2016 AT&T EARNINGS. AT&T Financial and Operational Results

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1 Q AT&T EARNINGS AT&T Financial and Operational Results APRIL 26, 2016

2 AT&T Financial and Operational Results Consolidated 3 Consolidated Statements of Income - GAAP 4 Financial and Operating Statistics Summary 4 Consolidated Balance Sheets 5 Consolidated Statements of Cash Flows 6 Details of Consolidated Statements of Income 7 Business Solutions 8 Statement of Segment Income - GAAP 9 Business Solutions - Revenue Detail and Operating Volumes 10 Entertainment Group 11 Statement of Segment Income - GAAP 12 Entertainment Group - Operating Volumes 12 Consumer Mobility 13 Statement of Segment Income - GAAP 14 Consumer Mobility - Operating Volumes 14 International 15 Statement of Segment Income - GAAP 16 International - Operating Volumes 17 Supplemental 18 Supplemental AT&T Mobility Results 19 Supplemental AT&T Mobility Results (continued) 20 Supplemental Corporate & Other Results 21 Non-GAAP Consolidated Reconciliations 22 Free Cash Flows 23 Annualized Net-Debt-to-Adjusted-EBITDA Ratio 24 Adjusted Diluted EPS 25 Adjusted Operating Income and Margin 26 Adjusted EBITDA 27 Non-GAAP Reconciliations - Segments and Supplemental 28 Non-GAAP Segment Reconciliation - Segment EBITDA 29 Non-GAAP Segment Reconciliation - Segment EBITDA (continued) 30 Non-GAAP Reconciliation - Supplemental 31

3 Q AT&T EARNINGS Consolidated

4 Consolidated Statements of Income - GAAP AT&T Inc. except per share amounts Unaudited 6/30/14 9/30/14 12/31/14 3/31/15 6/30/15 9/30/15 12/31/15 3/31/16 Operating Revenues $ 32,575 $ 32,957 $ 34,439 $ 32,576 $ 33,015 $ 39,091 $ 42,119 $ 40,535 Operating Expenses Cost of services and sales Equipment 4,143 4,432 6,443 4,546 4,353 4,501 5,868 4,375 Broadcast, programming and operations 1,005 1,038 1,056 1,122 1,148 4,081 5,645 4,629 Other cost of services and sales (exclusive of depreciation and amortization shown separately below) 8,941 8,866 10,957 8,812 9,578 9,214 8,178 9,396 Selling, general and administrative 8,197 8,475 14,765 7,961 7,467 9,107 8,419 8,441 Abandonment of network assets - - 2, Depreciation and amortization 4,550 4,539 4,567 4,578 4,696 6,265 6,477 6,563 Total Operating Expenses 26,836 27,350 39,908 27,019 27,242 33,168 34,587 33,404 Operating Income (Loss) 5,739 5,607 (5,469) 5,557 5,773 5,923 7,532 7,131 Interest Expense 881 1, ,146 1,143 1,207 Equity in Net Income (Loss) of Affiliates 102 (2) (13) Other Income (Expense) Net 1, (57) (113) 70 Income (Loss) Before Income Taxes 6,229 4,631 (6,213) 4,728 4,922 4,735 6,307 6,007 Income Tax (Benefit) Expense 2,532 1,444 (2,295) 1,389 1,738 1,657 2,221 2,122 Net Income (Loss) 3,697 3,187 (3,918) 3,339 3,184 3,078 4,086 3,885 Less: Net Income Attributable to Noncontrolling Interest (74) (57) (81) (76) (102) (84) (80) (82) Net Income (Loss) Attributable to AT&T $ 3,623 $ 3,130 $ (3,999) $ 3,263 $ 3,082 $ 2,994 $ 4,006 $ 3,803 Diluted Earnings (Loss) Per Share Attributable to AT&T $ 0.69 $ 0.60 $ (0.77) $ 0.63 $ 0.59 $ 0.50 $ 0.65 $ 0.61 Financial and Operating Statistics Summary AT&T Inc. except per share amounts Unaudited 6/30/14 9/30/14 12/31/14 3/31/15 6/30/15 9/30/15 12/31/15 3/31/16 Construction and Capital Expenditures: Capital expenditures $ 5,933 $ 5,180 $ 4,370 $ 3,848 $ 4,480 $ 5,028 $ 5,862 $ 4,451 Interest during construction Dividends Declared Per Share $ 0.46 $ 0.46 $ 0.47 $ 0.47 $ 0.47 $ 0.47 $ 0.48 $ 0.48 Annual Dividend Per Share Growth 2.2% 2.2% 2.2% 2.2% 2.2% 2.2% 2.1% 2.1% End of Period Common Shares Outstanding (000,000) 5,191 5,185 5,187 5,193 5,193 6,152 6,145 6,156 Debt Ratio 46.7% 43.9% 47.5% 51.5% 55.5% 50.8% 50.5% 51.2% Total Employees 248, , , , , , , ,870 PAGE 4

5 Consolidated Balance Sheets AT&T Inc. 3/31/16 12/31/15 Unaudited Assets Current Assets Cash and cash equivalents $ 10,008 $ 5,121 Accounts receivable - net of allowances for doubtful accounts of $697 and $704 16,070 16,532 Prepaid expenses 1,378 1,072 Other current assets 10,545 13,267 Total current assets 38,001 35,992 Property, Plant and Equipment - Net 123, ,450 Goodwill 104, ,568 Licenses 94,130 93,093 Customer Lists and Relationships - Net 17,197 18,208 Other Intangible Assets - Net 9,108 9,409 Investments in Equity Affiliates 1,594 1,606 Other Assets 15,503 15,346 Total Assets $ 403,638 $ 402,672 Liabilities and Stockholders' Equity Current Liabilities Debt maturing within one year $ 8,399 $ 7,636 Accounts payable and accrued liabilities 26,169 30,372 Advanced billing and customer deposits 4,550 4,682 Accrued taxes 2,455 2,176 Dividends payable 2,955 2,950 Total current liabilities 44,528 47,816 Long-Term Debt 122, ,515 Deferred Credits and Other Noncurrent Liabilities Deferred income taxes 57,489 56,181 Postemployment benefit obligation 34,114 34,262 Other noncurrent liabilities 20,998 22,258 Total deferred credits and other noncurrent liabilities 112, ,701 Stockholders' Equity Common stock 6,495 6,495 Additional paid-in capital 89,414 89,763 Retained earnings 34,506 33,671 Treasury stock (12,163) (12,592) Accumulated other comprehensive income 5,180 5,334 Noncontrolling interest Total stockholders' equity 124, ,640 Total Liabilities and Stockholders' Equity $ 403,638 $ 402,672 PAGE 5

