“We now expect cash CapEx to be between $9.6 billion and $9.8 billion, delivering our network milestones ahead of schedule at a capital efficiency unmatched in our industry.”

In context

“mately $7.5 billion in 2023, achieving the full run rate synergy target provided at our Analyst Day a year ahead of schedule as we build towards the full run rate synergies of $8 billion in 2024. Now with the merger integration now substantially behind us, we will discontinue reporting synergies separately from overall business results going forward. We continue to expect merger-related costs, which are not included in adjusted or core adjusted EBITDA, to be approximately $1 billion before taxes. And we now expect cash merger related costs of $1.7 billion to $1.9 billion for 2023 as they have under run the P&L recognition to date. Net cash provided by operating activities which include payments for merger related costs are now expected to be in the range of $18.3 billion to $18.5 billion. We now expect cash CapEx to be between $9.6 billion and $9.8 billion, delivering our network milestones ahead of schedule at a capital efficiency unmatched in our industry. The higher operating cash flows not only fund the increased CapEx, but also allow for a slight increase to free cash flow, now expected to be between $13.4 billion to $13.6 billion, which includes payments for merger-related costs. Not only is this up approximately 75% over last year, thanks to our margin expansion and capital efficiency, but also represents a free cash flow to service revenue margin, which is multiple percentage points higher than peers with further expansion expected next year. Consistent with the entire year, the updated free cash flow guidance does not assume any material net cash inflows from securitization. Turning to income taxes, we continue to expect our full year effective tax rate to be between 24% and 26%. And finally, we continue to expect full year postpaid”