AT&T 2024 Annual Meeting of Stockholders
The 2024 Annual Meeting of Stockholders of AT&T Inc. was conducted virtually on the Internet on Thursday, May 16, 2024 at 3:30pm Central time. There was no in-person meeting.
Voting Results
The voting results of the Annual Meeting are published below and included in a Form 8-K filed with the Securities and Exchange Commission, which is also available in the investor relations area of our website atwww.investors.att.com.
Additional Materials
Annual Meeting Downloads
AT&T Announces Final Voting Results of 2024 Annual Meeting
2024 Notice of Annual Meeting of Stockholders and Proxy Statement
AT&T 2024 Annual Stockholder Meeting Responses
As discussed during our Annual Stockholder Meeting on May 16, we are publishing responses to stockholders’ questions of general interest. There were several topics for which we received multiple questions, and we’ve grouped these responses accordingly.
Please note that for questions related to individual matters, we replied directly to the stockholder, and those responses will not be published here. Please email g47603@att.com with questions or comments.
Stock price and stockholder value
Our multi-year, investment-led strategy focused on 5G and fiber is working. We’re delivering consistent and profitable results while also making the business financially stronger, protecting the dividend, and growing cash flows.
In fact, we’ve reinvigorated growth in our core mobility and consumer wireline businesses – which represent approximately 80% of our total revenue and an even higher share of our profitability. And through our investments in 5G and fiber, we’ve built the largest wireless and consumer fiber networks. This positions us to win in a converged future, as we work to be the best at keeping customers connected wherever they go.
Convergence presents clear benefits for the company and our stockholders. Customers with both fiber and wireless stick with us longer and have higher net promoter scores, which translates to higher lifetime values.
Dividend
We’re deeply committed to the dividend, and we’ve worked incredibly hard over the past four years to put ourselves in a strong financial position. This gives us flexibility to consider multiple options, including stockholder returns, as we make headway on our target of 2.5x net debt to adjusted EBITDA in the first half of 2025.1
Winning business in a competitive market
We continue to add high-value customers at a healthy rate without sacrificing profits through aggressive promotions, growing our largest business the right way as we gain share in revenues. We now have more than 71.6 million postpaid phone subscribers, up 1.5 million year over year.
We’re very pleased with our industry-leading postpaid phone churn, meaning customers are sticking with us longer. Earlier this year, we delivered our best-ever first quarter postpaid phone churn, making us the industry leader in this key metric for 11 of the last 13 quarters.
Additionally, our broadband additions are outpacing cable. This is driven by AT&T Fiber, which has consistently captured over one-third of broadband net adds across major providers since 2021.
We feel confident that customers will continue to choose AT&T for the best experience on the best network.
Digital divide
We remain focused on helping as many Americans as possible connect to reliable, affordable internet access.
In April, we scaled up our commitment to $5 billion over the decade to help 25 million people in total get and stay connected to affordable, high-speed internet access by 2030. And we are working with customers that previously received the ACP benefit to find the solution that’s right for them, while continuing to offer eligible customers our Access from AT&T service, and low-cost plan options through our Cricket and AT&T Prepaid brands.
Cost reduction
Transforming our cost structure remains a priority. We’ve done the hard work to refocus our business with connectivity at its core, which has allowed us to execute more efficiently. Last year, we achieved our 3-year, $6 billion plus run-rate cost transformation target ahead of schedule and continue making progress on an incremental $2 billion plus in targeted savings by mid-2026.
Paying down debt
We’ve taken a deliberate and balanced approach to capital allocation, including debt reduction, over the last few years. We reached 2.9x net debt to adjusted EBITDA at the end of the first quarter of 2024, with clear line of sight to reaching our goal of 2.5x net debt to adjusted EBITDA by the middle of next year.1
This approach has allowed us to advance our leadership in investing in converged networks, 5G and fiber networks to ultimately return value to shareholders.
Cricket Wireless and AT&T Prepaid
Our goal is to be the best connectivity provider, able to meet our customers where they’re at. This includes providing a service at a price that fits their needs.
Our prepaid brands are among the strongest in the industry, offering millions of customers a great experience at a great value. And as we’ve demonstrated over the last few years, our prepaid business has been performing among the industry’s best when it comes to price, subscribers, and churn.
Investing for the future with fiber
Customers want to be connected by one provider, wherever they go. We see the future of our industry converging to meet this demand – meaning the company that can provide both wireless and internet will win. And a strong wireless network is only possible with fiber.
That’s why we’ve been investing at historic rates in the best technology to expand our footprint and bring AT&T connectivity to more people.
In fact, no company has invested more capital than AT&T in U.S. telecommunications infrastructure over the past five years (2019-2023). And this investment-led strategy is paying off. Our AT&T Fiber growth now outpaces cable.
With the growing use of AI at home and in business, as well as continued remote work, demand for bandwidth will only grow. Fiber is the best technology available to provide ubiquitous connectivity and help ensure our customers enjoy a more seamless experience.
DE&I
At AT&T, our purpose is to build a vibrant and sustainable business that connects people to greater possibility. We remain committed to building an inclusive workforce, like a “big tent,” where all generations, backgrounds, ethnicities, and identities, are welcome.
Macroenvironment and global uncertainty
We’re mindful of global macroeconomic uncertainty and closely monitor like everyone else. We remain focused on what we can control and manage the business to thrive across market cycles and environments. This means managing our balance sheet conservatively – which gives us flexibility – and maintaining healthy free cash flows, so we can adjust and respond as the environment changes.
Fortunately, demand for connectivity has never been greater and is one of the last things people will give up in times of financial strain.
Data privacy
We are committed to protecting customer privacy and data. Customers can learn more about the data we collect, how it is used and the choices and controls available to them here. It is our practice to provide AT&T employees with resources to understand the processing of their personal information at work.
Product innovation
We consistently look for ways to enhance our customers’ experience, including launching new products and services. Bringing the products and experiences our customers need to market will help us continue to grow.
Last year, we launched our fixed wireless product AT&T Internet Air, to complement our existing connectivity portfolio of wireless and fiber. We’re excited by its early performance, already serving more than 200,000 customers in parts of 95 locations. And we’re already seeing early adoption of our AT&T Internet Air for Business that we launched earlier this year.
Additionally, we recently introduced Dynamic Defense – the first-and-only network security solution with built in security controls aimed at supporting a range of business customers. We believe this will set the stage for the future of converged connectivity.
IoT and Connected devices
AT&T makes IoT easier for businesses of all sizes with highly secure, reliable IoT connectivity and ready-to-use IoT solutions. We connect devices and solutions across industries including healthcare, connected car/transportation, fleet and asset management and more. For example, we provide cellular connectivity for the CanGo™ Smart Cane, which expands the accessibility of many Americans who have difficulty walking and allows caregivers to stay connected in the event assistance is needed.
Legacy transition
We are working expeditiously within the relevant regulatory frameworks to retire legacy products and infrastructure, remove associated costs, and re-invest those savings into 5G and fiber – building a connectivity portfolio with real, long-term growth opportunities as we connect more communities nationwide.
Replay of meeting
The 2024 Annual Shareholder Meeting replay is available here.
Cautionary Language Concerning Forward-Looking Statements
1 Information set forth in this document 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 document based on new information or otherwise. This document 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 athttps://investors.att.com.
Annual Report Downloads
Complete 2023 Annual Report
2023 Letter to Shareholders
Complete Financial Review
