美國電塔 (AMT) 2024 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the American Tower third quarter 2024 earnings conference call. (Operator Instructions)

女士們先生們，謝謝你們的支持。歡迎參加美國鐵塔 2024 年第三季財報電話會議。（操作員說明）

I would now like to turn the call over to your host, Adam Smith, Senior Vice President of Investor Relations and FP&A. Please go ahead, sir.

現在我想將電話轉給東道主、投資者關係和 FP&A 高級副總裁 Adam Smith。請繼續，先生。

Good morning, and thank you for joining American Tower's third quarter 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.

早安，感謝您參加美國鐵塔第三季財報電話會議。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」標籤下的整個準備好的評論中引用該簡報。

I'm joined on the call today by Steve Vondran, our President and CEO; and Rod Smith, our Executive Vice President, CFO and Treasurer.

我們的總裁兼執行長 Steve Vondran 也參加了今天的電話會議。以及我們的執行副總裁、財務長兼財務主管羅德史密斯 (Rod Smith)。

Following our prepared remarks, we will open up the call for your questions. 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 2024 outlook, capital allocation and future operating performance and any other statements regarding matters that are not historical facts.

在我們準備好的發言之後，我們將開始電話詢問您的問題。在開始之前，我要提醒您，我們的評論將包含涉及許多風險和不確定性的前瞻性陳述。這些陳述的範例包括我們對未來成長的預期，包括我們的 2024 年展望、資本配置和未來營運業績，以及有關非歷史事實的任何其他陳述。

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 most recent annual report on Form 10-K, and other risks described in documents we subsequently filed from time to time 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.

您應該意識到，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有重大差異。這些因素包括今天上午的收益新聞稿中列出的風險因素、我們最新的 10-K 表年度報告中列出的風險因素，以及我們隨後不時向 SEC 提交的文件中描述的其他風險。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會議中包含的資訊以反映後續事件或情況。

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

這樣，我就把電話轉給史蒂夫。

Thanks, Adam, and thanks to everyone for joining today. As you can see in our Q3 results, demand remained strong across our global portfolio of real estate assets. In our tower business, our customers' efforts to deploy mid-band 5G for additional coverage continue to support a healthy pipeline of activity across the US, Europe and parts of our emerging markets.

謝謝亞當，也謝謝大家今天加入。正如您在我們第三季的業績中所看到的，我們的全球房地產資產組合的需求仍然強勁。在我們的塔業務中，我們的客戶部署中頻 5G 以擴大覆蓋範圍的努力繼續支援我們在美國、歐洲和部分新興市場的健康活動。

The discussions we're having with our carrier customers about their need to address upcoming capacity requirements, particularly in the US, further reinforce our bullish expectations for the densification phase of the 5G investment cycle.

我們正在與營運商客戶討論他們需要滿足即將到來的容量需求，特別是在美國，這進一步強化了我們對 5G 投資週期緻密化階段的樂觀預期。

Additionally, our data center segment delivered another fantastic quarter of leasing, benefiting from accelerating hybrid IT deployments and early signs of AI related demand.

此外，由於混合 IT 部署的加速和人工智慧相關需求的早期跡象，我們的資料中心部門又實現了出色的季度租賃業績。

To complement our top line growth, we're executing on our previously stated strategic initiative to enhance our portfolio composition and improve the quality of earnings by focusing our discretionary capital in developed markets and closing our India sale. I want to thank all the teams involved in the sale process for their efforts and dedication to getting the deal over the finish line and for ensuring a successful outcome for both American Tower and Brookfield.

為了補充我們的收入成長，我們正在執行先前提出的策略計劃，透過將我們的可自由支配資本集中在已開發市場並完成印度銷售來增強我們的投資組合構成並提高收益品質。我要感謝參與銷售過程的所有團隊為完成交易所做的努力和奉獻，並確保美國塔和布魯克菲爾德取得成功。

Finally, we continue to add value by managing our cost structure to maximize conversion rates, expand our margins, and drive profitability across our business. We remain committed to executing on all these strategic priorities that position American Tower to deliver durable, high-quality earnings growth over the long term.

最後，我們繼續透過管理成本結構來增加價值，以最大限度地提高轉換率、擴大利潤並提高整個業務的獲利能力。我們仍然致力於執行所有這些戰略重點，使美國鐵塔能夠長期實現持久、高品質的獲利成長。

On our last call, I talked through the key lessons learned from our historical capital investments that have led us to refine our approach to investment underwriting and prioritize capital deployment to our developed markets. Having recently covered the US tower market where demand remains firmly intact, I'll focus today's remarks on our other developed market platforms: Europe and CoreSite.

在上次電話會議上，我談到了從我們歷史資本投資中學到的重要經驗教訓，這些經驗教訓引導我們完善投資承保方法，並優先將資本部署到我們的已開發市場。最近報導了需求保持完好的美國塔式市場，今天我將重點放在我們的其他已開發市場平台：歐洲和 CoreSite。

However, I'd first like to recognize the critical efforts of our US teams who've been working with our customers to rapidly restore essential communication and emergency services to those communities affected by hurricanes Helene and Milton. I really appreciate all their hard work.

不過，我首先要感謝我們的美國團隊所做的重要努力，他們一直與我們的客戶合作，為受颶風海倫和米爾頓影響的社區快速恢復基本通訊和緊急服務。我真的很感謝他們的辛勤工作。

So now I'd like to highlight trends in our European and CoreSite businesses, which are each positioned to capture high rates of organic growth and provide opportunities to further invest where returns meet our standards.

因此，現在我想強調我們的歐洲和 CoreSite 業務的趨勢，這些業務都旨在實現高有機成長率，並在回報符合我們的標準的情況下提供進一步投資的機會。

I'll start with Europe. As we've highlighted on past calls, we were highly disciplined in our approach to enter, select European markets at scale, and we're seeing that patience pay off. In our assessment of Europe, we leveraged our global underwriting operating experience to effectively evaluate the most attractive markets. Our criteria included macroeconomic stability, government support for mobile connectivity, healthy carrier and counterparty profiles, and critical contract terms and conditions.

我將從歐洲開始。正如我們在過去的電話會議中所強調的那樣，我們在大規模進入和選擇歐洲市場的方法上非常嚴格，我們看到耐心得到了回報。在對歐洲的評估中，我們利用我們的全球承保營運經驗來有效評估最具吸引力的市場。我們的標準包括宏觀經濟穩定性、政府對行動連接的支持、健康的營運商和交易對手概況以及關鍵的合約條款和條件。

Additionally, we saw market and competitive dynamics where we believe that our value proposition as a true independent operator with over two decades of global experience could successfully deliver our best-in-class customer experience that affords outsized new business and enhanced margins. This rigorous assessment led to the acquisition of select portfolios across Germany, France and Spain where mobile data consumption is expected to grow at about a 20% CAGR over the next five years and where governments have advocated for nationwide coverage through various activities, including spectrum auctions and subsidy programs like the New Deal in France, Spain's 5G UNICO to support rural 5G development and the Gigabit Infrastructure Act at the broader EU level.

此外，我們看到了市場和競爭動態，我們相信，作為一家擁有二十多年全球經驗的真正獨立運營商，我們的價值主張可以成功提供一流的客戶體驗，從而提供大規模的新業務和更高的利潤。經過嚴格的評估，我們收購了德國、法國和西班牙的精選投資組合，這些地區的行動數據消費預計在未來五年內將以20% 左右的複合年增長率增長，而且政府提倡透過頻譜拍賣等各種活動實現全國覆蓋法國的新政、西班牙支持農村 5G 發展的 5G UNICO 以及更廣泛的歐盟層面的千兆基礎設施法案等補貼計劃。

Importantly, these markets also present a healthy carrier environment, including increased competition in Germany and Spain through new entrants as well as strong market leaders with whom we contract for the majority of our business. Approximately 85% of our revenues in Europe are indexed to carriers with at least a 25% share in their respective markets. This provides a high degree of insulation from further consolidation risk, maintaining our very low exposure to ongoing consolidation in Spain, while providing visibility into sustained growth and quality of earnings over the long term.

