AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 46: |    |                                              |
|---:|:---------------------------------------------|
|  1 | AT&T Inc.                                    |
|  2 | Dollars in millions except per share amounts |
|    |                                                                                                                                            |          |        |      |          |      |         |          |    |        |
|---:|:-------------------------------------------------------------------------------------------------------------------------------------------|:---------|:-------|:-----|:---------|:-----|:--------|:---------|:---|:-------|
|  1 | Consolidated Statements of Cash Flows                                                                                                      |          |        |      |          |      |         |          |    |        |
|  2 |                                                                                                                                            | 2023     |        | 2022 |          | 2021 |         |          |    |        |
|  3 | Operating Activities                                                                                                                       |          |        |      |          |      |         |          |    |        |
|  4 | Income (loss) from continuing operations                                                                                                   | $        | 15,623 |      |          | $    | (6,874) |          | $  | 23,776 |
|  5 | Adjustments to reconcile income (loss) from continuing operations to net cash provided by operating activities from continuing operations: |          |        |      |          |      |         |          |    |        |
|  6 | Depreciation and amortization                                                                                                              | 18,777   |        |      | 18,021   |      |         | 17,852   |    |        |
|  9 | Provision for uncollectible accounts                                                                                                       | 1,969    |        |      | 1,865    |      |         | 1,241    |    |        |
| 10 | Deferred income tax expense                                                                                                                | 3,037    |        |      | 2,975    |      |         | 7,412    |    |        |
| 11 | Net (gain) loss on investments, net of impairments                                                                                         | 441      |        |      | 381      |      |         | (369)    |    |        |
| 12 | Pension and postretirement benefit expense (credit)                                                                                        | (2,552)  |        |      | (3,237)  |      |         | (3,857)  |    |        |
| 13 | Actuarial and settlement (gain) loss on pension and postretirement benefits - net                                                          | 1,594    |        |      | (1,999)  |      |         | (4,143)  |    |        |
| 14 | Asset impairments and abandonments and restructuring                                                                                       | 1,193    |        |      | 27,498   |      |         | 213      |    |        |
| 15 | Changes in operating assets and liabilities:                                                                                               |          |        |      |          |      |         |          |    |        |
| 16 | Receivables                                                                                                                                | 82       |        |      | 727      |      |         | (1,125)  |    |        |
| 17 | Other current assets                                                                                                                       | (642)    |        |      | (674)    |      |         | (1,288)  |    |        |
| 18 | Accounts payable and other accrued liabilities                                                                                             | (1,764)  |        |      | (1,109)  |      |         | (1,570)  |    |        |
| 19 | Equipment installment receivables and related sales                                                                                        | (133)    |        |      | 154      |      |         | (271)    |    |        |
| 20 | Deferred customer contract acquisition and fulfillment costs                                                                               | 1        |        |      | (947)    |      |         | 18       |    |        |
| 21 | Postretirement claims and contributions                                                                                                    | (735)    |        |      | (823)    |      |         | (822)    |    |        |
| 22 | Other – net                                                                                                                                | 1,423    |        |      | (146)    |      |         | 103      |    |        |
| 23 | Total adjustments                                                                                                                          | 22,691   |        |      | 42,686   |      |         | 13,394   |    |        |
| 24 | Net Cash Provided by Operating Activities from Continuing Operations                                                                       | 38,314   |        |      | 35,812   |      |         | 37,170   |    |        |
| 25 | Investing Activities                                                                                                                       |          |        |      |          |      |         |          |    |        |
| 26 | Capital expenditures                                                                                                                       | (17,853) |        |      | (19,626) |      |         | (15,545) |    |        |
| 27 | Acquisitions, net of cash acquired                                                                                                         | (2,942)  |        |      | (10,200) |      |         | (25,453) |    |        |
| 28 | Dispositions                                                                                                                               | 72       |        |      | 199      |      |         | 7,136    |    |        |
