AT&T CFO Updates Shareholders at Morgan Stanley European Technology Media & Telecom Conference
Pascal Desroches, senior executive vice president and chief
financial officer, AT&T* Inc. (NYSE:T), spoke today at the
Morgan Stanley European Technology, Media & Telecom Conference
where he provided an update to shareholders.
Desroches reiterated that AT&T continues to take a
disciplined and return-focused approach to growth and investment
and made the following points:
- The company has continued to add customers in its strategic
focus areas of 5G and fiber as customer demand for connectivity
services remains healthy. While the company continues to monitor
the evolving economic backdrop, Desroches feels confident in the
ongoing benefits of AT&T’s simplified business model as a pure
play connectivity provider. He believes AT&T’s consistent
go-to-market approach, along with an improved customer experience,
continues to attract high-value customers.
- Desroches highlighted that the company is now lapping
investments made over the past two years and realizing additional
cost savings from its transformation initiatives to enhance its
high-performing workforce, optimize and expand connectivity
networks and improve distribution.
- Though the company remains vigilant around inflationary
pressures impacting all elements of the economy, the benefits of
its cost reduction measures are increasingly falling to the bottom
line, as evidenced by AT&T’s accelerating third quarter
adjusted EBITDA growth. In addition, Desroches shared that he feels
good about the resilient nature of AT&T’s connectivity
services, and that pricing actions are proving accretive and
performing slightly better than anticipated.
- Desroches said that AT&T Fiber continues to deliver the
best customer experience in the marketplace and he’s pleased with
the momentum in AT&T Fiber’s ARPU and penetration rates for new
fiber build. As AT&T expands to new markets, the company has
seen AT&T Fiber first-year penetration rates about two times
greater than historical norms. AT&T continues to expand its
fiber footprint and has the ability to serve 18.5 million consumer
locations and 3.0 million business locations in more than 100 metro
areas with fiber. Desroches added that AT&T expects to achieve
its target of 30 million-plus locations with fiber by the end of
- Additionally, AT&T is continuously exploring ways to expand
where it can serve customers fiber, including outside of its
traditional wireline service area. Desroches said that when
AT&T Fiber is available, the company has also seen an uplift in
subscriber penetration. Regardless of location, AT&T will
target areas not currently widely served with fiber and that offer
attractive returns. Fiber deployments also support AT&T’s
- Desroches shared that AT&T expects to invest at record
levels this year to meet growing demand for core connectivity,
while also meeting free cash flow guidance for the year in the $14
billion range and continuing to pay an attractive dividend.
Desroches reiterated that AT&T expects elevated levels of
capital investment in 2022 and 2023 with moderated investment
beginning in 2024. 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.
- Desroches indicated that the company’s long-term capital
allocation priorities remain unchanged, 95% of the company’s debt
is fixed and that he continues to expect AT&T will use cash
after dividends to reduce debt, with a goal of reducing net
debt-to-adjusted EBITDA to the 2.5x range.
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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version on businesswire.com: https://www.businesswire.com/news/home/20221117006139/en/
Brittany Siwald AT&T Corporate Communications Phone: (214)
202-6630 Email: email@example.com
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