AT&T Analyst & Investor Conference
Free Cash Flow Walk - 2021 to 2022
2022 Adj. EBITDA* organic growth drivers:
•
.
Mobility growth from growing subscriber base and stable ARPU and ramping MVNO volumes
Consumer Wireline growth with accelerating broadband revenue growth from Fiber
⚫ Business Wireline trend improvement
•
~$1B in incremental transformation savings
~$1B in cash interest and other working capital savings
Free cash flow* is defined as cash from operations and cash distributions from DIRECTV
(classified as investing activities) minus capital expenditures and cash paid for vendor financing.
*See appendix for further information on Non-GAAP measures and Pro Forma results.
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