美國電塔 (AMT) 2023 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the American Tower First Quarter 2023 Earnings Conference Call. As a reminder, today's conference call is being recorded. Following the prepared remarks, we will open the call for questions. (Operator Instructions) I would now like to turn the call over to your host, Adam Smith, Senior Vice President of Investor Relations. Please go ahead, sir.

女士們，先生們，謝謝你們的支持。歡迎來到 American Tower 2023 年第一季度收益電話會議。提醒一下，今天的電話會議正在錄製中。在準備好的評論之後，我們將開始提問。 （操作員說明）我現在想把電話轉給你的主持人，投資者關係高級副總裁亞當史密斯。請繼續，先生。

Good morning, and thank you for joining American Tower's First Quarter 2023 Earnings Conference Call. We have posted a presentation, which we will refer to throughout our prepared remarks under the Investor Relations tab of our website, www.americantower.com.

早上好，感謝您參加 American Tower 2023 年第一季度收益電話會議。我們已經發布了一份演示文稿，我們將在我們網站 www.americantower.com 的“投資者關係”選項卡下的整個準備好的評論中引用該演示文稿。

On this morning's call, Tom Bartlett, our President and CEO, will provide an update on our U.S. tower and data center businesses. And then Rod Smith, our Executive Vice President, CFO and Treasurer, will discuss our Q1 2023 results and revised full year outlook. After these comments, we will open up the call for your questions.

在今天上午的電話會議上，我們的總裁兼首席執行官湯姆·巴特利特 (Tom Bartlett) 將介紹我們在美國的鐵塔和數據中心業務的最新情況。然後，我們的執行副總裁、首席財務官兼財務主管羅德·史密斯 (Rod Smith) 將討論我們 2023 年第一季度的業績和修訂後的全年展望。在這些評論之後，我們將打開您的問題電話。

Before we begin, I'll remind you that our comments will contain forward-looking statements that involve a number of risks and uncertainties. Examples of these statements include our expectations regarding future growth, including our 2023 outlook, capital allocation and future operating performance. Our collections expectations associated with Vodafone Idea in India, and any other statements regarding matters that are not historical facts.

在我們開始之前，我會提醒您，我們的評論將包含前瞻性陳述，這些陳述涉及許多風險和不確定性。這些陳述的示例包括我們對未來增長的預期，包括我們的 2023 年展望、資本配置和未來經營業績。我們對印度 Vodafone Idea 的收集期望，以及與非歷史事實相關的任何其他陳述。

You should be aware that certain factors may affect us in the future and could cause actual results to differ materially from those expressed in these forward-looking statements. Such factors include the risk factors set forth in this morning's earnings press release, those set forth in our Form 10-K for the year ended December 31, 2022, and in other filings we make with the SEC. We urge you to consider these factors and remind you that we undertake no obligation to update the information contained in this call to reflect subsequent events or circumstances.

您應該知道，某些因素可能會在未來影響我們，並可能導致實際結果與這些前瞻性陳述中表達的結果存在重大差異。這些因素包括今天上午的收益新聞稿中規定的風險因素、我們截至 2022 年 12 月 31 日止年度的 10-K 表格中規定的風險因素，以及我們向美國證券交易委員會提交的其他文件中規定的風險因素。我們敦促您考慮這些因素並提醒您，我們沒有義務更新本次電話中包含的信息以反映後續事件或情況。

With that, I'll turn the call over to Tom.

有了這個，我會把電話轉給湯姆。

Thanks, Adam, and thanks to everyone for joining us this morning. As is customary for our first quarter call, my comments today will focus on our U.S. business, which is principally comprised of our tower and data center platforms, which made up 55%of our consolidated property revenue and 64% of our property operating profit in the first quarter of 2023.

謝謝亞當，感謝大家今天早上加入我們。按照我們第一季度電話會議的慣例，我今天的評論將集中在我們的美國業務上，該業務主要由我們的塔和數據中心平台組成，占我們合併財產收入的 55% 和財產營業利潤的 64% 2023 年第一季度。

With regard to our tower platform, the secular tailwinds that have supported outstanding growth over the last 2 decades remain consistent. Every year, U.S. wireless subscribers consume more mobile data through a growing number of devices and applications requiring faster speeds and lower latency performance. As a result of the increasing levels of data being consumed, our customers are deploying more equipment on our towers to meet that demand.

在我們的塔式平台方面，過去 20 年支持顯著增長的長期順風保持一致。每年，美國無線用戶通過越來越多需要更快速度和更低延遲性能的設備和應用程序消耗更多的移動數據。由於消耗的數據量不斷增加，我們的客戶正在我們的塔上部署更多設備以滿足這一需求。

In addition, and more than ever before, our customers are utilizing multiple bands of spectrum to deliver those high-quality, ubiquitous levels of service. In 2022, U.S. carriers deployed around $40 billion in network capital to provide nationwide 5G services on mid-band spectrum. This record level of activity is reflective of the first major wave of the typical investment cycles we've seen over the last 20 years, during which carriers amend existing sites to provide initial coverage and capacity with the new technology and harvest benefits from core network enhancements and spectral efficiencies.

此外，我們的客戶比以往任何時候都更多地利用多個頻段來提供高質量、無處不在的服務水平。 2022 年，美國運營商部署了約 400 億美元的網絡資本，以在全國范圍內提供中頻頻譜上的 5G 服務。這一創紀錄的活動水平反映了我們在過去 20 年中看到的典型投資週期的第一波主要浪潮，在此期間，運營商修改現有站點，以提供新技術的初始覆蓋和容量，並從核心網絡增強中獲益和頻譜效率。

In previous cycles, these initial peaks have typically been followed by periods of moderation in overall spending, driven in part by reductions in spend on core upgrades, fiber and other infrastructure assets. However, we've historically seen tower spend remain in focus as our customers look to support continuous growth in mobile data consumption and provide market-leading network quality and reliability. And we would expect more of the same over the 5G cycle.

在之前的周期中，這些初始峰值之後通常會出現總體支出放緩的時期，部分原因是核心升級、光纖和其他基礎設施資產支出減少。然而，從歷史上看，隨著我們的客戶希望支持移動數據消費的持續增長並提供市場領先的網絡質量和可靠性，我們一直關注塔式支出。我們預計在 5G 週期內會有更多相同的情況。

In 2023, while we're still in the relatively early stages of the overall 5G rollout, we continue to see customers making significant investments into their networks as part of their broader coverage initiatives, having yet to invest in densification at scale. These investments into adding and modifying equipment on our sites, which we've monetized to our MLAs, is driving 5.6% organic growth in Q1 or nearly 7%, absent the impacts of Sprint churn, our strongest quarter since Q1 of 2020 and for the full year, we expect $220 million in year-over-year growth contributions from colocations and amendments, a record for our U.S. business.

到 2023 年，雖然我們仍處於 5G 整體推出的相對早期階段，但我們繼續看到客戶對其網絡進行大量投資，作為其更廣泛覆蓋計劃的一部分，但尚未大規模投資於緻密化。這些用於在我們的網站上添加和修改設備的投資，我們已經通過我們的 MLA 獲利，推動了第一季度 5.6% 的有機增長或近 7%，不包括 Sprint 流失的影響，這是自 2020 年第一季度以來最強勁的一個季度和全年，我們預計託管和修改的同比增長貢獻為 2.2 億美元，創下我們美國業務的記錄。

Looking out over the next several years, we see an environment that is supportive of continued strong performance in the U.S. as the 5G investment cycle progresses and densification occurs. In American Tower, we've underwritten this expectation into the comprehensive MLAs that underpin our expectation to deliver average annual organic growth of at least 5% or 6% excluding the Sprint churn over the next 5 years, which closely mirrors the 6.2% average organic growth we experienced between 2016 and 2020.

展望未來幾年，隨著 5G 投資週期的推進和密集化的發生，我們看到一個支持美國持續強勁表現的環境。在 American Tower 中，我們已將這一預期納入全面的 MLA，支持我們預計在未來 5 年內實現至少 5% 或 6% 的年均有機增長（不包括 Sprint 流失），這與 6.2% 的平均有機增長率非常接近我們在 2016 年至 2020 年間經歷了增長。

Further, industry estimates suggest total monthly mobile data consumption that will require increased speed and lower latency is set to grow at a compounded annual rate of above 20% over the next 5 years, which we expect to be driven by continuous increases in mobile network utility, irrespective of potential impacts from any one category of new applications.

此外，行業估計表明，需要提高速度和降低延遲的每月移動數據總消耗量將在未來 5 年內以超過 20% 的複合年增長率增長，我們預計這將受到移動網絡效用持續增長的推動，無論任何一類新應用的潛在影響如何。

As a result, we believe our customers' networks will need to provide at least 2x the network capacity they have today in 3 to 4 years or roughly 3x today's capacity as we approach the end of the decade.

因此，我們相信我們客戶的網絡將需要在 3 到 4 年內提供至少 2 倍於目前的網絡容量，或者在我們接近本世紀末時提供大約 3 倍於目前的網絡容量。

Over time, we expect our customers to meet this demand through continued network upgrade and densification initiatives, spectrum refarming and the deployment of 5G on new spectrum. In this context, we believe our portfolio of over 43,000 sites is optimally positioned to serve our customers across the balance of the 5G cycle with significant capacity to accommodate additional equipment and new tenancies even beyond what's been contractually locked in today.

隨著時間的推移，我們希望我們的客戶能夠通過持續的網絡升級和緻密化計劃、頻譜重整以及在新頻譜上部署 5G 來滿足這一需求。在這種情況下，我們相信我們擁有超過 43,000 個站點的產品組合處於最佳位置，可以在 5G 週期的剩餘時間內為我們的客戶提供服務，並具有容納額外設備和新租約的強大容量，甚至超出今天合同鎖定的範圍。

As we've done historically, we anticipate leveraging our best-in-class internal processes to generate incremental efficiency in the business and higher levels of service for our customers with both resulting in increasing conversion of our top line growth to AFFO.

正如我們過去所做的那樣，我們預計利用我們一流的內部流程來提高業務效率並為我們的客戶提供更高水平的服務，從而增加我們的收入增長向 AFFO 的轉化。

Through a combination of organic growth and M&A, we've added nearly $2.4 billion in annual property revenues to our U.S. and Canada segment since 2014, paired with less than $60 million in incremental SG&A expense or roughly 2% of the corresponding revenue growth. This prudent approach to cost management and operational efficiency has helped to drive operating profit margin expansion in the segment by roughly 400 basis points over the period.

通過有機增長和併購相結合，自 2014 年以來，我們的美國和加拿大分部每年增加了近 24 億美元的房地產收入，同時增加的 SG&A 費用不到 6000 萬美元，相當於相應收入增長的大約 2%。這種審慎的成本管理和運營效率方法有助於推動該部門的營業利潤率在此期間增長約 400 個基點。

Going forward, given the benefits of our established scale, demonstrated ability to maximize the operating leverage potential inherent to our model and concerted efforts to further drive cost efficiencies at every level of the organization, we see a tremendous opportunity for capacity utilization in our existing assets to drive high-margin growth and expanding returns on invested capital as the 5G landscape continues to mature.

展望未來，鑑於我們既有的規模所帶來的好處，展示了最大限度地發揮我們模型固有的運營槓桿潛力的能力，以及進一步推動組織各個層面的成本效率的共同努力，我們看到了現有資產產能利用的巨大機會隨著 5G 格局的不斷成熟，推動高利潤率增長和擴大投資回報率。

Now with respect to our CoreSite U.S. data center platform, we are equally excited about the prospects for value creation. Increasingly complex digital business demands require enhanced infrastructure performance and flexibility. CoreSite serves as an optimal nexus for the cloud service providers, service integrators, networks and enterprise customers interoperate to propel their business initiatives forward.

