AT&T Approves New 300 Million Share Repurchase Authorization
DALLAS, March 31, 2014 — The board of directors of AT&T Inc. (NYSE:T) has authorized the repurchase of up to 300 million shares, representing approximately 6 percent of AT&T common shares outstanding, with no expiration date. This authorization is in addition to three other 300 million share repurchase authorizations approved by the board of directors in December 2010, July 2012 and March 2013. The company completed repurchases under the 2012 share authorization last year.
“The board’s authorization reaffirms our confidence in the strength of the business and our commitment to returning value to our shareholders while investing in our networks and operations,” said Randall Stephenson, AT&T chairman and chief executive officer.
Under the March 2013 300 million share authorization, AT&T repurchased about 175 million of its shares through March 28, 2014. Since the company began buying back shares in 2012, AT&T has repurchased 775 million of its shares, or approximately 13 percent of shares outstanding.
The company expects to maintain a net-debt-to-adjusted-EBITDA1 ratio in the 1.8 range or lower. Future repurchase decisions will be made opportunistically.
AT&T products and services are provided or offered by subsidiaries and affiliates of AT&T Inc. under the AT&T brand and not by AT&T Inc.
1EBITDA is earnings before income taxes, depreciation and amortization. Adjusted EBITDA excludes the impact of non-operational or one-time items in order to better represent AT&T’s operational performance. Net-debt-to-adjusted-EBITDA is expressed as the ratio of adjusted EBITDA to net debt, which is calculated as the sum of current and long-term debt, less cash and cash equivalents. Reconciliations for EBITDA, adjusted EBITDA and net-debt-to-adjusted-EBITDA are provided with AT&T’s quarterly results.
AT&T Inc. (NYSE:T) is a premier communications holding company and one of the most honored companies in the world. Its subsidiaries and affiliates – AT&T operating companies – are the providers of AT&T services in the United States and internationally. With a powerful array of network resources that includes the nation’s most reliable 4G LTE network, AT&T is a leading provider of wireless, Wi-Fi, high speed Internet, voice and cloud-based services. A leader in mobile Internet, AT&T also offers the best wireless coverage worldwide of any U.S. carrier, offering the most wireless phones that work in the most countries. It also offers advanced TV service with the AT&T U-verse® brand. The company’s suite of IP-based business communications services is one of the most advanced in the world.
Reliability claim based on data transfer completion rates on nationwide 4G LTE networks. LTE is a trademark of ETSI. 4G LTE not available everywhere.
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Cautionary Language Concerning Forward-Looking Statements
Information set forth in this news release 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 news release based on new information or otherwise.