重要的是，這些市場還提供了健康的承運人環境，包括透過新進入者以及我們與我們簽訂大部分業務合約的強大市場領導者在德國和西班牙加劇競爭。我們在歐洲約 85% 的收入與在各自市場至少擁有 25% 份額的營運商掛鉤。這可以高度隔離進一步整合的風險，使我們在西班牙持續整合的風險保持在極低的水平，同時提供長期持續成長和獲利品質的可見性。

And although RAN sharing is a reality in certain parts of these markets, we've mitigated its impact with well-structured customer agreements that allow us to either monetize that sharing or provide certain revenue protections that support our growth objectives.

儘管 RAN 共享在這些市場的某些部分已經成為現實，但我們已經透過結構良好的客戶協議減輕了其影響，這些協議使我們能夠透過共享貨幣化或提供某些收入保護來支持我們的成長目標。

American Tower is uniquely positioned to unlock opportunities in Germany, France and Spain where the neutral host independent tower model is still relatively nascent. Leveraging our considerable experience and capabilities can help solve persistent operational challenges experienced by the carriers and infrastructure operators throughout past network cycles.

美國鐵塔具有獨特的優勢，可以在德國、法國和西班牙釋放機遇，這些國家的中立主機獨立鐵塔模式仍相對較新。利用我們豐富的經驗和能力，可以幫助解決營運商和基礎設施營運商在過去的網路週期中遇到的持續營運挑戰。

Since closing the Telxius acquisition, which increased our asset count in the region over 5 times, we further enhanced our ability to serve our customers by internalizing critical activities that align with our global competencies, reducing reliance on external vendors, strengthening our process management leadership, and when possible, integrating our teams directly with our customers to expedite decision-making and improve processes.

自從完成Telxius 收購以來，我們在該地區的資產數量增加了5 倍多，我們透過內部化與我們的全球能力一致的關鍵活動、減少對外部供應商的依賴、加強我們的流程管理領導力，進一步增強了我們為客戶服務的能力，並在可能的情況下，將我們的團隊直接與客戶整合，以加快決策並改善流程。

Our disciplined approach to market entry and effective operational execution have yielded an attractive growth profile in Europe.

我們嚴格的市場准入方法和有效的營運執行在歐洲取得了有吸引力的成長前景。

On the organic side, healthy carrier demand, combined with the benefit of CPI-linked escalators, have yielded an average of over 7% organic tenant billings growth over the past three years. And we remain confident in driving organic growth in line with our mid-single-digit expectations in the region going forward.

在有機方面，健康的承運商需求，加上與 CPI 相關的自動扶梯的好處，在過去三年中使有機租戶帳單平均增加了 7% 以上。我們仍然有信心推動有機成長，符合我們對該地區未來中個位數的預期。

To complement this organic growth, we also invested in increased new build activity, delivering 1,200 new sites since the start of 2021. Additionally, we've improved the process of getting new colocations on air to further evolve the neutral host model and reduce the carrier's total cost of ownership. This required engagement with regulators, landlords, tenants, vendors and the enhancement of our own internal skill sets that's paying off as approximately 70% of our expected organic new business growth in 2024 is coming through colocations, of which over a quarter are on rooftops.

為了補充這種有機成長，我們還投資增加了新建活動，自 2021 年初以來交付了 1,200 個新站點。此外，我們還改進了獲得新的空中主機託管的流程，以進一步發展中立主機模型並降低營運商的總擁有成本。這需要與監管機構、房東、租戶、供應商合作，並增強我們自己的內部技能，我們預計2024 年有機新業務增長的約70% 是透過主機代管實現的，其中超過四分之一是在屋頂。

Taken all together, we see a long runway of sustained growth, with optionality to further capitalize on a multiyear pipeline of attractive development opportunities. As carriers continue to rapidly deploy mid-band spectrum and densify their networks to meet insatiable data demand, we'll continue to assess opportunities using both the principle that shaped our investments for over a decade and the recent learnings we've institutionalized.

總而言之，我們看到了持續成長的漫長道路，並且可以選擇進一步利用多年來一系列有吸引力的發展機會。隨著營運商繼續快速部署中頻頻譜並密集化其網路以滿足無法滿足的數據需求，我們將繼續利用十多年來影響我們投資的原則和我們最近制度化的經驗來評估機會。

Now I'll switch to our data center business. We also see long-term demand trends within our US data center segment, which, like our European portfolio, provides a platform for incremental development opportunities underwritten at very attractive return profiles. Since closing the CoreSite transaction at the end of 2021, we've achieved record-breaking leasing each year and are on pace again to deliver a new high mark in 2024.

現在我將轉向我們的資料中心業務。我們也看到了美國資料中心領域的長期需求趨勢，與我們的歐洲投資組合一樣，它為增量開發機會提供了一個平台，並以非常有吸引力的回報率提供保障。自 2021 年底完成 CoreSite 交易以來，我們每年都實現了破紀錄的租賃量，並預計在 2024 年再次創下新高。

As we've highlighted on past calls, our portfolio is optimally positioned to benefit from accelerating demand for hybrid and multi-cloud IT architecture due to its ability to facilitate seamless, secure, nationwide low-latency interoperability, including native cloud access to a diverse set of customers.

正如我們在過去的電話會議中所強調的那樣，我們的產品組合處於最佳位置，可以從對混合和多雲IT 架構不斷增長的需求中受益，因為它能夠促進無縫、安全、全國範圍內的低延遲互通性，包括對多種雲端的本地雲端存取。

Critically, we believe that CoreSite's interconnection campus model, which can be extended to distributed endpoints to support the low latency and cost efficiency required for future use cases, represents a potentially distinct option for new synergistic revenue opportunities when combined with our tower assets at the edge.

至關重要的是，我們相信CoreSite 的互連園區模型可以擴展到分散式端點，以支援未來用例所需的低延遲和成本效率，當與我們的邊緣塔資產相結合時，它代表了新的協同收入機會的潛在獨特選擇。

Today I'm more convinced than ever that the mobile edge is going to present a meaningful addressable market for us, in part due to the rapid acceleration of AI deployments and the infrastructure required to accommodate future latency-sensitive workloads like inferencing. And while the timing might be delayed relative to our initial expectations, we continue to expect synergies between our tower and CoreSite platforms over the long term.

今天，我比以往任何時候都更相信，行動邊緣將為我們提供一個有意義的潛在市場，部分原因是人工智慧部署的快速加速以及適應未來延遲敏感工作負載（例如推理）所需的基礎設施。雖然時間可能比我們最初的預期有所延遲，但我們仍然期望我們的塔和 CoreSite 平台之間能夠長期發揮協同作用。

In the meantime, we're realizing the benefits of the step function of AI demand and our leasing results at CoreSite. AI-driven workloads are a growing component of CoreSite's signed leases, and customer requirements are indicating that demand will only grow over the near to medium term. Over the past several quarters, enterprises have started to build their own GPU-based architectures, connecting to the cloud either through on-ramps or a virtual OCX offering.

同時，我們正在認識到人工智慧需求階梯函數的好處以及我們在 CoreSite 的租賃結果。AI 驅動的工作負載是 CoreSite 簽署的租賃中不斷增長的組成部分，客戶需求表明需求只會在中短期內增長。在過去的幾個季度中，企業已開始建立自己的基於 GPU 的架構，透過入口或虛擬 OCX 產品連接到雲端。

These deployments resemble a typical hybrid IT architecture, but they're larger and more power dense. As with virtually all workloads across the AI spectrum, our facilities are well equipped to accommodate this need.

這些部署類似於典型的混合 IT 架構，但它們規模更大、功率更密集。與人工智慧領域的幾乎所有工作負載一樣，我們的設施裝備精良，可以滿足這一需求。

More indirectly, our data center portfolio is also benefiting from hyperscale AI absorption that's consuming a record levels of capacity through our key markets, exacerbating the supply and demand imbalance and further supporting a favorable pricing environment for both new leasing and renewals into the foreseeable future.

