Form 8-K AT&T INC. For: Oct 22

October 22, 2020 6:17 AM

AT&T Inc.   
Financial Data   
Consolidated Statements of Income
Dollars in millions except per share amounts
UnauditedThird QuarterPercentNine-Month PeriodPercent
20202019Change20202019Change
Operating Revenues
Service$37,782 $40,317 (6.3)%$113,716 $122,024 (6.8)%
Equipment4,558 4,271 6.7 %12,353 12,348 — %
Total Operating Revenues42,340 44,588 (5.0)%126,069 134,372 (6.2)%
Operating Expenses
Cost of revenues
Equipment4,552 4,484 1.5 %12,622 13,047 (3.3)%
Broadcast, programming and operations6,912 7,066 (2.2)%19,555 22,448 (12.9)%
Other cost of revenues (exclusive of
depreciation and amortization shown
separately below)
8,375 8,604 (2.7)%24,833 25,910 (4.2)%
Selling, general and administrative9,266 9,584 (3.3)%27,857 29,077 (4.2)%
Asset impairments and abandonments73 — — %2,515 — — %
Depreciation and amortization7,030 6,949 1.2 %21,537 21,256 1.3 %
Total Operating Expenses36,208 36,687 (1.3)%108,919 111,738 (2.5)%
Operating Income6,132 7,901 (22.4)%17,150 22,634 (24.2)%
Interest Expense1,972 2,083 (5.3)%6,031 6,373 (5.4)%
Equity in Net Income (Loss) of Affiliates5 66.7 %(11)36 — %
Other Income (Expense) — Net(231)(935)(75.3)%1,589 (967)— %
Income Before Income Taxes3,934 4,886 (19.5)%12,697 15,330 (17.2)%
Income Tax Expense766 937 (18.2)%3,003 3,059 (1.8)%
Net Income3,168 3,949 (19.8)%9,694 12,271 (21.0)%
Less: Net Income Attributable to
    Noncontrolling Interest
(352)(249)(41.4)%(987)(762)(29.5)%
Net Income Attributable to AT&T$2,816 $3,700 (23.9)%$8,707 $11,509 (24.3)%
Less: Preferred Stock Dividends(54)— — %(138)— — %
Net Income Attributable to Common Stock$2,762 $3,700 (25.4)%$8,569 $11,509 (25.5)%
Basic Earnings Per Share Attributable
   to Common Stock
$0.39 $0.50 (22.0)%$1.19 $1.57 (24.2)%
Weighted Average Common
    Shares Outstanding (000,000)
7,147 7,327 (2.5)%7,160 7,321 (2.2)%
Diluted Earnings Per Share Attributable
    to Common Stock
$0.39 $0.50 (22.0)%$1.19 $1.57 (24.2)%
Weighted Average Common 
    Shares Outstanding with Dilution (000,000)
7,173 7,356 (2.5)%7,186 7,350 (2.2)%
1


AT&T Inc.  
Financial Data  
Consolidated Balance Sheets
Dollars in millions 
UnauditedSep. 30,Dec. 31,
 20202019
Assets
Current Assets
Cash and cash equivalents$9,758 $12,130 
Accounts receivable — net of related allowances for credit loss of $1,386 and $1,23519,379 22,636 
Prepaid expenses1,420 1,631 
Other current assets19,414 18,364 
Total current assets49,971 54,761 
Noncurrent Inventories and Theatrical Film and Television Production Costs13,948 12,434 
Property, Plant and Equipment — Net128,722 130,128 
Goodwill143,688 146,241 
Licenses — Net98,397 97,907 
Trademarks and Trade Names — Net23,575 23,567 
Distribution Networks — Net14,249 15,345 
Other Intangible Assets — Net17,523 20,798 
Investments in and Advances to Equity Affiliates2,325 3,695 
Operating Lease Right-Of-Use Assets24,546 24,039 
Other Assets21,609 22,754 
Total Assets$538,553 $551,669 
Liabilities and Stockholders’ Equity
Current Liabilities
Debt maturing within one year$5,898 $11,838 
Accounts payable and accrued liabilities42,728 45,956 
Advanced billings and customer deposits5,862 6,124 
Accrued taxes1,336 1,212 
Dividends payable3,741 3,781 
Total current liabilities59,565 68,911 
Long-Term Debt152,980 151,309 
Deferred Credits and Other Noncurrent Liabilities
Deferred income taxes60,448 59,502 
Postemployment benefit obligation17,928 18,788 
Operating lease liabilities22,056 21,804 
Other noncurrent liabilities30,520 29,421 
Total deferred credits and other noncurrent liabilities130,952 129,515 
Stockholders’ Equity
Preferred stock — 
Common stock7,621 7,621 
Additional paid-in capital130,139 126,279 
Retained earnings55,094 57,936 
Treasury stock(17,950)(13,085)
Accumulated other comprehensive income649 5,470 
Noncontrolling interest19,503 17,713 
Total stockholders’ equity195,056 201,934 
Total Liabilities and Stockholders’ Equity$538,553 $551,669 
2


