AT&T committed to reaching 200M people with 5G+ on mid-band by YE23

Pascal Desroches, CFO at AT&T, spoke at the Bank of America Media, Communications & Entertainment Conference where he provided an update to shareholders. Desroches made the following key points: Over the past three years, AT&T has repositioned around its strengths in 5G and fiber. Desroches stated that AT&T is benefitting from the continued and consistent execution of this strategy. Desroches also noted that continued higher postpaid average revenues per user and healthy wireless service revenue growth reflect the health of the company’s wireless operations. Desroches reiterated that he’s confident in the company’s full-year free cash flow guidance of better than $16 billion. Additionally, Desroches stated the company expects third-quarter free cash flow in the $4.5-5.0 billion range. As previously indicated, the primary factors supporting the company’s cash outlook are full-year 2023 adjusted EBITDA growth of 3+ percent, largely in-line capital investment and lower handset payments for full-year 2023 compared to 2022. AT&T expects to deliver continued profitable 5G and fiber customers in the third quarter. In wireless, Desroches said he expects to add postpaid phone customers to the base in the third quarter thanks to the company’s disciplined and sustainable go-to-market strategy even with the market experiencing continued normalizing in demand trends. AT&T remains committed to: Reaching 200 million people with 5G+ on mid-band spectrum by year-end 2023. Passing 30+ million consumer and business customer locations with fiber by the end of 2025.