AT&T COO Updates Shareholders at Bank of America Conference
June 23 2022 - 6:49PM
Business Wire
Jeff McElfresh, chief operating officer, AT&T Inc.*
(NYSE:T), spoke today at the Bank of America C-Suite TMT Conference
where he provided an update to shareholders.
McElfresh reiterated that AT&T has taken a disciplined
approach to growth and investment and made the following
points:
- The company continues to grow customer relationships in its
strategic focus areas of 5G and fiber. McElfresh stated the company
continues to see healthy consumer demand even with continued
expectations that 2022 postpaid wireless industry demand is
unlikely to replicate 2021 levels. AT&T continues to
successfully attract high-value customers with its consistent,
simple go-to-market strategy and efficient distribution.
- McElfresh remains comfortable that the company can deliver
improving postpaid phone ARPU trends in 2022. He reiterated prior
commentary from the company that postpaid phone ARPU could edge up
sequentially in the second quarter.
- McElfresh stated the one of the company’s top priorities is
improvement in profit trends, particularly as select transformation
investments drive incremental efficiencies throughout AT&T. As
noted previously, the company continues to anticipate gradual
improvement in year-over-year mobility EBITDA trends throughout
2022. The company expects a more pronounced impact from the
previously announced 3G network shutdown and the absence of
approximately $100 million in CAF II and FirstNet related
reimbursements in the second quarter. However, the revenue and
EBITDA impacts of these items are expected to be more than
mitigated in the second half of year by organic service revenue
growth and the lapping of 3G shutdown costs in the second half of
2021.
- AT&T’s fiber build continues to progress with expectations
to achieve 30+ million total customer locations by 2025. McElfresh
noted that AT&T is acquiring new customers and seeing strong
penetration rates thanks to its straightforward go-to-market
approach.
- AT&T continues to work through its business wireline
portfolio rationalization process and focus its efforts on core
transport and connectivity solutions. As previously noted, the
company has yet to see a recovery in government sector demand
trends, which impacted the business during the first quarter.
*About AT&T
We help more than 100 million U.S. families, friends and
neighbors connect in meaningful ways every day. 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.
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Brittany Siwald AT&T Corporate Communications Phone: (214)
202-6630 Email: brittany.a.siwald@att.com
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