...A. Overview: Since the start of 2019, 5G spectrum auctions, mainly in the mid band, have collectively driven over $155b in purchase price proceeds across Co.'s served market. 1. These acquisitions of large swaths of new spectrum have kicked off what Co. believes will be at least a decade-long period of network investments, aimed at delivering on the promises of 5G's faster and lower latency applications. a. b. Anticipates this will result in $5b of incremental annual customer CapEx spend in the United States, on avg. vs. the levels Co. saw throughout the 4G cycle. c. Additionally, in US, the visibility Co. gained through the comprehensive MLAs it has put in place with AT&T, T-Mobile, DISH and most recently, Verizon, supports its expectation that these investments will drive a near-term acceleration in organic new business growth and a sustained level of elevated tower activity over a multi-year period. 2. As Co. saw during the rollout of 4G, it expects investment cycle to play out in two...
