Backhaul reality check

Not on current evidence. Implemented contracts run 22–28%: Southbridge at 24% (assumed 30%) and Kestrel at 26% (assumed 20% — the only over-achiever in memory). The 35% assumed for Meridian sits above every observed actual, worth roughly −0.4 pts if it lands at the precedent midpoint. If the customer's inbound profile genuinely supports 35%, the response should evidence it — otherwise price at 25% and treat any upside as margin.