Fred Graffam: Yes. And again, predicting 2027 is a bit of a challenge. I will point to 2 things. One, historically, the company has run at the $70 million-ish level of maintenance capital historically. So predicting 2027 total capital is really going to be driven by your assumptions on success-based. And so you can project out what we’ve given you cohort penetrations, we’ve actually given you a lot of data with respect to where we think we’re going to be in 2026 on customers that sort of drives a level of net add activity. So I would use your assumptions on your capital per success-based acquisition to project out what you think the 2027 success-based numbers are. But the company historically from a maintenance or obligatory perspective has been in the $70 million range. You may want to put some assumptions with respect to some inflationary pressures, but that’s how I would think about it.
Michael Rollins: And just on that success-based piece, how much of that is related to the consumer and fiber piece versus the enterprise and wholesale piece that might not be tied directly to a gross add number or net add number that you’re reporting?
Fred Graffam: Yes. I would say it’s 70:30, I believe, is where we landed for this year. So 70% success-based related to the fiber business, 30% related to the carrier and commercial business.
Robert Udell: And we’re incredibly disciplined on the commercial and carrier side on the success-based. That’s why you’ve seen us be pretty consistent with the data transport growth there. And we’re feeling even more excited about some network near-net opportunities that are built have provided for small biz and commercial.
Operator: . And we will take our next question from Rob Williams with Octagon Credit Investors.
Robert Williams: I just wanted to get some color on how you guys think about the penetration rates as we move into that 2-year cohort. You have some 2020 builds that you completed and you have your 24% target on those. Can you just give us a little bit of color how those are tracking versus kind of the 15% at the 1-year mark?
Robert Udell: Yes. If you look at the base fiber, we’re in the 20% range, and most of that is going to be 2-year to 2.5-year, 3-year with a few exceptions. And so we think there’s great upside to get that to the mid-30s, and giving it the full rally plan attention now that we have the Fidium brand out there and the customer experience that goes with it and the WiFi gear, it’s just a resource allocation after the big push on build and new market launches. And so we felt good about the first year penetrations, but those are some of the areas where we’re going back and re-rallying with the new brand. And then also in the first year builds where we’ve had more weather challenges with sales and feet on the street, we’ve got a hard press in those markets early this year as the weather continues to free up.
Robert Williams: Bob, that’s helpful. And then just you have year-over-year kind of inflection for financial results in 2024, but I think last call or call it before, you talked about kind of second half of ’23 showing potentially sequential growth, maybe not year-over-year. Is that still the expectation kind of in light of the lighter guidance on the EBITDA side?
Fred Graffam: Yes, the — we have said that before. The — the trick for us is we’re taking a hard look at the carrier business and the timing of the renegotiation of the contracts, which is actually a positive thing for us, the longer that delays presents a little bit of a challenge on predicting the sequential revenue growth for 2022. So we believe strongly the 20 — I’m sorry, 2023, sorry, we believe strongly that we’ll see growth in 2024, predicting when the turn happens, given some of the nuances of the carrier business, we decided not to reiterate that.
