AT&T (T) 8-K/A Unaudited Pro Forma Condensed Combined Financial Statements

Exhibit 99.2

Adjusted Operating Income, Adjusted Operating Income Margin, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted EBITDA Service Margin
Dollars in millions	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2018			2017			2018			2017
Operating Income	$	6,466		$	6,526		$	12,667		$	12,882
Adjustments to Operating Expenses		1,750			1,546			3,059			2,837
Adjusted Operating Income		8,216			8,072			15,726			15,719
EBITDA		12,844			12,673			25,039			25,156
Adjustments to Operations and Support Expenses		472			376			719			465
Adjusted EBITDA		13,316			13,049			25,758			25,621
WarnerMedia Operating Income		1,236						3,047
Additions:
Depreciation and amortization		168						339
Merger costs		548						694
WarnerMedia Adjusted EBITDA		1,952						4,080
WarnerMedia segment income (post acquisition)		(451	)					(451	)
WarnerMedia segment depreciation and    amortization (post acquisition)		(30	)					(30	)
WarnerMedia merger costs (post acquisition)		(159	)					(159	)
Film and television cost amortization (release prior to June 14)		612						1,103
Pro Forma Adjusted EBITDA 1		15,240						30,301
Total Operating Revenues		38,986			39,837			77,024			79,202
Service Revenues		33,773			36,538			67,419			72,994
Operating Income Margin		16.6	%		16.4	%		16.4	%		16.3	%
Adjusted Operating Income Margin		21.1	%		20.3	%		20.4	%		19.8	%
Adjusted EBITDA Margin		34.2	%		32.8	%		33.4	%		32.3	%
Adjusted EBITDA Service Margin		39.4	%		35.7	%		38.2	%		35.1	%
Supplemental Results under Historical Accounting Method
Operating Income		5,903
Adjustments to Operating Expenses		1,750
Adjusted Supplemental Operating Income		7,653
EBITDA		12,281
Adjustments to Operations and Support Expenses		472
Adjusted Supplemental EBITDA		12,753
Supplemental Operating Revenues		39,909
Adjusted Supplemental Operating Income Margin		19.2	%
Adjusted Supplemental EBITDA margin		32.0	%
1 Pro Forma Adjusted EBITDA reflects the combined results of operations of the combined company based on the historical financial statements of AT&T and Time Warner, after giving effect to the merger and certain adjustments, and is intended to reflect the impact of the Time Warner acquisition on AT&T. WarnerMedia operating income, depreciation and amortization expense and merger costs are provided on Item 7.01 Form 8-K filed by AT&T on July 24, 2018. Pro Forma adjustments are to (1) remove the duplication of operating results for the 16-day period in which AT&T also reported Time Warner results and (2) to recognize the purchase accounting classification of released content as intangible assets and accordingly reclassify associated content amortization from operating expense to amortization expense. Intercompany revenue and expense eliminations net and do not impact EBITDA.

Pro Forma Net Debt to Adjusted EBITDA
Dollars in millions
	Three Months Ended
	Mar. 31,			Jun. 30,
	2018			2018			YTD 2018
Pro Forma Adjusted EBITDA	$	15,061		$	15,240		$	30,301
Add back severance		(51	)		(133	)		(184	)
Net Debt  Pro Forma Adjusted EBITDA		15,010			15,107			30,117
Annualized Pro Forma Adjusted  EBITDA								60,234
End-of-period current debt								21,672
End-of-period long-term debt								168,495
Total End-of-Period Debt								190,167
Less: Cash and Cash Equivalents								13,523
Net Debt Balance								176,644
Pro Forma Annualized Net Debt to Adjusted EBITDA Ratio								2.93