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T AT&T

Filed: 22 Jul 21, 6:34am

AT&T Inc.   
Financial Data   
Consolidated Statements of Income
Dollars in millions except per share amounts
UnauditedSecond QuarterPercentSix-Month PeriodPercent
20212020Change20212020Change
Operating Revenues
Service$38,956 $37,051 5.1 %$77,460 $75,934 2.0 %
Equipment5,089 3,899 30.5 %10,524 7,795 35.0 %
Total Operating Revenues44,045 40,950 7.6 %87,984 83,729 5.1 %
Operating Expenses
Cost of revenues
Equipment5,341 3,978 34.3 %10,897 8,070 35.0 %
Broadcast, programming and operations7,603 5,889 29.1 %15,141 12,643 19.8 %
Other cost of revenues (exclusive of
depreciation and amortization shown
separately below)
8,155 8,116 0.5 %16,148 16,458 (1.9)%
Selling, general and administrative9,361 9,831 (4.8)%18,743 18,591 0.8 %
Asset impairments and abandonments4,555 2,319 96.4 %4,555 2,442 86.5 %
Depreciation and amortization5,761 7,285 (20.9)%11,570 14,507 (20.2)%
Total Operating Expenses40,776 37,418 9.0 %77,054 72,711 6.0 %
Operating Income3,269 3,532 (7.4)%10,930 11,018 (0.8)%
Interest Expense1,684 2,041 (17.5)%3,554 4,059 (12.4)%
Equity in Net Income (Loss) of Affiliates41 (10)— %93 (16)— %
Other Income (Expense) — Net999 1,017 (1.8)%5,220 1,820 — %
Income Before Income Taxes2,625 2,498 5.1 %12,689 8,763 44.8 %
Income Tax Expense751 935 (19.7)%2,873 2,237 28.4 %
Net Income1,874 1,563 19.9 %9,816 6,526 50.4 %
Less: Net Income Attributable to
   Noncontrolling Interest
(304)(282)(7.8)%(696)(635)(9.6)%
Net Income Attributable to AT&T$1,570 $1,281 22.6 %$9,120 $5,891 54.8 %
Less: Preferred Stock Dividends(56)(52)(7.7)%(106)(84)(26.2)%
Net Income Attributable
   to Common Stock
$1,514 $1,229 23.2 %$9,014 $5,807 55.2 %
Basic Earnings Per Share Attributable
   to Common Stock
$0.21 $0.17 23.5 %$1.25 $0.81 54.3 %
Weighted Average Common
   Shares Outstanding (000,000)
7,168 7,145 0.3 %7,165 7,166 — %
Diluted Earnings Per Share Attributable
   to Common Stock
$0.21 $0.17 23.5 %$1.25 $0.81 54.3 %
Weighted Average Common
   Shares Outstanding with Dilution (000,000)
7,200 7,170 0.4 %7,194 7,192 — %
1


AT&T Inc.  
Financial Data  
Consolidated Balance Sheets
Dollars in millions
UnauditedJun. 30,Dec. 31,
20212020
Assets
Current Assets
Cash and cash equivalents$11,869 $9,740 
Accounts receivable – net of related allowances for credit loss of $843 and $1,22115,771 20,215 
Inventories2,810 3,695 
Prepaid and other current assets32,419 18,358 
Total current assets62,869 52,008 
Noncurrent Inventories and Theatrical Film and Television Production Costs16,271 14,752 
Property, Plant and Equipment – Net123,591 127,315 
Goodwill134,626 135,259 
Licenses – Net87,962 93,840 
Trademarks and Trade Names – Net22,276 23,297 
Distribution Networks – Net12,875 13,793 
Other Intangible Assets – Net12,736 15,386 
Investments in and Advances to Equity Affiliates1,853 1,780 
Operating Lease Right-Of-Use Assets24,390 24,714 
Deposits on Wireless Licenses23,663 — 
Other Assets21,598 23,617 
Total Assets$544,710 $525,761 
Liabilities and Stockholders’ Equity
Current Liabilities
Debt maturing within one year$24,016 $3,470 
Accounts payable and accrued liabilities49,429 50,051 
Advanced billings and customer deposits4,932 6,176 
Dividends payable3,749 3,741 
Total current liabilities82,126 63,438 
Long-Term Debt155,767 153,775 
Deferred Credits and Other Noncurrent Liabilities
Deferred income taxes61,732 60,472 
Postemployment benefit obligation14,876 18,276 
Operating lease liabilities21,637 22,202 
Other noncurrent liabilities28,726 28,358 
Total deferred credits and other noncurrent liabilities126,971 129,308 
Stockholders’ Equity
Preferred stock — 
Common stock7,621 7,621 
Additional paid-in capital129,941 130,175 
Retained earnings38,947 37,457 
Treasury stock(17,332)(17,910)
Accumulated other comprehensive income3,119 4,330 
Noncontrolling interest17,550 17,567 
Total stockholders’ equity179,846 179,240 
Total Liabilities and Stockholders’ Equity$544,710 $525,761 
2


