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  "documentTitle": "AT&T | Results Presentation Deck | 12 slides",
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  "presentationDate": "2021-01-01 00:00:00",
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      "text": "KEY ASSUMPTIONS\nWireless service revenue growth of ~2%\nGradual improvement in WarnerMedia\nModest Mobility EBITDA growth\nIncreased HBO Max investment\nCost transformation reinvested in growth\nFocus on fiber and wireless densification\nExpect ~$2B in vendor financing payments and ~$1B in FirstNet reimbursements\nTotal dividend payout ratio in the high 50's% range\nUtilizing cash after dividends to reduce net debt\nContinued portfolio review for asset monetization",
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      "kind": "source-note",
      "text": "© 2021 AT&T Intellectual Property.",
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      "text": "1 The company expects adjustments to 2021 reported diluted EPS to include merger-related amortization of about $5.9 billion and other adjustments, a non-cash mark-to-market benefit plan gain/loss, merger integration and other adjustments. Based on historical results, we expect the mark- to-market adjustment which is driven by interest rates and investment returns that are not reasonably estimable at this time, to be a significant item. Our 2021 EPS estimates depend on future levels of revenues and expenses which are not reasonably estimable at this time. Accordingly, we cannot provide a reconciliation between our non-GAAP metrics and the reported GAAP metrics without unreasonable effort.\n2 Gross capital investment includes capital expenditures and cash payments for vendor financing and excludes expected FirstNet reimbursements\n3 Free cash flow total dividend payout ratio is total dividends paid divided by free cash flow. Free cash flow is cash from operating activities minus capital expenditures. Due to high variability and difficulty in predicting items that impact cash from operating activities and capital expenditures, the company is not able to provide a reconciliation between projected free cash flow and the most comparable GAAP metric without unreasonable effort.",
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      "text": "REVENUE GROWTH 1% range\nEPS – ADJUSTED1 Stable with 2020\nGROSS CAPITAL INVESTMENT2 $21B range\nCAPITAL EXPENDITURES $18B range\nFREE CASH FLOW3 $26B range\nLONG-TERM DEBT MANAGEMENT",
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      "text": "2021 Consolidated Financial Guidance",
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