更間接的是，我們的資料中心投資組合也受益於超大規模的人工智慧吸收，這消耗了我們主要市場創紀錄水平的容量，加劇了供需失衡，並進一步為可預見的未來的新租賃和續約提供了有利的定價環境。

Given the healthy demand catalyst that we see persisting for many years to come, at attractive rates of return that are derisked through accelerated pre-leasing activity, we plan to allocate more capital to CoreSite over the next several years, likely meeting or exceeding the $480 million of development spend assumed at the midpoint of our 2024 guide.

鑑於我們認為健康的需求催化劑將在未來許多年持續存在，並且透過加速預租賃活動降低風險的有吸引力的回報率，我們計劃在未來幾年內向 CoreSite 分配更多資本，可能達到或超過 480 美元我們2024 年指南的中位數假設為100 萬美元的發展支出。

Recently, we have received questions as to whether we'd be interested in participating in the extensive hyperscale development taking place in the market today. We see a long runway ahead for CoreSite's retail-oriented approach, which has yielded industry-leading returns on a sustained basis as our facilities continue to meet and, in certain cases, exceed our initial expectations for mid-teens stabilized yields. Thus, single-tenant hyperscale opportunities are not a priority unless there was a clear opportunity for one to serve as a seed for a new campus or if there were compelling opportunities to invest with our JV partners Stonepeak.

最近，我們收到了有關我們是否有興趣參與當今市場上廣泛的超大規模開發的問題。我們看到CoreSite 以零售為導向的方法還有很長的路要走，隨著我們的設施繼續滿足甚至在某些情況下超過我們對中十幾位穩定收益率的最初預期，該方法已持續產生業界領先的回報。因此，單一租戶超大規模機會並不是優先考慮的問題，除非有明確的機會作為新園區的種子，或有與我們的合資夥伴 Stonepeak 共同投資的令人信服的機會。

Today we're prioritizing the expansion of existing campuses, new ground-up facilities adjacent to existing campuses, or potentially selected expansion of our national ecosystem by establishing new campuses and new markets. We remain focused on developing multi-tenant colocation facilities, methodically curating the mix of customers deployed within our facilities to enhance the variable interconnection ecosystem and effectively planning for long-term absorption and power needs.

今天，我們優先考慮擴大現有校園、現有校園附近的新基礎設施，或透過建立新校園和新市場來潛在地擴大我們的國家生態系統。我們仍然專注於開發多租戶託管設施，有條不紊地管理我們設施內部署的客戶組合，以增強可變互連生態系統，並有效規劃長期吸收和電力需求。

In closing, American Tower has built a global platform of assets that are well positioned to capitalize on the exponential rise in data demand. Our CoreSite data center business and European tower operation are both differentiated by asset quality and best-in-class operations, creating a leading experience for our customers as they deploy their critical networks and applications of today and the future.

最後，美國鐵塔建立了一個全球資產平台，能夠充分利用數據需求的指數成長。我們的 CoreSite 資料中心業務和歐洲塔業務均因資產品質和一流的營運而與眾不同，為我們的客戶在部署當今和未來的關鍵網路和應用程式時創造領先的體驗。

These businesses are uniquely positioned to deliver attractive, sustained organic growth and provide optionality for us to assess future opportunities for investment. This portfolio strength, combined with demand catalysts across our global portfolio and the ongoing progress we're making in executing the strategic priorities, I laid out earlier this year, position American Tower extremely well to deliver high-quality earnings growth and total shareholder returns for many years to come.

這些業務具有獨特的優勢，可以實現有吸引力的、持續的有機成長，並為我們評估未來的投資機會提供選擇。這種投資組合優勢，加上我們全球投資組合的需求催化劑，以及我們在執行戰略優先事項方面取得的持續進展，我在今年早些時候提出，使美國鐵塔處於非常有利的地位，能夠為公司帶來高品質的獲利成長和股東總回報。

With that, I'll turn it over to Rod to discuss Q3 performance and our updated outlook. Rod?

接下來，我將把它交給 Rod 來討論第三季的表現和我們更新的前景。桿？

Thanks, Steve. Good morning, and thank you for joining today's call. As you saw in this morning's press release, adjusted for certain noncash items in the quarter, including the loss taken upon closing our ATC India sale, our solid third quarter results continue to highlight strong demand across our exceptional portfolio of global assets. These durable demand trends, combined with our disciplined approach to capital allocation, continued focus on cost management and strong balance sheet position us to deliver sustained high-quality earnings growth and shareholder returns over the long term.

謝謝，史蒂夫。早安，感謝您參加今天的電話會議。正如您在今天早上的新聞稿中看到的那樣，我們對本季度的某些非現金項目進行了調整，包括結束ATC 印度銷售時所遭受的損失，我們穩健的第三季度業績繼續凸顯了我們卓越的全球資產組合的強勁需求。這些持久的需求趨勢，加上我們嚴格的資本配置方法、對成本管理的持續關注和強勁的資產負債表，使我們能夠在長期內實現持續的高品質獲利成長和股東回報。

Before I dive into our results, I want to highlight a key reporting change as it relates to the successful closing of our ATC India sale on September 12. You will now see historical results associated with our India business reported as discontinued operations, represented as a stand-alone line item on the income statement, balance sheet and in our reconciliations to attributable AFFO.

在深入探討我們的業績之前，我想強調一個關鍵的報告變化，因為它與 9 月 12 日成功完成 ATC 印度銷售有關。現在，您將看到與我們的印度業務相關的歷史結果被報告為已終止經營業務，並在損益表、資產負債表以及我們與 AFFO 的對帳中以獨立行項目的形式呈現。

As such, certain reported measures, including revenues and expenses within the income statement, in non-GAAP measures such as-adjusted EBITDA and tenant billings will not be presented to exclude discontinued operations. I encourage you to refer to the definitions of footnotes throughout our Q3 earnings presentation and press release for added clarity on how the discontinued operations treatment is reflected in our results.

因此，某些報告指標（包括損益表中的收入和支出）、調整後 EBITDA 和租戶帳單等非 GAAP 指標中的某些指標將不會列出，以排除已終止的業務。我鼓勵您參考我們第三季財報和新聞稿中註腳的定義，以便更清楚了解我們的業績如何反映已終止業務的處理方式。

Additionally, we have introduced new metrics, AFFO attributable to AMT common stockholders or attributable AFFO as adjusted, and AFFO attributable to AMT common stockholders per share or attributable AFFO per share, as adjusted. These new metrics represent results from continuing operations adjusted for a full period of interest expense savings associated with the use of proceeds from the India sale. The attempt of these as-adjusted metrics is to provide investors with what we believe our continuing operations would produce in attributable AFFO and attributable AFO per share. We believe this will be useful in determining an appropriate baseline for future periods.

此外，我們還引入了新的指標：歸屬於 AMT 普通股股東的 AFFO 或調整後的可歸屬 AFFO，以及歸屬於 AMT 普通股股東的每股 AFFO 或調整後的每股 AFFO。這些新指標代表了持續營運的結果，該結果針對與印度銷售收益的使用相關的整個期間的利息費用節省進行了調整。這些調整後指標的目的是向投資者提供我們認為我們的持續經營將在每股權益 AFFO 和權益 AFO 中產生的結果。我們相信這將有助於確定未來時期的適當基線。

Now a few highlights from the quarter. First, in the third quarter, demand for our global portfolio of assets remained strong as we saw continued acceleration in application volumes in the US, which nearly doubled those of the prior year period, and similar growth in our services gross margin. Internationally, mid-single-digit organic tenant billings growth was supported by another quarter of accelerating new business contributions in Europe and double-digit organic growth in Africa.

現在介紹本季的一些亮點。首先，第三季度，對我們全球資產組合的需求仍然強勁，因為我們看到美國的申請量持續加速，幾乎是去年同期的兩倍，我們的服務毛利率也出現了類似的成長。在國際上，歐洲新業務貢獻加速成長和非洲兩位數有機成長支撐了中個位數的有機租戶帳單成長。

International organic growth was complemented by selective new site construction, including the fourth consecutive quarter of over 100 sites in Europe, and approximately 500 new sites overall. As Steve mentioned, demand in our US data center business remains exceptionally strong and well in excess of our initial underwriting as CoreSite is on track for its third consecutive record year of new leasing, supporting year-over-year revenue growth of over 10%.

