Frank Louthan: Great. Thank you. On the business side, can you characterize the decline year-over-year in terms of whether, how much of that is weighted to slower or sort of weaker business environment versus exiting unprofitable or low margin products? And then secondly, on the international roaming contribution, where are we on that relative to sort of pre-pandemic levels as far as its contribution to wireless ARPU, and when does that comp start to get a little harder? Thanks.
John Stankey: Hi, Frank. On the business side, here’s how I would kind of rank the overall impact. One, the most significant impact that is occurring in the fixed wireline business is what I will call the secular change of technology. So it’s the managed complex networking shift toward SDN, which means, provision raw bandwidth and use software, and there’s an effectiveness and efficiency issue that comes on with that. You shift — you may keep a customer, you continue to do business with a customer, but you don’t shift that technology dollar for dollar. That’s probably our most significant. The second part is our decision to exit certain product sets that are low margin and are inconsistent with our ability to sell that core transport in that secular shifting environment whereas before when we were engineering and provisioning highly complex and managed networks, we oftentimes had to bundle and bring things together which to win the business, which oftentimes led us to distribute and layer on top of that other products and services.
In this more of a streamlined focused approach on transport and the accretive aspects of transport, the second dynamic that’s occurring is us backing away from kind of layering on the resale of some of those services. I would tell you that the dynamic around business demand is a relatively small if non-existent dynamic in what’s happening overall in our revenues. I think there’s still a healthy demand in business and I would point out that while we report on fixed business segments specifically, when you look at our aggregate business performance, it’s a very different story. So if you were to kind of take our wireless business component and add it to the fixed business, you have a relatively flat dynamic that’s going on and that’s largely because of the growth in wireless and I actually think we’re on the front end right now of many businesses now understanding that wireless technology is their next strategic frontier of how they engineer their processes in their company.
And I’m actually pretty bullish that what we saw in the early days of VPN were managed networks and managed capabilities and supported capabilities on complex networks were a big growth cycle in enterprise customers. I think we’re going to see the same things start to emerge on the wireless side, and I think that’s just going to be growth. And when we have the presence we do in these large customers, the fact that we’re calling on them with one set of services and we can sell both sets of services is really important for us despite some of the secular headwinds we’re taking and the technology shift out on the fixed side.
John Stankey: Okay. Amir, I’m going to take the liberty of maybe closing this if I can since you said last question. And I’d like to thank first of all, all of you for joining us today. And I would tell you, the way I feel about this quarter is that the pieces have largely fallen into place for us. We have the right formula across the board in the company that’s delivering the type of value that we wanted to engineer this business to deliver. And I think, in fact, if you look at the numbers and what we reported, it is delivering. And I think what you are seeing is the results of consistency, consistency of how we’re executing in the business, our go-to-market approach and the focus — the focus on a select number of products and lines of business that is making the difference of how effectively we’re operating the company.
And I’m really proud of what the team has done to get us to this point. It’s not been an easy trail. It’s been one that’s had a lot of hard decisions. But it’s nice to see those hard decisions paying off and the tangible results that drive returns back into the shareholder base. And I can promise you we’re all focused on closing the year strong and sustaining the momentum that you’ve seen in the third quarter. So I thank you very much for your interest in AT&T and hope you all have a good Halloween.
Operator: Ladies and gentlemen, that does include our conference call for today. We’d like to thank you for participating in today’s earnings conference call. Thank you for using our service. Have a wonderful day. You may now disconnect.
