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AT&T, Inc. (T) CEO Randall Stephenson on Q1 2020 Results - Earnings Call Transcript

Apr. 22, 2020 3:44 PM ETAT&T Inc. (T), TBC, TBB, T.PR.A14 Comments
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AT&T, Inc. (NYSE:T) Q1 2020 Earnings Conference Call April 22, 2020 8:30 AM ET

Company Participants

Michael Viola - Senior Vice President, Investor Relations

Randall Stephenson - Chairman and Chief Executive Officer

John Stankey - President and Chief Operating Officer

John Stephens - Chief Financial Officer

Conference Call Participants

John Hodulik - UBS

Phil Cusick - JPMorgan

Simon Flannery - Morgan Stanley

Michael Rollins - Citi

David Barden - Bank of America

Mike McCormack - Guggenheim

Brett Feldman - Goldman Sachs


Ladies and gentlemen, thank you for standing by. Welcome to the AT&T First Quarter ‘20 Earnings Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions] And as a reminder, this conference is being recorded. I would now like to turn the conference over to our host Michael Viola, Senior Vice President of Investor Relations. Please, go ahead.

Michael Viola

Thank you and good morning everyone and welcome to our first quarter conference call. I am Mike Viola, Head of Investor Relations for AT&T. And joining me on the call today are Randall Stephenson, AT&T’s Chairman and CEO; John Stankey, President and Chief Operating Officer for AT&T; and John Stephens, our Chief Financial Officer. Randall is going to begin with an overview of the COVID-19 impact on our employees, our customers and our business, John Stankey then will discuss how we are managing our business through this crisis, and then John Stephens is going to discuss COVID-19 financial impacts, how we are managing our liquidity and capital during this time and that’s going to be followed by a brief look at first quarter results and then we will take your questions.

Before we begin, I need to call your attention to the Safe Harbor statement which says that some of our comments maybe forward-looking. They are

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Comments (14)

Dividend is safe. Cash flow is very strong!!!
customer service complaints should go to zero. This company has compassionate leadership that needs to be recognized. 40,000 customers in desprate financial situations and AT&T lets them stay connected. To the execs I say, welcome to the list of American heroes.
Randall says:
"We remain committed to our dividend. In fact, we finished last year with our dividend as a percent of free cash flow a little over 50%. And even with the current economic crisis, we expect the payout ratio in 2020 to be in the 60s and we are targeting the low-end of that range, which is a very comfortable level for us."
2bears profile picture
Why would they sell the Puerto Rico wireless business. That just sounds like bad business for a company that recently purchased Mexico wireless, especially when that is your basic business.
Moats and Income profile picture
Nice and HBO just getting started...:)
As a former public co CFO, let me be the first to say that is clearly a bullish transcript on ability to generate free cash flow sufficient enough to cover dividends, CapEx, and debt pay down, through 2023. They may ultimately be wrong but I’m giving the benefit of the doubt. Long T, especially under 30!
T will be good long term hold. Cash machine
I've never seen an executive blow so much money that EVERYONE recognizes (but many won't acknowledge) still keep his positions and pay.
maybe it's you
Throwing Ketchup profile picture
Stevenson should be richly rewarded! He's a GENIUS! He has done MAGIC to build shareholder equity! Applause!!! Applause!!!! HEAP Bonus $$ upon his and his C-Suite buddies!!!! Champagne!!!!!!
Twobeerjohn profile picture
He’s blown a lot of money. This company is lucky they are in the wireless business. They need to lower prices and get back some customers. I’m a stockholder since 1972 but won’t use them because they are so expensive. I’m nervous. Stephenson and Stankey stink!
snow, who is that?
64transformation profile picture
@SnowDog222 if this is not sarcasm then you need new meds
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