At&tib final 2q13

2nd QUARTER 2013
InvestorBriefing
No. 281 | July 23, 2013
AT&T Inc. today reported continued earnings gains for the
second quarter with increasing revenue growth driven by strong
mobile data growth, solid postpaid net adds and continued
strong gains in wireline consumer and U-verse services.
Highlights included:
• $0.71 diluted EPS compared to $0.66 diluted EPS in the second quarter of
2012, up 7.6 percent. Excluding significant items, EPS was $0.67.
• Consolidated revenues of $32.1 billion, up 1.6 percent versus reported results
for the year-earlier period, and up 2.6 percent adjusting for the sale of
Advertising Solutions.
• More than 2 million new wireless and wireline high speed broadband
connections.
NATION’S FASTEST AND MOST RELIABLE 4G LTE NETWORK
DRIVING SUBSCRIBER AND USAGE GROWTH
• 551,000 wireless postpaid net adds, best second-quarter postpaid net adds
in four years.
• 35 percent of postpaid smartphone base LTE capable.
• Smartphone data usage per device up 50 percent year over year.
• LTE network expected to cover nearly 270 million POPs in 400 markets by
year-end.
• LTE network build expected to be substantially complete by summer 2014.
STRONG WIRELESS REVENUE GROWTH,
RECORD SECOND-QUARTER SMARTPHONE SALES
• Wireless revenues up 5.7 percent, service revenues up 4.1 percent versus the
year-ago quarter.
• Wireless data revenues up 19.8 percent versus the year-earlier period.
• Wireless operating income margin of 27.1 percent; wireless EBITDA service
margin of 42.4 percent reflecting record second-quarter smartphone sales
of 6.8 million, including record Android sales.
• Added 1.2 million new smartphone subscribers; smartphones 88 percent of
postpaid phone sales.
• Total postpaid ARPU up 1.8 percent; phone-only ARPU up 3.0 percent.
AT&T’s second-quarter
results were led by strong
growth in wireless and
in wireline consumer
revenues, strong postpaid
net adds, solid high speed
IP gains and accelerating
growth in strategic
business services.
AT&T Reports Solid Revenue Growth on Strong
Wireless Gains Driven by Quality Network
Performance and Continued U-verse Growth

InvestorBriefing 2Q 2013 2
Second-quarter 2013 net income
attributable to AT&T totaled $3.8 billion, or
$0.71 per diluted share, compared to
$3.9 billion, or $0.66 per diluted share, in the
year-earlier quarter, up 7.6 percent. Adjusted
for a gain of 4 cents on sales of América Móvil
shares, earnings per diluted share was $0.67.
Second-quarter 2013 cash from operating
activities totaled $9.5 billion, and capital
expenditures totaled $5.5 billion. Free cash
flow — cash from operating activities minus
capital expenditures — totaled $4.0 billion.
As part of its Project VIP-related LTE
deployment, the company now covers more
than 225 million POPs with the nation’s
fastest, and now most reliable, 4G LTE
network, according to independent third-party
data. The company’s LTE network is expected
to cover nearly 270 million POPs in 400
markets by year-end 2013, and its LTE
deployment is expected to be substantially
complete by the summer of 2014. During
the quarter, both PCWorld and PC Magazine
named AT&T’s 4G LTE network the
nation’s fastest.
In addition to its investments to further
improve and expand operations, AT&T
continues to use its cash to return substantial
value to shareowners. In the second quarter,
dividends paid totaled $2.4 billion. At the end
of the quarter, AT&T’s long-term debt was
$71.9 billion, total debt was $75.2 billion and
cash and cash equivalents totaled $4.5 billion.
AT&T’s second-quarter 2013 debt-to-total-capitalization
ratio was 46.6 percent, and the
company’s net-debt-to-EBITDA ratio was 1.67.
SHARE REPURCHASES
During the second quarter, the company
completed its second 300 million share
repurchase authorization and began buying
back shares under its third 300 million share
authorization. The company repurchased
89 million shares for $3.3 billion in the
second quarter. At the end of the quarter,
272 million shares remained on the current
authorization. The company expects to make
future repurchases opportunistically.
WIRELINE TRANSFORMATION
TO IP CONTINUES
• Wireline consumer revenue growth of
2.4 percent versus the year-earlier period.
• Total U-verse revenues, including
business, up 30.1 percent year over year;
U-verse more than half of wireline
consumer revenues.
• 9.4 million total U-verse subscribers
(TV and high speed Internet) in service;
641,000 high speed Internet subscribers
added; 233,000 U-verse TV subscribers
added, topping 5 million.
• Total wireline broadband data ARPU up
9 percent year over year.
• Continued strength in strategic business
services revenues, up more than 15 percent
year over year.
SECOND-QUARTER
CONSOLIDATED RESULTS
For the quarter ended June 30, 2013, AT&T’s
consolidated revenues totaled $32.1 billion,
up 1.6 percent versus the year-earlier
quarter and up 2.6 percent when excluding
revenues from the divested Advertising
Solutions business unit.
Compared with results for the second
quarter of 2012, operating expenses were
$26.0 billion versus $24.8 billion; operating
income was $6.1 billion versus $6.8 billion;
and operating income margin was
19.1 percent, compared to 21.6 percent.
USE THESE
AT&T 2Q13 REVENUE MIX
Page ONE
Wireless
Wireline Data/
Managed
IT Services
AT&T Dark Blue AT&T Burgundy AT&T Purple AT&T Lime Green AT&AT&T Secondary Colors (use for arcs, backgrounds and type)
AT&T Dusty Blue AT&T Ochre AT&T Magenta AT&T Royal Blue AT&T Teal AT&T Warm Gray
AT&T Gold
AT&T Taupe AT&T Light Blue AT&AT&T Accent Colors (use for type and highlights only)
54%
29%
17%
Wireline Voice/
Other
Other
AT&T’s growth drivers
— wireless, wireline
data and managed
IT services — have
transformed the
company’s revenue
mix. These growth
drivers represented
83 percent of AT&T’s
2Q13 revenues.