6 Consolidated Statements of Cash Flows AT&T Inc. Unaudited 3/31/16 3/31/15 Operating Activities Net income $ 3,885 $ 3,339 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 6,563 4,578 Undistributed earnings from investments in equity affiliates (13) - Provision for uncollectible accounts Deferred income tax expense 1, Net gain from sale of investments, net of impairments (44) (33) Changes in operating assets and liabilities: Accounts receivable Other current assets Accounts payable and accrued liabilities (4,006) (1,817) Retirement benefit funding (140) (140) Other - net (1,304) (873) Total adjustments 4,015 3,399 Net Cash Provided by Operating Activities 7,900 6,738 Investing Activities Construction and capital expenditures: Capital expenditures (4,451) (3,848) Interest during construction (218) (123) Acquisitions, net of cash acquired (165) (19,514) Dispositions 81 8 Sales of securities, net 445 1,890 Net Cash Used in Investing Activities (4,308) (21,587) Financing Activities Issuance of long-term debt 5,978 16,572 Repayment of long-term debt (2,296) (596) Issuance of treasury stock 89 8 Dividends paid (2,947) (2,434) Other 471 (2,860) Net Cash Provided by Financing Activities 1,295 10,690 Net increase (decrease) in cash and cash equivalents 4,887 (4,159) Cash and cash equivalents beginning of year 5,121 8,603 Cash and Cash Equivalents End of Period $ 10,008 $ 4,444 PAGE 6

7 Details of Consolidated Statements of Income - Quarter AT&T Inc. Unaudited For the quarter ended March 31, 2016 Operations and Support Expenses Depreciation and Amortization Operating Income (Loss) Equity in Net Income of Affiliates Segment Contribution Revenues EBITDA Business Solutions $ 17,609 $ 10,802 $ 6,807 $ 2,508 $ 4,299 $ - $ 4,299 Entertainment Group 12,658 9,578 3,080 1,488 1, ,595 Consumer Mobility 8,328 4,912 3, ,494-2,494 International 1,667 1, (198) 14 (184) Segment Total $ 40,262 $ 26,880 $ 13,382 $ 5,195 $ 8,187 $ 17 $ 8,204 Corporate and Other (104) 17 (121) Acquisition-related items (295) 1,351 (1,646) Certain Significant items - (711) AT&T Inc. $ 40,535 $ 26,841 $ 13,694 $ 6,563 $ 7,131 For the quarter ended March 31, 2015 Operations and Support Expenses Depreciation and Amortization Operating Income (Loss) Equity in Net Income (Loss) of Affiliates Segment Contribution Revenues EBITDA Business Solutions $ 17,557 $ 11,073 $ 6,484 $ 2,342 $ 4,142 $ - $ 4,142 Entertainment Group 5,660 4, ,065 (264) (6) $ (270) Consumer Mobility 8,778 5,541 3,237 1,002 2,235 - $ 2,235 International (10) - $ (10) Segment Total $ 32,231 $ 21,691 $ 10,540 $ 4,437 $ 6,103 $ (6) $ 6,097 Corporate and Other Acquisition-related items (299) 121 (420) Certain Significant items (217) - (217) AT&T Inc. $ 32,576 $ 22,441 $ 10,135 $ 4,578 $ 5,557 PAGE 7

