Attached files
| file | filename |
|---|---|
| 8-K - AT&T INC. Q4 2012 EARNINGS 801-8K - AT&T INC. | q4earnings801_8k.htm |
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Financial Data
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AT&T Inc.
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Consolidated Statements of Income
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Dollars in millions except per share amounts
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Unaudited
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Three Months Ended
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Twelve Months Ended
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||||||||||||||||||||||
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12/31/2012
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12/31/2011
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% Chg
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12/31/2012
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12/31/2011
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% Chg
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Operating Revenues
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Wireless service
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$ | 14,949 | $ | 14,347 | 4.2 | % | $ | 59,186 | $ | 56,726 | 4.3 | % | ||||||||||||
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Data
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8,103 | 7,581 | 6.9 | % | 31,798 | 29,560 | 7.6 | % | ||||||||||||||||
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Voice
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5,464 | 5,994 | -8.8 | % | 22,619 | 25,126 | -10.0 | % | ||||||||||||||||
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Directory
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- | 781 | - | 1,049 | 3,293 | -68.1 | % | |||||||||||||||||
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Other
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4,062 | 3,800 | 6.9 | % | 12,782 | 12,018 | 6.4 | % | ||||||||||||||||
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Total Operating Revenues
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32,578 | 32,503 | 0.2 | % | 127,434 | 126,723 | 0.6 | % | ||||||||||||||||
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Operating Expenses
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Cost of services and sales (exclusive of depreciation and
amortization shown separately below)
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17,552 | 16,865 | 4.1 | % | 55,215 | 54,836 | 0.7 | % | ||||||||||||||||
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Selling, general and administrative
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16,412 | 17,145 | -4.3 | % | 41,079 | 41,382 | -0.7 | % | ||||||||||||||||
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Impairment of intangible assets
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- | 2,910 | - | - | 2,910 | - | ||||||||||||||||||
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Depreciation and amortization
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4,572 | 4,573 | - | 18,143 | 18,377 | -1.3 | % | |||||||||||||||||
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Total Operating Expenses
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38,536 | 41,493 | -7.1 | % | 114,437 | 117,505 | -2.6 | % | ||||||||||||||||
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Operating Income (Loss)
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(5,958 | ) | (8,990 | ) | 33.7 | % | 12,997 | 9,218 | 41.0 | % | ||||||||||||||
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Interest Expense
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820 | 952 | -13.9 | % | 3,444 | 3,535 | -2.6 | % | ||||||||||||||||
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Equity in Net Income of Affiliates
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215 | 135 | 59.3 | % | 752 | 784 | -4.1 | % | ||||||||||||||||
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Other Income (Expense) - Net
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12 | 117 | -89.7 | % | 134 | 249 | -46.2 | % | ||||||||||||||||
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Income (Loss) Before Income Taxes
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(6,551 | ) | (9,690 | ) | 32.4 | % | 10,439 | 6,716 | 55.4 | % | ||||||||||||||
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Income Tax (Benefit) Expense
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(2,772 | ) | (3,062 | ) | 9.5 | % | 2,900 | 2,532 | 14.5 | % | ||||||||||||||
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Net Income (Loss)
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(3,779 | ) | (6,628 | ) | 43.0 | % | 7,539 | 4,184 | 80.2 | % | ||||||||||||||
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Less: Net Income Attributable to Noncontrolling Interest
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(78 | ) | (50 | ) | -56.0 | % | (275 | ) | (240 | ) | -14.6 | % | ||||||||||||
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Net Income (Loss) Attributable to AT&T
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$ | (3,857 | ) | $ | (6,678 | ) | 42.2 | % | $ | 7,264 | $ | 3,944 | 84.2 | % | ||||||||||
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Basic Earnings (Loss) Per Share Attributable to AT&T
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$ | (0.68 | ) | $ | (1.12 | ) | 39.3 | % | $ | 1.25 | $ | 0.66 | 89.4 | % | ||||||||||
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Weighted Average Common
Shares Outstanding (000,000)
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5,661 | 5,933 | -4.6 | % | 5,801 | 5,928 | -2.1 | % | ||||||||||||||||
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Diluted Earnings (Loss) Per Share Attributable to AT&T
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$ | (0.68 | ) | $ | (1.12 | ) | 39.3 | % | $ | 1.25 | $ | 0.66 | 89.4 | % | ||||||||||
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Weighted Average Common
Shares Outstanding with Dilution (000,000)
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5,680 | 5,955 | -4.6 | % | 5,821 | 5,950 | -2.2 | % | ||||||||||||||||
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Financial Data
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AT&T Inc.
