Spencer Kurn: Thanks Frank.
Frank Louthan: Thank you very much.
Spencer Kurn: Thanks Frank. Operator, we will take our next question, please.
Operator: Our next question is from Greg Williams of Cowen. Greg, your line is now open.
Greg Williams: Great. Thanks for taking my questions. I wanted to feed off the last question on the optimism on business services. So, in your guidance today, does that assume that wholesale has now stabilized year-over-year? And is wholesale still about half that overall makeup? Second question is just on the expected capital raise you will need in 2024. It sounds like the debt markets are open to you guys. And more specifically, was wondering about your opportunity to tap securitized debt. I know maturing that pulled off securitized debt raises last October. Is that something you can explore, or do your debt covenants on your existing bonds precluded you from doing so? Thanks.
Scott Beasley: Yes. Greg, this is Scott. Let me take both of those. So, our guidance for 2023 EBITDA’s growth implies the business and wholesale stabilized to slightly grow year-over-year in 2023 versus 2022. Now, the primary growth engine we will have in €˜23 will be consumer revenue. We are further along in that transformation and have allocated more capital to the consumer fiber build, but business and wholesale together should stabilize. On your second question on funding, I would say we are considering a range of debt funding mechanisms. We have significant capacity first lien. We have other options ahead of us. So, we are exploring all options, but really are confident in our ability to continue funding the fiber build and continue accelerating.
Spencer Kurn: Thanks Greg. Operator, we will take our next question.
Operator: Thanks very much. Our next question is from the line of Nick Del Deo of MoffettNathanson. Nick, please go ahead now.
Nick Del Deo: Hey. Good morning. Thanks for taking my questions. First, as we think about some of the changes you are making from a pricing and promotional perspective, we obviously should think about that being linked to net adds. So, as we think about the pricing that you put through and your plan to rely less on gift cards or promotional tools, should we be worried at all that, that’s going to result in any sort of headwind to net adds, or do you feel comfortable that it’s not going to be an issue?
Nick Jeffery: Yes. Nick, it’s Nick. Good question. Thank you for that. And it’s something we think about in lots and lots of detail. But this is a dynamic market and all the players are moving pricing and promotion all the time. And we watch this just through a microscope every single week of every single quarter. And we reflect and ask on that all the time. And I would say that because the big thoughts underpinning all of our moves is the recognition that we have the best product, and we want to deliver it at the best price. Now, the best price is something is determined by the market. But the best product is something that’s driven by the underlying technology that we have. And we believe consumers have a strong appetite for the best product at the best price.