國際有機成長得到了選擇性新站點建設的補充，其中包括連續第四個季度在歐洲建設超過 100 個站點，以及總共約 500 個新站點。正如史蒂夫所提到的，我們美國資料中心業務的需求仍然異常強勁，遠遠超過我們最初的承保，因為 CoreSite 預計將連續第三年創下新租賃記錄，支援收入同比增長超過 10%。

Next, complementing the demand trends driving our top line results, we continue to execute strategic priorities laid out earlier this year on the cost management side, third quarter SG&A, excluding bad debt, declined nearly 2% year-over-year, supporting cash adjusted EBITDA margin expansion of roughly 30 basis points as compared to the prior year period. We also made progress in optimizing our portfolio, closing our India sale and signing agreements to sell our land interests in Australia and New Zealand.

接下來，為了補充推動我們營收的需求趨勢，我們繼續執行今年稍早在成本管理方面製定的策略重點，第三季銷售及管理費用（不包括壞帳）年減近 2%，支持現金調整與去年同期相比，EBITDA 利潤率成長約30 個基點。我們還在優化投資組合、完成印度銷售以及簽署出售澳洲和紐西蘭土地權益的協議方面取得了進展。

Additionally, we further strengthened the balance sheet by using ATC India sale proceeds to reduce gross debt, and we expect further reductions from efficient repatriation in the near term. Importantly, S&P upgraded our credit rating to BBB flat from BBB-minus during the quarter, signaling our momentum in executing key financial and operating strategies to enhance our balance sheet strength, financial flexibility and portfolio quality. These achievements reinforce our commitment to actively assess our global portfolio to focus on platforms where we can drive high-quality earnings and earnings growth outsized returns and compelling total shareholder value over the long term.

此外，我們透過使用 ATC India 的銷售收益來減少總債務，進一步強化了資產負債表，我們預計短期內有效匯回將進一步減少債務。重要的是，標準普爾在本季將我們的信用評級從 BBB- 上調至 BBB 平，這表明我們在執行關鍵財務和營運策略以增強資產負債表實力、財務靈活性和投資組合品質方面的勢頭。這些成就強化了我們的承諾，即積極評估我們的全球投資組合，重點關注能夠推動高品質獲利和獲利成長、超額回報和令人矚目的長期股東總價值​​的平台。

Finally, on the customer front, we took certain provisions in Colombia related to WOM, who filed for the equivalent of US bankruptcy earlier this year. Any outcome of the potential reorganization is uncertain and it would be premature to speculate. But we began recognizing revenue on a cash basis and reserved a portion of outstanding ARs bad debt. In the third quarter, this resulted in revenue reserves of $13 million, including $3 million in straight line and another $8 million recognized as bad debt expense.

最後，在客戶方面，我們在哥倫比亞採取了與 WOM 相關的某些規定，該公司今年稍早申請了相當於美國破產的申請。潛在重組的任何結果都是不確定的，現在猜測還為時過早。但我們開始以現金為基礎確認收入，並保留了部分未償應收帳款壞帳。第三季度，這導致收入準備金為 1,300 萬美元，其中包括直線法 300 萬美元和另外 800 萬美元確認為壞帳費用。

For context, WOM Colombia's gross revenue makes up approximately 1.5% and less than 0.5% of our total Latin America and consolidated property revenues, respectively.

就背景而言，WOM 哥倫比亞的總收入分別占我們拉丁美洲總收入和綜合房地產收入的約 1.5% 和不到 0.5%。

Turning to third quarter property revenue and organic tenant billings growth on slide 6. Consolidated property revenue declined approximately 1% year-over-year, and increased nearly 1% excluding noncash straight-line revenue. Growth was negatively impacted by roughly 3% due to FX, as well as by the nonrecurrence of certain onetime benefits in the US in the prior year period and revenue reserves taken in the current period in Colombia. As I mentioned, performance was supported by the third consecutive quarter of double-digit growth in our US data center business.

轉向幻燈片 6 上的第三季房地產收入和有機租戶帳單成長。綜合房地產收入較去年同期下降約 1%，但不包括非現金直線收入則成長近 1%。成長受到外匯因素約 3% 的負面影響，以及上一年期間美國某些一次性福利不再重複以及哥倫比亞本期提取的收入儲備的負面影響。正如我所提到的，我們的美國資料中心業務連續第三個季度實現兩位數成長，為業績提供了支撐。

Moving to the right side of the slide, consolidated organic tenant billings growth was over 5%. In our US and Canada segment, growth was 5% or approximately 6% absent Sprint related churn. As we have previously indicated, we expect to see a step down towards 4% growth in Q4 due to the commencement of the final tranche of Sprint churn, consistent with prior outlook assumptions. On the international side, growth was 5.7%, representing an enhancement of over 100 basis points compared to prior expectations through the exclusion of the India business.

轉向幻燈片右側，綜合有機租戶帳單成長超過 5%。在我們的美國和加拿大市場，如果沒有 Sprint 相關的客戶流失，成長率為 5% 或約 6%。正如我們之前所指出的，由於最後一批 Sprint 流失的開始，我們預計第四季度的成長率將下降至 4%，這與先前的展望假設一致。國際方面，成長率為 5.7%，較先前排除印度業務的預期提高了 100 個基點以上。

Turning to slide 7. Adjusted EBITDA declined approximately 1% year-over-year. primarily due to the revenue drivers I just discussed. Growth, excluding noncash straight line, was just over 2%, benefiting from disciplined cost management and a roughly 100% increase in our services gross margin associated with an increase in tower activity. Growth was negatively impacted approximately 3% by FX headwinds.

轉到投影片 7。調整後 EBITDA 年減約 1%。主要是由於我剛才討論的收入驅動因素。不包括非現金直線成長，成長率略高於 2%，這得益於嚴格的成本管理以及與鐵塔活動增加相關的服務毛利率約 100% 的成長。成長受到外匯逆風約 3% 的負面影響。

Moving to the right side of the slide, AFFO attributable to American Tower common stockholders increased 2.6% year-over-year, driven by the high conversion of cash adjusted EBITDA growth to AFFO through the effective management of interest costs, maintenance CapEx and cash taxes, partially offset by the timing of our India sale. On an as adjusted per share basis, growth would have stood at nearly 3%.

移動到幻燈片的右側，歸屬於美國鐵塔普通股股東的 AFFO 同比增長 2.6%，這是由於透過有效管理利息成本、維護資本支出和現金稅，現金調整後的 EBITDA 增長高度轉化為 AFFO ，部分被我們的印度銷售時間所抵消。以調整後每股計算，成長率將接近 3%。

Now shifting to our revised full year outlook. I'll start with a few key updates. First, outlook has been adjusted for the close of our India transaction. As a result, historical India results will now be treated as discontinued operations, and as such, our property revenue, organic tenant billings and adjusted EBITDA will exclude India contributions for the full year. Our reported AFFO attributable to AMT common stockholders will include contributions from discontinued operations up to the date of closing. Prior year periods have been adjusted accordingly.

現在轉向我們修訂後的全年展望。我將從一些關鍵更新開始。首先，我們對印度交易結束時的前景進行了調整。因此，印度的歷史業績現在將被視為已終止業務，因此，我們的房地產收入、有機租戶帳單和調整後的 EBITDA 將不包括印度全年的貢獻。我們報告的歸屬於 AMT 普通股股東的 AFFO 將包括截至交易結束之日來自已終止經營業務的貢獻。往年期間已作相應調整。

Next, our core business and the drivers that underpin our performance remains solid. As a company, we're focused on executing on a strong pipeline of new business demand driving cost discipline and margin expansion across the global business and effectively allocating our capital in a manner that supports sustained value creation.

接下來，我們的核心業務和支撐我們績效的驅動因素仍然穩固。作為一家公司，我們專注於執行強大的新業務需求管道，推動全球業務的成本控制和利潤擴張，並以支持持續價值創造的方式有效分配我們的資本。

As you'll see, we're absorbing provisions in our outlook related to WOM, consisting of $21 million in incremental revenue reserves, including $3 million in straight line and an additional $15 million in bad debt expense, which combined represent $36 million in downside to adjusted EBITDA and $33 million to AFFO relative to our prior outlook.