8 Q AT&T EARNINGS Business Solutions

9 Statement of Segment Income - GAAP 1 Business Solutions Unaudited 6/30/14 9/30/14 12/31/14 3/31/15 6/30/15 9/30/15 12/31/15 3/31/16 Segment Operating Revenues Wireless Service $ 7,353 $ 7,542 $ 7,589 $ 7,515 $ 7,756 $ 7,732 $ 7,684 $ 7,855 Fixed Strategic Services 2 2,292 2,378 2,484 2,549 2,614 2,677 2,744 2,786 Legacy Voice and Data Services 5,076 5,004 4,881 4,754 4,647 4,585 4,359 4,338 Other Service and Equipment , Wireless Equipment 1,378 1,586 2,749 1,893 1,793 1,813 2,454 1,771 Total Segment Operating Revenues $ 17,046 $ 17,487 $ 18,729 $ 17,557 $ 17,664 $ 17,692 $ 18,214 $ 17,609 Segment Operating Expenses Operations and support 10,827 11,295 12,990 11,073 10,972 10,921 11,980 10,802 Depreciation and amortization 2,314 2,331 2,346 2,342 2,460 2,474 2,513 2,508 Total Segment Operating Expenses 13,141 13,626 15,336 13,415 13,432 13,395 14,493 13,310 Segment Operating Income 3,905 3,861 3,393 4,142 4,232 4,297 3,721 4,299 Equity in Net Income (Loss) of Affiliates Segment Income $ 3,905 $ 3,861 $ 3,393 $ 4,142 $ 4,232 $ 4,297 $ 3,721 $ 4,299 Revenues by Customer Type 1, 3 Business Solutions Unaudited 6/30/14 9/30/14 12/31/14 3/31/15 6/30/15 9/30/15 12/31/15 3/31/16 Segment Operating Revenues Wireless $ 4,864 $ 5,099 $ 5,805 $ 5,278 $ 5,359 $ 5,346 $ 5,680 $ 5,396 Fixed 4,081 4,116 4,107 4,009 3,948 3,999 3,994 3,940 Global Business 4 $ 8,945 $ 9,215 $ 9,912 $ 9,287 $ 9,307 $ 9,345 $ 9,674 $ 9,336 Wireless $ 1,487 $ 1,534 $ 1,708 $ 1,543 $ 1,570 $ 1,579 $ 1,674 $ 1,608 Fixed 1,548 1,537 1,526 1,518 1,504 1,519 1,482 1,491 Small Business $ 3,035 $ 3,071 $ 3,234 $ 3,061 $ 3,074 $ 3,098 $ 3,156 $ 3,099 Wireless $ 2,324 $ 2,433 $ 2,755 $ 2,522 $ 2,552 $ 2,553 $ 2,711 $ 2,551 Fixed 1,097 1,119 1,169 1,066 1,113 1,107 1,113 1,070 Public Sector 4 $ 3,421 $ 3,552 $ 3,924 $ 3,588 $ 3,665 $ 3,660 $ 3,824 $ 3,621 Wireless $ 56 $ 62 $ 70 $ 65 $ 68 $ 67 $ 73 $ 71 Fixed 1,589 1,587 1,589 1,556 1,550 1,522 1,487 1,482 Partner Solutions 4 $ 1,645 $ 1,649 $ 1,659 $ 1,621 $ 1,618 $ 1,589 $ 1,560 $ 1,553 Wireless $ 8,731 $ 9,128 $ 10,338 $ 9,408 $ 9,549 $ 9,545 $ 10,138 $ 9,626 Fixed 8,315 8,359 8,391 8,149 8,115 8,147 8,076 7,983 Total Segment Operating Revenues $ 17,046 $ 17,487 $ 18,729 $ 17,557 $ 17,664 $ 17,692 $ 18,214 $ 17,609 1 Prior-period amounts restated to conform to current-period reporting methodology. Revenues related to certain divested hosting operations have been reclassified from Fixed Strategic Services to Legacy Voice and Data Services. 2 Fixed Strategic Services are the next generation wireline capabilities that lead AT&T s most advanced business solutions including VPNs, Ethernet, cloud, hosting, IP conferencing, voice over IP, MIS over Ethernet, U-verse and security services. 3 The Business Solutions Segment provides both wireless and fixed services to business customers and individual subscribers who purchase wireless services through employer-sponsored plans. 4 Global Business primarily consists of large business customers, including multi-national corporations. Public Sector primarily consists of government and education. Partner Solutions primarily consists of Wholesale. PAGE 9

10 Revenues by Segment 1 Business Solutions Unaudited 6/30/14 9/30/14 12/31/14 3/31/15 6/30/15 9/30/15 12/31/15 3/31/16 Segment Operating Revenues Wireless - Service $ 7,353 $ 7,542 $ 7,589 $ 7,515 $ 7,756 $ 7,732 $ 7,684 $ 7,855 Wireless - Equipment 1,378 1,586 2,749 1,893 1,793 1,813 2,454 1,771 Total Wireless Revenues $ 8,731 $ 9,128 $ 10,338 $ 9,408 $ 9,549 $ 9,545 $ 10,138 $ 9,626 Fixed Strategic Services 2 2,292 2,378 2,484 2,549 2,614 2,677 2,744 2,786 Legacy Data Services 2,383 2,332 2,266 2,186 2,154 2,090 1,995 1,958 Legacy Voice and Other 3,640 3,649 3,641 3,414 3,347 3,380 3,337 3,239 Total Fixed Revenues $ 8,315 $ 8,359 $ 8,391 $ 8,149 $ 8,115 $ 8,147 $ 8,076 $ 7,983 Total Segment Operating Revenues $ 17,046 $ 17,487 $ 18,729 $ 17,557 $ 17,664 $ 17,692 $ 18,214 $ 17,609 Operating Volumes 1 Business Solutions Volumes in thousands Unaudited 6/30/14 9/30/14 12/31/14 3/31/15 6/30/15 9/30/15 12/31/15 3/31/16 Wireless Subscribers and Connections 3 Total Subscribers and Connections 60,199 62,552 65,114 66,945 69,178 71,561 73,659 75,771 Postpaid 42,987 44,062 45,160 45,959 46,697 47,414 48,290 48,844 Connected Devices 17,203 18,482 19,943 20,972 22,462 24,064 25,284 26,863 Wireless Net Add Detail (Adjusted for M&A) 3 Net Customer Additions 771 1,816 1,864 1,324 1,769 1,875 1,563 1,689 Postpaid Net Adds Connected Devices Net Adds 175 1,276 1,296 1,024 1,478 1,602 1,211 1,578 Wireless Churn Detail Postpaid Churn % 0.84% 1.08% 0.90% 0.91% 1.05% 1.10% 1.02% Broadband Connections IP DSL Total Wireline Broadband Connections 5 1,636 1,610 1,583 1,559 1,533 1,510 1,492 1,473 Voice Connections Total Wireline Voice Connections 6 11,155 10,870 10,603 10,316 10,033 9,758 9,485 9,212 1 Prior-period amounts restated to conform to current-period reporting methodology. Broadband and wireline voice volumes exclude divested Connecticut wireline properties, which are included in Corporate and Other. Revenues related to certain divested hosting operations have been reclassified from Fixed Strategic Services to Legacy Voice and Data Services. 2 Fixed Strategic Services are the next generation wireline capabilities that lead AT&T s most advanced business solutions including VPNs, Ethernet, cloud, hosting, IP conferencing, voice over IP, MIS over Ethernet, U-verse and security services. 3 Business Mobility includes reseller subscribers, which are not significant. 4 Churn is calculated by dividing the aggregate number of wireless subscribers who canceled service during a period by the total number of wireless subscribers at the beginning of that period. The churn rate for the period is equal to the average of the churn rate for each month of that period. 5 Total Wireline (also known as wired) Broadband Connections include DSL lines and U-verse High Speed Internet access lines. 6 Total Wireline Voice Connections includes switched access lines served by AT&T's incumbent local exchange carriers and affiliates, switched access lines served by AT&T Corp and U-verse Voice over Internet Protocol connections. Includes both primary and additional lines. PAGE 10

