Good afternoon. Thank you for attending today's Cable One First Quarter 2023 Earnings Call. My name is Jason, and I'll be the moderator for today's call. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. If you'd like to ask a question, please press star one on your telephone keypad. I'd now like to pass the conference over to our host, Jordan Morkert. Good afternoon. Welcome to Cable One's First Quarter 2023 Earnings C all. We're glad to have you join us as we review our results. Before we proceed, I would like to remind you that today's discussion contains forward-looking statements relating to future events that involve risks and uncertainties. You can find factors that could cause Cable One's actual results to differ materially from the forward-looking statements discussed during today's call, in today's earnings release, and in our recent SEC filings. Cable One is under no obligation and expressly disclaims any obligation, except as required by law to update or alter its forward-looking statements, whether as results of new information, future events, or otherwise. Additionally, today's remarks will include a discussion of certain financial measures that are not presented in conformity with U.S. generally accepted accounting principles or GAAP. Reconciliations of non-GAAP financial measures discussed on this call to the most directly comparable GAAP measures can be found in our earnings release or on our website at ir.cableone.net. During today's call, whenever we refer to 1st quarter results on an adjusted basis, we are excluding the Tallahassee and Managed IT operations we divested in the 2nd quarter of 2022, which exclusively provided business services. For more information, please refer to the slides we've posted to our IR website. Joining me on today's call is our President and CEO, Julie Laulis, and Todd Koetje, our CFO. With that, let me turn the call over to Julie. Thank you, Jordan, and good afternoon, everyone. We appreciate you joining us for today's call. Amidst the ongoing debate surrounding the longevity of traditional broadband providers, our 1st quarter 2023 results highlight the resiliency of our business model. In the face of ongoing macroeconomic challenges, demand for a reliable, value-based broadband product continues. This is evidenced by 1st quarter residential broadband revenue growth of 5.5% from prior year, where we grew in customers as well as in ARPU. First quarter business services revenue growth of 2.9% on an adjusted basis, where we had stronger growth in our SMB and enterprise broadband service offerings. First quarter adjusted EBITDA margin up 110 basis points from the prior year to 54.2%, reflecting continued efficiencies and product mix shift. First quarter reduction in capital intensity, all while continuing to increase our network capacity, demonstrating our commitment to building infrastructure in a capital efficient manner. Our 1st quarter adjusted EBITDA less CapEx was $132.7 million, an increase of 4.4% year-over-year. Our robust financial results underscore the significance of the services that keep our customers and communities connected to what matters most. Looking 1st at residential broadband service on a sequential quarterly basis, we saw an increase of approximately 2,200 customers. While a return to positive growth is encouraging, the ongoing slow pace of home move activity continues to impact new customer sales and net growth. We are pleased to report that churn rates remain consistently low, demonstrating strong customer retention and satisfaction. We continue to test and learn with our products and pricing to further insulate our current base and foster profitable growth. Turning to residential broadband ARPU, we reported solid year-over-year growth of 4.5%. The demand for higher speed tiers remains robust, with sales of both 500 MB and GB service plans increasing by more than 450 basis points sequentially. We also see substantial opportunity to continue upselling our current customer base, whose average service offerings remain below our sell-in levels. Continuing speed tier upgrades and the modem rate adjustment, which began during the 4th quarter, are the primary drivers of our Q1 2023 ARPU growth. We believe there is also meaningful opportunity for customer and ARPU growth over the long term as we make disciplined capital investments that will allow for enhanced service offerings and continued expansion of our addressable market. We are investing in our network and deploying devices today that significantly increase downstream and upstream speeds, lower latency, and provide greater visibility into the in-home Wi-Fi experience, all in a more energy efficient manner. As our network evolves to DOCSIS 4.0, we estimate these network upgrades will cost around $200 per passing. Our ongoing commitment to providing products and services that meet the needs of our customers today and in the future gives us a strong competitive edge against wired competition, which remains relatively low. We believe the superior experience we provide our