Summary
AT&T Inc. (T) has filed an 8-K report on April 18, 2022, providing supplemental financial information to investors following their April 14, 2022, filing. This report details consolidated and segment income statement information, with a particular focus on the pro forma presentation of discontinued operations related to the separation of the WarnerMedia business. Investors should note that beginning in the second quarter of 2022, the transactions involving WarnerMedia, Vrio, Xandr, and Playdemic Ltd. will be classified as discontinued operations in their historical financial statements. Furthermore, AT&T is enhancing its financial reporting by reclassifying certain administrative costs into "Corporate" to better align with current presentation practices. This adjustment increased corporate operations and support expenses by approximately $1.2 billion in 2020 and $270 million in 2021, with corresponding reductions in WarnerMedia, Video, and Communications segments, without impacting consolidated results. The company is also providing increased detail on corporate activities and reconciling items to improve transparency for investors.
Key Highlights
- 1Supplemental financial information provided for the quarter ended March 31, 2022, including consolidated and segment income statements.
- 2WarnerMedia, Vrio, Xandr, and Playdemic Ltd. transactions will be presented as discontinued operations starting Q2 2022.
- 3Reclassification of approximately $1.2 billion (2020) and $270 million (2021) in administrative costs to 'Corporate' to align reporting.
- 4This reclassification impacts segment reporting but does not change overall consolidated financial results.
- 5Enhanced reporting within 'Corporate' to provide additional details and reconciliation items.
- 6Exhibits 99.1, 99.2, and 99.3 offer detailed reconciliations of reported, continuing, and standalone AT&T operating results and EBITDA.