AT&T Inc.  
Financial Data  
Consolidated Statements of Cash Flows
Dollars in millions
UnauditedSix-Month Period
20212020
Operating Activities
Net income$9,816 $6,526 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization11,570 14,507 
Amortization of film and television costs6,256 3,985 
Undistributed earnings from investments in equity affiliates15 64 
Provision for uncollectible accounts596 1,199 
Deferred income tax expense1,772 653 
Net (gain) loss on investments, net of impairments(237)(705)
Pension and postretirement benefit expense (credit)(1,899)(1,495)
Actuarial (gain) loss on pension and postretirement benefits(2,647)— 
Asset impairments and abandonments4,555 2,442 
Changes in operating assets and liabilities:
Receivables1,415 2,522 
Other current assets, inventories and theatrical film and television production costs(6,985)(5,592)
Accounts payable and other accrued liabilities(4,298)(3,847)
Equipment installment receivables and related sales811 226 
Deferred customer contract acquisition and fulfillment costs410 322 
Postretirement claims and contributions(207)(228)
Other - net(106)346 
Total adjustments11,021 14,399 
Net Cash Provided by Operating Activities20,837 20,925 
Investing Activities
Capital expenditures(7,992)(9,432)
Acquisitions, net of cash acquired(23,169)(1,174)
Dispositions635 347 
Other - net(105)(19)
Net Cash Used in Investing Activities(30,631)(10,278)
Financing Activities
Net change in short-term borrowings with original maturities of three months or less76 498 
Issuance of other short-term borrowings16,440 8,440 
Repayment of other short-term borrowings(857)(5,975)
Issuance of long-term debt9,097 21,060 
Repayment of long-term debt(1,155)(17,284)
Payment of vendor financing(2,994)(1,354)
Issuance of preferred stock 3,869 
Purchase of treasury stock(185)(5,480)
Issuance of treasury stock85 84 
Dividends paid(7,571)(7,474)
Other - net(1,036)(2,295)
Net Cash Provided by (Used in) Financing Activities11,900 (5,911)
Net increase in cash and cash equivalents and restricted cash2,106 4,736 
Cash and cash equivalents and restricted cash beginning of year9,870 12,295 
Cash and Cash Equivalents and Restricted Cash End of Period$11,976 $17,031 

3


AT&T Inc.
Consolidated Supplementary Data
Supplementary Financial Data
Dollars in millions except per share amounts
UnauditedSecond QuarterPercentSix-Month PeriodPercent
20212020Change20212020Change
Capital expenditures
Purchase of property and equipment$3,926 $4,434 (11.5)%$7,898 $9,372 (15.7)%
Interest during construction - capital expenditures33 32 3.1 %94 60 56.7 %
Total Capital Expenditures$3,959 $4,466 (11.4)%$7,992 $9,432 (15.3)%
Acquisition, net of cash acquired
Business acquisitions$18 $125 (85.6)%$26 $128 (79.7)%
Spectrum acquisitions10 949 (98.9)%22,886 1,046 — %
Interest during construction - spectrum257 — — %257 — — %
Total Acquisitions$285 $1,074 (73.5)%$23,169 $1,174 — %
Cash Paid for Programming and Produced Film/TV Content$5,261 $2,897 81.6 %$9,769 $7,219 35.3 %
Dividends Declared per Common Share$0.52 $0.52 — %$1.04 $1.04 — %
End of Period Common Shares Outstanding
  (000,000)
7,140 7,125 0.2 %
Debt Ratio50.0 %46.6 %340  BP
Total Employees226,840 243,350 (6.8)%
4


COMMUNICATIONS SEGMENT

The Communications segment provides wireless and wireline telecom and broadband services to consumers located in the U.S. and businesses globally. The Communications segment contains three reporting units: Mobility, Business Wireline, and Consumer Wireline.