customers paired with our local expertise and 1st mover advantages make us a fierce competitor with a proven track record and accompanying results. Digging into fixed wireless competition, it's no secret that demand for data is increasing at unprecedented levels. It's unlikely that growth will slow anytime soon. Just over one in five customers on our network are now using a terabyte of data. Given the enormity of data needs today and in the future, we believe it's clear that mobile fixed wireless cannot ultimately meet the data needs of many customers. While we see a small segment of our win share from DSL customers experimenting with mobile fixed wireless products, on the whole, we do not see a noticeable impact to our existing customer base, which values the premium capacity and reliability we offer. In the end, we believe those trying out mobile fixed wireless after switching from DSL will migrate to our data services when the need for a more reliable and robust service arises. Moving to business services on an adjusted basis, we drove revenue growth of 2.9% year-over-year despite short-term challenges to new business creation due to macroeconomic conditions. Our business services team remains steadfast in managing the many aspects we control, including offering a streamlined suite of products to existing customers, driving efficiencies that align with customer needs, and maintaining a relentless focus on white glove service. As a result, both our enterprise and small business broadband offerings continued to see strong growth. Demand for data continues to grow as evidenced by a new milestone as nearly 21% of our residential customers now exceed a terabyte of usage each month, an increase of more than 20% from the same period last year. Despite continued growth in demand, our average network utilization during peak hours has also improved. During the 1st quarter of 2023, downstream and upstream utilization during peak hours decreased from 23%- 21%, a reflection of our ongoing investment in our plant to stay ahead of customer demand. Transitioning to integration activities, our teams continue to execute across multiple projects as they thoughtfully prepare for the larger platform conversions to come. We are delighted with the synergies achieved to date and confident that the conversion of the larger platforms will yield even greater results. I would like to express my sincere gratitude to the skilled associates across our family of brands for their exceptional contributions in identifying best practices and fostering a unified company culture. Building on our associates' exceptional contributions to the company, last year we embarked on a digital transformation journey to reimagine the future of Cable One with the intention of delivering significantly enhanced experiences for our customers and associates. Through numerous initiatives such as automated field maintenance, proactive recommendation engines, and contact center modernization, we've been able to anticipate customer needs and improve our efficiency. We will continue on this journey to nurture a culture of innovation that benefits our customers, associates, and shareholders. Turning now to our unconsolidated investments. For the 4th quarter 2022, the combined adjusted EBITDA of certain of the companies we have invested in was approximately $348 million on an annualized basis. This represents growth of approximately 21% in the 4th quarter of 2022 as compared to the 4th quarter of 2021. These companies also added more than 130,000 new fiber passings during the 4th quarter period ended December 31, 2022. This momentum continues in the 1st quarter, where total residential and business data customers grew by approximately 11,400 or 2.5%. This does not include the operations of Metronet or Ziply, where we have less significant investments. These excellent results highlight the execution of these proven management teams, as well as the growth potential of these investments. Before handing the call over to Todd, there are a few notable events from the quarter that I'm pleased to share. Our laser focus on creating a workplace in which our associates feel valued and included resulted in Forbes ranking us for the 3rd year in a row on their list of America's Best Midsize Employers. I am also proud to share that Cable One was recently named by Newsweek as one of America's Greatest Workplaces for Women 2023. These awards are especially meaningful as they speak to the culture of Cable One. Together with our associates, we have built an inclusive workplace that promotes diversity, opportunity, and professional development. Our associates drive our culture, which values the unique experiences and perspectives we each bring to the table. Never has this been more apparent than at our recent company rallies, which reunited our associates at in-person events across our footprint. Associates joined together to celebrate, connect, and share while hearing from senior leadership about the future of our company. Our associates were energized and inspired by