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  "documentTitle": "AT&T | Investor Presentation Deck | 81 slides",
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      "text": "Capital investment, spectrum and related investments of ~$140 billion for the period from 2020 to September 30, 2024 is capital investment of ~$100 billion and cash paid for spectrum and related investments of ~$40 billion ($1.6 billion for 2020, $25.5 billion for 2021, $10.2 billion for 2022, $2.9 billion for 2023, and $0.3 billion for the nine months ended September 30, 2024). Capital investment is comprised of $17.7 billion for 2020 ($14.7 billion of capital expenditures, $3.0 billion of vendor financing payments), $20.1 billion for 2021 ($15.5 billion of capital expenditures, $4.6 billion of vendor financing payments), $24.3 billion for 2022 ($19.6 billion of capital expenditures, $4.7 billion of vendor financing payments), $23.6 billion for 2023 ($17.9 billion of capital expenditures, $5.7 billion of vendor financing payments), and $15.0 billion for 2024 through September 30, 2024 (see above).",
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      "text": "Net debt-to-adjusted EBITDA ratios are non-GAAP financial measures that are frequently used by investors and credit rating agencies to provide relevant and useful information. Our net debt-to-adjusted EBITDA ratio is calculated by dividing net debt by the sum of the most recent four quarters of adjusted EBITDA (defined below). Net debt is calculated by subtracting cash and cash equivalents and time deposits (deposits at financial institutions that are greater than 90 days, e.g., certificates of deposit and time deposits) from total debt. Net debt of $125.8 billion at September 30, 2024 is calculated as total debt of $129.0 billion less cash and cash equivalents of $2.6 billion and time deposits of $0.7 billion. Net debt of $151.0 billion at December 31, 2019 (as previously reported before recast for Continuing Operations) is calculated as total debt of $163.1 billion less cash and cash equivalents of $12.1 billion.",
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      "text": "Capital investment includes capital expenditures and cash paid for vendor financing. Capital investment provides a comprehensive view of cash used to invest in our networks, product developments and support systems. In connection with capital improvements, we have favorable payment terms of 120 days or more with certain vendors, referred to as vendor financing, which are excluded from capital expenditures and reported as financing activities. Capital intensity is calculated as capital investment divided by operating revenues. For 2024, projected capital investment at the high-end of the $21-$22 billion range is $15.0 billion for the nine months ended September 30, 2024 ($13.4 billion of capital expenditures plus $1.6 billion of vendor financing payments) plus a 4Q24 estimate of approximately $6.5-$7.0 billion (capital expenditures in the $6.3-$6.7 billion range plus vendor financing payments in the $0.2-$0.3 billion range). Due to high variability and difficulty in predicting items that impact capital expenditures, vendor financing payments and future levels of revenues, the Company is not able to provide reconciliations between projected 2025-2027 capital investment and projected capital intensity and the most comparable GAAP metrics without unreasonable effort.",
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      "text": "Free cash flow is a non-GAAP financial measure that is frequently used by investors and credit rating agencies to provide relevant and useful information. For periods prior to 2025, free cash flow is defined as cash from operations and cash distributions from DIRECTV (classified as investing activities) minus capital expenditures and cash paid for vendor financing. Our total dividend payout ratio of ~45% for the period from June 30, 2022 through September 30, 2024 (i.e. \"since restructuring\", which represents the first full quarter after the April 2022 WarnerMedia transaction) is calculated as total dividends paid of $18.3 billion ($9.9 billion in 2022 less $5.8 billion in the first half of 2022, $8.1 billion in 2023 and $6.2 billion for the nine months ended September 30, 2024) divided by free cash flow of $39.5 billion ($14.1 billion in 2022 less $4.2 billion in the first half of 2022, $16.8 billion in 2023 and $12.8 billion for the nine months ended September 30, 2024).",
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      "text": "Non-GAAP Measures and Notes",
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