AT&T Wireless 2015 Annual Report Download - page 9

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AT&T INC.
|
7
Historically, we’ve kept our balance sheet
strong and demonstrated disciplined,
systematic investment throughout the
various business cycles.
This has enabled us to maintain a
market-leading position in good
times and bad. In fact, through
the most recent financial crisis,
our strong balance sheet let
us invest at record levels to
meet customer demand as
smartphone usage exploded.
As a result, we came out of the financial crisis
with one of the highest-quality smartphone
customer bases in the world and a best-in-
class network. This is an investment pattern
that we have repeated time and again.
Our overriding
priority is to
create value
for you, our
shareholders.
We recognize that how we allocate and invest
capital is critical to generating those returns.
To that end, we tie most of our executive
team’s compensation to achieving a targeted
return on invested capital. Rest assured, we
are motivated and very focused on providing
returns on your investment.
FINANCIAL OUTLOOK
Our integrated provider
strategy, combined with growing
contributions from DIRECTV
and our wireless operations in
Mexico, will help us continue
the strong momentum we had
in 2015.
Last year, we grew revenues, expanded
margins and increased earnings in one of the
most transformative years in our company’s
history. We also achieved strong free cash flow
as we continued to invest for growth and return
value to shareholders.
Over the next 3 years, we expect that our
strategy will help us deliver continued solid
revenue growth, adjusted earnings per share
growth and margin expansion.
What you won’t see us do is let a focus on
short-term results keep us from investing in
growth. Our financial outlook may change
should we identify opportunities that require
investment above what’s anticipated today.
But we’re a company that’s never been afraid
to take the long-term view of our business, and
that won’t change.
Above all, we’re committed to sustaining the
long-term health of our business so we can
deliver above-market returns to our owners.