Q2 2023 AT&T Inc Earnings Call

July 26, 2023

Yeah.

[music]. Thank you for standing by welcome to AT&T second quarter 2023 earnings call at this time.

All participants are in a listen only mode if.

If you should require assistance during the call. Please press Star then zero and an operator will assist you offline.

Following the presentation the call will be opened for questions if you'd like to ask a question. Please press one zero and you will be placed in the question queue if.

If you are in the question queue I would like to withdraw your question.

You can do so by pressing one and then zero and as a reminder, this conference is being recorded.

I would now like to turn the conference call over to our host Amir Rosewood housekeeping Senior Vice President Finance and Investor Relations. Please go ahead.

Thank you and good morning, everyone welcome to our second quarter call I'm <unk> head of Investor Relations for AT&T.

Joining me on the call today are John Stankey, our CEO and Pascal the Roche our CFO before we begin I need to call your attention to our safe Harbor statement. It says that some of our comments today may be forward looking.

As such they are subject to risks and uncertainties described in At&t's SEC filings results may differ materially additional information, including our earnings materials are available on the Investor Relations website with that I'll turn the call over to John Stankey, John Thanks, Samir Good morning, everyone. I appreciate you joining us.

I'd like to open our discussion today by sharing that at the halfway point of the year our.

Our performance and results are tracking entirely consistent with the guidance we provided to you.

In fact, this past call shares the specifics with you.

I think youll conclude that our performance continues to demonstrate our strategy is on track to achieve the objectives, we outlined three years ago.

To drive consistent growth simplify the company and reduce leverage.

For the last three years, our teams have executed on our strategy that enabled us to go from annually, losing share to now delivering the right combination of continued postpaid phone adds low postpaid churn.

Growing average revenue per user and profitability growth.

Specifically over the past three years, we've added $8 3 million postpaid phone net adds that's up from fewer than $1 million in the three years prior to July 2020.

During the past three years not only do we close the gap to the industry share leader for postpaid phones by about 350 basis points, but.

But we also improved our wireless service revenue share versus the industry leader by roughly 250 basis points.

On postpaid phone churn, we drove an improvement of 28 basis points since the beginning of 2020.

We also achieved a record low quarterly postpaid phone churn.

Two of those three years.

In Stark contrast, the wireless industry's leaders postpaid phone churn was relatively flat over the same time.

Statistics aside from my seat are historically low levels of churn along with improved mobility net promoter scores shows me that our customers are very happy with the investments we've made in at&t's customer experience and network quality and that our teams are delivering great value.

<unk>.

Ultimately this means our customers are more likely to stay with AT&T over the long haul and this is confirmed by external indicators like the American customer satisfaction index, which recently named AT&T is the number one in wireless customer satisfaction.

So more customers are choosing AT&T and staying with AT&T.

We're also more profitable as evidenced by our increasing postpaid phone <unk> and service revenues.

Over the past three years, our postpaid phone <unk> is up more than a dollar.

This shows that customers are voting with their wallets, we've achieved the right balance between the cost of our services and the value we provide.

Lastly, let's look at wireless revenues and profitability.

From <unk> 2018 to <unk> 2020.

Our wireless service revenues were essentially flat and our profitability was up modestly over that time period.

However in the past three years, we have grown quarterly wireless service revenues by about $2 billion up roughly 15% and we've materially increased profitability on an annual basis.

I should also call out the success, we're seeing in our prepaid business.

Cricket has sustained growth by continuing to add prepaid voice customers to one of the highest value subscriber bases in this sector.

Now, let's turn to our fiber business.

Our investment thesis for building more fiber started with our understanding that people needed better and faster broadband connectivity than what was available that those needs would only grow exponentially.

We believe that by providing the best access technology on the planet, we could transform our consumer wireline business into a fiber fueled sustainable growth franchise.

Our results have only strengthened that confidence is returns continue to exceed our initial expectations.

Over the past three years, we've had more than $3 4 million AT&T fiber net adds boosting our subscriber base by roughly 80%.

Everywhere, we put fiber in the ground.

Feel good about our ability to win with consumers in fact, our average penetration rate is about 38%.

Over the past three years, our fiber net additions outpaced the leading cable providers broadband net additions.

This is an impressive accomplishment given the size of their footprint.

Since the second quarter of 2020, we doubled our quarterly fiber broadband revenues, reaching more than $1 $5 billion this quarter.

And over the past three years, the accretive mix shift to fiber is driven our broadband <unk> up more than $10 an increase of 20%.

So again shows that customers are voting with their dollars. We also have plenty of room to run we're still less expensive than competitive offerings in the market.

So let me summarize.

Our wireless business is growing share in <unk>, low churn and improving margins.

Our fiber business is accelerating newbuild penetration growing Sharon <unk>, while lowering churn improving margins. This is the formula for sustainable top and bottom line results.

And we're confident this success will be sustainable over the next three years.

Here's why.

As the industry convergence accelerates, our owner's economics in both fiber and wireless provide AT&T with the strategic advantage that will be hard to match the lifetime value of our mobile customer is significantly higher than that of a cable <unk> customer.

Tables busy adding wireless customers at very low lifetime values just to protect customers they already have.

We're not only keeping our current high value customers happy.

But also adding more of them.

Moving to our next priority.

I am pleased with how we continue to simplify our business and improve our efficiency.

Our cost savings initiative has achieved our $6 billion run rate savings target and.

And we believe there is significant opportunity to build on this momentum with another $2 billion plus over the next three years.

After a period of reinvestment. This work has been the foundation for our recent margin improvements as shown in our adjusted EBITDA margin improvement this quarter and 210 basis points compared to the same quarter last year. These.

These additional cost savings will be largely driven by the sunsetting of our legacy product portfolio and supporting infrastructure.

As we ramp our execution on this work.

We'll begin to enjoy the benefits of our simplified focus on wireless and fiber.

Turning to our final priority.

We continue to allocate capital in a deliberate manner to create best in class experiences for customers drive sustainable profitable growth.

And deliver long term value for shareholders.

Over the past three years, we've reduced our net debt by about $20 billion.

We also recently transferred $8 billion of pension liabilities through the purchase of insurance annuities.

As Pascal will discuss we've addressed a number of one time and discrete items and now expect to use an increasing amount of our free cash flows after dividends to accelerate our debt reduction efforts.

We remain committed to achieving the two five times range for net debt to adjusted EBITDA in the first half of 2025.

We feel good about our ability to accomplish this goal, while providing an attractive dividend with improving credit quality as we expect to increase cash generation over time.

At the same time, we're investing in the future of our company and the future of our country's connectivity since July 2020, our capital investment has totaled about 65 billion.

It was one of the largest investors in Americas broadband infrastructure, we're enhancing our <unk> and fiber network at a historic pace.

We're focused on connecting the most people in the most places and with the best experience.

Over the past three years, we passed about 7 million new fiber locations, increasing our locations passed by about 40% over the same time, we've expanded our nationwide <unk> network to cover approximately 290 million people and we now reach more than $175 million.

With mid band <unk> spectrum.

While some of our peers spend time trying to convince you why their services are good enough for now.

We're investing billions to provide Americans access to the best Internet offering for decades to come.

I'll end my remarks.

By reiterating that the repositioning of our business can be credited to our team's belief in our strategy and ongoing commitment to delivering real value for our customers.

We're focused on ensuring AT&T is the clear choice to serve our country's connectivity needs not only today, but.

Well into the future.

With that I'll turn it over to Pascal Pascal.

Thank you John and good morning, everyone, let's move to our second quarter financial summary on the next slide.

Consolidated revenues were up nearly 1% in the second quarter, largely driven by wireless service revenue and fiber revenues. Additionally, revenues in our Mexico operations were also higher due to increases in wholesale and equipment revenues as well as favorable FX.

These increases were partially offset by an expected decrease in low margin mobility equipment revenues and a decline in business wireline.

Adjusted EBITDA was up 7% for the quarter with growth in mobility consumer wireline in Mexico. This was partially offset by an expected decline in business wireline.

We are on track to deliver our full year adjusted EBITDA guidance, given all momentum to date, we are confident in delivering adjusted EBITDA growth of better than 3%.

Adjusted EPS was <unk> 63, compared to <unk> 65 in the year ago quarter. This includes about seven.

Noncash aggregate EPS headwinds from lower pension credits lower capitalized interest lower Directv equity income all of which we expected.

Cash from operating activities was $9 9 billion versus $7 7 billion last year and was up $3 2 billion sequentially. The main factors driving this year over year increase we're <unk>.

Higher receipts, driven by earnings growth higher securitization and lower device and interest payments.

Capital investment was $5 9 billion in the quarter and $12 4 billion year to date.

This reflects continued historically high levels of investment in <unk> fiber, we expect to move past peak capital investment levels as we exit the year.

We feel really good about free cash flow of $4 2 billion in the quarter for the first half of 2023 compared to the first half of 2022.

Free cash flow was up about $1 billion, and we expect our cash generation to accelerate from here.

We delivered this year over year growth in the <unk>.

First half, despite not $800 million, lower Directv cash distributions and roughly $700 million and lowered net impact of sales of receivables.

We expect free cash flow of about $11 billion for the remainder of 2023 weighted towards the fourth quarter.

Here are the factors driving this acceleration of free cash flow relative to the first half performance.

One we expect capital investments to be about $1 billion lower in the second half of the year after peaking in the first half.

Two we anticipate device payments to be about $4 5 billion lower than the first half of the year.

Three the first half of the year included more than $1 billion.

And you incentive compensation payments that won't repeat in the second half for.

