“For the year, and thereafter, we continue to expect DIRECTV cash distributions to decline at a similar rate to 2023 or by about 20% annually.”

In context

“arget in the 2.5 times range in the first half of 2025. As I mentioned last quarter, we expect to address near-term maturities with cash on hand, and this quarter, we repaid $4.7 billion of long-term debt maturities. Looking forward, our debt maturities are very manageable and we are in a great position with more than 95% of our long-term debt fixed with an average rate of 4.2%. In addition to paying down debt, we reduced vendor and direct supplier financing obligations by about $2.3 billion during the quarter. This was partially offset by $400 million in additional proceeds on our securitization facility. These efforts highlight the quality of the free cash flow we're delivering. DIRECTV distributions in the quarter were $500 million compared to $1.3 billion in the first quarter of 2023. For the year, and thereafter, we continue to expect DIRECTV cash distributions to decline at a similar rate to 2023 or by about 20% annually. With $3.1 billion in first quarter free cash flow, we've dramatically improved our free cash flow ratability just as we committed, we would last year. Looking forward, we still anticipate generating approximately 40% of our total 2024 free cash flow in the first half of the year and continue to expect full year free cash flow of $17 billion to $18 billion range. To close, I'm really pleased with our team's overall performance in the quarter. Despite managing through legacy declines, our strength in mobility and consumer wireline has us on pace to deliver on our full year consolidated financial guidance. Brett, that's our presentation. We're now ready for the Q&A. Brett Feldman: Thank you, Pascal. Operator, we're ready to take the first question. Operator: [Operator Instructions] Our first”