現在，就我們的 CoreSite 美國數據中心平台而言，我們對價值創造的前景同樣感到興奮。日益複雜的數字業務需求需要增強的基礎架構性能和靈活性。 CoreSite 是雲服務提供商、服務集成商、網絡和企業客戶互操作以推動其業務計劃向前發展的最佳紐帶。

We continue to see customers landing and expanding with CoreSite because it provides native access to key cloud service platforms and a diverse ecosystem, which allows them to serve their customers in a way that is flexible, scalable and it drives growth and efficiency in their businesses. This is reflected in the continued strength of CoreSite's leasing results, interconnection growth driven by both existing customers and new logos, as well as the ability to drive pricing, solid renewal rates and generate industry-leading returns.

我們繼續看到客戶通過 CoreSite 著陸和擴展，因為它提供了對關鍵雲服務平台和多樣化生態系統的本地訪問，這使他們能夠以靈活、可擴展的方式為客戶服務，並推動業務增長和效率。這反映在 CoreSite 租賃業績的持續強勁、現有客戶和新標識推動的互連增長，以及推動定價、穩定的續訂率和產生行業領先回報的能力上。

We also recognize that we're still in the early stages of a broader digital transformation and movement. Each year, data center workloads and compute instances continue to grow at a rate of approximately 12% in the vast majority of all new IT architectures deployed into cloud and hybrid environments that CoreSite is uniquely positioned to support.

我們還認識到，我們仍處於更廣泛的數字化轉型和運動的早期階段。每年，在部署到 CoreSite 獨特定位支持的雲和混合環境中的絕大多數新 IT 架構中，數據中心工作負載和計算實例繼續以大約 12% 的速度增長。

Additionally, we continue to expect to generate long-term growth from enterprise digital transformations and IT hybridization as organizations face workload management challenges that require the operational optionality, agility and critical interconnection capabilities that our CoreSite data center platform offers.

此外，隨著組織面臨工作負載管理挑戰，這些挑戰需要我們的 CoreSite 數據中心平台提供的操作選擇性、敏捷性和關鍵互連功能，我們繼續期望通過企業數字化轉型和 IT 混合化實現長期增長。

Importantly, the absorption of this type of demand drives incremental value to our interconnection ecosystem and further builds on the momentum behind the CoreSite flywheel and the value we can provide our customers. So we see a long tail of opportunity to continue growing and scaling our campuses, and we have the added benefit of being able to prudently select opportunities that are accretive to our ecosystem.

重要的是，對此類需求的吸收為我們的互連生態系統帶來了增量價值，並進一步建立在 CoreSite 飛輪背後的動力和我們可以為客戶提供的價值之上。因此，我們看到了繼續發展和擴大我們校園的機會的長尾，而且我們還有一個額外的好處，那就是能夠審慎地選擇對我們的生態系統有利的機會。

As a result, we'll continue to invest cash flows generated in the data center segment back into the business, provide our customers incremental confidence in a long runway for growth with CoreSite and generate highly attractive returns.

因此，我們將繼續將數據中心部分產生的現金流投資回業務，為我們的客戶提供對 CoreSite 長期增長的信心，並產生極具吸引力的回報。

Meanwhile, our teams continue working to develop solutions that leverage our combined communications real estate platforms to position American Tower as a leading infrastructure provider for the networks of the future and create incremental value for our customers and shareholders alike.

與此同時，我們的團隊繼續致力於開發解決方案，利用我們的綜合通信房地產平台將 American Tower 定位為未來網絡的領先基礎設施提供商，並為我們的客戶和股東創造增量價值。

In summary, our foundational U.S. tower and data center platforms are set to deliver continued growth and strong returns. We believe that the long-term secular tailwinds, the differentiated high-quality nature of both our U.S. tower portfolio and our data center interconnection platform, the value proposition they represent for our customers and the seasoned high talented teams managing them uniquely positions American Tower to create significant incremental value for the industry and our shareholders for many years to come.

總之，我們的基礎美國塔和數據中心平台將提供持續增長和強勁回報。我們相信，長期的長期順風、我們的美國鐵塔產品組合和我們的數據中心互連平台的差異化高質量特性、它們為我們的客戶所代表的價值主張以及管理它們的經驗豐富的高素質團隊，使 American Tower 處於獨特的地位在未來許多年為行業和我們的股東創造顯著的增量價值。

With that, I'll hand the call over to Rod to discuss our Q1 results and expectations for the balance of the year. Rod?

有了這個，我會把電話轉給羅德來討論我們第一季度的結果和對今年剩餘時間的期望。桿？

Thanks, Tom. Good morning, and thank you for joining today's call. As you saw in our press release, we are off to a solid start to the year with performance exceeding our initial expectations across many of our key metrics.

謝謝，湯姆。早上好，感謝您參加今天的電話會議。正如您在我們的新聞稿中看到的那樣，我們今年開局良好，許多關鍵指標的表現都超出了我們最初的預期。

Before diving into the results and the revised outlook for 2023, I'll start with a few highlights from the quarter. First, despite ongoing macroeconomic volatility, strong demand trends continue to drive favorable leasing and growth across our global footprint, which is a testament to the resiliency and stability of our business.

在深入探討 2023 年的結果和修訂後的前景之前，我將從本季度的一些亮點開始。首先，儘管宏觀經濟持續波動，但強勁的需求趨勢繼續推動我們全球足蹟的有利租賃和增長，這證明了我們業務的彈性和穩定性。

In Q1, we posted consolidated organic tenant billings growth of over 6%, our highest rate since 2017 and an over 300 basis point acceleration as compared to Q1 of 2022. This includes growth through colocations and amendments of over 5%, our highest in 3 years, as carriers continue to leverage our leading macro tower portfolio to aggressively roll out their networks to meet customer demand.

在第一季度，我們公佈了超過 6% 的綜合有機租戶賬單增長，這是自 2017 年以來的最高增長率，與 2022 年第一季度相比加速了超過 300 個基點。這包括通過託管和修改實現的增長超過 5%，這是 3 年來的最高水平多年來，隨著運營商繼續利用我們領先的宏塔產品組合積極推出網絡以滿足客戶需求。

Organic leasing growth was further complemented by another quarter of strong new build volumes as we continue to leverage our scale and capabilities to attract accretive development opportunities from our leading customers across our international business.

隨著我們繼續利用我們的規模和能力從我們的國際業務中的主要客戶那裡吸引增長的發展機會，另外四分之一的強勁新建築量進一步補充了有機租賃增長。

Finally, we had another record quarter of leasing from CoreSite, continuing the momentum from what was a record-breaking 2022 and exceeding our initial underwriting plan.

最後，我們從 CoreSite 獲得了另一個創紀錄的季度租賃，延續了 2022 年破紀錄的勢頭，並超過了我們最初的承保計劃。

Complementing our solid top line trends, our focus on cost management, combined with the inherent operating leverage in the tower model, drove margin expansion of approximately 270 basis points as compared to Q1 of last year to 63.7%, with the benefits being more noticeable given the absence of material M&A.

作為我們堅實的收入趨勢的補充，我們對成本管理的關注，加上塔式模型中固有的運營槓桿，推動利潤率比去年第一季度增加了約 270 個基點，達到 63.7%，收益更加明顯，因為沒有實質性的併購。

Going forward, we'll continue to manage our business with cost discipline, maximizing the profitability of our strong reoccurring organic growth profile.

展望未來，我們將繼續以成本紀律管理我們的業務，最大限度地提高我們強勁的持續有機增長的盈利能力。

Next, we access the debt capital markets, successfully issuing $1.5 billion in unsecured notes and $1.3 billion in secured notes at attractive terms. Proceeds from these offerings more than cover our Q1 maturities and the remainder, together with the proceeds from various strategic initiatives, including the sale of the Mexico Fiber business, were used to pay down floating rate debt. As a result, we've reduced our floating balance by nearly $800 million year-to-date, now representing slightly over 20% of our debt structure.

接下來，我們進入債務資本市場，以極具吸引力的條款成功發行了 15 億美元的無擔保票據和 13 億美元的有擔保票據。這些產品的收益超過了我們第一季度的到期和其餘部分，連同各種戰略計劃的收益，包括出售墨西哥纖維業務，被用來償還浮動利率債務。因此，今年迄今我們的浮動餘額減少了近 8 億美元，目前占我們債務結構的 20% 多一點。

We'll continue to evaluate opportunities to further manage this balance over the course of the year. Finally, we continue to have constructive discussions with potential investors as we assess strategic options for our India business. We remain focused on executing an outcome that maximizes value and optimizes our global portfolio mix and the risk-adjusted return profile for American Tower and its stakeholders.

在這一年中，我們將繼續評估進一步管理這種平衡的機會。最後，在我們評估印度業務的戰略選擇時，我們將繼續與潛在投資者進行建設性討論。我們仍然專注於實現價值最大化的結果，並優化我們的全球投資組合組合以及美國鐵塔及其利益相關者的風險調整後回報狀況。

As we move forward, we will keep our investors informed of any new developments.

隨著我們的前進，我們將讓我們的投資者了解任何新的發展。

With that, please turn to Slide 6, and I'll review our property revenue and organic tenant billings growth for the quarter. As you could see, Q1 consolidated property revenue growth was over 4% and approximately 7% on an FX-neutral basis over the prior year period. This included U.S. and Canada property revenue growth of over 4%, international growth of over 3% or nearly 9%, excluding the impacts of currency fluctuations, and approximately 10% growth in our U.S. data center business.

有了這個，請轉到幻燈片 6，我將回顧本季度我們的財產收入和有機租戶賬單增長。如您所見，第一季度綜合房地產收入增長超過 4%，在外匯中性基礎上比去年同期增長約 7%。這包括美國和加拿大的房地產收入增長超過 4%，國際增長超過 3% 或近 9%，不包括貨幣波動的影響，以及我們美國數據中心業務增長約 10%。

In the quarter, we benefited from accelerated decommissioning-related settlements in Latin America, totaling approximately $39 million, partially offset by Vodafone Idea or VIL, revenue reserves of approximately $33 million, representing a modest improvement to payment trends as compared to the second half of 2022.

本季度，我們受益於拉丁美洲加速的退役相關結算，總額約為 3900 萬美元，部分被 Vodafone Idea 或 VIL 抵消，收入儲備約為 3300 萬美元，與下半年相比，支付趨勢略有改善2022.

Moving to the right side of the slide, organic tenant billings growth was a significant contributor to our overall revenue growth, standing at 6.4% on a consolidated basis, which as I mentioned, was our highest quarter since Q3 of 2017.

移動到幻燈片的右側，有機租戶賬單增長是我們整體收入增長的重要貢獻者，在綜合基礎上達到 6.4%，正如我提到的，這是我們自 2017 年第三季度以來的最高季度。

In our U.S. and Canada segment, organic tenant billings growth was 5.6% and nearly 7% absent Sprint-related churn, including a record quarter of colocation and amendment growth contributions of nearly $60 million, a nearly 65% increase as compared to the growth reported in Q1 of 2022.

在我們的美國和加拿大分部，有機租戶賬單增長 5.6%，近 7% 沒有 Sprint 相關的流失，包括創紀錄的季度託管和修正增長貢獻近 6000 萬美元，與報告的增長相比增長近 65% 2022 年第一季度。

Growth modestly exceeded our expectations, driven by some delays in churn, which we still anticipate to occur in the year and, to a lesser extent, new business upside. Similarly, our international operations experienced improvements across nearly all reported segments, generating organic tenant billings growth of 7.5% and an over 180 basis point acceleration from Q4 of 2022, which includes the benefits of CPI-linked escalator commencements across various contracts.