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Statements of Segment Income
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Dollars in millions
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Unaudited
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Three Months Ended
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Twelve Months Ended
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Wireless
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12/31/2012
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12/31/2011
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% Chg
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12/31/2012
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12/31/2011
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% Chg
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Segment Operating Revenues
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Service
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$ | 14,949 | $ | 14,347 | 4.2 | % | $ | 59,186 | $ | 56,726 | 4.3 | % | |||||||||||
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Equipment
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2,693 | 2,349 | 14.6 | % | 7,577 | 6,489 | 16.8 | % | |||||||||||||||
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Total Segment Operating Revenues
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17,642 | 16,696 | 5.7 | % | 66,763 | 63,215 | 5.6 | % | |||||||||||||||
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Segment Operating Expenses
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Operations and support
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13,296 | 12,513 | 6.3 | % | 43,296 | 41,282 | 4.9 | % | |||||||||||||||
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Depreciation and amortization
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1,781 | 1,588 | 12.2 | % | 6,873 | 6,329 | 8.6 | % | |||||||||||||||
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Total Segment Operating Expenses
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15,077 | 14,101 | 6.9 | % | 50,169 | 47,611 | 5.4 | % | |||||||||||||||
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Segment Operating Income
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2,565 | 2,595 | -1.2 | % | 16,594 | 15,604 | 6.3 | % | |||||||||||||||
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Equity in Net Income (Loss) of Affiliates
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(17 | ) | (10 | ) | -70.0 | % | (62 | ) | (29 | ) | - | ||||||||||||
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Segment Income
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$ | 2,548 | $ | 2,585 | -1.4 | % | $ | 16,532 | $ | 15,575 | 6.1 | % | |||||||||||
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Segment Operating Income Margin
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14.5 |
%
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15.5 | % | 24.9 |
%
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24.7 | % | |||||||||||||||
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Wireline
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Segment Operating Revenues
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Data
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$ | 8,103 | $ | 7,581 | 6.9 | % | $ | 31,798 | $ | 29,560 | 7.6 | % | |||||||||||
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Voice
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5,464 | 5,994 | -8.8 | % | 22,619 | 25,126 | -10.0 | % | |||||||||||||||
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Other
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1,355 | 1,429 | -5.2 | % | 5,150 | 5,454 | -5.6 | % | |||||||||||||||
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Total Segment Operating Revenues
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14,922 | 15,004 | -0.5 | % | 59,567 | 60,140 | -1.0 | % | |||||||||||||||
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Segment Operating Expenses
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Operations and support
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10,354 | 10,354 | - | 41,207 | 41,360 | -0.4 | % | ||||||||||||||||
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Depreciation and amortization
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2,775 | 2,889 | -3.9 | % | 11,123 | 11,615 | -4.2 | % | |||||||||||||||
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Total Segment Operating Expenses
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13,129 | 13,243 | -0.9 | % | 52,330 | 52,975 | -1.2 | % | |||||||||||||||
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Segment Operating Income
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1,793 | 1,761 | 1.8 | % | 7,237 | 7,165 | 1.0 | % | |||||||||||||||
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Equity in Net Income (Loss) of Affiliates
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(1 | ) | - | - | (2 | ) | - | - | |||||||||||||||
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Segment Income
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$ | 1,792 | $ | 1,761 | 1.8 | % | $ | 7,235 | $ | 7,165 | 1.0 | % | |||||||||||
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Segment Operating Income Margin
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12.0 |
%
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11.7 | % | 12.1 |
%
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11.9 | % | |||||||||||||||
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Advertising Solutions
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Segment Operating Revenues
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$ | - | $ | 781 | - | $ | 1,049 | $ | 3,293 | -68.1 | % | ||||||||||||
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Segment Operating Expenses
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Operations and support
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- | 558 | - | 773 | 2,265 | -65.9 | % | ||||||||||||||||
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Impairment of Intangible Assets
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- | 2,910 | - | - | 2,910 | - | |||||||||||||||||
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Depreciation and amortization
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- | 85 | - | 106 | 386 | -72.5 | % | ||||||||||||||||
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Total Segment Operating Expenses
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- | 3,553 | - | 879 | 5,561 | -84.2 | % | ||||||||||||||||
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Segment Income (Loss)
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$ | - | $ | (2,772 | ) | - | $ | 170 | $ | (2,268 | ) | - | |||||||||||
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Segment Income Margin
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- | - | 16.2 |
%
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(68.9 | )% | |||||||||||||||||
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Other
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Segment Operating Revenues
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$ | 14 | $ | 22 | -36.4 | % | $ | 55 | $ | 75 | -26.7 | % | |||||||||||
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Segment Operating Expenses
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336 | 4,316 | -92.2 | % | 1,065 | 5,078 | -79.0 | % | |||||||||||||||
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Segment Operating Income (Loss)
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(322 | ) | (4,294 | ) | 92.5 | % | (1,010 | ) | (5,003 | ) | 79.8 | % | |||||||||||
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Equity in Net Income of Affiliates
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233 | 145 | 60.7 | % | 816 | 813 | 0.4 | % | |||||||||||||||
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Segment Income (Loss)
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$ | (89 | ) | $ | (4,149 | ) | 97.9 | % | $ | (194 | ) | $ | (4,190 | ) | 95.4 | % | |||||||
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Financial Data
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AT&T Inc.