these events, further reaffirming our credo, "We are stronger together." Now Todd, who will provide a full recap of our 1st quarter financial performance. Thanks, Julie. Starting with revenue, total revenues for the 1st quarter of 2023 were $421.9 million compared to $426.7 million in the 1st quarter of 2022, a 1.1% decrease. The decrease was primarily due to a continued decline in low margin residential video and voice revenues, as well as the impact of the divestiture of non-core operations during the 2nd quarter of last year, which collectively contributed $2.4 million of business services revenue in Q1 2022. On an adjusted basis, total revenues were down by 0.6% year-over-year. Our business continues to be driven by the growth of our highly profitable residential data and business services segments. For Q1 2023, our residential data revenues expanded 5.5% year-over-year when compared to Q1 2022, and our business services revenue grew by 2.9% for the comparable period on an adjusted basis. Operating Expenses were $112.2 million or 26.6% of revenues in the 1st quarter of 2023 compared to $119.4 million or 28% of revenues in the comparable quarter of the prior year. A 140 basis point improvement, driven largely by a $12.3 million decrease in video programming costs. Selling, general and administrative expenses were $86.7 million for the 1st quarter of 2023 compared to $87.8 million in the prior year quarter as higher labor costs and expenses associated with software platform investments were offset by reductions in healthcare and marketing costs. SG&A as a percentage of revenue remained consistent at 20.6% for both periods. Adjusted EBITDA was $228.8 million for the 1st quarter, an increase of 1% when compared to the 1st quarter of 2022. Our adjusted EBITDA margin for the 1st quarter of 2023 was 54.2%, a 110 basis point improvement compared to prior year as we continue to drive growth in our higher margin advanced broadband products, while at the same time extracting costs via scale, integration acumen, and efficiencies in our product delivery and support model. Capital expenditures totaled $96.1 million for the 1st quarter of 2023, which equates to 42% of adjusted EBITDA, compared to $99.4 million or 43.9% in the prior year quarter. During the 1st quarter, we invested $12.8 million of CapEx for new market expansion initiatives and $3.6 million for integration activities. Ongoing capital expenditures will remain aligned with our balanced and disciplined allocation strategy that prioritizes investment in our advanced broadband networks, as well as high return, high visibility projects that extend these networks to prospective new customers in unserved or underserved areas of rural America. Adjusted EBITDA less capital expenditures was $132.7 million for the 1st quarter of 2023, an increase of 4.4% from the prior-year quarter as both elements of this important metric continue to improve. As we appropriately balance growth via investments in our existing networks, inorganic expansion opportunities, and return of capital to shareholders, in the 1st quarter of 2023, we distributed $16.5 million in dividends and repurchased nearly 57,000 shares of our common stock, or approximately 1% of outstanding shares for $41.8 million. As we navigate a challenging economic backdrop, a rising interest rate environment, and constrained capital markets, we are squarely focused on managing our balance sheet in order to support our long-term investments and ensure our ability to operate through these cycles while continuing to reinvest in our core businesses. As of March 31st, we had approximately $203 million of cash and cash equivalents on hand, and our business generates strong discretionary cash flow. Our debt balance was approximately $3.8 billion, consisting of approximately $1.8 billion in term loans, $920 million in convertible notes, $650 million in unsecured notes, $488 million of revolver borrowings, and $5 million of finance lease liabilities. We also have $512 million available for additional borrowings under our $1 billion committed revolving credit facility. Our weighted average cost of debt for the quarter was approximately 4%. Our net leverage ratio was 3.98x, and the vast majority of our borrowings are either fixed issuance or have been synthetically fixed under long-term interest rate contracts, considerably mitigating our exposure to rising underlying interest rates. As we discussed during last quarter's call and disclosed in our 10-K, in February of this year, we successfully completed an opportunistic financing transaction with our lenders that provided Cable One with extended maturities of 2+ years, incremental strategic flexibility, and enhanced funding flexibility, all at comparable cost to our previous arrangements. As a result, our next scheduled maturity date is in 2026, with the remainder of our maturities 5 years and beyond. We also had our long-term issuer credit ratings affirmed by both Standard & Poor's and Moody's during the quarter. With that, we are now ready for questions. If you would like to ask a question, please press star followed by one on your telephone keypad. If for any reason you'd like to remove that question, please press star followed by two. Again, to ask a question, it is star one. Our 1st question is from Philip Cusick with JPMorgan. Your line is now open. Hi, guys. Thank you. A couple if I can. First, 1Q is usually the best broadband quarter of the year. How do you think about seasonal impacts from here, as well as talk about any impact of slowing housing growth in your territories? Second, can you talk about any M&A in the market today, probably more on the sell side out there. Are there any sellers out there that are starting to get more interested with rates going higher, or are things sort of shutting down? Thanks very much. Thanks, Phil. It's Julie. Julie with a cold. Boy, do I sound nasally. I don't think any of us really know what to expect with this year. I say that because I find it very interesting that on one hand, you might see factors that indicate economic issues like the move rate, right? Like, the people just are not moving and interest rates are super high. On the other hand, our customers are taking our higher speed tiers, which obviously cost more at a larger rate than ever before. Those two things seem somewhat opposed to each other. My best guess, having no crystal ball, is that we'll follow our typical seasonality cycle. I think you asked about the moves and you've put out pieces on moves. Starts are low, and they are low across our footprint. It does not matter if it is what we might term a heavily competitive area or an area that has no other competitor than an ILEC. Across the footprint, starts are down. The good news is churn is also super low. Sparklight proper had a historic low, taking out COVID, of course, when we weren't allowed to disconnect people. I mean, we have indications that our customers are happy, and they have a large need for our reliable and robust service that has high data throughput, which is good, because again, that continues to grow. Phil, on the M&A question, I think it's a really good question. I think it's probably a little too soon as it relates to how quickly the markets have changed from both value as well as cost of capital with what the Fed's been doing to attack inflation. More likely, you know, those impacted companies relative to cost of capital or upgrade requirements will slow before they look to sell and play a little bit more of the patience game. We're seeing that as it relates to the aggressiveness of, you know, overbuilders in some of the markets and the pace at which that's happening. The other thing I would say is we continue to be a preferred aggregator, a cultural integrator as it relates to a lot of the smaller businesses because they know the culture of Cable One and how well we take care of our people. We will continually see some of those interested sellers. They're smaller, and, you know, very strategic from, you know, a tuck-in geographic area that we're already in. You know, I just got a reminder from one of our associates today that we are coming up on the seventh anniversary for NewWave being integrated and 2nd year anniversary for Hargray. Time flies. Really does. Thanks, guys. Our next question comes from Frank Louthan with Raymond James. Your line is now open. Great. Thank you. just was curious on the promotion side, were you running any heavier promotions in the quarter? What sort of pricing action are you looking at taking this year? How should we see that in the various products? Thank you. Okay. Thanks for the question, Frank. I would not say that promotions were significantly heavier. We are testing and trying a lot of things, though, Frank. Even when we do promotions, I'm heartened to see that our sell-in tends to widely be on the upper end of our product value chain versus any lower. What I'm saying in my clogged head way is that we do promotions to make the phone ring, but we don't see a lot of people taking the lower-end promotions. As you know, I think typically we tend to discount the entry price and not any of our higher product offerings. Again, we're testing and experimenting and trying different things. The world is not the way it was even 3 years ago. The Cable One of old was very cookie cutter and one size fit all, and we went to a couple of sizes a couple of years back. We are being very flexible and agile and treating each market as it deserves to be treated depending on its size, if it has competition, its penetration levels, things like that. Pricing action. Well, let's see. We haven't done a what I would call a quote-unquote naked rate adjustment in about eight years now. While not predicting the future, I do believe that there is pricing elasticity even though we happen to have a high ARPU, again, driven by customer choice, customers being pulled up to higher levels of service versus us pushing them there. I'd say stay tuned. Yeah. Frank, it's Todd. The only thing I'll add to what Julie just said is, you know, we did have that price increase halfway through the 4th quarter on the equipment side of the equation. That rolled through in the 1st quarter here and going forward. Saw great retention associated with that. Obviously, as we're investing in a lot of the home health for our customers, that willingness to pay continues to increase. Even some of our customers that were bringing their own, seeing the value of the technology that we're investing in, and you can drive that take rate higher as well, which will be a tailwind to our ARPU. As well as how we think about the pricing and packaging adjustments. You recall last year, we did a $5 increase when we took our baseline 100 MB speeds here to 200 MB. We gave them more capacity at the same time. The other 5 of that will roll through here, you know, it was not in the 1st quarter, but going forward 2nd quarter through the balance of this year. Those are 2 already known. I just wanted to make sure I point it out. All right. Great. What percentage of your customers use their own modems and so forth? We don't disclose the exact split. I would say the majority use our product. Correct. Got it. All right. Thank you very much. Room to go, though. Just a little. Of course. Thank you, Frank. Our next question comes from Gregory Williams with TD Cowen. Your line is now open. Great. Thanks for taking my questions. Just two questions. Just dovetailing off the last topic on trialing and testing new plans. I'm just trying to understand if you can give us some examples. Is this in a way to play defense or offense against fiber to the home or maybe even lower-end plans than fixed wireless or something different altogether? Second question is just on your MBI put option. I know it's two years away, but, you know, I get calls from investors a lot on it. Maybe you can help us generally, what's the general game plan on tackling that option, whether it's hoarding free cash flow or potentially raising debt or even buying pieces of the call option if that's possible along the way? Thanks. Thanks, Greg. In terms of trialing and testing, we start with our customers in mind, because we need to make sure that we are bringing them value and the things that make a difference in their lives. Remember, we're neighbors to these people, and so what we do with them related to these products really matters. The things that you mentioned are absolutely in our sights. Potential low-end plans, which is something that we have not really looked at in the past. If we can do it in a profitable way, if we can trim the cost out of it and be smart in how we onboard and service these customers, it is absolutely something that we are looking at. It would open up a new cohort for us. We absolutely will take defensive action. Again, it is very market specific. It depends on who the competitor is, the size of the market, what their penetration is, what sort of offers they're doing. It is interesting that it doesn't always happen this way because again, some of the competition that we've had are decades old, even fiber competition. Sometimes they will actually stop builds and move their resources elsewhere if we do that. In terms of offensive, I guess one thing that I would mention there as an example because you asked for one is that we have been slowly and thoughtfully sort of migrating to an unlimited data offering versus our data plan. We now that accounts for a much smaller piece of our ARPU than it had in the past because again, our customers are telling us they don't want to have to worry, and it is an offensive move, so that if somebody else came into the market, we would just take that tactic or branding piece away from them. I'll hit on the MBI question that you had and we've chatted about this quite extensively with everyone. You know, the reason we invested in that business, it's higher growth prospects. It's more rural and competitively insulated business model. It's fantastic leadership. For all the reasons we're still very excited about that investment today. They've done an amazing job. We do have an option to call the remaining share of that business that we don't own, and we're in that window right now. I'll repeat that, you know, we look at things through the free cash flow accretion dilution, and we're not gonna do dilutive transactions. It would not be a great strategy as it relates to our shareholder initiatives. We also are compounding very attractive returns for our shareholders as a partner in that. The put option is in the middle of 2025. It's at a more variable valuation methodology as we've discussed, but not disclosed. You know, we look at that as an attractive option, if we were to, you know, wait for that. We will continue to diversify how we think about allocating our capital to not only prepare for events like that or other strategic events, but also through the mindset of how we can continue to invest in ourselves through our market extension, market expansion, and of course, you know, share repurchase in investing in ourselves through the return of capital. Got it. Thank you. Our next question comes