I know inside AT&T we're working hard to reposition the company so I can imagine you're working equally hard to keep up with us. We have more work to do but I'm confident we're on the right path.īefore I hand it over to John, I want to acknowledge that I'm sensitive to the reality that there's much going on in and around the business. Despite COVID-19 challenges, we're seeing growth where we want to see growth and we're successfully redirecting our investments to support those areas. In summary, I'm pleased with the progress we've made the last two quarters. We're committed to sustaining our dividend at current levels and we'll give top priority to debt reduction at this time. We remain focused on monetizing non-core assets and using those funds for debt reduction as well.
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We plan to use free cash flow after dividends for the next couple of years to pay down debt. Our third priority is about continuing to be deliberate and strategic with how we allocate capital.
We're restructuring businesses, sunsetting legacy networks, reducing corporate staffing levels and overall benefit costs.Īs a result, we're positioned to enter the post-pandemic world as a more agile and efficient company. Our second priority is the same as last year, and that's continuing to transform our operations to be more effective and efficient.
Through our software-based entertainment platforms, we can learn more about our customers and create long-lasting emotional connections with our award-winning storytelling capabilities. There is strong demand for the reliability and speeds our fiber product provides.īeyond our core connectivity services, we're focused on our goal to establish relationships with most US households and HBO Max is the key here. Our fiber Net Promoter Scores continue to be materially better than cables and are helping drive strong subscriber trends and higher penetration rates. It shows the strength of our low-band spectrum portfolio. We've had the overall fastest wireless network in the nation every quarter for the last two years according to Ookla, and the fastest nationwide 5G network in the second half of 2020, after our nationwide 5G launch. That begins with the vital connectivity services we provide and the strength of our network. Number one is straightforward, grow our direct customer relationships. Let's talk about our 2021 priorities on Slide 4. We also realigned and streamlined our WarnerMedia operations to better deliver on HBO Max and the future of how consumers want to view content. We took our first steps and reduced our real estate footprint by more than 9 million square feet with more work under way in our longer-term operating model. We retired more than 30 products in our portfolio and consolidated operations to capitalize on reduced complexity. Total calls into our call centers are down by 30 million as we saw dramatic shift to online transactions by our customer base. In Mobility, we streamlined distribution, shifted some stores to third-party dealers, and closed others. Our cost-cutting initiatives generated about $2 billion in savings in 2020, dollars we invested back into the business to drive subscriber growth and move our transformation initiatives forward. We continue to transform the business to drive efficiencies. And on debt management, we made material progress in 2020 by reducing debt maturities over the next five years by about 50% and lowering our weighted-average interest rate on debt to about 4%. In fact, we finished the year with our total dividend payout ratio at a very comfortable level. Our resilient portfolio of subscription businesses continued to generate strong cash flows, more than $27 billion, to support our ability to invest in our growth areas and sustain the dividend. And perhaps most remarkable during this pandemic, we launched HBO Max.Īnd about seven months later, we had more than 41 million HBO Max and HBO domestic subscribers, two years ahead of the plan we shared with you in October of 2019. For the second year in a row, we added more than 1 million fiber subscribers, as customers move to our higher-speed services. We reduced churn, streamlined operations, and had the nation's fastest wireless network. We added 1.5 million postpaid phones during the year, our most net adds in a decade, and our highest-value subscribers. There are a lot of words to describe 2020, most of which wouldn't be nice to say in public, but when I look at how we executed on our priorities in the midst of this pandemic, I keep coming back to one word and that's resilient.
With that, let's go ahead and get started on Slide 3. Happy New Year to all of you, and I hope this moment finds you all in good health.
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