AT&T 8K Regulation FD Disclosure | T 15 Apr 22


Comparative Basis Financial Information - Historical, Continuing Operations and Standalone AT&T by Segment
Supplemental Unaudited Quarterly Comparative Financial Information
Dollars in millions
Unaudited

	Operating Revenues	3/31/2020		6/30/2020		9/30/2020		12/31/2020		2020		3/31/2021		6/30/2021		9/30/2021		12/31/2021		2021
	Mobility	$	17,402	$	17,149	$	17,894	$	20,119	$	72,564	$	19,034	$	18,936	$	19,138	$	21,146	$	78,254
	Business Wireline	6,266		6,305		6,261		6,251		25,083		6,046		6,052		5,938		5,901		23,937
	Consumer Wireline	3,111		3,051		3,040		3,116		12,318		3,098		3,140		3,142		3,159		12,539
	WarnerMedia	7,765		6,728		7,395		8,554		30,442		8,526		8,791		8,442		9,873		35,632
	Mexico	703		480		643		736		2,562		631		688		724		704		2,747
	Vrio	887		752		753		762		3,154		743		749		756		359		2,607
	Segment Total	36,134		34,465		35,986		39,538		146,123		38,078		38,356		38,140		41,142		155,716
	Corporate:
	Securitization	14		14		13		12		53		13		15		16		17		61
	Securitization - Revolver (WarnerMedia)	14		23		21		22		80		31		35		41		29		136
	Commercial agreements with DIRECTV	—		—		—		—		—		—		—		20		29		49
	Parent	(43)		(9)		(4)		(6)		(62)		(12)		—		—		(6)		(18)
	Value portfolio	180		192		178		172		722		163		153		137		130		583
	Total Corporate	165		220		208		200		793		195		203		214		199		811
	Video	7,407		7,021		7,014		7,168		28,610		6,725		6,639		2,149		—		15,513
	Held-for-sale2	369		369		420		256		1,414		231		158		64		—		453
	Eliminations and consolidations	(1,296)		(1,125)		(1,288)		(1,471)		(5,180)		(1,290)		(1,311)		(645)		(383)		(3,629)
	Historical Operating Revenues	42,779		40,950		42,340		45,691		171,760		43,939		44,045		39,922		40,958		168,864
	Adjustments for Discontinued Operations
[A]	Less: WarnerMedia	(7,765)		(6,728)		(7,395)		(8,554)		(30,442)		(8,526)		(8,791)		(8,442)		(9,873)		(35,632)
[B]	Less: Vrio	(887)		(752)		(753)		(762)		(3,154)		(743)		(749)		(756)		(359)		(2,607)
[C]	Less: Securitization - Revolver (WarnerMedia)	(14)		(23)		(21)		(22)		(80)		(31)		(35)		(41)		(29)		(136)
[D]	Add: Other items (conveyed) retained	12		9		13		18		52		11		16		14		15		56
[L]	Eliminations and consolidations	1,232		1,070		1,223		1,388		4,913		1,228		1,254		628		383		3,493
	Operating Revenues from Continuing Operations	35,357		34,526		35,407		37,759		143,049		35,878		35,740		31,325		31,095		134,038
	Adjustments for Other Separated Businesses
[E]	Less: Video	(7,407)		(7,021)		(7,014)		(7,168)		(28,610)		(6,725)		(6,639)		(2,149)		—		(15,513)
[F]	Less: Held-for-sale2	(369)		(369)		(420)		(256)		(1,414)		(231)		(158)		(64)		—		(453)
[L]	Less: Intercompany eliminations	64		55		65		83		267		62		57		17		—		136
	Standalone AT&T Operating Revenues	$	27,645	$	27,191	$	28,038	$	30,418	$	113,292	$	28,984	$	29,000	$	29,129	$	31,095	$	118,208


