“While near-term declines in legacy voice revenues are likely to weigh on Business Wireline EBITDA trends for the remainder of the year, our 5G and wireless products continue to present attractive growth opportunities in business solutions.”

In context

“ecent work stoppage and storms. Now let's cover Business Wireline on Slide 11. Business Wireline EBITDA was down 20% due to continued industry wide secular declines in legacy voice services. The reported decline in EBITDA also reflects a tough comparison versus the third quarter of last year, which benefited from approximately $100 million of IP sales that did not recur in 3Q this year. Overall, Business Wireline is performing slightly below the outlook we provided in the first quarter due to lower revenue expectations, including a shift of IP sales into 2025, as well as the impact of Southeast work stoppage and impacts of Hurricanes Helene and Milton. We now expect Business Wireline EBITDA declines in the high-teens range for the full year versus our prior outlook for a mid-teen decline. While near-term declines in legacy voice revenues are likely to weigh on Business Wireline EBITDA trends for the remainder of the year, our 5G and wireless products continue to present attractive growth opportunities in business solutions. This includes sustained growth at FirstNet, which now has approximately 6.4 million total connections. Similarly, we're excited about the potential of emerging growth products like AT&T Internet AirFit (ph) business. Now let's move to Slide 12 for an update on our capital allocation strategy. Our approach to capital allocation remains consistent and deliberate. We're successfully balancing efficient growth with long-term investment as we deliver converged network services to more customers, pay down debt and return value to shareholders. We also remain focused on deleveraging, we reduced net debt by about $1.1 billion in the quarter despite a $1.3 billion FX headwind related to foreign debt. Also recall we fully hedge our foreign denominated debt. So we have an offsetting FX gain recorded”