FirstNet Connections Reach 3.7M, AT&T Reports Second-Quarter Financial Results
Friday, July 22, 2022 | Comments

In its most recent financial statements, AT&T said that FirstNet now has about 3.7 million connections across 21,800 agencies. Additionally, the filings said that the FirstNet network now covers 2.81 million square miles and more than 99 percent of the U.S. population.

For the second quarter of 2022, AT&T reported $29.6 billion in revenues from continuing operations and a diluted earnings per share of 59 cents. Cash from continuing operations was $7.7 billion in the quarter and free cash flow was $1.4 billion.

On the communications side, second-quarter revenues were $28.7 billion, up 2% year over year primarily due to increases in mobility and, to a lesser extent, consumer wireline, offsetting a decline in business wireline. Operating income was $7.2 billion, down 2.1% year over year, with operating income margin of 25.2%, compared to 26.3% in the year-ago quarter.

Specifically for mobility, revenues were up 5.2% year over year, to $19.9 billion due to higher service and equipment revenues. Service revenues were $15 billion, up 4.6% year over year, primarily driven by subscriber growth. Equipment revenues were $4.9 billion, up 7.2% year over year, driven by increased sales of higher priced smartphones.

For mobility, operating expenses were $13.7 billion, up 6.1% year over year due to higher equipment costs, network costs, bad debt expense, amortization of customer acquisition costs, HBO Max content costs, FirstNet costs and the elimination of CAFII government credits. Operating income was $6.2 billion, up 3.4% year over year. Operating income margin was 31.2%, compared to 31.7% in the year-ago quarter. Earnings before interest, taxes, depreciation and amortization (EBITDA) was $8.2 billion, up 2.5% year over year with EBITDA margin of 41.3%, down from 42.4% a year ago. EBITDA service margin was 54.8%, compared to 56% in the year-ago quarter.

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