Sebastiano Petti
JPMorgan Chase & Co, Research Division

Good morning, everyone. I'm Sebastiano Petti, and I cover the telecom, cable and satellite space for JPMorgan. I want to welcome John Stankey, Chairman and CEO of AT&T. John, thank you for joining us today.

John Stankey
CEO, President & Chairman

Good morning. It's good to be with all of you. Before you get on to your next question, can I just remind everybody we're in the quiet period for the FCC spectrum auction and also offer our safe harbor statement that some of the things I'm going to talk about today are forward-looking in nature and subject to risks and uncertainties. We may or may not update those prognostications, and if you want all kinds of transparent filings, you can go to the AT&T Investor Relations website.

Sebastiano Petti
JPMorgan Chase & Co, Research Division

Great. With that out of the way, so John, your long-term guidance includes expectations for EBITDA growth to accelerate to 5% plus in 2028. Can you start by walking us through your key priorities and areas of focus for you and your management team?

John Stankey
CEO, President & Chairman

Sure. Look, coming out of first quarter, I think you saw that what we've put together in terms of investment in the business to build a structural advantage to drive the growth of the business is, in fact, coming to pass, and we walked out with what I thought was a directionally correct first quarter for what we're ultimately going to do that you just alluded to, saw our best