AT&T Inc.  
Financial Data  
Consolidated Statements of Cash Flows
Dollars in millions
UnauditedNine-Month Period
20202019
Operating Activities
Net income$9,694 $12,271 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization21,537 21,256 
Amortization of television and film costs6,448 7,059 
Undistributed earnings from investments in equity affiliates108 81 
Provision for uncollectible accounts1,611 1,855 
Deferred income tax expense2,248 1,039 
Net (gain) loss on investments, net of impairments(689)(1,014)
Pension and postretirement benefit expense (credit)(2,245)(1,297)
Actuarial (gain) loss on pension and postretirement benefits63 4,048 
Asset impairments and abandonments2,515 — 
Changes in operating assets and liabilities:
Receivables2,321 2,503 
Other current assets, inventories and theatrical film and television production costs(7,836)(9,337)
Accounts payable and other accrued liabilities(4,905)(936)
Equipment installment receivables and related sales(148)848 
Deferred customer contract acquisition and fulfillment costs453 (796)
Postretirement claims and contributions(409)(635)
Other - net2,282 (220)
Total adjustments23,354 24,454 
Net Cash Provided by Operating Activities33,048 36,725 
Investing Activities
Capital expenditures, including $(92) and $(160) of interest during construction(13,283)(15,843)
Acquisitions, net of cash acquired(1,215)(1,124)
Dispositions428 3,775 
(Purchases), sales and settlements of securities and investments, net444 523 
Advances to and investments in equity affiliates, net(100)(333)
Net Cash Used in Investing Activities(13,726)(13,002)
Financing Activities
Net change in short-term borrowings with original maturities of three months or less(17)(22)
Issuance of other short-term borrowings9,440 4,012 
Repayment of other short-term borrowings(7,710)(4,702)
Issuance of long-term debt31,987 15,034 
Repayment of long-term debt(37,583)(24,368)
Payment of vendor financing(1,965)(2,601)
Issuance of preferred stock3,869 — 
Purchase of treasury stock(5,483)(409)
Issuance of treasury stock88 576 
Issuance of preferred interests in subsidiary1,979 1,488 
Dividends paid(11,215)(11,162)
Other(5,158)(187)
Net Cash Used in Financing Activities(21,768)(22,341)
Net (decrease) increase in cash and cash equivalents and restricted cash(2,446)1,382 
Cash and cash equivalents and restricted cash beginning of year12,295 5,400 
Cash and Cash Equivalents and Restricted Cash End of Period$9,849 $6,782 

3


AT&T Inc.
Consolidated Supplementary Data
Supplementary Financial Data
Dollars in millions except per share amounts
UnauditedThird QuarterPercentNine-Month PeriodPercent
20202019Change20202019Change
Capital expenditures
Purchase of property and equipment$3,819 $5,141 (25.7)%$13,191 $15,683 (15.9)%
Interest during construction32 48 (33.3)%92 160 (42.5)%
Total Capital Expenditures$3,851 $5,189 (25.8)%$13,283 $15,843 (16.2)%
Dividends Declared per Common Share$0.52 $0.51 2.0 %$1.56 $1.53 2.0 %
End of Period Common Shares Outstanding (000,000)7,125 7,303 (2.4)%
Debt Ratio44.9 %45.9 %(100) BP
Total Employees234,630 251,840 (6.8)%
Supplementary Operating Data
Subscribers and connections in thousands
UnauditedSeptember 30,Percent
20202019Change
Broadband Connections
IP14,761 14,786 (0.2)%
DSL614 789 (22.2)%
Total Broadband Connections15,375 15,575 (1.3)%
Voice Connections
Network Access Lines7,562 8,831 (14.4)%
U-verse VoIP Connections3,942 4,539 (13.2)%
Total Retail Voice Connections11,504 13,370 (14.0)%
Third QuarterPercentNine-Month PeriodPercent
20202019Change20202019Change
Broadband Net Additions
IP213 (74)— %102 33 — %
DSL(39)(49)20.4 %(116)(160)27.5 %
Total Broadband Net Additions174 (123)— %(14)(127)89.0 %

