Pascal Desroches to Update Shareholders at Bank of America C-Suite TMT Conference on June 11

Tune in at 8:05 a.m. ET on June 11 for a fireside chat with AT&T's chief financial officer, where he will cover recent progress on the company's multiyear growth strategy.

Key Takeaways:

    --  AT&T continues to make progress on its sustainable, long-term growth
        strategy and remains on track to meet all of its financial guidance.
    --  The company continues to see healthy customer demand for world-class 5G
        and fiber connectivity.
    --  As one of the largest investors in telecommunications infrastructure in
        the United States, AT&T remains focused on building vital,
        high-performance 5G and fiber networks. To support these efforts, the
        company continues to expect 2024 capital investment in the $21-22
        billion range.

DALLAS, June 10, 2024 /PRNewswire/ -- Pascal Desroches, chief financial officer, AT&T (NYSE:T) Inc., will speak tomorrow at the Bank of America C-Suite TMT Conference where he will provide an update to shareholders. Here are the key topics Desroches is expected to cover:

The company's focus on leading with world-class connectivity is working.

    --  AT&T continues to benefit from the connectivity-focused, investment-led
        strategy it laid out about four years ago. By executing on a simple
        playbook, the company is achieving steady customer growth, improving
        returns and enabling additional investments that are benefiting the
        business.
    --  AT&T's simple and consistent go-to-market approach continues to resonate
        with customers and has created a sustainable model for healthy growth
        and strong cash conversion.

AT&T remains focused on growing durable relationships with high-quality 5G & fiber customers.

    --  The company continues to see healthy, but normalizing, wireless industry
        trends and is pleased with how the Mobility business is performing in
        the second quarter. AT&T expects a lower year-over-year postpaid upgrade
        rate in the second quarter, consistent with the recent trend.
    --  AT&T Fiber penetration rates continue to exceed initial business case
        assumptions with net adds varying from quarter to quarter based on
        seasonality, market dynamics and the pace of new fiber locations passed.
    --  AT&T's connectivity portfolio continues to expand and includes multiple
        technologies, including 5G, fiber and the company's fixed wireless
        access product - AT&T Internet Air - which is now available in parts of
        95 locations for consumers and nationwide for businesses.
    --  AT&T is uniquely positioned to offer converged services at scale across
        its owned and operated 5G and fiber networks. With the largest wireless
        network in North America(1) and the largest domestic consumer fiber
        internet network(2), AT&T benefits from owner's economics when it adds
        converged mobile and broadband subscribers.

AT&T remains on track to achieve its financial guidance.

    --  The company remains confident in its ability to deliver on all of the
        financial guidance shared during its earnings report in April 2024.
    --  AT&T also remains focused on driving incremental efficiencies through
        its goal of $2 billion+ in run-rate cost savings by mid-2026.
    --  The company is on track to achieve net-debt to adjusted EBITDA in the
        2.5x range in the first half of 2025. It also plans to continue
        addressing short-term financing obligations as it shapes an even more
        sustainable and ratable free cash flow cadence.

AT&T continues to invest in the future of America's connectivity.

    --  AT&T continues to make critical investments in its wireless and fiber
        future. Over the past five years, from 2019 to 2023, AT&T invested $145
        billion+ primarily in its wireless and wireline networks, including
        capital investments and acquisitions of wireless spectrum(3). To support
        its ongoing investment in 5G and fiber, the company continues to expect
        2024 capital investment in the $21-22 billion range.
    --  AT&T believes fiber is the best internet access technology available
        today, and is pursuing a variety of models for connecting more people
        with fiber.
        --  This includes AT&T's in-footprint fiber build, which already passes
            27 million+ consumer and business locations today and remains on
            pace to pass 30 million+ consumer and business locations by the end
            of 2025.
        --  Based on fiber returns that are better than initial assumptions,
            AT&T sees a potential opportunity to pass an incremental 10 to 15
            million consumer and business fiber locations within its existing
            footprint - assuming similar build parameters and a regulatory
            environment that incentivizes investing in America's robust
            connectivity needs.
        --  Outside of AT&T's footprint, its Gigapower joint venture with
            BlackRock, through a fund managed by its Diversified Infrastructure
            business, has been up and running for just over a year with fiber
            build progress in parts of Arizona, Florida, Minnesota, Nevada, New
            Mexico, North Carolina, Pennsylvania and South Carolina.
        --  The company is also pursuing opportunities to invest in fiber
            through public-private partnerships including the American Rescue
            Plan (ARP) and Broadband Equity, Access and Development (BEAD)
            Program.
    --  In Mobility, AT&T is advancing and modernizing its wireless network by
        accelerating the transition to Open Radio Access Networks (Open RAN),
        which the company believes will enable a more robust supplier ecosystem
        and drive efficiencies and longer-term cost savings.
    --  The company also continues to invest in growing in traditionally
        underpenetrated segments of its Mobility business, such as public
        safety. AT&T is delivering FirstNet® - the nation's only communications
        platform dedicated to public safety, which now has 6 million+ FirstNet
        connections on the network.
    --  Additionally, through a definitive commercial agreement with AST
        SpaceMobile, announced last month, AT&T took another step toward
        providing more ubiquitous connectivity for consumers and businesses via
        a space-based broadband network direct to everyday cell phones. In 2023,
        in collaboration with AT&T, AST SpaceMobile delivered several
        industry-first wins such as the first-ever 5G cellular connectivity, 4G
        voice and video call, and text via space between everyday smartphones.
    --  These collective efforts to enhance, expand and differentiate AT&T's
        network further improve its ability to provide customers with high-speed
        internet service wherever they are, and advance AT&T's progress on
        becoming America's best converged connectivity provider.

The webcast of Desroches' conversation will be available live, and for replay, at AT&T Investor Relations.

(1) Based on comparison of carrier owned & operated networks. No AT&T on-net coverage in select countries, including Canada. Details: att.com/international. Destinations covered: att.com/globalcountries. 5G claim based on nationwide GWS drive test data. GWS conducts paid drive tests for AT&T and uses the data in its analysis. AT&T 5G requires compatible plan and device. 5G coverage not available everywhere. Learn more at att.com/5Gforyou.

(2) Based on publicly available data of the number of fiber-to-the-home households.

(3) The years ended December 31, 2020 through 2023 present results from continuing operations, and the year ended December 31, 2019 includes comparable adjustments to remove capital expenditures from discontinued operations.

About AT&T
We help more than 100 million U.S. families, friends and neighbors, plus nearly 2.5 million businesses, connect to greater possibility. 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 Statements
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 or otherwise.

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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