In the second quarter, AT&T delivered solid revenue growth; strong postpaid
subscriber and ARPU gains; and continued expansion of its high-value
smartphone base.
POSTPAID GAINS AND HIGHER ARPU DRIVE REVENUE GROWTH
Total wireless revenues, which include equipment sales, were up 5.7 percent
year over year to $17.3 billion. Wireless service revenues increased 4.1 percent
in the second quarter, to $15.4 billion. Wireless data revenues increased
19.8 percent from the year-earlier quarter to $5.4 billion. Second-quarter
wireless operating expenses totaled $12.6 billion, up 11.8 percent versus the
year-earlier quarter, and wireless operating income was $4.7 billion, down
7.7 percent year over year.
Second-quarter wireless margins reflect record second-quarter smartphone
sales, strong upgrades and further revenue gains from the company’s high-quality
smartphone subscriber base. AT&T’s second-quarter wireless operating
income margin was 27.1 percent versus 31.0 percent in the year-earlier quarter.
AT&T’s wireless EBITDA service margin was 42.4 percent, compared with
45.8 percent in the second quarter of 2012. (EBITDA service margin is
operating income before depreciation and amortization, divided by total
service revenues.)
Postpaid phone-only ARPU increased 3.0 percent versus the year-earlier
quarter. Total postpaid subscriber ARPU, which includes high margin but
lower-ARPU tablets, increased 1.8 percent versus the year-earlier quarter.
This marked the 18th consecutive quarter AT&T has posted a year-over-year
increase in postpaid ARPU. Postpaid data ARPU increased 17.6 percent versus
the year-earlier quarter.
BEST SECOND-QUARTER POSTPAID NET ADDS IN FOUR YEARS
AT&T posted a net increase in total wireless subscribers of 632,000 in the
second quarter. Subscriber additions for the quarter included postpaid net
adds of 551,000, the best second-quarter postpaid net adds in four years
and a more than 70 percent increase from the year-ago quarter. Postpaid
net adds include 398,000 postpaid tablets added in the quarter. Connected
device net adds were 484,000. Prepaid gained 11,000 subscribers even
with declines in session-based tablets. Reseller had a net loss of 414,000
primarily due to losses in low-revenue accounts, but revenues increased
almost 30 percent year over year.
AT&T’s wireless highlights:
nation’s fastest, most
reliable 4G LTE network
helps drive solid revenue
growth, strong postpaid
sales and ARPU growth;
record second-quarter
smartphone sales and
continued expansion of
the smartphone base.
Wireless