	Operations and Support Expenses	3/31/2020		6/30/2020		9/30/2020		12/31/2020		2020		3/31/2021		6/30/2021		9/30/2021		12/31/2021		2021
	Mobility	$	9,463	$	9,218	$	10,075	$	12,921	$	41,677	$	10,976	$	10,906	$	11,116	$	13,764	$	46,762
	Business Wireline	3,823		3,653		3,699		3,893		15,068		3,688		3,690		3,632		3,708		14,718
	Consumer Wireline	1,860		1,906		2,082		2,094		7,942		2,029		2,063		2,188		2,168		8,448
	WarnerMedia	5,605		4,656		5,483		5,835		21,579		6,403		6,934		6,271		8,129		27,737
	Mexico	714		538		662		722		2,636		620		667		697		668		2,652
	Vrio	783		661		675		681		2,800		661		660		660		321		2,302
	Segment Total	22,248		20,632		22,676		26,146		91,702		24,377		24,920		24,564		28,758		102,619
	Corporate:
	DTV stranded costs	—		—		—		—		—		—		—		69		174		243
	Parent	283		435		455		306		1,479		334		376		316		348		1,374
	Securitization fees	42		20		3		7		72		40		12		1		36		89
	Value portfolio	83		72		68		60		283		41		67		42		38		188
	Total Corporate	408		527		526		373		1,834		415		455		428		596		1,894
	Video	6,020		5,809		5,887		6,458		24,174		5,660		5,275		1,731		—		12,666
	Held-for-sale2	272		268		310		190		1,040		194		115		47		—		356
	Film amortization recharacterization and receivable securitization - WarnerMedia1	(13)		(54)		11		16		(40)		49		52		28		33		162
	Reclassification of allocation changes for separated businesses	(76)		(86)		(76)		(84)		(322)		(15)		(19)		(16)		4		(46)
	Reclassification of prior service credits	610		611		611		610		2,442		669		672		670		669		2,680
	Merger & Significant Items	(476)		3,295		151		16,654		19,624		61		4,484		288		300		5,133
	Eliminations and consolidations	(922)		(869)		(918)		(906)		(3,615)		(941)		(939)		(546)		(383)		(2,809)
	Historical Operations and Support Expenses	28,071		30,133		29,178		49,457		136,839		30,469		35,015		27,194		29,977		122,655
	Adjustments for Discontinued Operations
[A]	Less: WarnerMedia	(5,605)		(4,656)		(5,483)		(5,835)		(21,579)		(6,403)		(6,934)		(6,271)		(8,129)		(27,737)
[B]	Less: Vrio	(783)		(661)		(675)		(681)		(2,800)		(661)		(660)		(660)		(321)		(2,302)
[C]	Add: Other items (conveyed) retained	57		67		55		75		254		41		42		48		40		171
	Less: WarnerMedia Film amortization recharacterization and receivable securitization	13		54		(11)		(16)		40		(49)		(52)		(28)		(33)		(162)
[D]	Less: Merger & Significant items related to WarnerMedia and Vrio	(242)		(2,440)		(183)		(1,082)		(3,947)		(59)		(4,555)		(179)		(215)		(5,008)
[L]	Less: Intercompany eliminations	858		814		853		823		3,348		879		882		529		383		2,673
	Operations and Support from Continuing Operations	22,369		23,311		23,734		42,741		112,155		24,217		23,738		20,633		21,702		90,290
	Adjustments for Other Separated Businesses
[E]	Less: Video	(6,020)		(5,809)		(5,887)		(6,458)		(24,174)		(5,660)		(5,275)		(1,731)		—		(12,666)
[F]	Less: Held-for-sale2	(272)		(268)		(310)		(190)		(1,040)		(194)		(115)		(47)		—		(356)
	Less: Merger & Significant items related to DTV and other dispositions	(32)		(98)		(24)		(15,529)		(15,683)		(13)		(22)		37		11		13
	Less: Intercompany eliminations	64		55		65		83		267		62		57		17		—		136
[M]	Less: Reclassification of allocations for separated businesses	76		86		76		84		322		15		19		16		(4)		46
[L]	Add: Estimated comparative adjustment for DTV retained costs	350		350		350		350		1,400		350		350		117		—		817
	Standalone AT&T Operations and Support Expenses	16,535		17,627		18,004		21,081		73,247		18,777		18,752		19,042		21,709		78,280
	Standalone AT&T Merger & Significant items	750		(757)		56		(44)		5		11		93		(145)		(97)		(138)
	Standalone AT&T Adjusted Operations and Support Expenses	$	17,285	$	16,870	$	18,060	$	21,037	$	73,252	$	18,788	$	18,845	$	18,897	$	21,612	$	78,142

1 Includes the recharacterization of programming intangible assets amortization for released programming acquired in the Time Warner acquisition, which we continued to report with WarnerMedia segment operating expenses.


