AT&T COO Updates Shareholders at UBS Global TMT Conference
December 06 2022 - 07:42PM
Jeff McElfresh, chief operating officer, AT&T* Inc.
(NYSE:T), spoke today at the UBS Global TMT Conference where he
provided an update to shareholders.
McElfresh reiterated that AT&T continues to take a
disciplined and return-focused approach to growth and investment
and made the following points:
- The company continues to see healthy customer growth in its
strategic focus areas of 5G and fiber as customer demand for
connectivity services remains high. While the company continues to
monitor the evolving economic backdrop, McElfresh noted that
AT&T continues to execute well thanks to a high-quality network
and a consistent go-to-market approach and additionally feels good
about its ability to attract high-quality customers.
- In addition, McElfresh added that he feels confident in the
company’s strong value proposition, the resilient nature of its
connectivity services and the sustainability of its wireless
customer growth across multiple segments. He also said that he was
pleased with the results from the company’s pricing actions made in
the first half of 2022.
- McElfresh said that as the company continues to lap investments
made over the past two years, it is realizing additional cost
efficiencies. He shared that benefits of cost reduction measures
are increasingly falling to the bottom line and driving
improvements in the company’s operating leverage.
- AT&T remains committed to its guidance to achieve its
target of 30 million-plus locations, including business locations,
with fiber by the end of 2025. At the end of the third quarter of
2022, AT&T had the ability to serve 18.5 million consumer
locations and approximately 3.0 million business customer locations
in more than 100 metro areas with fiber. McElfresh said that
AT&T Fiber continues to deliver the best customer experience in
a competitive marketplace and he’s pleased with the momentum in
first-year penetration rates of about two times greater than
- McElfresh indicated that AT&T expects full-year capital
investment in the $24 billion range to meet growing demand for core
connectivity, while also meeting full-year 2022 guidance for free
cash flow in the $14 billion range. The company remains focused on
investing in building a sustainable and durable connectivity
operation with improved cash generation and continues to be pleased
with the return profile of its fiber and 5G investments.
We help more than 100 million U.S. families, friends and
neighbors, plus nearly 2.5 million businesses, 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.
Cautionary Language Concerning Forward-Looking
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
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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Brittany Siwald AT&T Corporate Communications Phone: (214)
202-6630 Email: email@example.com
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