Jay Brown: You’ve articulated it correctly. So we will receive cash as we go through the process of deploying the nodes and incurring capital expenditures. And then we would start to run it through the income statement once we’ve completed the work of €“ the operational work necessary to complete and deliver the node to the carrier. At that point, we would then amortize it over the term of the lease. One thing I would I would say, and I’m not sure exactly what you’re trying to decipher in terms of this question. You’ve articulated it correctly. Maybe one additional piece of information that’s helpful, the backlog and the timeline to build when we talk about 24 to 36 months to build is our average. Obviously, there are nodes that take longer than that, construction period of time is relatively short.
And it occurs at the back half of the last portion of that long-dated period of time. So the majority of the costs that we incur up until construction are soft cost, and they would be a smaller percentage of the overall CapEx. So you shouldn’t expect €“ just to be extreme, you shouldn’t expect on a 36-month timeline to construct a node that we would have significant CapEx in the first 12 months of that and then receive carrier contributions at that time. Most of the actual outlays would be towards the back half of that process and the cash being received. So the timeline between receipt of cash and booking the node is not 36 months or not likely.
David Barden: Alright. That’s helpful, thank you so much, Dan.
Operator: The next question is from Simon Flannery of Morgan Stanley. Please go ahead.
Simon Flannery: Great. Thank you very much. Jay, thank you for the color on the phases of densification. That was helpful. Perhaps you could just help us with this transition as Verizon and T-Mobile wind down their 5G builds. Is it normal that we have like a pause and digest on the macro side? Or do they go straight into cell site densification on the macro side? Have you got any color on what the carriers are starting to think about once they €“ particularly in the urban areas and suburban areas have already put up the antennas? And then just a related point, any comments, any updated thoughts on M&A? Obviously, it’s been a long time since you’ve done anything inorganic of scale, but there is always market opportunities out there. So I’d just love to get your latest thoughts on that.
Jay Brown: Sure. On your first question, I don’t want to comment specifically on Verizon and T-Mobile. I’ll let them comment on their longer-term network plans. As I mentioned in my comments, we think about half of our sites have been touched for the mid-band spectrum at this point. They are obviously across the board, all of the carriers are working on touching the vast majority of the rest of those. And that will take some period of time in order for that to be accomplished. We’re 2 to 3 years into the work that’s been done to date, and it’s taken about that long just to touch half the sites with just the mid-band spectrum. So I think you’re going to see other spectrum bands that are going to be deployed for 5G on existing sites as well as the completion of the mid-band spectrum across the balance of the sites.