11 Q AT&T EARNINGS Entertainment Group

12 Statement of Segment Income - GAAP Entertainment Group Unaudited 6/30/14 9/30/14 12/31/14 3/31/15 6/30/15 9/30/15 12/31/15 3/31/16 Segment Operating Revenues Video Entertainment $ 1,696 $ 1,719 $ 1,810 $ 1,871 $ 1,991 $ 7,162 $ 9,247 $ 8,904 High-Speed Internet 1,340 1,414 1,482 1,553 1,623 1,685 1,740 1,803 Legacy Voice and Data Services 1,967 1,834 1,695 1,612 1,516 1,419 1,367 1,313 Other Service and Equipment Total Segment Operating Revenues $ 5,562 $ 5,553 $ 5,593 $ 5,660 $ 5,782 $ 10,858 $ 12,994 $ 12,658 Segment Operating Expenses Operations and support 4,747 4,781 4,810 4,859 4,913 8,450 10,123 9,578 Depreciation and amortization 1,099 1,109 1,077 1,065 1,065 1,389 1,426 1,488 Total Segment Operating Expenses 5,846 5,890 5,887 5,924 5,978 9,839 11,549 11,066 Segment Operating Income (Loss) (284) (337) (294) (264) (196) 1,019 1,445 1,592 Equity in Net Income (Loss) of Affiliates - - (2) (6) (12) Segment Income (Loss) $ (284) $ (337) $ (296) $ (270) $ (208) $ 1,021 $ 1,457 $ 1,595 Operating Volumes and Statistics 1 Entertainment Group Volumes in thousands Unaudited 6/30/14 9/30/14 12/31/14 3/31/15 6/30/15 9/30/15 12/31/15 3/31/16 Video Connections Satellite ,570 19,784 20,112 U-verse 5,636 5,848 5,920 5,969 5,946 5,854 5,614 5,232 Total Video Connections 5,636 5,848 5,920 5,969 5,946 25,424 25,398 25,344 Broadband Connections IP 10,463 11,010 11,383 11,796 12,013 12,185 12,356 12,542 DSL 3,932 3,453 3,059 2,740 2,416 2,137 1,930 1,749 Total Wireline Broadband Connections 2 14,397 14,465 14,444 14,537 14,428 14,322 14,286 14,291 Voice Total Wireline Voice Connections 3 14,801 14,381 14,002 13,669 13,312 12,891 12,498 12,113 Net Adds Satellite U-verse (23) (92) (240) (382) Video (23) (66) (26) (54) IP DSL (448) (479) (394) (319) (324) (278) (208) (181) Broadband (25) 68 (21) 94 (107) (106) (37) 5 Total Entertainment Group Revenue Connections 34,834 34,694 34,366 34,175 33,686 52,637 52,182 51,748 Net Change (287) (140) (328) (191) (489) 18,951 (455) (434) Video ARPU $ $ $ $ $ $ $ $ IP Broadband ARPU $ $ $ $ $ $ $ $ Prior-period amounts restated to conform to current-period reporting methodology. Amounts exclude divested Connecticut wireline properties, which are included in Corporate and Other. 2 Total Wireline (also known as wired) Broadband Connections include DSL lines, U-verse High Speed Internet access lines and satellite broadband. 3 Total Wireline Voice Connections includes switched access lines served by AT&T's incumbent local exchange carriers and affiliates, switched access lines served by AT&T Corp and U-verse Voice over Internet Protocol connections. Includes both primary and additional lines. Includes consumer U-verse Voice over Internet Protocol connections of 5,225 as of March 31, PAGE 12

13 Q AT&T EARNINGS Consumer Mobility

14 Statement of Segment Income - GAAP Consumer Mobility Unaudited 6/30/14 9/30/14 12/31/14 3/31/15 6/30/15 9/30/15 12/31/15 3/31/16 Segment Operating Revenues Service $ 7,795 $ 7,880 $ 7,486 $ 7,297 $ 7,359 $ 7,363 $ 7,131 $ 6,943 Equipment 1,404 1,328 2,036 1,481 1,396 1,421 1,618 1,385 Total Segment Operating Revenues $ 9,199 $ 9,208 $ 9,522 $ 8,778 $ 8,755 $ 8,784 $ 8,749 $ 8,328 Segment Operating Expenses Operations and support 6,006 5,731 6,718 5,541 5,203 5,065 5,669 4,912 Depreciation and amortization , Total Segment Operating Expenses 6,987 6,681 7,699 6,543 6,137 6,041 6,608 5,834 Segment Operating Income 2,212 2,527 1,823 2,235 2,618 2,743 2,141 2,494 Equity in Net Income (Loss) of Affiliates - (1) Segment Income $ 2,212 $ 2,526 $ 1,823 $ 2,235 $ 2,618 $ 2,743 $ 2,141 $ 2,494 Operating Volumes 1 Consumer Mobility Volumes in thousands Unaudited 6/30/14 9/30/14 12/31/14 3/31/15 6/30/15 9/30/15 12/31/15 3/31/16 Wireless Subscribers and Connections Total Subscribers and Connections 56,435 56,098 55,440 54,827 54,724 54,845 54,981 54,674 Postpaid 31,345 31,043 30,610 30,216 29,844 29,257 28,814 28,294 Prepaid 10,082 10,026 9,965 10,037 10,438 10,988 11,548 12,171 Reseller 13,747 13,876 13,844 13,581 13,487 13,647 13,690 13,313 Connected Devices 1,261 1,153 1, Net Add Detail (Adjusted for M&A) Net Customer Additions (137) (106) Postpaid Net Adds (4) Prepaid Net Adds (286) (46) (67) Reseller Net Adds (171) 91 (66) (269) (98) (378) Connected Devices (119) (94) (114) (79) (30) - (22) (26) Churn Detail Total Churn % 2.03% 2.21% 2.04% 1.86% 1.90% 1.97% 2.11% Postpaid Churn % 1.20% 1.43% 1.20% 1.16% 1.33% 1.31% 1.24% 1 Prior-period amounts restated to conform to current-period reporting methodology. 2 Churn is calculated by dividing the aggregate number of wireless subscribers who canceled service during a period by the total number of wireless subscribers at the beginning of that period. The churn rate for the period is equal to the average of the churn rate for each month of that period. PAGE 14