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Consolidated Balance Sheets
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Dollars in millions except per share amounts
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Unaudited
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December 31,
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2012
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2011
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Assets
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Current Assets
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Cash and cash equivalents
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$ | 4,868 | $ | 3,045 | ||||
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Accounts receivable - net of allowances for
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doubtful accounts of $547 and $878
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12,657 | 13,231 | ||||||
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Prepaid expenses
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1,035 | 1,102 | ||||||
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Deferred income taxes
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1,036 | 1,470 | ||||||
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Other current assets
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3,110 | 4,137 | ||||||
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Total current assets
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22,706 | 22,985 | ||||||
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Property, Plant and Equipment - Net
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109,767 | 107,087 | ||||||
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Goodwill
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69,773 | 70,842 | ||||||
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Licenses
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52,352 | 51,374 | ||||||
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Customer Lists and Relationships - Net
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1,391 | 2,757 | ||||||
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Other Intangible Assets - Net
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5,032 | 5,212 | ||||||
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Investments in and Advances to Equity Affiliates
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4,581 | 3,718 | ||||||
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Other Assets
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6,713 | 6,467 | ||||||
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Total Assets
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$ | 272,315 | $ | 270,442 | ||||
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Liabilities and Stockholders' Equity
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Current Liabilities
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Debt maturing within one year
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$ | 3,486 | $ | 3,453 | ||||
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Accounts payable and accrued liabilities
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20,911 | 19,956 | ||||||
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Advanced billing and customer deposits
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3,808 | 3,872 | ||||||
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Accrued taxes
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1,026 | 1,003 | ||||||
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Dividends payable
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2,556 | 2,608 | ||||||
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Total current liabilities
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31,787 | 30,892 | ||||||
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Long-Term Debt
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66,358 | 61,300 | ||||||
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Deferred Credits and Other Noncurrent Liabilities
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Deferred income taxes
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28,491 | 25,748 | ||||||
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Postemployment benefit obligation
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41,392 | 34,011 | ||||||
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Other noncurrent liabilities
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11,592 | 12,694 | ||||||
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Total deferred credits and other noncurrent liabilities
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81,475 | 72,453 | ||||||
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Stockholders' Equity
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Common stock
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6,495 | 6,495 | ||||||
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Additional paid-in capital
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91,038 | 91,156 | ||||||
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Retained earnings
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22,481 | 25,453 | ||||||
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Treasury stock
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(32,888 | ) | (20,750 | ) | ||||
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Accumulated other comprehensive income
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5,236 | 3,180 | ||||||
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Noncontrolling interest
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333 | 263 | ||||||
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Total stockholders' equity
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92,695 | 105,797 | ||||||
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Total Liabilities and Stockholders' Equity
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$ | 272,315 | $ | 270,442 | ||||
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Financial Data
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AT&T Inc.
