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1 AT&T 09 AR Chairman’s Letter
To Our Investors:
In 2009, we extended our unmatched track record of leadership in delivering innovative
solutions that allow our customers to connect in new and better ways. In the process, we
achieved solid financial and operating results and positioned your company to lead the
next wave of communications growth.
Our significant investments in advanced, innovative networks and products have established
AT&T as a leader in providing mobile broadband access to the Internet — a powerful
communications force that impacts every aspect of how people live and how companies
do business around the world.
Despite a challenging economy, our focused strategy and solid execution enabled us to finish
2009 in a position of unsurpassed financial strength among our telecommunications peers and
poised for continued growth in key areas:
We invested more than $17 billion in capital to move our business forward and deploy
innovative network technologies that will drive new and better customer solutions.
We led the industry in several growth categories, including mobile broadband
and wireless, where we added more than 7 million subscribers — equaling our
best year ever and the best performance in the U.S. wireless market.
Net income attributable to AT&T exceeded $12.5 billion, while cash from
operating activities reached $34.4 billion — the highest total in our history.
We returned a record $9.7 billion to stockholders through dividends. And in
December, we raised our quarterly dividend for the 26th consecutive year.
But these accomplishments don’t just demonstrate our financial strength and ability to
execute. Just as important, they validate our strategy and our deep commitment to building
long-term value for you, our owners.
Randall
Stephenson
Chairman, Chief
Executive Officer
and President