AT&T Inc.

Ladies and gentlemen, thank you for standing by. Welcome to AT&T's third quarter 2021 earnings call. At this time, all participants are in listen only mode. If you should require assistance during the call, please press star, then zero, and an operator will assist you offline. Following the presentation, the call will be open for questions. If you would like to ask a question, please press 1 and then 0. You will be placed in the question queue. If you are in the question queue and would like to withdraw your question, you can do so by pressing 1 and then 0. And as a reminder, this conference is being recorded. I would now like to turn the conference over to our host, Amir Razwidowski, Senior Vice President, Finance and Investor Relations. Please go ahead.

Thank you and good morning, everyone. Welcome to our third quarter call. I'm Amir Rozbudowski, Head of Investor Relations for AT&T. Joining me on the call today are John Stanky, our CEO, and Pascal Duroche, our CFO. Also joining us for the Q&A portion of our call are Jeff McElfresh, the CEO of our communications group, and Jason Kyler, CEO for WarnerMedia. Before we begin, I need to call your attention to our safe harbor statement. It says that some of our comments today may be forward-looking. As such, they're subject to risks and uncertainties described in AT&T's SEC filings. Results may differ materially. Additional information is available on the Investor Relations website. And as always, our earnings materials are on our website. I also want to remind you that we are in the quiet period for the FCC Spectrum Auction 110. So unfortunately, we can't answer questions about that today. With that, I'll turn the call over to John Stanky. John?

Thanks, Amir. Good morning, everyone. Thanks for joining us. I'll be brief because the quarter is largely more of the same. This marks the fifth consecutive quarter of consistent progress since we articulated our simplified business strategy and how we plan to measure our progress going forward. The close of the DirecTV transaction this quarter is another important step we've completed to reposition AT&T. I acknowledge this makes for some extra cycles on comparative analysis, but as we continue to do so, there'll be fewer moving parts to assess and better visibility and clarity. In the meantime, it's important not to lose sight of the success we're having deploying capital into our areas of strategic focus. Bottom line, we're accelerating our historical rates of customer growth in mobility, fiber, and HBO Max, Customer satisfaction is improving across the board with lower churn and higher NPS scores. Mobility is delivering more postpaid phone customers on a rolling 12-month run rate than it has in the prior decade. Our fiber products are recognized as best in class. As we expand our fiber footprint, we're delivering a superior service and we're growing our share. We're already nearing the low end of our 2021 guidance for global HBO Max and HBO subscribers, despite our long-planned intent to no longer cede customer control through Amazon's channels offering. Additionally, customer growth can be attributed in part to our ability to mine out significant cost savings from our operations and reinvest them back into the business. The results are driving mobility and consumer wireline EBITDA growth that we expect to be complemented by margin expansion as our transformation work matures. We have clear line of sight to achieving at least half of our $6 billion cost savings run rate target by the end of this year, driven by success with a number of initiatives that we believe also will support improving returns in the coming years. Whether they stem from nearly a billion dollars of savings from streamlining our field operations, a similar level of savings from changes made to our procurement processes, or a half billion dollars of savings from the rationalization of our retail store footprint, our focus on driving out inefficiencies is showing tangible results. These are just a few of the most significant programs underway. More initiatives that we expect will drive incremental savings and operating leverage are in the investment and implementation phase. And finally, as I mentioned, we've closed a DirecTV transaction and continue to expect the WarnerMedia deal to close by mid-year 2022. With these and other dispositions, we've monetized or announced plans to monetize more than $55 billion of assets over the past year. The last five quarters, have been a period of repositioning our business while also delivering operational results. With that repositioning nearing completion, it will afford even more focus on continued execution and improved performance. We're on track to reach our full-year free cash flow guidance in the $26 billion range, and we expect to hit the high end of our adjusted EPS guidance. We're in the early innings of transforming the company and believe that we have significant opportunity ahead of us to expand share in our focus areas and drive better returns, including sustained earnings growth. We continue to strive to earn your confidence one quarter at a time, delivering operating performance that shows our momentum is real and sustainable. Let me now turn it over to Pascal to discuss the details of the quarter. Pascal?