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Consolidated Statements of Cash Flows
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Dollars in millions
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Unaudited
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2012
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2011
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2010
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Operating Activities
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Net income
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$ | 7,539 | $ | 4,184 | $ | 20,179 | ||||||
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Adjustments to reconcile net income to
|
||||||||||||
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net cash provided by operating activities:
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Depreciation and amortization
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18,143 | 18,377 | 19,379 | |||||||||
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Undistributed earnings from investments in equity affiliates
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(615 | ) | (623 | ) | (603 | ) | ||||||
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Provision for uncollectible accounts
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1,117 | 1,136 | 1,334 | |||||||||
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Deferred income tax expense and noncurrent
|
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unrecognized tax benefits
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1,285 | 2,937 | (3,280 | ) | ||||||||
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Net (gain) loss from sale of investments, net of impairments
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(19 | ) | (89 | ) | (802 | ) | ||||||
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Impairment of intangible assets
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- | 2,910 | 85 | |||||||||
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Remeasurement of pension and postretirement benefits
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9,994 | 6,280 | 2,521 | |||||||||
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Income from discontinued operations
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- | - | (779 | ) | ||||||||
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Changes in operating assets and liabilities:
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Accounts receivable
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(1,365 | ) | (1,164 | ) | (101 | ) | ||||||
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Other current assets
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1,017 | (397 | ) | (185 | ) | |||||||
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Accounts payable and accrued liabilities
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1,798 | (341 | ) | (1,230 | ) | |||||||
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Retirement benefit funding
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- | (1,000 | ) | - | ||||||||
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Other - net
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282 | 2,533 | (1,296 | ) | ||||||||
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Total adjustments
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31,637 | 30,559 | 15,043 | |||||||||
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Net Cash Provided by Operating Activities
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39,176 | 34,743 | 35,222 | |||||||||
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Investing Activities
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Construction and capital expenditures:
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Capital expenditures
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(19,465 | ) | (20,110 | ) | (19,530 | ) | ||||||
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Interest during construction
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(263 | ) | (162 | ) | (772 | ) | ||||||
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Acquisitions, net of cash acquired
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(828 | ) | (2,368 | ) | (2,906 | ) | ||||||
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Dispositions
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812 | 1,301 | 1,830 | |||||||||
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Sales (purchases) of securities, net
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65 | 62 | (100 | ) | ||||||||
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Other
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(1 | ) | 27 | 29 | ||||||||
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Net Cash Used in Investing Activities
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(19,680 | ) | (21,250 | ) | (21,449 | ) | ||||||
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Financing Activities
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Net change in short-term borrowings with
|
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original maturities of three months or less
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1 | (1,625 | ) | 1,592 | ||||||||
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Issuance of long-term debt
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13,486 | 7,936 | 2,235 | |||||||||
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Repayment of long-term debt
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(8,733 | ) | (7,574 | ) | (9,294 | ) | ||||||
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Purchase of treasury stock
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(12,752 | ) | - | - | ||||||||
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Issuance of treasury stock
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477 | 237 | 50 | |||||||||
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Dividends paid
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(10,241 | ) | (10,172 | ) | (9,916 | ) | ||||||
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Other
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89 | (451 | ) | (516 | ) | |||||||
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Net Cash Used in Financing Activities
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(17,673 | ) | (11,649 | ) | (15,849 | ) | ||||||
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Net increase (decrease) in cash and cash equivalents
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1,823 | 1,844 | (2,076 | ) | ||||||||
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Cash and cash equivalents beginning of year
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3,045 | 1,201 | 3,277 | |||||||||
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Cash and Cash Equivalents End of Year
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$ | 4,868 | $ | 3,045 | $ | 1,201 | ||||||
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Financial Data
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AT&T Inc.
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Supplementary Operating and Financial Data
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Dollars in millions except per share amounts, subscribers and connections in (000s)
|
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Unaudited
|
Three Months Ended
|
Twelve Months Ended
|
||||||||||||||||||||
|
12/31/2012
|
12/31/2011
|
% Chg
|
12/31/2012
|
12/31/2011
|
% Chg
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Wireless
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Volumes
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Total
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106,957 | 103,247 | 3.6 | % | ||||||||||||||||||
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Postpaid
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70,497 | 69,309 | 1.7 | % | ||||||||||||||||||
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Prepaid
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7,328 | 7,225 | 1.4 | % | ||||||||||||||||||
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Reseller
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14,875 | 13,644 | 9.0 | % | ||||||||||||||||||
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Connected Devices
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14,257 | 13,069 | 9.1 | % | ||||||||||||||||||
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Wireless Net Adds
|
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Total
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1,094 | 2,497 | -56.2 | % | 3,764 | 7,699 | -51.1 | % | ||||||||||||||
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Postpaid
|
780 | 717 | 8.8 | % | 1,438 | 1,429 | 0.6 | % | ||||||||||||||
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Prepaid
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(166 | ) | 159 | - | 128 | 674 | -81.0 | % | ||||||||||||||
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Reseller
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234 | 592 | -60.5 | % | 1,027 | 1,874 | -45.2 | % | ||||||||||||||
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Connected Devices
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246 | 1,029 | -76.1 | % | 1,171 | 3,722 | -68.5 | % | ||||||||||||||
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M&A Activity, Partitioned Customers and Other Adjs.
