“We expect to reinvest some of these savings in the third quarter to drive future growth in fiber and advanced connectivity revenues. While this will put some incremental sequential pressure on third quarter EBITDA, we now expect full year Business Wireline EBITDA to decline in the low double-digit range versus our initial outlook for a mid-teens decline.”

In context

“reasing our full year guidance for consumer fiber broadband revenues to growth in the mid- to high-teens from our previous outlook for growth in the mid-teens. We are also increasing our outlook for Consumer Wireline EBITDA growth to the low- to mid-teens from our initial outlook for growth in the high-single to low-double-digit range. Similarly, in Business Wireline, we are outperforming our initial outlook midway through the year, thanks to slightly less legacy Wireline pressure than expected and solid execution of cost takeout initiatives. In the quarter, Business Wireline revenues declined 9.3% year-over-year with Business Wireline EBITDA declining 11.3%. Business Wireline operating and support costs were down nearly $275 million year-over-year due to lower force and contractor costs. We expect to reinvest some of these savings in the third quarter to drive future growth in fiber and advanced connectivity revenues. While this will put some incremental sequential pressure on third quarter EBITDA, we now expect full year Business Wireline EBITDA to decline in the low double-digit range versus our initial outlook for a mid-teens decline. Before we take your questions, I want to spend a few moments providing you with an update on capital allocation and the impact of recent tax legislation. Overall, we feel really good about the strength and management of our balance sheet based on current operating trends and our outlook for the business. We continue to operate within our leverage target of net debt-to-adjusted EBITDA in the 2.5x range, ending the second quarter with net leverage of 2.64x, which was essentially unchanged compared to 2.63x at the end of the first quarter. Net debt increased slightly by $1.2 billion sequentially. A key factor driving this increase was a $2.8 billion noncash remeasurement of our foreign debt related to the weakening of the U.S. dollar. As a reminder, we fully hedge the FX impact on our foreig”