AT&T Latin America team,

The COVID-19 pandemic has had a significant impact on companies around the world. And our Q2 results, which were reported today, reflect the challenging environment that our AT&T Latin America business is operating in as well.

In Mexico, we saw a decline in revenues, driven by foreign exchange pressures, as well as lower volumes and store traffic related to COVID-19. However, EBITDA was up $30M versus Q2 2019. The team also delivered cost efficiencies and prudently allocated capital, which is a testament to the significant work they have done to create a more cost-effective operating structure.

In Vrio, we generated over $90M of EBITDA as the team continues to focus on customer retention and managing expenses. This quarter was also particularly difficult in that we were forced to close our Venezuelan operations.

While there were challenges, there were some bright spots as well. We expanded DirecTV Go into Mexico, which is an important market for us. We responded to the needs of our communities with the launch of a new region-wide CSR program focused on food insecurity, health and education. And AT&T Latin America ranked #17 in the 25 Best Multinational Workplaces in Latin America for 2020 by Great Places to Work^® (GPTW). This is the first year that every one of our operations across AT&T Latin America — including AT&T Mexico and the 10 countries where Vrio operates — were individually ranked by GPTW.

Team, these are unprecedented times. And we expect the environment to continue to be challenging. Our resilience and ability to adapt will continue to be tested, but your past performance indicates that this team is more than up to the task. Let’s stay agile, flexible and continue to focus on taking care of our customers and one another.

Thanks so much for all you do.