增長略微超出了我們的預期，這是由於客戶流失的一些延遲，我們仍然預計今年會發生這種情況，並且在較小程度上，新業務的增長。同樣，我們的國際業務在幾乎所有報告的細分市場都經歷了改善，有機租戶賬單增長了 7.5%，比 2022 年第四季度加速了超過 180 個基點，其中包括與 CPI 掛鉤的自動扶梯在各種合同中的啟動帶來的好處。

Africa generated its highest quarter on record with organic tenant billings growth of 12.1%, including escalator contributions of over 10% and a continuation of solid new business of nearly 7%. Growth in the quarter benefited from some delays in previously communicated carrier consolidation-driven churn, which we still expect to occur in the year.

非洲創造了有記錄以來最高的季度，有機租戶賬單增長 12.1%，其中自動扶梯貢獻超過 10%，新業務持續穩定增長近 7%。本季度的增長得益於之前傳達的運營商整合驅動的客戶流失的一些延遲，我們仍然預計今年會發生這種情況。

Turning to Europe, we saw a growth of 8.2% including over 6% from escalations, demonstrating our ability to monetize on CPI-linked escalators across the vast majority of our portfolio in the region.

談到歐洲，我們看到了 8.2% 的增長，其中超過 6% 來自升級，這表明我們有能力在該地區絕大多數投資組合中通過與 CPI 掛鉤的自動扶梯獲利。

In Latin America, we saw a growth of 6.1%, which includes relatively consistent escalator and new business growth, partially offset by the continued elevated churn, as we've highlighted on past calls. Churn in the quarter was favorable relative to our initial expectations as the decommissioning events have been slightly delayed to later in the year.

在拉丁美洲，我們看到了 6.1% 的增長，其中包括相對穩定的自動扶梯和新業務增長，部分被持續增加的客戶流失所抵消，正如我們在過去的電話會議上強調的那樣。由於退役事件已略微推遲到今年晚些時候，因此本季度的流失率高於我們最初的預期。

Lastly, in Asia Pacific, we saw a growth of 3.4%, demonstrating steady improvement over the past 3 quarters. This growth acceleration was mainly driven by colocation and amendment contributions as carriers ramp up 5G deployments. Organic tenant billings growth was further complemented by the construction of over 1,300 sites in the quarter, representing our 11th consecutive quarter of exceeding 1,000 sites, primarily in Africa and Asia Pacific, as carriers continue to invest in their network coverage and densification needs across the regions.

最後，在亞太地區，我們看到了 3.4% 的增長，表明在過去 3 個季度中穩步改善。隨著運營商加快 5G 部署，這種增長加速主要是由託管和修正貢獻推動的。本季度建設了 1,300 多個站點，這進一步補充了有機租戶賬單的增長，這是我們連續第 11 個季度超過 1,000 個站點，主要在非洲和亞太地區，因為運營商繼續投資於他們的網絡覆蓋和整個地區的密集化需求.

Initial returns remained solidly in the double digits with Q1 constructed sites yielding nearly 14% on day 1.

初始回報率保持在兩位數，第一季度建造的網站在第一天的收益率接近 14%。

Turning to Slide 7. Adjusted EBITDA grew nearly 9% to approximately $1.8 billion or nearly 10% on an FX-neutral basis for the quarter. As I mentioned in my opening remarks, adjusted EBITDA margin demonstrated an approximately 270 basis point improvement year-over-year to 63.7% and still an over 190 basis point improvement when normalizing both periods of VIL-related revenue and bad debt reserves in India. This margin expansion was achieved through a continued focus on cost controls, allowing for approximately 100% conversion of revenue to adjusted EBITDA growth. Again, on a normalized VIL basis and driving cash, SG&A as a percent of total property revenue down by approximately 50 basis points year-over-year to approximately 7.1% for the quarter.

轉到幻燈片 7。本季度調整後的 EBITDA 增長近 9%，達到約 18 億美元，在外匯中性基礎上增長近 10%。正如我在開場白中提到的，調整後的 EBITDA 利潤率同比提高約 270 個基點至 63.7%，並且在將印度 VIL 相關收入和壞賬準備金兩個時期正常化時仍提高超過 190 個基點。這種利潤率的增長是通過持續關注成本控制實現的，允許大約 100% 的收入轉化為調整後的 EBITDA 增長。同樣，在正常化的 VIL 基礎上和現金驅動下，SG&A 在本季度佔財產總收入的百分比同比下降約 50 個基點至約 7.1%。

Moving to the right side of the slide, attributable AFFO growth was 1.5%. While roughly flat on a per share basis, which includes financing cost headwinds of around 7.5% and 9.5% against attributable AFFO and attributable AFFO per share growth, respectively, primarily driven by the rise in rates over the past year.

移動到幻燈片的右側，可歸因於 AFFO 的增長率為 1.5%。雖然每股收益大致持平，其中包括融資成本對應佔 AFFO 和應佔 AFFO 每股增長分別產生約 7.5% 和 9.5% 的逆風，這主要是受過去一年利率上升的推動。

Let's now turn to our revised full year outlook. As mentioned earlier, we had a strong first quarter, outperforming our initial expectations across the majority of our key metrics. While we are excited about the results to date and the sustainable demand trends that underpinned our performance, we have largely kept core and full year assumptions consistent to our prior guide, given our early position in the year and some of the timing benefits I alluded to earlier. This approach for our Q1 guidance is relatively consistent to past years. This also includes our assumptions around VIL-related revenue reserves, which we've held at $75 million for the year.

現在讓我們來看看我們修訂後的全年展望。如前所述，我們第一季度表現強勁，在大多數關鍵指標上都超出了我們最初的預期。雖然我們對迄今為止的結果和支撐我們業績的可持續需求趨勢感到興奮，但我們在很大程度上保持了核心和全年假設與我們之前的指南一致，因為我們在今年早些時候的位置和我提到的一些時間優勢更早。我們第一季度指導的這種方法與過去幾年相對一致。這還包括我們對 VIL 相關收入儲備的假設，我們今年持有的收入儲備為 7500 萬美元。

As noted earlier, we did record approximately $33 million in VIL reserves in Q1 with the guide applying an improvement for the duration of the year, notably in the back half. This assumption is supported by certain factors that we've considered in our risk assessment, including the customers' contractual obligations for 2023, our latest conversations with VIL management, where they've committed to meet these contractual obligations, and a demonstrated improvement in payments by the customer in Q1 relative to the second half of 2022.

如前所述，我們確實在第一季度記錄了大約 3300 萬美元的 VIL 儲備，該指南在這一年期間進行了改進，特別是在下半年。這一假設得到了我們在風險評估中考慮的某些因素的支持，包括客戶 2023 年的合同義務、我們與 VIL 管理層的最新對話，他們承諾履行這些合同義務，以及付款方面的明顯改善相對於 2022 年下半年，第一季度的客戶。

Key updates to our revised outlook includes the impacts from the recent sale of the fiber business in Mexico, together with the upsides from FX derived using our standard methodology and several small adjustments below EBITDA at the attributable AFFO level.

我們修訂後的展望的主要更新包括最近出售墨西哥纖維業務的影響，以及使用我們的標準方法得出的外匯帶來的好處，以及在歸屬 AFFO 水平下低於 EBITDA 的幾項小幅調整。

With that, let's dive into the numbers. Turning to Slide 8. We are reducing our expectations for property revenue by approximately $20 million versus our prior outlook, driven by $45 million related to the sale of the fiber business in Mexico, partially offset by $25 million associated with the positive impacts of FX.

有了這個，讓我們深入研究這些數字。轉到幻燈片 8。與之前的預期相比，我們將對房地產收入的預期降低了約 2000 萬美元，原因是與出售墨西哥纖維業務相關的 4500 萬美元，部分被與 FX 的積極影響相關的 2500 萬美元所抵消。

Moving to Slide 9. We are reiterating our prior outlook expectations for organic tenant billings growth across our regions, and we'll continue to assess the positive momentum coming from our strong first quarter as we work further into the year.

轉到幻燈片 9。我們重申我們之前對我們地區的有機租戶賬單增長的展望預期，並且隨著我們在今年的進一步工作，我們將繼續評估我們強勁的第一季度帶來的積極勢頭。

Moving on to Slide 10. We are reiterating our adjusted EBITDA outlook with a decline of approximately $25 million related to the Mexico Fiber sale, offset by $25 million from positive impacts of FX.

轉到幻燈片 10。我們重申我們調整後的 EBITDA 前景，與墨西哥纖維銷售相關的下降約 2500 萬美元，被外彙的積極影響抵消了 2500 萬美元。

Turning to Slide 11. We are raising our expectations for AFFO attributable to common stockholders by $20 million at the midpoint and approximately $0.05 on a per share basis, moving the midpoint to $9.65 per share. Updates to our expectations, aside from FX, include the cash adjusted EBITDA reduction driven by the Mexico Fiber sale, offset by favorable net interest in part due to the use of the sale proceeds to pay down debt and some cash tax savings.

轉到幻燈片 11。我們將對普通股股東應佔 AFFO 的預期中點提高 2000 萬美元，每股約 0.05 美元，將中點上調至每股 9.65 美元。除外匯外，我們對預期的更新還包括墨西哥纖維銷售導致的現金調整後 EBITDA 減少，部分原因是由於使用銷售收益償還債務和一些現金稅節餘而產生的有利淨利息抵消了這一減少。

On an isolated basis, the Mexico Fiber sale resulted in a $15 million decline to attributable AFFO as compared to our prior outlook midpoint.

在孤立的基礎上，與我們之前的展望中點相比，墨西哥纖維的銷售導致應佔 AFFO 減少 1500 萬美元。

Moving on to Slide 12. I'll review our balance sheet and capital allocation priorities for 2023. Beginning on the left side of the slide, our capital allocation priorities for 2023 remain consistent with our prior outlook, which includes approximately $3 billion towards our common dividend, subject to Board approval, representing 10% growth year-over-year on a per share basis.

轉到幻燈片 12。我將回顧我們 2023 年的資產負債表和資本配置優先事項。從幻燈片左側開始，我們 2023 年的資本配置優先事項與我們之前的展望保持一致，其中包括約 30 億美元用於我們共同的股息，經董事會批准，每股增長 10%。

In addition, our CapEx outlook midpoints remain unchanged across all categories and support our initial plans to construct approximately 4,000 new sites across our international footprint.

此外，我們的資本支出展望中點在所有類別中保持不變，並支持我們在全球範圍內建設約 4,000 個新站點的初步計劃。

Moving to the right side of the slide. And as I highlighted earlier, we further strengthened our investment-grade balance sheet in the first 3 months of the year, extending our average maturity profile to nearly 6 years while reducing our floating rate debt balance to slightly over 20%. Additionally, we closed the quarter with net leverage of approximately 5.2x, well on track towards our deleveraging target of 3 to 5x.

移動到幻燈片的右側。正如我之前強調的那樣，我們在今年前 3 個月進一步加強了我們的投資級資產負債表，將我們的平均期限延長至近 6 年，同時將我們的浮動利率債務餘額減少至略高於 20%。此外，我們在本季度結束時的淨槓桿率約為 5.2 倍，正朝著我們 3 至 5 倍的去槓桿化目標邁進。

Consistent with our past remarks, we remain focused on driving shareholder value through our growing dividend and accretive CapEx program while strengthening our balance sheet through deleveraging, maximizing liquidity, managing a diverse pool of capital sources and an ongoing assessment of market conditions to potentially further term out floating rate debt and extend our maturity profile.

與我們過去的言論一致，我們仍然專注於通過我們不斷增長的股息和增加資本支出計劃來推動股東價值，同時通過去槓桿化、最大化流動性、管理多樣化的資本來源和對市場狀況的持續評估來加強我們的資產負債表，以可能延長期限擺脫浮動利率債務並延長我們的到期期限。

Turning to Slide 13 and in summary. Q1 was another strong quarter across our business with incremental steps taken towards strengthening our balance sheet. Underpinned by sustained demand trends across our global footprint, our leading portfolio of communications infrastructure assets generated accelerating leasing growth, while our capabilities as an operator and partner continue to afford us opportunities to deploy accretive capital to its high-yielding development projects.

