AT&T Inc.

- Full-year adjusted EBITDA growth is expected in the 3% range, with Mobility EBITDA projected to grow in the higher end of the mid-single-digit range, driven by better-than-expected Business Wireless and cost management. - Adjusted EPS guidance for the full year is $2.15 to $2.25, despite headwinds including higher depreciation and other costs. - First-quarter adjusted EPS was $0.55, down from $0.60 year-over-year, impacted by certain one-time effects but aligned with full-year expectations. - Mobility service revenue growth and EBITDA expansion reflect efficient cost management and a strong customer base. - Consumer Wireline EBITDA is expected to grow mid-single digits for the year due to fiber revenue growth and disciplined cost controls. - Business Wireline EBITDA is anticipated to decline in the mid-teens range for the full year but is expected to improve in the second half with ongoing transition initiatives. - Free cash flow is anticipated in the $17 billion to $18 billion range for the full year, supporting capital investments and debt reduction.

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- No immediate plans to alter the current capital allocation trajectory or seek new fundraising through debt or equity at this time. - The company is focusing on balancing sustainable growth, debt repayment, and shareholder returns with no urgent need to change approach. - Debt maturities are manageable with over 95% of long-term debt fixed at an average rate of 4.2%. - Recently reduced debt by about $6 billion and vendor financing obligations by about $2.3 billion, improving financial position. - The board is working deliberately on capital allocation decisions and will reassess in the future considering market conditions including interest rates and dividend yields. - Potential discussions on capital allocation options, including buybacks and dividends, are expected to be more fulsome later in the year. - Overall, current focus is on organic investments, particularly in fiber and 5G, rather than raising new capital.

- Ongoing capital investment in key growth areas, focusing on fiber and 5G networks. - 2024 capital investment expected to be lower than recent years, targeting approximately $24 billion in 2023 as a reference point. - Continued fiber expansion with a goal to pass 30 million-plus consumer and business locations; potential to extend build beyond initial target by roughly 10 million locations, pending regulatory environment. - Investment in Open RAN initiative to modernize the wireless network. - Capital intensity expected to decline in 2024 even as fiber and 5G investments grow. - Reduced vendor and supplier financing obligations during the quarter to optimize cash flow. - Prioritizing a balanced capital allocation strategy between sustainable subscriber growth, debt reduction, and shareholder returns. - No immediate plans to increase spectrum purchases aggressively; focus remains on fiber as a long-term growth driver.

- Expect progress in positioning AT&T in the value segment throughout 2024, with ongoing efforts to improve product placement and penetration. - Continued promotion and use of ACP (Affordable Connectivity Program) subsidies to maintain customer access and broadband adoption. - Mobility business is performing well with strong postpaid phone net additions and growth in wireless service revenues. - Consumer Wireline growth driven by fiber subscriber additions (252,000 net adds in Q1) and broadband revenues increasing by 7.7%, with fiber revenue growth at 19.5%. - Business Wireline revenue and EBITDA expected to continue declining in the near term but with potential long-term growth driven by 5G and fiber. - Growth opportunities in fixed wireless services for business and consumers, including AT&T Internet Air. - Emphasis on converged offerings (combined 5G and fiber) to increase lifetime customer value and reduce churn. - Overall, expect adjusted EBITDA growth in the 3% range for the full year 2024 and steady capital investment focused on fiber and 5G expansion.