	Depreciation and Amortization Expense	3/31/2020		6/30/2020		9/30/2020		12/31/2020		2020		3/31/2021		6/30/2021		9/30/2021		12/31/2021		2021
	Mobility	$	2,045	$	2,012	$	2,021	$	2,008	$	8,086	$	2,014	$	2,023	$	2,035	$	2,050	$	8,122
	Business Wireline	1,286		1,301		1,313		1,316		5,216		1,278		1,293		1,304		1,317		5,192
	Consumer Wireline	712		730		734		738		2,914		762		769		775		789		3,095
	WarnerMedia	161		164		169		177		671		163		165		163		165		656
	Mexico	134		115		124		140		513		145		150		157		153		605
	Vrio	147		127		126		120		520		117		114		—		—		231
	Segment Total	4,485		4,449		4,487		4,499		17,920		4,479		4,514		4,434		4,474		17,901
	Corporate:
	DTV stranded costs	—		—		—		—		—		—		—		92		144		236
	Value Portfolio	17		18		14		15		64		15		14		19		15		63
	Total Corporate	17		18		14		15		64		15		14		111		159		299
	Video	591		593		557		521		2,262		164		148		44		—		356
	Held-for-sale2	4		4		4		3		15		—		—		—		—		—
	Film amortization recharacterization and receivable securitization - WarnerMedia1	69		77		47		38		231		20		16		18		19		73
	Merger & Significant Items	2,056		2,145		1,921		1,904		8,026		1,131		1,069		1,012		1,021		4,233
	Eliminations and consolidations	—		(1)		—		(1)		(2)		—		—		—		—		—
	Historical Depreciation and Amortization Expense	7,222		7,285		7,030		6,979		28,516		5,809		5,761		5,619		5,673		22,862
	Adjustments for Discontinued Operations
[A]	Less: WarnerMedia	(161)		(164)		(169)		(177)		(671)		(163)		(165)		(163)		(165)		(656)
[B]	Less: Vrio	(147)		(127)		(126)		(120)		(520)		(117)		(114)		—		—		(231)
[D]	Add: Other items (conveyed) retained	3		3		3		3		12		3		3		3		3		12
[C]	Less: WarnerMedia Film amortization recharacterization and receivable securitization	(69)		(77)		(47)		(38)		(231)		(20)		(16)		(18)		(19)		(73)
[L]	Less: Merger & Significant items related to WarnerMedia and Vrio	(1,143)		(1,267)		(1,082)		(1,093)		(4,585)		(1,045)		(1,040)		(1,021)		(1,014)		(4,120)
[K]	Less: Intercompany eliminations	—		1		—		—		1		—		—		—		—		—
	Depreciation and Amortization from Continuing Operations	5,705		5,654		5,609		5,554		22,522		4,467		4,429		4,420		4,478		17,794
	Adjustments for Other Separated Businesses
[E]	Less: Video	(591)		(593)		(557)		(521)		(2,262)		(164)		(148)		(44)		—		(356)
[F]	Less: Held-for-sale2	(4)		(4)		(4)		(3)		(15)		—		—		—		—		—
[L]	Less: Merger & Significant items related to DTV and other dispositions	(879)		(846)		(813)		(780)		(3,318)		—		—		—		—		—
[G]	Add: Estimated comparative adjustment for DTV retained costs	180		180		180		180		720		180		180		60		—		420
	Standalone AT&T Depreciation and Amortization Expense	4,411		4,391		4,415		4,430		17,647		4,483		4,461		4,436		4,478		17,858
[L]	Standalone AT&T Merger & Significant items	(34)		(32)		(26)		(31)		(123)		(86)		(29)		9		(7)		(113)
	Standalone AT&T Adjusted Depreciation and Amortization Expense	$	4,377	$	4,359	$	4,389	$	4,399	$	17,524	$	4,397	$	4,432	$	4,445	$	4,471	$	17,745


