Jessica Fischer : Yes. So I’m going to start at the bottom of the list, Ben. We expect to build around 300,000 subsidized rural passings in 2023, which are mostly RDOF and they’re incremental to the normal business as usual pace of build. What I would do with those is we’ve given you information on how much penetration we get of those passings, the 40% at six months. We continue to grow after we hit that 40% at six months, but you can time them in that way. Our pace coming into the end of the year within the 15,000 to 20,000 passings per month range, and I would expect — we’re starting the year at that pace and we’re going to end at a faster pace to get to that total of 300,000 number. The $3,000 per passing, so just to be clear, I think what I said was that we would be closer to the $3,000 that we’ve been in the more recent subsidized builds than to our RDOF amount.
So we’re totally prescriptive around $3,000 exactly. But that is a net number. Our expectation on state subsidized and on the BEAD build is that those programs are likely to be structured in a way where the expenses count — where the subsidies are accounted for as a capital offset and not as revenue. So we’re going at it with net numbers. Gross build costs, I think, are a lot harder. And so we understand quite a bit now about what we need to — about what we want in terms of driving economics and also sort of had some experience in bidding these passings and are seeing what’s happening in the marketplace. But what you win impacts a lot about what those gross build costs are and they could be in a pretty wide range. So I don’t have a number on that side.
Christopher Winfrey : Just in terms of how we look at it, Ben. If you go back to the presentation that we used in December, I threw up an unnamed market with a footprint overlap. So you could take a look at how our strategy evolves between, I think, the colors were gray, gold and blue. Between our existing footprint, RDOF and the way that state grants and now BEAD and other grants we’ll be doing. And so we can make the gross cost of our build lower as a result of the strategy in terms of how we approach the market and how we put these together. And so we can have a lower gross cost and therefore lower net cost than our competitors because of the existing footprint that we have, the existing or footprint that we’re building. And I think that makes us not only a better economic participant, but a better and more reliable, trustworthy builder for the states in the build because we’re the largest rural builder today.
We’ve been successful at it. We’re moving at a fast pace. We can get broadband to their constituents at a faster pace at a competitive price with great products, Internet and mobile, and most of these bidders aren’t going to have mobile and they’re not going to have a converged product, and that’s something that we can bring to these communities.
Benjamin Swinburne : That’s very helpful. Can I just ask a clarification from your comment. I think you guys talked about nonpaid churn, all forms of churn at record lows in Q4, including non-pay. But I think you also mentioned bad debt was coming back up. Just any comment on sort of the consumer, the low-end consumer. Some of your competitors have talked about non-pay churn normalizing. Was — it didn’t sound like we’re seeing that, but I wanted to hear your thoughts?