正如您將看到的，我們正在吸收與WOM相關的展望中的準備金，其中包括2100萬美元的增量收入準備金，其中包括300萬美元的直線支出和額外的1500萬美元的壞賬費用，這總共意味著3,600萬美元的下行風險相對於我們先前的展望，調整後的 EBITDA 和 AFFO 為 3,300 萬美元。

However, we're more than offsetting that exposure through direct expense savings and an anticipated settlement with a customer in Brazil associated with the cancellation of future lease obligations, the latter contributing $35 million of upside.

然而，我們透過直接費用節省以及與巴西客戶達成的與取消未來租賃義務相關的預期和解，抵消了這一風險，後者貢獻了 3,500 萬美元的收益。

Lastly, our revised FX assumptions include an incremental headwind of $25 million, $20 million and $17 million to property revenue, adjusted EBITDA and AFFO attributable to AMT common stockholders, respectively.

最後，我們修訂後的外匯假設包括歸屬於 AMT 普通股股東的房地產收入、調整後 EBITDA 和 AFFO 分別增加 2,500 萬美元、2,000 萬美元和 1,700 萬美元的逆風。

Turning to slide 8. We are increasing our expectations for property revenue from continuing operations by approximately $15 million. This outperformance includes $15 million of core upside, primarily driven by our data center segment and the onetime customer settlement in Brazil, partially offset by WOM related reserves and an anticipated delay in certain non-run rate reimbursements in the US, which we now expect to receive in 2025. Non-core outperformance is driven by increases in pass-through revenue and straight line. Total outperformance was partially offset by FX.

轉到投影片 8。我們將持續營運帶來的財產收入預期提高了約 1500 萬美元。這一優異表現包括1500 萬美元的核心上漲，主要是由我們的數據中心部門和巴西的一次性客戶結算推動的，部分被WOM 相關準備金和美國某些非運行費率補償的預期延遲所抵消，我們現在預計2025 年收到。非核心的優異表現是由直通收入和直線成長所推動的。整體優異表現被外匯部分抵銷。

Moving to slide 9. Organic tenant billings growth expectations for consolidated US and Canada, Africa, Europe and Latin America remain unchanged with trends and catalysts consistent with our prior assumptions. The removal of the lower-growth India business did increase our international expectation by roughly 100 basis points from the prior outlook to approximately 6%, and providing a modest benefit to our consolidated company expectations, though not enough to move our expectation of approximately 5%.

轉到投影片 9。美國和加拿大、非洲、歐洲和拉丁美洲的有機租戶帳單成長預期保持不變，趨勢和催化劑與我們先前的假設一致。取消成長較低的印度業務確實將我們的國際預期從先前的展望提高了約100 個基點至約6%，並為我們的綜合公司預期帶來了適度的好處，但不足以改變我們約5%的預期。

Turning to slide 10. We are increasing our outlook for adjusted EBITDA from continuing operations by $5 million. This outperformance is driven by the revenue drivers I just mentioned together with incremental operating expenses upside achieved through a combination of recurring savings from various strategic initiatives as well as certain nonrecurring benefits.

轉到投影片 10。我們將持續經營業務調整後 EBITDA 的預期提高了 500 萬美元。這種優異的表現是由我剛才提到的收入驅動因素以及透過各種策略舉措的經常性節省以及某些非經常性收益的結合而實現的增量營運支出的增長所推動的。

Gross margin expectations for our US services business remain intact, although certain anticipated project delays into 2025 will likely bring our revenue modestly below initial estimates. Partially offsetting the benefits to adjusted EBITDA, we've assumed $15 million of additional bad debt expense associated with WOM and another $20 million in FX unfavorability.

我們的美國服務業務的毛利率預期保持不變，儘管某些預期項目推遲到 2025 年可能會使我們的收入略低於最初的估計。我們假設與口碑相關的 1500 萬美元額外壞帳費用和另外 2000 萬美元的外匯不利因素部分抵消了調整後 EBITDA 的收益。

Moving to slide 11. Adjusting our prior attributable AFFO per share outlook midpoint of $10.60 to the timing of the India closing resulted in approximately $0.12 of dilution, leading to a midpoint of $10.48 per share. This is directionally consistent with the dilution expectations communicated on past calls.

轉到投影片 11。將我們先前歸屬於 AFFO 的每股預期中點 10.60 美元調整為印度收盤時間，導致稀釋度約為 0.12 美元，最終中點為每股 10.48 美元。這與過去電話會議中傳達的稀釋預期在方向上一致。

Relative to prior outlook, adjusted for the ATC India closing, our revised outlook reflects upside of $0.05, moving the midpoint to $10.53 per share. Improvements include approximately $0.05 in outperformance from our India business through the September 12 closing date and the 100% conversion of cash adjusted EBITDA upside from our continuing operations on a currency-neutral basis, which is largely offset by the impacts of FX.

相對於先前的展望（根據 ATC India 收盤價進行調整），我們修訂後的展望反映了 0.05 美元的上行空間，將中點移至每股 10.53 美元。改進包括截至9 月12 日截止日期，我們的印度業務表現優異約0.05 美元，以及我們在貨幣中性的基礎上持續運營的現金調整後EBITDA 收益100% 轉換，這在很大程度上被外匯的影響所抵消。

On an as-adjusted basis, the outlook midpoint remains consistent at $9.95 per share, reflecting the core outperformance in our continuing operations, offset by FX.

在調整後的基礎上，前景中點保持在每股 9.95 美元，反映了我們持續經營業務的核心優異表現（被外匯所抵消）。

Moving to slide 12. Our capital allocation plans remain relatively consistent, except for the removal of $105 million of capital expenditures allocated to India in our prior outlook. Our planned dividend distribution remains at $6.48 per share, with the expectation to resume growth in 2025, all subject to Board approval.

轉到投影片 12。除了在我們先前的展望中取消分配給印度的 1.05 億美元資本支出外，我們的資本分配計劃保持相對一致。我們計劃的股息分配仍為每股 6.48 美元，預計在 2025 年恢復成長，所有這些均需獲得董事會批准。

In summary, at the start of the year, we laid out a compelling set of expectations for 2024, reflective of the strong durable data demand trends that continue to highlight the criticality of our real estate assets. Our top line financial targets assumed accelerating demand in the US and Europe, ongoing growth through 5G coverage and 4G densification across our emerging markets, and a continuation of near record-setting leasing in our data center segment.

總而言之，在今年年初，我們對 2024 年提出了一系列令人信服的預期，反映了強勁的持久數據需求趨勢，繼續凸顯了我們房地產資產的重要性。我們的首要財務目標假設美國和歐洲的需求不斷增長，新興市場透過 5G 覆蓋和 4G 密集化實現持續成長，以及我們的資料中心領域繼續保持接近創紀錄的租賃水準。

To capture that demand, we established a set of strategic priorities aimed to effectively support our customers' needs and drive new business opportunities, manage our costs and capital structure, and optimize our portfolio through selective asset sales and refined capital allocation priorities to enhance margins and the quality of our earnings profile.

為了滿足這一需求，我們制定了一系列策略優先事項，旨在有效支援客戶的需求並推動新的商機，管理我們的成本和資本結構，並透過選擇性資產銷售和精細化資本配置優先事項來優化我們的投資組合，以提高利潤率和我們的獲利狀況的品質。

Our accomplishments to date and expectations for the duration of the year reflect the successful execution across each of these priorities, we believe this momentum will position us for an even stronger future, enabling us to drive attractive high-quality growth and shareholder value for years to come.

我們迄今為止的成就和對今年的期望反映了對每個優先事項的成功執行，我們相信這一勢頭將使我們走向更強大的未來，使我們能夠多年來推動有吸引力的高品質成長和股東價值來。

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

有了這個，接線員，我們就可以打開提問線路了。

(Operator Instructions)

（操作員說明）

Rick Prentiss, Raymond James.

