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AT&T Expects Revenues To Grow At About 1%-2% CAGR From 2020-2022

AT&T expects revenues to grow at about 1%-2% CAGR from 2020-2022 and EBITDA margins to expand 200 basis points by 2022. Revenue growth is expected primarily from wireless, WarnerMedia and Mexico; margin growth is expected to come primarily from wireless, merger synergies, Mexico and cost initiatives.

The company said it has begun several additional cost reduction initiatives targeting an incremental 4% reduction in labor-related costs in 2020 or about $1.5 billion.

The company noted that it is evaluating a 100-million-share accelerated share repurchase program for the first quarter of 2020.

AT&T noted that it has already far exceeded its $6 billion - $8 billion goal for non-core asset monetizations in 2019 and targets another $5 billion to $10 billion in 2020, as part of its continuing portfolio review. These could include sales of regional sports networks, additional real estate and additional tower receivables.

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