“In turn, our non-rural passings growth should continue to be robust and similar to 2023 growth, subject to the pace of overall housing growth.”

In context

“4, we expect capital expenditures to total between $12.2 billion and $12.4 billion, including line extensions of approximately $4.5 billion and network evolution spend of approximately $1.6 billion. On Slide 11, we've provided our current expectations for capital spending through the year 2027, excluding any possible line extension spend associated with the BEAD program. The slide divides our spending into three categories: line extensions, network evolution and core CapEx spend. As the slide shows, we expect CapEx spend of just over $12 billion in 2024 to fall to approximately $8 billion by 2027. Our line extension CapEx includes spending for greenfield, market sell-in and serviceability builds from our legacy footprint, driving continued expansion of residential and commercial passings. In turn, our non-rural passings growth should continue to be robust and similar to 2023 growth, subject to the pace of overall housing growth. These passings are natural extensions or pocket fill-ins to our network and have a long track record of low cost per passing and reliable penetration trends to contribute to growth at attractive ROI. We've not included the potential impact of BEAD in the passing figures on Slide 12 or in our CapEx outlook on Slide 11, given the regulatory and bidding uncertainty associated with the program. We don't expect any potential BEAD build subject to acceptable guidelines, as Chris mentioned, to begin until 2025. And similar to our peers and competitors, our success in BEAD will be an overlay to our capital expenditure outlook. Turning to network evolution, where our long-term capital expenditures outlook remains essentially unchanged, we continue to expect to spend approximately $100 per passing”