And as I mentioned earlier, we expect full year adjusted EBITDA growth of more than 3% and lastly, we expect although working capital improvement of roughly $1 billion in the second half of the year relative to the first half of the year, including higher non cash amortization of deferred acquisition.

Costs.

These improvements are expected to be partially offset by lower cash distributions from Directv of about $500 million in the second half of the year relative to the first half and cash.

Cash taxes of about $1 billion higher in the second half of the year versus the first half of the year after.

As a result, we're on track to achieve full year free cash flow of $16 billion or better now, let's turn to our mobility results on the next slide.

Looking at our mobility results postpaid phone net adds were 326000.

Total revenues and profits of our largest business unit are at an all time second quarter highs.

Revenues were up 2% and service revenues were up four 9%. These gains were driven by subscriber growth and higher ARPA.

<unk> EBITDA was up eight 3% in the quarter.

Ability postpaid phone <unk> was $55 63 up one 5% year over year. The primary drivers of <unk> growth are higher ARPA on legacy plants from last year's pricing actions.

A continued mix shift to higher value rate plans with higher margins.

And continued improvements in consumer international roaming trends.

Postpaid phone churn remains low at seven.

79% for the quarter.

In prepaid we had 123000 phone net additions with total churn.

Two 5%, primarily driven by cricket, let's move to the next slide and our hotline results.

Our fiber investment is driving consumer wireline growth and strong returns. We added 251000 fiber customers. This is strong growth against an industry that slowed in recent quarters due to significantly lower move activity.

Strong fiber revenue growth of 28% drove broadband revenues up by 7% year over year, our fiber revenues are outpacing our legacy revenues and this separation will continue to grow over time fiber.

Fiber or <unk> was $66 70 up 8% cut.

Customers are increasingly choosing fastest speed tiers, which is also supporting <unk> growth.

Consumer wireline EBITDA grew 10, 2%. This reflects fiber revenue growth and about $35 million of discreet comparison items that helped EBITDA growth rates.

Turning to business wireline EBITDA was down about $75 million year over year.

This quarter included about $75 million in discrete comparison item, including a one time access cost benefit.

Ultimately, we still see the same underlying trends that went into our guidance and our full year expectations are unchanged.

Our business solutions wireless service revenues grew nine 1%.

First net continues to be a driver of this growth connections grew by about 350000 sequentially with a little more than one third of this growth from postpaid phones, what we've accomplished with first net is truly remarkable.

Not long ago. This was an underpenetrated segment of our customer base, but by committing to delivering a best in class network and tailored solutions for first responders, we'd become the unquestioned industry leader by exclusively serving the public safety community with $5 million first net connections in.

Just five years.

We believe there is runway to continue this growth.

Now I'd like to close by taking a moment to provide an update on our capital allocation on the next slide.

We wanted to provide some added information around our expectations for reducing net debt.

Our plan to reduce net debt and reached to two five times range in the first half of 2025 remains on track.

Over the course of the past 12 months, we generated $15 2 billion of free cash flow and paid out total dividends and other distributions up nine 3 billion. This left us with $5 9 billion of remaining cash.

So why didn't net debt declined by a proportionate amount.

The short answer is that we had approximately $4 billion of one time items and discreet obligations to pay off these included.

Our Warner Media post closing adjustment payment.

Our final NFL Sunday ticket payment.

Redeeming in full the $8 billion preferred interest in our mobility to subsidiary.

We partly funded this with $7 billion of issuances for other preferred subsidiary shares.

Additionally, net debt reflects about $1 $5 billion of mark to market impacts from foreign exchange.

Keep in mind that our foreign denominated debt is fully hedged so economically we have an offsetting foreign currency gain in derivatives.

Looking forward in the fourth quarter, we expect to make final clarity payment of about $2 billion tied to our 2021 spectrum acquisitions.

After this payment we will be in a position in which.

We have satisfied all nonrecurring near term financial obligations.

The majority of our debt is fixed at very low rates.

And we've refinanced or pre funded some of our near term debt maturities at really attractive rates at the same time.

Capital investment will be coming down from the all time peak levels. This will increase cash conversion and give us more cash to reduce net debt. So going forward from now until the first half of 2025, we expect to increasingly use our free cash flows after dividends to reduce debt and at a faster pace by the end of this year.

We expect to reduce net debt by around $4 billion, excluding any potential FX impacts, which will put us at about the three times range for net debt to adjusted EBITDA. This puts us on a trajectory to achieve the targeted two five times range in the first half of 2025 and <unk>.

Summary, we feel good about our plans to delever.

And about our Q2 results, which demonstrate our ability to sustainably grow subscribers service revenues and profits let.

Let me turn it back to John to close out our remarks.

Before we open it up for Q&A I'd like to briefly comment on the telecommunications industry's handling of lead cloud cables in our networks.

As background, it's well understood that led cloud cables are used broadly in our nation's infrastructure today.

From power cables to telecommunications cables <unk> been used to protect interior wires from exposure to the elements because led is very stable and it doesn't rust.

Practice has long been known and its risks of exposure to those in close contact to it has been regulated by federal and state authorities for decades.

Generally the telecommunications industry began to phase out placement of new led cloud telecom cables in the 19 fifties.

However, led glad cables are so durable that they continue to be used in our power grid and our railway systems.

And in our industry and some of these cables still provide important customer voice and data services.

Including connecting 911 service fire alarms and other central monitoring stations.

We take the concerns raised very seriously as there is no higher priority than the health and safety of our employees and the communities, where we live and work period.

We believe that a deliberate review in collaboration with the EPA and our industry partners.

With reliable science at the forefront.

Is the responsible way to evaluate this issue.

Independent experts longstanding science have given US no reason to believe these cables pose a public health risk.

Our own prior testing, which we've shared publicly confirms the established science.

Still to be responsive to any concerns raised by recent reporting we're doing additional testing at selected sites and we're working cooperatively with the environmental protection agency to provide them the information needed to conduct a thorough assessment of the issue using the most up to date reliable.

Science.

We're very proud of our track record along with our Union partners.

In addressing employee safety for those who perform maintenance and repair work on these cables, we fully comply with the established regulatory standards and science related to potential lead exposure for workers and meet or exceed state and federal Osha requirements for our employees who work with led.

And the abundance of caution one extra measure we've taken is to expand our existing practice of providing testing for employees involved in cable removal and have added a voluntary testing program for any employee who works with or has worked with lead cloud cables.

We're offering the testing on company time, and a company expense.

Rest assured that if there is new and reliable information for us to consider we will constructively work with others in our industry scientific experts and government agencies to do what we always endeavored to do which is act responsibly.

I hope the information that we've been providing including that led cloud cables make up a small part of our network with the majority underground encased in protective conduit.

Serves as helpful background on the topic.

We have always done the right thing related to led cables, we're doing the right thing today based on current science and protocols and we will do the right thing should current scientific techniques developed new and reliable evidence.

Warrants a change in approach.

That said, we're now ready for questions Amir.

Thank you John and Pascal operator, we're ready to take the first question.

Once again, if you'd like to ask a question. Please press one and then zero and you will be placed in the question queue.

If you are in the question queue and would like to withdraw. Your question you can do so by pressing one and zero.

Our first question will come from the line.

Albright Feldman of Goldman Sachs. Please go ahead.

Thanks for taking the question you had given us some.

And visibility into the net add trend do you expect it in your wireless business. During the quarter that was very helpful. I was hoping you could share with us what degree of visibility you have into the second half of the year. So for example are there any unique headwinds that you have to manage through.

More broadly what type of market environment.

Are you managing the business around and are things changing enough at a market level that you're beginning to tweak how you go to market relative to the simplified approach you've been using for a number of years now.

Hi, good morning.

Look I would tell you I feel really comfortable with where things are to kind of tick through your questions.

Given the second quarter issue, we had with one account I don't have another one of those sitting in front of us.

Wherever concerned about I would say more broadly.

The market demonstrates.

Demonstrate a bit more resiliency than probably what I would have expected in the fourth quarter of say last year.

We're certainly not seeing the kind of frothiness it was around in 2020 one.

But volumes and activity in the market is good.

We do our own adjustments for some of the reported numbers.

I don't know that every.

Net add in the market is equivalent to the others. So we kind of look at the ones that are economic valuable, but even when we make those adjustments I think demand has been pretty solid in the market.

To your point.

There were a lot of structural changes in People's offers.

In the second quarter, they came roughly at about the same time.

When new messaging gets put into the market. We saw what we typically saw which was a little bit of a freezing that occurs as consumers process. What new offers are out there.

And of course like you, we sat and watched and wanted to know what the ultimate reaction was going to be in.

I would tell you we've kind of moved through that freezing period, and I see a situation, where we exited the quarter.

And a very very good place place, it's consistent with what we would've expected given the value propositions and offers that we've had in the markets over the past couple of years.

So I feel fine about where things are going I think the consumer.

<unk> to show signs that they're pretty healthy right now I don't see anything that.

Yes, I mean near term concern about demand.

No what happens down the road.

Anybody's guess, what the economy does I've had a fairly conservative bent on that I think it's served us well.

Keep that conservative debt as we manage the business going through the balance of the year, but the market is certainly supporting.

I think a healthy growth in the industry is I think even better news responding well to that growth.

I see.

Players invest in and I see them, making moves to make sure that they can recover returns on those investments.

It's good for all of US I think it's good for the industry overall and it's good for our consumers and the services that they're getting.

Thank you.

Our next question will come from the line of John Hodulik of UBS. Please go ahead.

