“If I think about the arc of the $350 million to $450 million impact, given, of course ACP was still in play in Q1 and partially in Q2, I’d see the majority of that impact happening in the second half and even more of it in Q4 than Q3, because still a little bit of a tail coming in Q3.”

In context

“iously a lot of excitement about an AI iPhone, given where your customers are, another load up, a great quarter. Do you think we're waiting for a bigger surge or do you think this will be looking fairly similar to last year, which is, I think, what you said? Thanks. Mike Sievert: So, Peter, I'll turn to you on the ACP question and maybe I'll comment on the upcoming cycle. Peter Osvaldik: Okay. Yeah, and thanks, Simon. As you know, and just as a little bit of a history lesson for us, is we didn't participate in ACP through our postpaid brand. So there were no subscribers added there, and through Metro, we had a very small amount of customers. We primarily serve these customers through our Assurance brand, which didn't include subscriber counts and through supporting our wholesale partners. If I think about the arc of the $350 million to $450 million impact, given, of course ACP was still in play in Q1 and partially in Q2, I’d see the majority of that impact happening in the second half and even more of it in Q4 than Q3, because still a little bit of a tail coming in Q3. So, that's the best view. Primarily the majority of that, again, is going to be in wholesale and other service revenues. I'd expect Q4 to be probably the biggest impact there. Mike Sievert: Simon, our prepaid nets of 179,000 were the best quarter we've posted in years. Part of that is obviously joining with Mint and Ultra. But part of that is that we have a fantastic portfolio of brands that meet the needs of value consumers. To the premise of your question, this is a year when value consumers, because of these changes, will be re-entering the market. So, we think we're very well positioned there. Then to your question about the upgrade cycle. Look, I'm really excited about this year. I think AI is on every customer's mind. I think we're seeing the major companies really pushing ambitious”