“we expect 2023 line extension capital expenditures to reach approximately $4 billion.”

In context

“on across residential and commercial greenfield and market selling opportunity. Second quarter capital expenditures, excluding line extensions, totaled $1.8 billion compared to $1.5 billion in the second quarter of 2022. We spent more on upgrade rebuild primarily due to our network evolution initiative, and support capital was higher primarily due to investments in information technology system. For the full year, we continue to expect capital expenditures, excluding line extensions to be between $6.5 billion and $6.8 billion. Following the expected completion of our network evolution initiative at the end of 2025 or the beginning of 2026, capital expenditures, excluding line extensions as a percentage of revenue, should decline to below 2022 levels and continue to decline thereafter. And we expect 2023 line extension capital expenditures to reach approximately $4 billion. We continue to expect 2024 and 2025 line extension CapEx to look similar to our outlook for 2023 at approximately $4 billion per year. And our 2024 and 2025 line extension capital expenditure expectations assume we win funding for or otherwise commit to additional rural spending, including BEAD. As Slide 11 shows, we generated $668 million of consolidated free cash flow this quarter versus $1.7 billion in the second quarter of last year. The decline was driven by higher CapEx and mostly driven by our network expansion and network evolution initiatives and higher cash taxes as we became a full federal cash taxpayer in 2023. We finished the quarter with $97.8 billion in debt principal. Our current run rate annualized cash interest is $5.1 billion. And as of the end of the second quarter, ou”