David Arden : Hey guys, thanks so much. I guess two questions if I could. I guess maybe Brendan this is for you. We’re all kind of looking at DISH exposure and we’re just basing the commentary and others. It feels like we’re going to get to the mid-June build out requirements. Not clear how much beyond that we’re going to go at DISH. So I guess two questions would be, number one, if we take the 15,000 cell sites that they said that they were going to need to build this first stage of getting their licenses all locked down, and we multiply that by your percentage of domestic towers, and we assume that you’ve gotten roughly that percentage. It would seem like that would be roughly a $40 million or so number. Is your kind of run rate annualized exposure to Dish if you could kind of validate that or tell me where I’m wrong, that’ll be helpful.
And then, second, with respect to kind of the second half of the year, given kind of where DISH’s finance stand. What have you assumed in the guidance exit rate heading in the 2024? Thank you.
Brendan Cavanagh : Yeah David, first on your estimate of approximately how much they represent on a run rate, that’s in the right ballpark today. We still continue to have activity though with them. They are still signing up new business, not the same pace they were a year ago. And so, we’ll exit the year at something, obviously, greater than that, would be our expectation given the fact that we’re constantly signing up new business. And then really, it’s a question of, as they turn their sights towards their 2025 obligations how much more will be required. And we’re pretty confident based on our conversations with them that there will be a good bit more required, so we’ll have to see. But I think for the balance of this year, a lot of it is focused on deployment of a lot of what they’ve already signed up. And we’ll see how much more they are able to churn to the 2025 objectives by the time we get to the end of the year.
Jeff Stoops: Yeah, I would just add that I think that’s unknown at this point as to how much of the 2025 obligations will actually be booked or signed up in 2023.
David Arden : Right, I think yeah, that’s a good point. And if I could follow-up real quick, maybe Jeff, just on your comments regarding Brazil or maybe this is also Brendan. You mentioned that if there is some sort of new agreement that evolves as a function of the Oi situation, that you would change your outlook obviously. Should the market be expecting that that is a likelihood or should the market be expecting that that’s unlikely to happen in 2023? Sorry, thank you.
Jeff Stoops: Yeah, the market should expect that it is more likely than not, but the market should take comfort in that, it will fall well within our estimated churn for Brazil that we’ve been putting forth now for quite some time.
David Arden : Perfect! Alright, great! Thanks Jeff.
Operator: And our next question comes from Michael Rollins with Citi. Please go ahead.
Michael Rollins : Thanks and good afternoon. Two questions if I could. First, just curious for your current thoughts on sustaining SBA’s al-a-carte leasing framework for the domestic business, and if you have any new thoughts on the possibility of someday pivoting to a structure around comprehensive leases and comprehensive MLA’s. And then just secondly, if you can unpack, within this first quarter churn, the amount that specifically came from the Sprint merger decommissioning. Thanks.
Brendan Cavanagh: And Mike, on the Sprint churn question in the first quarter, $6.5 million of the churn, incremental churn to Q1 was related to Sprint.
Michael Rollins : Thanks.
Operator: And next we’ll hear from Brandon Nispel with Keybanc Capital Market.
