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AT&T Inc. (T) Management Presents at J.P. Morgan 51st Annual Global Technology, Media and Communications Conference (Transcript)

May 22, 2023 8:35 PM ETAT&T Inc. (T), TBC, TBB, T.PR.A, T.PR.C15 Comments
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AT&T Inc. (NYSE:T) J.P. Morgan 51st Annual Global Technology, Media and Communications Conference Transcript May 22, 2023 5:10 PM ET


John Stankey - Chairman and CEO


Philip Cusick - J.P. Morgan

Philip Cusick

All right. Thanks for joining us. Welcome to the 51st Annual J.P. Morgan TMC Conference. I am Philip Cusick. I follow the communications and media space here at J.P. Morgan. I want to welcome John Stankey, Chairman and CEO of AT&T.

John Stankey

It’s good to be here.

Philip Cusick

John, you finished selling assets about a year ago…

John Stankey

Before you get in -- can everybody get their drink water in for the cocktail hour?

Philip Cusick

The cart’s going to come around.

John Stankey

Yeah. I probably have to do the Safe Harbor statement, too. As you know, we have a website that you can go to, look at all of our Investor Relations material and some of the things I say today are forward-looking in nature and may not ultimately be the reality that sets in, so please understand that as you move forward here today. Thank you.

Philip Cusick

There we go. Did you hear I had to read that for Disney over there?

John Stankey

Did you?

Philip Cusick


John Stankey

I am sorry.

Philip Cusick

90 seconds of it. I did it in my best Mickey voice.

John Stankey

Oh! That’s what I have got the legal department down, so we are changing a lot at AT&T.

Question-and-Answer Session

Q - Philip Cusick

Yeah. All right. Good. So a year ago -- changing a lot, you spun off WarnerMedia and talk about what’s happened in the business in the last year in terms of efficiency and a more sort of streamlined organization?

John Stankey

So it’s actually

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Comments (15)

toh192 profile picture
Presenting at these conferences should be seen as the desperate searching for financing they are. Just sell when you see any presentation at banker events.
ZarceroCR profile picture
Randall Stephenson is T's Welch and Stankey is Jeff Immelt

Shareholders, widows and orphans
@ZarceroCR Welch was a very great CEO; he was retired 10 years before the GE slide. Keep in mind when Welch took over GE was worth only $30B; he took them to $500B

Immelt had a decade to change the org. He procrastinated.
Dog breath T just got some more anchovies and garlic packed on its teeth !

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@San Marzano Did you read where he says the balance sheet isnt “really sexy”?

I am not sure if I saw $14 today. My vision was clouded by my tears.
@Fanny Jones No surprise really. Where does the growth come from? They are a commodity provider of data transport and phone service in third place in the later with no pricing power and no margin growth with a huge debt load. They should cut Exec pay and perks like corporate aircraft to the bone and embrace who they really are! $20-$25 m annually for Stankey - a failed leader is a joke !
How does this leadership team remain? Stock is at a 20 year low and not a single person fired?!?!
An activist please to move these capital destruction souls out! Paul Singer round 2 !
William- Billy Hill profile picture
This interview should embarrass anyone at T. Stankey doesn't seem to have a clue. His comments in my view very superficial. It was nothing but a bunch of happy talk. The entire Board and senior management team need to be fired. Pathetic performance.
@William- Billy Hill I was also surprised at the responses. Does not come across as demonstrating competence. T is making relatively better decisions now but needs to build confidence with shareholders and this guy should not be its public face.
@William- Billy Hill Great comment.
Mscape profile picture
@user50238 Stankey did not come across as competent because he is not competent.
T at a Technology conference is humor in itself. The CEO of many years, Whitacre, didn't even use a computer; no email; no spreadsheets to reference; just post-its and phone calls.
To me with the conversation stating "T" is first going to "get everything in order" on its balance sheet and has to deal with its "legacy products" means that after decades of trying to grow via acquisitions (ex. Warner Bros.) which led to high debt and huge losses (> 100 Billion), "T" is finally going to look at itself, get settled and move on in a productive fashion (although time will tell).

The plus is that perhaps it will finally reduce its still large and lingering debt and reduce its huge legacy products line which will allow it to grow and move the stock price upward.

The minus is that stock holders have had this decade plus of crazy spending (translates to poor management) and now are "holding the bag" of a very low priced stock that will take many years to grow. Granted the dividend is above average, but overall "T" has been a poor showing at best. "Too little too late" and/or "you can't polish a turd".
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