15 Q AT&T EARNINGS International

16 Statement of Segment Income - GAAP International Unaudited 6/30/14 9/30/14 12/31/14 3/31/15 6/30/15 9/30/15 12/31/15 3/31/16 Segment Operating Revenues Video Entertainment $ - $ - $ - $ - $ - $ 945 $ 1,206 $ 1,130 Wireless Service Wireless Equipment Total Segment Operating Revenues $ - $ - $ - $ 236 $ 491 $ 1,526 $ 1,849 $ 1,667 Segment Operating Expenses Operations and support ,384 1,799 1,588 Depreciation and amortization Total Segment Operating Expenses ,609 2,108 1,865 Segment Operating Income (10) (131) (83) (259) (198) Equity in Net Income (Loss) of Affiliates (4) (1) 14 Segment Income (Loss) $ 99 $ - $ - $ (10) $ (131) $ (87) $ (260) $ (184) Segment Operating Revenues By Country International Unaudited 6/30/14 9/30/14 12/31/14 3/31/15 6/30/15 9/30/15 12/31/15 3/31/16 Segment Operating Revenues Mexico Wireless $ - $ - $ - $ 236 $ 491 $ 581 $ 643 $ 537 Brazil Argentina Venezuela Other Countries Total Latin America $ - $ - $ - $ - $ - $ 945 $ 1,206 $ 1,130 Total Segment Operating Revenues $ - $ - $ - $ 236 $ 491 $ 1,526 $ 1,849 $ 1,667 PAGE 16

17 Operating Volumes 1 International Volumes in thousands Unaudited 6/30/14 9/30/14 12/31/14 3/31/15 6/30/15 9/30/15 12/31/15 3/31/16 Wireless Mexico Operating Statistics Subscriber Detail Total Subscribers ,728 8,550 8,091 8,684 9,213 Postpaid 4,289 4,404 Prepaid 3,995 4,445 Other Net Add Detail Net Customer Additions (288) (170) (231) Postpaid Net Adds Prepaid Net Adds Other Net Adds (45) (37) Churn Detail Total Churn % 6.81% 5.58% 5.67% 5.45% Latin America Operating Statistics 6/30/14 9/30/14 12/31/14 3/31/15 6/30/15 9/30/15 12/31/15 3/31/16 Video Connections Brazil ,538 5,444 5,342 Other Countries ,006 7,066 7,094 Total Video Connections ,544 12,510 12,436 Video Net Add Detail Brazil (129) (94) (101) Other Countries Total Video (113) (34) (73) 1 Prior-period amounts restated to conform to current-period reporting methodology. 2 3Q15 subscriber count includes 301k reduction to true-up customer base. Prior periods not restated. 3 Churn is calculated by dividing the aggregate number of wireless subscribers who canceled service during a period by the total number of wireless subscribers at the beginning of that period. The churn rate for the period is equal to the average of the churn rate for each month of that period. PAGE 17

18 Q AT&T EARNINGS Supplemental

19 Supplemental AT&T Mobility Results AT&T Mobility Unaudited 6/30/14 9/30/14 12/31/14 3/31/15 6/30/15 9/30/15 12/31/15 3/31/16 Operating Revenues Service $ 15,148 $ 15,423 $ 15,074 $ 14,812 $ 15,115 $ 15,095 $ 14,815 $ 14,798 Equipment 2,782 2,914 4,785 3,374 3,189 3,234 4,071 3,156 Total Operating Revenues $ 17,930 $ 18,337 $ 19,859 $ 18,186 $ 18,304 $ 18,329 $ 18,886 $ 17,954 Operating Expenses Operations and support 11,473 11,683 14,327 11,472 10,973 10,865 12,479 10,624 Depreciation and amortization 1,973 1,909 1,959 2,005 2,031 2,046 2,031 2,056 Total Operating Expenses 13,446 13,592 16,286 13,477 13,004 12,911 14,510 12,680 Operating Income 4,484 4,745 3,573 4,709 5,300 5,418 4,376 5,274 Equity in Net Income (Loss) of Affiliates - (1) AT&T Mobility Income $ 4,484 $ 4,744 $ 3,573 $ 4,709 $ 5,300 $ 5,418 $ 4,376 $ 5,274 Operating Volumes 1 Volumes in thousands AT&T Mobility Subscribers and Connections Total Subscribers and Connections 116, , , , , , , ,445 Postpaid 74,332 75,105 75,770 76,175 76,541 76,671 77,105 77,138 Prepaid 10,082 10,026 9,965 10,037 10,438 10,988 11,548 12,171 Reseller 13,756 13,884 13,855 13,595 13,506 13,729 13,774 13,378 Connected Devices 18,464 19,635 20,964 21,965 23,417 25,018 26,213 27,758 Net Add Detail (Adjusted for M&A) Net Customer Additions 634 2,007 1,905 1,218 2,094 2,513 2,234 1,781 Postpaid Net Adds 1, Prepaid Net Adds (286) (46) (67) Branded Net Adds Reseller Net Adds (162) 87 (65) (266) (95) (400) Connected Devices Net Adds 56 1,182 1, ,448 1,602 1,189 1,552 M&A, Partitioned Customers and/or Adjustments (14) 9 (1) - 36 (9) - 24 Phone Detail Branded Phones 78,417 78,619 78,208 77,953 78,032 77,737 77,955 78,131 Branded Smartphones 3 57,904 60,294 62,443 64,047 65,243 66,233 67,200 68,271 Postpaid Phones 2 68,335 68,593 68,243 67,916 67,594 66,749 66,407 65,960 Postpaid Smartphones 54,629 55,791 56,644 57,157 57,536 57,733 58,073 58,258 Postpaid Feature Phones 2 12,962 12,036 10,840 10,011 9,324 8,290 7,615 6,989 Postpaid Other Phones Prepaid Phones 10,082 10,026 9,965 10,037 10,438 10,988 11,548 12,171 Phone Detail - Net Adds Branded Phone Net Adds (218) (186) Postpaid Phone Net Adds (151) (284) (276) (383) (256) (363) Prepaid Phone Net Adds (286) (46) (67) Prior-period amounts restated to conform to current-period reporting methodology. 2 Feature phones are basic phones that are primarily used for voice and text services. 3Q15 postpaid phones count includes a reclassification of 300k feature phones to non-tablet computing devices. Prior periods have not been restated. 3 Branded smartphones include postpaid and prepaid smartphones. Smartphones on the Cricket CDMA network are excluded. PAGE 19