Yeah.

Great. Thank you and maybe a follow up to Brad's question.

John .

On wireless competition looks like.

Gross adds are down sort of mid teens.

And I realize you said that a lot of the change in the sub growth is due to the customer.

Customer lock you had in the second quarter, but.

Do you feel you need to respond.

Either promotional standpoint to sort of drive gross adds back up.

Anything you can point you sort of why you are losing share in terms of in terms of those gross adds.

And then.

Along with that a number of your competitors are a bunch of competitors have announced some price increases if you could just comment on the sort of broader pricing environment in wireless and do you believe that you have room to take similar pricing actions as we move through the year.

So John Good morning, I don't see a need for us to if.

If it wasn't clear from my last comment.

There was a little bit of shift that occurred in the second quarter part of it was the account part of it was new offers in the market we've seen a normalization.

We think what we have out in the market is performing very well I'd go back to comments I've made repetitively in previous quarters.

We've been very focused segment was around where we're choosing to get our activity.

I don't know that broad promotions has necessarily been.

The primary or by any means the exclusive means of us getting customers. We've been really deliberate and you look at some of our business results. We just shared with you some of our first net growth.

We know the channels in the consumer market that we can go to to intercept the right kind of traffic.

And we've seen really good results as we've kind of gotten into the early part of the second quarter relative to that so.

Feel like the market is healthy I feel like our tactics continue to be durable and they're performing well.

We have been very focused on ensuring that we're getting the right kind of growth.

I don't want empty calorie growth, we want customers to come in and pay good recurring rates that are going to stay with us a long period of time.

We have opportunities, where we can co market multiple products into our customer, which makes them, even stickier and drives up lifetime values.

Those are all very right places for us to go spend time and energy and we feel very comfortable about that so.

I don't feel a need when you say I need to respond and youre not going to see some dramatic shift in our approach or what we're messaging or how we're going about things.

On the pricing side.

I think as you know <unk> been very deliberate we don't pre announce any pricing and we don't really talk publically about changes, but there have been as I said earlier I think a lot of efforts in the industry by everybody to ensure that they're getting returns on the level of investments that they're making back into their networks and they're busy.

<unk> and <unk>.

You're well aware of what we've done in the past.

We've been really successful and really deliberate and really calculated in how we've done that that's how we managed to keep our churn.

At the levels that we have while at the same time continuing to get some art <unk> accretion in our business.

I think you should expect that we're capable of managing the large subscriber base that we have and we look for opportunities to.

Ultra that value equation back to the customer where they perceive that they're getting a better value and better service and something more than it creates into the business in terms of us being able to grow our booths.

We certainly have places, we'll do that we do that as a normal course, sometimes.

Those moves are a little bit more obvious to us sometimes are a little less but.

We will continue to manage the business effectively moving forward and feel really comfortable about our growth characterizations will be giving you in our guidance and what we're going to see an accretion in service revenues.

As you can see our profitability numbers have been really really strong.

That all comes from managing the complete equation, but I think we're doing a pretty good job of that.

Okay great.

Our next question will come from the line of Simon Flannery of Morgan Stanley . Please go ahead.

Good morning, I wanted to focus on Capex, if I could thank Pascal you said it would be about $1 billion lower than the second half I just wanted to make sure I had that I think previously you've said $24 billion Capex capital invested was 12 three I think in the first half. So it looks like you might come in in the 'twenty three 'twenty three.

Half range is that right and then 24 would be lower than that number just wanted to get those in line.

Just be interesting just getting your update on where you are on the wireless network you talked about getting to 200 million Pops.

What's the plan after that what's the plan on getting to $2 50 and beyond.

And maybe any update on putting $3 $4 five into into use and how the internet are fixed wireless product is going thanks.

Hey, Simon.

Good morning, good morning.

Yes.

We said, we gave pretty clear guidance that we would be around the same levels. As we were last year in the first half of the year, we spent $12 three to one $4 billion and by definition that is.

We're more than halfway through a roughly $24 billion spend so that's the guidance Hasnt changed and importantly, as we think about.

How efficient our deployment of spectrum has been that's been one of the things that.

When we came into the year, we understood that the spectrum that we had acquired was.

Deploying and propagating much more efficiently and that was in the estimates that we provided.

We're seeing that continue and are all of our plans for the year, whether it be the level of coverage.

Or and the level of homes passed and fiber all of those remain on track. So we feel really good about the progress.

Yeah.

On the Internet are Simon.

Look it's.

It's performing well.

Scott as you know in our view.

<unk>.

Certain segments that are most attractive to that.

I like the product and the business segment.

<unk>.

We're certainly having some success with that.

It's going to be key for us in certain parts of our consumer segment.

As we move through the next phase of our cost reduction efforts.

It is a means for us to begin.

Finding a good catch to shut down other infrastructure and still serve customers.

So we will use it surgically and selectively.

Will help us both on the cost side as well as retaining our valuable customers, where we think we can have the right kind of network capacity that will support the product going forward.

We still have a little bit of scaling to do.

I'm not quite satisfied with the self install rates yet on it but that's that's not.

Problematic stuff, that's typical when we're kind of scale and the product and putting it out there in the first way and we will work through those things as we always do.

So the foundation is there to use it the right way I'm excited about having that tool, it's certainly going to help us in managing some of our installed base and in particular help us kind of make the transition out of some of our legacy infrastructure that will need over time.

And then any thoughts on 2024 in terms of pop coverage overall capex levels.

We'll give you guidance on 'twenty four as we typically do latter part of this year.

We will detail all that out that.

As you can see from all the progress we've made and what's going on right now we're really satisfied that we've got the.

The right kind of machine to build and the way we want to build in the networks performing in a great way in all of our indicators back from our customers are there.

Are you satisfied with the level of experience. They have so everything I think feels pretty good about that right now.

And then just to be clear I said in my commentary, we are past peak investment as we exit this year and.

We'll give them.

Our guidance at the same timeframe, we usually do but clearly.

We don't expect to be at the levels of capital you have seen us invest in 2020 two 'twenty three.

Thanks, a lot.

Okay.

Our next question will come from the line of Phil Cusick of J P. Morgan. Please go ahead.

Hi, Thank you first just a little more direct Simon's questions, where are you on the deployment of three gigahertz spectrum for <unk> across yourselves sites.

And then I think your question can you talk about the <unk> seasonality in the fiber business is this more gross add or churn driven and do you now expect positive seasonality in the third quarter. Thank you.

Yes.

Good morning.

No.

Through the end of the second quarter, we are at around 175 million Pops covered well on track to deliver on the $200 million, we had guided to earlier in the year.

But look I don't think I would characterize second quarter seasonality per se.

I think I've been pretty clear Phil.

We had a significant account migration issue too.

Both of our significant competitors rejiggered their offers in the market, which drove some shifts in share.

And I expect we'll probably see more normalized things now.

As you know theres device introductions that occur in the latter part of the year that certainly drives the seasonality of the upgrade cycle.

Typically in Q3, Q Theres always that question of exactly what month that happens in does it happen in.

In the end of <unk> or does it get pushed into <unk>.

We'll probably find out about the same time on that as to what happens in this year's cycle that sometimes can move some numbers in <unk> and <unk>, but those are usually directly.

Our board of the offer that's in the market and.

On a year over year basis that could impact things that there is a difference of what happens in 'twenty three versus 24 as well as how different the devices are that are offered if that spiked a little bit of activity.

Sorry, John I was unclear I was asking about the fiber a little bit softer in the second quarter Im sorry.

Alright go seasonally stronger.

So yes, there is a seasonal movement and fiber and broadband and I apologize for misunderstanding your question.

There is probably two things driving it one is as you probably heard from others in the industry. There is less move activity going on in general that has had a degree of impact there is the seasonal dynamic that occurs in some of the out for college and University work as well.

Expect that things are probably going to continue to be a bit softer in the market because.

I don't expect that we're going to see housing movement necessarily recover I don't I think its a artifact of mortgage rates.

Peoples ability to make those discretionary moves but.

Look I feel really comfortable about our ability to continue to add along the cliff that were adding right now because we're more dependent on share take than we are on mover activity and that's a little bit different for us than maybe others in the market.

Don't necessarily have the share take opportunity that we have so I don't think youre going to see further slowing on what we've kind of witnessed in the second quarter and I think you will see a little bit of a seasonality uptick that's going to come with.

What typically happens in the third quarter, but it'll be a bit muted because I expect that theres going to be a little bit less movement activity in the housing market.

Thanks, John .

Our next question will come from the line of Michael Rollins of Citi. Please go ahead.

Hi, Good morning, I'm, just curious if you can give us an update on your longer term thoughts of where you want to see your fiber and broadband footprint relative to your historic ILEC footprint.

How you're thinking about the programs such as eating.

C P.

Inferencing does longer term aspirations.

Hi, Michael Good morning.

<unk>.

So look we.

We've done an awful lot of work and we have pretty good line of sight and I've used this characterization before and I don't think its a whole lot different it'll vary state by state, but there.

There is an easy business case to be made on reinvestment in infrastructure on call. It two thirds of of the footprint and typically when you get into outside plant investment the way the cycle typically starts as a new technology comes out or a new architecture you see the first third is being.

<unk> attractive and that kind of starts the process and as you get up the learning curve and technology scales and prices come down and the market matures.

End up getting to a point, where the second third starts to look very attractive and you ended up investing in going through and then it really depends market by market. Sometimes it's the final third that becomes the question around whether or not there is merit for investment and some times.

The final 20% somewhere in that range.