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(8 | ) | 12 | - | (54 | ) | 12 | - | ||||||||||||||
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Wireless Churn
|
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Postpaid Churn
|
1.19 | % | 1.21 | % |
-2 BP
|
1.09 | % | 1.18 | % |
-9 BP
|
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Total Churn
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1.42 | % | 1.39 | % |
3 BP
|
1.35 | % | 1.37 | % |
-2 BP
|
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Other
|
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Branded Computing Subscribers1
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6,429 | 5,105 | 25.9 | % | ||||||||||||||||||
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Licensed POPs (000,000)
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313 | 313 | - | |||||||||||||||||||
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Wireline
|
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Voice
|
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Total Wireline Voice Connections
|
34,792 | 39,012 | -10.8 | % | ||||||||||||||||||
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Net Change
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(1,029 | ) | (1,086 | ) | 5.2 | % | (4,220 | ) | (4,551 | ) | 7.3 | % | ||||||||||
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Broadband
|
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Total Wireline Broadband Connections
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16,390 | 16,427 | -0.2 | % | ||||||||||||||||||
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Net Change2
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(2 | ) | (49 | ) | 95.9 | % | (37 | ) | 118 | - | ||||||||||||
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Video
|
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U-verse
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4,536 | 3,791 | 19.7 | % | ||||||||||||||||||
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Satellite
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1,600 | 1,765 | -9.3 | % | ||||||||||||||||||
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Total Video Connections
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6,136 | 5,556 | 10.4 | % | ||||||||||||||||||
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Net Change
|
159 | 164 | -3.0 | % | 580 | 639 | -9.2 | % | ||||||||||||||
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Consumer Revenue Connections
|
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Broadband3
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14,531 | 14,492 | 0.3 | % | ||||||||||||||||||
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Video Connections4
|
6,114 | 5,542 | 10.3 | % | ||||||||||||||||||
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Voice5
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18,614 | 21,232 | -12.3 | % | ||||||||||||||||||
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Total Consumer Revenue Connections
|
39,259 | 41,266 | -4.9 | % | ||||||||||||||||||
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Net Change
|
(418 | ) | (586 | ) | 28.7 | % | (2,007 | ) | (2,161 | ) | 7.1 | % | ||||||||||
|
AT&T Inc.
|
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|
Construction and capital expenditures
|
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|
Capital expenditures
|
$ | 5,846 | $ | 5,485 | 6.6 | % | $ | 19,465 | $ | 20,110 | -3.2 | % | ||||||||||
|
Interest during construction
|
$ | 66 | $ | 43 | 53.5 | % | $ | 263 | $ | 162 | 62.3 | % | ||||||||||
|
Dividends Declared per Share
|
$ | 0.45 | $ | 0.44 | 2.3 | % | $ | 1.77 | $ | 1.73 | 2.3 | % | ||||||||||
|
End of Period Common Shares Outstanding (000,000)
|
5,581 | 5,927 | -5.8 | % | ||||||||||||||||||
|
Debt Ratio6
|
43.0 | % | 38.0 | % |
500 BP
|
|||||||||||||||||
|
Total Employees
|
241,810 | 256,420 | -5.7 | % | ||||||||||||||||||
|
1
|
Branded Computing Subscribers includes tablets, tethering plans, aircards, mobile Wi-Fi hot spots and other data-only devices.
|
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|
2
|
Prior year amounts restated to conform to current period reporting methodology.
|
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3
|
Consumer wireline broadband connections include DSL lines, U-verse High Speed Internet access and satellite broadband.
|
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4
|
Video connections include sales under agency agreements with EchoStar and DirecTV customers and U-verse connections.
|
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|
5
|
Includes consumer U-verse Voice over Internet Protocol connections of 2,905 as of December 31, 2012.
|
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|
6
|
Total long-term debt plus debt maturing within one year divided by total debt plus total stockholders' equity.
|
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|
Note: For the end of 4Q12, total switched access lines were 31,887, retail business switched access lines totaled 14,274, and wholesale
|
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|
and coin switched access lines totaled 1,904.
|
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