“Going forward, we expect margin expansion to continue.”

In context

“tainable fashion. We're now a highly competitive wireless brand and the leading fiber brand. We've increased customer satisfaction, improved networks and are the best positioned to drive long-term returns as the convergence trend develops. Now let's shift to our second goal of improving efficiencies. Last July, we announced we achieved our $6 billion plus run rate cost savings target well ahead of schedule. We then set a new target for an incremental $2 billion plus in run rate cost savings by mid-2026. We're making strong early progress on this target. Importantly, we're seeing the benefits from these cost reduction efforts increasingly fall to the bottom line. This is translating into improved operating leverage, as evidenced by the adjusted EBITDA margin expansion we delivered in 2023. Going forward, we expect margin expansion to continue. I'm proud of the progress the team has made in streamlining our business. We now have further confidence in our ability to deliver on our promised goals. Turning to our last key priority. The benefits from our capital allocation strategy are meaningful and evident in our results. We were again a top investor in America's connectivity through our 5G and fiber networks in 2023. Even with our elevated levels of investment, we delivered better than expected full year free cash flow of $16.8 billion, which is above our previously raised guidance. Furthermore, we achieved this significantly higher free cash flow while simultaneously reducing our short-term obligations. We reduced our vendor financing obligations by $3.3 billion in 2023, all while making more than $2 billion of non-recurring spe”