AT&T Senior Executive Vice President and CFO John Stephens Updates Shareholders
June 17 2020 - 6:21PM
Business Wire
John Stephens, senior executive vice president and chief
financial officer of AT&T Inc.* (NYSE:T), spoke today at the
Credit Suisse Communications Conference, where he provided an
update to shareholders.
Wireless. AT&T’s 5G network covered 120 million
people at the end of the first quarter and today covers more than
160 million people in 327 markets. The company expects to reach
nationwide 5G coverage this summer.1 Stephens said AT&T has
surpassed 80% completion of its planned FirstNet build. At the end
of the first quarter, AT&T had 1.3 million FirstNet subscribers
across more than 12,000 agencies.
COVID-19. Stephens said the company is still evaluating
the near- and long-term impacts of the Coronavirus pandemic. He
said AT&T has limited visibility on the pandemic’s impact on
the overall economy and how long the effects will continue to be
seen. However, Stephens reiterated that the company has confidence
in its ability to generate cash given the resiliency of its
wireless services, broadband and business connectivity
operations.
Financial Strength. Stephens said he expects the company
to continue aligning its operations to the new customer demand
model, with continued transformation and cost savings allowing it
to maintain its commitment to paying a dividend to shareholders,
invest in key growth areas of the business — 5G, fiber and HBO Max
— and reduce debt. For 2020, the company expects with the dividend
payout ratio to be in 60’s% range for the full year. AT&T
recently issued $12.5 billion in near-term debt to refinance debt
with 2020 and 2021 maturity dates, which gives the company
additional financial flexibility.
1 Requires a compatible device and plan for 5G and 5G+
connections. Limited AT&T 5G and 5G+ availability. May not be
available in your area. For coverage details visit
att.com/5Gforyou.
*About AT&T
AT&T Inc. (NYSE:T) is a diversified, global leader in
telecommunications, media and entertainment, and technology. It
executes in the market under four operating units. WarnerMedia is a
leading media and entertainment company that creates and
distributes premium and popular content to global audiences through
its consumer brands, including: HBO, HBO Max, Warner Bros., TNT,
TBS, truTV, CNN, DC Entertainment, New Line, Cartoon Network, Adult
Swim and Turner Classic Movies. AT&T Communications provides
more than 100 million U.S. consumers with entertainment and
communications experiences across TV, mobile and broadband. Plus,
it serves high-speed, highly secure connectivity and smart
solutions to nearly 3 million business customers. AT&T Latin
America provides pay-TV services across 10 countries and
territories in Latin America and the Caribbean and wireless
services to consumers and businesses in Mexico, where it is the
fastest-growing wireless provider. Xandr provides marketers with
innovative and relevant advertising solutions for consumers around
premium video content and digital advertising through its
platform.
AT&T products and services are provided or offered by
subsidiaries and affiliates of AT&T Inc. under the AT&T
brand and not by AT&T Inc. Additional information is available
at about.att.com. © 2020 AT&T Intellectual Property. All rights
reserved. AT&T, the Globe logo and other marks are trademarks
and service marks of AT&T Intellectual Property and/or AT&T
affiliated companies. All other marks contained herein are the
property of their respective owners.
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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version on businesswire.com: https://www.businesswire.com/news/home/20200617005825/en/
Fletcher Cook AT&T Inc. Phone: 214-912-8541 Email:
fletcher.cook@att.com
Daphne Avila AT&T Inc. Phone: (972) 266-3866 Email:
daphne.avila@att.com
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