Operating Income	3/31/2020		6/30/2020		9/30/2020		12/31/2020		2020		3/31/2021		6/30/2021		9/30/2021		12/31/2021		2021
Mobility	$	5,894	$	5,919	$	5,798	$	5,190	$	22,801	$	6,044	$	6,007	$	5,987	$	5,332	$	23,370
Business Wireline	1,157		1,351		1,249		1,042		4,799		1,080		1,069		1,002		876		4,027
Consumer Wireline	539		415		224		284		1,462		307		308		179		202		996
WarnerMedia	1,999		1,908		1,743		2,542		8,192		1,960		1,692		2,008		1,579		7,239
Mexico	(145)		(173)		(143)		(126)		(587)		(134)		(129)		(130)		(117)		(510)
Vrio	(43)		(36)		(48)		(39)		(166)		(35)		(25)		96		38		74
Segment Total	9,401		9,384		8,823		8,893		36,501		9,222		8,922		9,142		7,910		35,196
Corporate:
DTV stranded costs	—		—		—		—		—		—		—		(141)		(289)		(430)
Parent administration support	(326)		(444)		(459)		(312)		(1,541)		(346)		(376)		(316)		(354)		(1,392)
Securitization fees	(28)		(6)		10		5		(19)		(27)		3		15		(19)		(28)
Value portfolio	80		102		96		97		375		107		72		76		77		332
Total Corporate	(274)		(348)		(353)		(210)		(1,185)		(266)		(301)		(366)		(585)		(1,518)
Video	796		619		570		189		2,174		901		1,216		374		—		2,491
Held-for-sale	93		97		106		63		359		37		43		17		—		97
Film amortization recharacterization and receivable securitization - WarnerMedia1	(42)		—		(37)		(32)		(111)		(38)		(33)		(5)		(23)		(99)
Reclassification of allocation changes for separated businesses	76		86		76		84		322		15		19		16		(4)		46
Reclassification of prior service credits	(610)		(611)		(611)		(610)		(2,442)		(669)		(672)		(670)		(669)		(2,680)
Merger & Significant Items	(1,580)		(5,440)		(2,072)		(18,558)		(27,650)		(1,192)		(5,553)		(1,300)		(1,321)		(9,366)
Eliminations and consolidations	(374)		(255)		(370)		(564)		(1,563)		(349)		(372)		(99)		—		(820)
Historical Operating Income	7,486		3,532		6,132		(10,745)		6,405		7,661		3,269		7,109		5,308		23,347
Adjustments for Discontinued Operations
Less: WarnerMedia	(1,999)		(1,908)		(1,743)		(2,542)		(8,192)		(1,960)		(1,692)		(2,008)		(1,579)		(7,239)
Less: Vrio	43		36		48		39		166		35		25		(96)		(38)		(74)
Add: Other items conveyed (retained)	(48)		(61)		(45)		(60)		(214)		(33)		(29)		(37)		(28)		(127)
Less: WarnerMedia Film amortization recharacterization and receivable securitization	42		—		37		32		111		38		33		5		23		99
Less: Merger & Significant items related to WarnerMedia and Vrio	1,385		3,707		1,265		2,175		8,532		1,104		5,595		1,200		1,229		9,128
Less: Intercompany eliminations	374		255		370		565		1,564		349		372		99		—		820
Operating Income from Continuing Operations	7,283		5,561		6,064		(10,536)		8,372		7,194		7,573		6,272		4,915		25,954
Adjustments for Other Separated Businesses
Less: Video	(796)		(619)		(570)		(189)		(2,174)		(901)		(1,216)		(374)		—		(2,491)
Less: Held-for-sale	(93)		(97)		(106)		(63)		(359)		(37)		(43)		(17)		—		(97)
Less: Merger & Significant items related to DTV and other dispositions	911		944		837		16,309		19,001		13		22		(37)		(11)		(13)
Less: Intercompany eliminations	—		—		—		—		—		—		—		—		—		—
Less: Reclassification of allocations for separated businesses	(76)		(86)		(76)		(84)		(322)		(15)		(19)		(16)		4		(46)
Add: Estimated comparative adjustment for DTV retained costs	(530)		(530)		(530)		(530)		(2,120)		(530)		(530)		(177)		—		(1,237)
Standalone AT&T Operating Income	6,699		5,173		5,619		4,907		22,398		5,724		5,787		5,651		4,908		22,070
Standalone AT&T Merger & Significant items	(716)		789		(30)		77		120		75		(64)		136		104		251
Standalone AT&T Adjusted Operating Income	$	5,983	$	5,962	$	5,589	$	4,984	$	22,518	$	5,799	$	5,723	$	5,787	$	5,012	$	22,321


