AT&T (T) Goldman Sachs Communacopia + Technology Conference 2024 summary

Strategic repositioning and industry outlook

• Refocused on core communications business after divesting media assets, achieving consistent results and improved balance sheet health.

• Significant investments in high-quality networks, especially fiber, anticipating structural industry changes and increased demand for high-performance connectivity.

• Sees current industry transformation, driven by software and AI, as comparable in scale to the rise of the internet, with a more compressed timeline.

• Largest fiber infrastructure in the U.S., aiming to lead the market over the next five years.

Wireless market performance and strategy

• Maintains focus on high-value net subscriber additions, prioritizing service revenue share and returns over raw net add numbers.

• Achieved industry-leading churn rates and improved consumer and business market performance through targeted initiatives and efficient customer management.

• Leveraged FirstNet and public sector relationships to expand household and business wireless adoption.

• Business wireline presence used to drive wireless sales, with further mid-market opportunities identified.

Pricing, competition, and device cycle

• Industry pricing supported by high investment and constrained spectrum supply; expects supply and cost dynamics to drive pricing over the next two years.

• Confident in competitive position due to best-in-class fixed broadband and wireless networks, with innovation focused on integrating both.

• AI-enabled smartphones expected to extend device replacement cycles, with software driving most innovation and less need for frequent hardware upgrades.