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Telephone and Data Systems, Inc. (TDS) Q4 2022 Earnings Call Transcript

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Telephone and Data Systems, Inc. (NYSE:TDS) Q4 2022 Results Conference Call February 17, 2023 10:00 AM ET

Company Participants

Colleen Thompson - Vice President, Corporate Relations

Vicki Villacrez - Executive Vice President and Chief Financial Officer

LT Therivel - President and Chief Executive Officer, U.S. Cellular

Doug Chambers - Executive Vice President, Chief Financial Officer and Treasurer, U.S. Cellular

Michelle Brukwicki - SVP of Finance and Chief Financial Officer, TDS Telecom

Conference Call Participants

Rick Prentiss - Raymond James

Simon Flannery - Morgan Stanley

Michael Rollins - Citi

Sergey Dluzhevskiy - GAMCO Investors

Operator

Hello, and convey you for opinionated by. My sanction is Regina, and I will beryllium your convention usability today. At this time, I would for illustration to invited everyone to nan TDS and U.S. Cellular Fourth Quarter 2022 Operating Results Conference Call. All lines person been placed connected shut up to forestall immoderate inheritance sound [Operator Instructions].

I would now for illustration to move nan convention complete to Colleen Thompson, Vice President, Corporate Relations. Please spell ahead.

Colleen Thompson

Good morning, and convey you for joining us. We want to make you each alert of nan position we person prepared to travel our comments this morning, which you tin find connected nan Investor Relations sections of nan TDS and U.S. Cellular Web sites. With maine coming and offering prepared comments are from TDS, Vicki Villacrez, Executive Vice President and Chief Financial Officer; from U.S. Cellular, LT Therivel, President and Chief Executive Officer; Doug Chambers, Executive Vice President, Chief Financial Officer and Treasurer; and from TDS Telecom, Michelle Brukwicki, Senior Vice President of Finance and Chief Financial Officer. This telephone is being simultaneously webcast connected nan TDS and U.S. Cellular Investor Relations Web sites. Please spot nan Web sites for slides referred to connected this call, including non-GAAP reconciliations. We supply guidance for some adjusted operating income earlier depreciation and amortization aliases OIBDA and adjusted net earlier interest, taxes, depreciation and amortization aliases EBITDA, to item nan contributions of U.S. Cellular's wireless partnerships. TDS and U.S. Cellular revenge our SEC Forms 8-K, including nan property releases and our 10-Ks yesterday.

As shown connected Slide 2, nan accusation group distant successful nan position and discussed during this telephone contains statements astir expected early events and financial results that are forward-looking and taxable to risks and uncertainties. Please reappraisal nan safe harbor paragraphs successful our property releases and nan extended type included successful our SEC filings. In position of our upcoming IR schedule connected Slide 3, successful early March, we will beryllium attending nan Raymond James Institutional Investors Conference successful Orlando and nan Morgan Stanley TMT Conference successful San Francisco, and past we will besides beryllium attending nan New Street's 2nd yearly Fiber to nan Future Conference connected March 28th. And arsenic always, we person an unfastened doorway aliases video telephone policy, truthful please scope retired if you're willing successful speaking pinch us.

I will now move nan telephone complete to Vicki Villacrez. Vicki?

Vicki Villacrez

Okay. Thank you, Colleen, and bully morning, everyone. This twelvemonth extremity telephone is important arsenic it gives america nan opportunity to bespeak upon our accomplishments complete nan past year, recognizing each nan actions that some business units person taken to fortify their competitory positions and plans to support our agelong word strategical nonsubjective of higher returns. I'll punctual you that our ngo astatine TDS is to supply outstanding connection services to each our customers and to meet nan needs of our shareholders, our group and our communities. We continued to make important investments successful our businesses successful 2022, pressuring free rate flow. However, we made important advancement towards our nett worthy goals arsenic some business units will talk to. And while investing still remains a precocious priority, we will mean our CapEx walk successful 2023 crossed nan enterprise.

Turning to Slide 4. Our equilibrium expanse remains patient astatine twelvemonth extremity pinch astir $1.5 cardinal successful disposable sources of liquidity, including cash, word loans, revolvers and plus securitization facility, and we person agelong dated maturities and preferred equity, extending immoderate sizable maturities to very acold successful nan future. We judge that we person nan correct operation of some agelong word maturities and shorter word financings to thief money our investments while appropriately managing done nan existent liking complaint environment. Both business units are continuing their rigorous multiyear costs subject programs taking spot passim their organization, focusing connected some OpEx and CapEx, which should lend favorably to rate travel going forward. I besides want to item that during nan quarter, Slide 5, we erstwhile again repurchased a humble magnitude of banal successful some companies and for nan afloat twelvemonth 2022, we repurchased $40 cardinal of banal astatine TDS and $14 cardinal astatine U.S. Cellular. Importantly, we stay committed to our dividend and we raised it erstwhile again for nan 49th consecutive year. This agelong of 49 years puts america pinch an elite group of companies that person this galore consecutive years of dividend increases for their shareholders.

And now I'll move nan telephone complete to LT.

LT Therivel

Thanks, Vicki. Good morning, everybody. Hope everyone is doing well. Just a speedy add. We repurchased $43 cardinal worthy of banal astatine U.S. Cellular. I deliberation Vicki's number sewage trim off, astatine slightest I heard 14, it's 43, conscionable for everybody to note. Okay. I'm connected Slide 7, a adjacent magnitude to beryllium proud of successful 2022, I don't deliberation it's a surprise. Last twelvemonth was a challenging year, some from a subscriber standpoint and pinch an fierce competitory situation and shifts successful nan macro economy. Based connected that competitory pressure, we did a batch of testing and invention connected a number of different promotional approaches. And our extremity and we've talked astir this successful nan past has ever been to equilibrium subscriber goals pinch financial goals. So midyear, we pivoted to providing overmuch much fierce offers for existing customers, and nan extremity location was to thrust higher upgrade rates. And we launched level complaint pricing successful a subset of markets successful nan 2nd 4th and nan 3rd quarter, and we expanded that offering crossed nan full footprint successful November. And those moves drove dependable quarter-over-quarter subscriber improvements. And backmost to that conception to equilibrium our postpaid ARPU maturation was 1 of nan champion successful nan industry, and that was really a item for america successful nan year.

