Metric (1)(2)

Outlook(3)

Adjusted EBITDA

$4.6 to $4.8 billion

Free Cash Flow(4)(5)

$0 to $200 million

Net Cash Interest

$1.1 to $1.2 billion

GAAP Interest Expense

$1.200 billion

Capital Expenditures

$2.9 to $3.1 billion

Depreciation and Amortization

$2.9 to $3.1 billion

Stock-based Compensation Expense

~$125 million

Cash Income Taxes(5)

~$200 to $300 million

Full Year Effective Income Tax Rate

~26%

(1) For definitions of non-GAAP metrics and reconciliations to GAAP figures, see the attached schedules and our Investor Relations website.

(2) Outlook measures in this chart and the accompanying schedules (i) exclude the effects of Special Items, future changes in our operating or capital allocation plans, unforeseen changes in regulation, laws or litigation, and other unforeseen events or circumstances impacting our financial performance and (ii) speak only as of Feb. 7, 2023. See "Forward-Looking Statements."

(3) Includes accounting impacts of assets and liabilities held for sale and assumes the proposed sale of Lumen's EMEA business is not completed during 2023.

(4) Assumes no discretionary pension plan contributions during 2023.

(5) Excludes the estimated $900 million to $1 billion impact of taxes related to our divestitures completed on Aug. 1, 2022 and Oct. 3, 2022.