And I think that's effectively where we're going to be into your question, that's where the issue of subsidy will play out we have been pretty specific in our analysis of looking at I'll call. It that final third I'm generalizing grossly, but I'll call. It that final third is saying.

Or is it that we think we would like to try to be really competitive in and build that infrastructure out because.

It's strategically injection positioned other areas that we we serve or we think the growth characteristics of that market will be good over time.

Or we have a good existing base of customers or it's complementary to our wireless business Theres a lot of different parameters. We look at the we have a point of view on where we think we'd like to compete for that and we intend to go into the process and lean into that and try to compete.

That doesn't mean, we're going to want it.

I expect there'll be others look at some markets and there'll be places where.

We're interested in somebody else's interested we tried to be informed and thinking about how other competitors might think about those markets given how they line up to their footprint and where they have business interests.

Hopefully, we will be an informed bidder.

And we will be successful and.

And we will be able to put a compelling case moving forward I feel like we have a lot of tools at our disposal to two.

To be very competitive in the process and I've talked about what those are we have a lot that we can do in terms of our presence in communities. We've got great labor contracts, we've been working with our vendors on a lot of U S and American based content.

Our infrastructure and equipment were putting out a fantastic technology that people view as being superior and better. So I think we're going to be very competitive in the places we want to be competitive, but it remains to be seen how much of that we win.

Would then go out and tell you.

My expectation is this process is going to unfold in 'twenty four.

Towards probably are going to be not the types of things that youre going to see impact 'twenty fours business will be in the regulatory process and bidding.

I would expect when we start thinking about what we win and where we have success, you'll see us incorporate those those conclusions into our 'twenty five and beyond kind of view of the business.

And I'd like to get through a couple of the larger states to see how successful we are before I start to frame and characterize that for you moving forward does that help you enough yes.

Yes, that's very helpful and just maybe one other.

Sub question to that.

Fixed wireless.

They have different role than you previously.

Describe.

In your broadband aspirations.

No.

As I previously described it as.

And I gave a characterization earlier look there'll be some parts.

Of the United States that are best served by fixed wireless at least I believe that they will be best served by fixed wireless.

As I move around different states I think there are some states who believe that's the case.

And there are some states that are looking at how do you get as many people.

On the Internet as quickly as possible at the highest economic return in those states that had that point of view I think we will probably support fixed wireless awards now I will tell you not all 50 states necessarily have that viewpoint.

In some cases I think there are policymakers in certain states, who who are may be biased more terrestrial infrastructure.

I don't know how that plays out my guess is they run out of money before they serve everybody based on the amount of money that's available in subsidy and what's out there but.

Time will tell whether they stick to their guns on that or maybe slightly revised our approach as they start to see bids coming in but I do expect.

Spec there'll be places where economically fixed wireless is the optimum solution to get good solid internet out as quickly as possible that will sustain things for a period of time and I expect there'll be parts of our footprint, where it will be a very good catch product for us, where we don't maybe see either subsidy coming in or the bid.

This case to invest in fiber for those customers for the next couple of decades.

And then thirdly as I've said before there are segments in the business market today that have very different views characteristics than a consumer household that tends to be pretty bandwidth intensive doing a lot of entertainment streaming.

Growing consumption at 30%, 40% of your you don't see those kind of dynamics showing up in some of the small business and lower end of the mid sized market and fixed wireless as a solution for those customers that.

We can use that kind of service, especially when they need to marry it with mobile services to complement their business is a very attractive place for us to be thinking about using the product and the infrastructure and I like the yields on that.

Thank you.

Okay.

Our next question will come from the line of David Barden of Bank of America. Please go ahead.

Yeah.

Taking the question.

I guess it has to be me.

It's kind of asked this question.

John and I am sure you have a bunch of talking points of frontier. So the led situation. So in the last 50 years or 70 years has there been a federal.

State or municipal organization, that's ever flagged this issue to AT&T.

That.

Put it on the radar screen in a way that.

Maybe we all should have known about and then second has there ever been a material amount of.

Claims that somehow people were harmed by the existence of this lead in in your network.

And then you know.

People are throwing numbers around.

When you talk to the credit rating agencies.

What did they think how do you talk about this issue to them and what it means to your.

Leverage situation and then finally how.

How does this issue affect how you think about capital allocation and the dividend.

Thanks.

So Dave.

Thanks for asking the question that to you.

[laughter] guests needed to be asked.

I'm limited in how much I can say I'll try to be somewhat responsive to share, but if you are unsatisfied.

With a little bit of the background that gives your I apologize, but you also have to understand we're in a unique position that we do have.

Actual litigation pending right now on some of this out in Lake Tahoe and that maybe puts us in a little bit different place. So I need to be somewhat sensitive around that so let me start at the back end and then I'll try to tick through I don't think it changes my point of view of how I think about the dividend.

I don't that Hasnt come into characterization right now.

When I go through your questions, we've had relationships with federal state regulators on all safety issues for a very long time.

<unk> being one of them, we work with our workplace regulators, we work with external environmental regulators and as you know.

We are a big company and we do an awful lot we work with a variety of different substances and materials that are regulated and we have the infrastructure inside of our business the health and safety organizations that do this step professionally.

And it's been part of the DNA of our business, we have those relationships, we communicate we shared data.

I think as you know we provide health plans to an awful lot of employees and we pay attention to whether or not our employees are doing well on a variety of things and we care about.

Whether or not they are healthy or if we're spending money fixing things wire things broken and People's health.

That's been a virtuous cycle or something that we spend a lot of time and energy on is just part of the DNA of our business.

And I think to answer your question.

And those normal cycles in those interactions as anybody can come in and said hey.

We've got issues around what youre doing with led cables or youre not handling this correctly the answer is no.

Have we as part of that rigorous.

Enforcement that goes on if we had circumstances, where compliance with a particular thing.

Maybe has popped up and we've had to go in and demonstrate compliance or do things of course, that's what regulators do.

That's what workplace safety people do and I think we're proud of our track record and what we've been able to do and I think the constructive relationship that we have with our labor Union around workplace safety and the fact that we.

We're constructively working through this issue with them right. Now is is indicative of something that's been in place and it's just been kind of the DNA of what we do.

We haven't disclosed anything out publicly about claims because there hasnt been anything material to disclose.

What I would tell you in <unk>.

I don't know that I would go any further than that and.

The way, we're talking two credit agencies around this issue is exactly how we're talking to you about it. So I don't think theres anything we've shared with them in context that we haven't given to them that's any different than what we've shared with you right now.

Okay, John Thank you.

Sure.

Our next question will come from the line of Peter Zaffino of Wolfe Research. Please go ahead.

Hi, Thank you I wanted to ask you about consumer wireline segment margins.

Thinking about the longer run could you just update us on the timeline for legacy network shutdowns.

And other permanent differences between the long term heading of your margins in that business and knows the share play broadband businesses.

Hi, Peter.

No we havent, given what I will call. It a characterization of the quote unquote shut down because I don't I don't think you should necessarily think about the shutdown is like a date certain that arrives that date will arrive but.

We think about it as kind of a rolling process, we think about it as a.

G Agra fee by geography, or ZIP code by ZIP code process.

Yeah.

When you think about how our cost structure is aligned to that business as you begin to.

<unk> modernized infrastructure and ultimately not have to support products of services of infrastructure of older.

Legacy generations than cost start to fall away.

We've done an awful lot of work separating out the variable and the fixed cost structure.

What I will call semi fixed cost structure to know what we need to do as we roll through geographies to ultimately get it the layers of fix semi fixed and variable.

And so I don't think its as important about saying what is the date that you are no longer offering the entire totality of products and services as much as what is the progress you're making and working through the areas, where those products and services still.

And as you heard in my opening remarks, we now have cash products showing up in the market that allows us to begin accelerating that work that work is part and parcel of some of the recommitment of $2 billion over three years that we expect we're going to be able to take out.

Do believe that as we simplify you know given how we allocate costs in the business in our reporting.

The company and we start to shutter some of that square miles, yes, that's going to help contribute to accretion back into the margin structure of the going forward broadband business and our consumer markets.

And I believe.

The data we arrive that ultimately exercising all of those costs from the business.

What I know about how our fiber infrastructure is performing on a standalone basis right now it's all goodness.

In fact, this week I was out with.

Our network operations team and it was just such an uplifting Dave were somebody who's worked in the company as long as I have.

To see.

The cost structure, that's been put in place the customer satisfaction thats occur and the efficiency of the technician ranks.

The durability of whats going into service I mean, it's all good and as a result of that when you step back from his days should we be able to operate this business.

Once we ultimately move our way out of some of the embedded cost structure and are perfectly competitive characterization of the rest of the industry. The answer is yes, I have confidence we can get to that.

Thank you very much earlier department of answer.

Operator, we have time for one last question on.

Our last question will come from the line of Frank Louthan of Raymond James. Please go ahead.

Great. Thank you.

<unk> was up pretty nicely year over year, I'm still a little bit below market can you give us an idea of.

Why that is it just a higher number of customers on newer on promos and where do you think that can go in the next 12 months.

The other 25 million locations, yet passed with fiber how many of those are included in this latest 15 million homes that you have passed and wearable that total be when that project's completed thank you.

I'm sorry, Frank could you rephrase the second part of that question again, so I just kind of slipped a bit.

Sorry, you disclosed I think at 25 million locations passed with fiber I assume some of that is just latest 15 million home push that you have.

Can you give us an idea of where you are in building out those 50 million locations and what will that total number be when that final project is finished.

So we haven't changed any of our guidance Frank on 30 million locations passed.

