Ric Prentiss: Okay. Now not only have the extra details, it seems like there is maybe a normal level of churn within small cell. What should we think that €“ is that kind of like a 1% to 2% normal level of churn small cell that we should be baking into our long-term forecast?
Jay Brown: Yes, I think that’s probably right, somewhere in the neighborhood of 1% to 2%. I mean, honestly, to date, we really have not seen hardly any churn in that business, except for the event of the consolidation of Sprint into T-Mobile. Churn has been near zero or very low other than that event. So €“ but I think long term, it probably plays itself out like towers. So if you’re thinking about your long-term model, assuming churn of 1% to 2% is probably right.
Ric Prentiss: Great. And final question for me, you mentioned small cell, look for profitable fiber solution items. T-Mobile has talked about their high-speed Internet project they might move beyond fixed wireless access and consider buying capacity of fiber from other people. Is that a type of profitable business in the areas where you’ve been deploying fiber and small cells that the T-Mobile might be an interesting return case?
Jay Brown: It’s possible. A good portion of our fiber business is leases that we have with the carriers where they use our fiber. So depending on the locations that T-Mobile were to desire, then our assets could be very attractive for that. But it’s a case-by-case, location-by-location analysis that would have to be done.
Ric Prentiss: Okay, fair enough. Thanks. Stay well.
Jay Brown: You too.
Operator: The next question is from Brandon Nispel of KeyBanc Capital Markets. Please go ahead.
Brandon Nispel: Hi, guys. Thanks for taking the questions. And appreciate the disclosures as well. I was hoping you could talk us through the run rate in terms of tower core leasing throughout €˜23. Is first half any stronger than second half? And maybe the other way to ask the question is, as you look at the backlog of new lease applications that you’re receiving today, are those trending up or down at this point? Thanks.
Dan Schlanger: Yes. Thanks, Brandon. The run rate tower leasing is relatively flat through the whole year. There may be a little bit of a skew towards the front half, but it’s not anything I would say is going to impact the numbers very much at all. And that would imply that the applications are relatively flat as well. So I would €“ if you’re trying to figure out how to model it or how to think through the activity levels and the leasing in 2023, I’d say it’s pretty even quarter-to-quarter.
Jay Brown: Your second question on the trends we’re seeing in the backlog, no change in what we’re seeing from what we talked about in October, so seeing good demand across all three of our business lines, towers, small cells and fiber solutions. The pipeline, you heard my comments in my prepared remarks, but we think by the back half of this year, we’re going to exit 2023 with fiber solutions back at kind of a 3% growth area. And tower leasing, as Dan just mentioned, we think that’s going to be really similar across the year. So not back half loaded, but level loaded across the year. And then small cells, we obviously had a good fourth quarter in €˜22. And we will see what builds over the course of €˜23 and update you as we get orders on that front.
Brandon Nispel: Thank you.
Operator: The next question is from Greg Williams of Cowen. Please go ahead.
