We now have enabled more than 2 million fiber households, a number we expect to continue to grow. Since announcing our three-year plan to delever to a target range of 2.75 times to 3.25 times net debt-to-adjusted EBITDA, we have reduced net debt by $2.5 billion.
In speeds of 100 meg and above, we added 68,000 subs. And even if, going forward, the customers choose to meet that same collaboration need in a different way, we have the products to support that need. In summary, we are pleased with the continued improvement in our revenue trajectory and the positive effects of our transformation into a technology company focused on building a platform for critical digital services. And as you can imagine, in this environment, with all the physical constraints, we're not exactly operating in the most efficient way.

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So there's a lot of unknowns in terms of how quickly things reopen, the impact on the economy for the rest of the year. During the quarter, we added 42,000 one-gig and above customers, a record for us since we began expanding our fiber to the home efforts.I recently read a social media post comparing CenturyLink gigabit services to those of one of our large, very capable cable competitors. We are excited about these wins, and we will continue to pursue growth in the public sector space, although I do want to caution that government contracts generally take several years to ramp.

And second, should we think of those costs as kind of sticking around for the duration of the pandemic? For the second quarter 2020, capital expenditures were approximately $1 billion.This compares to second quarter 2019 capex of $800 million.

Please go ahead.Hey, guys.

What has not changed is our long-term strategy, our long-term focus on the customer or the time lines of our ongoing digital transformation efforts. That is a significant part of our strategy.

For the fourth quarter 2019, revenue declined 5.5% year-over-year. There's always upsides and downsides in their expansion into 5G and expansion into other markets. During the quarter, we augmented capacity for our customers and supported higher traffic on the network. [Operator Instructions] Afterwards, we will conduct a question-and-answer session.

Further, as operators of one of the largest and most interconnected networks in the world, we enable our customers to efficiently and effectively collect, process and move their data seamlessly across public clouds, private clouds, public data centers, company-owned data centers and the various work locations of the enterprise, whether in employees' homes or in the office.

And France, I think we have time for one last question.Very well.

We continue to execute on our capital allocation policy we laid out early last year, investing in the business to improve revenue trajectory, returning over $1 billion to shareholders through the dividend, with a payout ratio expected in the 30s and deleveraging to our target leverage range of 2.75 to 3.25.

I was just curious if you could talk a little bit more about the outlook for capital spending for this year? On the second issue and from work for work and have we estimated for our own transformation? And our dividend is, right now, at about 1.1 billion of cash. With that, I'll turn it over to Neel to discuss our financial results.Thank you, Jeff, and good afternoon, everyone. Additionally, comparisons to prior periods are on a year-over-year basis, unless noted, and certain metrics exclude transformation costs and other special items as detailed in our earnings materials.
If you consider the increasing demand across all customer verticals to move massive data sets as quickly as possible to widely distributed processing resources, our infrastructure is very well aligned to meet this shift in requirements. Maybe another one, if I can. And for the full year 2019, we achieved approximately $430 million of annualized run rate adjusted EBITDA transformation savings.Moving to revenue. We remain committed to our capital allocation strategy.

In addition to currency headwinds, our international business across Europe, Latin America and Asia experienced reduced levels of activity from COVID-related shutdowns. And the other thing that we do is we have a lot of focus. Thank you, Phil. We have reduced our leverage to 3.7 times and have no significant near-term maturities, and our ability to support our dividend speaks for itself with a payout ratio in the 30s. As with the various government entities, we are bringing the same capabilities to our Enterprise and IGAM customers.Turning to SMB, we continue to see mixed results from this segment and -- as revenue pressures from legacy services is far more than offsetting growth from new services and our expandable addressable market. As examples, the addition of the 18,000 new on-net buildings I mentioned brings more customers' locations on-net and gives us a strategic advantage and the better customer experience. Other than requirements for emergency connectivity, conversations about network expansions or future transformations understandably paused in the early days. This compares to an average decline of 7.1% over the last four quarters.


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