Strong market position as one of the two largest wireless providers in the U.S.; Healthy wireless EBITDA margins; Good spectrum position; Improved diversity and scale in the video business and potential revenue and cost synergies from the recent acquisition of DIRECTV; Some growth potential from recent wireless acquisitions in Mexico, although we expect investments in these markets will dilute EBITDA over the next couple of years; Secular decline in core residential phone business; Slowing growth in U-Verse video and broadband, and slowing wireless growth and increased price-based competition; and Increased exposure to a mature U.S. pay-TV market that is being threatened by alternative video sources. Leverage in the low-3x area on a pro forma basis, which supports the financial risk
