“During the pendency of the Cox deal, we plan to be at or slightly under 4.25x leverage pro forma for the Liberty transaction.”

In context

“h paid for interest year-over-year, partly offset by a less unfavorable change in cable working capital. Turning to cash taxes. First quarter cash taxes totaled $64 million. We continue to expect that our calendar year 2026 cash tax payments will total between $500 million and $800 million. We finished the first quarter with $94 billion in debt principal. Our weighted average cost of debt remains at an attractive 5.2%, and our current run rate annualized cash interest is $4.9 billion. During the quarter, we repurchased 4.3 million Charter shares, totaling $963 million at an average price of $225 per share. As of the end of the first quarter, our ratio of net debt to last 12-month adjusted EBITDA remained at 4.15x, and stood at 4.22x pro forma for the pending Liberty Broadband transaction. During the pendency of the Cox deal, we plan to be at or slightly under 4.25x leverage pro forma for the Liberty transaction. Following the close of those transactions, we will target the low end of the 3.5 to 3.75x range, which we expect to achieve within 3 years following close. Even with this de-levering, we continue to expect significant ongoing capital returns to shareholders. Before turning the call over to Q&A, I want to make a few comments regarding our pending Cox transaction. We now estimate transaction synergies, or run rate operating expense synergies of at least $800 million, and are likely to grow that further. Those estimates do not include the benefits of applying Charter's operating strategy to create revenue and operating cost synergies over time or CapEx savings. We believe those operating synergies will also be significant. Turning to our reporting plans. I wanted to give you a brief preview”