轉到幻燈片 13 進行總結。第一季度是我們業務的又一個強勁季度，我們採取了漸進措施來加強我們的資產負債表。在我們全球足蹟的持續需求趨勢的支持下，我們領先的通信基礎設施資產組合產生了加速的租賃增長，而我們作為運營商和合作夥伴的能力繼續為我們提供了將增值資本部署到其高收益開發項目的機會。

We believe we are well positioned to drive compelling growth, supported by attractive secular trends across our global footprint and deliver solid returns to our shareholders over the long term.

我們相信，在我們全球足跡中有吸引力的長期趨勢的支持下，我們有能力推動引人注目的增長，並為我們的股東帶來長期的可觀回報。

With that, operator, we can open the line for questions.

有了它，接線員，我們可以打開問題熱線。

(Operator Instructions) We'll go to the line of Brett Feldman.

（操作員說明）我們將轉到 Brett Feldman 的線路。

I was hoping I can ask about some background on the sale of the Mexican fiber asset. What led to that? Was that something you were actively shopping? Or was there an inbound that came there? And then if we maybe just take a higher-level approach to this, you gave us an update you're considering and evaluating a potential equity sale in the India business. You just sold a piece of your Mexican business. Are you undertaking a broader portfolio rationalization strategy? And if that is the case or even if it was just India, where you would pull some additional proceeds in, how do we think about applying those proceeds especially now that you're getting close to the high end of your target leverage range?

我希望我能詢問有關出售墨西哥纖維資產的一些背景信息。是什麼導致的？那是你積極購買的東西嗎？還是那裡有入境？然後，如果我們可能只是對此採取更高層次的方法，你給了我們一個更新，你正在考慮和評估印度業務的潛在股權出售。您剛剛出售了一部分墨西哥業務。您是否正在實施更廣泛的投資組合合理化戰略？如果是這種情況，或者即使只是印度，你會在那裡獲得一些額外的收益，我們如何考慮應用這些收益，特別是現在你已經接近目標槓桿範圍的高端？

Yes. Brett, I'll start, and Rod can also obviously add on here. We look at every one of our assets in our markets repeatedly. And continually, we're looking at where are the best rates of return that we can drive, are there better places for us to reallocate capital. And so this is -- it's an ongoing process that we do internally.

是的。布雷特，我會開始，羅德顯然也可以在這裡補充。我們反複審視市場上的每一項資產。並且不斷地，我們正在研究我們可以推動的最佳回報率在哪裡，是否有更好的地方讓我們重新分配資本。所以這是 - 這是我們在內部進行的持續過程。

We also do it with our Board every year as well. And the business that we've had in -- the fiber business that we've had in Mexico, we've had for several years, was really part of our kind of initial innovation and platform extension approach. And the piece of that particular business was just a business that we couldn't generate the kinds of returns on that we had expected. And we felt that it would be a better -- and could be in better hands with somebody who had broader scale in the marketplace.

我們每年也與董事會一起這樣做。我們擁有的業務——我們在墨西哥擁有的光纖業務，我們已經擁有多年，確實是我們最初創新和平台擴展方法的一部分。而那個特定業務的一部分只是我們無法產生我們預期的那種回報的業務。我們覺得這會更好——並且可以更好地掌握在市場上規模更大的人手中。

And so as a result of our kind of ongoing review, it was a business that we've actively marketed over the last several months. And this is consistent with how we're thinking about even a market like India, as we've talked about in the past. It goes through that same kind of disciplined approach that we have. And we look at, okay, in each given market, again, like India, is there a better place to be able to reallocate some of that capital or invest in other products and services.

因此，由於我們正在進行的審查，這是我們在過去幾個月中積極營銷的一項業務。這與我們對印度這樣的市場的看法是一致的，正如我們過去所說的那樣。它採用與我們相同的紀律方法。我們看看，好吧，在每個給定的市場，再一次，比如印度，是否有更好的地方能夠重新分配一些資本或投資於其他產品和服務。

And so that's the process that we're going through right now, and Rod and I talked about it on the last call with you all. And we'll look to, as we did with the fiber, I mean, our goal from a balance sheet perspective is to delever, as we've talked about right now, and we use those proceeds from the fiber sale to do just that.

這就是我們現在正在經歷的過程，羅德和我在上次與大家通話時談到了它。我們將著眼於，就像我們對纖維所做的那樣，我的意思是，從資產負債表的角度來看，我們的目標是去槓桿化，正如我們現在所討論的那樣，我們使用纖維銷售的收益來做到這一點.

And we will continue to look at kind of delevering the balance sheet really over the next 12 to 18 months until we get it to a spot that we're really comfortable with.

在接下來的 12 到 18 個月裡，我們將繼續考慮真正讓資產負債表去槓桿化，直到我們真正感到滿意為止。

Brett, if I could just add a couple of points there. Thanks for the question. You see in our quarterly numbers here, we got our leverage down to 5.2%. And of course, as Tom said, we did use the proceeds from the fiber business to pay down debt. Not just to delever, but to actually reduce our exposure to floating rate debt, which we did, and we're down around that 20% number.

布雷特，如果我可以在那裡補充幾點。謝謝你的問題。你在我們這裡的季度數據中看到，我們的槓桿率降至 5.2%。當然，正如湯姆所說，我們確實用纖維業務的收益來償還債務。不僅僅是為了去槓桿化，而是為了真正減少我們對浮動利率債務的敞口，我們做到了，而且我們的數字下降了 20% 左右。

And that really shows our commitment to our investment-grade balance sheet in this environment, looking to delever, that's definitely top of the list when it comes to capital allocation once you get beyond paying the dividend and the dividend growth that we have.

這確實表明了我們在這種環境下對投資級資產負債表的承諾，希望去槓桿化，一旦你超越支付股息和我們擁有的股息增長，這絕對是資本配置的首要任務。

And we'll continue to focus on delevering the business until we get down within our target range of 3 to 5x. And we're also continuing to focus on reducing our exposure to floating rate debt. So we're within our policy now right at about 20%. But we're going to be looking at that and working to try to reduce that exposure on the floating rate side even more than that in the coming quarter. So you'll see us pretty active in that space.

我們將繼續專注於去槓桿化業務，直到我們降到 3 到 5 倍的目標範圍內。我們還將繼續專注於減少我們對浮動利率債務的敞口。所以我們現在在我們的政策範圍內，大約是 20%。但我們將著眼於此，並努力在下個季度減少浮動利率方面的風險敞口，甚至更多。所以你會看到我們在那個領域非常活躍。

Great. If you don't mind as a quick follow-up question. I mean, just being at 5.2x, which is so close to the high end of your range. It doesn't seem like it would take 12 to 18 months to get into that target range. And so is the right interpretation of that statement to say that in this environment, all things being equal, you would likely just continue to delever and particularly to pay down floating rate debt absent something that's highly compelling, meaning you may drift below 5x and closer to 3, if that's just the case?

偉大的。如果您不介意作為一個快速跟進問題。我的意思是，只是在 5.2 倍，這非常接近您範圍的高端。進入該目標範圍似乎不需要 12 到 18 個月。對該聲明的正確解釋是，在這種環境下，所有條件都相同，你可能會繼續去槓桿化，特別是償還浮動利率債務，除非有一些非常引人注目的東西，這意味著你可能會低於 5 倍甚至更接近到 3，如果只是這樣的話？

Absolutely right. You're exactly right. And now whether we go back down to 3x, it could be a bit of a stretch. But clearly, we want to get sub-5. And as Rod said, we really do want to lessen the exposure to the floating rate debt that we have on the balance sheet.

絕對正確。你完全正確。現在，無論我們是否回到 3 倍，都可能有點牽強。但很明顯，我們希望得到 sub-5。正如羅德所說，我們確實希望減少資產負債表上浮動利率債務的風險敞口。

One thing, Brett, that I'll just alert you to is don't be surprised if you see the 5 float back up a little bit, even maybe a 5, 3 in the coming quarters before you see it trending back down. That will just be a function of kind of where our EBITDA -- our quarterly annualized EBITDA might end up landing.

有一件事，布雷特，我要提醒你的是，如果你看到 5 稍微回升一點，甚至可能在未來幾個季度出現 5、3，然後你會看到它回落，請不要感到驚訝。這將只是我們的 EBITDA - 我們的季度年化 EBITDA 可能最終登陸的一種功能。

But that should not make you think that our commitment to delevering isn't as strong as we're suggesting it is. Because it is, but you may see it flow back up just a touch before you see it come back down.

但這不應讓您認為我們對去槓桿化的承諾不如我們所暗示的那麼強烈。因為它是，但你可能會看到它在你看到它回落之前稍微回流。

We'll go next to the line of Simon Flannery with Morgan Stanley.

我們將與摩根士丹利一起前往 Simon Flannery 的路線。

This is Landon Park on for Simon. I'm wondering if we can start on the data center side. You mentioned another record bookings quarter for CoreSite. Can you maybe provide any more color there in terms of what you're seeing in the market and where that demand is coming from? And on the data center side, can you give us an update on your edge data center project that you were trying to get built out this year to start scaling on that front?

這是西蒙的蘭登公園。我想知道我們是否可以從數據中心方面開始。您提到了 CoreSite 的另一個創紀錄的預訂季度。您能否根據您在市場上看到的情況以及需求的來源提供更多顏色？在數據中心方面，您能否向我們介紹一下您今年試圖建立的邊緣數據中心項目，以開始在這方面進行擴展？

Yes, sure. Let me start, and then Rod, you can continue or can add to it. It's a continuation of what we saw in 2022. I mean, the demand from -- for the kind of the digital infrastructure that we have just continues to be strong throughout the country. And it's a really nice balance between enterprise accounts, between operators as well as the cloud. So the pipeline remains really healthy, and we've been able and have taken advantage of the opportunity to capture some strong pricing actions throughout the year, particularly as we really continue to drive all the interconnection growth.

是的，當然。讓我開始，然後是 Rod，你可以繼續，也可以添加內容。這是我們在 2022 年看到的情況的延續。我的意思是，對我們剛剛擁有的那種數字基礎設施的需求在全國范圍內繼續保持強勁。這是企業賬戶、運營商和雲之間的一個非常好的平衡。因此，管道仍然非常健康，我們已經能夠並且已經利用這個機會全年採取一些強有力的定價行動，特別是當我們真正繼續推動所有互連增長時。

So we're really pleased with what the team has done, with the types of business that they've generated, and it really resulted again in a really strong Q1, and we continue to have really strong expectations for the business going forward. With regards to kind of all of the edge work, we continue to work internally on identifying particular locations where we can actually drive 1 meg or 2 meg of power. We have a number of sites that are shovel-ready at this point, and we're looking to move on them

因此，我們對團隊所做的事情以及他們所產生的業務類型感到非常滿意，這確實再次帶來了非常強勁的第一季度，我們對未來的業務繼續抱有非常強烈的期望。關於所有邊緣工作的種類，我們繼續在內部努力確定我們可以實際驅動 1 兆或 2 兆功率的特定位置。目前，我們有許多網站已準備就緒，我們希望繼續推進這些網站

We continue to have conversations with all the service operators as well as the hyperscalers and all the cloud players to continue to move forward and figure out that value proposition that we think can be a profitable one for all of us.

我們繼續與所有服務運營商以及超大規模和所有云玩家進行對話，以繼續前進並找出我們認為對我們所有人都有利可圖的價值主張。

And so as we've said, it's still early stages of it, but we continue to remain really excited about the ultimate opportunity.

正如我們所說，它仍處於早期階段，但我們仍然對最終的機會感到非常興奮。

And just 1 follow-up on that. Where are you at in terms of the design phase for that sort of edge data center that you guys were hoping, I think, to design this year and something that could be scaled relatively easy while going forward?