We're seeing bully first take of those level complaint plans. On average, astir a 4th of our customers that are choosing level complaint are choosing higher tier unlimited plans. And customers connected level complaint salary afloat value for their instrumentality thing to speech for that reduced pricing, and that helps little our promotional expenses and mitigates nan financial effect of this little planned pricing. Both level complaint pricing on pinch our caller and existing offers has led to a meaningful betterment successful our in-contract rate. So we ended nan twelvemonth astatine 64% of our postpaid handset customers successful contract, and that's successful comparison to 59% successful June erstwhile we initially launched our caller promotions, and that's important because those in-contract customers churn astatine a overmuch little complaint than retired of statement customers. Additionally, we besides generated operational savings and superior ratio done our costs optimization programs, and that's helped america mitigate nan effects of accrued promotional walk and inflation. More specifically, excluding nan effect of accrued nonaccomplishment connected instrumentality and bad indebtedness expense, our remaining rate costs were down 2% year-over-year connected a afloat twelvemonth basis, and we deliberation there's important opportunities to trim costs successful 2023 and beyond. We're seeing affirmative results from our finance successful our integer platform, and that's successful position of some an improved customer acquisition arsenic good arsenic accrued traffic.

Our customer acquisition now exceeds 4 stars successful nan mobile apps, and we're averaging much than 1 cardinal app sessions per month, that's up 54% compared to 2021. And this will beryllium different driver of costs simplification moving guardant arsenic interactions move from our stores and from our attraction centers to digital. Other areas of nan business we person bully advancement successful pursuing our maturation initiatives. We're seeing beardown momentum successful fixed wireless. We ended nan twelvemonth pinch 77,000 fixed wireless customers, that's up from 49,000 a twelvemonth ago. Tower has produced different beardown 4th of results, increasing revenues by 14% successful nan 4th and ending up nan afloat twelvemonth up 13%. On nan web side, our modernization programme and multiyear debased set 5G deployment is making bully progress. We presently person astir 50% of our POPs covered pinch 5G and 80% of our wide postulation is carried by sites supporting 5G. And you'll announcement we achieved these results efficiently, because we ended nan twelvemonth astatine nan little extremity of our CapEx guidance. We person plans successful 2023 to proceed our debased set 5G build retired on pinch making important advancement connected our mid set 5G build out. We scheme to beryllium capable to make mid set disposable successful portions of our web erstwhile that spectrum is cleared successful precocious 2023. I besides want to highlight, we precocious collaborated pinch immoderate section communities to bring broadband entree utilizing fixed wireless to immoderate very difficult to scope areas successful some Maine and North Carolina. Although nan magnitude of authorities funded grants that we received is beautiful small, it highlights really we tin put backing to activity to thief span nan integer to buy.

Turning to 2023, connected Slide 8 are our strategical goals and we build connected our investments and advancement successful 2022. First and foremost, and you won't beryllium amazed by this, our apical privilege is to amended our customer results. You tin expect to spot america proceed to beat and proceedings pricing and promotions regionally, balancing subscriber maturation pinch financial discipline. And you tin besides expect continued accent connected our maturation initiatives. We had our champion twelvemonth by acold successful fixed wireless successful 2022. We expect much maturation successful 2023. And that's moreover anterior to america getting entree to that mid set spectrum. We expect our building portfolio revenues to support maturation and that squad is highly focused connected expanding our opportunities successful that space. We're besides expecting beardown maturation successful B2B, peculiarly successful nan IoT space. As it relates to our mid set web rollout, U.S. Cellular has been engaging successful pre-coordination pinch nan FAA up of our planned 5G deployment, and our associated coordination efforts to day corroborate that our C-band deployment tin proceed without hold erstwhile that spectrum is cleared, and that's crucial. If immoderate hold successful deployment of mid set pinch harm Americans to request connectivity nan astir impede our corporate effort to span nan integer divide.

And earlier I manus it disconnected to Doug, fto maine stock a fewer thoughts connected guidance. Our guidance assumes a continuation of fierce ongoing promotional activities, a attraction connected costs reductions and businesslike superior spend. Our agelong word extremity remains to turn return connected superior while generating affirmative free rate flow, and we're going to beryllium pulling each lever astatine our disposal to amended it complete time. I besides want to convey nan full U.S. Cellular squad for navigating done a move and challenging year. I'm excited astir nan opportunities successful beforehand of us. I deliberation we're connected nan correct way to thrust nan business guardant and present agelong word value. So I'm going to move nan telephone complete to Doug, who will now return you done nan operating and financial results successful immoderate much detail. Doug?

Doug Chambers

Thanks, LT. Good morning. Let's commencement pinch a reappraisal of nan customer results connected Slide 9. Postpaid handset gross additions decreased year-over-year by $20,000 and nett additions correspondingly declined $18,000 mostly owed to nan continued highly competitory environment, a alteration successful nan switcher excavation and an summation successful involuntary churn. Connected instrumentality gross additions accrued by 9,000 and nett additions accrued by 13,000, driven by fixed wireless customer growth. As LT mentioned, we proceed to spot momentum successful fixed wireless pinch our guidelines of customers up 57% from nan extremity of 2021 and 17% from nan 3rd 4th of 2022. Postpaid handset churn accrued from nan anterior year, driven by higher involuntary churn and passim 2022, nan wave of non-pay customers accrued to pre-pandemic norms. This was offset by a alteration successful voluntary churn, partially driven by nan maturation successful nan percent of in-contract customers. Now let's move to nan financial results, starting connected Slide 11. Total operating revenues for nan 4th fourth decreased 2% from nan anterior year. Retail work revenues were comparatively level arsenic higher mean gross per personification was offset by a alteration successful mean postpaid connections. Inbound roaming gross declined 54% owed chiefly to little negotiated rates pinch different carriers, which besides has nan effect of decreasing our roaming expense. Overall, roaming disbursal declined astatine higher amounts than roaming gross successful nan 4th fourth and nan afloat twelvemonth 2022. Equipment income revenues decreased by 4% owed chiefly to a diminution successful nan mean gross per portion arsenic a consequence of our promotional offers.

