Ric Prentiss: Okay. Very good. Thanks, everybody. Stay well.
Operator: The next question comes from Michael Rollins with Citi Investment Research. Please go ahead.
Michael Rollins: Thanks. Good morning. Tony, I’m curious, based on the experience you have over a whole number of years on the network side. As you look at the Fiber segment for Crown, how do you see the opportunities for Crown to improve marginal returns on capital? And how quickly that could potentially happen within the organization with some of the changes that you’re making and maybe some of the opportunities that you’ve been able to identify why you’ve been on the board and now serving as the CEO? Thanks.
Tony Melone: Thank you, Michael. Certainly. As we look at performance in the Fiber segment of our business, if I go back to my three priorities, clearly improving performance in those segments is part of strategy in terms of how we achieve our 2024 results and how we position ourselves better for the future. So I have benefit from my own experience over 30 years plus, obviously, working with the management team here. But we also have the benefit of the strategic fiber review that’s going on right now. So I will be informed from a lot of different directions. And based on that, I’m sure I’ll get a good insight in terms of the things that we can do. But as you saw from the announcement, there are certain things that I think we need to do right out of the gate.
Personally, I like a management structure where accountability is unambiguous. The change in the COO structure, I believe, provides an opportunity to improve the returns we’re getting out of the Fiber segment. And I expect that to happen in 2024. I think there is other levers that are likely to be pulled that we will be looking at through the process, things like capital allocation, things like cost structure, etcetera. And in terms of timing, yes, I do believe that we can make those improvements – make improvements in 2024 on the trajectory of our performance and our returns in that segment.
Michael Rollins: Thanks. And then just one other question. Over – I suppose it was a few months ago, there are reports about Crown Castle considering selling or monetizing, I should say, part of its land portfolio. And there was some discussion of that on the last earnings call. Has Crown come to a decision about what to do in terms of monetizing land on a go-forward basis as part of capital location for the company?
Dan Schlanger: Yes. I don’t think we commented at a time when those press release rumors came out one way or the other of what we were doing. But I do think that the overall concept remains that one of the things that we want to make sure of is that we are maximizing the value of all of the assets in our portfolio. And if that includes something that we think that we can sell and generate better value for in an external space then we can internally, then we would absolutely look at it. And that would include land under our towers, but only if we believe that the best we could get from an external party would exceed the value that we get as owning that asset. And like I said, that’s true of all the assets we own. And if something does come up, we would obviously identify it and talk about it with our investors. But at this point, we don’t have anything to talk about.
Michael Rollins: Thanks.
Operator: The next question comes from David Barden with Bank of America. Please go ahead.
David Barden: Hi, guys. Thanks so much for taking the questions. Dan, we welcome back. Good to have you. I guess, Tony, my first question is, could you talk a little bit about the order of operations of what’s going on? Is the plan to make a plan with respect to fiber and then find the right CEO to fit with the plan? Or is the plan to find a CEO to help create the plan to own that plan and execute that plan? It would be interesting to hear what is actually the plan and what the timetable is going to be. And then, Dan, when we set 2024 guidance, lots hasn’t changed. But what has changed is the rates environment, attitudes, opinions, consensus views around rates in 2024. And can you kind of elaborate a little bit on how that element of the 2024 outlook didn’t change from what we were thinking in the third quarter guide? Thank you.
Tony Melone: David, thanks for the questions. So both committees, the CEO search committee and the fiber review committee’s strategic review are underway. I think it’s too early to speculate on how it will play out. I have great confidence in the CEO search committee that in their process of evaluating and determining the best fit for our company. At the same time, I’m sure we will have information coming out of the strategic review in that process. And so I think the two will naturally come together and provide us clarity in terms of how we move forward. So at this point, it’s too early to say a whole lot more about that. But I am very confident that the two committees will be approaching this very thoroughly.
Dan Schlanger: Yes. And Dave, on the interest expense. As you are well aware, market perception of interest rates, it moves around quite a bit. It moved up. It moves down. There are plenty of things in our guidance where we have ranges and what we think there are reasonable expectations of what could happen. Some of those sometimes go better, some of those sometimes go worse and very rarely do we get it right. So what we do when we’re talking about guidance is think about things in an overall perspective. And we believe at this point, there isn’t enough clarity around what interest rates are going to do. And even in the last, I don’t know, 2 weeks the perception of what interest rate cut likelihood is in March is dramatically.