瑞克普倫蒂斯，雷蒙德詹姆斯。

I got two areas of questions. One on the top line and one at the bottom line. Last year on the third quarter call, you gave some color on new lease activity in North America kind of saying, Hey, we're going to split the goalpost. No guidance given at the time. But kind of directionally, we'll split the goalposts, we'll be above '22 level, but below '23 levels. As we look at the green shoes and the positive stuff you just went through on your presentation, directionally, how should we think about '25 new lease activity versus '24 in North America?

我有兩方面的問題。一根在頂線，一根在底線。去年第三季的電話會議上，您對北美的新租賃活動進行了一些闡述，有點像說，嘿，我們要分開球門柱。當時沒有給任何指導。但從某種方向上來說，我們將分開球門柱，我們將高於 22 級，但低於 23 級。當我們審視綠色鞋子和您剛剛在演示中經歷的積極內容時，我們應該如何考慮北美的「25 新租賃活動與 24」？

Yes. I'll take that, Rick. It's still too early to give guidance for next year. There's still some moving pieces in it. But if you look at, in particular, the US business, we are hearing a lot of good conversation from our customers about the beginnings of the densification phase. And that's right in line with what we thought was going to happen. And so if you think about next year, in terms of the leasing in the US, we still have this final tranche of Sprint churn that's hitting in October this year that will weigh on the US a bit.

是的。我會接受的，瑞克。現在給出明年的指導還為時過早。其中仍然有一些可移動的部分。但如果你特別關注美國業務，我們會從客戶那裡聽到很多關於緻密化階段開始的良好對話。這與我們認為將會發生的情況是一致的。因此，如果你考慮明年，就美國的租賃而言，我們仍然會面臨今年 10 月發生的最後一批 Sprint 流失，這將對美國造成一些壓力。

And so when you kind of couple that with the kind of leasing environment that we're seeing, what's contractually already committed growth under our comprehensive MLAs, which does tick down just a little bit next year, that's most likely you're going to see us kind of in that mid-4s range in terms of the US growth rate for next year.

因此，當你將其與我們所看到的租賃環境結合起來時，我們的綜合 MLA 下合約上已經承諾的增長（明年確實會略有下降），你很可能會看到就美國明年的增長率而言，我們的成長率在4 左右左右。

And that's consistent with our long-term guide of at least 5% from '23 to '27. Because if you think about '26 and '27, at that point, we're through the Sprint churn. And so if you look at 2025 through that lens, we still have about 100 basis points of churn coming in from that final Sprint tranche. So if you normalize that out, that would kind of be in the mid-5s or next year.

這與我們 23 年至 27 年至少 5% 的長期指導一致。因為如果你想想 26 和 27 年，那時我們就已經經歷了 Sprint 週期。因此，如果你從這個角度來看 2025 年，我們仍然有來自最後 Sprint 部分的大約 100 個基點的流失。因此，如果你將其正常化，那將是在 5 年代中期或明年。

So that's kind of the way to think about sizing it. And exactly where in that mid-4s range we're going to be, we're not sure yet. We do have one customer that's not on comprehensive. So there's some volume-driven things with that. We also are hearing some interest from customers and new colocations that will be outside of our comprehensive MLAs. We don't know if that's going to fall in the early part of '25, the later part of '25, or '26. We're still trying to figure that out. So there's a few moving pieces there. But directionally, you can think about it kind of being in that mid-4s range.

這就是考慮調整大小的方法。我們還不確定我們到底會在 4 歲左右的範圍內處於什麼位置。我們確實有一位客戶的情況並不全面。所以這裡面有一些數量驅動的東西。我們也聽到了客戶和新主機代管的一些興趣，這些興趣將不在我們的綜合 MLA 範圍內。我們不知道這是否會發生在 25 年初、25 後期或 26 年。我們仍在努力解決這個問題。所以那裡有一些移動的部分。但從方向上看，你可以認為它在 4 秒左右的範圍內。

Rick, maybe I would just add to that, in terms of 2024, levels of new business, we had provided you guys all a range of between $180 million and $190 million. And the way the year is shaping up, it's pretty consistent each quarter in terms of the amount of new biz that we loaded on. We expect that to be similar for Q4 as well, so pretty similar to the last three quarters, which was all in and around a quarterly contribution of about mid-40s, $45 million or so. That would end up landing us at kind of the lower end of that range, around $180 million. And that's all kind of supportive of them transitioning into next year and hitting the numbers that Steve just talked about.

Rick，也許我想補充一點，就 2024 年的新業務水平而言，我們為你們提供了 1.8 億至 1.9 億美元的範圍。從今年的情況來看，每季我們新增業務的數量都非常穩定。我們預計第四季度的情況也會類似，與過去三個季度非常相似，這三個季度的季度貢獻約為 40 多歲左右，即 4500 萬美元左右。這最終會讓我們處於該範圍的下限，大約 1.8 億美元。這都是對他們過渡到明年並達到史蒂夫剛才談到的數字的支持。

Okay. And then on the bottom line question, slide 11 is helpful. I appreciate slide 11 in the deck. I want to make sure I understand completely, not a CPA, discontinued ops accounting makes my head spin this morning, I'll admit. We had been thinking originally that India would be kind of about $0.08 a quarter, maybe $0.32 a year as far as an impact, net-net-net. How should we think about going from $10.60 to $10.48 to the $9.95, is what I'll call AAAFFO, adjusted attributable -- adjusted funds from operations. How should we think about stepping down from that $10.60 to the $10.48, to the $9.95, which sounds like that should be our jump-off point to thinking how growth in '25 would look?

好的。關於底線問題，投影片 11 很有幫助。我很欣賞幻燈片 11。我想確保我完全理解，而不是註冊會計師，停止營運會計讓我今天早上頭暈，我承認。我們最初一直認為，就影響力而言，印度每季約為 0.08 美元，每年可能為 0.32 美元。我們應該如何考慮從 10.60 美元到 10.48 美元再到 9.95 美元，我稱之為 AAAFFO，調整後的歸屬——來自運營的調整後的資金。我們應該如何考慮從 10.60 美元下降到 10.48 美元，再到 9.95 美元，這聽起來應該是我們思考 25 年成長的起點？

Yes, I think that's right, Rick. So fully appreciate that the numbers can be a little bit complicated with the addition of the sale of India and accounting for that under discontinued ops. So I'll try to hit a couple of the highlights here. And certainly for anyone on the call that wants to go through it in more granular detail, our Investor Relations group is here to walk you through all the details.

是的，我認為是對的，瑞克。因此，我們要充分認識到，由於加上了印度的銷售並考慮到已停產的業務，這些數字可能會有點複雜。因此，我將嘗試在這裡重點介紹幾個亮點。當然，對於任何想要更詳細了解電話會議細節的人來說，我們的投資者關係團隊都會在這裡引導您了解所有細節。

First, I'll take you from maybe the $10.60 going over the $10.53, which is kind of our AFFO numbers as reported, right? So the $10.60 -- $10.60 a share was the original outlook. We sold India at the beginning of the fourth quarter here. So that's out of our numbers for the fourth quarter. So that pulled out $0.12. That's just the elimination of the India contribution to AFFO per share for Q4, which they're no longer in there. So we stepped from $10.60 per share to $10.48.

首先，我會告訴你從 10.60 美元到 10.53 美元，這是我們報告的 AFFO 數字，對嗎？因此，每股 10.60 美元 - 10.60 美元是最初的預期。我們在第四季初在這裡出售了印度。這不屬於我們第四季的數據。這樣就取出了 0.12 美元。這只是取消了第四季度印度對每股 AFFO 的貢獻，它們已不再存在。因此，我們從每股 10.60 美元升至 10.48 美元。

Then on an apples-to-apples basis, India outperformed by about $22 million. That was largely with cash tax refunds and a few other items, this outperformance across cash adjusted EBITDA of the $20 million we show. And then there's a little bit of FX headwind, another $17 million going the other way, primarily in the Latin America countries. That bridges us over to that $4.930 billion, which is equal to $10.53.