By 'twenty five maybe not understanding the subtlety of your question I think we just told you we passed in the remarks $20 million.

Locations.

So we're.

Missing what you were asking there.

Well I'm just trying to figure out the 15 million homes that you've passed that last project where are you today on that project. How many more do you have left in that the $8 million.

Bill.

Frank.

I'm not sure what you're referring to when you say the $15 million.

Just to be clear right.

Right now <unk>.

Between business and consumer.

We are passing around.

24 million homes and.

The vast majority of that obviously being consumers.

<unk>.

As John alluded to our.

Our plans haven't changed we feel really good about the pace at which we're building and when we build we feel really good about.

The take rates that we're seeing so all in all these things are pursuing according to our plan.

On the <unk> side, Frank we've historically been a bit under the industry.

Part of it is the maturity of our base of customers. We have a what I would call tenure wise, a little bit less established space than maybe the incumbent players and so.

So if you're a customer for a longer period of time and you move up the continuum that obviously helps <unk>, but some of it is deliberate we're I think priced in the market in a way as you are probably aware, we're trying to do everyday simple pricing, where we don't use promotions in.

We tend to get a little bit more at the front end.

As a result of that and maybe a little bit less at the back end on the average side and the fact that when you are penetrating.

Having a competitive price point.

As I think helpful in getting that faster penetration of the front end quicker, which is a driver of return in the overall investment and then finally.

We're doing a lot of work, where we're trying to consolidated products and services.

Doubling up households on both wireless and fixed broadband.

Those are really attractive households to get really attractive customers to get them.

And I think when we have a good high quality product, we don't have to discount a lot that we want and offer between both the wireless and the broadband product to make sure. We are at a price point that we think holds that household.

And that strategy has been working and I think it plays into some of our pricing strategy as a result of that but you're really highlighting a point that is why we have so much confidence in this business.

We continue to have an umbrella to work under.

That's a good thing and it allows us to make sure. We can continue to grow our booths and grow with those customers in.

As I said earlier, when you run a subscription business new.

Jurors those things and you use them very carefully and we will continue to use it very carefully as we move forward.

Thanks, very much Frank operator, that's all the time, we have for questions.

Yes.

And ladies and gentlemen, thank you for your participation today in today's teleconference call, we'd like to thank you for using our service have a wonderful day you may now disconnect.

The conference recording has stopped.

We're sorry your conferences ending now please hang up.

[music].

Thank you for standing by welcome to AT&T second quarter 2023 earnings call. At this time, all participants are in a listen only mode.

If you should require assistance during the call. Please press Star then zero and the operator will assist you offline.

Following the presentation the call will be open for questions if you'd like to ask a question. Please press one than zero and you will be placed in the question queue. If you are in the question queue I would like to withdraw your question.

You can do so by pressing one and then zero and as a reminder, this conference is being recorded.

I would now like to turn the conference call over to our host Amir Ross with the housekeeping Senior Vice President Finance and Investor Relations.

Please go ahead.

Thank you and good morning, everyone welcome to our second quarter call on the mirrors with ask here head of Investor Relations for AT&T.

Joining me on the call today are John Stankey, our CEO and Pascal the Roche our CFO .

Before we begin I need to call your attention to our safe Harbor statement. It says that some of our comments today may be forward looking.

As such they are subject to risks and uncertainties described in At&t's SEC filings results may differ materially additional information, including our earnings materials are available on the Investor Relations website with that I'll turn the call over to John Stankey, John Thanks, Samir and good morning, everyone. I appreciate you joining us.

I'd like to open our discussion today by sharing that at the halfway point of the year, our performance and results are tracking entirely consistent with the guidance we provided to you.

In fact, this past golf shares the specifics with you.

Thank you will conclude that our performance continues to demonstrate our strategy is on track to achieve the objectives, we outlined three years ago to.

To drive consistent growth simplify the company and reduce leverage.

To that end I'd like to spend a few moments today summarizing that progress and how we believe this positions our company for sustainable and profitable growth going forward, let's start by looking at our wireless business for the last three years. Our teams have executed on our strategy that enabled us to go from annually, losing share to now deliver.

Levering the right combination of continued postpaid phone adds low postpaid churn.

Growing average revenue per user and profitability growth.

Specifically over the past three years, we've added $8 3 million postpaid phone net adds that's up from fewer than $1 million in the three years prior to July 2020.

During the past three years not only do we close the gap to the industry share leader for postpaid phones by about 350 basis points.

But we also improved our wireless service revenue share versus the industry leader by roughly 250 basis points.

On postpaid phone churn.

We drove an improvement of 20 basis points since the beginning of 2020.

We also achieved a record low quarterly postpaid phone churn and two of those three years.

In Stark contrast, the wireless industry's leaders postpaid phone churn was relatively flat over the same time.

Statistics aside.

From my seat are historically low levels of churn along with improved mobility net promoter scores.

Shows me that our customers are very happy with the investments we've made in at&t's customer experience and network quality and that our teams are delivering great value.

Ultimately this means our customers are more likely to stay with AT&T over the long haul.

And this is confirmed by external indicators like the American customer satisfaction index, which recently named AT&T is the number one in wireless customer satisfaction.

So more customers are choosing AT&T and staying with AT&T.

But also more profitable as evidenced by our increasing postpaid phone <unk> and service revenues.

Over the past three years, our postpaid phone <unk> is up more than a dollar.

It shows that customers are voting with their wallets, we've achieved the right balance between the cost of our services and the value we provide.

Lastly, let's look at wireless revenues and profitability.

From two to 2018 to <unk> 2020, our wireless service revenues were essentially flat.

Profitability was up modestly over that time period.

However in the past three years, we have grown quarterly wireless service revenues by about $2 billion up roughly 15% and we've materially increased profitability on an annual basis.

I should also call out the success, we're seeing in our prepaid business.

Cricket has sustained growth by continuing to add prepaid voice customers to one of the highest value subscriber bases in the sector.

Now, let's turn to our fiber business.

We believe that by providing the best access technology on the planet, we could transform our consumer wireline business into a fiber fueled sustainable growth franchise.

Our results have only strengthened that confidence is returns continue to exceed our initial expectations.

Over the past three years, we've had more than $3 4 million AT&T fiber net adds boosting our subscriber base by roughly 80%.

Everywhere, we put fiber in the ground.

Feel good about our ability to win with consumers in fact, our average penetration rate is about 38%.

Over the past three years, our fiber net additions outpaced the leading cable providers broadband net additions.

This is an impressive accomplishment given the size of their footprint.

Since the second quarter of 2020, we doubled our quarterly fiber broadband revenues, reaching more than one $5 billion this quarter.

Over the past three years, the accretive mix shift to fiber is driven our broadband <unk> up more than $10 an increase of 20%.

So again shows that customers are voting with their dollars. We also have plenty of room to run as we're still less expensive than competitive offerings in the market.

So let me summarize.

Our wireless business is growing share in <unk>, low churn and improving margins.

In our fiber business is accelerating newbuild penetration growing Sharon <unk>, while lowering churn and improving margins.

This is the formula for sustainable top and bottom line results.

We're confident the success will be sustainable over the next three years.

Here's why.

Cable's busy adding wireless customers at very low lifetime values just to protect customers they already have.

We're not only keeping our current high value customers happy.

But also adding more of them.

Moving to our next priority.

I am pleased with how we continue to simplify our business and improve our efficiency.

Our cost savings initiative has achieved our $6 billion run rate savings target and.

And we believe there is significant opportunity to build on this momentum with another $2 billion plus over the next three years.

After a period of reinvestment. This work has been the foundation for our recent margin improvements as shown in our adjusted EBITDA margin improvement this quarter 210 basis points compared to the same quarter last year.

These additional cost savings will be largely driven by the sunsetting of our legacy product portfolio and supporting infrastructure.

As we ramp our execution on this work.

We'll begin to enjoy the benefits of our simplified focus on wireless and fiber.

Turning to our final priority.

We continue to allocate capital in a deliberate manner to create best in class experiences for our customers drive sustainable profitable growth.

And deliver long term value for shareholders.

Over the past three years, we've reduced our net debt by about $20 billion.

<unk> recently transferred $8 billion of pension liabilities through the purchase of insurance annuities.

We remain committed to achieving the two five times range for net debt to adjusted EBITDA in the first half of 2025.

We feel good about our ability to accomplish this goal, while providing an attractive dividend with improving credit quality as we expect to increase cash generation over time.

At the same time, we're investing in the future of our company and the future of our country's connectivity since July 2020, our capital investment has totaled about $65 billion.

One of the largest investors in Americas broadband infrastructure, we're enhancing our <unk> and fiber network at a historic pace.

We're focused on connecting the most people in the most places and with the best experience.

Over the past three years, we've passed about 7 million new fiber locations, increasing our locations passed by about 40% over the same time, we have.

Expanded our nationwide <unk> network to cover approximately 290 million people and we now reach more than $175 million with mid band <unk> spectrum.

While some of our peers spend time trying to convince you why their services are good enough for now.

We're investing billions to provide Americans access to the best Internet offering for decades to come.

I'll end my remarks.

By reiterating that the repositioning of our business can be credited to our team's belief in our strategy and ongoing commitment to delivering real value for our customers.

We're focused on ensuring AT&T is the clear choice to serve our country's connectivity needs not only today, but.

Well into the future.

With that I'll turn it over to Pascal Pascal.

Thank you John and good morning, everyone, let's move to our second quarter financial summary on the next slide.