20 Supplemental AT&T Mobility - Other Operating Statistics AT&T Mobility Unaudited 6/30/14 9/30/14 12/31/14 3/31/15 6/30/15 9/30/15 12/31/15 3/31/16 Churn Detail Total Churn % 1.36% 1.59% 1.40% 1.31% 1.33% 1.50% 1.42% Postpaid Churn % 0.99% 1.22% 1.02% 1.01% 1.16% 1.18% 1.10% Other Operating Statistics 2 Wireless Service ARPU 3 $ $ $ $ $ $ $ $ Postpaid Phone-Only ARPU 3 $ $ $ $ $ $ $ $ Postpaid ARPU 3 $ $ $ $ $ $ $ $ Postpaid Phone-Only ARPU + Next Billing 4 $ $ $ $ $ $ $ $ Churn is calculated by dividing the aggregate number of wireless subscribers who canceled service during a period by the total number of wireless subscribers at the beginning of that period. The churn rate for the period is equal to the average of the churn rate for each month of that period. 2 Prior-period ARPU was restated to conform to current-period reporting methodology. 3 ARPU is defined as Wireless service revenues during the period divided by average wireless subscribers during the period. 4 ARPU + Next Billing is defined as Wireless service revenues and billings from Next (equipment installment plans) during the period divided by average wireless subscribers during the period. PAGE 20

21 Supplemental Results - Corporate & Other Corporate & Other 1 Unaudited 9/30/14 12/31/14 3/31/15 6/30/15 9/30/15 12/31/15 3/31/16 Operating Revenues Global Hubbing and Other Wholesale $ 199 $ 171 $ 133 $ 117 $ 112 $ 100 $ 93 National Mass Markets Customer Information Services Connecticut Wireline Other Total Operating Revenues $ 709 $ 595 $ 345 $ 323 $ 316 $ 313 $ 273 Operating Expenses Operations and support Depreciation and amortization Total Operating Expenses Operating Income (Loss) $ (106) $ 123 $ 91 $ 63 $ (2) $ 24 $ (121) 1 Corporate and Other includes: (1) operations that are not considered reportable segments and that are no longer integral to our operations or which we no longer actively market, and (2) impacts of corporate-wide decisions for which the individual operating segments are not being evaluated, including interest costs and expected return on plan assets for our pension and postretirement benefit plans. 2 Includes the operations of Connecticut wireline properties that were divested on October 24, PAGE 21

22 Q AT&T EARNINGS Non-GAAP Consolidated Reconciliations

23 Non-GAAP Consolidated Reconciliation Capital Investment AT&T Inc. Unaudited Three Months Ended March 31, 2016 Reported construction and capital expenditures $ 4,669 Add: Vendor financing for capital investments in Mexico 43 Capital Investment $ 4,712 Free Cash Flow AT&T Inc. Unaudited March 31, Net cash provided by operating activities $ 6,738 $ 7,900 Less: Construction and capital expenditures (3,971) (4,669) Free Cash Flow $ 2,767 $ 3,231 Free Cash Flow after Dividends AT&T Inc. Unaudited March 31, Net cash provided by operating activities $ 6,738 $ 7,900 Less: Construction and capital expenditures (3,971) (4,669) Free Cash Flow 2,767 3,231 Less: Dividends paid (2,434) (2,947) Free Cash Flow after Dividends $ 333 $ 284 Capital Investment is a non-gaap financial measure calculated by including vendor financing arrangements for capital improvements of the wireless network in Mexico. These favorable payment terms are considered vendor financing arrangements and are reported as repayments of debt instead of capital expenditures. Management believes that Capital Investment provides relevant and useful information to investors and other users of our financial data in evaluating the investment in our business. Free cash flow includes reimbursements of certain postretirement benefits paid. Free cash flow is defined as cash from operations minus construction and capital expenditures. Free cash flow after dividends is defined as cash from operations minus construction, capital expenditures and dividends. We believe these metrics provide useful information to our investors because management reviews free cash flow as an important indicator of how much cash is generated by normal business operations, including capital expenditures, and makes decisions based on it. Management also views free cash flow as a measure of cash available to pay debt and return cash to shareowners. PAGE 23

24 Non-GAAP Consolidated Reconciliation Annualized Net-Debt-to-Adjusted-EBITDA Ratio AT&T Inc. Unaudited Three Months Ended 3/31/ YTD Operating Revenues $ 40,535 $ 40,535 Operating Expenses 33,404 33,404 Total Operating Income 7,131 7,131 Add Back Depreciation and Amortization 6,563 6,563 Consolidated EBITDA 13,694 13,694 Add Back: Wireless merger integration costs DIRECTV/Mexico merger integration costs Gain on transfer of wireless spectrum (736) (736) Total Adjusted Consolidated EBITDA 13,254 13,254 Annualized Adjusted Consolidated EBITDA $ 53,016 End-of-period current debt 8,399 End-of-period long-term debt 122,104 Total End-of-Period Debt 130,503 Less Cash and Cash Equivalents 10,008 Net Debt Balance $ 120,495 Annualized Net-Debt-to-Adjusted-EBITDA Ratio Adjustments include Operations and Support expenses for domestic wireless integration costs. 2 Adjustments include DIRECTV merger and integration costs and Operations and Support expenses for international wireless integration costs. Net-Debt-to-EBITDA ratios are non-gaap financial measures frequently used by investors and credit rating agencies. Management believes these measures provide relevant and useful information to investors and other users of our financial data. Net debt is calculated by subtracting cash and cash equivalents and certificates of deposit and time deposits that are greater than 90 days from the sum of debt maturing within one year and long-term debt. The Net-Debt-to-EBITDA ratio is calculated by dividing the Net Debt by annualized EBITDA. Annualized EBITDA is calculated by annualizing the year-to-date EBITDA. Our calculation of EBITDA, as presented, may differ from similarly titled measures reported by other companies. PAGE 24

