{ "docId": "019de518-cf39-7008-a951-1414f004ef0c", "docSlug": "4f55cc3cae663c59781f4b13c268a3e0", "documentTitle": "AT&T | Investor Presentation Deck | 81 slides", "authorId": "at-t", "authorName": "AT&T", "documentKindSlug": "deck", "documentKindLabel": "Deck", "sourceTypeSlug": "investor_relations", "sourceTypeLabel": "Investor relations", "presentationDate": "2024-12-01 00:00:00", "orientation": "landscape", "aspectRatio": 2, "pageNumber": 77, "pageCount": 81, "prevPage": 76, "nextPage": 78, "slideType": "appendix_disclosure", "function": "appendix", "density": "overcrowded", "nDataPoints": 30, "notes": null, "elementsJson": null, "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019de518-cf39-7008-a951-1414f004ef0c/77", "deckHref": "/decks/019de518-cf39-7008-a951-1414f004ef0c", "deckJsonHref": "/decks/019de518-cf39-7008-a951-1414f004ef0c.json", "deckAnchorHref": "/decks/019de518-cf39-7008-a951-1414f004ef0c#slide-77", "components": [ { "bbox": { "h": 0.31, "w": 0.906, "x": 0.048, "y": 0.09 }, "kind": "list", "text": "For 2022, free cash flow of $14.1 billion is cash from operating activities of $35.8 billion, plus cash distributions from DIRECTV classified as investing activities of $2.6 billion, minus capital expenditures of $19.6 billion and cash paid for vendor financing of $4.7 billion. For the first half of 2022, free cash flow of $4.2 billion is cash from operating activities of $15.4 billion, plus cash distributions from DIRECTV classified as investing activities of $1.6 billion, minus capital expenditures of $9.5 billion and cash paid for vendor financing of $3.3 billion. For 2023, free cash flow of $16.8 billion is cash from operating activities of $38.3 billion, plus cash distributions from DIRECTV classified as investing activities of $2.0 billion, minus capital expenditures of $17.9 billion and cash paid for vendor financing of $5.7 billion.\nFor 2024, projected free cash flow in the $17-$18 billion range is $12.8 billion free cash flow for the nine months ended September 30, 2024 plus an estimate of approximately $4.2-$5.2 billion for 4Q24 (cash from operating activities in the $10.7-$12.2 billion range, plus cash distributions from DIRECTV classified as investing activities of $0, minus capital expenditures in the $6.3-$6.7 billion range and cash paid for vendor financing in the $0.2-$0.3 billion range). For the nine months ended September 30, 2024, free cash flow of $12.8 billion is cash from operating activities of $26.9 billion, plus cash distributions from DIRECTV classified as investing activities of $0.9 billion, minus capital expenditures of $13.4 billion and cash paid for vendor financing of $1.6 billion.", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "eda40dc5-76ff-42d3-a5d5-34c27c440296", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.239, "w": 0.906, "x": 0.048, "y": 0.426 }, "kind": "paragraph", "text": "Beginning with the reporting of first-quarter 2025 financial results, we plan to revise our definition of free cash flow to remove cash flows related to DIRECTV (distributions reported in both operating and investing activities). Free cash flow excluding DIRECTV is expected to be defined as cash from operations minus cash flows related to our DIRECTV equity method investment (cash distributions less cash taxes paid from DIRECTV), minus capital expenditures and cash paid for vendor financing (classified as financing activities). Reconciliations of this metric for 2023 and the nine months ended September 30, 2024 have been recast to reflect the pending disposition of our DIRECTV equity investment and are included in our Form 8-K dated December 3, 2024. Projected 2024 free cash flow excluding DIRECTV in the $15 billion range is based on the midpoint of the projected $17-$18 billion range less approximately $2.5 billion in after-tax payments related to the sale of our 70% stake in DIRECTV, which we agreed to sell to TPG. Due to high variability and difficulty in predicting items that impact cash from operating activities, capital expenditures and vendor financing payments, the company is not able to provide a reconciliation between projected 2025-2027 free cash flow excluding DIRECTV and the most comparable GAAP metric without unreasonable effort.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1303f6c9-00ac-4821-a93d-3d674c3eef11", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.906, "x": 0.048, "y": 0.679 }, "kind": "paragraph", "text": "Cash Taxes excluding DIRECTV for 2024 of about $2 billion is projected cash taxes of about $2.5 billion minus an estimate of about $0.5 billion cash taxes paid on the DIRECTV investment.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "2a7cbaa4-e4ba-4b30-8b0a-bbd0fdee2f7a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.101, "w": 0.906, "x": 0.048, "y": 0.74 }, "kind": "paragraph", "text": "EBITDA and EBITDA margin are non-GAAP financial measures that are frequently used by investors and credit rating agencies to provide relevant and useful information. At the segment, business unit or Business Solutions (see below), EBITDA is operating income before depreciation and amortization. EBITDA margin is operating income before depreciation and amortization, divided by total revenues. In 1Q23, historical segment and business unit results were recast to remove prior service credits for 2022 and 2021 as described in our Form 8-K dated March 3, 2023 and earlier years were not recast.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "5848df83-9c77-4c98-8164-3c636eb8d4ee", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.449, "x": 0.048, "y": 0.036 }, "kind": "title", "text": "Non-GAAP Measures and Notes", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e24b5964-e255-459f-8335-705698fca90d", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }