Great. Thanks, Bill. Let me so I do have some slides. So a couple of housekeeping things. Number one, my microphone is not messed up. I am a brick. I've actually been here 36 years now, they still sound like this. So it really comments on it. The other thing is, W i A, just in full disclosure, a couple of things. Bryan Daley I see is on the agenda. Is on there right now. At&t is a member of the W i A as well. Okay, as of the other operators, towel companies, etc, so, and Bryan and I actually see each other occasionally in DC and stuff. One of my roles at Oh, and finally, I also have, I have a research company called IGR. I've been doing this since 94 and I've known the WIA right since the beginning, actually, so go back quite a way. One of the things I do for the WA is I sit on the FCC Technical Advisory Committee. That is the committee that kind of makes, does assessments and makes recommendations to the FCC on technology. It is the organization that actually came up with the CBRs licensing and structure for that that was all done through the TAC. So the TAC has got a pretty long standing reputation. I represent wa members on that committee, so you'll see some references to that, so just in full disclosure. So I'm going to share my screen here. Can you all see that? Yes, all right, so I won't put it in presentation mode, because it gets kind of gets kind of weird, as we all know. So I'm just gonna, I've got four slide slides here, so I'll go through this, then we can open up for Q and A. So firstly, the cellular network architecture. This is the actually not so simplified view of how the network actually works. So you've got your phone there on the if you look at the diagram there on the left hand side, there, you've got your phone, you've got your home. You could have an apartment building with antennas on them. So if you've got the fixed, 5g fixed wireless home broadband, all the different names that it has, the different providers in your house, that is a wireless connection for broadband. Obviously, your cell phone, we use radio frequency spectrum to connect to the tower. So the tower could be half a mile, quarter mile, it could be a small cell. Could be closer. Mine is there's two actually, one on the back of my house, one at the front, each about a mile away. Connect with spectrum, to the antenna, to the radio, goes through fiver to the processing at the bottom of the tower, and then goes into what we call the 5g core, which does all the processing, all the smarts, that connects out to the internet. So if I were to call bill, then my phone would connect to my cell site, go through the network, out through the into the core, connect to Bill's provider. And in my case, it's AT and T, let's say bills on AT and T as well. Then it would go to him, fine. It knows where Bill is and connects the local cell site, then connects with spectrum to his phone. Okay, so that's how it works. So we call it a wireless network. The joke is, it's only about the last half mile or so is actually wireless. The rest of it is wired. And so, yeah. That's how it works. So when you look at this picture, nothing works without spectrum. Okay? We need that connection to between the phone and the antenna. It is licensed by the FCC. They are the the watchdogs, the keepers of the keys, etc. And over the last since 1982 actually, obviously, the carriers have built up portfolios of spectrum I listed there. We've got 700 megahertz, 850 megahertz, 1700s 2100, megahertz, two and a half gig, 2500 Meg, three to three and a half gig. Those are the licensed bands, and there's multiples within there. We also have unlicensed spectrum, which is what you use for Wi Fi or your garage door opener or Bluetooth. So we have lots of different spectrum out there. The other one you'll be familiar with, and Bill is an old guy like me, and it looks like Steve's an old guy, and I know Bryan is so you remember a car radio where you used to turn the knob to tune the radio, or push a little button, right? And it would jump to 101.5 megahertz, or 90.5 right? Same spectrum, just a different part of the band. So public radio is licensed. Radios stations are lower in the band than cellular. We're up at 700 megahertz and higher. Okay, there's plenty more. There's radar also radio frequency. So there's a lot of spectrum out there. I could have shown you a big picture, didn't want to get complicated. Now the carriers have different bands. They propagate different distances. I'll show you this in a second, and that's important. So a 700 megahertz license or signal will go a lot further through the air than two and a half gig or three gigahertz. That means, if it goes further, you need fewer cells to cover an area, right? But if we get more cells in there, we get more capacity. So the carriers have different spectrum. They put them at different heights on towers. You'll see big towers, small towers. You'll see a tower with lots of antennas up and down it. And as I said, it's all licensed by the FCC. So if we have more spectrum, that means we can have more network capacity, higher speeds, more bandwidth. We can have more conversations. So my phone here, when it's on, when it's working, will take a piece of spectrum, and I get that that's mine while I'm using that connection. So the more spectrum we have, the more connections we can have. It also makes the network more efficient. The bigger the bandwidth we have, the more efficient we can be through lots of physics and engineering and technology. So none of this works without spectrum. And so that's why, you see the carriers, the industry, pay a lot of attention to to what we're going to get. Now, the next one I want to show you, this. This a little physics. It's you guys in Arizona, it's relatively flat, apart from the Grand Canyon. I did rim to rim last September, by the way, it's relatively flat, but it's also very dry. So you don't have many raindrops in the air. When you have raindrops, the RF, the radio frequency signal, hits a raindrop, it disperses. So the way you engineer a network in Arizona, compared to somewhere like Seattle or Alaska, which is very wet, is different. The engineers actually account for things like snow on trees, the amount of moisture in the air, rain