John Stratton: Yes. Hey, Jonathan, it’s John. I will start very briefly and I am going to pass it pretty quickly to Nick. When we talk about those competencies, when I think about where we were just 2 years ago, it is pretty remarkable and a real sort of complement to the team broadly and all the way across the organization to how fast they have managed to scale the business. And it’s easy to forget where we started. But the ability to go from 60,000 build to 600,000 to 1.2 million and now to continue accelerating the build to 1.3 million here in 2023 is pretty remarkable. But with that, beyond the build itself, it’s also the balance of our internal infrastructure that needs to similarly scale at a very rapid pace. The ability to scale installation capacity, the ability to scale of distribution capacity, the ability to scale service delivery and not only scale it but improve it as you go, the whole of that effort is what’s talked about here.
And I think that the pivot you see in terms of our approach to 2023 is about synchronization, and it’s about ensuring that the whole of our execution is efficiently and effectively delivered. So, in the beginning, when you first start, you are doing everything you can to just scale fast to get the thing moving and moving forward. And then as you go, you start to say, okay, how do I perfect this, how do I make this better in terms of the rational way that you go about execution on a day-to-day basis. So, maybe Nick, if you can sort of start in on the why 1.3 for this year and then sort of how we think about what comes next.
Nick Jeffery: Yes. John thanks. I mean as you say, just to echo a couple of those points, two important facts, Jonathan, I think to land on. Firstly, building 1.3 million fiber passings this year will mean we will have delivered by the end of the year exactly the build ambition that we set out at emergence 2 years ago. And secondly, as John said, we are actually accelerating our build this year. And I think we are the only at-scale fiber builder to be saying that as we go into the year. Now, we take a step back, as John said, when I got here, we had to rebuild or scale almost every operational element of this business to execute our strategy and scale up to building fiber with real pace. And I think we have done this well. In fact, as you already know, the build in 2022 was 20% €“ more than 20% faster than we had originally predicted.
And what that gives us is some operationally, some operational flexibility and optionality about how we optimize results across the entirety of our company to maintain both strong capital discipline. And as a result, our mid to high teens return on capital, which as we have always said, is a huge focus for the business. So, I think to get to the straight answer to the straight question, the way to think about our build ambition of 1.3 million homes passed this year is at a minimum build from here on. We think we have got plenty of operational gas in the tank to further accelerate if and when the conditions are ready for that.
Spencer Kurn: Thanks Jonathan. Operator, we will take our next question, please.
Operator: Thank you. Our next question is from the line of Frank Louthan of Raymond James. Frank, please go ahead now.
Frank Louthan: Great. Thank you. On the business side, can you comment a little bit about that environment? Where are you getting the traction most? Are you seeing any fixed wireless come in on the very small end of that? And then what are you hearing against the current economic backdrop as far as customers, what they are preparing for? Thanks.
Nick Jeffery: Yes. Perhaps, Scott, you could start with the €“ what are we seeing from a sort of customer behavior perspective?