並且只有 1 個後續跟進。就你們希望今年設計的那種邊緣數據中心的設計階段而言，你們處於什麼階段，以及在未來可以相對容易地擴展的東西？

From a design and engineering perspective, we really have the specs really well laid out such that, as I said before, we're shovel-ready on a couple of locations to start to deploy it. And so the teams know exactly what it's going to look like, have identified who the vendors are that are going to be providing a lot of the resources and pieces of it. And so we're really far along on the overall design.

從設計和工程的角度來看，我們確實已經很好地制定了規範，正如我之前所說，我們已經準備好在幾個位置開始部署它。因此，團隊確切地知道它會是什麼樣子，已經確定了將提供大量資源和其中一部分的供應商。所以我們在整體設計上真的走得很遠。

What is the cost per megawatt look like for those -- for that design?

對於那種設計，每兆瓦的成本是多少？

I don't know that I want to get into it at this point in time. When we're ready to roll it and deploy it, we can get more -- we'll give more specifics as to the overall economics.

我不知道我想在這個時間點進入它。當我們準備好推出和部署它時，我們可以獲得更多 - 我們將提供有關整體經濟的更多細節。

We'll go next to the line of Rick Prentiss with Raymond James.

我們將與 Rick Prentiss 和 Raymond James 一起走下去。

Can we follow up on Brett's question a little bit on the Mexico Fiber sale. Let's go deeper into what lessons that you learned there. I think you were hoping to see some small cell, but is it just that the fiber business is dramatically different than the tower business and small cells weren't playing. But what specifically did you learn? And I got a U.S. question.

我們能否稍微跟進布雷特關於墨西哥纖維銷售的問題。讓我們更深入地了解您在那裡學到的課程。我想你希望看到一些小型基站，但光纖業務與塔式業務截然不同，小型基站沒有發揮作用。但是你具體學到了什麼？我有一個美國問題。

Rick, it's consistent with some of the experiences candidly that we've had in the past in the business, and we thought we might be able to do things differently and unique. That particular asset came with tens of thousands of sites in Mexico City, which was also very interesting to it and remains very interesting to us, and we still have the right to those particular assets as our customers deploy and densify in Region IX or in Mexico City itself.

里克，坦率地說，這與我們過去在業務中的一些經驗是一致的，我們認為我們可能能夠以不同的方式和獨特的方式做事。該特定資產在墨西哥城有數万個站點，這對它來說也很有趣，對我們來說仍然很有趣，隨著我們的客戶在 IX 區或墨西哥部署和密集化，我們仍然有權使用這些特定資產城市本身。

But what we continue to learn on the retail side, just how difficult it is to be able to provision circuits and make money providing Lit services to enterprise accounts and then just how competitive it is. And the SLAs that go along with them, how difficult it is to be able to maintain them in a very profitable manner. There's a tremendous amount of competition in the marketplace. And so as a result, it just makes sense for us to put those particular capabilities in the hands of somebody that just does that 24/7.

但我們在零售方面繼續了解到，能夠提供電路並通過向企業賬戶提供 Lit 服務賺錢是多麼困難，以及它的競爭力有多大。以及隨之而來的 SLA，以非常有利可圖的方式維護它們是多麼困難。市場上存在著巨大的競爭。因此，對我們來說，將這些特殊能力交給全天候 24 小時工作的人是很有意義的。

And hopefully, they will find more success there. But it's consistent with what we see in the fiber business in all of our markets, including the U.S., where we think that there's really an opportunity for fiber is when you're bringing it to the tower. That's kind of a slam dunk for us because that's obviously improving the capability and the capacity of a particular site. So when we start to get into the retail aspects of it, it's just such a competitive, capital intensive, low margin opportunity that it just made sense for us to move out of it.

希望他們能在那裡找到更多的成功。但這與我們在包括美國在內的所有市場的光纖業務中看到的情況是一致的，我們認為光纖真正有機會的是當你把它帶到塔上時。這對我們來說是一個灌籃，因為這顯然提高了特定站點的能力和容量。因此，當我們開始進入它的零售方面時，它就是一個競爭激烈、資本密集、利潤率低的機會，所以我們退出它才有意義。

Yes. In this debt environment, good to reduce your floating rate and save some interest. On the U.S. side, can you update us as far as in aggregate what kind of percent of your towers do you think have been touched with mid-band spectrum by the carriers? And we've heard a lot of talk that private networks are going slowly, but starting to ramp, but that some of the carriers are wanting to see private networks before we get to the edge. So just trying to gauge in the U.S. where we're at as far as mid-band touches and what you're seeing on private networks?

是的。在這種債務環境下，最好降低浮動利率並節省一些利息。在美國方面，您能否向我們更新您認為運營商接觸中頻頻譜的信號塔總數的百分比？我們聽到很多人說私有網絡發展緩慢，但開始增加，但一些運營商希望在我們到達邊緣之前看到私有網絡。因此，只是想衡量在美國我們在中頻接觸方面所處的位置以及您在專用網絡上看到的情況？

Yes. I mean, Rick, it still is in that kind of that 50% range. Some are a bit higher, some are a bit lower. But in the aggregate, it's at that 50% range, I think, that have been touched. Again, it's largely been coverage. There are some pockets of densification going on, still largely amendment-driven, if you will, in terms of getting that ubiquitous coverage on a nationwide basis.

是的。我的意思是，里克，它仍然在那個 50% 的範圍內。有些高一點，有些低一點。但總的來說，我認為已經觸及了 50% 的範圍。同樣，這主要是報導。就在全國范圍內獲得無處不在的覆蓋面而言，如果您願意的話，有一些緻密化正在發生，但在很大程度上仍是由修正案驅動的。

So the carriers all remain active. And as Rod mentioned, the overall capital spend, we expect it to be lower in '23 versus '22. But as you well know, our comprehensive MLAs really protect us from that type of volatility, if you will.

所以運營商都保持活躍。正如 Rod 所提到的，整體資本支出，我們預計它在 23 年比 22 年要低。但正如您所知，如果您願意的話，我們全面的 MLA 確實可以保護我們免受這種波動的影響。

And so while the carriers may spend at different levels and on a consolidated basis, slowed down a bit as was -- as would be expected in '23. We really are protected from that. On the private side, yes, there is a lot more dialogue going on candidly relative to private networks. I mean I wouldn't say it's a surge of deployments, but I do see our sales teams entering into different types of conversations with carriers, enterprises, looking at deploying kind of private 5G types of networks.

因此，儘管承運人可能會在不同的水平上並在合併的基礎上支出，但會像以前那樣放慢速度——正如 23 年所預期的那樣。我們確實受到了保護。在私人方面，是的，與私人網絡相關的坦率對話要多得多。我的意思是我不會說這是部署的激增，但我確實看到我們的銷售團隊正在與運營商、企業進行不同類型的對話，考慮部署某種私有 5G 類型的網絡。

We have some that we're experimenting with and deploying. I think there's more to come on that. But clearly, 5G, I think, plays a -- will play a significant role in developing that aspect of the market.

我們有一些正在試驗和部署。我認為還有更多事情要做。但很明顯，我認為 5G 將在開發這方面的市場方面發揮重要作用。

We'll go next to the line of Michael Rollins with Citi.

我們將與 Citi 的 Michael Rollins 一起走下去。

Just following up on the domestic leasing environment. Curious how much of the leasing strength is coming from outside of the big 3 national wireless carriers? And what's the sensitivity to performance, both for '23 and as you look out to your multiyear guidance, if that activity from these others, which could include DISH, were to significantly increase or significantly decrease.

只是跟進國內的租賃環境。想知道有多少租賃實力來自三大國家無線運營商之外？如果其他人（可能包括 DISH）的活動顯著增加或顯著減少，那麼對於 23 年和您期待多年指導的表現的敏感度是多少。

And then if I could just throw in a second question. The common theme from some of the market-by-market commentary was the delay of churn. And so just curious if there's more to unpack in what's causing those delays in certain markets. And if those delays should help the '23 outlook and just be something we should be considerate of in terms of a possible headwind for part of 2024?

然後我是否可以提出第二個問題。一些逐個市場評論的共同主題是客戶流失的延遲。因此，很好奇是否還有更多問題需要解決導致某些市場出現延誤的原因。如果這些延遲應該有助於 23 年的前景，並且只是我們應該考慮到 2024 年部分時間可能出現的逆風？

Michael, thanks for joining, and thanks for the question. We've talked about in the past, we are seeing an acceleration in the leasing environment in the U.S. in terms of our numbers and specifically the incremental revenue that we're seeing from new business coming from colocations and amendment. So we had a really strong quarter in Q1 in the U.S. We booked about $60 million of incremental colocation amendment revenue, that's well on track to achieve our $220 million target for the year, which is a nice step-up over last year, which was about $150 million.

Michael，感謝您的加入，也感謝您提出這個問題。我們過去談到過，我們看到美國的租賃環境在我們的數字方面加速增長，特別是我們從託管和修改的新業務中看到的增量收入。因此，我們在美國的第一季度表現非常強勁。我們預訂了約 6000 萬美元的增量託管修正收入，這有望實現我們今年 2.2 億美元的目標，這比去年有了很大的進步，這是約1.5億美元。

So that's the acceleration that we're seeing. That is primarily coming from the primary carriers, the big 3 certainly. And DISH is also a contributor in that. And I think you know and most everyone on the call knows that we have holistic deals with the carriers in the U.S. environment. So not that we'll go through any specifics with how they work carrier by carrier, but what it does is it has our revenue contracted in there. So we have about 90% of our revenue and revenue growth for this year fully contracted, and there's no variability in that.

這就是我們看到的加速。這主要來自主要運營商，當然是三大運營商。 DISH 也是其中的貢獻者。我想你知道，而且電話中的大多數人都知道我們與美國環境中的運營商達成了全面協議。因此，我們並不是要詳細了解他們如何逐個運營商工作，而是它所做的是我們的收入在那裡簽約。因此，我們今年大約 90% 的收入和收入增長完全收縮，而且沒有變化。

So we feel really good about that. And then when you look at the long-term going out through 2027, you've heard us talk about that 5% on average OTBG in the U.S. We have about 75% visibility out over that long period of time of the underlying revenue as covered for revenue growth. So we feel really good about that. But the vast majority of that activity is the big 3 plus DISH.

所以我們對此感覺非常好。然後當你看看到 2027 年的長期發展時，你已經聽到我們談論美國平均 OTBG 的 5%。我們在這麼長的一段時間內對所涵蓋的基礎收入有大約 75% 的可見性為了收入增長。所以我們對此感覺非常好。但該活動的絕大部分是 big 3 plus DISH。

Certainly, we have kind of this other category with some broadcasters, some local independent radio companies and other people that use our towers like government agencies. And they always contribute a piece there, and they're kind of in the range that they've always been at. But the vast majority really is the big guys in the U.S.

當然，我們與一些廣播公司、一些本地獨立廣播公司和其他使用我們的塔樓的人（如政府機構）有類似的類別。他們總是在那裡做出貢獻，而且他們在他們一直處於的範圍內。但絕大多數確實是美國的大人物。

When you think about churn, we did have delays in churn, which helped support our growth rates for the quarter. So we're up to about 6.4%. Our churn came in at about 3.4% for the quarter. And the places where it's noticeable, a slight improvement in the U.S. because of churn, but that's not the biggest piece. It's probably more dropping down into Latin America.

當您考慮客戶流失時，我們確實有客戶流失延遲，這有助於支持我們本季度的增長率。所以我們達到了大約 6.4%。本季度我們的客戶流失率約為 3.4%。在值得注意的地方，由於客戶流失，美國略有改善，但這並不是最大的部分。它可能更多地落入拉丁美洲。

Within our overall guide for Latin America, we had 8 percentage points in for churn. And that is primarily coming from 2 big carriers: Telefonica, which everyone knows what's happening with Telefonica in Mexico as well as Oi down in Brazil. Oi represents about 2% within that 8%. And what's happening is just the delay. So we fully expect the churn for the Telefonica churn as well as the Oi churn to kind of catch up here during the year. That's why you're not seeing a change to our organic tenant billings outlook for the full year. So we do expect to kind of catch up with that.