	EBITDA1	3/31/2020		6/30/2020		9/30/2020		12/31/2020		2020		3/31/2021		6/30/2021		9/30/2021		12/31/2021		2021
	Mobility	$	7,939	$	7,931	$	7,819	$	7,198	$	30,887	$	8,058	$	8,030	$	8,022	$	7,382	$	31,492
	Business Wireline	2,443		2,652		2,562		2,358		10,015		2,358		2,362		2,306		2,193		9,219
	Consumer Wireline	1,251		1,145		958		1,022		4,376		1,069		1,077		954		991		4,091
	WarnerMedia	2,160		2,072		1,912		2,719		8,863		2,123		1,857		2,171		1,744		7,895
	Mexico	(11)		(58)		(19)		14		(74)		11		21		27		36		95
	Vrio	104		91		78		81		354		82		89		96		38		305
	Segment Total	13,886		13,833		13,310		13,392		54,421		13,701		13,436		13,576		12,384		53,097
	Corporate:
	DTV stranded costs	—		—		—		—		—		—		—		(49)		(145)		(194)
	Parent administration support	(326)		(444)		(459)		(312)		(1,541)		(346)		(376)		(316)		(354)		(1,392)
	Securitization fees	(28)		(6)		10		5		(19)		(27)		3		15		(19)		(28)
	Value portfolio	97		120		110		112		439		122		86		95		92		395
	Total Corporate	(257)		(330)		(339)		(195)		(1,121)		(251)		(287)		(255)		(426)		(1,219)
	Video	1,387		1,212		1,127		710		4,436		1,065		1,364		418		—		2,847
	Held-for-sale2	97		101		110		66		374		37		43		17		—		97
	Film amortization recharacterization and receivable securitization - WarnerMedia1	27		77		10		6		120		(18)		(17)		13		(4)		(26)
	Reclassification of allocation changes for separated businesses	76		86		76		84		322		15		19		16		(4)		46
	Reclassification of prior service credits	(610)		(611)		(611)		(610)		(2,442)		(669)		(672)		(670)		(669)		(2,680)
	Merger & Significant Items	476		(3,295)		(151)		(16,654)		(19,624)		(61)		(4,484)		(288)		(300)		(5,133)
	Eliminations and consolidations	(374)		(256)		(370)		(565)		(1,565)		(349)		(372)		(99)		—		(820)
	Historical EBITDA	14,708		10,817		13,162		(3,766)		34,921		13,470		9,030		12,728		10,981		46,209
	Adjustments for Discontinued Operations
	Less: WarnerMedia	(2,160)		(2,072)		(1,912)		(2,719)		(8,863)		(2,123)		(1,857)		(2,171)		(1,744)		(7,895)
	Less: Vrio	(104)		(91)		(78)		(81)		(354)		(82)		(89)		(96)		(38)		(305)
	Add: Other items conveyed (retained)	(45)		(58)		(42)		(57)		(202)		(30)		(26)		(34)		(25)		(115)
	Less: WarnerMedia Film amortization recharacterization and receivable securitization	(27)		(77)		(10)		(6)		(120)		18		17		(13)		4		26
	Less: Merger & Significant items related to WarnerMedia and Vrio	242		2,440		183		1,082		3,947		59		4,555		179		215		5,008
	Less: Intercompany eliminations	374		256		370		565		1,565		349		372		99		—		820
	EBITDA from Continuing Operations	12,988		11,215		11,673		(4,982)		30,894		11,661		12,002		10,692		9,393		43,748
	Adjustments for Other Separated Businesses
	Less: Video	(1,387)		(1,212)		(1,127)		(710)		(4,436)		(1,065)		(1,364)		(418)		—		(2,847)
	Less: Held-for-sale2	(97)		(101)		(110)		(66)		(374)		(37)		(43)		(17)		—		(97)
	Less: Merger & Significant items related to DTV and other dispositions	32		98		24		15,529		15,683		13		22		(37)		(11)		(13)
	Less: Intercompany eliminations	—		—		—		—		—		—		—		—		—		—
[M]	Less: Reclassification of allocations for separated businesses	(76)		(86)		(76)		(84)		(322)		(15)		(19)		(16)		4		(46)
	Add: Estimated comparative adjustment for DTV retained costs	(350)		(350)		(350)		(350)		(1,400)		(350)		(350)		(117)		—		(817)
	Standalone AT&T EBITDA	11,110		9,564		10,034		9,337		40,045		10,207		10,248		10,087		9,386		39,928
	Standalone AT&T Merger & Significant items	(750)		757		(56)		44		(5)		(11)		(93)		145		97		138
	Standalone AT&T Adjusted EBITDA	$	10,360	$	10,321	$	9,978	$	9,381	$	40,040	$	10,196	$	10,155	$	10,232	$	9,483	$	40,066

1 EBITDA is operating income before depreciation and amortization. It excludes depreciation and amortization, interest expense, other income (expense) - net and income taxes from net income.

2 Crunchyroll anime business (sold third-quarter 2021), Government Solutions (sold first-quarter 2021) and wireless and wireline operations in Puerto Rico and the U.S. Virgin Islands (sold fourth-quarter 2020).

AT&T (T) 8-KRegulation FD Disclosure