide for businesses.

AT&T remains on track to achieve its consolidated financial guidance

• The Company remains confident in its ability to deliver on all of the consolidated financial guidance shared during its earnings report in July 2024.
• AT&T is the largest capital investor in U.S. connectivity infrastructure since 2019. To support its ongoing investment in 5G and fiber, the Company continues to expect 2024 capital investment in the $21-22 billion range.
• AT&T also remains focused on driving incremental efficiencies through its goal of $2 billion+ in run-rate cost savings by mid-2026.
• The Company is on track 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.

The webcast of Desroches's conversation will be available live, and for replay, at AT&T Investor Relations.

¹ Based on publicly available data of the number of fiber-to-the-home households. 
² 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.

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.

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.

For more information, contact:
Brittany Siwald
AT&T Corporate Communications
Phone: (214) 202-6630
Email: brittany.a.siwald@att.com

© 2024 AT&T Intellectual Property. All rights reserved. AT&T and the Globe logo are registered trademarks of AT&T Intellectual Property.

 

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SOURCE AT&T

FAQ

When will AT&T CFO Pascal Desroches update shareholders at the Bank of America conference?

AT&T CFO Pascal Desroches will update shareholders at the Bank of America Media, Communications and Entertainment Conference on September 5, 2024, at 8:00 a.m. ET.

What is AT&T's (T) expected capital investment range for 2024?

AT&T (T) expects its capital investment for 2024 to be in the range of $21-22 billion to support ongoing investment in 5G and fiber.

How many geographies does AT&T's fixed wireless access product cover?

AT&T's fixed wireless access product, AT&T Internet Air, is available in parts of 204 geographies for consumers and nationwide for businesses.

What is AT&T's (T) target for net-debt to adjusted EBITDA ratio?

AT&T (T) is targeting to achieve a net-debt to adjusted EBITDA ratio in the 2.5x range by the first half of 2025.