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  "documentTitle": "AT&T | Investor Presentation Deck | 81 slides",
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  "authorName": "AT&T",
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  "presentationDate": "2024-12-01 00:00:00",
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      "text": "Beginning with reporting of first-quarter 2025 financial results, the company plans to remove from adjusted earnings the equity in net income from our DIRECTV investment. For 2024, projected Adjusted EPS excluding DIRECTV in the $1.90-$1.95 range is calculated as projected adjusted EPS in the $2.20-$2.25 range less an adjustment of ~$0.30 to exclude approximately $2.8 billion (pre-tax) of adjusted equity income from the DIRECTV investment. The Company expects adjustments to 2024 to 2027 reported diluted EPS to include a non-cash mark-to-market benefit plan gain/loss and other items. The Company expects 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 projected 2024 Adjusted EPS and projected 2024-2027 Adjusted EPS excluding DIRECTV depend on future levels of revenues and expenses, most of which are not reasonably estimable at this time. Accordingly, we cannot provide a reconciliation between these projected non-GAAP metrics and the reported GAAP metrics without unreasonable effort.",
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      "text": "Financial Capacity for 2025-2027 of $50 billion+ represents anticipated free cash flow excluding DIRECTV (based on $16 billion+ in 2025, with annual growth of approximately $1 billion, resulting in free cash flow of $18 billion+ in 2027), less distributions to noncontrolling interests, plus expected cash payments from the announced agreement to sell AT&T's entire 70% stake in DIRECTV to TPG ($5.4 billion of after-tax cash distributions and other payments not subject to tax in 2025), plus an increase in net borrowing capacity (resulting from projected growth in EBITDA while maintaining net debt-to-adjusted EBITDA ratio in the 2.5x range). Financial Flexibility for 2025-2027 represents incremental financial capacity for items such as potential organic or inorganic strategic growth investments, debt repayment, redemptions of noncontrolling interests, or additional dividends or share repurchases. Due to high variability and difficulty in predicting items that impact cash from operating activities, capital expenditures, vendor financing payments, distributions to noncontrolling interests and borrowing capacity, the company is not able to provide a reconciliation between these projected non-GAAP metrics and the reported GAAP metrics without unreasonable effort.",
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      "text": "Adjusted EPS is calculated by excluding from operating revenues, operating expenses, other income (expenses) and income tax expense, certain significant items that are non-operational or non-recurring in nature, including dispositions and merger integration and transaction costs, actuarial gains and losses, significant abandonments and impairments, benefit-related gains and losses, employee separation and other material gains and losses. Non-operational items arising from asset acquisitions and dispositions include the amortization of intangible assets. While the expense associated with the amortization of certain wireless licenses and customer lists is excluded, the revenue of the acquired companies is reflected in the measure and those assets contribute to revenue generation. We also adjust for net actuarial gains or losses associated with our pension and postemployment benefit plans due to the often-significant impact on our results (we immediately recognize this gain or loss in the income statement, pursuant to our accounting policy for the recognition of actuarial gains and losses). Consequently, our adjusted results reflect an expected return on plan assets rather than the actual return on plan assets, as included in the GAAP measure of income. The tax impact of adjusting items is calculated using the effective tax rate during the quarter except for adjustments that, given their magnitude, can drive a change in the effective tax rate, in these cases we use the actual tax expense or combined marginal rate of approximately 25%.",
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      "text": "Non-GAAP Measures and Notes",
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