John Hodulik

Sprint has a relatively low or a relatively little low band spectrum. Obviously, you’re not taking part in the auctions, meaning you’re one of the few companies that can actually talk about them. What’s your view on the value of low band spectrum and is it something that you may look to sort of fill in the future?

Tarek Robbiati

So, we have – if you look at our 800 MHz holdings, we actually have more 800 MHz spectrum than T-Mobile does. And when you really look at the spectrum capacity of 800 per subscriber and when you adjust for the scale of AT&T and Verizon, we’re not that far off either from them too.

Look, spectrum is a scarce asset. Whether you’re in low band or mid-band, it's a scarce asset. There is always need for a spectrum. And spectrum, we’ll continue to appreciate. But what we have witnessed is greater appreciation of mid to high band spectrum, like 2.5 because the world where we're evolving towards is a world of high-capacity network, high-capacity available over-the-air and that world can only be attained by putting in sub 3 GHz spectrum over the air in large quantity.