John Stankey to Update Shareholders at the 52nd Annual J.P. Morgan Global Technology, Media and Communications Conference on May 21

John Stankey, chief executive officer, AT&T (NYSE:T, news, filings) Inc., will speak tomorrow at the 52nd Annual J.P. Morgan Global Technology, Media and Communications Conference where he will provide an update to shareholders. Here are the key topics Stankey is expected to cover:

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

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

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

• The company continues to see healthy, but normalizing, wireless industry trends and is pleased with how the Mobility business is performing in the second quarter.
• AT&T Fiber penetration rates continue to exceed initial business case assumptions with net adds varying from quarter to quarter based on seasonality, market dynamics and the pace of new fiber locations passed.
• AT&T’s connectivity portfolio continues to expand and includes multiple technologies, including 5G, fiber and the company’s fixed wireless access product – AT&T Internet Air – which is now available in parts of 95 locations for consumers and nationwide for businesses.
• AT&T is uniquely positioned to offer converged services at scale across its owned and operated 5G and fiber networks. With the largest wireless network in North America¹ and the largest domestic consumer fiber internet network², AT&T benefits from owner’s economics when it adds converged mobile and broadband subscribers.

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

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

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

• AT&T continues to make critical investments in its wireless and fiber future. Over the past five years, from 2019 to 2023, AT&T invested $145 billion+ primarily in its wireless and wireline networks, including capital investments and acquisitions of wireless spectrum³. To support its ongoing investment in 5G and fiber, the company continues to expect 2024 capital investment in the $21-22 billion range.
• AT&T believes fiber is the best internet access technology available today, and is pursuing a variety of models for connecting more people with fiber.
  • This includes AT&T’s in-footprint fiber build, which already passes 27 million+ consumer and business locations today and remains on pace to pass 30 million+ consumer and business locations by the end of 2025.
  • Based on fiber returns that are better than initial assumptions, AT&T sees a potential opportunity to pass an incremental 10 to 15 million consumer and business fiber locations within its existing footprint – assuming similar build parameters and a regulatory environment that incentivizes investing in America’s robust connectivity needs.
  • Outside of AT&T’s footprint, its Gigapower joint venture with BlackRock, through a fund managed by its Diversified Infrastructure business, has been up and running for just over a year with fiber build progress in parts of Arizona, Florida, Minnesota, Nevada, New Mexico, North Carolina, Pennsylvania and South Carolina.
  • The company is also pursuing opportunities to invest in fiber through public-private partnerships including the American Rescue Plan (ARP) and Broadband Equity, Access and Development (BEAD) Program.

• In Mobility, AT&T is advancing and modernizing its wireless network by accelerating the transition to Open Radio Access Networks (Open RAN), which the company believes will enable a more robust supplier ecosystem and drive efficiencies and longer-term cost savings.
• Additionally, through a definitive commercial agreement with AST SpaceMobile, AT&T recently took another step toward providing more ubiquitous connectivity for consumers and businesses via a space-based broadband network direct to everyday cell phones. In 2023, in collaboration with AT&T, AST SpaceMobile delivered several industry-first wins such as the first-ever 5G cellular connectivity, 4G voice and video call, and text via space between everyday smartphones.
• These collective efforts to enhance, expand and differentiate AT&T’s network further improve our ability to provide customers with high-speed internet service wherever they are, and advance AT&T’s progress on becoming America’s best converged connectivity provider.

The webcast of Stankey’s conversation will be available live, and for replay, at AT&T Investor Relations.