AT&T Results Presentation Deck
2020 - Execution of Customer-Focused Priorities Despite COVID Challenges
Solid execution yields customer gains
~1.5 million postpaid phone additions, highest since 2011
1 million+ fiber broadband net adds with market penetration reaching ~34%
Total U.S. HBO Max/HBO subs¹ top 41 million
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Strong cash flows support significant investment and shareholder return
Generated $27.5B in free cash flow² in 2020, yielding a dividend payout ratio of 54.5%²
Invested ~$20B in gross capital investment³; significant investment in HBO Max
Effectively extended near-term debt maturities; reduced net debt by ~$33B since TWX close
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Business transformation to drive efficiencies and fund investment
Aligned resources to areas of strategic focus
Continued cost management across the company
Optimized sales distribution thru innovation
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¹Domestic HBO Max and HBO subscribers exclude customers that are part of a free trial and exclude Cinemax.
2 See footnote 2 on slide 7.
3 See footnote 3 on slide 7.
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