David Barden: Hey guys. Thanks for taking the question. Two if I could. Just the first one, Hans, at the very beginning of the call, you said that you were being really successful at three things, mobility, broadband, and private networks. And we haven’t really heard a lot about what you’re doing in private networks. What your goals are, what you’re successes has been. So if you could elaborate a little bit on what that is and why it’s one of the big three things that we should care about Verizon being good at it will be super helpful. And then the second is maybe this is for Tony. Just, I think we just touched on a little bit, but the, the success that you guys have been having in the postpaid phone subscriber net adds in business, could you elaborate a little bit on where that’s coming from?
Like, given that the consumer isn’t growing, how is it that the business continues to be so successful quarter-after-quarter-after-quarter and should we assume that that just can continue? Thank you so much.
Hans Vestberg : Thank you, David. On the private networks, yeah, good question. What is happening in the private network right now is that we are doing proof-of-concept to go to commercials. We have ramped up a fantastic funnel. We’re starting getting more and more deals every quarter. They start pretty small. They start sort of like a Wi-Fi substitution. And then, when it works, let’s say, you have one big this logistic company. They take the one logistics center then they do it and all. We are in that phase of ramping that up to do in one to many at the moment. What we have done, we’ve done two things very important. We’re cut the lead times of proof-of-concept to actually to commercial deal. And it’s very clear for our customers that the capacity, the security and the low latency is a game changer for them when they see it.
And secondly we also now have an ecosystem of products, infrastructure, modem, chipsets, phones and radios that can serve different use cases. So, that’s why we’re excited over it. We are not going to see any significant revenues that has an impact on Verizon overall in ‘24. We are going to see that in ‘25, but why it’s important is that, this is an area we never been into. This is a total the new time we can address by running private networks for different industries for different large enterprises across the country with our distribution and technology. I see this is a great opportunity to how we use our spectrum. So that’s why we pay a lot of attention to it. And with a lot of opportunities coming through it. And before Tony talks about the business segment, and the wireless, I would say one main reason why we continue to do is our wireless – our network is the best.
I mean, if you ask any of our enterprise customers or SMB customers, the reliability and the performance of our network is just the best. And that’s a very important buying criteria in that segment. Tony?
Tony Skiadas : Sure. So, Dave, a couple things. We’re pleased again with the strong results from Kyle and the team. We saw a great phone net adds in the quarter, 151,000 and over 430,000 year-to-date. And we saw healthy demand across the board. That would be enterprise public sector and small medium biz. And that performance is in a very uncertain environment and as Hans said, these strong results validate that the businesses continue to trust the Verizon network even during uncertain economic times. And, we do see certain pressures in certain sectors and we’re certainly not immune to it. But we’re not seeing anything significant and from a competitive standpoint, I would tell you that we’re being very disciplined and we’re not going to chase the bad deals that are that are better unprofitable.
The other thing I would mention is FWA volumes also continue at a strong pace and in business. And we had a hundred and 132,000 net adds in the third quarter and over 400,000 year-to-date. So we have great momentum heading into the fourth quarter here and as we set up for next year.
David Barden: And if I could just one more and I apologize. Thank you, Tony. So Hans, it’s been six months since the team kind of got reset and you put all the people to work. The results seem to be moving in the right direction. Are you – how happy are you with the choices you made right now?
Hans Vestberg : I’m very happy with the choices. I think, as always, when you make a change and we did quite a big change. And I think six out of the eight seats in the leadership team changed in one swoop. I think we had good alignment from the first week. What we need to do, all the way from Kyle, Tony and Sam, Pat which was very important and Joe which is sort of the four operational units. And you can see the results right now. I mean the guys are executing extremely well. So I’m happy with it. I want to push them even harder but these guys are really good. They take hard pressure and they deliver on it. So, I’m happy on the choices and the team is doing well.
David Barden: Great. Thanks guys.
Brady Connor : Brad, we are ready for the next question.
Operator: The next question comes from Craig Moffett of MoffettNathanson. Your line is open.
Craig Moffett : Hi, thank you. Maybe starting with Tony, Tony can you talk about what contribution you’re getting from your wholesale wireless revenue that the cable industry scales? And then, could you talk about what benefits that’s having in terms of margin accretion and what have you? And then, I wonder if you just – how we should think about potential risk to that revenue stream as ComCast and Charter start to roll out strand on the small cells to potentially offload more of that traffic onto their own networks.