在我們對拉丁美洲的總體指南中，我們有 8 個百分點的客戶流失率。這主要來自兩家大型運營商：Telefonica，每個人都知道墨西哥的 Telefonica 和巴西的 Oi 正在發生什麼。在這 8% 中，Oi 約佔 2%。而正在發生的只是延遲。因此，我們完全預計 Telefonica 流失和 Oi 流失將在這一年中趕上這裡。這就是為什麼您沒有看到我們全年的有機租戶賬單前景發生變化的原因。所以我們確實希望能趕上那個。

So we'll take the positive benefits for Q1, and we're still kind of being realistic and maybe a little conservative in terms of keeping our organic tenant billings growth consistent. But that's really where it is. We also have elevated churn in Africa with Cell C down in South Africa and even AirtelTigo over in Ghana. And again, we're not changing our full year outlook. Just the timing is moving around just a bit.

因此，我們將為第一季度帶來積極的好處，而且在保持我們的有機租戶賬單增長一致方面，我們仍然有點現實，也許有點保守。但事實就是如此。我們在非洲的客戶流失率也有所上升，南非的 Cell C 下降，甚至加納的 AirtelTigo 下降。再一次，我們不會改變我們的全年展望。只是時間稍微改變了一點。

We'll go next to the line of Matt Niknam with Deutsche Bank.

接下來我們將與德意志銀行的 Matt Niknam 一起發言。

Just 2, if I could. First, on India. If there's any more color you can give or update in terms of where that process is and when you may expect to have that resolved? And then maybe to dovetail on the prior question. Obviously, this year has been impacted by interest FX, some VIL reserves. As we kind of move past that, is high single-digit type AFFO per share growth maybe a more viable aspirational target to consider in 2024 onwards? Or are there other maybe headwinds we should be contemplating as we start to roll the calendar?

如果可以的話，只有 2 個。首先，關於印度。如果您可以就該過程的位置以及您可能希望何時解決該問題提供更多顏色或更新？然後可能與先前的問題吻合。顯然，今年受到了利息 FX 和一些 VIL 儲備的影響。當我們超越這一點時，高個位數的 AFFO 每股增長是否可能是 2024 年以後需要考慮的更可行的理想目標？或者在我們開始滾動日曆時，是否還有其他可能的不利因素我們應該考慮？

Nick. Let me hit the India process first, and then I'll jump into the next question. So we are running a process, as Tom and I have talked about here on this call and in the prior call. It's very similar to the process we walked through when we sold an equity stake in our data center business in the U.S. as well as the European joint venture that we did.

缺口。讓我先談談印度進程，然後我會跳到下一個問題。因此，我們正在運行一個流程，正如湯姆和我在本次電話會議和之前的電話會議中所討論的那樣。這與我們出售美國數據中心業務以及我們所做的歐洲合資企業的股權時所經歷的過程非常相似。

So we've gone out to the top couple dozen highly professional, large investors that are in the infrastructural space. Our goals remain the same that in the other transactions we did, really, which is to partner to or sell the equity to a very strong investor that understands the space, that can help run the business, has government connections, has carrier connections, all those sorts of things. So bringing more than just capital, but also a willingness and some experience to be a strategic partner in the business.

因此，我們已經找到了基礎設施領域的幾十個高度專業的大型投資者。我們的目標與我們所做的其他交易保持一致，實際上，這是與一個非常強大的投資者合作或出售股權，該投資者了解該領域，可以幫助經營業務，與政府有聯繫，與運營商有聯繫，所有諸如此類的事情。因此，帶來的不僅僅是資金，還有成為企業戰略合作夥伴的意願和一些經驗。

So that process continues. I would say at this point, it's progressing. And we've got the list worked down from the full couple of dozen to a smaller list here, still very active. And I think we'll figure out where we head and what that transaction might look like in the coming quarter. So there'll be more to update you on probably in the next call. But we'll be patient.

所以這個過程會繼續。我會說在這一點上，它正在取得進展。我們已經將列表從完整的幾十個減少到這裡的一個較小的列表，仍然非常活躍。而且我認為我們會弄清楚我們的發展方向以及下個季度的交易情況。因此，可能會在下一次通話中向您更新更多信息。但我們會耐心等待。

We'll be opportunistic as we kind of work through it, and we'll see what the opportunities there look like. And when we decide what we're going to do, we'll have the best interest of the shareholders in mind, of course, and as well as the employees and the customers there in India.

當我們通過它進行工作時，我們將是機會主義的，我們將看到那裡的機會是什麼樣的。當我們決定我們要做什麼時，我們當然會考慮股東的最大利益，以及印度的員工和客戶的最大利益。

But it's a very similar process that we've kind of gone through before. I guess when you think about the -- jumping into the next question here in terms of AFFO. You know we have AFFO per share growth in our guide here that's a little less than 0, so a negative growth rate.

但這是一個我們之前經歷過的非常相似的過程。我想當你想到——就 AFFO 而言進入下一個問題時。你知道我們的指南中的 AFFO 每股增長略低於 0，因此是負增長率。

And I'll just remind you that the headwinds there, as you highlighted, is really the financing interest cost, but also the issuance of the shares that we did middle of last year to help finance the CoreSite business as well as FX. So we are seeing roughly an 8% headwind for the year around the financing pieces, including the spike in interest rates. We're seeing about a 1% headwind roughly on FX. And the VIL reserve that we're taking, that $75 million that we talked about, that represents about a 2% headwind as well.

我只想提醒你，正如你強調的那樣，那裡的逆風實際上是融資利息成本，還有我們去年年中發行的股票，以幫助為 CoreSite 業務和 FX 提供資金。因此，我們看到今年圍繞融資項目的阻力約為 8%，包括利率飆升。我們看到 FX 大約有 1% 的逆風。我們正在使用的 VIL 儲備金，即我們談到的 7500 萬美元，也代表了大約 2% 的逆風。

So when you put all that together, the core underlying business is in fact growing in that 8% to 9% range this year. So -- and we think that feels like a pretty good place for us. So to the extent that we drive 5% organic tenant billings growth in the U.S., we drive a little bit higher organic tenant billings growth in our international markets, we complement that with another 100 basis points or so with new builds. We expand margins as we drop down through the P&L. And then we deployed capital in a prudent way. We certainly think that upper single-digit growth rate is achievable.

所以當你把所有這些放在一起時，核心基礎業務今年實際上增長了 8% 到 9%。所以 - 我們認為這對我們來說是一個非常好的地方。因此，就我們在美國推動 5% 的有機租戶賬單增長而言，我們在國際市場上推動了更高的有機租戶賬單增長，我們通過新建 100 個基點左右來補充這一點。當我們通過損益表下降時，我們會擴大利潤率。然後我們以謹慎的方式部署資金。我們當然認為可以實現較高的個位數增長率。

Now with that said, there are a few things that could still be items that we need to watch. The VIL situation is a situation that's ongoing that we continue to need to watch. We don't know exactly where interest rates will go. So we're certainly being prudent in trying to reduce our exposure to floating rate debt, get ahead of refinancings and reduce refinancing risk.

話雖如此，有些事情仍然是我們需要關注的項目。 VIL 情況是一種持續的情況，我們需要繼續關注。我們不確切知道利率將走向何方。因此，我們在嘗試減少浮動利率債務風險、提前進行再融資和降低再融資風險方面肯定是謹慎的。

And this year, we've already issued just under $3 billion of new bonds, new notes. And that removes the refinancing risk from '23 entirely. Now we're beginning to look at '24 to remove that.

今年，我們已經發行了近 30 億美元的新債券、新票據。這完全消除了 23 年的再融資風險。現在我們開始著眼於 '24 刪除它。

But you put all that together, as long as interest rates cooperate, if that's kind of hangs in there, which we're seeing favorability in the spot rates. So that's kind of trending in a good direction. If we sort out the VIL kind of India volatility, then upper single digits certainly is achievable in this business. We've got a great portfolio of assets in a lot of really good places, and we've got customers that are actively leasing the site. So we feel really good about the (inaudible) core performance of this portfolio.

但是你把所有這些放在一起，只要利率合作，如果它有點掛在那裡，我們就會看到即期利率的優勢。所以這是朝著好的方向發展的趨勢。如果我們理清 VIL 類型的印度波動性，那麼在這項業務中肯定可以實現較高的個位數。我們在很多非常好的地方擁有大量資產組合，並且我們有積極租賃該網站的客戶。因此，我們對該產品組合的（聽不清）核心性能感覺非常好。

We'll go next to the line of David Barden with Bank of America.

我們將與美國銀行的 David Barden 接洽。

So 2, if I could. So first one for Rod. I just want to make sure I understand this Vodafone Idea situation. So when we came out of the second half and you gave guidance for 2023, you said that you assumed that the collections rate would be roughly equivalent to the second half run rate for 2023. And that number was -- and then you changed to a cash accounting method maybe 70% to 80% of what you expected would be realized.

所以 2，如果可以的話。所以第一個給 Rod。我只是想確保我了解 Vodafone Idea 的這種情況。因此，當我們走出下半年並給出 2023 年的指導時，你說你假設收款率大致相當於 2023 年下半年的運行率。那個數字是 - 然後你變成了現金會計法可能會實現您預期的 70% 到 80%。

And yet then you said today that you're actually in the first quarter, had better-than-expected collections. But then you also made a provision, which was almost half the reserves that you expected for the whole year. So I don't know if I understand how all that's working. So if you can kind of help us through that and how it will work, that would be super helpful.

然而你今天說你實際上在第一季度，收藏品好於預期。但是後來你也做了準備，幾乎是你預計全年準備金的一半。所以我不知道我是否理解這一切是如何運作的。所以，如果你能幫助我們解決這個問題以及它是如何運作的，那將是非常有幫助的。

And then the second piece would be, Tom, DISH, stock is hitting a 24-year low. The bonds are yielding 20% to 30% for the next 3 years. It's in a distressed position, and there's a lot of questions I field from people about kind of how comfortable you feel with your contractual relationship? How does that contribute to growth? And then for those of us who maybe aren't as grizzled as some of us veterans, how do you think if a bankruptcy emerged in the wireless space, how would that work in this day and age?

然後第二條是，湯姆，DISH，股票觸及 24 年低點。這些債券未來 3 年的收益率為 20% 至 30%。它處於一個痛苦的境地，我從人們那裡得到了很多關於你對你的合同關係感覺如何的問題？這對增長有何貢獻？然後對於我們這些可能不像我們中的一些退伍軍人那樣頭髮花白的人，您如何看待如果無線領域出現破產，這在當今時代將如何運作？

David, I'll take the first one on Voda. So the collections rate that we're seeing in Q1, it's not better than our expectation. It's right in line with our expectation. We expect the level of collections that we had in Q1 to continue into Q2 as kind of the way we're thinking about it.

大衛，我會在 Voda 上選第一個。因此，我們在第一季度看到的收款率並不好於我們的預期。正好符合我們的預期。我們希望我們在第一季度的收藏水平能夠延續到第二季度，就像我們考慮的那樣。

I'm not sure if I heard all the detail in your question, but I'll try to clarify for you. That collections rate that we experienced in Q1 is slightly better than what we experienced in Q4 of last year and what we experienced in Q3 of last year. So that's where we talk about the improvement in terms of the collections from Vodafone. It's really the first half of this year, let's say, compared to the last half of last year.

我不確定我是否聽到了你問題中的所有細節，但我會盡力為你澄清。我們在第一季度的收款率略高於去年第四季度和去年第三季度的收款率。因此，這就是我們談論 Vodafone 收藏方面的改進之處。比方說，與去年下半年相比，這真的是今年上半年。

The other part of your question, I think it kind of leads into what's happening later in the year. And we do expect an improvement in collections from Vodafone as we enter into the second half of this year. And so that's kind of where we're looking. And we talked to Voda quite frequently. We have -- you have seen -- we've seen that the government converted their equity. That does kind of clear the way a little bit for Voda to work on their balance sheet and to potentially raise equity and debt, and we gather that they're working aggressively on that.

