“This is expected to be the last year of material margin related costs from a P&L perspective.”

In context

“stantially all remaining customers off device leasing by year-end. Our merger synergies are expected to further ramp to between $7.2 billion to $7.5 billion in 2023, approaching a full run rate synergy target from our Analyst Day a year ahead of schedule. And thanks to great execution by the teams. We not only delivered accelerated synergies, but now also expect higher run rate synergies of approximately $8 billion in 2024, of which approximately $2 billion is avoided cost, which is consistent with the amount expected at our Analyst Day. With the major integration work now behind us, we expect merger-related costs, which are not included in adjusted or core adjusted EBITDA, to be approximately $1 billion before taxes, and is expected to be front-end loaded with roughly 40% expected in Q1. This is expected to be the last year of material margin related costs from a P&L perspective. And just as we have highlighted at Analyst Day, cash payments related to merger costs have underwent the P&L recognition to date and are expected to invert and be between $1.5 billion to $2 billion for 2023 with almost half of that total heading in Q1. Net cash provided by operating activities, including these payments for merger-related costs, expected to be in the range of $17.8 billion to $18.3 billion. We expect cash CapEx to be between $9.4 billion and $9.7 billion as we deliver capital efficiency unmatched in our industry on the back of our network integration and 5G leadership. I would expect this to be a bit more weighted towards the first half of the year. Our capital efficiency and data-informed customer-driven coverage approach guides us as we continue to enhance and further ex”