Our postpaid ARPU and ARPA results are presented connected Slide 12. LT mentioned nan beardown summation successful ARPU and this increase, on pinch nan summation successful ARPA was driven chiefly by favorable scheme and merchandise offering mix, an summation successful costs betterment surcharges and an summation successful instrumentality protection revenues. These increases were partially offset by an summation successful promotional costs. We proceed to spot accordant maturation successful our highest tiers of unlimited plans, and 41% of our postpaid handset customers are successful these higher tier plans astatine nan extremity of nan quarter. Our quarterly financial results are shown connected Slide 14. For this discussion, I will mention to adjusted operating income earlier depreciation and amortization arsenic adjusted operating income. Adjusted operating income declined 10%, driven by increases successful nonaccomplishment connected instrumentality and bad indebtedness expense. As LT commented earlier, we continued our caller and existing promotion passim nan 4th quarter. This promotion rewards our existing customers, accrued our in-contract complaint and contributed to nan beardown summation successful ARPU arsenic our customers adopted to our higher worth plans successful conjunction pinch these offers. This promotion was besides nan superior driver of $9 cardinal summation successful nonaccomplishment connected equipment.

Bad indebtedness disbursal accrued $17 cardinal arsenic our involuntary churn complaint has returned to pre-pandemic levels and nan mean constitute disconnected has accrued arsenic a consequence of customers selecting higher priced devices, partially attributable to promotional incentives. As a reminder, bad indebtedness disbursal trended little passim 2021 arsenic a consequence of nan continuing impacts of nan pandemic, including comparatively higher individual savings rates, which resulted successful stronger customer costs behaviour successful nan anterior year. LT mentioned our ongoing costs optimization program, and this continues to present results. Despite our existent inflationary situation and our ongoing 5G rollout, excluding costs of instrumentality sold and bad indebtedness expense, different 4th fourth rate expenses decreased 3% year-over-year. This was driven by little roaming expenses resulting from favorable rates pinch different carriers, arsenic mentioned earlier, and actions to support each different rate expenses level year-over-year. Now let's move to Slide 15 wherever we show our afloat twelvemonth financial results. Adjusted operating income for nan twelvemonth declined 9%, driven by akin factors mentioned for nan quarter. Adjusted EBITDA, which incorporates nan net from our equity method investments, [while] liking and dividend income besides decreased 9%. This alteration is chiefly driven by nan effect of nan implementation of C-band spectrum leases successful definite partnerships, and we expect this effect to proceed successful early periods.

Turning to Slide 16. I will screen our guidance for nan afloat twelvemonth 2023. Our guidance contemplates nan effect of our subscriber guidelines diminution successful 2022, a continued highly competitory and promotional situation and a continued diminution successful roaming rates, which we expect will origin a corresponding diminution successful some roaming revenues and roaming expense. We expect ranges of astir $3.05 cardinal to $3.15 cardinal successful work revenues, $725 cardinal to $875 cardinal successful adjusted operating income and $875 cardinal to $1.025 cardinal successful adjusted EBITDA. For superior expenditures, nan estimate is successful nan scope of $600 cardinal to $700 million. We're very pleased pinch nan advancement we person made to day successful our 5G rollout. Our investments successful debased set and web modernization and mid set 5G deployment stay connected track, and this guidance reflects our continued committedness to put successful 5G and our outstanding web while prudently managing nan level of this finance and nan free rate travel of our business. I will now move nan telephone complete to Michelle Brukwicki, Michelle?

Michelle Brukwicki

Thanks, Doug. Good morning, everyone. I'm pleased to study connected TDS Telecom's 4th fourth and afloat twelvemonth results, and I'm besides proud to item nan advancement we made successful 2022 towards reaching our longer word 2026 goals that we shared pinch you past year. At TDS Telecom, we are grounded successful our mission, and that ngo is to create a amended world by providing precocious value connection services, connecting group and businesses, supporting acquisition and strengthening communities. Our extremity is to beryllium nan preferred broadband supplier successful nan markets we serve.

On Slide 18, you tin spot our strategical areas of attraction that will thief america execute this goal. Investments successful these strategical priorities will thrust profitability and improved returns complete time, yet strengthening TDS Telecom's financial and marketplace position. So what precisely are we doing? We're increasing our standard and gross chiefly done our fibre marketplace description , and we're continuously streamlining and automating our operations to trim bequest costs. We support this customer astatine nan halfway of everything we do, continuously investing successful customer acquisition improvements. And finally, nan instauration of our full business is our highly engaged, resilient and dedicated workforce. We put successful our group to guarantee we tin pull and clasp apical talent. So moving to Slide 19. Let maine update you connected our advancement towards achieving our longer word goals, and I'll show you nan header is we are connected track. There are definite metrics we're monitoring to guarantee we're moving astatine a gait to scope our 2026 targets. I'll item those 3 metrics for you now.

The first metric is number of work addresses. We are targeting 1.2 cardinal marketable fibre work addresses by 2026. We ended 2022 pinch 582,000, truthful we are halfway there. The 2nd metric is nan percent of work addresses that are served by fiber. We're targeting 60% of our full work addresses to beryllium served by fibre by 2026, and we ended 2022 pinch fibre to 39%. This reflects advancement successful increasing fibre done our description markets arsenic good arsenic fibering up our incumbent markets. And specifically, we're moving to service 50% of our ILEC work addresses pinch fibre and we're making bully progress. At nan extremity of 2022, we were astatine 36% of our ILEC addresses being fibered up. The 3rd metric is nan percent of our footprint pinch speeds of 1 gig aliases higher. By 2026, we're expecting to connection those speeds to astatine slightest 80% of our footprint. And we vanished 2022 pinch 66% astatine gig speeds. So we're pleased pinch nan gait of our fibre builds and pinch our fibre description results truthful far. We person continued to successfully navigate challenges successful getting those builds completed. We've been scaling up our work reside deployment since we launched this program, and we scheme to proceed that successful 2023. Based connected our experience, we are seeing affirmative contributions from our marketplace launches starting astir nan 3 twelvemonth mark, and we still expect to execute broadband penetration rates of astatine slightest 40% successful dependable state. The occurrence that we've seen successful our early markets is validating our business cases and our anticipation of debased to mid double digit returns connected these projects.

On Slide 20, I'll item immoderate cardinal accomplishments from 2022. We grew our footprint by 9%, which came from delivering 133,000 marketable fibre work addresses. This is simply a 50% summation complete what we delivered successful 2021, and 60,000 of those work addresses were added successful nan 4th quarter, that was our highest 4th yet. At twelvemonth end, we had astir 100 communities that are successful various stages of development. During nan 4th quarter, we began offering work successful respective caller communities, including Oshkosh, Oak Claire and Janesville, Wisconsin, on pinch Nampa, Idaho. Our momentum is beardown and we're going to proceed scaling up to present 175,000 fibre work addresses successful 2023. This will beryllium an summation of complete 30% from what we delivered successful 2022. As a reminder, we expect seasonality will effect nan quarterly cadence of work reside delivery. So this is going to steadily build passim nan year. We besides proceed to reside nan broadband needs successful our astir agrarian markets by upgrading our copper networks pinch support from authorities broadband assistance programs and by gathering our obligations nether nan national A-CAM program. We are still optimistic that nan FCC will adopt an hold of nan A-CAM program, and we dream to person a last determination soon. We besides still judge that extending nan existent national A-CAM programme first and past pursuing nan BEAD programme backing would supply nan fastest way for TDS Telecom to return fibre deeper into our communities.

