AT&T Latin America team,

Perseverance. Resilience. Determination. These are the words that most come to mind when I think about our AT&T Latin America team over the last year. A global pandemic along with a challenging economic and regulatory environment certainly put us to the test, but I couldn’t be prouder of how we continued to work tirelessly to serve customers and care for one another during this unprecedented time.

Driven primarily by foreign exchange pressures and the economic impacts from the pandemic, revenues were down for the year but your ability to effectively manage expenses allowed us to grow EBITDA and margins when adjusted for constant currency.

In Mexico, we achieved positive EBITDA in the fourth quarter, generating $14 million compared to $3 million in the year-ago quarter. This marks our 8th consecutive quarter of EBITDA improvement year over year. We also continued to grow our subscriber base with 529,000 net adds in the quarter, ending the year with
18.9 million total wireless subscribers. And we began to see improvements in our reputation due to our rebranding campaign, “Change the Game.”

In Vrio, EBITDA was solid again, delivering more than $80 million in the quarter. And we reached an impressive milestone in our digital transformation with more than 75% of Vrio’s customer interactions now happening online.

We won together as one this year as DIRECTV GO became available in every country where AT&T Latin America does business, with last month’s launches in Argentina and Brazil contributing to Vrio’s positive subscriber gains for the quarter. And, we doubled down on our efforts to make AT&T Latin America a Great Place to Work with the introduction of our new culture pillars. It’s been an inspiration to once again see this team embrace change with grace, professionalism and passion.

As we move into 2021, we will continue to face the headwinds of a difficult operating environment, including the impacts of the global pandemic. But I assure you that my leadership team and I remain committed to your health and safety. And we have every confidence in our ability to execute effectively and drive profitable growth in 2021 and beyond.