4


COMMUNICATIONS SEGMENT

The Communications segment provides wireless and wireline telecom, video and broadband services to consumers located in the U.S. and businesses globally. The Communications segment contains three reporting units: Mobility, Entertainment Group, and Business Wireline.
Segment Results
Dollars in millions
UnauditedThird QuarterPercentNine-Month PeriodPercent
20202019Change20202019Change
Segment Operating Revenues
Mobility$17,894 $17,701 1.1 %$52,445 $52,356 0.2 %
Entertainment Group10,053 11,197 (10.2)%30,637 33,893 (9.6)%
Business Wireline6,340 6,503 (2.5)%19,046 19,588 (2.8)%
Total Segment Operating Revenues34,287 35,401 (3.1)%102,128 105,837 (3.5)%
Segment Operating Contribution
Mobility5,691 5,742 (0.9)%17,284 16,818 2.8 %
Entertainment Group779 1,084 (28.1)%3,144 4,076 (22.9)%
Business Wireline1,178 1,210 (2.6)%3,535 3,824 (7.6)%
Total Segment Operating Contribution$7,648 $8,036 (4.8)%$23,963 $24,718 (3.1)%

5


Mobility

Mobility provides nationwide wireless service and equipment.    
Mobility Results
Dollars in millions
UnauditedThird QuarterPercentNine-Month PeriodPercent
20202019Change20202019Change
Operating Revenues
Service$13,883 $13,930 (0.3)%$41,520 $41,383 0.3 %
Equipment4,011 3,771 6.4 %10,925 10,973 (0.4)%
Total Operating Revenues17,894 17,701 1.1 %52,445 52,356 0.2 %
Operating Expenses
Operations and support10,182 9,948 2.4 %29,083 29,511 (1.5)%
Depreciation and amortization2,021 2,011 0.5 %6,078 6,027 0.8 %
Total Operating Expenses12,203 11,959 2.0 %35,161 35,538 (1.1)%
Operating Income5,691 5,742 (0.9)%17,284 16,818 2.8 %
Equity in Net Income (Loss) of Affiliates — — % — — %
Operating Contribution$5,691 $5,742 (0.9)%$17,284 $16,818 2.8 %
Operating Income Margin31.8 %32.4 %(60) BP33.0 %32.1 %90  BP
Supplementary Operating Data
Subscribers and connections in thousands
UnauditedSeptember 30,Percent
20202019Change
Mobility Subscribers
Postpaid75,969 75,152 1.1 %
Prepaid18,100 17,740 2.0 %
Reseller6,708 7,120 (5.8)%
Connected Devices75,967 62,288 22.0 %
Total Mobility Subscribers176,744 162,300 8.9 %
Third QuarterPercentNine-Month PeriodPercent
20202019Change20202019Change
Mobility Net Additions
Postpaid Phone Net Additions1
645 101 — %657 254 — %
Total Phone Net Additions1
776 255 — %880 780 12.8 %
Postpaid1,2
1,081 (217)— %954 (570)— %
Prepaid2, 3
245 227 7.9 %365 669 (45.4)%
Reseller2
(4)(231)98.3 %(252)(677)62.8 %
Connected Devices4,203 3,900 7.8 %9,976 10,947 (8.9)%
Total Mobility Net Additions5,525 3,679 50.2 %11,043 10,369 6.5 %
Postpaid Churn1
0.85 %1.19 %(34) BP0.99 %1.14 %(15) BP
Postpaid Phone-Only Churn1
0.69 %0.95 %(26) BP0.80 %0.91 %(11) BP
1The third quarter ended September 30, 2020 includes 233 (151 phone) "Keep Americans Connected Pledge" paying accounts. The third quarter and nine-month period ended September 30, 2020 exclude 121 (97 phone) customers who we have agreed not to terminate service under the "Keep Americans Connected Pledge." The third quarter and nine-month period ended September 30, 2020 postpaid churn excluding "Keep Americans Connected Pledge" paying accounts was 0.95% (0.77% phone) and 1.02% (0.82% phone), respectively.
2The third quarter and nine-month period ended September 30, 2020, exclude subscribers transferred in connection with business dispositions.
3The third quarter and nine-month period ended September 30, 2020, exclude 188 subscriber disconnections resulting from updating our prepaid activation policy.
6