of AT&T’s postpaid phone subscribers had
smartphones, up from 64 percent, or
43.1 million, a year earlier. The company
sold a second-quarter record 6.8 million
smartphones, including a record number of
Android sales, and smartphones accounted
for 88 percent of postpaid phone sales in
the quarter. AT&T’s ARPU for smartphones is
more than twice that of non-smartphone
subscribers, and about 90 percent of
postpaid subscribers are on FamilyTalk®,
Mobile Share or business plans. Churn levels
for these subscribers are significantly
lower than for other postpaid subscribers.
More than 35 percent of AT&T’s postpaid
smartphone customers now use an LTE
device. And about 65 percent use a
4G-capable device (LTE/HSPA+).
The number of subscribers on usage-based
data plans (tiered data and Mobile
Share plans) continues to increase. More
than 70 percent, or 35.1 million, of postpaid
smartphone subscribers are on usage-based
data plans. This compares to 62 percent, or
26.6 million, a year ago and 45 percent two
years ago. About 80 percent of customers
on usage-based data plans have chosen the
higher-priced plans.
More than 13 million connections, or more
than 18 percent of postpaid subscribers,
are on Mobile Share plans. The number of
Mobile Share accounts reached 4.3 million
in the second quarter with an average of
about three devices per account. Take rates
on the higher-data plans continue to be
strong with more than 25 percent of Mobile
Share accounts choosing 10 gigabytes or
higher plans. More than 15 percent of Mobile
Share subscribers came from unlimited plans.
Postpaid churn was 1.02 percent, up
slightly from the year-ago quarter
and down slightly from the first quarter of
2013. Total churn increased year
over year, due mostly to increases in reseller
churn, but was down slightly sequentially.
SMARTPHONE BASE CONTINUES
TO EXPAND
AT&T added 1.2 million postpaid smartphone
subscribers in the second quarter. At the end
of the quarter, 73 percent, or 49.5 million,
USE THESE
2Q12 2Q13 2Q12 2Q13
$14.8
$15.4
$16.4
$17.3
AT&T WIRELESS REVENUE GROWTH
Dollars in billions
Wireless Service
Revenues
Total Wireless
Revenues
AT&T’s wireless
revenue growth is
driven by continued
subscriber gains
combined with
leadership in mobile
Internet services.
USE THESE
0.000000
12.222199
24.444399
36.666598
48.888798
61.110997
73.333197
85.555396
97.777596
109.999795
0
5
10
15
20
25
30
35
2Q12 2Q13 2Q12 2Q13
105.2 107.9
26.6
35.1
AT&T WIRELESS SUBSCRIBERS AND
USAGE-BASED DATA PLANS
In millions
Wireless
Subscribers
Postpaid
Smartphones on
Usage-Based Plans
AT&T achieved a net
gain in wireless
subscribers of
2.7 million in the
past year. More than
70 percent of
postpaid smartphone
subscribers are
on usage-based
data plans.

• Expanded AT&T’s 4G LTE smartphone
portfolio with the addition of the Samsung
Galaxy S® 4 ActiveTM, the BlackBerry® Q10TM,
LG Optimus G ProTM, the HTC One® and the
HTC FirstTM, the first smartphone to feature
Facebook Home.
• Launched 4G LTE service for AT&T GoPhone
prepaid wireless customers, as well as new
GoPhone smartphone plans. Also introduced
new 4G LTE GoPhone device, the Samsung
Galaxy ExpressTM.
WIRELESS INNOVATION:
APPLICATIONS AND DEVICES
AT&T is a market leader in mobile Internet,
delivering to customers expanded choice in
devices, services and applications and giving
businesses a mobility advantage through
applications, enablers and machine-to-machine
devices. In recent weeks, the
company:
• Announced the launch of AT&T Next.
Beginning nationwide on July 26,
consumers can get a new AT&T smartphone
or tablet every year with no down payment,
no activation fee, no upgrade fee and no
financing fees.
• Rolled out AT&T Digital Life, a new home
security and automation service, in
33 markets, with plans to introduce
Digital Life in up to 50 markets by the
end of 2013.
• Was named America’s fastest 4G LTE
network by PC Magazine as a result of
wireless Internet speed tests in 30 U.S.
markets. Also, for the second consecutive
year, AT&T’s 4G LTE network received top
ranking in PCWorld/TechHive’s 20 U.S.
market speed test.
USE THESE
2Q12 3Q12 4Q12 1Q13 2Q13
$4.5
$4.7
$5.1
AT&T WIRELESS DATA REVENUES
Dollars in billions
$4.9
AT&T is a leader in $5.4
smartphones and
mobile Internet
services, including
data, access to
applications and
related services.

