“So I'd expect probably the exit rate being very similar to what we'll see throughout 2025.”

In context

“let Peter start with the revenue guide, especially compared to what we saw a few months ago, and then maybe I'll start on the postpaid subscribers and see who else wants to jump in. Peter Osvaldik: Perfect. Thanks, John. So yes, your question around wholesale. So remember, what's happening in wholesale has long been foreshadowed and planned for us and particularly what's happened with, as we anticipated, both TracFone as well as DISH as they build their own network and offload off of our network that we would see the tapering of those 2 ultimately going to 0. And what we foreshadowed at Capital Markets Day is that 2025 would be the low point for wholesale revenue and with growth thereafter. Because underlying those 2 things planned to come off, there's growth in the wholesale base for us. So I'd expect probably the exit rate being very similar to what we'll see throughout 2025. And so to that point you're making, it really is both a function of growth in customers on total postpaid customers as well as postpaid phone customers as well as that deepening of the relationship that drives ARPA growth. We just delivered just over 3% ARPA growth in a very successful '24 and expect '25 to look the same there. And that's fueled by all of those growth opportunities that Mike talked about across every single business sector that we have. G. Sievert: So wholesale decline is slowing, ARPA growth picking up, and the guide on subscribers is the third component, which you asked about. Look, as you look across our subscriber outlook, there's just not an area that's doing anything other than outperforming prior expectations. I talked about in my prepared remarks, that we're gaini”