然後，以同類比較，印度的表現優於其他國家約 2,200 萬美元。這主要是透過現金退稅和其他一些項目實現的，我們展示的現金調整後 EBITDA 的表現優於 2000 萬美元。然後還有一點外匯逆風，另外 1700 萬美元流向另一個方向，主要是在拉丁美洲國家。這相當於 49.3 億美元，相當於 10.53 美元。

So that $10.53 still has India in there for the first three quarters. When you drop down to the $9.95, you're basically reducing that by $0.58, which is the combination of pulling out the India contributions to AFFO and also offsetting that with interest savings that we have by using the $2 billion proceeds and the cash we got out earlier than closing in the third -- second and third quarter, which we pulled out another almost $350 million. Using all those proceeds to pay down debt will reduce our interest cost.

因此，印度前三個季度仍處於 10.53 美元的水平。當你下降到 9.95 美元時，你基本上會減少 0.58 美元，這是取消印度對 AFFO 的捐款，並用我們通過使用 20 億美元收益和我們獲得的現金節省的利息來抵消的組合在第三季度（在第二季和第三季）收盤之前，我們又提取了近3.5 億美元。使用所有這些收益來償還債務將降低我們的利息成本。

So the net of taking India contributions to AFFO out also combining that with the interest savings from using the proceeds to pay down debt is the $0.58 that gets you down to the $9.95.

因此，扣除印度對 AFFO 的捐款，再加上使用收益償還債務所節省的利息，淨值是 0.58 美元，可以讓您的利率降至 9.95 美元。

And then there is some timing issues in there and some outperformance in that number as well, basically the $22 million that I just talked about from India, the discontinued outperformance largely in terms of cash taxes. And that $9.95 million is the best representation of our continuing operations AFFO per share for 2024. And that is a really good starting point to think about how the core business, the ongoing business, will grow going forward.

然後，這裡存在一些時間問題，而且這個數字也有一些表現出色，基本上是我剛才談到的來自印度的 2200 萬美元，主要是在現金稅方面停止表現出色。這 995 萬美元是我們 2024 年每股持續經營業務 AFFO 的最佳體現。這是思考核心業務、持續業務未來如何發展的一個非常好的起點。

And as we said, we look forward to mid-single-digit growth rates, kind of going forward, and that holds true for 2025. So that would put us into next year on an apples-to-apples basis to $9.95. We think we can grow that into the $10.50 range for 2025, and that would be AFFO from continuing operations.

正如我們所說，我們期待中個位數的成長率，這種趨勢在 2025 年也是如此。因此，明年我們的價格將達到 9.95 美元。我們認為到 2025 年我們可以將其提高到 10.50 美元的範圍，這將是來自持續營運的 AFFO。

And again, Rick, I appreciate that there's a lot of numbers in here, and it may take a little bit of time going through it with our Investor Relations team. But trust me, when you kind of look through it, it becomes much easier after you've had a few minutes to think about it. I know people on the phone have only gotten the press release earlier this morning and there's a lot to digest. But once you get through it, I think you'll understand it pretty clearly.

瑞克，我再次感謝這裡有很多數字，我們的投資人關係團隊可能需要一些時間來仔細研究這些數據。但請相信我，當你仔細查看它時，經過幾分鐘的思考後，事情會變得容易得多。我知道電話裡的人今天早上才收到新聞稿，還有很多東西要消化。但一旦你經歷了它，我想你就會很清楚地理解它。

That's very helpful. And bottom line for me then is attributable AFFO per share, now that it's kind of cleaned up, is it really a mid-single-digit growing business? Can you get back to high single digits? What kind of tailwinds, headwinds would keep you in mid-single digit versus high single digits?

這非常有幫助。對我來說，底線是每股可歸屬的 AFFO，現在它已經被清理乾淨了，它真的是一個中等個位數成長的業務嗎？你能回到高個位數嗎？什麼樣的順風、逆風會讓你保持在中個位數還是高個位數？

Yes. I think, Rick, certainly getting above mid-single digits is absolutely possible. We are very happy with the portfolio that we have across the globe. We've been working very diligently to improve the quality of the earnings and selling the India business. Removing that volatility from the business is certainly a positive when you think of that.

是的。我認為，瑞克，絕對有可能達到中個位數以上。我們對我們在全球擁有的產品組合非常滿意。我們一直非常努力地提高獲利品質並出售印度業務。當你想到這一點時，消除業務的波動無疑是一件積極的事情。

So the long-term growth algorithm still holds true, just as we've talked in the past, certainly. We think that US business can grow in the mid-single digits, just like Steve walked through the long-term guide for US OTBG, on average, that 5%. We do think next year, with that final tranche of the Sprint churn, will be the low watermark, and then it will spring back up in '26 and '27. And you think about that longer-term guide over that whole period, averaging 5%, we're still on track -- we're still on track to that.

因此，正如我們過去所討論的那樣，長期成長演算法仍然成立。我們認為美國業務可以實現中個位數成長，就像史蒂夫瀏覽美國 OTBG 的長期指南一樣，平均成長 5%。我們確實認為明年，隨著 Sprint 流失的最後一部分，將是低水位線，然後它將在 26 年和 27 年回升。你想想整個時期的長期指導，平均 5%，我們仍然在正軌上——我們仍然在朝著這個方向前進。

The international business can grow faster than that, certainly. We all know that CoreSite is outperforming our original expectations. We're hitting double-digit growth this quarter and will -- for Q3, and we expect double-digit growth in now going forward annually. And we've had two years of record new business in CoreSite, and we're pretty well-set to either tie that or maybe even set a new record in 2024. So CoreSite is going exceptionally well. We've been very focused on cost controls, expanding margins, managing cash taxes, watching the balance sheet and reducing exposure to floating rate debt.

當然，國際業務的成長速度可以比這更快。我們都知道 CoreSite 的表現超出了我們最初的預期。我們本季將達到兩位數成長，第三季也將達到兩位數成長，我們預計未來每年將達到兩位數成長。我們的 CoreSite 業務已經連續兩年創下新紀錄，我們已經準備好在 2024 年追平這項紀錄，甚至可能創下新紀錄。所以 CoreSite 進展得非常順利。我們一直非常注重成本控制、擴大利潤、管理現金稅、專注於資產負債表和減少浮動利率債務風險。

You put all that together, and yes, the portfolio is strong and it's getting stronger as the quality of earnings go up, and we've gotten through this interest headwind. So when you think about the longer term, yes, we can get beyond that mid-single-digit growth rate. The areas to watch FX, we still have 25% of our earnings coming from Latin America and Africa, so that there is something that we will watch and where interest rates go. There's always uncertainty there. So we will watch that as well.

把所有這些放在一起，是的，投資組合很強大，而且隨著盈利品質的提高，它會變得越來越強大，而且我們已經度過了這種利息逆風。因此，當你考慮更長期的情況時，是的，我們可以超越中個位數的成長率。在關注外匯的領域，我們仍有 25% 的收入來自拉丁美洲和非洲，因此我們會關註一些東西以及利率的走向。那裡總是存在不確定性。所以我們也會關注這一點。

Yes. And I would just add in, Rick, if you think about kind of our long-term growth algorithm a couple of components to watch out for there. The first is Latin America. Over time, we believe that will come back to high single-digit growth. But for the next few years, we are projecting low single-digit growth in there based on care consolidation churn. That's primarily [Oi] but it's also some potential consolidation that we see kind of on the map. We're seeing some challenges with -- , and there may be a little bit more consolidation there. And that's why we think for the next few years, that's going to be low single digits. Once we get past that, that won't be a headwind for us. And we are past the US spread churn after the end of this year. So that will be a positive for us.

是的。里克，如果你考慮我們的長期成長演算法，我會補充一些需要注意的元件。首先是拉丁美洲。隨著時間的推移，我們相信這一增長將恢復到個位數的高成長。但在接下來的幾年裡，由於護理整合的流失，我們預期該領域的成長將呈現低個位數成長。這主要是[Oi]，但它也是我們在地圖上看到的一些潛在的整合。我們看到了一些挑戰——，並且可能會有更多的整合。這就是為什麼我們認為未來幾年這一數字將保持在較低的個位數。一旦我們克服了這一點，這對我們來說就不再是阻力。今年年底後，我們已經擺脫了美國的價差波動。所以這對我們來說是積極的。

And so the swing factors will really be what's going to happen with FX over time. And while we have reduced our exposure to it, 25% of our attributable AFFO is still attributable to our emerging markets. So there is still some FX risk there. And just in the last few weeks, we've seen a negative trend in that, which resulted in a little bit of degradation for next year just for the past few weeks.

