Operator: Your next question comes from the line of Craig Moffett with MoffettNathanson.
Craig Moffett: Two quick questions, if I could. First, I wonder if you could just reflect on wireless again. I know you’ve said that it was 2 quarters ago, that it wasn’t part of your plan. But it’s been such a large part of what the other cable operators are doing, I’m wondering if you’re kind of still interested in at least exploring wireless options. And then second, I wonder if you could just talk about the trajectory of capital intensity. As you think about DOCSIS 4 and plant upgrades, how low could capital intensity go? Or how much further could it come down?
Todd Koetje: Craig, it’s Todd. On the wireless side, we’ve talked about this before. I don’t think anybody would disagree that the 2 primary connectivity mediums for consumers will be very reliable, fixed broadband that we provide, and then very reliable wireless mobile connectivity. We do evaluate it. There’s plenty of folks in the space that have launched that we monitor very closely, that we evaluate both the performance as well as — in the wireless ads as well as what that would potentially do to improve on the data side of the equation. And those are very important elements of that. As we’ve also said in the past, important elements of customer satisfaction and how we want our customer experience to be is very, very reliable connectivity.
And we also continue to monitor how that reliability will improve from a wireless and a mobile perspective in our markets, because we do feel like that’s an extremely important catalyst as we continue to look at that. But nothing right now that says economically or from a customer demand perspective that, that’s a product we have to have. From a capital intensity perspective, it’s a sequential quarter of decline in CapEx. We’ve talked about some of the shorter-term elements associated with that, which was our working capital optimization strategies that we can continue to execute upon. Some of the slower builds that gives us a little bit more efficiency there, and some of the integration and upgrade investments that we’ve been making that can start to taper a little bit.
But longer term, we’ve talked about our capital intensity as a percentage of our EBITDA being in that mid- to high 30% area.
Operator: Your next question comes from the line of Steven Cahall with Wells Fargo.
Steven Cahall: Julie, thanks for all the commentary on how you’re thinking about balancing ARPU growth and subscriber growth. I think that’s the biggest one that we’re debating as well. I was wondering if we could go a little deeper into it about just how you’re looking to deploy some of the tactics that you talked about. So we saw the new, more inexpensive program at the end of Q3. Last year, net adds started to kind of flip negative in Q4. It was unexpected sequentially from Q3. As you deployed these new tactics, do you think you could start to get back to positive net add growth by the fourth quarter, or we should be thinking about that as a little more of just your long-term trend and long-term strategy? And then secondly, the ACP program is having some political debate around it.
I’m just wondering if you can shed any light as to if you have any material customer exposure to ACP, and if you do, if you have some contingency plans for ways to keep engaged with those customers should it change.
Julia Laulis: Yes. So the end of the third quarter was a success in my mind and that continues. I expect to grow in the fourth quarter, period. ACP, we only have 35,000 customers, given we have over 1 million customers, teeny tiny. Teeny tiny. And those customers were customers of ours before. They just start using the $35 or $75 of their own Tribal lands to supplement what they’re paying for. So even if it goes away, our number of customers is minimal. And I think they’ll still be customers. Maybe they’ll downgrade, but I think they’ll still be customers.
Todd Koetje: Steve, I would add, there’s maybe always political jockeying around things like that, especially as we head into an election year. I would be pretty surprised if broadband for all demographics and for all customers is something that gets a meaningful amount of adjustment to it. Maybe some tweaks here and there. But we do not feel like we have a lot of exposure as it relates to the repayment of that, with that very small subset that Julie alluded to.
Operator: Thank you. Ladies and gentlemen, at this time, there are no further questions. I will now turn the call back over to Julie Laulis for closing remarks. Please go ahead.
Julia Laulis: Thank you, Eric. So as we wrap up, I just want to extend a heartfelt thank you to our Cable One associates. It is their commitment that really sets us apart in providing exceptional neighborly service. And additionally, for those that are interested, Todd and Jordan will represent Cable One at the upcoming Raymond James and Wolfe conferences this December in New York. We welcome the opportunity to engage with many of you there. Thank you, everyone, for your time and attention today. We appreciate your continued support and interest in Cable One.
Operator: Thank you. Ladies and gentlemen, that concludes today’s call. Thank you all for joining, and you may now disconnect your lines.