from Craig Moffett with MoffettNathanson. Your line is now open. Hi. Thank you. Two questions if I could. First, Julie, one last time, congratulations on being inducted into the Cable Hall of Fame, which really is a terrific honor. First, can you just talk about your exposure to the ACP program in the event that ACP is potentially not reauthorized? I suspect most of those customers are customers that were already customers of yours, but do you have a sense of how many customers are fully dependent on that program in order to keep subscribed to broadband? Second, I wonder if you could just update us on your thinking about wireless and when at some point down the road, wireless might make sense as part of the bundle. Yep. Thank you for. I thought I might be able to squeak by this call. I wouldn't let them put it in the script. Craig, if you didn't say anything, I definitely was. I'm pleased that you brought it up. It was a nice fight. Thank you very much. I say, gosh, if you do anything long enough, I guess they give you an award. I don't know. ACP, we have less than 30,000 ACP customers, so I think our exposure is not large if, for some reason those funds are not reauthorized. You are right. The majority of those people were our customers, and they upgraded to higher tiers. They're using the money to offset more versus get into the program. Wireless, mobile, you can jump in here too. Again, I think it, you know, it's interesting. You know, of course, I listened in on Altice, and they said that customer research was saying that they wanted converged products and we have not heard that. We need to keep our customers in mind, and if it's what our customers want, then that's something that we can move towards. Right now, I honestly think our focus is best served. We have a very capable team. They know what they're doing in the towns that we operate in, and we need to be doing everything we can to grow our market share and defend our market share in places where there is competition. Again, that percentage is relatively low, especially vis-à-vis our peers. I do think that we have options that are available to us. They're not exactly the same as our peers, but we do have options available to us if a converged product is what our customers want and if it will mean helping our profitability in the long run. Craig, I'll build on that a 2nd as it relates to the profitability because that to us is, of course, 2nd to what our customers want is, you know, the most critical element of making that decision. Those economics at this stage aren't at the place where we want them to be. We've talked about the reliability elements associated with that. The bigger question is, you know, is it really a converged product, or is it just something that's discounted, in terms of, you know, how you know, potentially could co-market? Got it. Thank you. Our next question comes from Steven Cahall with Wells Fargo. Your line is now open. Yeah. Thank you. two questions. Maybe 1st, just to go back to ARPU. When we think about that 4.5% strong growth that you saw in the quarter, could you just help us think about whether a little bit or a lot came from the non-unlimited pricing tiers that you have? Just wondering 'cause Julie, you said that, you know, ultimately, that could go away if competition dictates it. Just wondering if that becomes a meaningful headwind to ARPU growth or not really something we need to worry about. Thanks for the color on the DOCSIS 4 upgrade plan. That $200 a passing, does that include CPE and any timeline we should think about for your goal to get to DOCSIS 4? Thank you. Yeah, I wouldn't worry about the unlimited. We've pretty much slowly and quietly been tucking that into everyone's plan over the past couple of years. For the 4th quarter, the main driver of the ARPU increase was that modem adjustment that we took at the end of last year, with a smidge of customer migrations up to higher tiers. That's what drove that ARPU. Okay. As Todd referenced, we do have the folks that were migrated from 100 MB- 200 MB, that are receiving. Well, they've already received it, quite honestly. It was in April. The 2nd $5 adjustment to bring them up to that $65 price point. We'll be seeing that flow through in the 2nd quarter. Of course Well, for that segment of those customers is larger than the adjustment that was done on the modems, but there's only a subsegment, about 150,000 customers that did that migration. Yep. Yeah, Steve, you will see the data side of the equation, the data plan side of the ARPU be very immaterial and continue to decline. I wouldn't have concern about that to your question. I don't think people have noticed it to date. Yeah ... because of the other things making up for it. When we can upgrade customers, based on maybe previously where they had that, it was a good catalyst to get them into a plan that's better for their needs and better for their usage, as Julie was talking about, with so many of our customers, continuing to increase the amount of usage and monthly capacity. You know, the