These increases were partially offset by an expected decrease in low margin mobility equipment revenues and a decline in business wireline.

Adjusted EBITDA was up 7% for the quarter with growth in mobility consumer wireline in Mexico. This was partially offset by an expected decline in business wireline.

We are on track to deliver our full year adjusted EBITDA guidance, given all momentum to date, we are confident in delivering adjusted EBITDA growth of better than 3%.

Adjusted EPS was <unk> 63, compared to 65 cents in the year ago quarter. This includes about seven cents.

Noncash aggregate EPS headwinds from lower pension credits lower capitalized interest lower Directv equity income all of which we expected.

Cash from operating activities was $9 9 billion versus $7 7 billion last year and was up $3 2 billion sequentially. The main factors driving this year over year increase.

Higher receipts driven by earnings growth higher Securitizations, and lower device and interest payments.

Capital investment was $5 9 billion in the quarter and $12 4 billion year to date.

This reflects continued historically high levels of investment in <unk> and fiber, we expect to move past peak capital investment levels as we exit the year.

We feel really good about free cash flow of $4 2 billion in the quarter for the first half of 2023 compared to the first half of 2022 free cash flow was up about $1 billion and we expect our cash generation to accelerate from here.

We delivered this year over year growth in the first half despite not 800 million lowered Directv cash distributions and roughly $700 million and lowered net impact of sales of receivables.

We expect free cash flow of about $11 billion for the remainder of 2023 weighted towards the fourth quarter.

Here are the factors driving this acceleration of free cash flow relative to the first half performance.

One we expect capital investments to be about $1 billion lower in the second half of the year after peaking in the first half.

Two we anticipate the <unk> payments to be about $4 5 billion lower than the first half of the year.

The first half of the year included more than $1 billion of annual incentive compensation payments that won't repeat in the second half for.

And as I mentioned earlier, we expect full year adjusted EBITDA growth of more than 3%.

And lastly, we expect although working capital improvement of roughly $1 billion in the second half of the year relative to the first half of the year, including higher non cash amortization of deferred acquisition costs.

These improvements are expected to be partially offset by lower cash distributions from Directv of about $500 million in the second half of the year relative to the first half.

And <unk>.

Cash taxes of about $1 billion higher in the second half of the year versus the first half of the year Astro.

As a result, we're on track to achieve full year free cash flow of $16 billion or better now, let's turn to our mobility results on the next slide.

Looking at our mobility results postpaid phone net adds were 326000.

Total revenues and profits of our largest business unit are at an all time second quarter highs.

Revenues were up 2% and service revenues were up four 9%. These gains were driven by subscriber growth and higher ARPA mobility EBITDA was up eight 3% in the quarter.

<unk> postpaid phone <unk> was $55 63 up one 5% year over year.

Primary drivers of <unk> growth are.

Higher ARPA on legacy plants from last year's pricing actions.

A continued mix shift to higher value rate plans with higher margins.

And continued improvements in consumer international roaming trends.

Postpaid phone churn remains low at 70.

79% for the quarter.

In prepaid we had 123000 phone net additions with total churn up two 5% primarily driven by cricket, let's move to the next slide and I'll warn how long results.

Our fiber investment is driving consumer wireline growth at strong returns. We added 251000 fiber customers. This is strong growth against an industry that has slowed in recent quarters due to significantly lower move activity.

Strong fiber revenue growth of 28% growth broadband revenues up by 7% year over year, our fiber revenues are outpacing our legacy revenues and this separation will continue to grow over time fiber.

Fiber or <unk> was $66 70 up 8% cut.

Customers are increasingly choosing faster speed tiers, which is also supporting <unk> growth.

<unk> wireline EBITDA grew 10, 2% this reflects fiber revenue growth.

$35 million of discreet comparison items that helped EBITDA growth rates.

Turning to business wireline EBITDA was down about $75 million year over year.

This quarter included about $75 million in discrete comparison item, including a one time access cost benefit.

Ultimately, we still see the same underlying trends that went into our guidance and our full year expectations are unchanged.

Business solutions wireless service revenues grew nine 1%.

First net continues to be a driver of this growth connections grew by about 350000 sequentially with a little more than one third of this growth from postpaid phones.

What we've accomplished with first net is truly remarkable.

Just five years.

We believe there is runway to continue this growth.

Now I'd like to close by taking a moment to provide an update on our capital allocation on the next slide.

We wanted to provide some added information around our expectations for reducing net debt.

Our plan to reduce net debt and reached to two five times range in the first half of 2025 remains on track.

So why didn't net debt declined by a proportionate amount.

The short answer is that we had approximately $4 billion of one time items and discreet obligations to pay off these included.

Our Warner Media post closing adjustment payment.

Our final NFL Sunday ticket payment.

Redeeming the $8 billion preferred interest in our mobility to subsidiary.

We partly funded this was $7 billion of issuances for other preferred subsidiary shares.

Additionally, net debt reflects about $1 $5 billion of mark to market impacts from foreign exchange.

Keep in mind that our foreign denominated debt is fully hedged so economically we have an offsetting foreign currency gain in derivatives.

Looking forward in the fourth quarter, we expect to make final clarity payment of about $2 billion tied to our 2021 spectrum acquisitions.

After this payment we will be in a position in which.

We satisfied all nonrecurring near term financial obligations.

The majority of our debt is fixed at very low rates.

And we've refinanced or pre funded some of our near term debt maturities at really attractive rates at the same time.

Summary, we feel good about our plans to delever.

And about our Q2 results, which demonstrate our ability to sustainably grow subscribers service revenues and profits.

Let me turn it back to John to close out our remarks.

Before we open it up for Q&A I'd like to briefly comment on the telecommunications industry is handling of lead cloud cables in our networks.

As background, it's well understood that led cloud cables are used broadly in our nation's infrastructure today.

From power cables to telecommunications cables led has been used to protect interior wires from exposure to the elements because led is very stable and it doesn't rust.

Our practice has long been known and its risks of exposure to those in close contact to it has been regulated by federal and state authorities for decades.

Generally the telecommunications industry began to phase out placement of new led cloud telecom cables in the 19 fifties.

However, led cloud cables are so durable that they continue to be used in our power grid and our railway systems.

And in our industry and some of these cables still provide important customer voice and data services, including connecting 911 service fire alarms and other central monitoring stations.

We take the concerns raised very seriously as there is no higher priority than the health and safety of our employees and the communities, where we live and work period.

We believe that a deliberate review in collaboration with the EPA and our industry partners with reliable science at the forefront.

Is the responsible way to evaluate this issue.

Independent experts longstanding science, they've given US no reason to believe these cables pose a public health risk.

And our own prior testing, which we've shared publicly confirms the established science.

Science.

We're very proud of our track record along with our Union partners in addressing employee safety for those who perform maintenance and repair work on these cables.

Holy comply with the established regulatory standards and science related to potential lead exposure for workers and meet or exceed state and federal Osha requirements for our employees who work with led.

And the abundance of caution.

Extra measure we've taken is to expand our existing practice of providing testing for employees involved in cable removal and have added a voluntary testing program for any employee who works with or has worked with lead cloud cables.

We're offering the testing on company time, and a company expense.

I hope the information that we've been providing including that led cloud cables make up a small part of our network with the majority underground encased in protective conduit.

Serves as helpful background on the topic.

That said, we're now ready for questions Amir. Thank you John and Pascal operator, we're ready to take the first question.

Once again, if you'd like to ask a question. Please press one and then zero and you will be placed in the question queue.

If you are in the question queue and would like to withdraw. Your question you can do so by pressing one and it is zero.

Our first question will come from the line.

Brett Feldman of Goldman Sachs. Please go ahead.

Hi, Thanks for taking the question you had given us some visibility into the net add trend do you expect it in your wireless business. During the quarter that was very helpful. I was hoping you could share with us what degree of visibility you have into the second half of the year. So for example are there any unique headwinds that you have to manage through.

More broadly what type of market environment are you managing the business around.

<unk> changing enough at a market level that you're beginning to tweak how you go to market relative to the simplified approach you've been using for a number of years now. Thank you.

Hi, Brett good morning.

Look I would tell you I feel really comfortable with where things are to kind of tick through your questions.

Given the second quarter issue, we had with one account I don't have another one of those sitting in front of us.

Wherever concerned about I would say more broadly.

The market.

Demonstrate a bit more resiliency than probably what I would have expected in the fourth quarter of say last year.

We're certainly not seeing the kind of frothiness it was around in 2020 one.

But volumes and activity in the market is good.

We do our own adjustments for some of the reported numbers.

I don't know that every.

To your point.

There were a lot of structural changes in People's offers.

In the second quarter, they came roughly at about the same time.

When new messaging gets put into the market. We saw what we typically saw which was a little bit of a freezing that occurs as consumers process. What new offers are out there.

And of course like you, we sat and watched and wanted to know what the ultimate reaction was going to be in.

I would tell you we've kind of moved through that freezing period, and I see a situation, where we exited the quarter.

And a very very good place place, it's consistent with what we would've expected given the value propositions and offers we've had in the markets over the past couple of years.

So I feel fine about where things are going I think the consumer.

<unk> to show signs that they're pretty healthy right now I don't see anything that.

It gives me a near term concern about demand.

No what happens down the road.

Anybody's guess, what the economy does I've had a fairly conservative bent on that I think it's served us well.

Keep that conservative debt as we manage the business going through the balance of the year, but the market is certainly supporting.

I think healthy growth in the industry is I think even better news responding well to that growth.

I see.

Players invest in and I see them, making moves to make sure that they can recover returns on those investments.