Entertainment Group

Entertainment Group provides video, including over-the-top (OTT) services, broadband and voice communication services primarily to residential customers. This business unit also sells advertising on video distribution platforms.
Entertainment Group Results
Dollars in millions
UnauditedThird QuarterPercentNine-Month PeriodPercent
20202019Change20202019Change
Operating Revenues
Video entertainment$6,964 $7,933 (12.2)%$21,335 $24,042 (11.3)%
High-speed internet2,128 2,117 0.5 %6,329 6,296 0.5 %
Legacy voice and data services538 628 (14.3)%1,679 1,969 (14.7)%
Other service and equipment423 519 (18.5)%1,294 1,586 (18.4)%
Total Operating Revenues10,053 11,197 (10.2)%30,637 33,893 (9.6)%
Operating Expenses
Operations and support7,997 8,797 (9.1)%23,618 25,839 (8.6)%
Depreciation and amortization1,277 1,316 (3.0)%3,875 3,978 (2.6)%
Total Operating Expenses9,274 10,113 (8.3)%27,493 29,817 (7.8)%
Operating Income779 1,084 (28.1)%3,144 4,076 (22.9)%
Equity in Net Income (Loss) of Affiliates — — % — — %
Operating Contribution$779 $1,084 (28.1)%$3,144 $4,076 (22.9)%
Operating Income Margin7.7 %9.7 %(200) BP10.3 %12.0 %(170) BP
Supplementary Operating Data
Subscribers and connections in thousands
UnauditedSeptember 30,Percent
20202019Change
Video Connections
Premium TV17,100 20,418 (16.3)%
AT&T TV Now683 1,145 (40.3)%
Total Video Connections17,783 21,563 (17.5)%
Broadband Connections
Total Broadband Connections14,102 14,301 (1.4)%
Fiber Broadband Connections4,678 3,696 26.6 %
Voice Connections
Retail Consumer Switched Access Lines2,977 3,467 (14.1)%
U-verse Consumer VoIP Connections3,361 3,973 (15.4)%
Total Retail Consumer Voice Connections6,338 7,440 (14.8)%
Third QuarterPercentNine-Month PeriodPercent
20202019Change20202019Change
Video Net Additions
Premium TV 1
(590)(1,163)49.3 %(2,373)(2,485)4.5 %
AT&T TV Now(37)(195)81.0 %(243)(446)45.5 %
Total Video Net Additions(627)(1,358)53.8 %(2,616)(2,931)10.7 %
Broadband Net Additions
Total Broadband Net Additions1
158 (119)— %(17)(108)84.3 %
Fiber Broadband Net Additions1
357 318 12.3 %791 933 (15.2)%
1The third quarter ended September 30, 2020 includes 116 premium TV and 104 broadband (28 fiber) "Keep Americans Connected Pledge" paying accounts. The third quarter and nine-month period ended September 30, 2020 excludes 7 premium TV and 13 broadband (4 fiber) connections who we have agreed not to terminate service under the "Keep Americans Connected Pledge."
7


Business Wireline

Business Wireline unit provides advanced IP-based services, as well as traditional data services to business customers.
Business Wireline Results
Dollars in millions
UnauditedThird QuarterPercentNine-Month PeriodPercent
20202019Change20202019Change
Operating Revenues
Strategic and managed services$3,967 $3,900 1.7 %$11,789 $11,513 2.4 %
Legacy voice and data services2,031 2,252 (9.8)%6,227 6,973 (10.7)%
Other service and equipment342 351 (2.6)%1,030 1,102 (6.5)%
Total Operating Revenues6,340 6,503 (2.5)%19,046 19,588 (2.8)%
Operating Expenses
Operations and support3,833 4,022 (4.7)%11,563 12,029 (3.9)%
Depreciation and amortization1,329 1,271 4.6 %3,948 3,735 5.7 %
Total Operating Expenses5,162 5,293 (2.5)%15,511 15,764 (1.6)%
Operating Income1,178 1,210 (2.6)%3,535 3,824 (7.6)%
Equity in Net Income (Loss) of Affiliates — — % — — %
Operating Contribution$1,178 $1,210 (2.6)%$3,535 $3,824 (7.6)%
Operating Income Margin18.6 %18.6 %—  BP18.6 %19.5 %(90) BP

