2020 Guidance

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2020 Full-Year Consolidated Guidance

The purpose of the financial outlook is to assist investors, shareholders, and others in understanding certain financial metrics relating to expected 2020 financial results for evaluating the performance of our business. This information may not be appropriate for other purposes. Information about our guidance, including the various assumptions underlying it, is forward-looking and should be read in conjunction with “About Forward-Looking Information” (including the material assumptions listed under the heading “Key assumptions underlying our 2020 guidance”) in our Fourth Quarter 2019 Press Release and the related disclosure and information about various economic, competitive, and regulatory assumptions, factors, and risks that may cause our actual future financial and operating results to differ from what we currently expect.

We provide annual guidance ranges on a consolidated full-year basis that are consistent with annual full-year Board of Directors-approved plans. Any updates to our full-year financial guidance over the course of the year would only be made to the consolidated guidance ranges that appear below.

Full-Year 2020 Guidance1

(In millions of dollars, except percentages)
Consolidated Guidance 2019
2020 Guidance Ranges 1
Total Service Revenue2 2019 Actual 12,965 Decrease of 2% to increase of 2%
Adjusted EBITDA 3 2019 Actual 6,212 Increase of 0% to 2%
Capital expenditures 4 2019 Actual 2,807 2,700 to 2,900
Free cash flow 3 2019 Actual 2,278 Increase of 2% to 4%
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