It's good for all of US I think it's good for the industry overall and it's good for our consumers and the services that they're getting.

Thank you.

Our next question will come from the line of John Hodulik of UBS. Please go ahead.

Yeah.

Great. Thank you and maybe a follow up to Brad's question.

John .

On wireless competition looks like.

Gross adds are down sort of mid teens.

And I realize you said that a lot of the change in the sub growth is due to the customer.

Customer lock you had in the second quarter, but.

Do you feel you need to respond.

Either promotional standpoint to sort of drive gross adds back up.

Anything you can point to sort of why you are losing share in terms of in terms of those gross adds.

And then.

Along with that a number of your competitors a bunch of competitors have announced some price increases if you could just comment on the sort of broader pricing environment in wireless and do you believe that you have room to take similar pricing actions as we move through the year.

So John Good morning, I don't see a need for us to if it wasn't clear from my last comment.

There was a little bit of shift that occurred in the second quarter part of it was the account part of it was new offers in the market we've seen a normalization.

And we think what we have out in the market is performing very well I'd go back to comments I've made repetitively in previous quarters.

We've been very focused segment was around where we're choosing to get our activity.

I don't know that broad promotions has necessarily been the.

Primary or by any means the exclusive means of us getting customers. We've been really deliberate and you look at some of our business results. We just shared with you some of our first net growth.

We know the channels in the consumer market that we can go to to intercept the right kind of traffic.

And we've seen really good results as we've kind of gotten into the early part of the second quarter relative to that so.

I feel like the market is healthy I feel like our tactics continue to be durable and they're performing well we have been very focused on ensuring that we're getting the right kind of growth.

Don't want empty calorie growth, we want customers to come in and pay good recurring rates that are going to stay with us a long period of time.

We have opportunities, where we can co market multiple products into a customer which makes them, even stickier and drives up lifetime values.

Those are all very right places for us to go spend time and energy and we feel very comfortable about that so.

I don't feel a need when you say a need to respond and youre not going to see some dramatic shift in our approach or what we're messaging or how we're going about things.

On the pricing side.

I think as you know <unk> been very deliberate we don't pre announce any pricing and we don't really talk publically about changes but.

There have been as I said earlier I think a lot of efforts in the industry by everybody to ensure that they're getting returns on the level of investments that they're making back into their networks and their business and.

You are well aware of what we've done in the past.

We've been really successful and really deliberate and really calculated in how we've done that and that's how we've managed to keep our churn at the levels that we have all at the same time continuing to get some art <unk> accretion in our business.

I think you should expect that we're capable of managing the large subscriber base that we have and we look for opportunities to.

Those moves are a little bit more obvious to us sometimes are a little less but.

As you can see our profitability numbers have been really really strong.

That all comes from managing the complete equation that I think we're doing a pretty good job of that.

Great question.

Our next question will come from the line of Simon Flannery of Morgan Stanley . Please go ahead.

Good morning, I wanted to focus on Capex, if I could thank Pascal you said it would be about $1 billion lower in the second half I just want to make sure I had that I think previously you've said $24 billion Capex capital invested was 12 three I think in the first half. So it looks like you might come in in the 'twenty three 'twenty three.

Half range is that right and then 24 would be lower than that number just wanted to get those in line.

Just be interesting just getting your update on where you are on the wireless network, you talked about getting to $200 million mid band pumps.

What's the plan after that what's the plan on getting to $2 50 and beyond.

And maybe any update on putting $3 $4 five into into use and how the internet are fixed wireless product is going thanks.

Hey, Simon.

Good morning, good morning.

Yes.

We said, we gave pretty clear guidance that we would be around the same levels. As we were last year in the first half of the year, we spent $12 3 billion.

And by definition that as well.

We're more than halfway through.

Roughly $24 billion spend so that's the guidance Hasnt changed and importantly, as we think about.

How efficient our deployment of spectrum has been that's been one of the things that.

When we came into the year, we understood that the spectrum that we had acquired was.

Deploying propagating much more efficiently and that was in the estimates that we provided.

And we're seeing that continue and are all of our plans for the year, whether it be the level of coverage.

Or and the level of homes passed some fiber all of those remain on track. So we feel really good about the progress.

Yes.

One internet are Simon.

Look it's.

It's performing well.

As you know in our view.

Certain segments that are most attractive to that.

I like the product and the business segment.

We're certainly having some success with that.

It's going to be key for us in certain parts of our consumer segment.

As we move through the next phase of our cost reduction efforts.

It is a means for us to begin.

Finally in a good catch to shut down other infrastructure and still serve customers.

So we will use it surgically and selectively.

It will help us both on the cost side as well as retaining.

<unk> customers, where we think we can have the right kind of network capacity that will support the product going forward.

We still have a little bit of scaling to do.

I'm not quite satisfied with the self install rates yet on it but that's that's not.

Problematic stuff, that's typical when we're kind of scale and the product and putting it out there in the first when we will work through those things as we always do.

Alright.

Thoughts on 2024 in terms of pop coverage overall capex levels.

We'll give you guidance on 'twenty four as we typically do latter part of this year.

We will detail all that out.

As you can see from all the progress we've made and what's going on right now.

Really satisfied that we've got the.

The right kind of machine to build the way we want to build in the networks performing in a great way in all of our indicators back from our customers where they are.

Are you satisfied with the level of experience. They have so everything I think feels pretty good about that right now.

And then just to be clear I said in my commentary, we are past peak investment as we exit this year and.

We'll give them.

Our guidance at the same timeframe, we usually do but clearly.

We don't expect to be at the levels of capital you have seen us invest in 2020 two 'twenty three.

Thanks, a lot.

Okay.

Our next question will come from the line of Phil Cusick of J P. Morgan. Please go ahead.

Hi, Thank you first just a little more direct Simon's questions, where are you on the deployment of three gigahertz spectrum for <unk> across yourselves sites.

And then a bigger question can you talk about the <unk> seasonality in the fiber business is this more gross add or churn driven and do you now expect positive seasonality in the third quarter. Thank you.

Yeah.

Hi.

Good morning.

No.

Through the end of the second quarter, we are at around 175 million Pops covered well on track to deliver on the 200 million, we had guided to earlier in the year.

But look I don't think I would characterize second quarter's seasonality per se.

I think I've been pretty clear Phil.

We had a significant account migration issue too.

Both of our significant competitors rejiggered their offers in the market, which drove some shifts in share.

And I expect we'll probably see more normalized things now.

As you know theres device introductions that occur in the latter part of the year that certainly drives the seasonality of the upgrade cycle.

Typically in Q3 Q, there's always a question of exactly what month that happens then does it happen in.

In the end of <unk> or does it get pushed into <unk> and <unk>.

We'll probably find out about the same time on that as to what happens in this year's cycle that sometimes can move some numbers in <unk> and <unk>, but those are usually directly.

Our board of the offer that's in the market.

Sorry, John I was unclear I was asking about the fiber.

Bit softer in the second quarter.

Alright go seasonally stronger.

So yes, there is a seasonal movement and fiber and broadband and I apologize for misunderstanding your question.

There is probably two things driving it one is you've probably heard from others in the industry. There is less move activity going on in general that has had a degree of impact there is the seasonal dynamic that occurs in some of the out for college and University work as well.

Expect that things are probably going to continue to be a bit softer in the market because.

I don't expect that we're going to see housing movement necessarily recover I don't I think its a artifact of mortgage rates.

Peoples ability to make those discretionary moves but.

Look I feel really comfortable about our ability to continue to add along the clip that we're adding right now because we're more dependent on share take than we are on mover activity and that's a little bit different for us than maybe others in the market.

What typically happens in the third quarter, but it'll be a bit muted because I expect that theres going to be a little bit less movement activity in the housing market.

Thanks, John .

Our next question will come from the line of Michael Rollins of Citi. Please go ahead.

Hi, Good morning, I'm, just curious if you can give us an update on your longer term thoughts of where you want to see your fiber and broadband footprint relative to your historic ILEC footprint.

How youre thinking about the programs such as eating.

ECP infill.

Influencing those longer term aspirations.

Hi, Michael Good morning.

So look we.

We've done an awful lot of work and we have pretty good line of sight and I've used this characterization before and I don't think its a whole lot different it'll vary state by state, but yes. There is an easy business case to be made on reinvestment in infrastructure on call. It two thirds of the flu.

And typically when you get into outside plant investment the way the cycle typically starts as a new technology comes out or a new architecture, you see the first third as being attractive and that kind of starts the process and as you get up the learning curve and technology scales and prices come down in the.

The market matures.

You end up getting to a point, where the second third.

<unk> still look very attractive and you end up investing in going through and then it really depends market by market. Sometimes it's the final third that becomes the question around whether or not there is merit for investment and some times.

The final 20% somewhere in that range.

Think that's effectively where we're going to be answer your question, that's where the issue of subsidy will play out.

We've been pretty specific in our analysis of looking at I'll call. It that final third I'm generalizing grossly, but I'll call. It that final third of saying where is it that we think we would like to try to be really competitive in and build that infrastructure out because.

It's strategically injection positioned other areas that we serve or we think the growth characteristics of that market will be good over time.

That doesn't mean, we're going to want it.

I expect there'll be others look at some markets and there'll be places where.

We're interested in somebody else is interested we tried to be informed and thinking about how other competitors might think about those markets given how they lineup to their footprint and where they have business interests.

Hopefully, we will be an informed bidder.

We will be successful and we will be able to put a compelling case moving forward I feel like we have a lot of tools at our disposal to.