All of these broadband investments are driving affirmative results. As shown connected Slide 21, we knowledgeable a 4% summation year-over-year successful full broadband residential connections. Shown connected nan chart connected nan right, we spot request for greater broadband speeds pinch 72% of our customers taking 100 megabits per 2nd aliases greater, and that's up from 66% a twelvemonth ago. As I mentioned before, TDS Telecom tin now connection astatine slightest 1 gig work to 66% of its footprint. And successful immoderate markets, we are now moreover offering an 8-gig velocity product. In areas wherever we connection gig service, we're seeing 22% of our caller customers taking this product. And finally, our attraction connected accelerated reliable work has generated an 8% summation successful full residential broadband revenue. On Slides 22 and 23, I'll stock immoderate financial highlights. Total revenues accrued 1% for nan 4th and for nan afloat twelvemonth arsenic broadband maturation offset our bequest declines. Residential revenues crossed each of our markets accrued 4% successful nan quarter. Price increases and wide merchandise operation partially offset by promotions drove a 4% summation successful mean residential gross per connection. As shown successful nan floor plan connected nan left, description marketplace revenues accrued year-over-year pursuing nan timing of work reside delivery. Residential wireline incumbent and cablegram revenues accrued year-over-year owed to value increases and maturation successful broadband connections, partially offset by declines successful video and sound connections. Commercial revenues decreased 5% successful nan 4th and for nan afloat year, chiefly driven by little CLEC connections.

And lastly, wholesale revenues decreased 2% for nan 4th and for nan year. Cash expenses accrued 8% successful nan 4th and 5% for nan twelvemonth owed to some supporting our existent maturation arsenic good arsenic early growth. So we're incurring costs, but nan revenues person not travel yet. These costs to support our fibre description see nonstop costs specified arsenic sales, marketing, existent property and technicians successful summation to shared services. As expected, nan accrued rate expenses to support our increasing fibre programme resulted successful a diminution successful adjusted EBITDA of 13% for nan 4th and 6% for nan afloat year. Capital expenditures of $556 cardinal were up from nan anterior twelvemonth owed to accrued finance successful fibre deployment arsenic good arsenic precocious superior purchases to mitigate longer proviso concatenation lead times. Keep successful mind that these investments support our multiyear strategy and our extremity of expanding free rate travel and return connected superior complete nan agelong run.

On Slide 24, we provided guidance for 2023. Our guidance factors successful nan foundational investments we're making to heighten our web and grow our footprint complete nan adjacent respective years. We're forecasting full telecom revenues of $1.03 cardinal to $1.06 billion. This reflects our extremity of apical statement maturation driven by continued improvements successful residential revenues crossed each of our markets, offsetting declines successful nan bequest parts of our business. Adjusted EBITDA is expected to beryllium betwixt $260 cardinal and $290 cardinal successful 2023. Adjusted EBITDA reflects our continued fibre description , which requires upfront spending. By nan extremity of 2023, however, almost each of our 100 communities will person been launched. As our marketplace builds mature and we summation our penetration, we expect nan unit connected adjusted EBITDA to lessen complete time. Capital expenditures are expected to beryllium betwixt $500 cardinal and $550 cardinal successful 2023. This reflects accrued walk connected fibre work reside transportation and reduced precocious instrumentality purchases arsenic proviso concatenation constraints are expected to lessen, and astir 90% of our superior spending is allocated to broadband growth. Before turning complete nan call, I want to convey nan squad for each of their difficult activity successful 2022. We accomplished a batch and we are executing connected our priorities, and I expect that momentum to proceed into 2023. And I'll now move nan telephone backmost complete to Colleen.

Colleen Thompson

Okay. Operator, we are fresh for nan first question.

Question-and-Answer Session

Operator

Our first mobility will travel from nan statement of Rick Prentiss pinch Raymond James.

Rick Prentiss

A mates of questions, if I could. First, for U.S. Cellular. LT, you laid retired pinch benignant of nan '23 guidance. If we deliberation backmost to '22 guidance, you did pivot midyear and you've addressed benignant of nan much competitory marketplace, nan fierce promotions. It sounds for illustration nan '23 guidance assumes that competitory unit continues arsenic opposed to possibly a pivot that mightiness beryllium needed successful nan mediate of nan year? Just trying to comparison really we started '22 guidance pinch really we're starting '23 guidance.

LT Therivel

Rick, I'd opportunity that nan measurement you've characterized it is accurate. We return nan trends and fundamentally nan moves that we made successful nan marketplace successful nan 2nd half of ‘22, meaning a much fierce attack to upgrade, pulsed successful and out. You whitethorn announcement we only did it present astir a week aliases 2 ago, we really pulled our existing celebrated caller promotions and we've replaced them pinch nary hidden requirements to connection that's specifically designed to entreaty to benignant of multiline customers. At nan aforesaid time, we besides person our level complaint pricing successful place, which we deliberation is highly competitory successful nan marketplace. So pinch those moves -- those kinds of moves successful consequence to nan competitory environment, you tin expect to spot successful 2023. And we've seen nan use of it, right? If you look quarter-over-quarter, we've seen continued affirmative activity successful our nett adhd performance. And truthful successful general, yes, I deliberation you tin astir apt expect deliberation of 2023 successful a akin manner to 2nd half, some successful position of our position connected nan competitory situation arsenic good arsenic nan moves that we're doing to compete good successful it.

Rick Prentiss

There's been a batch of statement astir nan manufacture level of adds coming backmost down to a much normalized level versus what possibly happened? What's your position of nan manufacture level connected nan wireless adds area?

LT Therivel

Let maine deed it to, Doug. I deliberation you've sewage a consciousness of this. Go ahead, Doug.

Doug Chambers

Yes, Rick, we're projecting astir 1.5% for an manufacture summation during 2023. So supra nan organization maturation beneath wherever it's been, truthful benignant of successful betwixt those 2 information points.

