Dan Schlanger: Sure. I think we tried to address this through 2023 because I think a lot of people were rightfully skeptical that we would return to 3% growth in the fourth quarter, we talked about it. But we gave a couple of reasons for that. One was we saw more activity in the first half of the year, and we thought that it was going to come through by the fourth quarter. And we had year-over-year comps that were a little easier to meet on the fourth quarter. So, what we are seeing is a level of activity based on customers wanting more data to move and more connectivity for all of the general macro trends that are going on in the world right now that you are very well aware, things like artificial intelligence and moving data to centralized data center locations or the cloud, whatever you want to call it.
And just the overall amount of data increasing, data demand increasing from wired perspective, not just wireless. And we are seeing those transactions in our favor. And because of our focus on larger businesses, government agencies, education, medical, financial services, those types of industries, that demand generally has been a little bit more predictable than we have seen in the other parts of the fiber market, like the small and medium business parts of the fiber market. And what we expected to come true has come true. Those bookings did happen. We did see the growth and we do see that going into 2024 and all of the industry information and analyst expectations that we have seen would support our view that 3% growth is achievable in 2024.
Nick Del Deo: Okay. Got it. Thank you, guys.
Tony Melone: Thanks.
Operator: Next question comes from Jon Atkin with RBC Markets. Please go ahead.
Jon Atkin: Thanks. I am Jon and welcome back, Dan. So, with several new Board members involved and obviously, the new acting CEO, I just wondered if you could give a little bit of color about the operating metrics you are going to be examining or are examining around small cells and fiber that will inform your strategic review, whether it’s same tenancy growth and the fiber metrics and the small cell metrics may actually be separate. Can you give a little bit more color as to what you will be looking at as you conduct the review or asking the committee to look at?
Dan Schlanger: Jon, thanks for the question. I would answer that by saying that review will be a very thorough holistic review that will take into account all aspects of our operations. So, to get more specific than that in terms of the nuances, you can be assured, it will be a very thorough process. And obviously, will allow the Board and management team to be very informed in terms of what the best path forward would be.
Jon Atkin: And I might have missed it, but what’s kind of the timeline that you are looking at for conducting that?
Tony Melone: We have not going to speculate on how long the process will take. What I will tell you is we are very, very much into the process now. The Board and management has been active in this since the beginning of the year. But I can’t give you a timeline on when that will complete.
Jon Atkin: And then two more questions. I am interested in the backlog of small cells and roughly what portion of that – of those incremental nodes are kind of second and third tenants versus requiring capital, maybe a rough split? And then lastly, I think it might be useful to review the history. You have done a lot of acquisitions over the years NextG, and Sunesys, Wilcon, and FPL, and Lightower and so forth. And as you look at the totality, the fiber business, in particular, how would you characterize the product mix? How much would you consider to be more infrastructure versus managed services? Any kind of views on that would be useful to hear. Thanks.
Dan Schlanger: Let me take the first one on this, Jon. In the backlog, we have about 50,000 nodes in our backlog, of which about 60% are co-location nodes. So, as we have talked about, that number has moved over time where the majority of our nodes had been anchor builds for a long time and the majority of the nodes in our backlog now or co-location nodes. We are seeing a progression there. And I think that that does speak to over time, a decrease in capital intensity to get the same amount of growth. On the product mix of our fiber acquisitions or our fiber business around infrastructure versus managed solutions, I think I would go back to what I have said earlier, which is what we really focus on is trying to deliver the right products to a larger base of – base of larger customers that are generally more sophisticated than the general fiber market, which leads us more towards in many times an infrastructure build.
But as the market does move and managed services becomes important, we are evaluating our product set to make sure that we remain top of mind with our customers and are delivering exactly what they need. But the vast majority of what we do is aimed at kind of those large-scale enterprises and they generally do have more sophistication in how they manage their networks internally and require less of the services that have become more in vogue recently in the fiber solutions business.
Jon Atkin: Thank you.
Operator: Our next question comes from the line of Batya Levi with UBS. Please go ahead.
Batya Levi: Great. Thank you. A couple of questions. Can you talk about how we should think about capital allocation in terms of maximum leverage you would like to take on in the next year or 2 years? And maybe an update on the operational efficiencies and cost control as you continue to take on the strategic review and I think you had positive relocations. Is there any impact that we should be thinking about from that? And lastly, the pacing of how leasing activity for ‘24, the guides 4.5% for the year, should we expect that it was more second half weighted? Thank you.
