I need to fill in column 2 below with forecast numbers for 2017 for AT&T. Based on the information below, what is the best estimate of AT&T's sustainable growth in revenues for the next several years? Is it the average of 13.1% and 11.2% the prior two yrs?

AT&T: Business acquisitions and analysis of sales growth (LO 17-5) The disclosure rules for business combinations complicate financial analysis. Trend analysis becomes difficult because comparative financial statements are not retroactively adjusted to include data for the acquired company for periods prior to the acquisition. For example, consider AT&T's acquisition of DirecTV in 2015. The following disclosure appeared in AT&T's management discussion and analysis in its 2016 Form 10-K:

AT&T provided the following discussion:

Operating revenues increased $16,985, or 11.6%, in 2016 and $14,354, or 10.8%, in 2015.

Service revenues increased $17,207, or 13.1%, in 2016 and $13,240, or 11.2%, in 2015.

The increase in 2016 was primarily due to our 2015 acquisition of DIRECTV and increases in IP broadband and fixed strategic service revenues. These were partially offset by continued declines in our legacy wireline voice and data products and lower wireless revenues from offerings that entitle customers to lower monthly service rates. The increase in 2015 was primarily due to our acquisition of DIRECTV, our new wireless operations in Mexico, and gains in fixed strategic services and our IP-based AT&T U-verse(U-verse) services.

In the notes to the financial statements, AT&T provided pro forma income statement information as if the DirecTV acquisition had been completed on January 1, 2014:

Dollars in millions except per share amounts

For the 160-day period ended December 31, 2015, our consolidated statement of income included $14,561 of revenues and $(46) of operating income, which included $2,254 of intangible amortization, from DIRECTV and its affiliates. The following unaudited pro forma consolidated results of operations assume that the acquisition of DIRECTV was completed as of January 1, 2014.

Actual Forecasted Percent Change ($ in Millions)

2017 2017 2016 2015 2014 2016 vs. 2015 2015 vs. 2014

Operating Revenues

Service $145,597 $0 $148,884 $131,677 $118,437 13.1% 11.2%

Equipment $14,949 $0 $14,902 $15,124 $14,010 -1.5% 8.0%

Total Operating Revenues

$160,546 $0 $163,786 $146,801 $132,447 11.6% 10.8%

Operating expenses

Cost of services and sales

Equipment $18,709 $0 $18,757 $19,268 $18,946 2.7% 1.7%

Broadcast, programming and

operations $21,159 $0 $19,851 $11,996 $4,075 65.5%

Other costs of services

$37,511 $0 $38,276 $35,782 $37,124 7. 0% -3.6%

Selling, general and

administrative $34,917 $0 $36,347 $32,919 $39,697 10.4% -17.1%

Asset abandonments and

impairments $2,914 $0 $361 $35 $2,120 -98.3%

Depreciation and amortization

$24,387 $0 $25,847 $22,016 $18,273 17.4% 20.5%

Total Operating Expenses

$139,597 $0 $139,439 $122,016 $120,235 14.3% 1.5%

Operating Income

$20,949 $0 $24,347 $24,785 $12,212 -1.8%

Interest Expense

$6,300 $0 $4,910 $4,120 $3,613 19.2% 14.0%

Equity in net income of affiliates

($128) $0 $98 $79 $175 24.1% -54.9%

Other Income (expense)-net

$618 $0 $277 ($52) $1,581

Income before Income Taxes

$15,139 $0 $19,812 $20,692 $10,355 -4.3% 99.8%

Net Income $29,847 $0 $13,333 $13,687 $6,736 -2.6%

Net Income Atributable to AT&T

$29,450 $0 $12,976 $13,345 $6,442 -2.8%