Pascal Desroches to Update Shareholders at Deutsche Bank Media, Internet & Telecom Conference on March 11
Key Takeaways:
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AT&T is embarking on a multi-year strategic growth plan that centers around putting customers first and continued network investment. -
AT&T continues to make progress on becoming the best connectivity provider in America and remains on track to meet all of the financial and operational guidance and capital allocation plans shared during its fourth quarter 2024 earnings conference call and its 2024 Analyst & Investor Day. -
AT&T expects to report strong free cash flow in the first quarter as well as the receipt of more than$2 billion in cash proceeds and payments related to previously announced transactions.
As previously disclosed, beginning in 2025,
The Company continues to expect full-year adjusted EPS of
The Company continues to expect full-year free cash flow of
In addition, during the first quarter of 2025,
In the first quarter, the Company also received more than
The Company continues to expect to achieve its net leverage target of net-debt-to-adjusted EBITDA in the 2.5x range in the first half of 2025 and maintain leverage within this range through 2027.
Conference details and more are available on the AT&T Investor Relations website
Full conference details are posted on the AT&T Investor Relations website, including a replay of the webcast. To automatically receive
Non-GAAP Measures and Reconciliations to GAAP Measures Adjusted diluted 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. 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%. The Company expects adjustments to 2025 reported diluted EPS to include an adjustment to remove equity in net income of DIRECTV, a non-cash mark-to-market benefit plan gain/loss, and other items. The adjustment to remove the equity in net income of DIRECTV is dependent upon cash distributions from DIRECTV and the timing of the closing of the sale of our DIRECTV investment, which is expected in mid-2025. 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 first-quarter and full-year 2025 adjusted EPS depends on future levels of revenues and expenses, most of which are not reasonably estimable at this time. Accordingly, we cannot provide a reconciliation between this projected non-GAAP metric and the most comparable GAAP metric without unreasonable effort.
Free cash flow is 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). First-quarter 2025 projected free cash flow of
Cautionary Language Concerning Forward-Looking Statements
Information set forth in this news release contains financial estimates and other forward-looking statements that are subject to risks and uncertainties, and actual results might differ materially. A discussion of factors that may affect future results is contained in
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