“We expect higher capital investment in the fourth quarter as we ramp our wireless network modernization.”

In context

“the full year, our expectations remain for adjusted EPS in the range of $2.15 to $2.25. Year-to-date, free cash flow is $12.8 billion. This is up $2.4 billion compared to the same time last year and consistent with our goal of driving higher free cash flow that is more ratable on a quarterly basis. In the third quarter, we generated free cash flow of $5.1 billion, which included the previously disclosed one-time payment of $480 million related to our wireless network transformation and the continued paydown of vendor financing obligations. Capital investment for the quarter was $5.5 billion, down about $150 million compared to the prior year, primarily due to lower vendor financing payments. Capital expenditures were $5.3 billion, up approximately $650 million compared to the prior year. We expect higher capital investment in the fourth quarter as we ramp our wireless network modernization. We also expect to sustain strong cash conversion in the fourth quarter and anticipate using our improved liquidity to continue reducing our short-term financing, including further paydown of vendor financing in the fourth quarter. These additional vendor financing payments put us on page for a full year capital investment at the high end of our guidance range of $21 billion to $22 billion. Our free cash flow is tracking to the midpoint of our guidance range of $17 billion to $18 billion. Now let's look at our mobility operating results on Slide 9. For the quarter, we delivered 403,000 postpaid phone net adds down from 468,000 a year ago. This is consistent with our wireless market normalization expectation. We also posted another quarter of year-over-year churn improvement with postpaid p”