AT&T Inc. (T) 2016年年度报告「NYSE」.pdf

1、A global leader in telecommunications,media&technologyAT&T INC.2016 ANNUAL REPORTFINANCIAL HIGHLIGHTSCash from operations(Record)25%since 2014$39.3B$39.3B2016$35.9B2015$31.3B2014Free cash flow is cash from operations minus capital expenditures of$22.4B in 2016,$20.0B in 2015 and$21.4B in 2014$16.9B

2、70%since 2014Free cash flow$16.9B2016$9.9B$15.9B20152014Capital spending$140Binvested between 2012 and 2016 in our network,including acquisitions of spectrum and wireless operations$22.4Bcapital expenditures in 2016 aloneReflecting DTV acquisition and growth in video and IP services$163.8BConsolidat

3、ed revenues11.6%Free cash flow dividend payout ratio is dividends of$11.8B divided by free cash flow of$16.9B70%Free cash flow dividend payout ratio AT&T INC.|1 AT&T INC.|1TO OUR INVESTORSI discussed how our strategy and capital allocation are moving us forward to achieve this simple mission.Our str

4、ategy was focused on becoming the premier integrated communications company in the world,and we have been on a journey to design and deploy the world-class wireless,fiber and Internet Protocol(IP)networks to make that happen.In 2015,we significantly enhanced our ability to offer an integrated experi

5、ence by adding DIRECTV to our business and becoming one of the largest pay-TV providers in the world.The scale and strength of DIRECTVs media and entertainment relationships immediately opened the door for AT&T to introduce new customer experiences and offer robust premium entertainment packages sea

6、mlessly integrated into a terrific mobile experience.For example,early last year,our customers were given the ability to watch premium DIRECTV entertainment on their AT&T mobile devices with unlimited data.Shortly after that,we introduced Data Free TV,which allowed customers to view all of their DIR