AT&T isn’t fully out of the woods, but it has made good progress on its plan to reduce total debt and shed some under-performing businesses. That’s the conclusion of analysts at MoffettNathanson following the company’s third-quarter 2019 earnings results.

The company issued a detailed response, including a three-year plan, to activist investor firm Elliott Management which issued a public and scathing letter in early September that criticized AT&T management for “long-term underperformance” and a “series of strategic setbacks.” AT&T leadership has tried to downplay the threat but it did postpone earnings results as it reviewed Elliott’s series of demands.

AT&T reiterated that it has no plans to change top leadership in 2020, but added that it will consider a new director for its board at the next meeting and another in 2020. The company is now targeting a free cash flow up to $32 billion in 2022 and plans to completely pay off its acquisition debt from the Time Warner deal by the end of 2022.

Moreover, AT&T said it will continue to conduct a thorough review of its portfolio to potentially shed more non-strategic assets, and told investors it has no plans to make any major acquisitions during the next three years.

Following that thread, the company announced that it has inked a deal to sell its position in Central European Media Enterprises to an affiliate of the Czech investment firm PPF Group N.V. for approximately $1.1 billion in cash and $575 million in debt guarantee relief. Earlier this month, AT&T sheared $1.95 billion off its mountain of debt by selling wireless and wireline operations in Puerto Rico and the U.S. Virgin Islands.

“We remain on target to meet every single objective for the year,” AT&T CEO Randall Stephenson said on today’s earnings call. The company expects to gain about $14 billion from the sale of non-core assets by the end of the year and plans to monetize up to $10 billion in divestitures in 2020.

“I’ve found our engagement with Elliott to be constructive and helpful, and I look forward to continuing those conversations. These are smart people who very much appreciate the opportunity we have to create tremendous shareholder value,” Stephenson said in a statement, adding that many of the objectives in AT&T’s three-year plan have been central to its plans for many months.

AT&T’s investments during the last several years have given the company “the essential elements to meet growing demand for content and connectivity,” Stephenson said in a prepared statement. “Our three-year plan delivers both substantial and consistent financial improvements over the next three years,” including revenue growth and stabilized free cash flow in 2020, he added.

The company said it expects Stephenson, who has been leading the company for 12 years, to remain as CEO through at least 2020.

Stephenson left the window ever-so-slightly open for a possible sale of DirecTV telling investors there are no “sacred cows” in AT&T’s portfolio. AT&T acquired DirecTV for $67.1 billion in 2014. The satellite TV provider has been losing subscribers at a high rate, including 5.4% of its subscribers fleeing the service during the most recent quarter.

“We have no doubt that there will be enthusiasm for AT&T’s three-year guidance, and for the hints that maybe, just maybe, they’d be open to selling DirecTV,” MoffettNathanson analysts wrote in a research note. “But today’s results paint a rather depressing picture.” The firm added that “wireless is barely growing,” the “entertainment group is a mess” that looks to get worse, “WarnerMedia is shrinking,” and “business wireline is shrinking rapidly.”

In mobility, which is still AT&T’s largest business accounting for 39% of consolidated revenues, service revenue was up 0.7%. “Even against the most benign competitive backdrop in years, Mobility growth is still painfully slow, and overall results were below expectations,” analysts at MoffettNathanson wrote.

“Still, as has been the case throughout the year, the financial narrative is relatively simple,” the firm explained. “So far, [AT&T has] delivered exactly what they promised.”

AT&T banked nearly $3.7 billion in net income, which is down 21.2% year-over-year, on almost $44.59 billion in revenue, which slid 2.5% during the same period. AT&T ended the quarter with 251,840 employees, which is down almost 6.5% from the year-ago period. And its total debt ratio dropped from nearly 50% a year ago to 45.9% at the end of the quarter.