Rick Prentiss

And we're sitting present successful February, you've instituted nan -- getting much group nether contract. How is that playing out? Sometimes, I deliberation you've said successful nan past possibly six to 9 months, that should hopefully use into churn. Are we seeing that, person you sewage capable information points to get comfortable? And does that mean arsenic we deliberation astir Q3 ending, we're not going to person antagonistic postpaid telephone adds aliases we won’t arsenic negative? Just trying to deliberation done nan churn action pinch nan statement and really you group up pinch nan postpaid telephone for nan year?

LT Therivel

So Rick, I mean, we've stayed distant from benignant of projecting circumstantial nett adhd capacity aliases erstwhile we're affirmative aliases erstwhile we're not. In general, what I'll show you is that nan moves that we've made to get group much nether contract, get much upgrades. We're starting to spot immoderate affirmative signs connected nan user broadside erstwhile it comes to improved churn. We offset that a small spot successful nan 4th fourth pinch immoderate higher B2B churn, and you don't really spot that successful nan numbers. In general, we expect to spot that churn proceed to amended passim nan twelvemonth because of getting much customers nether contract, mates that pinch what we judge will beryllium improved gross adhd capacity owed successful nary mini portion to level rate. And we do expect to spot that wide momentum year-over-year of improved nett adds continue. I mean, important to highlight, we showed a beautiful melodramatic betterment each 4th erstwhile it comes to nett adds quarter-over-quarter. Q1 is ever a tricky 4th comparative to Q4. So I don't needfully expect that you tin conscionable tie a consecutive line. But successful general, I deliberation nan moves that we person successful nan marketplace are resonating and I expect them to proceed to thrust affirmative performance.

Rick Prentiss

Last 1 from me. Vicki, I admit nan comments astir CapEx moderating to nan marketplace for illustration sharing that from nan standpoint of free rate travel monitoring and successful this liking complaint environment. But circling backmost to CapEx, what it intends to wireless. LT, do customers understand what 5G means, what 5G gives them? And if not, what will it return to thief customers understand what 5G means?

LT Therivel

An absorbing question. I mean I deliberation that there's a mates of different ways you could deliberation astir answering that. You've got, connected 1 hand, erstwhile you look astatine really nan manufacture has talked astir 5G, I sometimes wonderment if customers are a small numb to each nan various competing messages successful nan marketplace. They perceive champion this and accelerated is that and brought astatine this. And I do wonderment sometimes really it's resonating pinch customers. We're pleased, I will show you pinch nan complaint of our 5G build retired and what we've been capable to present successful position of capabilities to customers. And truthful we talked earlier astir nan circumstantial metrics and complete 50% of our sites modernized, carrying complete 80% of our traffic. We do spot our customers springiness america feedback that wherever we modernize nan network, not only are nan web capacity metrics amended but nan cognition is meaningfully better, right? And truthful that would beryllium nan flip broadside to nan coin of our customers getting numb to it. I deliberation that customers are numb to claims. I don't deliberation they're numb to nan capacity that we're bringing. And truthful we spot it successful nan capacity and we spot it successful nan cognition scores, that's an important distinction, right? Because, I mean, I'm chuckling, Mike Irizarry is sitting present adjacent to me, right? Engineers will ever say, well, nan numbers are a batch better. And past you'll say, okay, but do customers care.

The cognition wherever we modernize our web says that, yes, customers care. That nan velocity capacity that we're capable to present is meaningfully better. We're successful nan early stages of our 5G SA launch. And truthful I deliberation arsenic we rotation retired SA, customers will commencement to spot meaningfully improved experience. And we besides talk astir mid band. So arsenic we rotation retired mid band, that will consequence successful a meaningfully amended experience. So now I'll conscionable benignant of loop backmost to really you led disconnected nan question, which was astir capital. And what we're doing is we're balancing nan feedback that we're getting backmost from customers successful position of what is meaningful for them pinch a prudent and targeted attack to wherever we walk capital. And truthful we consciousness very bully astir really we're managing nan equilibrium of spending nan money wherever we request to and getting nan customer feedback and nan customer metrics successful a spot that we're pleased. So hopefully, that gives you a consciousness of really we’re tackling it.

Operator

Your adjacent mobility comes from nan statement of Simon Flannery pinch Morgan Stanley.

Simon Flannery

If I tin start, LT, pinch fixed wireless, bully to perceive nan momentum is going well. You've evidently sewage nan C-band coming connected later this year. So what's your latest thought connected wherever you want to deploy this product? Is it still going to beryllium benignant of an ex-urban agrarian benignant of a merchandise aliases do you deliberation we mightiness spot a broader footprint? We've seen rather a batch of suburban occurrence pinch T-Mobile and Verizon, a batch of B2B liking arsenic well. And past some for you and connected nan wireline side, conscionable latest thoughts connected nan BEAT program. Do you deliberation that's thing that you person a batch of liking successful participating successful either connected nan wireless aliases wireline side?

LT Therivel

Let's commencement pinch fixed wireless. So our attack really is -- I mean, I suppose from a deployment perspective, it's a small spot different. It's almost nan inverse of what T-Mobile is doing, but I really don't deliberation we position nan marketplace that differently. And truthful fto maine conscionable explicate wherever we've seen immense occurrence successful this merchandise is successful agrarian and then, let's telephone it, nan span betwixt agrarian and suburban. And callback that correct now what we're deploying is really, it's fundamentally a debased set product. We person a mates of mid-band -- a mates of millimeter activity trials. But nan immense mostly of our income of this merchandise frankincense acold person been connected debased band. And we consciousness proud of nan acquisition that we're delivering, but that is not a peculiarly precocious velocity experience. To me, it speaks to nan opportunity that's successful beforehand of us, because erstwhile we do put -- erstwhile we do commencement launching this connected mid band, we'll beryllium capable to present a merchandise tentatively, we're looking astatine 300 megs down. And erstwhile you present that, that opens up, I think, a full caller marketplace opportunity for us. And truthful if I deliberation astir 2023, still, we spot a batch of maturation imaginable up conscionable connected debased band. That merchandise will beryllium rural, telephone it suburban. We spot a batch of opportunity erstwhile there's a cablegram monopoly. This merchandise useful very good against cable. As we motorboat mid set starting successful 2023, we'll then, I think, beryllium capable to move from suburban to much person to municipality areas, because we'll person a highly competitory product.

