Rod Smith: Hey, Batya, I’ll take the India reserve question. So you can see in our outlook for 2023, we are calling out a specific reserve for VIL of about $75 million. That’s up against on a revenue reserve basis from 2022, we reserved close to $100 million for really the last two quarters in 2022. What I can tell you is, the percentage — I don’t want to get into percentages of revenue that they’re paying and those sorts of things. But I will highlight that in January, they’re paying us a little bit more than they were paying us in the end of 2022. So we are seeing some improvement in terms of the collections through VIL. And we do expect that, that improvement will kind of continue, and we’ll collect even a little bit more from a variety of their commitments to us as we look out over the balance of 2023.
We do expect them to be getting back closer to and increasing their payments to us towards the end of the year. So we do expect to see some improvements going in that direction. That’s kind of what I would say. In terms of the contracts, we haven’t really written any MLAs or leasing contracts with them. We have entered into the $200 million convertible debenture, which also have some terms and conditions embedded in it that call out specific time periods in terms of when payments are due. It also has some additional terms and conditions around staying current with leasing fees within the MLAs and those sorts of things. So there’s that additional agreement, which gives us a few additional kind of safety nets or safety belts here. But the situation there is volatile.
We’re focused on trying to support VIL through this period. We were very encouraged by the government conversion. We think that could be the beginning of better things for VIL in terms of raising additional capital going forward. And we’re focused on long-term value creation and having VIL as a partner in India over the long term. And maybe on your second question, can you remind me what it was?
Batya Levi: Yes. With improvement in India, why is this the right time to look for strategic options in the region?
Rod Smith: Yes, I would say, it’s really just being opportunistic, kind of, looking at the market. Certainly, India has been volatile over the last few years and maybe even a little bit longer than that. But as we said in the prepared remarks, we look at all of our portfolio assets around the globe kind of on a constant basis and evaluate growth opportunities, valuations and other things. So we are in the process of looking at strategic options in India. We haven’t made any decisions at this point, but we are kind of going through a process in evaluating things. And it’s really around being opportunistic. We do believe that the Indian market is an interesting market and does hold some upside, but there’s also a fair amount of volatility that we have experienced. So we’ll be looking at a number of things. And when and if we conclude and make any decisions, we’ll certainly let everybody know.
Batya Levi: Okay. Thank you.
Rod Smith: You’re welcome.
Operator: Your next question comes from the line of Nick Del Deo from SVB MoffettNathanson. Please, go ahead.
Nick Del Deo: Hey, good morning, guys. Thanks for taking my questions. First, just a follow-up on the India question. Tom, you’ve emphasized how important new site builds are to your growth outlook and the returns you get with them. Obviously, there’s a step down in your build plan in 2023 versus 2022, and it looks like the driver is primarily India. So, I guess, does that explicitly tie into your view that India is more volatile, potentially less appealing market than you once believed, or is something else driving that downshift?