你問題的另一部分，我認為它會導致今年晚些時候發生的事情。隨著我們進入今年下半年，我們確實預計 Vodafone 的收款情況會有所改善。這就是我們正在尋找的地方。我們經常和 Voda 交談。我們已經——你已經看到——我們已經看到政府轉換了他們的股權。這確實為 Voda 在資產負債表上工作以及可能籌集股權和債務掃清了道路，我們了解到他們正在積極努力。

You may have seen a new Board appointment over in India. We think that's a really good fact as well. And we do believe that Voda management is committed to and capable of increasing their payments to us in the second half of the year, and that's reflected in our outlook. So that's kind of how those bits and pieces work. Most of the $75 million reserve that we have in there will be booked and realized in the first half of this year.

您可能已經在印度看到了新的董事會任命。我們認為這也是一個很好的事實。我們確實相信 Voda 管理層致力於並有能力在今年下半年增加對我們的付款，這反映在我們的展望中。這就是這些點點滴滴的工作方式。我們在那裡擁有的 7500 萬美元儲備中的大部分將在今年上半年被預訂和實現。

Dave, with regards to DISH. They remain very active in the market. They are investing throughout the country to meet all of their FCC requirements. They have always been a good partner. I have a lot of faith in their leadership team there in terms of being able to develop the network and drive strategies that make sense for them.

戴夫，關於 DISH。他們在市場上仍然非常活躍。他們在全國范圍內進行投資，以滿足 FCC 的所有要求。他們一直是很好的伙伴。我非常相信他們的領導團隊能夠開發對他們有意義的網絡和驅動策略。

So from our perspective, there has been a very strong player and a very strong partner. I'm not going to speculate on bankruptcies and all the other types of things candidly. But just to let you know that I believe that they're are a really strong leadership team, really smart and being, I think, very intelligent in terms of how they're building out their network.

所以從我們的角度來看，有一個非常強大的參與者和一個非常強大的合作夥伴。我不會坦率地推測破產和所有其他類型的事情。但只是想讓你知道，我相信他們是一個非常強大的領導團隊，非常聰明，而且我認為，在他們如何建立自己的網絡方面非常聰明。

Tom, if I could just follow up. I think that there is a spectrum of relationships that tower companies have with DISH. Some are activity-related, some are kind of minimum take rates with contractual escalators and such. And I think that you're in the latter camp. Is that fair to say?

湯姆，如果我能跟進就好了。我認為塔式公司與 DISH 之間存在一系列關係。有些是與活動相關的，有些是合同自動扶梯等的最低收費率。我認為你屬於後者。這樣說公平嗎？

I mean we've been working with DISH for a number of years in terms of helping them look at the engineering of their other network and building out their network. And I would say that our U.S. leadership team has had, I think, a really strong relationship with them right out of the gate.

我的意思是，我們多年來一直與 DISH 合作，幫助他們了解其他網絡的工程並構建他們的網絡。我想說的是，我認為我們的美國領導團隊從一開始就與他們建立了非常牢固的關係。

I can't speculate on other types of relationships with some of the other towercos. But we've been really comfortable with the relationship and how it's been built over the years. And I think that there's a mutual respect for -- between both entities.

我無法推測與其他一些塔式公司的其他類型的關係。但我們對這種關係及其多年來的建立方式感到非常滿意。我認為兩個實體之間存在相互尊重。

We'll go next to the line of Batya Levi with UBS.

我們將與瑞銀一起前往 Batya Levi 系列。

Can you talk a little bit about how you will approach M&A? There seems to be a number of portfolios available in some of the Asian markets that you don't currently have a presence in and maybe some in Europe. If you could just talk about your interest and how you would prioritize portfolio growth in the next couple of years, that would be great.

你能談談你將如何處理併購嗎？一些亞洲市場似乎有許多您目前沒有的投資組合，也許在歐洲也有一些。如果你能談談你的興趣以及你將如何在未來幾年優先考慮投資組合增長，那就太好了。

And a second question maybe just specifically in Europe. What do you see in terms of the carrier activity? And if there's any update on how one-on-one is contributing to your growth? And if they decide to grow the MVNO route, should we expect any impacts on your growth outlook?

第二個問題可能只是針對歐洲。您如何看待運營商活動？如果有任何關於一對一如何促進您的成長的最新消息？如果他們決定發展 MVNO 路線，我們是否應該對您的增長前景產生任何影響？

Batya. Thanks for the question. So regarding M&A, our view today is consistent with where it's been in the last couple of -- the last few months, certainly the last couple of quarters, which is in this environment, given what's available and kind of the differences that we see in pricing between private tower sales and, let's say, public tower equities, along with some terms and conditions that, of course, are important, when you look at portfolio by portfolio and region by region. We continue to look at the pipeline. And in our evaluation, there's nothing in there that we see that's compelling at the moment. Nothing in there that we see that would require us or prompt us to make any kind of a move.

巴蒂亞。謝謝你的問題。因此，關於併購，我們今天的觀點與過去幾個月的情況一致——過去幾個月，當然是過去幾個季度，在這種環境下，考慮到可用的東西以及我們在其中看到的差異私人鐵塔銷售與公共鐵塔股票之間的定價，以及一些條款和條件，當您逐個投資組合和逐個地區查看投資組合時，這些條款和條件當然很重要。我們繼續關注管道。在我們的評估中，目前我們認為沒有什麼是引人注目的。我們在那裡看到的任何東西都不需要或提示我們採取任何行動。

So then we settle back in and we're firmly kind of committed to our capital allocation approach here going forward. And one of the things that helps guide us is the uncertainty around rates and ensuring that we're reducing our leverage getting back below our 5x in a prudent amount of time, also reducing that floating rate exposure, making sure we're aggressively managing interest rates along with providing a dividend and a growing dividend to our shareholders.

因此，我們重新安頓下來，我們堅定地致力於我們未來的資本配置方法。有助於指導我們的事情之一是利率的不確定性，並確保我們在謹慎的時間內將槓桿率降低到 5 倍以下，同時減少浮動利率敞口，確保我們積極管理利息利率以及向我們的股東提供股息和不斷增長的股息。

So when you look at the totality of opportunities available, we're fully committed to the dividend and dividend growth. Next, we allocate capital to our capital programs, our internal programs where we build towers. We'll build over -- around 4,000 this year around the globe. Those come in at very high day 1 NOI yields, roughly mid-teens. 14% is the number for the -- for Q1. So we feel that that's really good.

因此，當您查看所有可用機會時，我們完全致力於股息和股息增長。接下來，我們將資金分配給我們的資本項目，即我們建造塔樓的內部項目。今年我們將在全球範圍內建造超過 4,000 個。這些在第一天的 NOI 收益率非常高，大約在十幾歲左右。 14% 是第一季度的數字。所以我們覺得那真的很好。

We're also allocating some capital within our capital number for this year towards CoreSite in the mid-$300 million. So let's call it, $360 million or so. And as we've discussed, that's kind of within their cash flow generation. They produce EBITDA or gross margin, let's say, in the mid-$400 million . So we're comfortably kind of reinvesting their cash flow back into their business to make sure that we have capacity to continue to satisfy the customers and keep up with the record demand that we experienced last year in the first quarter of this year.

我們還在今年的資本數額內向 CoreSite 分配了 3 億美元左右的部分資本。因此，我們稱其為 3.6 億美元左右。正如我們所討論的那樣，這在他們產生現金流的範圍內。他們產生的 EBITDA 或毛利率在 4 億美元左右。因此，我們很樂意將他們的現金流重新投資到他們的業務中，以確保我們有能力繼續滿足客戶的需求，並跟上我們去年在今年第一季度經歷的創紀錄需求。

And I'll highlight again for the folks on the call here that our capital program this year is slightly below last year, not materially below, but they're slightly below. And that's kind of a function of allocating capital towards balance sheet and reducing leverage and reducing our floating rate exposure.

我會再次向參加電話會議的人們強調，我們今年的資本計劃略低於去年，不是實質性低於去年，而是略低於去年。這是一種將資本分配給資產負債表、降低杠桿率和減少我們的浮動利率敞口的功能。

When you think about Europe and Asia, like we would want to be larger in there. We think that market is very constructive for us. We do think there are some interesting portfolios there, but nothing that we've seen yet in terms of terms and conditions and pricing and all the different pieces lining up where it would need to be. And we don't expect that to happen any time soon.

當你想到歐洲和亞洲時，就像我們希望在那裡變得更大一樣。我們認為市場對我們非常有建設性。我們確實認為那裡有一些有趣的投資組合，但在條款和條件以及定價方面我們還沒有看到任何東西，所有不同的部分都在需要的地方排列。我們不希望這種情況很快發生。

But over the next several years, let's call it, 2 to 5 years, Europe is a place where we could be active in looking at different portfolios. We think there's really good backdrop in Europe. With that said, if we don't buy anything in Europe, we've got a really good portfolio and feel good about our position day 1.

但在接下來的幾年裡，我們稱之為 2 到 5 年，歐洲是我們可以積極研究不同投資組合的地方。我們認為歐洲的背景非常好。話雖如此，如果我們不在歐洲購買任何東西，我們就會有一個非常好的投資組合，並且對我們頭寸的第 1 天感覺良好。

And when you think of Asia, where we spent a lot of time in the last couple of years looking at different transactions in Asia. And again, nothing kind of lined up and met our criteria. We're very disciplined when it comes to pricing terms and conditions, counterparty and also country evaluations and things like that. We'll continue to be disciplined.

當你想到亞洲時，我們在過去幾年花了很多時間研究亞洲的不同交易。再一次，沒有任何東西符合我們的標準。在定價條款和條件、交易對手以及國家評估等方面，我們非常有紀律。我們會繼續遵守紀律。

And I do think you'll see us be very committed to balance sheet, reducing leverage, reducing floating rate debt and not active in any major way in M&A in the near term.

而且我確實認為你會看到我們非常致力於資產負債表，降低杠桿率，減少浮動利率債務，並且在短期內不會以任何主要方式積極參與併購。

And then maybe in Europe, the other thing just to hit your other question. We're seeing good activity across Europe. It's a -- when you think about Germany, kind of the center point that Drillisch 1&1 is just beginning to ramp up their network build in a full greenfield 5G build. So we're seeing a little bit of revenue activity from that. But we're excited to support them in their endeavor to build out a network there. And we do think that we'll see more activity with them in the second half of this year and certainly in years to come.

然後也許在歐洲，另一件事就是解決你的另一個問題。我們在整個歐洲都看到了良好的活動。這是一個 - 當你想到德國時，Drillisch 1＆1 剛剛開始在完整的綠地 5G 建設中加強他們的網絡建設。因此，我們從中看到了一些收入活動。但我們很高興能夠支持他們在那裡建立網絡的努力。我們確實認為，我們會在今年下半年以及未來幾年看到他們的更多活動。

But then when you think about France and Germany and Spain across the board, we think there's a really good backdrop, a good set of counterparties and carriers there for us to support. And we feel really good about the growth rates and our position within those markets. We guided, when we did the Telxius transaction, that we would be achieving mid-single-digit organic tenant billings growth, we've been above that since we acquired the portfolio. And this year, we're again looking at upper single digits in that 7% to 8% range, which is a really nice place.

