AT&T Inc.

- The company is focused on managing its capital allocation deliberately, balancing investment, deleveraging, and shareholder returns. - Debt reduction has been a priority, with about $6 billion of debt reduced over the last four quarters. - Net debt to adjusted EBITDA ratio is targeted to be in the 2.5 times range in early 2025. - Near-term maturities are manageable and expected to be addressed with cash on hand; recently repaid $4.7 billion in maturities. - More than 95% of long-term debt is fixed with an average rate of 4.2%. - No immediate or planned new fundraising through debt or equity is indicated. - The board is evaluating options for capital allocation, but no announcements on new debt or equity issuance have been made. - Capital investments will be lower in 2024 compared to recent years, focusing on fiber and network modernization without needing additional fundraising.

- Continuing to invest heavily in fiber expansion, aiming to pass 30 million+ consumer and business locations, with potential to extend by ~10 million more depending on regulatory environment and returns. - Focus on modernizing the network through Open RAN initiatives. - Maintaining full-year capital investments around $24 billion in 2023, with a planned decline in total capital investment and capital intensity in 2024 despite boosting fiber investments. - Balancing capital allocation between spectrum investments and fiber, prioritizing fiber as the foundation for long-term growth and annuity streams. - Selective use of fixed wireless (AT&T Internet Air) in areas not served well by fiber, with over 200,000 consumer subscribers currently. - No intention to aggressively buy spectrum just to change operating posture; capital allocation is deliberate between fiber and spectrum. - Managing vendor and supplier financing obligations down by $2.3 billion in the recent quarter to improve free cash flow.

- Expect progress in positioning for value segment sales through 2024, with ongoing efforts to improve product placement and target certain ethnic segments. - Mobility business shows strong growth with healthy postpaid phone net adds and increased wireless service revenues. - Consumer Wireline growing steadily driven by fiber subscriber additions and broadband revenue growth (fiber ARPU up over 4% YoY). - Business Wireline revenue and EBITDA are declining due to the secular decline of legacy voice but offset somewhat by growth in business solutions, wireless service, and FirstNet connections. - Growth focus on 5G and fiber as main drivers: expanding fiber passings (27 million+ locations) and converged offerings expected to drive higher customer lifetime value and revenue. - AT&T Internet Air (fixed wireless) shows promising early demand in both consumer and business markets. - Continued investments in efficiency and AI to improve margins and cost structure, supporting sustainable EBITDA and free cash flow growth. - Full-year EBITDA growth expected in the mid-single-digit range with adjusted EPS guidance maintained.

- Adjusted EBITDA expected to grow about 3% for the full year. - Mobility EBITDA expected to grow in the higher end of the mid-single-digit range in 2024, driven by Business and cost management. - Consumer Wireline EBITDA growth anticipated, led by strong fiber revenue growth and cost discipline, partially offset by legacy copper declines. - Adjusted EPS guidance for the full year remains $2.15 to $2.25. - Free cash flow expected in the $17 billion to $18 billion range in 2024, showing improved conversion of EBITDA to free cash flow. - Capital investment lower in 2024 versus prior years but focused on fiber and 5G expansion with compelling returns. - Continued financial discipline with debt reduction and maintaining a target net debt to adjusted EBITDA ratio around 2.5 by early 2025. - Strategy focused on profitable subscriber growth, margin expansion, and sustainable long-term earnings improvement.

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