| 29 | Distributions from DIRECTV in excess of cumulative equity in earnings                                                                      | 2,049    |        |      | 2,649    |      |         | 1,323    |    |        |
| 30 | (Purchases), sales and settlements of securities and investments - net                                                                     | (902)    |        |      | 82       |      |         | 44       |    |        |
| 31 | Other – net                                                                                                                                | (84)     |        |      | (3)      |      |         | 6        |    |        |
| 35 | Net Cash Used in Investing Activities from Continuing Operations                                                                           | (19,660) |        |      | (26,899) |      |         | (32,489) |    |        |
| 36 | Financing Activities                                                                                                                       |          |        |      |          |      |         |          |    |        |
| 37 | Net change in short-term borrowings with original maturities of three months or less                                                       | (914)    |        |      | (519)    |      |         | 1,316    |    |        |
| 38 | Issuance of other short-term borrowings                                                                                                    | 5,406    |        |      | 3,955    |      |         | 21,856   |    |        |
| 39 | Repayment of other short-term borrowings                                                                                                   | (3,415)  |        |      | (18,345) |      |         | (7,510)  |    |        |
| 40 | Issuance of long-term debt                                                                                                                 | 10,004   |        |      | 2,979    |      |         | 9,931    |    |        |
| 41 | Repayment of long-term debt                                                                                                                | (12,044) |        |      | (25,118) |      |         | (3,039)  |    |        |
| 42 | Note payable to DIRECTV, net of payments                                                                                                   | (130)    |        |      | (1,211)  |      |         | 1,341    |    |        |
| 43 | Payment of vendor financing                                                                                                                | (5,742)  |        |      | (4,697)  |      |         | (4,596)  |    |        |
| 45 | Purchase of treasury stock                                                                                                                 | (194)    |        |      | (890)    |      |         | (202)    |    |        |
| 46 | Issuance of treasury stock                                                                                                                 | 3        |        |      | 28       |      |         | 96       |    |        |
| 47 | Issuance of preferred interests in subsidiary                                                                                              | 7,151    |        |      | -        |      |         | -        |    |        |
| 48 | Redemption of preferred interests in subsidiary                                                                                            | (5,333)  |        |      | (2,665)  |      |         | -        |    |        |
| 49 | Dividends paid                                                                                                                             | (8,136)  |        |      | (9,859)  |      |         | (15,068) |    |        |
| 50 | Other – net                                                                                                                                | (2,270)  |        |      | (3,222)  |      |         | (2,231)  |    |        |
| 51 | Net Cash (Used in) Provided by Financing Activities from Continuing Operations                                                             | (15,614) |        |      | (59,564) |      |         | 1,894    |    |        |
| 52 | Net increase (decrease) in cash and cash equivalents and restricted cash from continuing operations                                        | 3,040    |        |      | (50,651) |      |         | 6,575    |    |        |
| 53 | Cash flows from Discontinued Operations:                                                                                                   |          |        |      |          |      |         |          |    |        |
| 54 | Cash (used in) provided by operating activities                                                                                            | -        |        |      | (3,789)  |      |         | 4,788    |    |        |
| 55 | Cash provided by investing activities                                                                                                      | -        |        |      | 1,094    |      |         | 399      |    |        |
| 56 | Cash provided by (used in) financing activities                                                                                            | -        |        |      | 35,823   |      |         | (316)    |    |        |
| 57 | Net increase (decrease) in cash and cash equivalents and restricted cash from discontinued operations                                      | -        |        |      | 33,128   |      |         | 4,871    |    |        |
| 58 | Net increase (decrease) in cash and cash equivalents and restricted cash                                                                   | 3,040    |        |      | (17,523) |      |         | 11,446   |    |        |
| 59 | Cash and cash equivalents and restricted cash beginning of year                                                                            | 3,793    |        |      | 21,316   |      |         | 9,870    |    |        |
| 60 | Cash and Cash Equivalents and Restricted Cash End of Year                                                                                  | $        | 6,833  |      |          | $    | 3,793   |          | $  | 21,316 |
The accompanying notes are an integral part of the consolidated financial statements.
46




, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 9: 

FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES



CONSOLIDATED STATEMENTS OF CASH FLOWS


FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021


 ($ in millions) 



|    |                                                                      |                    |         |                    |             |                      |    |                     |    |         |
|---:|:---------------------------------------------------------------------|:-------------------|:--------|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:--------|
|  1 |                                                                      | Successor          |         |                    | Predecessor |                      |    |                     |    |         |
|  2 |                                                                      | For the year ended |         | For the year ended |             | For the eight months |    | For the four months |    |         |
|  3 |                                                                      | December 31,       |         | December 31,       |             | ended December 31,   |    | ended April 30,     |    |         |
|  4 |                                                                      | 2023               |         | 2022               |             | 2021                 |    | 2021                |    |         |
|  5 | Cash flows provided from (used by) operating activities:             |                    |         |                    |             |                      |    |                     |    |         |
|  6 | Net income                                                           | $                  | 29      |                    | $           | 441                  | $  | 414                 | $  | 4,541   |
|  7 | Adjustments to reconcile net loss to net cash provided               |                    |         |                    |             |                      |    |                     |    |         |
|  8 | from (used by) operating activities:                                 |                    |         |                    |             |                      |    |                     |    |         |
|  9 | Depreciation and amortization                                        |                    | 1,415   |                    |             | 1,182                |    | 734                 |    | 506     |
| 10 | Pension settlement costs                                             |                    | -       |                    |             | 55                   |    | -                   |    | -       |
| 11 | Stock-based compensation expense                                     |                    | 108     |                    |             | 82                   |    | 18                  |    | (1)     |
| 12 | Non-cash reorganization items                                        |                    | -       |                    |             | -                    |    | -                   |    | (5,467) |
| 13 | Amortization of (premium) discount                                   |                    | (25)    |                    |             | (28)                 |    | (18)                |    | 1       |
| 14 | Lease Impairment                                                     |                    | -       |                    |             | 44                   |    | -                   |    | -       |
| 15 | Bad debt expense                                                     |                    | 35      |                    |             | 26                   |    | 14                  |    | -       |
| 16 | Other adjustments                                                    |                    | 12      |                    |             | -                    |    | -                   |    | -       |
| 17 | Deferred income taxes                                                |                    | 78      |                    |             | 164                  |    | 81                  |    | (148)   |
| 18 | Change in accounts receivable                                        |                    | (43)    |                    |             | (7)                  |    | 45                  |    | 36      |
| 19 | Change in long-term pension and other post-retirement liabilities    |                    | (325)   |                    |             | (656)                |    | 21                  |    | (12)    |
| 20 | Change in accounts payable and other liabilities                     |                    | 55      |                    |             | 51                   |    | 94                  |    | (156)   |
| 21 | Change in prepaid expenses, income taxes, and other assets           |                    | 5       |                    |             |                      |    |                     |    | 46      |
| 22 | Net cash provided from (used by) operating activities                |                    | 1,344   |                    |             | 1,401                |    | 1,451               |    | (654)   |
| 24 | Cash flows provided from (used by) investing activities:             |                    |         |                    |             |                      |    |                     |    |         |
| 25 | Capital expenditures                                                 |                    | (3,211) |                    |             | (2,738)              |    | (1,205)             |    | (500)   |
| 26 | Purchase of short-term investments                                   |                    | (2,275) |                    |             | (4,350)              |    | -                   |    | -       |
| 27 | Sale of short-term investments                                       |                    | 2,950   |                    |             | 2,600                |    | -                   |    | -       |
| 28 | Purchase of long-term investments                                    |                    | (62)    |                    |             | -                    |    | -                   |    | -       |