Wireline
AT&T’s second-quarter
wireline highlights:
U-verse now more than
half of wireline consumer
revenues; strong U-verse
high speed Internet and
video subscriber gains;
strong total broadband
ARPU growth; and
accelerating revenue
growth in strategic
business services.
AT&T’s wireline segment includes business, consumer and customer information
services. AT&T’s second-quarter wireline results were once again led by strong
U-verse TV and high speed Internet gains, solid wireline consumer revenue
growth and accelerating strategic business services revenue growth.
Total second-quarter wireline revenues were $14.8 billion, down 0.9 percent
versus the year-earlier quarter and up 0.8 percent sequentially. In addition:
• Total U-verse revenues grew 30.1 percent year over year and were up
9.0 percent versus the first quarter of 2013.
• Second-quarter wireline operating expenses were $13.1 billion, up 1.3 percent
versus the second quarter of 2012 and up 0.9 percent sequentially.
• AT&T’s wireline operating income totaled $1.6 billion, down 15.8 percent
versus the second quarter of 2012 and flat sequentially.
• Second-quarter wireline operating income margin was 11.1 percent, compared
to 13.0 percent in the year-earlier quarter, but flat versus the first quarter
of 2013.
WIRELINE CONSUMER
Consumer U-verse services now comprise more than half of consumer revenues
and continued to drive consumer wireline growth. Second-quarter consumer
highlights included:
U-verse Now More Than 50 Percent of Consumer Revenues. Revenues
from residential customers totaled $5.6 billion, an increase of 2.4 percent
versus the second quarter a year ago and up 1.8 percent versus the first quarter
of 2013. Continued strong growth in consumer IP data services in the second
quarter more than offset lower revenues from voice and legacy products.
U-verse, which includes TV, high speed Internet and voice over IP, now
represents 51 percent of wireline consumer revenues, up from 41 percent in
the year-earlier quarter. Consumer U-verse revenues grew 28.4 percent year
over year and were up 8.2 percent versus the first quarter of 2013.
U-verse Hits 9.4 Million Subscribers. Total U-verse subscribers (TV and high
speed Internet) reached 9.4 million in the second quarter. U-verse TV added
233,000 subscribers to top 5.0 million in service. U-verse high speed Internet
had a net gain of 641,000 subscribers to reach a total of 9.1 million. Overall,
the company had a net loss of 61,000 wireline broadband subscribers, an
improvement over last year’s loss but still reflecting typical seasonal pressures.
Total wireline broadband ARPU was up 9 percent year over year. Total U-verse
high speed Internet subscribers now represent 55 percent of all wireline
broadband subscribers compared with 40 percent in the year-earlier quarter.

AT&T now has
9.4 million total
U-verse subscribers,
including both TV and
high speed Internet.
AT&T has 5.0 million
U-verse TV subscribers
and 9.1 million
U-verse high speed
Internet subscribers.
2Q12 3Q12 4Q12 1Q13 2Q13
TOTAL AT&T U-VERSE CONNECTIONS IN SERVICE
In millions
4.1
4.3
4.8
4.5
5.0
6.5
7.1
8.4
7.7
9.1
6.8
7.4
8.7
8.0
9.4
TOTAL AT&T U-VERSE
TV CONNECTIONS IN SERVICE
TOTAL AT&T U-VERSE HIGH SPEED
BROADBAND CONNECTIONS IN SERVICE
continues to grow and was at 20.1 percent
at the end of the second quarter.
In recent U-verse-related news, the
company:
• Was honored with the Frost & Sullivan
2013 Video Company of the Year. AT&T
U-verse was selected due to excellence in
customer value, innovation and growth.
• Launched a new, media-rich U-verse
On Demand storefront, designed to
provide a more intuitive and convenient
way for viewers to discover their favorite
movies and TV shows.
• Was introduced as the first national
distributor for the new SEC ESPN Network,
which will launch in August 2014. The new
network and its accompanying digital
platform will air SEC content 24/7
including more than 1,000 events in its
first year.
• Announced the new, interactive Country
Deep app that brings country fans closer
to the music they love with content
including live performances, artist
interviews, music videos, original content
and more.
WIRELINE BUSINESS
AT&T’s wireline business customer revenues
include results from enterprise; wholesale;
government, education and medical; and
small/midsize customers. AT&T’s second-quarter
wireline-business results were led
by continued growth in strategic business
services.
Business Revenues Grow Sequentially.
Total revenues from business customers were
$8.9 billion, down 2.2 percent versus the
year-earlier quarter and up slightly compared
with the first quarter of 2013. Business
service revenues declined 2.1 percent year
over year. Overall, declines in legacy
products were partially offset by continued
double-digit growth in strategic business
services. Revenues from these services, the
About 59 percent of U-verse broadband
subscribers have a plan delivering speeds up
to 10 Mbps or higher — up from 52 percent
in the year-ago quarter. In the second
quarter, more than 90 percent of new
U-verse TV customers also signed up for
U-verse high speed Internet. About
70 percent of AT&T U-verse TV subscribers
take three or four services from AT&T.
ARPU for U-verse triple-play customers
continues to be more than $170. U-verse
TV penetration of customer locations
Revenues from
U-verse services —
video, high speed
Internet and voice
— grew 30.1 percent
year over year.
USE THIS
2Q12 3Q12 4Q12 1Q13 2Q13
$2,253
$2,390
$2,561
TOTAL AT&T U-VERSE REVENUES
Dollars in millions
$2,690
$2,931

