TMO was first to widespread mid-band, more than doubling capacity. Mid-band Massive MIMO yields more capacity than most telcos can sell into late in the decade.
Over-capacity, not network buildout, is the biggest problem telcos face today.
This year is sort of a peak capital year with well over $13 billion in capital, but it will go down now to support this business plan because we’re through the major part of the integration, ’23 capital will be lower. And you start to see EBITDA will be higher and you start to see the cash unlock start to take off.