AT&T (T) Financials

$199.6 B

Mkt cap, 25-May-2018

$38 B

Revenue Q1, 2018
Net income (Q1, 2018)4.8 B
EBIT (Q1, 2018)6.2 B
Cash, 31-Mar-201848.9 B
EV284.5 B

Revenue/Financials

Income Statement

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Revenue

128.8 b132.4 b146.8 b163.8 b160.5 b

Revenue growth, %

3%11%12%(2%)

Cost of goods sold

51.5 b60.6 b67 b76.9 b77.4 b

Gross profit

77.3 b71.8 b79.8 b86.9 b83.2 b

Gross profit Margin, %

60%54%54%53%52%

General and administrative expense

28.4 b39.7 b33 b36.3 b34.9 b

Operating expense total

28.4 b39.7 b33 b36.3 b34.9 b

Depreciation and amortization

18.4 b18.3 b22 b25.8 b24.4 b

EBIT

30.8 b12.2 b24.8 b24.3 b20.9 b

EBIT margin, %

24%9%17%15%13%

Interest expense

3.9 b3.6 b4.1 b4.9 b6.3 b

Net interest expense

1 m2

Pre tax profit

28.1 b10.4 b20.7 b19.8 b15.1 b

Income tax expense

9.3 b3.6 b7 b6.5 b(14.7 b)

