“we do think there is an acceleration -- modest acceleration that could be seen at the end of the year.”

In context

“absent in Q4. So the churn numbers, the raw numbers, we are looking at about $98 million to $100 million of churn revenue in 2025. We're going to start off the year at roughly a run rate of about $30 million a quarter of churn, and that includes Sprint churn. Sprint churn is a little more than half, it is about 140 basis points over those first three quarters. And then that churn number in Q2 will reduce down to about $10 million or so. Batya Levi: Got it. And the buyback? Rod Smith : And then on the new business [piece] (ph), you're right, we had about $180 million of new business in '24. That's going down to about $165 million, in that range, $170 million, right in that range. And we do see -- although we do see a dip as Steve talks about from the end of last year going into Q1 and Q2, we do think there is an acceleration -- modest acceleration that could be seen at the end of the year. When it comes to buybacks, we are we are at about 5.1 times leverage at the end of 2024. Our view is that we will be at or below 5 times early in 2025. That certainly returns us to full financial flexibility, so leverage would not be a kind of an overweight consideration as we move forward. Now with that said, we have to continue to look at interest rates. There continues to be uncertainty in the macroeconomic backdrop and with rates -- with the rate environment. So depending on where rates go and what the outlook is, we'll make decisions on capital allocation. We could certainly de-lever further if we think that is in the best interest of our shareholders because of uncertainty around rates. But otherwise, we see very constructive ways to deploy growth capital in the developed markets, c”