25 Non-GAAP Consolidated Reconciliation Adjusted Diluted EPS 1 AT&T Inc. Unaudited March 31, Reported Diluted EPS $ 0.63 $ 0.61 Adjustments: Amortization of intangible assets Merger and integration costs Tax-related item (0.05) - Gain on transfer of wireless spectrum - (0.08) Other Adjusted Diluted EPS $ 0.65 $ 0.72 Year-over-year growth - Adjusted 10.8% Weighted Average Common Shares Outstanding with Dilution (000,000) 5,219 6, Adjusted Diluted EPS has been restated to reflect the change in accounting for customer set-up and installation costs. 2 Adjustments include DIRECTV merger and integration costs, domestic and international wireless merger and integration costs. 3 Other adjustments include employee separation costs and other costs. Adjusted Diluted EPS is a non-gaap financial measure calculated by excluding from operating revenues, operating expenses, and income tax expense certain significant items that are non-operational or non-recurring in nature, including dispositions and merger integration and transaction costs. Management believes that this measure provides relevant and useful information to investors and other users of our financial data in evaluating the effectiveness of our operations and underlying business trends. Adjusted Diluted EPS should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP. Our calculation of Adjusted Diluted EPS, as presented, may differ from similarly titled measures reported by other companies. Sum of components may not tie due to rounding. PAGE 25

26 Non-GAAP Consolidated Reconciliation Adjusted Operating Income and Margin 1 AT&T Inc. Unaudited March 31, Operating Revenues $ 32,576 $ 40,535 Reported Operating Income $ 5,557 $ 7,131 Adjustments: Amortization of intangible assets 50 1,351 Wireless merger integration costs DIRECTV/Mexico merger integration costs Employee separation costs Gain on transfer of wireless spectrum - (736) Adjusted Operating Income $ 6,122 $ 8,067 Adjusted Operating Income Margin* 18.8% 19.9% Adjusted Operating Income and Margin have been restated to reflect the change in accounting for customer set-up and installation costs. 2 Adjustments include Operations and Support expenses for domestic wireless integration costs. 3 Adjustments include DIRECTV merger integration costs and Operations and Support expenses for international wireless integration costs. Adjusted Operating Income and Margin are non-gaap financial measures calculated by excluding from operating revenues and operating expenses significant items that are nonoperational or non-recurring in nature, including dispositions and merger integration and transaction costs. Management believes that these measures provide relevant and useful information to investors and other users of our financial data in evaluating the effectiveness of our operations and underlying business trends. Adjusted Operating Income and Margin should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP. Our calculation of Adjusted Operating Income and Margin, as presented, may differ from similarly titled measures reported by other companies. *Adjusted Operating Income Margin is calculated by dividing Adjusted Operating Income by Operating Revenues. PAGE 26

27 Non-GAAP Consolidated Reconciliation Adjusted EBITDA and Margin 1 AT&T Inc. Unaudited March 31, Operating Revenues $ 32,576 $ 40,535 Reported Operating Income $ 5,557 $ 7,131 Plus: Depreciation and Amortization 4,578 6,563 EBITDA 2 $ 10,135 $ 13,694 Adjustments: Wireless merger integration costs DIRECTV/Mexico merger integration costs Employee separation costs Gain on transfer of wireless spectrum - (736) Adjusted EBITDA $ 10,650 $ 13,279 Adjusted EBITDA Margin* 32.7% 32.8% Adjusted EBITDA has been restated to reflect the change in accounting for customer set-up and installation costs. 2 EBITDA is defined as operating income before depreciation and amortization. 3 Adjustments include Operations and Support expenses for domestic wireless integration costs. 4 Adjustments include DIRECTV merger integration costs and Operations and Support expenses for international wireless integration costs. Adjusted EBITDA and Margin are non-gaap financial measures calculated by excluding from operating revenues and operating expenses certain significant items that are nonoperational or non-recurring in nature, including dispositions and merger integration and transaction costs. Management believes that these measures provide relevant and useful information to investors and other users of our financial data in evaluating the effectiveness of our operations and underlying business trends. Adjusted EBITDA should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP. Our calculation of Adjusted EBITDA, as presented, may differ from similarly titled measures reported by other companies. *Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by Operating Revenues. PAGE 27

