Jay Brown: Sure. We continue to be optimistic about the long-term opportunities around Edge. I feel like our assets are really well positioned to capture that opportunity. In order for Edge to work, you have got to have connectivity, and you have got to have power. And our hub sites for small cells and our towers are both ideal locations for aggregating the traffic out of mobile networks at the Edge. And think that opportunity will develop as 5G ultimately develops. I think you probably heard us say a number of times that the first benefit from the activities that will ultimately lead to the benefit around the Edge, we think we will see in spades in the deployment of small cells and a lot of activity related to it with small cells.
And then the follow-on will be the opportunity around the Edge. So, we certainly believe it’s there. And I think we are really well positioned to capture that opportunity when it does materialize as the applications that need increased data and compute power move to the very edge of mobile networks, when that €“ when those applications are starting to be used both on an industrial level as well as the consumer level, feel like our assets are really well positioned to capture that opportunity.
Jonathan Atkin: Thank you.
Operator: And the final question is from Jonathan Chaplin of New Street Research.
Jonathan Chaplin: Thanks for taking the question guys. Just a quick housekeeping question first on small cells. So, it’s a backlog of 60,000, and it takes 24 months to 36 months to go through the construction process. Does that suggest like a very material acceleration from the 10,000 that you are going to do this year in €˜24 and €˜25? Like you are going to get through 60,000 over the course of the next 3 years?
Jay Brown: Yes. We didn’t provide specific guidance on when we will get that done. But as I mentioned in my comments, we think that €˜23 is the start of an acceleration of growth in small cells. So, it does imply that there will be an acceleration beyond the 10,000 nodes per year that we expect to do in calendar year €˜23.
Dan Schlanger: But I wouldn’t €“ I would caution you not to expect that because we have those in our backlog right now that 24 months now or 36 months from now, all of them will be built. It is an average. And so I would not just make the leap that after 2023, there is 50,000 left, which means that we have to do 25,000 in each of €˜24 and €˜25. That’s not the way the business rolls out. It’s an average, and it takes some time in order even to get into that average as we go back and forth with our customers to cite the actual small cell nodes where they need to be built. So, as Jay said, we believe there can be an acceleration, but I would caution you against expecting it’s going to jump to 25,000 nodes each year of €˜24 and €˜25.
Jonathan Chaplin: Can you give me just a little bit more color on why it isn’t sort of complete within 3 years? Is it the carriers are really looking sort of 4 years or 5 years out in terms of what they are contracting for small cells today?
Jay Brown: Sure. When we did the two agreements with Verizon and T-Mobile, where they made large commitments, those were multiyear commitments. So, the expectation was that they would identify the nodes while we had ideas on what markets they were going to use. The actual location of the node goes through an identification process over time. And so we do not expect in that backlog while it’s committed, contractually committed and the rent will be there, it doesn’t speak to. As Dan was saying, that’s why you can’t take the backlog and say, okay, all of that backlog will be completed in 24 months or 36 months.
