Flat capex plateau lets the operating delta flow into rising adjusted free cash flow
excluded charges
workforce · network
merger integration
outside core EBITDA
charges don't drain core
Cash operating costs
headcount + store shift
Service revenue
keeps growing
Operating delta
revenue up · costs down
core EBITDA expands
roughly flat capex plateau
flat capex · all delta passes
adjusted free cash flow
raised guide
higher target ahead
raised
higher target