“By the end of this year, we expect to reduce net debt by around $4 billion, excluding any potential FX impacts which will put us at about the three times range for net debt to adjusted EBITDA.”

In context

“so economically we have an offsetting foreign currency gain in derivatives. Looking forward, in the fourth quarter we expect to make final clearing payment of about $2 billion tied to our 2021 spectrum acquisitions. After this payment, we will be in a position in which, we've satisfied all non-recurring near term financial obligations. The majority of our debt is fixed at very low rates and we have refinanced or refunded some of our near term debt maturities at really attractive rates. At the same time, capital investment will be coming down from all-time peak levels. This will increase cash and give us more cash to reduce net debt/ So going forward, from now until the first half of 2025, we expect to increasingly use our free cash flows after dividend to reduce debt and at a faster pace. By the end of this year, we expect to reduce net debt by around $4 billion, excluding any potential FX impacts which will put us at about the three times range for net debt to adjusted EBITDA. This puts us on our trajectory to achieve the targeted 2.5 times range in the first half of 2025. In summary, we feel good about our plans to delever and about our Q2 results which demonstrates our ability to sustainably grow subscribers, service revenues and profits. Let me turn it back to John to close out our remarks. John Stankey: Before we open it up for Q&A I’d like to briefly comment on the telecommunication industries handling of lead-clad cables in our networks. As background, it’s well understood that lead-clad cables are used broadly in our nation’s infrastructure today. From power cables to telecommunication cables lead has used to protect interior wires from exposure to the elements, because lead is very stable and it doesn’t rust. The practice is long been known and its risk”