“We expect the result to be faster growth, higher operating leverage and lower capital intensity as we complete the large majority of these network investments and transformation initiatives over the remainder of this decade.”

In context

“retiring our inefficient legacy copper infrastructure. I'm pleased to report that we filed with the FCC to discontinue service across approximately 10% of our wire centers in 17 states. This is a key step towards our target of discontinuing service across the large majority of our copper footprint by the end of 2029. We feel great about the steps we're taking to be the best connectivity provider in America and how this industry is positioned to evolve over the next decade. Investment and policy tailwinds are as strong as I can remember since maybe the Telecommunications Act of 1996. We're significantly expanding where we're able to offer next-generation 5G and fiber connectivity services, allowing us to provide exceptional customer experiences that are more efficient to run and maintain. We expect the result to be faster growth, higher operating leverage and lower capital intensity as we complete the large majority of these network investments and transformation initiatives over the remainder of this decade. This is why I strongly believe AT&T's best days are in front of us. And with that, I'll now turn it over to Pascal. Pascal Desroches: Thank you, John, and good morning, everyone. At a consolidated level, total revenues and adjusted EBITDA each grew 3.5% year-over-year during the second quarter. Adjusted EPS was $0.54 in the quarter, which was up approximately 6% from $0.51 in the prior year. Second quarter free cash flow was $4.4 billion, which was up from $4 billion the prior year. Capital investment came in at $5.1 billion, which was up modestly year-over-year. Looking forward, we expect third quarter capital investment in the $5 billion to $5.5 billion range with free cash flow in the $4.5 billion to $5 billion range. During the second quarter, we repurchased approximately $1 billion o”