• Expanded its relationship with Wipro to
jointly offer machine-to-machine (M2M)
development services and systems
integration, making it easier for global
businesses to implement custom M2M
solutions.
• Announced the results of the 2013 AT&T
Business Continuity and Disaster Recovery
study, which highlighted that businesses
are increasingly concerned about the
potential impact of security/data breaches.
• Contributed AT&T Wi-Fi and 1,500 tablets
to the Harlem Children’s Zone Promise
Academy School and Community Center.
Tools like mobile apps and tablets can
make the classroom experience more
dynamic and interactive for students.
• Upgraded its Smart Grid package,
including Advanced Metering
Infrastructure, Smart Grid Meter Data
Management, and other applications.
• Piloted a K-12 mobile learning model,
which aims to give school administrators
access to a wide array of devices, mobile
connectivity and educational content
options through a single provider.
next-generation capabilities that lead
AT&T’s most advanced business solutions —
including VPN, Ethernet, hosting and
other advanced IP services — grew
more than 15 percent versus the year-earlier
quarter. These services represent an
$8.4 billion annualized revenue stream.
BUSINESS INNOVATION
Through its powerful global network, AT&T
provides integrated solutions to business
customers and offers a wide variety of
wired and wireless products and services
to increase businesses’ productivity.
AT&T serves millions of business
customers, from the largest multinational
corporations to small businesses, in all
major industries. In addition, AT&T delivers
wholesale services.
AT&T continually develops products and
services to ensure that its business customers
have access to the latest technology
solutions. In recent weeks, AT&T:
• Became the first U.S. carrier to offer
push-to-talk capabilities on an iPhone
with the launch of Enhanced Push-to-Talk
for the iPhone 4S and iPhone 5.
Includes revenues
from AT&T’s strategic
business services,
the products that
lead AT&T’s most
advanced solutions.
USE THIS
2Q12 3Q12 4Q12 1Q13 2Q13
$1,812
$1,864
$1,915
AT&T STRATEGIC BUSINESS SERVICES REVENUES
Dollars in millions
$1,978
$2,099

Other
Includes results from
equity investments in
América Móvil and
YP Holdings.
AT&T’s Other segment includes AT&T’s proportionate share of results from
América Móvil and YP Holdings, which are shown in Equity in Net Income of
Affiliates for this segment. Other also includes financial impacts from corporate
costs not allocated to operating segments. AT&T’s equity interest in YP Holdings
is 47 percent. AT&T’s equity interest in América Móvil is 9.0 percent as of the
end of the second quarter of 2013.
América Móvil is one of the leading providers of telecommunications services
in Latin America. At the end of the first quarter of 2013, América Móvil had
262.9 million wireless subscribers in countries throughout the region, including
71.2 million in Mexico. América Móvil operates in Argentina, Brazil, Chile,
Colombia, Costa Rica, Dominican Republic, Ecuador, El Salvador, Guatemala,
Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, Puerto Rico, the
United States and Uruguay.
Second-quarter Other segment operating loss was $199 million versus
a loss of $240 million in the year-earlier quarter. Second-quarter segment
revenues totaled $11 million, compared with $10 million in the second quarter
of 2012. Segment operating expenses totaled $210 million in the second
quarter of 2013, compared with $250 million in the prior-year period. Equity in
net income of affiliates totaled $237 million in the second quarter of 2013
versus $148 million in the year-earlier quarter.