但是當你全面考慮法國、德國和西班牙時，我們認為有一個非常好的背景，一組很好的交易對手和運營商供我們支持。我們對這些市場的增長率和我們的地位感到非常滿意。我們指導，當我們進行 Telxius 交易時，我們將實現中個位數的有機租戶賬單增長，自從我們收購該投資組合以來，我們一直高於這一水平。今年，我們再次關注 7% 到 8% 範圍內的較高個位數，這是一個非常好的地方。

We've benefited from the activity that we're seeing from the carriers in terms of the leasing. We're also benefited from the contract terms where we have untapped escalators in Germany and in Spain, which is very helpful. And then we're seeing very low churn rates again, because of the demand that we see from the carriers to build out networks and also the way the contracts work that we've been able to negotiate. So we feel really good about our position in Europe. We feel really good about our ability to support the carriers' endeavors to build out networks in Europe, and we think there are some good things to come in Europe.

我們從承運人在租賃方面的活動中受益。我們還受益於我們在德國和西班牙擁有未開發的自動扶梯的合同條款，這非常有幫助。然後我們再次看到非常低的流失率，因為我們從運營商那裡看到了建立網絡的需求，以及我們能夠協商的合同運作方式。所以我們對我們在歐洲的地位感到非常滿意。我們對支持運營商在歐洲建立網絡的努力的能力感到非常滿意，我們認為歐洲會有一些好事。

We'll go next to the line of Brandon Nispel with KeyBanc Capital Markets.

我們將在 KeyBanc Capital Markets 的 Brandon Nispel 旁邊進行介紹。

I guess when we look at the U.S. leasing [colo line], $60 million, I think, was a record for the company ever. Are we at the point where that colo number is peaking. And just because if we look at the midpoint of the guide, $220 million, it would imply some deceleration. And then can you just help us just refresh us in terms of how your master lease agreements work in terms of the use fee provided to your customers? I guess my understanding is in year 1 of those contracts, there's typically the highest use fee contribution and that those generally fall off as the term of the contract extends. But I was hoping you can help explain it for us.

我想當我們看美國租賃 [colo line] 時，我認為 6000 萬美元是該公司有史以來的記錄。我們是否正處於該 colo 數量達到頂峰的地步。僅僅因為如果我們看一下指南的中點，即 2.2 億美元，這將意味著一些減速。然後你能不能幫助我們更新一下你的主租賃協議如何在提供給你的客戶的使用費方面運作？我想我的理解是在這些合同的第一年，使用費貢獻通常最高，而且隨著合同期限的延長，這些貢獻通常會下降。但我希望你能幫我們解釋一下。

Brand. Thanks for the question. So you are correct in terms of the organic new biz, the incremental new biz we get from colocations and amendments that $60 million number. We do see that as a peak for the year.

品牌。謝謝你的問題。所以你在有機新業務方面是正確的，我們從託管和修改中獲得的增量新業務是 6000 萬美元的數字。我們確實認為這是今年的高峰。

But with that said, it will be -- we expect that number on a quarterly basis could be between $50 million and $60 million for the next 3 quarters for the full year. So it's not as though we're going to see a big drop off. It is pretty linear there the way things work. So -- but you will see it drift down a little bit, and that is kind of a function of the timing of the MLAs and the use right fees. I don't want to get into too much detail about the contracts and the way the contracts work.

但話雖如此，我們預計全年未來三個季度的季度數字可能在 5000 萬至 6000 萬美元之間。所以我們不會看到大幅下降。事情的運作方式非常線性。所以 - 但你會看到它有點下降，這是 MLA 時間和使用權費用的函數。我不想詳細介紹合同和合同的運作方式。

But you can have timing differences here where you have use rate fees that step up in a certain quarter. They're mostly front-end loaded. And then you also have the ability to get additional revenue over and above that, which can be more variable kind of throughout the quarter.

但是你可以在這裡有時間差異，你可以使用在某個季度增加的費率。它們大多是前端加載的。然後你還有能力獲得額外的收入，這在整個季度可能會有更多的變化。

I would say that, that the $220 million that we're seeing this year, there is kind of a function there with the MLAs and kind of some of the transition period that we had kind of moving in and out of different MLAs, that does help support that number a bit. So I wouldn't be surprised if that number is a little bit lower next year. But with that said, we're still seeing kind of the acceleration of that revenue kind of as we enter the beginning of this year. And again, it will taper off on a quarterly basis.

我想說的是，我們今年看到的 2.2 億美元，有一種與 MLA 相關的功能，以及我們在不同 MLA 之間進出的一些過渡期，這確實幫助支持那個數字。因此，如果明年這個數字略低一點，我不會感到驚訝。但話雖如此，我們仍然看到這種收入在進入今年年初時有所加速。同樣，它將每季度逐漸減少。

But we'll hit the $220 million for the full year. That again is up almost 50% from the $150 million that we hit last year. And we continue to feel really good about everything that we see and work on in terms of the U.S. business being in a strong position to achieve 5% organic tenant billings growth on average out over the time period through 2027.

但我們全年將達到 2.2 億美元。這又比我們去年達到的 1.5 億美元增長了近 50%。我們繼續對我們所看到和所做的一切感到非常滿意，因為美國企業處於有利地位，可以在到 2027 年的這段時間內平均實現 5% 的有機租戶賬單增長。

And we have time for 1 more question. That will come from the line of Eric Luebchow of Wells Fargo.

我們還有時間再回答 1 個問題。這將來自富國銀行的 Eric Luebchow。

Maybe just quickly touching on the data center business, obviously, continuing to perform well. Maybe you could talk about the accelerated growth you're seeing there and kind of disaggregate it between just new leasing and then also pricing. We've heard that supply is really historically tightened data centers and a lot of operators are continuing to push rents.

也許只是快速觸及數據中心業務，顯然，繼續表現良好。也許你可以談談你在那裡看到的加速增長，並將其分解為新租賃和定價。我們聽說數據中心的供應在歷史上確實很緊張，而且許多運營商仍在繼續推高租金。

And then you made a comment, I think, that you're seeing some pockets of densification in certain markets. Maybe you can talk about how you think the cadence of that evolves over the next few years, especially as some of the mid-band spectrum upgrades, amendment revenues start to taper off in the next couple of years?

然後你發表評論，我認為，你在某些市場看到了一些緻密化的口袋。也許你可以談談你認為未來幾年的節奏如何演變，特別是隨著一些中頻段頻譜升級，修正收入在未來幾年開始逐漸減少？

Eric. Sure. Thanks for joining the call. So we're very excited about the data center business that we have. I think you've heard us say in the past that it's a differentiated set of assets to the extent that it's a cloud-rich center facilities, multiple cloud on-ramps and lots of the facilities that we have, their network and lots of enterprise customers in there.

埃里克。當然。感謝您加入電話會議。所以我們對我們擁有的數據中心業務感到非常興奮。我想你過去聽過我們說過，它是一組差異化的資產，在某種程度上它是一個雲豐富的中心設施、多個雲入口和我們擁有的許多設施、他們的網絡和許多企業裡面的顧客。

And that really means there's a lot of interconnection. People come into these facilities for those multiple cloud on-ramps and to interconnect with everyone else, the cloud, the networking companies and the other enterprise companies. That is helping drive this record growth that we've seen. So as we've talked about, we saw record new biz for CoreSite through the full year 2022. We also saw a continuation of that, where we had a record new biz performance for Q1 kind of quarter-over-quarter from prior year, I should say, from Q1 of last year. So that had strong performance certainly is continuing.

這真的意味著有很多相互聯繫。人們進入這些設施是為了那些多個雲入口，並與其他人、雲、網絡公司和其他企業公司互連。這有助於推動我們所看到的創紀錄增長。因此，正如我們所談到的，我們看到 CoreSite 的新業務在 2022 年全年都創下了新紀錄。我們還看到了這種情況的延續，與去年同期相比，我們在第一季度的新業務表現創下了新紀錄，我應該說，從去年第一季度開始。因此，強勁的表現肯定會繼續。

That resulted in a 10% revenue growth year-on-year for that business. That's higher than what we underwrote that business for. We've talked about kind of upper single-digit 6% to 8% economic growth in that set of assets. That's the way we underwrote it. And we outperformed last year. We've got a really good start this year. Maybe that 10% thinks back a little bit. But we should be solidly in the upper single-digit growth rate and within our underwriting targets for that business.

這導致該業務的收入同比增長 10%。這高於我們承銷該業務的金額。我們已經談到了這組資產的 6% 到 8% 的高個位數經濟增長。這就是我們承保的方式。我們去年表現出色。今年我們的開局非常好。也許那 10% 的人會稍微回想一下。但我們應該穩固地保持在較高的個位數增長率，並且在我們對該業務的承保目標之內。

We're also seeing really strong growth in interconnection revenue, up about 9.5%. And that's really key because that really represents what these customers are doing within our facilities and why they're there. And it makes the revenue that we have a lot more durable, dependable and sticky because they've got these relationships with other enterprise customers and into all these networking companies. So that is a really good fact.

我們還看到互連收入增長非常強勁，增長了約 9.5%。這真的很關鍵，因為它真正代表了這些客戶在我們的設施內所做的事情以及他們在那裡的原因。它使我們的收入更加持久、可靠和有粘性，因為他們與其他企業客戶建立了這些關係，並進入了所有這些網絡公司。所以這是一個非常好的事實。

We're also increasing prices within that market being sensitive to customers as well, but also trying to drive growth in that business and making sure we're getting the value that these assets are contributing to our customers.

我們也在提高該市場的價格，這對客戶也很敏感，但也在努力推動該業務的增長，並確保我們獲得這些資產為我們的客戶貢獻的價值。

So we continue to see cash mark-to-market increases in the 3% to 5% range, 3% to 4% range, which is going well. We have escalators in lots of our contracts, so we generally see a 3% escalator kind of in our underlying contracts. The churn rate continues to be in the mid-single digits in that business, in the 6.5% range, well within our 6% to 8% target.

因此，我們繼續看到按市值計價的現金在 3% 到 5% 的範圍內增長，在 3% 到 4% 的範圍內，這進展順利。我們的很多合同都有自動扶梯，所以我們通常會在基礎合同中看到 3% 的自動扶梯。該業務的流失率繼續保持在中個位數，在 6.5% 的範圍內，完全在我們 6% 到 8% 的目標範圍內。

And our maintenance CapEx is right within our target range of about 2% of revenue, runs in between $20 million and $30 million a year. So we're really pleased with the way that the team is running that business and the way those assets are performing for us. And quite frankly, what those assets do for our customers, which they're really important assets for the customers, and we're continuing at a gross margin that's almost 60%. So we couldn't be more thrilled with the performance of the data center business and the future outlook, quite frankly, and the optionality that those assets provide us when you think about the edge and potentially connecting those assets into our towers and into edge compute facilities closer to our customers' base radios on the wireless side, but also closer to network companies as well as enterprise customers that are scattered throughout the U.S. So that business and the future outlook there is really strong.

我們的維護資本支出正好在我們的目標範圍內，即約佔收入的 2%，每年在 2000 萬到 3000 萬美元之間。因此，我們對團隊經營該業務的方式以及這些資產為我們執行的方式感到非常滿意。坦率地說，這些資產為我們的客戶做了什麼，它們對客戶來說是非常重要的資產，我們繼續保持接近 60% 的毛利率。因此，坦率地說，我們對數據中心業務的表現和未來前景感到非常興奮，以及當您考慮邊緣並可能將這些資產連接到我們的塔和邊緣計算時，這些資產為我們提供的可選性在無線方面，設施更接近我們客戶的基站無線電，也更接近網絡公司以及分散在美國各地的企業客戶，因此那裡的業務和未來前景非常強勁。

Great. Thank you, everybody, for joining today's call. If you have any questions, please feel free to reach out to myself or the Investor Relations team. Thanks, everyone.

偉大的。謝謝大家參加今天的電話會議。如果您有任何疑問，請隨時與我本人或投資者關係團隊聯繫。感謝大家。

And ladies and gentlemen, that does conclude our conference for today. Thank you for your participation. You may now disconnect.

女士們，先生們，我們今天的會議到此結束。感謝您的參與。您現在可以斷開連接。