Business Solutions

As a supplemental presentation to our Communications segment operating results, we are providing a view of our AT&T Business Solutions results which includes both wireless and fixed operations. This combined view presents a complete profile of the entire business customer relationship and underscores the importance of mobile solutions to serving our business customers. Results have been recast to conform to the current period's classification of consumer and business wireless subscribers.
Business Solutions Results
Dollars in millions
UnauditedThird QuarterPercentNine-Month PeriodPercent
20202019Change20202019Change
Operating Revenues
Wireless service$1,951 $1,888 3.3 %$5,784 $5,546 4.3 %
Strategic and managed services3,967 3,900 1.7 %11,789 11,513 2.4 %
Legacy voice and data services2,031 2,252 (9.8)%6,227 6,973 (10.7)%
Other service and equipment342 351 (2.6)%1,030 1,102 (6.5)%
Wireless equipment662 692 (4.3)%1,957 1,899 3.1 %
Total Operating Revenues8,953 9,083 (1.4)%26,787 27,033 (0.9)%
Operating Expenses
Operations and support5,508 5,645 (2.4)%16,642 16,771 (0.8)%
Depreciation and amortization1,650 1,573 4.9 %4,912 4,643 5.8 %
Total Operating Expenses7,158 7,218 (0.8)%21,554 21,414 0.7 %
Operating Income1,795 1,865 (3.8)%5,233 5,619 (6.9)%
Equity in Net Income (Loss) of Affiliates — — % — — %
Operating Contribution$1,795 $1,865 (3.8)%$5,233 $5,619 (6.9)%
Operating Income Margin20.0 %20.5 %(50) BP19.5 %20.8 %(130) BP
8




WARNERMEDIA SEGMENT

The WarnerMedia segment develops, produces and distributes feature films, television, gaming and other content in various physical and digital formats globally, and also includes our Xandr business, which utilizes data analytics to provide targeted advertising services. Results from Turner, Home Box Office (HBO) and Warner Bros. businesses are combined with AT&T's Regional Sports Network (RSN), Otter Media Holdings and Xandr in the WarnerMedia segment. All previously reported periods have been recast to include Xandr, which was a separate reportable segment prior to the second quarter of 2020.
Segment Results
Dollars in millions
UnauditedThird QuarterPercentNine-Month PeriodPercent
20202019Change20202019Change
Segment Operating Revenues
Turner$3,176 $3,007 5.6 %$9,326 $9,860 (5.4)%
HBO1,781 1,819 (2.1)%4,905 5,045 (2.8)%
Warner Bros.2,411 3,333 (27.7)%8,907 10,240 (13.0)%
Eliminations and other146 191 (23.6)%(962)845 — %
Total Segment Operating Revenues7,514 8,350 (10.0)%22,176 25,990 (14.7)%
Cost of revenues
Turner1,689 1,036 63.0 %3,974 4,512 (11.9)%
HBO1,244 847 46.9 %3,155 2,356 33.9 %
Warner Bros.1,600 2,261 (29.2)%6,179 7,183 (14.0)%
Selling, general and administrative1,364 1,278 6.7 %4,152 3,994 4.0 %
Eliminations and other(313)(93)— %(1,455)(127)— %
Depreciation and amortization171 165 3.6 %501 425 17.9 %
Total Operating Expenses5,755 5,494 4.8 %16,506 18,343 (10.0)%
Operating Income1,759 2,856 (38.4)%5,670 7,647 (25.9)%
Equity in Net Income of Affiliates11 15 (26.7)%30 137 (78.1)%
Total Segment Operating Contribution$1,770 $2,871 (38.3)%$5,700 $7,784 (26.8)%