AT&T Inc.
Consolidated Statements of Income
Dollars in millions except per share amounts
Unaudited Three Months Ended Six Months Ended
6/30/13 6/30/12 % Change 6/30/13 6/30/12 % Change
Operating Revenues $32,075 $31,575 1.6% $63,431 $63,397 0.1%
Operating Expenses
Cost of services and sales (exclusive of depreciation
and amortization shown separately below) 13,270 12,254 8.3% 25,824 25,071 3.0%
Selling, general and administrative 8,121 8,005 1.4% 16,454 16,349 0.6%
Depreciation and amortization 4,571 4,499 1.6% 9,100 9,059 0.5%
Total Operating Expenses 25,962 24,758 4.9% 51,378 50,479 1.8%
Operating Income 6,113 6,817 -10.3% 12,053 12,918 -6.7%
Interest Expense 825 941 -12.3% 1,652 1,800 -8.2%
Equity in Net Income of Affiliates 218 132 65.2% 403 355 13.5%
Other Income (Expense) – Net 288 23 — 320 75 —
Income Before Income Taxes 5,794 6,031 -3.9% 11,124 11,548 -3.7%
Income Tax Expense 1,914 2,066 -7.4% 3,471 3,931 -11.7%
Net Income 3,880 3,965 -2.1% 7,653 7,617 0.5%
Less: Net Income Attributable to Noncontrolling Interest (58) (63) 7.9% (131) (131) —
Net Income Attributable to AT&T $ 3,822 $ 3,902 -2.1% $ 7,522 $ 7,486 0.5%
Basic Earnings Per Share Attributable to AT&T $ 0.71 $ 0.67 6.0% $ 1.38 $ 1.27 8.7%
Weighted Average Common Shares Outstanding (000,000) 5,381 5,855 -8.1% 5,446 5,886 -7.5%
Diluted Earnings Per Share Attributable to AT&T $ 0.71 $ 0.66 7.6% $ 1.38 $ 1.27 8.7%
Weighted Average Common Shares Outstanding
with Dilution (000,000) 5,397 5,876 -8.2% 5,463 5,907 -7.5%

AT&T Inc.
Statements of Segment Income
Dollars in millions
6/30/13 6/30/12 % Change 6/30/13 6/30/12 % Change
Wireless
Segment Operating Revenues
Data $ 5,356 $ 4,471 19.8% $10,481 $ 8,706 20.4%
Voice, text and other service 10,014 10,294 -2.7% 19,951 20,625 -3.3%
Equipment 1,921 1,588 21.0% 3,550 3,158 12.4%
Total Segment Operating Revenues 17,291 16,353 5.7% 33,982 32,489 4.6%
Segment Operating Expenses
Operations and support 10,770 9,590 12.3% 20,950 19,568 7.1%
Depreciation and amortization 1,843 1,696 8.7% 3,678 3,362 9.4%
Total Segment Operating Expenses 12,613 11,286 11.8% 24,628 22,930 7.4%
Segment Operating Income 4,678 5,067 -7.7% 9,354 9,559 -2.1%
Equity in Net Income (Loss) of Affiliates (19) (15) -26.7% (37) (28) -32.1%
Segment Income $ 4,659 $ 5,052 -7.8% $ 9,317 $ 9,531 -2.2%
Segment Operating Income Margin 27.1% 31.0% 27.5% 29.4%
Wireline
Segment Operating Revenues
Data $ 8,400 $ 7,935 5.9% $16,562 $15,735 5.3%
Voice 5,141 5,696 -9.7% 10,447 11,588 -9.8%
Other 1,232 1,276 -3.4% 2,419 2,513 -3.7%
Total Segment Operating Revenues 14,773 14,907 -0.9% 29,428 29,836 -1.4%
Operations and support 10,417 10,201 2.1% 20,752 20,603 0.7%
Depreciation and amortization 2,722 2,766 -1.6% 5,410 5,574 -2.9%
Total Segment Operating Expenses 13,139 12,967 1.3% 26,162 26,177 -0.1%
Segment Operating Income 1,634 1,940 -15.8% 3,266 3,659 -10.7%
Equity in Net Income (Loss) of Affiliates — (1) — 1 (1) —
Segment Income $ 1,634 $ 1,939 -15.7% $ 3,267 $ 3,658 -10.7%
Segment Operating Income Margin 11.1% 13.0% 11.1% 12.3%
Advertising Solutions
Segment Operating Revenues $ — $ 305 — $ — $ 1,049 —
Operations and support — 226 — — 773 —
Depreciation and amortization — 29 — — 106 —
Total Segment Operating Expenses — 255 — — 879 —
Segment Income $ — $ 50 — $ — $ 170 —
Segment Income Margin — 16.4% — 16.2%
Other
Segment Operating Revenues $ 11 $ 10 10.0% $ 21 $ 23 -8.7%
Segment Operating Expenses 210 250 -16.0% 588 493 19.3%
Segment Operating Income (Loss) (199) (240) 17.1% (567) (470) -20.6%
Equity in Net Income of Affiliates 237 148 60.1% 439 384 14.3%
Segment Income (Loss) $ 38 $ (92) — $ (128) $ (86) -48.8%