28 Q AT&T EARNINGS Non-GAAP Reconciliations- Segments and Supplemental

29 Non-GAAP Segment Reconciliation AT&T Inc. Unaudited Business Solutions Segment EBITDA 3/31/15 6/30/15 9/30/15 12/31/15 3/31/16 Segment Operating Revenues Total Segment Operating Revenues $ 17,557 $ 17,664 $ 17,692 $ 18,214 $ 17,609 Segment Operating Income 4,142 4,232 4,297 3,721 4,299 Segment Operating Income Margin 23.6% 24.0% 24.3% 20.4% 24.4% Plus: Depreciation and amortization 2,342 2,460 2,474 2,513 2,508 EBITDA 1 $ 6,484 $ 6,692 $ 6,771 $ 6,234 $ 6,807 EBITDA as a % of Revenues 36.9% 37.9% 38.3% 34.2% 38.7% Entertainment Group Segment EBITDA 3/31/15 6/30/15 9/30/15 12/31/15 3/31/16 Segment Operating Revenues Total Segment Operating Revenues $ 5,660 $ 5,782 $ 10,858 $ 12,994 $ 12,658 Segment Operating Income (Loss) (264) (196) 1,019 1,445 1,592 Segment Operating Income Margin -4.7% -3.4% 9.4% 11.1% 12.6% Plus: Depreciation and amortization 1,065 1,065 1,389 1,426 1,488 EBITDA 1 $ 801 $ 869 $ 2,408 $ 2,871 $ 3,080 EBITDA as a % of Revenues 14.2% 15.0% 22.2% 22.1% 24.3% Entertainment Group Segment Adjusted Operating Revenues 3/31/15 3/31/16 Segment Operating Revenues $ 5,660 $ 12,658 DIRECTV U.S. External Revenues 2 6,456 Adjustments: 3 Other DIRECTV operations 88 Revenue recognition 95 Intercompany eliminations (16) Adjusted Total Segment Operating Revenues $ 12,283 $ 12,658 YoY Growth 3.1% 1 For AT&T, EBITDA is defined as operating income before depreciation and amortization. EBITDA differs from Segment Operating Income (Loss), as calculated in accordance with U.S. generally accepted accounting principles (GAAP), in that it excludes depreciation and amortization. EBITDA does not give effect to cash used for debt service requirements and thus does not reflect available funds for distributions, reinvestment or other discretionary uses. EBITDA is not presented as an alternative measure of operating results or cash flows from operations, as determined in accordance with GAAP. Our calculation of EBITDA, as presented, may differ from similarly titled measures reported by other companies. 2 Includes operating revenues for DIRECTV, as reported in DIRECTV's Form 10-Q for the period ended 3/31/15. 3 Includes certain adjustments to conform to AT&T methodology and presentation and eliminate intercompany transactions. Revenue recognition adjustment conforms DIRECTV's practice of recognizing revenue to be received under contractual commitments on a straight line basis over the minimum contract period to AT&T's method of limiting the revenue recognized to the monthly amounts billed. PAGE 29

30 Non-GAAP Segment Reconciliation AT&T Inc. Unaudited Consumer Mobility Segment EBITDA 3/31/15 6/30/15 9/30/15 12/31/15 3/31/16 Segment Operating Revenues Total Segment Operating Revenues $ 8,778 $ 8,755 $ 8,784 $ 8,749 $ 8,328 Segment Operating Income 2,235 2,618 2,743 2,141 2,494 Segment Operating Income Margin 25.5% 29.9% 31.2% 24.5% 29.9% Plus: Depreciation and amortization 1, EBITDA 1 $ 3,237 $ 3,552 $ 3,719 $ 3,080 $ 3,416 EBITDA as a % of Revenues 36.9% 40.6% 42.3% 35.2% 41.0% International Segment EBITDA 3/31/15 6/30/15 9/30/15 12/31/15 3/31/16 Segment Operating Revenues Total Segment Operating Revenues $ 236 $ 491 $ 1,526 $ 1,849 $ 1,667 Segment Operating Income (Loss) (10) (131) (83) (259) (198) Segment Operating Income Margin -4.2% -26.7% -5.4% -14.0% -11.9% Plus: Depreciation and amortization EBITDA 1 $ 18 $ (38) $ 142 $ 50 $ 79 EBITDA as a % of Revenues 7.6% -7.7% 9.3% 2.7% 4.7% 1 For AT&T, EBITDA is defined as operating income before depreciation and amortization. EBITDA differs from Segment Operating Income (Loss), as calculated in accordance with U.S. generally accepted accounting principles (GAAP), in that it excludes depreciation and amortization. EBITDA does not give effect to cash used for debt service requirements and thus does not reflect available funds for distributions, reinvestment or other discretionary uses. EBITDA is not presented as an alternative measure of operating results or cash flows from operations, as determined in accordance with GAAP. Our calculation of EBITDA, as presented, may differ from similarly titled measures reported by other companies. PAGE 30

31 Non-GAAP Reconciliation - Supplemental AT&T Inc. Unaudited AT&T Mobility EBITDA 3/31/15 6/30/15 9/30/15 12/31/15 3/31/16 Operating Revenues Service Revenues $ 14,812 $ 15,115 $ 15,095 $ 14,815 $ 14,798 Equipment Revenues 3,374 3,189 3,234 4,071 3,156 Total Operating Revenues $ 18,186 $ 18,304 $ 18,329 $ 18,886 $ 17,954 Operating Income 4,709 5,300 5,418 4,376 5,274 Operating Income Margin 25.9% 29.0% 29.6% 23.2% 29.4% Plus: Depreciation and amortization 2,005 2,031 2,046 2,031 2,056 EBITDA 1 $ 6,714 $ 7,331 $ 7,464 $ 6,407 $ 7,330 YoY Growth 9.2% EBITDA as a % of Revenues 36.9% 40.1% 40.7% 33.9% 40.8% EBITDA as a % of Service Revenues 45.3% 48.5% 49.4% 43.2% 49.5% Mexico EBITDA 3/31/15 6/30/15 9/30/15 12/31/15 3/31/16 Operating Revenues Total Operating Revenues $ 236 $ 491 $ 581 $ 643 $ 537 Operating Income (Loss) (10) (131) (134) (258) (251) Operating Income Margin -4.2% -26.7% -23.1% -40.1% -46.7% Plus: Depreciation and amortization EBITDA 1 $ 18 $ (38) $ (67) $ (169) $ (170) EBITDA as a % of Revenues 7.6% -7.7% -11.5% -26.3% -31.7% 1 For AT&T, EBITDA is defined as operating income before depreciation and amortization. EBITDA service margin is calculated as EBITDA divided by service revenues. EBITDA differs from Segment Operating Income (Loss), as calculated in accordance with U.S. generally accepted accounting principles (GAAP), in that it excludes depreciation and amortization. EBITDA does not give effect to cash used for debt service requirements and thus does not reflect available funds for distributions, reinvestment or other discretionary uses. EBITDA is not presented as an alternative measure of operating results or cash flows from operations, as determined in accordance with GAAP. Our calculation of EBITDA, as presented, may differ from similarly titled measures reported by other companies. PAGE 31

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