| 29 | Proceeds on sale of assets                                           |                    | 36      |                    |             | 13                   |    | 7                   |    | 9       |
| 30 | Other                                                                |                    |         |                    |             |                      |    | 5                   |    | 1       |
| 31 | Net cash used by investing activities                                |                    | (2,556) |                    |             | (4,468)              |    | (1,193)             |    | (490)   |
| 33 | Cash flows provided from (used by) financing activities:             |                    |         |                    |             |                      |    |                     |    |         |
| 34 | Long-term debt principal payments                                    |                    | (68)    |                    |             | (14)                 |    | (17)                |    | (1)     |
| 35 | Net proceeds from long-term debt borrowings                          |                    | 2,278   |                    |             | 1,200                |    | 1,000               |    | 225     |
| 36 | Payments of vendor financing                                         |                    | (5)     |                    |             | -                    |    | -                   |    | -       |
| 37 | Premium paid to retire debt                                          |                    | (10)    |                    |             | -                    |    | -                   |    | -       |
| 38 | Financing costs paid                                                 |                    | (62)    |                    |             | (17)                 |    | (13)                |    | (4)     |
| 39 | Finance lease obligation payments                                    |                    | (25)    |                    |             | (19)                 |    | (13)                |    | (7)     |
| 40 | Proceeds from financing lease transactions                           |                    | 30      |                    |             | 70                   |    | 23                  |    | -       |
| 41 | Taxes paid on behalf of employees for shares withheld                |                    | (9)     |                    |             | (8)                  |    | -                   |    | -       |
| 42 | Other                                                                |                    | -       |                    |             | (1)                  |    | -                   |    | (16)    |
| 43 | Net cash provided from financing activities                          |                    | 2,129   |                    |             | 1,211                |    | 980                 |    | 197     |
| 45 | Increase (Decrease) in cash, cash equivalents, and restricted cash   |                    | 917     |                    |             | (1,856)              |    | 1,238               |    | (947)   |
| 46 | Cash, cash equivalents and restricted cash                           |                    |         |                    |             |                      |    |                     |    |         |
| 47 | at the beginning of the period                                       |                    | 322     |                    |             | 2,178                |    | 940                 |    | 1,887   |
| 48 | Cash, cash equivalents, and restricted cash at the end of the period | $                  | 1,239   |                    | $           | 322                  | $  | 2,178               | $  | 940     |
| 50 | Supplemental cash flow information:                                  |                    |         |                    |             |                      |    |                     |    |         |
| 51 | Cash paid during the period for:                                     |                    |         |                    |             |                      |    |                     |    |         |
| 52 | Interest                                                             | $                  | 711     |                    | $           | 512                  | $  | 281                 | $  | 84      |
| 53 | Income tax payments, net                                             | $                  | -       |                    | $           | 8                    | $  | 28                  | $  | 9       |
| 54 | Reorganization items, net                                            | $                  | -       |                    | $           | -                    | $  | -                   | $  | 1,397   |
| 56 | Non-cash investing activities:                                       |                    |         |                    |             |                      |    |                     |    |         |
| 57 | Increase (Decrease) in capital expenditures due to                   |                    |         |                    |             |                      |    |                     |    |         |
| 58 | changes in accounts payable and accrued liabilities                  | $                  | (326)   |                    | $           | 797                  | $  | (26)                | $  | (5)     |
| 59 | Increase in capital expenditures due to                              |                    |         |                    |             |                      |    |                     |    |         |
| 60 | changes in vendor financing                                          | $                  | 255     |                    | $           | -                    | $  | -                   | $  | -       |

The accompanying Notes are an integral part of these Consolidated Financial Statements.


F-9






Question: Contrast the annual changes in cash flow from operating activities for AT&T Inc. and Frontier Communications for 2023 and 2022.
Answer: Net cash generated from operating activities by AT&T Inc. climbed to $38,314 million in 2023, up 7.0% from $35,812 million in 2022. In contrast, Frontier Communications saw a reduction in cash flow, reporting $1,344 million in 2023 compared to $1,401 million in 2022, a decrease of around 4.1%.