AT&T Inc.
Consolidated Balance Sheets
Dollars in millions
6/30/13 12/31/12
Assets Unaudited
Current Assets
Cash and cash equivalents $ 4,548 $ 4,868
Accounts receivable – net of allowances for doubtful accounts of $520 and $547 12,508 12,657
Prepaid expenses 1,038 1,035
Deferred income taxes 953 1,036
Other current assets 2,381 3,110
Total current assets 21,428 22,706
Property, Plant and Equipment – Net 110,734 109,767
Goodwill 69,770 69,773
Licenses 53,665 52,352
Customer Lists and Relationships – Net 1,015 1,391
Other Intangible Assets – Net 5,018 5,032
Investments in and Advances to Equity Affiliates 3,888 4,581
Other Assets 6,575 6,713
Total Assets $272,093 $272,315
Liabilities and Stockholders’ Equity
Current Liabilities
Debt maturing within one year $ 3,256 $ 3,486
Accounts payable and accrued liabilities 19,438 20,494
Advanced billing and customer deposits 4,029 4,225
Accrued taxes 2,065 1,026
Dividends payable 2,401 2,556
Total current liabilities 31,189 31,787
Long-Term Debt 71,917 66,358
Deferred Credits and Other Noncurrent Liabilities
Deferred income taxes 29,400 28,491
Postemployment benefit obligation 41,994 41,392
Other noncurrent liabilities 11,278 11,592
Total deferred credits and other noncurrent liabilities 82,672 81,475
Stockholders’ Equity
Common stock 6,495 6,495
Additional paid-in capital 90,985 91,038
Retained earnings 25,212 22,481
Treasury stock (41,819) (32,888)
Accumulated other comprehensive income 5,107 5,236
Noncontrolling interest 335 333
Total stockholders’ equity 86,315 92,695
Total Liabilities and Stockholders’ Equity $272,093 $272,315

AT&T Inc.
Consolidated Statements of Cash Flows
Dollars in millions
Unaudited Six Months Ended June 30,
2013 2012
Operating Activities
Net income $ 7,653 $ 7,617
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 9,100 9,059
Undistributed earnings from investments in equity affiliates (198) (355)
Provision for uncollectible accounts 439 572
Deferred income tax expense and noncurrent unrecognized tax benefits 926 (639)
Net (gain) loss from sale of investments, net of impairments (260) 2
Changes in operating assets and liabilities:
Accounts receivable (290) (460)
Other current assets 784 1,468
Accounts payable and accrued liabilities (340) 592
Other – net (103) (531)
Total adjustments 10,058 9,708
Net Cash Provided by Operating Activities 17,711 17,325
Investing Activities
Construction and capital expenditures:
Capital expenditures (9,665) (8,742)
Interest during construction (140) (130)
Acquisitions, net of cash acquired (1,182) (477)
Dispositions 825 800
Sales (purchases) of securities, net — 124
Return of advances to and investments in equity affiliates 301 —
Other (4) —
Net Cash Used in Investing Activities (9,865) (8,425)
Financing Activities
Issuance of other short-term borrowings 1,476 —
Repayment of other short-term borrowings (233) —
Issuance of long-term debt 6,416 6,935
Repayment of long-term debt (1,823) (7,035)
Purchase of treasury stock (9,217) (4,623)
Issuance of treasury stock 104 376
Dividends paid (4,930) (5,187)
Other 41 (534)
Net Cash Used in Financing Activities (8,166) (10,068)
Net decrease in cash and cash equivalents (320) (1,168)
Cash and cash equivalents beginning of year 4,868 3,045
Cash and Cash Equivalents End of Period $ 4,548 $ 1,877

