Updated 10:06 a.m.: CEO John Stankey jumps into the significantly higher HBO Max projections. HBO revenues are expected to more than double by 2025, vs. $6.8B last year. The team has been infused with one key priority this year, Stankey says: "Grow customer relationships."

上午10点06分更新:首席执行官约翰·斯坦基(John Stankey)的HBO最高预期明显更高。预计到2025年，HBO的收入将比去年的68亿美元增加一倍以上。斯坦基表示，今年，该团队被灌输了一个关键的优先事项:“发展客户关系。”

Original item: AT&T (T+1.5%) is ready to deliver a dive into its financials and strategy with today's analyst/investor day, set to start in just 10 minutes.

原始信息:美国电话电报公司(AT&T)准备在今天的分析师/投资者日(analyst/investor day)发布其财务和战略报告，10分钟后开始。

Along the way, AT&T will offer updates and detailed information around topics it's been discussing at media conferences this week.

在此过程中，AT&T将围绕本周在媒体会议上讨论的话题提供更新和详细信息。

Its 2021 guidance is unchanged - the company still expects consolidated revenue growth around 1%, EPS stable with 2020, gross capital investment of $21B (capital expenditures around $18B) and free cash flow in the $26B range, with full-year dividend payout ratio in the high 50% range.

该公司2021年的业绩指引保持不变——该公司仍预计综合营收增长约1%，2020年每股收益稳定，总资本投资210亿美元(资本支出约180亿美元)，自由现金流260亿美元，全年股息派息率高达50%。

But the operational updates to come include projections for HBO Max/HBO of securing 120M-150M subscribers worldwide by 2025, up from the 75M-90M projected in October 2019. AT&T should detail its international expansion of HBO Max and a launch of ad-supported video on demand set to come in June.

但即将发布的运营更新内容包括，HBO Max/HBO预计到2025年将在全球获得1.2亿至1.5亿用户，高于2019年10月预计的7500万至9000万。AT&T应该详细说明它在HBO Max的国际扩张计划，以及将于6月推出的广告支持视频点播服务。

This year it's targeting 3M new fiber locations across more than 90 metropolitan areas.

今年，该公司的目标是在90多个大都市地区新建300万个光纤网点。

The company acquired 80 MHz of C-band spectrum in the FCC's record-breaking 5G spectrum auction, and expects to begin deploying the first 40 MHz by the end of the year. Investment via the auction totaled $27.4B, including expected payments of $23B this year. It expects to spend $6B-$8B in capex deploying the spectrum, with most of that spending coming 2022-204.

该公司在FCC创纪录的5G频谱拍卖中获得了80兆赫兹c波段频谱，并希望在今年年底开始部署第一批40兆赫兹频谱。通过拍卖获得的投资总额为274亿美元，其中包括今年预计支付的230亿美元。该公司预计将在部署频谱方面花费60亿至80亿美元的资本支出，其中大部分支出将在2022-204年进行。

To meet the spectrum funding commitment, it expects to have access to cash of at least $30B this year - including cash on hand of $9.7B, commercial paper from January of $6.1B, and a term loan credit agreement covering $14.7B.

为了兑现spectrum的融资承诺，该公司预计今年将获得至少300亿美元的现金，包括97亿美元的现金、1月份发行的61亿美元的商业票据，以及147亿美元的定期贷款信贷协议。

And its end-of-2021 debt ratio target is 3.0x, reflecting an increase of about $6B in net debt for the spectrum. By 2024, it wants to bring that net debt-to-adjusted EBITDA ratio to 2.5x or lower. To help achieve that, all cash flows after dividends will be used for debt paydown, and the company doesn't plan to repurchase shares during that period.

其2021年底的债务比率目标是3.0倍，反映出该频谱的净债务将增加约60亿美元。到2024年，该公司希望将净债务调整后的EBITDA比率提高到2.5倍或更低。为了实现这一目标，所有股息后的现金流都将用于偿还债务，该公司在此期间不计划回购股票。

Follow along here for key updates. And the presentations will be webcast live starting at 10 a.m. ET.

跟随这里的关键更新。演讲将在美国东部时间上午10点开始进行网络直播。