9


Turner

Turner creates and programs branded news, entertainment, sports and kids multi-platform content that is sold to various distribution affiliates. Turner also sells advertising on its networks and digital properties.
Turner Results
Dollars in millions
UnauditedThird QuarterPercentNine-Month PeriodPercent
20202019Change20202019Change
Operating Revenues
Subscription$1,840 $1,927 (4.5)%$5,693 $5,835 (2.4)%
Advertising1,077 913 18.0 %2,830 3,440 (17.7)%
Content and other259 167 55.1 %803 585 37.3 %
Total Operating Revenues3,176 3,007 5.6 %9,326 9,860 (5.4)%
Operating Expenses
Cost of revenues1,689 1,036 63.0 %3,974 4,512 (11.9)%
Selling, general and administrative399 424 (5.9)%1,171 1,301 (10.0)%
Depreciation and amortization69 68 1.5 %207 167 24.0 %
Total Operating Expenses2,157 1,528 41.2 %5,352 5,980 (10.5)%
Operating Income1,019 1,479 (31.1)%3,974 3,880 2.4 %
Equity in Net Income (Loss) of Affiliates(6)10 — % 46 — %
Operating Contribution$1,013 $1,489 (32.0)%$3,974 $3,926 1.2 %
Operating Income Margin32.1 %49.2 %(1,710) BP42.6 %39.4 %320  BP

Home Box Office

Home Box Office consists of premium pay television and OTT services domestically and premium pay, basic tier television and OTT services internationally, as well as content licensing and home entertainment.
Home Box Office Results
Dollars in millions
UnauditedThird QuarterPercentNine-Month PeriodPercent
20202019Change20202019Change
Operating Revenues
Subscription$1,624 $1,533 5.9 %$4,403 $4,383 0.5 %
Content and other157 286 (45.1)%502 662 (24.2)%
Total Operating Revenues1,781 1,819 (2.1)%4,905 5,045 (2.8)%
Operating Expenses
Cost of revenues1,244 847 46.9 %3,155 2,356 33.9 %
Selling, general and administrative450 225 — %1,081 768 40.8 %
Depreciation and amortization27 33 (18.2)%73 67 9.0 %
Total Operating Expenses1,721 1,105 55.7 %4,309 3,191 35.0 %
Operating Income60 714 (91.6)%596 1,854 (67.9)%
Equity in Net Income of Affiliates 10 — %15 40 (62.5)%
Operating Contribution$60 $724 (91.7)%$611 $1,894 (67.7)%
Operating Income Margin3.4 %39.3 %(3,590) BP12.2 %36.7 %(2,450) BP

10


Warner Bros.

Warner Bros. consists of the production, distribution and licensing of television programming and feature films, the distribution of home entertainment products and the production and distribution of games.
Warner Bros. Results
Dollars in millions
UnauditedThird QuarterPercentNine-Month PeriodPercent
20202019Change20202019Change
Operating Revenues
Theatrical product$1,068 $1,375 (22.3)%$3,203 $4,408 (27.3)%
Television product960 1,461 (34.3)%4,605 4,384 5.0 %
Video games and other383 497 (22.9)%1,099 1,448 (24.1)%
Total Operating Revenues2,411 3,333 (27.7)%8,907 10,240 (13.0)%
Operating Expenses
Cost of revenues1,600 2,261 (29.2)%6,179 7,183 (14.0)%
Selling, general and administrative373 445 (16.2)%1,327 1,360 (2.4)%
Depreciation and amortization43 39 10.3 %124 122 1.6 %
Total Operating Expenses2,016 2,745 (26.6)%7,630 8,665 (11.9)%
Operating Income395 588 (32.8)%1,277 1,575 (18.9)%
Equity in Net Income (Loss) of Affiliates(23)(25)8.0 %(50)(19)— %
Operating Contribution$372 $563 (33.9)%$1,227 $1,556 (21.1)%
Operating Income Margin16.4 %17.6 %(120) BP14.3 %15.4 %(110) BP

LATIN AMERICA SEGMENT

The Latin America segment provides entertainment and wireless service outside of the U.S. Our international subsidiaries conduct business in their local currency and operating results are converted to U.S. dollars using official exchange rates. The Latin America segment contains two business units: Vrio and Mexico.
Segment Results
Dollars in millions  
UnauditedThird QuarterPercentNine-Month PeriodPercent
 20202019Change20202019Change
Segment Operating Revenues   
Vrio$753