Results have been recast to remove the Video business, instead reporting those results in Corporate and Other.
Segment Results
Dollars in millions
UnauditedSecond QuarterPercentSix-Month PeriodPercent
20212020Change20212020Change
Segment Operating Revenues
Mobility$18,936 $17,149 10.4 %$37,970 $34,551 9.9 %
Business Wireline6,052 6,305 (4.0)%12,098 12,571 (3.8)%
Consumer Wireline3,140 3,051 2.9 %6,238 6,162 1.2 %
Total Segment Operating Revenues28,128 26,505 6.1 %56,306 53,284 5.7 %
Segment Operating Contribution
Mobility6,002 5,805 3.4 %12,004 11,593 3.5 %
Business Wireline1,050 1,290 (18.6)%2,108 2,383 (11.5)%
Consumer Wireline288 393 (26.7)%593 913 (35.0)%
Total Segment Operating Contribution$7,340 $7,488 (2.0)%$14,705 $14,889 (1.2)%


Supplementary Operating Data
Subscribers and connections in thousands
UnauditedJune 30,Percent
20212020Change
Broadband Connections
IP14,988 14,548 3.0 %
DSL493 653 (24.5)%
Total Broadband Connections15,481 15,201 1.8 %
Voice Connections
Network Access Lines6,691 7,878 (15.1)%
U-verse VoIP Connections3,559 4,058 (12.3)%
Total Retail Voice Connections10,250 11,936 (14.1)%
Second QuarterPercentSix-Month PeriodPercent
20212020Change20212020Change
Broadband Net Additions
IP80 (79)— %170 (111)— %
DSL(34)(35)2.9 %(73)(77)5.2 %
Total Broadband Net Additions46 (114)— %97 (188)— %
5



Mobility

Mobility provides nationwide wireless service and equipment.
Mobility Results
Dollars in millions
UnauditedSecond QuarterPercentSix-Month PeriodPercent
20212020Change20212020Change
Operating Revenues
Service$14,346 $13,669 5.0 %$28,394 $27,637 2.7 %
Equipment4,590 3,480 31.9 %9,576 6,914 38.5 %
Total Operating Revenues18,936 17,149 10.4 %37,970 34,551 9.9 %
Operating Expenses
Operations and support10,911 9,332 16.9 %21,929 18,901 16.0 %
Depreciation and amortization2,023 2,012 0.5 %4,037 4,057 (0.5)%
Total Operating Expenses12,934 11,344 14.0 %25,966 22,958 13.1 %
Operating Income6,002 5,805 3.4 %12,004 11,593 3.5 %
Equity in Net Income (Loss) of Affiliates — — % — — %
Operating Contribution$6,002 $5,805 3.4 %$12,004 $11,593 3.5 %
Operating Income Margin31.7 %33.9 %(220) BP31.6 %33.6 %(200) BP
Supplementary Operating Data
Subscribers and connections in thousands
UnauditedJune 30,Percent
20212020Change
Mobility Subscribers
Postpaid79,059 74,919 5.5 %
Postpaid phone65,503 62,882 4.2 %
Prepaid18,681 18,008 3.7 %
Reseller6,406 6,718 (4.6)%
Connected Devices87,500 71,762 21.9 %
Total Mobility Subscribers191,646 171,407 11.8 %
Second QuarterPercentSix-Month PeriodPercent
20212020Change20212020Change
Mobility Net Additions
Postpaid Phone Net Additions789 (151)— %1,384 12 — %
Total Phone Net Additions963 (16)— %1,765 104 — %
Postpaid1,156 (154)— %1,979 (127)— %
Prepaid297 165 80.0 %576 120 — %
Reseller(125)(58)— %(193)(248)22.2 %
Connected Devices4,209 2,255 86.7 %6,726 5,773 16.5 %
Total Mobility Net Additions5,537 2,208 — %9,088 5,518 64.7 %
Postpaid Churn0.87 %1.05 %(18)BP0.90 %1.06 %(16) BP
Postpaid Phone-Only Churn0.69 %0.84 %(15)BP0.73 %0.85 %(12) BP





6



Business Wireline

Business Wireline provides advanced IP-based services, as well as traditional data services to business customers.