unlimited plans are ideal for that, and it's a much happier, longer term loyal customer. Yeah. Same. On the 4.0 side, the 200 per passing approximate that we included here is not including the actual in-home equipment. It is the everything, you know, basically but that. That'll be, you know, not a need necessarily, but if the customer is looking for all of those enhanced offerings and services that come with that 4.0 architecture, it could require the need for incremental in-home CPE, and that's not in that number. What I will remind you and all others is we've been very actively already investing in that 4.0 architecture and specifically in the network architecture in terms of spacing of the AMS and splitting of the nodes and deeper every time we're doing that with our fiber. That's what allows us to have that number be so efficient. That will be a plan that we execute not on, you know, in a 12-month period of time, but over time, as we look at, you know, selectively rolling out in, you know, markets, on a very staged basis. Yeah. Legacy modems will work unless they want to step up to higher symmetrical and enhanced services. That's correct. The timeline is market by market, not a forced march, but where we perceive there to be a need for a variety of reasons. Yep. Thank you. You're welcome. Our next question comes from Brandon Nispel with KeyBanc Capital Markets. Your line is now open. Great. Thanks for taking the questions. A lot of them have been asked. I guess for Todd, if starts are down, how much capital spending come down for network expansion? I noticed it was down this quarter. What should we be expecting in terms of new home passings within your footprint? I'll just leave it at that. Thanks. Thanks for the question, Brandon. appreciate that. The new homes passed, we were up a little, I think it was like 1.8175% year-over-year. We've kind of always talked about that as being in the, you know, 1.5, market expansion where we are either extending or in some cases building in some new markets in and around our current geographies will be the primary driver of that. Of course, where there was, you know, meaningful amount of, population growth in many of our markets and developers adding new neighborhoods. We expect that to continue. It's been a little bit more benign here in the last 6- 9 months as we've talked about on several of these calls, as it relates to the new home development, but more of a, what we anticipate to be a temporary macroeconomic impact than a long term, you know, where are people looking to live. The capital dynamic, you know, will obviously have some impact associated with that. It will ebb and flow a little bit on when we're, you know, doing projects on the integration side, which are still in flight as it relates to some of the platform migrations as we've talked about. Market expansion, you know, has... I wouldn't call it a straight line level of where that spend is, but something that we absolutely feel is within that kind of broader, you know, $400 per year kind of dollar consistency that we've talked about. The new home passings are incredibly cyclical. I mean, our markets, we have many markets that are growing, and developments are planned, but when the economy is like it is right now, they might just be doing curb and gutter work and not actually building the homes. They will be built. They will be built. It's just a matter of time. Got it. If I could ask one last, I guess it's a follow-up, but you commented on not being able to forecast broadband net adds that well. I would imagine that you still expect to grow this year, broadband net adds that is. Do you expect to grow every quarter this year sequentially? Thanks. I would agree with your comment that we fully expect to grow broadband adds. We've been very consistent in saying that. I think we've demonstrated that in this quarter. To predict it on a quarter-by-quarter basis is a little bit more challenging, Brandon, as you know. We've seen somewhat of return to the predictable seasonality than what I think even in, like, early 2022 we were trying to follow that, and it was still kind of, you know, more challenging to actually follow and predict. Again, you're throwing macroeconomic headwinds into things now and obviously a different competitive environment. We are very confident we can continue to grow through the year. Which again is cyclical. Yeah. No, I agree. We will grow. Thank you. Thank you. There are no more questions. I'll pass the call back over to the management team for closing remarks. Thank you, Jason. I'd like to once more express my gratitude to our dedicated associates for their unwavering commitment and hard work in driving our company and most importantly, serving our customers. Thanks to everyone for joining us for today's call. We look forward to speaking to you again next quarter. As many of our associates have already wished me today, I will also wish you, May the 4th be with you. That concludes the conference call. Thank you for your participation. You may now disconnect your lines.