AT&T Investor Day Presentation Deck
Free Cash Flow Walk - 2022 to 2023
2023 Adj. EBITDA* organic growth drivers:
Mobility growth from growing subscriber base, strong ARPU, higher MVNO volumes and roaming recovery
Consumer Wireline growth with accelerating broadband revenue growth from Fiber
Business Wireline exiting with growth in higher margin SMB connectivity solutions offsetting legacy pressures
~$1.5B in incremental transformation savings
~$2B in cash interest and other working capital savings
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Expect 2023 to be peak capital intensity*
Free cash flow* is defined as cash from operations and cash distributions from DIRECTV
(classified as investing activities) minus capital expenditures and cash paid for vendor financing.
*See appendix for further information on Non-GAAP measures and Pro Forma results.
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