Results have been recast to characterize revenues as either service or equipment, consistent with the way we are managing the business unit.
Business Wireline Results
Dollars in millions
UnauditedSecond QuarterPercentSix-Month PeriodPercent
20212020Change20212020Change
Operating Revenues
Service$5,860 $6,101 (4.0)%$11,732 $12,192 (3.8)%
Equipment192 204 (5.9)%366 379 (3.4)%
Total Operating Revenues6,052 6,305 (4.0)%12,098 12,571 (3.8)%
Operating Expenses    
Operations and support3,709 3,714 (0.1)%7,419 7,601 (2.4)%
Depreciation and amortization1,293 1,301 (0.6)%2,571 2,587 (0.6)%
Total Operating Expenses5,002 5,015 (0.3)%9,990 10,188 (1.9)%
Operating Income1,050 1,290 (18.6)%2,108 2,383 (11.5)%
Equity in Net Income (Loss) of Affiliates — — % — — %
Operating Contribution$1,050 $1,290 (18.6)%$2,108 $2,383 (11.5)%
Operating Income Margin17.3 %20.5 %(320) BP17.4 %19.0 %(160) BP

7


Consumer Wireline

Consumer Wireline provides broadband, including fiber, and voice communication services primarily to residential customers.

Results have been recast to refine the allocation of shared infrastructure and deferred customer acquisition costs between Consumer Wireline and Video.
Consumer Wireline Results
Dollars in millions
UnauditedSecond QuarterPercentSix-Month PeriodPercent
20212020Change20212020Change
Operating Revenues
Broadband$2,266 $2,092 8.3 %$4,471 $4,201 6.4 %
Legacy voice and data services504 560 (10.0)%1,023 1,141 (10.3)%
Other service and equipment370 399 (7.3)%744 820 (9.3)%
Total Operating Revenues3,140 3,051 2.9 %6,238 6,162 1.2 %
Operating Expenses
Operations and support2,083 1,928 8.0 %4,114 3,807 8.1 %
Depreciation and amortization769 730 5.3 %1,531 1,442 6.2 %
Total Operating Expenses2,852 2,658 7.3 %5,645 5,249 7.5 %
Operating Income288 393 (26.7)%593 913 (35.0)%
Equity in Net Income (Loss) of Affiliates — — % — — %
Operating Contribution$288 $393 (26.7)%$593 $913 (35.0)%
Operating Income Margin9.2 %12.9 %(370) BP9.5 %14.8 %(530) BP
    
Supplementary Operating Data
Subscribers and connections in thousands
UnauditedJune 30,Percent
20212020Change
Broadband Connections
Total Broadband and DSL Connections14,174 13,944 1.6 %
Fiber Broadband Connections5,432 4,321 25.7 %
Voice Connections
Retail Consumer Switched Access Lines2,631 3,096 (15.0)%
U-verse Consumer VoIP Connections2,965 3,480 (14.8)%
Total Retail Consumer Voice Connections5,596 6,576 (14.9)%
Second QuarterPercentSix-Month PeriodPercent
20212020Change20212020Change
Broadband Net Additions
Total Broadband and DSL Net Additions28 (102)— %74 (175)— %
Fiber Broadband Net Additions246 225 9.3 %481 434 10.8 %
8


Business Solutions

As a supplemental presentation to our Communications segment operating results, we are providing a view of our AT&T Business Solutions results which includes both wireless and fixed operations. This combined view presents a complete profile of the entire business customer relationship and underscores the importance of mobile solutions to serving our business customers.

Results have been recast to conform to the current period's classification of revenues.
Business Solutions Results
Dollars in millions
UnauditedSecond QuarterPercentSix-Month PeriodPercent
20212020Change20212020Change
Operating Revenues
Wireless service$2,025 $1,885 7.4 %$3,994 $3,834 4.2 %
Wireline service5,860 6,101 (4.0)%11,732 12,192 (3.8)%
Wireless equipment781 585 33.5 %1,571 1,295 21.3 %
Wireline equipment192 204 (5.9)%366 379 (3.4)%
Total Operating Revenues8,858 8,775 0.9 %17,663 17,700 (0.2)%
    
Operating Expenses    
Operations and support5,663 5,360 5.7 %11,212 11,006 1.9 %
Depreciation and amortization1,638 1,621 1.0 %3,252 3,230 0.7 %
Total Operating Expenses7,301 6,981 4.6 %14,464 14,236 1.6 %
Operating Income1,557 1,794 (13.2)%3,199 3,464 (7.7)%
Equity in Net Income (Loss) of Affiliates — — % — — %
Operating Contribution$1,557 $1,794 (13.2)%$3,199 $3,464 (7.7)%
Operating Income Margin17.6 %20.4 %(280) BP18.1 %19.6 %(150) BP