Net Income

18.6 b6.4 b13.3 b13 b29.8 b

Balance Sheet

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Cash

3.3 b8.6 b5.1 b5.8 b50.5 b

Accounts Receivable

12.9 b14.5 b16.5 b16.8 b16.5 b

Prepaid Expenses

960 m831 m1.1 b1.6 b1.4 b

Current Assets

23.2 b32 b36 b38.4 b79.1 b

PP&E

111 b112.9 b124.5 b124.9 b125.2 b

Goodwill

69.3 b69.7 b104.6 b105.2 b105.4 b

Total Assets

277.8 b292.8 b402.7 b403.8 b444.1 b

Accounts Payable

23.6 b23.6 b30.4 b31.1 b34.5 b

Dividends Payable

2.4 b2.4 b3 b3 b3.1 b

Short-term debt

5.5 b6.1 b7.6 b9.8 b38.4 b

Current Liabilities

35 b37.3 b47.8 b50.6 b81.4 b

Long-term debt

69.3 b75.8 b118.5 b113.7 b126 b

Total Debt

74.8 b81.8 b126.2 b123.5 b164.3 b

Common Stock

6.5 b6.5 b6.5 b6.5 b6.5 b

Additional Paid-in Capital

91.1 b91.1 b89.8 b89.6 b89.6 b

Retained Earnings

27.7 b27.7 b33.7 b34.7 b50.5 b

Total Equity

91.5 b90.3 b123.6 b124.1 b142 b

Debt to Equity Ratio

0.8 x0.9 x1 x1 x1.2 x

Debt to Assets Ratio

0.3 x0.3 x0.3 x0.3 x0.4 x

Financial Leverage

3 x3.2 x3.3 x3.3 x3.1 x

Quarterly

USDQ1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018

Cash

4.4 b21 b6.2 b10 b7.2 b5.9 b14.9 b25.6 b48.5 b48.9 b

Accounts Receivable

13.6 b13.8 b16.3 b16.1 b15.8 b16.9 b15.1 b15 b15.9 b

Prepaid Expenses

930 m834 m1.2 b1.4 b1.2 b1.3 b1.4 b1.4 b1.3 b

Current Assets

27.4 b43.2 b35 b38 b36 b37.4 b45.7 b53.5 b76.4 b78.5 b

PP&E

113 b114 b123 b123 b124 b124 b125 b126 b126.5 b125.1 b

Goodwill

70.3 b70.9 b106 b105 b105 b105 b106 b106 b105.7 b105.5 b

Total Assets

308 b326 b400 b404 b402 b403 b412 b421 b443.9 b446.3 b

Accounts Payable

20.4 b21.6 b28.3 b26.2 b26.7 b28.8 b27.1 b26.5 b28.9 b31.6 b

Dividends Payable

2.4 b2.4 b2.9 b3 b3 b2.9 b3 b3 b3 b3.1 b

Short-term debt

8.2 b8.6 b7.5 b8.4 b9.5 b8 b12.7 b10.8 b8.6 b

Current Liabilities

37.7 b40.5 b47.9 b44.5 b46.5 b47.1 b50.7 b48 b47.7 b70.6 b

Long-term debt

88.3 b105 b119 b122 b117 b117 b121 b133 b154.7 b133.7 b

Total Debt

96.5 b113.6 b126.5 b130.4 b126.5 b125 b133.7 b143.8 b163.3 b133.7 b

Common Stock

6.5 b6.5 b6.5 b6.5 b6.5 b6.5 b6.5 b6.5 b6.5 b6.5 b

Additional Paid-in Capital

91 b91 b89.7 b89.4 b89.5 b89.5 b89.4 b89.5 b89.5 b89.4 b

Retained Earnings

28.5 b29.1 b32.6 b34.5 b35 b35.3 b35.2 b36.1 b36.1 b55.1 b

Total Equity

87.1 b87.5 b123 b124 b124 b125 b125 b126 b126.1 b147.1 b

Debt to Equity Ratio

1.1 x1.3 x1 x1.1 x1 x1 x1.1 x1.1 x1.3 x

Debt to Assets Ratio

0.3 x0.3 x0.3 x0.3 x0.3 x0.3 x0.3 x0.3 x0.4 x

Financial Leverage

3.5 x3.7 x3.3 x3.3 x3.2 x3.2 x3.3 x3.3 x3.5 x3 x

Cash Flow

Annual

USDFY, 2013FY, 2015FY, 2016FY, 2017

Net Income

18.6 b13.7 b13.3 b29.8 b

Depreciation and Amortization

18.4 b22 b25.8 b24.4 b

Accounts Receivable

(1.3 b)(535 m)(1 b)(986 m)

Accounts Payable

(152 m)1.3 b118 m816 m

Cash From Operating Activities

34.8 b35.9 b39.3 b39.2 b

Purchases of PP&E

(20.9 b)(19.2 b)(21.5 b)(20.6 b)

Cash From Investing Activities

(23.1 b)(49.1 b)(24.2 b)(20.4 b)

Long-term Borrowings

(7.7 b)(10 b)(10.8 b)(12 b)

Dividends Paid

(9.7 b)(10.2 b)(11.8 b)(12 b)

Cash From Financing Activities

(13.2 b)(9.8 b)(14.5 b)25.9 b

Net Change in Cash

(1.5 b)(3.5 b)667 m44.7 b

Quarterly

USDQ1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018

Net Income

3.3 b6.4 b9.6 b3.9 b7.4 b10.8 b3.6 b7.6 b10.7 b4.8 b

Depreciation and Amortization

4.6 b9.3 b15.5 b6.6 b13.1 b19.7 b6.1 b12.3 b18.3 b6 b

Accounts Receivable

739 m434 m453 m627 m543 m(1.1 b)445 m119 m(652 m)(439 m)

Accounts Payable

(1.8 b)(1.1 b)1.3 b(4 b)(3.1 b)(1.2 b)(1.8 b)(2.8 b)(1.4 b)(2 b)

Cash From Operating Activities

6.7 b15.9 b26.7 b7.9 b18.2 b29.2 b9.2 b18.2 b29.3 b8.9 b

Purchases of PP&E

(3.8 b)(8.3 b)(13.4 b)(4.5 b)(9.7 b)(15.3 b)(5.8 b)(10.8 b)(15.8 b)(6 b)

Cash From Investing Activities

(21.6 b)(27.7 b)(43 b)(4.3 b)(10 b)(18.2 b)(6.2 b)(9.9 b)(15.3 b)(7.2 b)

Long-term Borrowings

(596 m)(2.9 b)(10 b)(2.3 b)(9.1 b)(10.7 b)(3.1 b)(6.1 b)(10.3 b)(4.9 b)

Dividends Paid

(2.4 b)(4.9 b)(7.3 b)(2.9 b)(5.9 b)(8.9 b)(3 b)(6 b)(9 b)(3.1 b)

Cash From Financing Activities

10.7 b24.1 b14 b1.3 b(6.1 b)(10.2 b)6 b11.6 b28.7 b(3.5 b)

Net Change in Cash

(4.2 b)12.4 b(2.4 b)4.9 b2.1 b774 m9.1 b19.8 b42.7 b

Interest Paid

1 b2.2 b3.5 b1.5 b2.9 b4.4 b1.6 b3.1 b5 b

Income Taxes Paid

(247 m)(71 m)873 m477 m2.5 b3.2 b(160 m)1.5 b1.9 b

Ratios

USDY, 2018

EV/EBIT

45.9 x

EV/CFO

31.8 x

Financial Leverage

3 x
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Operating Metrics

AT&T's Pay-TV Subscribers was reported to be 25 m in Mar, 2018.
FY, 2014Q1, 2015Q2, 2015Q3, 2015FY, 2015Q1, 2016Q2, 2016Q3, 2016FY, 2016Q1, 2017Q2, 2017Aug, 2017Q3, 2017FY, 2017Mar, 2018

Wireless Customers

120 m127.50 m132.45 m134.50 m128 m139.66 m141.76 m144.04 m146.80 m146.82 m149.58 m152.61 m157 m

Video Subscribers

5.94 m37.93 m37.81 m37.85 m37.80 m38.74 m38.82 m38.60 m

Broadband Connections

12.20 m16.10 m15.96 m15.83 m12.40 m15.76 m15.64 m15.62 m12.90 m15.70 m15.69 m15.72 m13.50 m

Video Connections

25.40 m25.29 m25.30 m25.03 m25.17 m25 m25.08 m25 m

Connected Business Locations (High-speed fiber)

1 m

Pay-TV Subscribers

25 m
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Human Capital

Ethnicity

Y, 2016
White58 %
Black19 %
Hispanic14 %
Asian6 %
Other3 %
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