AT&T Inc.
Supplementary Operating and Financial Data
Dollars in millions except per share amounts, subscribers and connections in (000s)
6/30/13 6/30/12 % Change 6/30/13 6/30/12 % Change
Wireless
Subscribers and Connections
Total 107,884 105,206 2.5%
Postpaid 71,278 69,666 2.3%
Prepaid 7,084 7,473 -5.2%
Reseller 14,330 14,382 -0.4%
Connected Devices 15,192 13,685 11.0%
Wireless Net Adds
Total 632 1,266 -50.1% 923 1,992 -53.7%
Postpaid 551 320 72.2% 847 507 67.1%
Prepaid 11 92 -88.0% (173) 217 —
Reseller (414) 472 — (666) 656 —
Connected Devices 484 382 26.7% 915 612 49.5%
M&A Activity, Partitioned Customers and Other Adjs. 1 — — 4 (33) —
Wireless Churn
Postpaid Churn 1.02% 0.97% 5 BP 1.03% 1.03% 0 BP
Total Churn 1.36% 1.18% 18 BP 1.37% 1.32% 5 BP
Other
Licensed POPs (000,000) 317 313 1.3%
Wireline
Voice
Total Wireline Voice Connections1 30,228 34,171 -11.5%
Net Change (935) (1,035) 9.7% (1,956) (2,161) 9.5%
Broadband
Total Wireline Broadband Connections 16,453 16,434 0.1%
Net Change (61) (96) 36.5% 63 7 —
Video
Total U-verse Video Connections 5,001 4,146 20.6%
Net Change 233 155 50.3% 465 355 31.0%
Consumer Revenue Connections
Broadband2 14,660 14,517 1.0%
U-verse Video Connections1 4,986 4,137 20.5%
Voice1,3 17,362 19,865 -12.6%
Total Consumer Revenue Connections1 37,008 38,519 -3.9%
Net Change (393) (593) 33.7% (659) (987) 33.2%
AT&T Inc.
Construction and capital expenditures
Capital expenditures $5,413 $ 4,481 20.8% $ 9,665 $ 8,742 10.6%
Interest during construction $ 74 $ 65 13.8% $ 140 $ 130 7.7%
Dividends Declared per Share $ 0.45 $ 0.44 2.3% $ 0.90 $ 0.88 2.3%
End of Period Common Shares Outstanding (000,000) 5,335 5,805 -8.1%
Debt Ratio4 46.6% 38.4% 820 BP
Total Employees 245,350 242,380 1.2%
1 Prior year amounts restated to conform to current period reporting methodology.
2 Consumer wireline broadband connections include DSL lines, U-verse High Speed Internet access and satellite broadband.
3 Includes consumer U-verse Voice over Internet Protocol connections of 3,379 as of June 30, 2013.
4 Total long-term debt plus debt maturing within one year divided by total debt plus total stockholders’ equity.
Note: For the end of 2Q13, total switched access lines were 26,849, retail business switched access lines totaled 10,905, and wholesale, national mass markets
and coin switched access lines totaled 1,961. Restated switched access lines do not include ISDN lines.

Third-Quarter 2013 Earnings Date: October 23, 2013
AT&T will release third-quarter 2013 earnings on October 23, 2013, after the market closes.
The company’s InvestorBriefing and related earnings materials will be available on the
AT&T website at www.att.com/investor.relations by 4:30 p.m. Eastern time.
AT&T will also host a conference call to discuss the results at 4:30 p.m. Eastern time the
same day. Dial-in and replay information will be announced on First Call approximately
eight weeks before the call, which will also be broadcast live and will be available for
replay over the Internet at www.att.com/investor.relations.
Cautionary Language Concerning Forward-Looking Statements
Information set forth in this InvestorBriefing contains financial estimates and other
forward-looking statements that are subject to risks and uncertainties, and actual
results may differ materially. A discussion of factors that may affect future results
is contained in AT&T’s filings with the Securities and Exchange Commission.
AT&T disclaims any obligation to update or revise statements contained in this
InvestorBriefing based on new information or otherwise.
This InvestorBriefing may contain certain non-GAAP financial measures. Reconciliations
between the non-GAAP financial measures and the GAAP financial measures are
available on the company’s website at www.att.com/investor.relations.
AT&T InvestorBriefing
The AT&T InvestorBriefing is published
by the Investor Relations staff of
AT&T Inc. Requests for further
information may be directed to one
of the Investor Relations managers
by phone at 210-351-3327.
Correspondence should be sent to:
Investor Relations
AT&T Inc.
208 S. Akard Street
Dallas, TX 75202
Email address: investr@att.com
Senior Vice President-
Investor Relations
Susan Johnson
Investor Relations Staff
Jamie Anderson
Michael Black
Stacy Byrd
Marcio Cardoso
Kent Evans
Will Kuhn
Joshua Lee
Shelly Mathews
Joe Parsons
Terri Scheele
Danielle Wilson
Chris Womack
Teresa Yu

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