9


WARNERMEDIA SEGMENT

The WarnerMedia segment develops, produces and distributes feature films, television, gaming and other content in various physical and digital formats globally. WarnerMedia content is distributed through basic networks, Direct-to-Consumer (DTC) or theatrical, TV content and games licensing. Segment results also include Xandr advertising and Otter Media Holdings. Additional information is provided as part of the earnings material on the company’s Investor Relations website.
Segment Results
Dollars in millions
UnauditedSecond QuarterPercentSix-Month PeriodPercent
20212020Change20212020Change
Segment Operating Revenues
Subscription$3,961 $3,265 21.3 %$7,791 $6,665 16.9 %
Content and other3,091 2,292 34.9 %6,050 5,192 16.5 %
Advertising1,739 1,171 48.5 %3,476 2,636 31.9 %
Total Segment Operating Revenues8,791 6,728 30.7 %17,317 14,493 19.5 %
Direct Costs
Programming4,154 2,375 74.9 %7,928 5,457 45.3 %
Marketing983 545 80.4 %1,833 1,095 67.4 %
Other854 820 4.1 %1,667 1,595 4.5 %
General and administrative943 916 2.9 %1,909 2,114 (9.7)%
Depreciation and amortization165 164 0.6 %328 325 0.9 %
Total Operating Expenses7,099 4,820 47.3 %13,665 10,586 29.1 %
Operating Income1,692 1,908 (11.3)%3,652 3,907 (6.5)%
Equity in Net Income (Loss) of Affiliates47 — %117 19 — %
Total Segment Operating Contribution$1,739 $1,912 (9.0)%$3,769 $3,926 (4.0)%

10



LATIN AMERICA SEGMENT

The Latin America segment provides entertainment and wireless service outside of the U.S. Our international subsidiaries conduct business in their local currency and operating results are converted to U.S. dollars using official exchange rates. The Latin America segment contains two business units: Vrio and Mexico.
Segment Results
Dollars in millions  
UnauditedSecond QuarterPercentSix-Month PeriodPercent
 20212020Change20212020Change
Segment Operating Revenues   
Vrio$749 $752 (0.4)%$1,492 $1,639 (9.0)%
Mexico688 480 43.3 %1,319 1,183 11.5 %
Total Segment Operating Revenues1,437 1,232 16.6 %2,811 2,822 (0.4)%
Segment Operating Contribution
Vrio(23)(28)17.9 %(62)(67)7.5 %
Mexico(129)(173)25.4 %(263)(318)17.3 %
Total Segment Operating Contribution$(152)$(201)24.4 %$(325)$(385)15.6 %

Vrio

Vrio provides entertainment services to customers utilizing satellite technology in Latin America and the Caribbean.
Vrio Results
Dollars in millions  
UnauditedSecond QuarterPercentSix-Month PeriodPercent
 20212020Change20212020Change
Operating Revenues$749 $752 (0.4)%$1,492 $1,639 (9.0)%
Operating Expenses
Operations and support660 661 (0.2)%1,321 1,444 (8.5)%
Depreciation and amortization114 127 (10.2)%231 274 (15.7)%
Total Operating Expenses774 788 (1.8)%1,552 1,718 (9.7)%
Operating Income (Loss)(25)(36)30.6 %(60)(79)24.1 %
Equity in Net Income (Loss) of Affiliates2 (75.0)%(2)12 — %
Operating Contribution$(23)$(28)17.9 %$(62)$(67)7.5 %
Operating Income Margin(3.3)%(4.8)%150  BP(4.0)%(4.8)%80  BP
Supplementary Operating Data
Subscribers and connections in thousands  
UnauditedJune 30,Percent
 20212020Change
Vrio Video Subscribers10,320 10,664 (3.2)%
 Second QuarterPercentSix-Month PeriodPercent
 20212020Change20212020Change
Vrio Video Net Additions(239)(312)23.4 %(622)(426)(46.0)%