The 1 place, and I've been accordant astir this. The 1 spot I don't spot this humping is wherever there's robust fibre to nan home. We'll still evidently happily waste to whichever customers want to bargain it from us. But I mean, nan basal physics of fibre to nan location would opportunity that those customers should spell pinch fibre and fibre players will beryllium capable to value it accordingly. But we deliberation this merchandise is compelling everyplace else, and that's a really substantive surface science that's still disposable to us. So we spot a batch of runway pinch this, not conscionable successful '22 pinch our -- successful '23 pinch debased band, but successful '24 and beyond arsenic you rotation mid-band now. Let maine talk BEAD for a moment, and past I'll manus it complete to Michelle truthful she tin springiness you a consciousness of really telecom is viewing nan BEAD opportunity. We're still rather optimistic astir BEAD and astir BEAD dollars flowing to fixed wireless. We've done some a adjacent magnitude of mathematics connected our ain and we person a batch of conversations pinch states. And our consciousness is that notwithstanding $46 cardinal going crossed nan United States that that is still not going to beryllium capable to screen each location and business pinch fiber. And I cognize there's group that are trumpeting that and they are saying that this -- we tin link everything pinch fiber. Those group person not spent overmuch clip successful agrarian America. I have. And there's a batch of places retired location wherever it simply is not going to beryllium costs efficient, neither costs businesslike nor clip businesslike to link these homes and businesses pinch fiber.

It's a reliable waste to spell to group successful agrarian areas and to say, hey, nary problem, we're going to beryllium capable to screen you, conscionable hold 10 years. We tin present a merchandise certainly, erstwhile we rolled retired mid band, we tin present a merchandise that's 300 megs down. Keep successful mind, nan period for BEAD is 100 down successful 20 up. So we tin safely meet that threshold. We tin do it pinch fixed wireless and we tin do that successful a comparatively short play of time. And truthful we do spot a batch of opportunity successful moving pinch nan states connected this. As you know, I mean, I deliberation we're successful nan mediate correct now of nan representation situation process. We're going to person to get done nan backmost extremity of that. I don't expect to spot meaningful authorities dollars flowing until early 2024 astatine nan earliest. But we still position that arsenic a important opportunity for us, some successful position of wide growth, truthful bringing caller customers connected to fixed wireless. And past nan beautiful portion astir that is that erstwhile we bring those caller customers connected pinch fixed wireless, we person a beautiful fierce wireless wireline bundle successful nan marketplace correct now. And truthful that will thief america turn our wireless space, truthful our mobile base, on pinch nan fixed wireless customer.

But nan different point that it will do is it will bring down our superior flow. So arsenic we person -- arsenic we want to grow towers and arsenic we want to grow nan building business, being capable to do truthful successful a much economical way, because we're capable to leverage immoderate of these BEAD dollars, will thief america put towers successful places wherever we haven't to earlier -- haven’t been capable to before. And past we person nan gross opportunity erstwhile we person those towers successful spot to turn our building revenue. So correct now, our co-location complaint is conscionable northbound of 1.5 and we're but 1 mind you, manufacture mean is 2.3%. And truthful we person nan opportunity to put building co-location gross to work. And truthful we really spot 3 gross streams coming disconnected that BEAD dollar, nan fixed wireless stream, gross stream, nan mobility gross watercourse and nan building co-location gross stream. And based connected our early conversations pinch states, we're beautiful optimistic that a bully portion of that money is going to spell to fixed wireless. I cognize telecom has thought astir this arsenic good successful position of fibre opportunities. And truthful Michelle, fto maine manus it to you, you tin springiness a small spot of colour connected that side.

Michelle Brukwicki

So Simon, mostly from nan TDS Telecom perspective, we work together pinch everything that LT said, but we do person a small spot of a unsocial position from nan wireline side. So for us, there's really 2 national programs that are successful beforehand of us. The first 1 is nan A-CAM program. We already participate successful that. We're already almost halfway done that program. And nan SEC is considering a connection to return nan addresses that are nether that program. And they require higher speeds beryllium provided to those addresses successful speech for much years of gross support connected nan backmost extremity of that program. From our perspective, that would beryllium a awesome improvement that would thief america get those faster speeds. They're talking nan aforesaid velocity arsenic nan BEAD program, a 100 down 20 up. That would beryllium a awesome opportunity to get those speeds faster to nan customers that are already portion of that A-CAM program. And that programme is already established, it's already running. And that's thing that we could pivot into very, very quickly. So that's 1 way for america that we spot arsenic a awesome opportunity. But past nan BEAD programme is besides different opportunity for us. And we do judge that location are going to beryllium different areas that we tin return fibre nether nan BEAD program, and we would beryllium excited to participate successful that program.

We work together pinch what LT said that it's astir apt going to return until 2024 until money and costs commencement flowing nether that program. We've sewage to get done nan mapping situation first this year. And our companies are moving difficult pinch nan FCC connected that. But yes, nan operation of A-CAM and BEAD, we really deliberation those are going to beryllium 2 important opportunities to continuing to get higher, faster, amended broadband, apt each done fibre retired to nan astir agrarian areas of our serving territories. But location are going to beryllium places wherever it, for illustration LT said, astir apt doesn't make consciousness to return fibre each nan measurement out. And if location are opportunities for america to activity pinch U.S. Cellular and partner successful bid to champion service those customers, we're surely already talking astir that arsenic well, and we'll prosecute that arsenic an opportunity.

Simon Flannery

And you talked astir accelerating nan fibre build this year. I deliberation Lumen had talked astir a higher costs to walk going up to astir $1,200. Have you sewage immoderate colour connected what's benignant of processing there? There's concerns astir inflation, labour proviso aliases that stuff, immoderate colour location would beryllium great?

Michelle Brukwicki

Yes. So we are readying to support scaling up and support delivering much addresses successful 2023. We're shooting for 175,000 work addresses nether nan programme this twelvemonth compared to nan $133,000 that we delivered successful 2022. Each year, we support processing a bully summation successful reside delivery. So yes, we are going to support accelerating that programme connected our way to our $1.2 cardinal by 2026. In position of nan existent costs of nan build, that's already each factored into our business cases. Over nan past year, 18 months, we did commencement to spot immoderate of our statement RFP proposals travel successful pinch somewhat higher costs. But we were really diligent successful moving pinch those vendors and trying to find opportunities wherever we tin trim immoderate build costs successful those markets. And truthful erstwhile you facet everything into nan business case, that's why you'll perceive maine talk a batch astir does nan business lawsuit still bent together, tin we still execute nan debased to mid double digit returns that we're looking for. Even pinch each of those costs factors adjusted successful that we've each seen complete nan past 12 to 18 months, we're still getting those really charismatic returns retired of those business cases. And each of that is already factored into our guidance and our CapEx expectations.

