“If we refinanced all of our debt due in 2025 and 2026 at current rates, the impact to our run rate interest expense would be less than $140 million.”

In context

“al between $12.2 billion and $12.4 billion, including line extension spend of approximately $4.5 billion and network evolution spend of approximately $1.6 billion. Turning to free cash flow on Slide 10. The cash flow in the first quarter totaled $358 million, a decrease of approximately $300 million compared to last year. The decline was primarily driven by an increase in capital expenditures and a onetime settlement payment in the first quarter of 2024, partly offset by a less unfavorable change in working capital year-over-year and higher adjusted EBITDA. We finished the quarter with $97.8 billion in debt principal. Our current run rate annualized cash interest is $5.2 billion. Given our long-dated and 85% fixed rate debt structure, our sensitivity to higher rates is relatively low. If we refinanced all of our debt due in 2025 and 2026 at current rates, the impact to our run rate interest expense would be less than $140 million. As of the end of the first quarter, our ratio of net debt to last 12-month adjusted EBITDA was 4.41x, which is lower sequentially and year-over-year. We expect to continue that trend, moving closer to the middle of our 4 to 4.5x target leverage range through the end of this year. We remain fully committed to maintaining our split-rated debt structure, including access to the investment-grade market given the significant benefits it offers to all of our providers of capital. And we continue to be confident in the long-term trajectory of the business. We believe that our levered equity strategy, including share buybacks, combined with the investments that we are making in the business, will drive value going forward. During the quarter, we repurchased 1.7 million Charter shares and Char”