11


Mexico

Mexico provides wireless services and equipment to customers in Mexico.
Mexico Results
Dollars in millions  
UnauditedSecond QuarterPercentSix-Month PeriodPercent
 20212020Change20212020Change
Operating Revenues    
Wireless service$447 $345 29.6 %$886 $812 9.1 %
Wireless equipment241 135 78.5 %433 371 16.7 %
Total Operating Revenues688 480 43.3 %1,319 1,183 11.5 %
Operating Expenses
Operations and support667 538 24.0 %1,287 1,252 2.8 %
Depreciation and amortization150 115 30.4 %295 249 18.5 %
Total Operating Expenses817 653 25.1 %1,582 1,501 5.4 %
Operating Income (Loss)(129)(173)25.4 %(263)(318)17.3 %
Equity in Net Income (Loss) of Affiliates — — % — — %
Operating Contribution$(129)$(173)25.4 %$(263)$(318)17.3 %
Operating Income Margin(18.8)%(36.0)%1,720  BP(19.9)%(26.9)%700  BP
Supplementary Operating Data
Subscribers and connections in thousands  
UnauditedJune 30,Percent
 20212020Change
Mexico Wireless Subscribers
Postpaid4,745 4,771 (0.5)%
Prepaid13,810 12,777 8.1 %
Reseller491 425 15.5 %
Total Mexico Wireless Subscribers19,046 17,973 6.0 %
 Second QuarterPercentSix-Month PeriodPercent
 20212020Change20212020Change
Mexico Wireless Net Additions
Postpaid20 (191)— %49 (332)— %
Prepaid54 (915)— %52 (807)— %
Reseller(9)21 — %2 53 (96.2)%
Total Mexico Wireless Net Additions65 (1,085)— %103 (1,086)— %
   

12


Video

As a supplemental presentation, we are providing a view of our Video business that is included in Corporate and Other. Video provides video, including over-the-top (OTT) services and also sells advertising on video distribution platforms.

Results have been recast to refine the allocation of shared infrastructure and deferred customer acquisition costs between Video and Consumer Wireline.
Video Results
Dollars in millions
UnauditedSecond QuarterPercentSix-Month PeriodPercent
20212020Change20212020Change
Operating Revenues
Service$6,607 $6,979 (5.3)%$13,291 $14,376 (7.5)%
Equipment32 42 (23.8)%73 52 40.4 %
Total Operating Revenues6,639 7,021 (5.4)%13,364 14,428 (7.4)%
Operating Expenses 
Operations and support5,275 5,809 (9.2)%10,935 11,829 (7.6)%
Depreciation and amortization1
148 593 (75.0)%312 1,184 (73.6)%
Total Operating Expenses5,423 6,402 (15.3)%11,247 13,013 (13.6)%
Operating Income1,216 619 96.4 %2,117 1,415 49.6 %
Equity in Net Income (Loss) of Affiliates — — % — — %
Operating Contribution$1,216 $619 96.4 %$2,117 $1,415 49.6 %
Operating Income Margin18.3 %8.8 %950  BP15.8 %9.8 %600  BP
1Includes depreciation on assets that support AT&T U-verse products that provide both video and broadband services to customers over a shared network infrastructure.
Supplementary Operating Data
Subscribers and connections in thousands
UnauditedJune 30,Percent
20212020Change
Premium TV Connections15,412 17,712 (13.0)%
Second QuarterPercentSix-Month PeriodPercent
20212020Change20212020Change
Premium TV Net Additions(473)(887)46.7 %(1,093)(1,784)38.7 %
13


SUPPLEMENTAL SEGMENT RECONCILIATION
Three Months Ended
Dollars in millions
Unaudited
June 30, 2021
RevenuesOperations
and Support
Expenses
EBITDADepreciation
and
Amortization
Operating
Income (Loss)
Equity in Net
Income (Loss) of
Affiliates
Segment
Contribution
Communications
Mobility$18,936 $10,911 $8,025 $2,023 $6,002 $ $6,002 
Business Wireline6,052 3,709 2,343 1,293 1,050  1,050 
Consumer Wireline3,140 2,083 1,057 769 288  288 
Total Communications28,128 16,703 11,425 4,085 7,340  7,340 
WarnerMedia8,791 6,934 1,857 165 1,692 47 1,739 
Latin America
Vrio749 660 89 114 (25)2 (23)
Mexico688 667 21 150 (129) (129)
Total Latin America1,437 1,327 110 264 (154)2 (152)
Segment Total38,356 24,964 13,392 4,514 8,878 $49 $8,927 
Corporate and Other
Corporate361 1,160 (799)30 (829)
Video6,639 5,275 1,364 148 1,216 
Acquisition-related items   1,069 (1,069)
Certain significant items 4,555 (4,555) (4,555)
Eliminations and
consolidations
(1,311)(939)(372) (372)
AT&T Inc.$44,045 $35,015 $9,030 $5,761 $3,269 
14