Operator

Your adjacent mobility comes from nan statement of Phil Cusick pinch JPMorgan.

Unidentified Analyst

It's Jerome connected for Phil. Congrats connected nan quarter. I was hoping to drill down into nan coagulated debased azygous digit to mid azygous digit ARPU maturation we've seen connected nan postpaid business. Kind of what's driving your expertise to turn ARPU contempt nan dense promotional situation and pausing value hikes, et cetera? And past arsenic we look astatine 2023, really should investors deliberation astir ARPU maturation moving forward?

Doug Chambers

So pinch respect to ARPU growth, 1 point that drove it during nan twelvemonth was moving customers up nan stack. We started nan twelvemonth pinch 32% of our handsets connected our apical 2 tier plans ended nan twelvemonth pinch 41% connected apical 2 tier plans. A batch of that was driven by beardown efforts by our income team, but besides promotional requirements that we had tied to our caller and existing offers. So that was really a tailwind for ARPU. We're doing overmuch amended successful instrumentality protection revenue, nan profitability of that product. We've been migrating customers to a caller supplier wherever we gain a amended separator arsenic good arsenic we somewhat accrued nan penetration of that project. We besides had immoderate costs recoveries surcharges that went successful astatine nan opening of 2022 that helped arsenic well. So each that led to nan 4% increase. I would say, looking to 2023, building an ARPU is still a goal, that maturation complaint is not apt to prolong astatine that level. One of nan reasons is level complaint pricing. Obviously, we person a little complaint level complaint pricing. But successful speech for that, we don't support that pinch nan aforesaid level of promotion. So location is an offset location from a profitability standpoint. But conscionable looking astatine ARPU, level complaint pricing unsocial is simply a spot dilutive. But we're still focused connected moving customers up nan stack. Like I said, 41%. We person a agelong runway to spell to waste our higher worth plans to our customers, and are optimistic astir that. So that's benignant of an overview of really we deliberation astir 2023.

Operator

Your adjacent mobility comes from nan statement of Michael Rollins pinch Citi.

Michael Rollins

Just 2 questions, if I could. One is -- truthful looking astatine Slide 16 and conscionable taking a measurement back, nan work gross guidance is for a flimsy decline. Can you unpack that a spot much successful position of nan effect of roaming comparative to what's happening successful position of nan halfway business and nan up-tiering opportunities, nan competitory landscape? And past arsenic you deliberation astir work revenues complete time, is location a condemnation that U.S. Cellular tin positively turn these wireless work revenues connected a 1 to 3 twelvemonth clip frame? And I'll travel up pinch 1 different if I could.

Doug Chambers

So nan work gross guidance, yes, you deed connected it. Roaming gross has been declining. It will proceed to diminution that's impacting work revenue. But it's important to retrieve nan logic for that is that we're driving rates down. And there's an offsetting effect connected roaming disbursal whereby roaming expenses going down. So from a profitability standpoint, it's really somewhat accretive this twelvemonth and we task arsenic good into 2023 erstwhile you spell down to nan operating rate travel line. So that's really a positive. But connected nan gross statement alone, location is simply a alteration there. The different point pinch work revenue, we mislaid connections during 2022. There's evidently a carryover effect of that into 2023 that's factored into nan guidance. We're surely offsetting that pinch immoderate accrued B&G revenue, peculiarly successful IoT wholesale arsenic good arsenic immoderate building gross and immoderate different areas. But each that factored successful arsenic wherever we ended up connected work revenues. And complete time, absolutely, our extremity is to turn work revenue. And that's a cardinal privilege and starts pinch increasing our guidelines of connections and that's a cardinal motivator for implementing level complaint pricing and having a really compelling 1 successful 2 statement and up each nan measurement to three, 4 statement value constituent for our customers and to turn that guidelines and output work gross maturation complete time.

Michael Rollins

And past conscionable looking astatine nan finance opportunities that you've been describing successful fibre and wireless. What are your latest thoughts connected nan opportunity to monetize nan building business, aliases your wireless investments successful immoderate word would beryllium successful nan indebtedness liking pinch nan operating strategy and for shareholders?

LT Therivel

So Mike, I mean it's thing we can't consistently evaluate, right? We want to make judge that nan assets that we person and nan capabilities that we person tin make much worth to america moving guardant and put together than they tin successful isolation and sold. And we proceed to judge that, that is nan case. And I'll usage nan towers arsenic a bully example. Our building portfolio drove double digit gross percent maturation year-over-year. We expect to spot continued gross maturation successful that portfolio. I mentioned earlier nan co-location rates, conscionable complete 1.5 versus manufacture mean 2.3. We've sewage a batch of maturation connected nan building side. And interestingly enough, and this is de minimis correct now from a gross perspective, but it gives you a consciousness astir nan opportunity here. And nan past 4th was nan first clip we really sold not conscionable entree to nan building but besides entree to nan shelter. And we're discussing generator access, we're discussing backhaul access. Those are things that we tin marketplace to a imaginable tenant that our building competitors cannot. And nan logic they can't is because they don't run a wireless web successful conjunction pinch a building portfolio. So having nan assets together benefits nan building business and drives much maturation successful nan building business.

Similarly, right, if I accelerated guardant and return a look astatine nan build connected 5G and moreover getting to 6G, we talked astir being successful a bully spot pinch our web build and being capable to beryllium a small spot much blimpish pinch superior successful nan adjacent year. But successful nan agelong run, arsenic you move 5G to 6G, what is 6G going to be? Obviously, nan standards are still being worked out, but you're talking astatine a precocious level, denser networks and much intelligence astatine nan edge. And if you person denser networks and much intelligence astatine nan edge, it intends you're going to request to beryllium rubbing your towers a batch more. And nan truth that I don't person to request support and by nan way, salary retired nan notes to a building landlord makes Mike's web costs lower. And truthful we proceed to measure it. It's a mobility we inquire ourselves each quarter. We want to make judge we're comfortable pinch nan answer. But we stay comfortable successful nan reply that those assets are amended together and thrust much maturation together and that is gross maturation pinch rate travel maturation arsenic well.

Operator

Your adjacent mobility will travel from nan statement of Sergey Dluzhevskiy pinch GAMCO Investors.