In our infrastructure and equipment were putting out a fantastic technology that people view as being superior and better. So I think we're going to be very competitive in the places we want to be competitive but it remains.

To be seen how much of that we win.

I would then go ahead and tell you.

And my expectation is this process is going to unfold in 'twenty four.

Towards probably are going to be not the types of things that youre going to see impact 'twenty fours business will be in the regulatory process and bidding.

I would expect when we start thinking about what we win and where we have success, you'll see us incorporate those those conclusions into our 'twenty five and beyond kind of view of the business.

And I'd like to get through a couple of the larger states to see how successful we are before I start to frame and characterize that for you moving forward does that help you enough yes.

Yes, that's very helpful and just maybe one other.

Tough question that this fixed wireless.

They are different role than you previously.

Ascribed.

In your broadband aspirations.

No.

As I previously described it as.

And I gave a characterization earlier look there'll be some parts.

Of the United States that are best served by a fixed wireless at least I believe that they will be best served by fixed wireless.

As I move around different states I think there are some states who believe that's the case.

And there are some states that are looking at how do you get as many people.

In some cases I think there are policymakers in certain states, who who are may be biased more terrestrial infrastructure.

I don't know how that plays out my guess is they run out of money before they serve everybody based on the amount of money that's available in subsidy and what's out there but.

Time will tell whether they stick to their guns on that or maybe slightly revised our approach as they start to see bids coming in but I do expect there'll be places where economically fixed wireless is the optimum solution to get good solid internet out as quickly as possible that will sustain things for a period of time.

And I expect there'll be parts of our footprint, where it will be a very good catch product for us where we don't maybe see either subsidy coming in or the business case to invest in fiber for those customers for the next couple of decades.

Growing consumption at 30%, 40% a year you don't see those kind of dynamics showing up in some of the small business.

Lower end of the mid sized market and fixed wireless as a solution for those customers that.

Can use that kind of service, especially when they need to marry it with mobile services to complement their business is a very attractive place for us to be thinking about using the product and the infrastructure and I like the yields on that.

Thank you.

Okay.

Our next question will come from the line of David Barden of Bank of America. Please go ahead.

Taking the question.

I guess it has to be me that's kind of asked this question.

John and I am sure you have a bunch of talking points in front of you.

No.

Ed situation. So in the last 50 years or 70 years has there been a federal.

State or municipal organization Thats ever flagged this issue.

AT&T.

That.

Put it on the radar screen in a way that.

Maybe we all should have known about and then.

Has there ever been a material amount of Av.

Claims that somehow people were harmed by the existence of this lead in.

Your network.

And then <unk>.

People are throwing numbers around.

When you talk to the credit rating agencies.

What did they think how do you talk about this issue to them and what it means to your.

Leverage situation and then finally how.

How does this issue affect how you think about capital allocation and the dividend.

Thanks.

So Dave.

Thanks for asking the question that to you.

I guess needed to be asked.

I'm limited in how much I can say I'll try to be somewhat responsive to share, but if you are unsatisfied.

With a little bit of the background that gives your I apologize, but you also have to understand we're in a unique position that we do have.

Actual litigation pending right now on some of this out in Lake Tahoe and that maybe puts us in a little bit different place. So.

I needed to be somewhat sensitive around that so let me start at the back end and then I'll try to tick through.

I don't think it changes my point of view of how I think about the dividend.

That hasnt come into characterization right now.

When I go through your questions.

<unk> had relationships with federal state.

Regulators on all safety issues for a very long time.

Ed being one of them, we work with our workplace regulators, we work with external environmental regulators and as you know we are a big company and we do an awful lot. We work with a variety of different substances of materials that are regulated and we have the infrastructure inside of our business.

And safety organizations that do this step professionally.

And it's been part of the DNA of our business, we have those relationships, we communicate we shared data.

I think as you know we provide health plans to an awful lot of employees and we pay attention to whether or not our employees are doing well on a variety of things and we care about.

Whether or not they are healthy or if we're spending money fixing things wire things broken and People's health.

That's been a virtuous cycle or something that we spend a lot of time and energy on it is just part of the DNA of our business.

And I think to answer your question.

And those normal cycles in those interactions as anybody can come in and said hey.

We've got issues around what youre doing with led cables or youre not handling this correctly the answer is no.

Have we.

As part of that rigorous.

Enforcement that goes on if we had circumstances, where compliance with a particular thing.

Maybe has popped up and we've had to go in and demonstrate compliance or do things of course, that's what regulators do and.

We're constructively working through this issue with them right. Now is is indicative of something that's been in place and it's just been kind of the DNA of what we do.

We haven't disclosed anything out publicly about claims because there hasnt been anything material to disclose.

As what I would tell you and I.

I don't know that I would go any further than that.

Different than what we've shared with you right now.

Okay, John Thank you.

Our next question will come from the line of Peter Zaffino of Wolfe Research. Please go ahead.

Hi, Thank you I wanted to ask you about consumer wireline segment margins.

Thinking about the longer run could you just update us on the timeline for legacy network shutdowns and other permanent differences between long term heading of your margins in that business and those are share play broadband businesses.

Hi, Peter.

We haven't given what I will call. It a characterization of the quote unquote shut down because I don't I don't think you should necessarily think about the shutdown is like a date certain that arise that Dave will arrive but.

We think about it as kind of a rolling process, we think about it as a geography by geography or ZIP code by ZIP code process.

When you think about how our cost structure is aligned to that business as you begin to.

Modernized infrastructure and ultimately not have to support products of services of infrastructure of older.

Legacy generations.

Then cost start to fall away.

We've done an awful lot of work separating out the variable and fixed cost structure in the what I will call semi fixed cost structure to know what we need to do as we roll through geographies to ultimately get it the layers of fix semi fixed and variable.

As you heard in my opening remarks, we now have cash products showing up in the market that allows us to begin accelerating that work.

That work is part and parcel of some of the Recommitment of $2 billion over three years that we expect we're going to be able to take out.

I do believe that as we simplify given how we allocate costs in the business in our reporting.

And I believe.

The data we arrived that ultimately exercising all of those costs from the business.

What I know about how our fiber infrastructure is performing on a standalone basis right now it's all goodness.

In fact, this week I was out with.

Our network operations team and it was just such an uplifting day for somebody who has worked in the company as long as I have to see.

The cost structure, that's been put in place the customer satisfaction thats occur and the efficiency of the technician ranks.

The durability of whats going into service.

It's all good and as a result of that when you step back from his days should we be able to operate this business.

Thank you very much earlier department of answer.

Operator, we have time for one last question.

Our last question will come from the line of Frank Louthan.

Of Raymond James Please go ahead.

Great. Thank you.

<unk> was up pretty nicely year over year, I'm still a little bit below market can you give us an idea of.

Why that is it just a higher number of customers on newer on promos and where do you think that can go in the next 12 months.

Of the 25 million locations, yet passed with fiber how many of those are included in this latest 50 million homes that you have passed and wearable that total be when that project's completed thank you.

I'm sorry, Frank could you rephrase the second part of that question again, so I just kind of slipped a bit.

Sorry, you disclosed I think at 25 million locations passed with fiber I assume some of that is this latest 15 million homes push that you have.

Can you give us an idea of where you are in building out those 50 million locations and what will that total number would be when that final project is finished.

So we haven't changed any of our guidance Frank on 30 million locations passed.

By 'twenty five maybe not understanding the subtlety of your question I think we just told you we passed in the remarks $20 million.

Locations.

So we're.

Im missing what you were asking there.

I'm just trying to figure out the 15 million homes that you've passed that last project.

Today on that project, having more do you have left in that the $8 million.

Bill.

Sure.

Frank.

I'm not sure what you're referring to when you say the $15 million.

Just to be clear.

Right now.

Between business and consumer.

We are passing around.

24 million homes and.

The vast majority of that obviously being consumers.

<unk>.

As John alluded to our.

Our plans haven't changed we feel really good about the pace at which we're building and when we build we feel really good about.

The take rates that we're seeing so all in all these things are pursuing according to our plan.

On the <unk> side, Frank we've historically been a bit under the industry part of it is the maturity of our base of customers. We have what I would call tenure wise, a little bit less established space than may be the incumbent players and so.

So if you're a customer for a longer period of time and you move up the continuum that obviously helps <unk>, but some of it is deliberate we're I think price in the market in a way as you are probably aware, we're trying to do everyday simple pricing, where we don't use promotions in.

We tend to get a little bit more at the front end.

As a result of that and maybe a little bit less at the back end on the average side and the fact that when you are penetrating.

Having a competitive price point.

As I think helpful in getting that faster penetration at the front end quicker, which is a driver of return in the overall investment and then finally we.

We're doing a lot of work, where we're trying to consolidated products and services.

Doubling up households on both wireless and fixed broadband.

Those are really attractive households to get really attractive customers to get in.

I think when we have a good high quality product, we don't have to discount a lot that we want and offer between both the wireless and the broadband product to make sure. We are at a price point that we think holds that household.

We continue to have an umbrella to work under.

That's a good thing and it allows us to make sure. We can continue to grow our booths and grow with those customers in.

As I said earlier, when you run a subscription business new.

<unk> those things and you use them very carefully and we will continue to use it very carefully as we move forward.

Thanks, very much Frank operator, that's all the time, we have for questions.

Yes.

And ladies and gentlemen, thank you for your participation today in today's teleconference call, we'd like to thank you for using our service have a wonderful day you may now disconnect.

Q2 2023 AT&T Inc Earnings Call

Request a DemoDemo

AT&T

Earnings