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Pascal Desroches, senior executive vice president and chief financial officer, AT&T Inc., AT&T* (NYSE:T) spoke today at the Annual Deutsche Bank Media, Internet & Telecom Conference where he provided an update to shareholders. Desroches made the following points:
As AT&T indicated when it announced its fourth-quarter 2022 results, it plans to provide recast historical financial results in early March because it will no longer record prior service credit benefits to the individual business units with a corporate elimination. Instead, these credits will only be recorded in Other Income. Recast historical results will reflect adjustments in business unit margins, particularly Business and Consumer Wireline, with a corresponding benefit to the corporate segment. This change will not impact consolidated EBITDA or previously provided guidance — including expectations on the trajectory of the business units — for the year.
*About AT&T
We help more than 100 million U.S. families, friends and neighbors, plus nearly 2.5 million businesses, connect to greater possibility. From the first phone call 140+ years ago to our 5G wireless and multi-gig internet offerings today, we @ATT innovate to improve lives. For more information about AT&T Inc. (NYSE:T), please visit us at about.att.com. Investors can learn more at investors.att.com.
Cautionary Language Concerning Forward-Looking Statements
Information set forth in this news release contains financial estimates and other forward-looking statements that are subject to risks and uncertainties, and actual results might differ materially. A discussion of factors that may affect future results is contained in AT&T’s filings with the Securities and Exchange Commission. AT&T disclaims any obligation to update and revise statements contained in this news release based on new information or otherwise.
This news release may contain certain non-GAAP financial measures. Reconciliations between the non-GAAP financial measures and the GAAP financial measures are available on the company’s website at https://investors.att.com.
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