“But what I would be clear about is what we win we will win at good returns, and we will execute it on the back end and bring those returns back into the company.”

In context

“r credibility is very good. But in terms of what we win in BEAD, it’s certainly, it’s factored into some of our outlook on CapEx, but time will tell how successful we can really be on that front. But I am bullish I think we are going to do well. Jessica Fischer: The thing that I would add to that is that, Jonathan, we have a very disciplined sort of practice now and how we bid for these offerings. And so we are very comfortable with our ability to price the passings with our ability to then bid for an appropriate amount of subsidy against that and then to go on the back end and execute against building the passings in a way that’s cost-effective and that generates the returns that we set out for. So, there is a hypothetical math exercise that you can do to try to get to what we would win. But what I would be clear about is what we win we will win at good returns, and we will execute it on the back end and bring those returns back into the company. Chris Winfrey: Yes. We have great visibility to our cost. We have supply and labor equipment all lined up, and we know what it costs in each of these different markets already. So, our experience to-date is really going to bode well for giving us confidence in what we bid on. On the overall broadband market, I do think that there continues to be the headwind of all the COVID volume that was pulled forward in the broadband market and in combination of just a lower transaction, lower moving environment. And so I think the entire market is still suffering from that as a little bit as well as a small swing back into wireless substitution. So, we are seeing some of that as well. Housing starts also been down, so that clearly contributes into this as well, and all of which I think is temporary”