So all that led to the 4% increase. I would say, looking to 2023, building an ARPU is still a goal, that growth rate is not likely to sustain at that level. One of the reasons is flat rate pricing. Obviously, we have a lower rate flat rate pricing. But in exchange for that, we don’t support that with the same level of promotion. So there is an offset there from a profitability standpoint. But just looking at ARPU, flat rate pricing alone is a bit dilutive. But we’re still focused on moving customers up the stack. Like I said, 41%. We have a long runway to go to sell our higher value plans to our customers, and are optimistic about that. So that’s sort of an overview of how we think about 2023.
Operator: Your next question comes from the line of Michael Rollins with Citi.
Michael Rollins: Just two questions, if I could. One is — so looking at Slide 16 and just taking a step back, the service revenue guidance is for a slight decline. Can you unpack that a bit more in terms of the impact of roaming relative to what’s happening in terms of the core business and the up-tiering opportunities, the competitive landscape? And then as you think about service revenues over time, is there a conviction that U.S. Cellular can positively grow these wireless service revenues on a one to three year time frame? And I’ll follow up with one other if I could.
Doug Chambers: So the service revenue guidance, yes, you hit on it. Roaming revenue has been declining. It will continue to decline that’s impacting service revenue. But it’s important to remember the reason for that is that we’re driving rates down. And there’s an offsetting impact on roaming expense whereby roaming expenses going down. So from a profitability standpoint, it’s actually slightly accretive this year and we project as well into 2023 when you go down to the operating cash flow line. So that’s actually a positive. But on the revenue line alone, there is a decrease there. The other thing with service revenue, we lost connections during 2022. There’s obviously a carryover impact of that into 2023 that’s factored into the guidance.
We’re certainly offsetting that with some increased B&G revenue, particularly in IoT wholesale as well as some tower revenue and some other areas. But all that factored in as where we ended up on service revenues. And over time, absolutely, our goal is to grow service revenue. And that’s a key priority and starts with growing our base of connections and that’s a key motivator for implementing flat rate pricing and having a really compelling one in two line and up all the way to three, four line price point for our customers and to grow that base and yield service revenue growth over time.
Michael Rollins: And then just looking at the investment opportunities that you’ve been describing in fiber and wireless. What are your latest thoughts on the opportunity to monetize the tower business, or your wireless investments in whatever term would be in the debt interest with the operating strategy and for shareholders?
LT Therivel: So Mike, I mean it’s something we can’t consistently evaluate, right? We want to make sure that the assets that we have and the capabilities that we have can generate more value to us moving forward and put together than they can in isolation and sold. And we continue to believe that, that is the case. And I’ll use the towers as a good example. Our tower portfolio drove double digit revenue percentage growth year-over-year. We expect to see continued revenue growth in that portfolio. I mentioned earlier the co-location rates, just over 1.5 versus industry average 2.3. We’ve got a lot of growth on the tower side. And interestingly enough, and this is de minimis right now from a revenue perspective, but it gives you a sense about the opportunity here.
