“Those in rough terms are probably the right goalpost to think about for 2025.”

In context

“headwind that we called out in the second quarter. So really, really free cash flow was probably $2 billion ahead of that. That's how we look at the baseline for 2024. And then entering into 2025, you're right. In the release today, we did talk about a tailwind to cash taxes in 2025. That will be roughly a couple billion dollars. So that's going to be a tailwind to us. We'll be clear about that at the time, and I would view that as a one-time thing. But nonetheless, helpful relative to 2024 where cash taxes went the other way. Working capital is another sort of key part to this. I think we're -- it's tough to guide with total visibility and predictability, but I would point you to the last couple of years. 2024 working capital headwind was about $1.5 billion, 2023 was roughly $2 billion. Those in rough terms are probably the right goalpost to think about for 2025. And if you step back, the key things that caused working capital headwinds are attached to our growth businesses. It's handset subsidies. It's production around a lot of the streaming properties. It's sports rights. So those are all still in place for 2025 and beyond. So that's what that category will look like. But hopefully, that helps there. And then on capital intensity, we were clear about cable capital intensity. We landed the year at just over 10%. That's the outlook for 2025, and that's in the context of very strong new homes passed continue to really be aggressive in passing a new home formation. So we'll continue to invest pretty aggressively there, but within that capital intensity envelope and feel comfortable about that. And then on the Content & Experiences side, you're righ”