Jeff McElfresh to Update Shareholders at the 2024 Morgan Stanley Technology, Media and Telecom Conference

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Mar 04, 2024, 06:30 ET

Tune in at 1:15 p.m. ET today for a fireside chat with our chief operating officer, where he will cover AT&T's progress on its multiyear strategy to drive sustainable and profitable growth

DALLAS, March 4, 2024 /PRNewswire/ --

Key Takeaways:

AT&T is executing well on its sustainable, long-term growth strategy. The company remains on track to meet all of its financial guidance
The company continues to see healthy demand for world-class connectivity through 5G and fiber
As one of the largest investors in the United States, the company remains focused on building vital, high-performance network infrastructure for both mobile and fiber networks. To support these efforts, the company continues to expect 2024 capital investment in the $21-22 billion range

Jeff McElfresh, chief operating officer, AT&T* (NYSE:T) Inc., will speak today at the Morgan Stanley Technology, Media and Telecom Conference where he will provide an update to shareholders. Here are the key topics McElfresh is expected to cover:

The company's focus on leading with world-class connectivity, is working.

AT&T continues to benefit from the connectivity-focused, investment-led strategy it laid out more than 3 years ago. By executing a simple and proven playbook, the company is powering customer growth, improving returns and enabling additional investments that are benefiting the business.
AT&T's simple and consistent go-to-market approach continues to resonate with customers and has created a sustainable model for healthy growth and strong cash conversion.

AT&T continues to invest in the future of America's connectivity.

AT&T is focused on becoming America's best high-performance network provider. AT&T now has the largest wireless network in North America¹, with mid-band 5G spectrum covering 210 million+ people. Additionally, AT&T has the nation's largest fiber network passing 26 million+ consumer and business locations.
AT&T is making critical investments in its wireless and fiber future. This includes accelerating the transition to Open Radio Access Networks (Open RAN), which will enable a more robust supplier ecosystem, and drive efficiencies and longer-term cost savings. Additionally, based on fiber returns better than initial assumptions, AT&T sees an opportunity to potentially pass an incremental 10 to 15 million consumer and business fiber locations within its existing footprint – assuming similar build parameters and a regulatory environment that incentivizes investing in America's robust connectivity needs.
The company remains on track to hit its target of 30 million+ fiber locations passed by the end of 2025.
Over the past five years, from 2019 to 2023, AT&T invested $145 billion+ in its wireless and wireline networks, including capital investments and acquisitions of wireless spectrum².

AT&T remains on track to achieve its financial guidance.

The company remains confident in its ability to deliver on all of the financial guidance provided with its earnings report in January 2024.
AT&T also remains focused on driving incremental efficiencies with an additional $2 billion+ in run-rate cost savings by mid-2026.
The company is on track to reduce net debt and to achieve net-debt to adjusted EBITDA in the 2.5x range in the first half of 2025. It also plans to continue addressing short-term financing obligations as it shapes an even more sustainable and ratable free cash flow cadence.

AT&T remains focused on growing durable relationships with high-quality 5G & fiber customers.

The company continues to see healthy, but normalizing, wireless industry trends and steady fiber customer demand.
AT&T is uniquely positioned to take advantage of its owned and operated scaled wireless and fiber networks. Unlike others in the industry, the company realizes economic benefit from both wireless and fiber when it adds converged subscribers.
AT&T's connectivity toolkit includes multiple technologies, including 5G, fiber and the company's fixed wireless access product – AT&T Internet Air – which is now available in parts of nearly 60 markets.

Following the event, the webcast of McElfresh's conversation will be available for replay at AT&T Investor Relations.

¹ Based on comparison of carrier owned & operated networks. No AT&T on-net coverage in select countries, including Canada. Details: att.com/international. Destinations covered: att.com/globalcountries. 5G claim based on nationwide GWS drive test data. GWS conducts paid drive tests for AT&T and uses the data in its analysis. AT&T 5G requires compatible plan and device. 5G coverage not available everywhere. Learn more at att.com/5Gforyou

²The years ended December 31, 2020 through 2023 present results from continuing operations, and the year ended December 31, 2019 includes comparable adjustments to remove capital expenditures from discontinued operations.

*About AT&T

We help more than 100 million U.S. families, friends and neighbors, plus nearly 2.5 million businesses, connect to greater possibility. From the first phone call 140+ years ago to our 5G wireless and multi-gig internet offerings today, we @ATT innovate to improve lives. For more information about AT&T Inc. (NYSE:T), please visit us at about.att.com. Investors can learn more at investors.att.com.

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 AT&T's filings with the Securities and Exchange Commission. AT&T disclaims any obligation to update and revise statements contained in this news release based on new information or otherwise.

This news release may contain certain non-GAAP financial measures. Reconciliations between the non-GAAP financial measures and the GAAP financial measures are available on the company's website at https://investors.att.com.

SOURCE AT&T