Three Months Ended
Dollars in millions
Unaudited
June 30, 2020
RevenuesOperations and Support ExpensesEBITDADepreciation and AmortizationOperating Income (Loss)Equity in Net
Income (Loss) of
Affiliates
Segment Contribution
Communications
Mobility$17,149 $9,332 $7,817 $2,012 $5,805 $— $5,805 
Business Wireline6,305 3,714 2,591 1,301 1,290 — 1,290 
Consumer Wireline3,051 1,928 1,123 730 393 — 393 
Total Communications26,505 14,974 11,531 4,043 7,488 — 7,488 
WarnerMedia6,728 4,656 2,072 164 1,908 1,912 
Latin America
Vrio752 661 91 127 (36)(28)
Mexico480 538 (58)115 (173)— (173)
Total Latin America1,232 1,199 33 242 (209)(201)
Segment Total34,465 20,829 13,636 4,449 9,187 $12 $9,199 
Corporate and Other
Corporate589 1,069 (480)99 (579)
Video7,021 5,809 1,212 593 619 
Acquisition-related items— 211 (211)2,145 (2,356)
Certain significant items— 3,084 (3,084)— (3,084)
Eliminations and
consolidations
(1,125)(869)(256)(1)(255)
AT&T Inc.$40,950 $30,133 $10,817 $7,285 $3,532 

15


SUPPLEMENTAL SEGMENT RECONCILIATION
Six Months Ended
Dollars in millions
Unaudited
June 30, 2021
RevenuesOperations
and Support
Expenses
EBITDADepreciation
and
Amortization
Operating
Income (Loss)
Equity in Net
Income (Loss) of
Affiliates
Segment
Contribution
Communications
Mobility$37,970 $21,929 $16,041 $4,037 $12,004 $ $12,004 
Business Wireline12,098 7,419 4,679 2,571 2,108  2,108 
Consumer Wireline6,238 4,114 2,124 1,531 593  593 
Total Communications56,306 33,462 22,844 8,139 14,705  14,705 
WarnerMedia17,317 13,337 3,980 328 3,652 117 3,769 
Latin America
Vrio1,492 1,321 171 231 (60)(2)(62)
Mexico1,319 1,287 32 295 (263) (263)
Total Latin America2,811 2,608 203 526 (323)(2)(325)
Segment Total76,434 49,407 27,027 8,993 18,034 $115 $18,149 
Corporate and Other
Corporate787 2,373 (1,586)65 (1,651)
Video13,364 10,935 2,429 312 2,117 
Acquisition-related items 37 (37)2,200 (2,237)
Certain significant items 4,612 (4,612) (4,612)
Eliminations and
consolidations
(2,601)(1,880)(721) (721)
AT&T Inc.$87,984 $65,484 $22,500 $11,570 $10,930 
16


Six Months Ended
Dollars in millions
Unaudited
June 30, 2020
RevenuesOperations and Support ExpensesEBITDADepreciation and AmortizationOperating Income (Loss)Equity in Net
Income (Loss) of
Affiliates
Segment Contribution
Communications
Mobility$34,551 $18,901 $15,650 $4,057 $11,593 $— $11,593 
Business Wireline12,571 7,601 4,970 2,587 2,383 — 2,383 
Consumer Wireline6,162 3,807 2,355 1,442 913 — 913 
Total Communications53,284 30,309 22,975 8,086 14,889 — 14,889 
WarnerMedia14,493 10,261 4,232 325 3,907 19 3,926 
Latin America
Vrio1,639 1,444 195 274 (79)12 (67)
Mexico1,183 1,252 (69)249 (318)— (318)
Total Latin America2,822 2,696 126 523 (397)12 (385)
Segment Total70,599 43,266 27,333 8,934 18,399 $31 $18,430 
Corporate and Other
Corporate1,123 2,081 (958)189 (1,147)
Video14,428 11,829 2,599 1,184 1,415 
Acquisition-related items— 393 (393)4,201 (4,594)
Certain significant items— 2,426 (2,426)— (2,426)
Eliminations and
consolidations
(2,421)(1,791)(630)(1)(629)
AT&T Inc.$83,729 $58,204 $25,525 $14,507 $11,018 
17