Sergey Dluzhevskiy

My first mobility is for LT connected nan fixed wireless side, arsenic C-band spectrum becomes disposable and you commencement deployment. How do you scheme to prioritize nan fixed wireless build successful position of geographies aliases types of markets? And also, really are you reasoning astir nan capacity needs for fixed wireless business versus capacity needs of your halfway mobile business to make judge that you person capable capacity, and nan halfway mobile business doesn't suffer?

LT Therivel

The beautiful point astir that fixed wireless business is that pinch nan objection of a fewer very, very targeted builds present and location is that, that business builds connected nan investments that we make to support our halfway mobility business. And truthful though we person a fewer targeted builds wherever we benignant of person to -- wherever we look to summation capacity to support nan needs of our fixed wireless customers, that's very overmuch connected nan margin. The bulk of that business is driven by nan underlying investments made to support our mobility business. And what that intends is that nan revenues that, that fixed wireless business generates person really charismatic margins and those charismatic margins move into charismatic rate flows. Thus far, we person not seen meaningful capacity challenges driven by fixed wireless. We've been capable to designer nan network. Mike and squad person done immoderate really imaginative things to make judge that we're successful a bully spot from a capacity perspective. And you mentioned nan C-band deployment and nan 3.45 deployment also, which will hap benignant of passim 2023. That will adhd much capacity and it will alteration america to service and support those customers much effectively. So we don't spot meaningful capacity challenges arising from this business.

The build of nan business will proceed to beryllium driven and nan prioritization of nan business will proceed to beryllium driven by nan halfway mobility business. And that's why we proceed to beryllium really bullish astir nan economics. I referenced this erstwhile I talked astir BEAD. I mean if you were building a -- if you're going to spell build a building successful agrarian America, and you were only going to subsidize that if you're only going to salary for that building pinch fixed wireless customers, you request successful nan scope of 200 to 250 customers wrong a 7-kilometer scope of that tower, that's beautiful dense for agrarian America. And truthful it's difficult to make nan economics standalone connected fixed wireless. But nan beautiful portion is we don't person to. We person a halfway mobility business that subsidizes it. And truthful that capacity and nan capacity request for that business worked retired beautiful nicely, and we expect that to proceed since we besides person nan mid set spectrum coming online.

Sergey Dluzhevskiy

My 2nd mobility is for Doug. You mentioned continued costs optimization efforts. And obviously, U.S. Cellular’s margins proceed to beryllium nether unit for various reasons, portion of it is competitory strength successful nan market, portion of it is your antagonistic moves. All of that is putting unit connected margins. But what are immoderate of nan costs ratio initiatives that you person successful spot for 2023 and beyond that you deliberation could supply meaningful offset to immoderate of those pressures? What are immoderate of nan larger buckets of costs savings that you spot complete nan adjacent fewer years?

Doug Chambers

Yes, it's really crossed nan business, Sergey. So each azygous area we're seeing and we person a important magnitude of savings built into our budget. But examples are, we've been driving backhaul wherever measurement down, waste broadside rents, we person a programme to thrust those down. We saved rather a spot of money pinch our trading media agencies complete nan past years, and we'll proceed that going forward. With respect to web attraction and web software, we've done rather a spot pinch respect to renegotiating contracts pinch our vendors connected those. So if you look astatine nan large buckets of spend, and that's wherever we're placing nan main focus. But it's really crossed nan business that we're driving savings and we've been doing it successful a -- done a formalized programme since 2017, and we haven't bought up.

Sergey Dluzhevskiy

And my past mobility is some for LT and Michelle. So I judge earlier this twelvemonth astatine nan investor conference, guidance mentioned that successful 2023, U.S. Cellular and TDS Telecom will measurement up their collaboration efforts, including an MVNO relationship, you're trading each other's products, perchance applying for large backing aliases conscionable broadly authorities backing together. Could you supply much colour connected these initiatives arsenic acold arsenic what you person already been doing benignant of successful 2023? And what forms of collaboration aliases business do you spot arsenic nan top worth creating opportunity for some companies complete mean term?

LT Therivel

Michelle, do you want to tackle that one?

Michelle Brukwicki

Yes, I tin commencement and LT, you tin surely consciousness free to jump in. So yes, thanks, Sergey. Yes, we did mention a mates -- a fewer weeks ago, I guess, it was immoderate collaboration efforts that we're doing together. On nan MVNO front, TDS Telecom is moving our measurement done each of nan specifications of really we tin get an MVNO merchandise launch, truthful that we tin get wireless into our bundle of services that we connection to our customers. We dream to get that merchandise launched sometime during 2023 hopefully by midyear. And certainly, we would want to partner pinch U.S. Cellular nether wherever our territories overlap. However, our territories don't overlap perfectly. About 40% of our addresses tin beryllium covered by nan U.S. cellular wireless network. So we will person to besides supplement and partner pinch different wireless carriers arsenic well. So we are successful nan process of moving done that. We besides mentioned earlier astatine 1 of nan conferences, and we're still moving connected nan expertise to do immoderate transverse selling. So trading TDS Telecom broadband done U.S. Cellular unit stores successful definite geographies, we're moving done nan specifications of that arsenic good and seeing if that could beryllium an uplift opportunity for some companies. And truthful we'll astir apt commencement that successful a mini measurement and trial that out, do immoderate learnings and past spot if that could beryllium expanded into thing bigger. And arsenic I mentioned earlier, connected nan BEAD program, we don't person each of nan authorities programme specifications yet. Those are still coming. But erstwhile we get those, we'll beryllium a small spot more, I guess, patient successful our discussions pinch each other. But we've already started precocious level discussions astir really tin we partner successful immoderate of those astir agrarian areas successful bid to scope customers successful nan astir economical measurement imaginable done a operation of fibre and fixed wireless. So I deliberation those are nan superior things that we're doing and talking astir together this year. But LT, is location thing other that you'd for illustration to add?

LT Therivel

No, I deliberation you nailed it, Michelle. MVNO, co-selling and BEAD are nan 3 large opportunities. So I deliberation you covered it. Thanks, everybody. It was a bully chatting pinch you. Colleen?

Colleen Thompson

Okay, that was our past question. Thanks again, everyone, for your clip today. Again, please scope retired to IR if you person immoderate further questions. Have a bully weekend.

Operator

Ladies and gentlemen, that will reason today's call. Thank you each for joining.

Editor: Naga



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