Walter Piecyk: Got it. I know in the discussions that you have with these utility companies that they use spectrum consultants, lawyers, whatever. I’m just curious if in those discussions or those consultants has part of that analysis involved the potential interest by LEO constellations to use low-band spectrum as dedicated spectrum. It’s obviously supplement phones. We saw what Apple has done initially with Globalstar. We see with Iridium and their discussions with Qualcomm. I understand that’s not something that you necessarily want your spectrum to be used for because if your focus on the utility companies. But as it relates to the discussion of valuation and demand for spectrum bands, narrow and low I’m just curious if that has entered into that dialogue over the past year, 6 months?
Robert Schwartz: Yes. I don’t — I wouldn’t say we’ve seen it. Anyway it’s a relatively new phenomenon in the carrier space, and clearly, everyone is scrambling for their own solution to complement terrestrial wireless with some form of satellite coverage. You understand that these critical infrastructure companies, including utilities have used satellite for remote capabilities for a long time and so it’s not necessarily new to them. Clearly, the breadth of availability and the integration, I think, into LTE is where it’s capable. I think it’s a complement. When we talk about our new product of as an example, which is really giving utilities the ability to integrate their own private networks into public networks and be able to seamlessly migrate between them when necessary, whether it’s for even on-ramp as they’re building out their systems or for backup.
I see satellite just being able to add to some of that resiliency, we’ll see how well integrated and where the costs end up. But I think generally…
Walter Piecyk: I don’t think I asked the question properly. Let me try again. I think I worded it poorly as usual, but — it was not about like whether the utilities are considering integrating satellite connectivity. It was more to the extent of if there’s a dialogue about, “Hey, am I paying you $1 a pop, $1.50, $3 like anything, supply and demand of a limited asset is impacted by the what supply and demand, there’s a fixed amount of supply, but if there’s now potentially increased demand because of the interest to implementing some of these spectrum bits into LEO constellations. Theoretically, that should drive up the valuation discussion. I just kind of proceed forward. Is that not happening?
Robert Schwartz: Question — I think there’s no doubt that the demand for the spectrum has never been stronger, right? And we continue to see increased interest across other sectors as well for private systems, whether it’s terrestrial or satellite. So I think the rising tide of demand and obviously the scarcity of low-band specifically absolutely continues to support valuation conversations. And yes, you’re spot on in that regard.
Walter Piecyk: And then just one final one for Chris. Biden, I think, talked a bit about infrastructure, I guess. I perceive some of that in his words. And then I think has talked about in terms of fixed — in the fixed broadband world fiber, the government funding of a lot of stuff. Can you just refresh us on if things seem to be moving forward with a lot of these large funding programs, stuff that may start to have an impact that did not have an impact in 2022?