drops. They also account for hills, because radio frequency doesn't go through Hills very well. It doesn't go through metal buildings cause problems. So if you look at this, the the the diagram there on the right, you'll see we have something called path loss. So we can have a great signal coming off a tower. But if there's a mountain in the way, or a building, or a wet building, is even worse then the signal is going to degrade, and that's why you can have your phone and you can walk through a downtown area and you can see the signal increase and decrease, or you know you're going to get a drop call at a certain point, things like this, but but raindrops cause a lot of issues. So it's a lot of engineering, a lot of physics, a lot of design goes into the design of networks. Okay, so we want more spectrum, the carry the industry. We've got 5g we're looking at five. Advanced, now and then, 6g towards the end of the decade. Okay? 5g advanced. 5g uses more bandwidth than 4g did we want bigger chunks to be effective? 6g is going to want an even bigger chunk. So to give you an idea, a full channel of 4g LTE was 20 megahertz. That's how big it was. 5g is 100 megahertz. You can put 5g into a 20 megahertz slice, but it doesn't you get some benefit, but not much. Put it into 100 you get a lot of benefits. 6g we're talking about 500 megahertz channels may not get that high, and we'll have to see what happens. So we want more spectrum. The problem is there's no real easy spectrum left in the past. We've had chunks of spectrum that have been underutilized or not utilized very well, we've been able to move a few users out of the way and have those auctions. Okay? So the FCC is the one who's responsible for licensing here. They do conduct auctions of spectrum. The last one we had a few years ago was C band three and a half gig, and raised $81 billion you know. So this is, this is real money. Here we're talking about now a couple of problems. Number one, the FCC right now does not have spectrum authority. It's, it's awarded by Congress due to some things that happened a few years ago, that authority lapsed. So right now, the FCC is actually not legally allowed to run an auction. So if we had some spectrum identified, I'll come to that in a second. The FCC actually couldn't auction it right now, that can be reinstated by Congress. There was discussion is going to happen last year, it didn't happen. There's more discussion will happen this year. It's just a matter of getting it through the process. But the main function there of the FCC is to license the spectrum. They can they can plan a spectrum. They can put all the bones together this. Can't run it. They cannot push the button. The FCC and the NTIA both working to look for new spectrum. There's been plans put out there. It's quite public. We're looking at it for 5g advanced, as I said, in 6g we need some big chunks, as I said, and we're looking at more stuff in the three gigahertz band. There's also the six and seven gigahertz band, and there's other bands as well. There's 12 and 13 gigahertz now, as we go higher like that, remember what I said about the 700 megahertz signal goes further. You get bigger cells. When we get to six and seven gigahertz, we're going to have relatively really small cells. So that means more equipment, or cell sites, etc. So there's benefit. You get more capacity. There's benefits to going higher, but there's also drawbacks to going higher. And you know, it depends what you're trying to do, but the sweet spot right now is around the mid band. About the three gigahertz band is what's deemed most effective or attractive these days, and Bryan may comment on this as well. You can purchase spectrum privately, so dish holds a lot of mid band spectrum, and they won some at auction a few years ago, built a network, etc, if dish decided it wanted to sell some or license some, some license, somebody else to do that. They could do that. They would need permission from the FCC. But that's not an auction. That's a private sale. Also, investors purchased a lot of C band, a lot of the original AWS band as well. And they, they basically raised money, went and bought the spectrum and sit on it and wait until the market demands more, and then they can do a transaction later date, make some money, so that that is a plan that some people have depends on where the spectrum is and things like this. As I said, there's no easy spectrum bands left. Everything today is going to require some form of Spectrum sharing. And I mentioned I sat on the FCC TAC, one of the working groups is called advanced Spectrum sharing, which I sit on. So we have weekly discussions on different ways to share spectrum, different mechanisms, benefits, drawbacks, etc, and we are due to report in September of this year on our recommendations for sharing new spectrum. Okay, now a lot of the spectrum is held by the Department of Defense, CBR. S, if you're familiar with that, was is used by ship born radar. And so there are some sharing mechanisms within the CBRs structure that if a ship is in harbor or some planes coming to land on the ship, it blocks out CBRs in that area while the Navy is using it. So the lot of work went into that sharing mechanism that's probably going to get repurposed in some fashion, same type of mechanisms we'll look at going forward, but, but we don't report until September. There'll then be a comment period, etc, which will run into 2026, and and then, of course, we're going to decide which spectrum we're going to auction at future. So the best case to get new spectrum in the hands of the operators after an auction is probably around 2030 it could be 2029 probably 2030 AT and T is actually stated publicly. They don't expect anything between before 2030 or 2032 so, and they're not unusual. At that time, I was talking to T Mobile a few weeks ago, same thing. So given that we're in the nearly the middle of 2025 here, we've got a lot of steps that we have to go through in order to get that new spectrum in the hands of the carriers, least of which is the FCCs, ability, legal ability, to actually conduct an auction. So that was a very quick I was Bill said 10 minutes, so three or four slides, but any questions that make sense? Anything?