因此，波動因素實際上是隨著時間的推移外匯將發生的情況。儘管我們減少了對 AFFO 的投資，但 25% 的 AFFO 仍然來自我們的新興市場。因此仍然存在一些外匯風險。就在過去幾週，我們看到了這種負面趨勢，這導致明年的情況在過去幾週內略有下降。

And then the other piece is interest rate headwinds. And I think it's anybody's guess as to what exactly happens with interest rates over the next few years. So those are the things we'll be watching. But that long-term algorithm of mid- to high single digits holds true even while absorbing some of those costs in there.

另一個因素是利率逆風。我認為每個人都在猜測未來幾年利率會發生什麼事。這些就是我們將要關注的事情。但即使吸收了其中的一些成本，中高個位數的長期演算法仍然成立。

David Barden, Bank of America.

大衛巴登，美國銀行。

Thanks for all that color, Rod. Just Steve, on the on the core site business, you've been flagging the record leasing. It's not a number you guys have disclosed. Could we have a conversation about what the leasing number is and kind of what the historical context of what you're throwing up now is, and what the book-to-bill situation looks like in terms of the available pipeline to make that double-digit revenue growth happen?

謝謝你的顏色，羅德。史蒂夫，在核心站點業務上，你一直在標記創紀錄的租賃。這不是你們透露的數字。我們能否談談租賃數量是多少，以及您現在提出的問題的歷史背景是什麼，以及從可用管道方面來看，從訂單到賬單的情況是什麼樣子，以實現雙倍的增長。會發生嗎？

And then the second question, if I could, Rod, just to follow up on this discussion. So this I think what Rick called it the AAA, adjusted attributable AFFO, this is a number that you're going to report kind of on an ongoing basis, and it will be the anchor for our conversation about the growth in 2025 on a quarterly basis. Is that fair?

然後是第二個問題，羅德，我是否可以跟進這次討論。因此，我認為 Rick 稱之為 AAA，調整後的歸屬 AFFO，這是您將持續報告的數字，它將成為我們關於 2025 年季度增長的討論的基礎基礎。這樣公平嗎？

Yes, David. We'll certainly talk about that metric for as long as it's applicable, which will be a little while until we lap this India sale. But while the India sale and the discontinued operations is in our base number or the comparable prior year numbers, we will let you know what it is.

是的，大衛。只要該指標適用，我們肯定會討論它，這需要一段時間才能完成這次印度銷售。但是，雖然印度的銷售額和停產業務處於我們的基數或可比較的上一年數字中，但我們會讓您知道具體數字。

And when it comes to core site, I don't think we've given a specific number in terms of what sales are. But you can think about it as factor of what they were doing pre-acquisition. That build pipeline, just for reference, we've got about over 40 megawatts of construction ongoing today. It's about 60% pre-leased today, and that's replacing the capacity we've sold.

當談到核心網站時，我認為我們沒有給出具體的銷售額數字。但你可以將其視為他們在收購前所做的事情的因素。這條建設管道，僅供參考，我們今天正在進行約 40 兆瓦的建設。今天大約有 60% 已預租，這正在取代我們已售出的容量。

So the way to think about that is their leasing today is significantly higher than the year before we bought them. And the majority of our $70 million backlog that we have today is commencing between now and kind of the first half of 2025, and the remainder is beyond that. So we haven't given a specific sale number, we are giving you guys the backlog, and that's the way to think about that revenue growth.

因此，考慮這一點的方法是，他們今天的租賃量明顯高於我們購買前一年。我們今天的 7000 萬美元積壓訂單中的大部分是從現在到 2025 年上半年開始的，其餘的則超出了這個時間。所以我們沒有給出具體的銷售數字，我們提供給你們的是積壓訂單，這就是考慮收入成長的方式。

But we feel very confident in a high single or double digit -- most likely double-digit growth rate for the next several years in terms of revenue commencing there. And that continued strength continues to feed that sales pipeline, and we're expecting to have a healthy pipeline in 2025 as well. At this point, all those general dynamics that we're seeing in the industry are -- just continue to accelerate. And that is demand for hybrid cloud infrastructure by enterprises is our bread and butter. That's where we continue to see strength in it.

但我們對未來幾年收入的高個位數或兩位數成長率非常有信心——很可能是兩位數的成長率。這種持續的強勁勢頭將繼續滿足銷售管道的需求，我們預計 2025 年也將擁有健康的銷售管道。目前，我們在行業中看到的所有總體動態都在繼續加速。這就是企業對混合雲端基礎設施的需求是我們的麵包和奶油。這就是我們繼續看到它的力量的地方。

And we're starting to see those enterprises now deploy GPUs. It's their own kind of AI based models. And that, again, is kind of the perfect customer for core site. So we're seeing our existing customers increasing the size of their installations. And that's going to keep feeding that pipeline for years to come. So we feel like that growth rate is durable for the foreseeable future right now.

我們現在開始看到這些企業部署 GPU。這是他們自己的基於人工智慧的模型。這又是核心站點的完美客戶。因此，我們看到現有客戶正在擴大其安裝規模。這將在未來幾年繼續為該管道提供資金。因此，我們認為在可預見的未來，這種成長率是可持續的。

Yes. And David, maybe I would just add, in terms of the relationship with the prior numbers, our backlog in that $70 million range, that's up from a number in the range of $40 million or so when we bought Core Site in those first couple of years. So it's up 75% or so. And that's a similar level of increase that we're seeing in the new biz roughly.

是的。大衛，也許我想補充一下，就與之前數字的關係而言，我們的積壓訂單在 7000 萬美元範圍內，而當我們在前幾個季度購買核心站點時，這個數字在 4000 萬美元左右。年。所以上漲了 75% 左右。這與我們在新業務中看到的成長水平大致相似。

Simon Flannery, Morgan Stanley.

西蒙‧弗蘭納裡，摩根士丹利。

Rod, you talked about the dividend policy. Perhaps you could just give us some context around how you're thinking about that. If you're growing the bottom line, call it, mid-single digits, is that the right way to think about dividend growth from here, and how that works into payout ratios and leverage and so forth?

羅德，你談到了股利政策。也許您可以向我們提供一些有關您如何看待這個問題的背景資訊。如果你的利潤正在成長，稱之為中個位數，這是從這裡考慮股息成長的正確方法嗎？

And just coming back to the CoreSite CapEx, I think you said it could be ahead of the $480 million. I know in the past when you bought this, you were kind of, to some extent, ring-fencing how much you would spend on CapEx. Can you sort of update that for us? I mean would you be prepared to go to, say, $600 million or $700 million, or what are the parameters you're thinking about how much money you do commit to data centers? Obviously, a great opportunity and you don't want to go hyperscale at this point, but it does sound like you see opportunities to deploy capital at attractive levels. But love to understand how big that might go.

回到 CoreSite 資本支出，我想您說過它可能會超過 4.8 億美元。我知道過去當你購買這個產品時，你在某種程度上會限制你會在資本支出上花費多少錢。您能為我們更新一下嗎？我的意思是，您是否準備好投入 6 億或 7 億美元，或者您正在考慮向資料中心投入多少錢的參數是什麼？顯然，這是一個很好的機會，而且您目前不想進行超大規模的投資，但聽起來您確實看到了以有吸引力的水平部署資本的機會。但很想知道這可能會有多大。

Yes. Sounds good, Simon. I'll take the dividend question, and then Steve will talk to you about the CapEx for Core Site. So with the dividend, as we talked about on the last call, we do look forward to resuming dividend growth as we get into 2025. I don't want to get into too much detail in terms of what that growth rate might be. But similar to the way we've discussed it in prior calls, the long-term view of the dividend growth rate is that it will closely mirror the average AFFO per share growth rate over time. So that's the way we think about it.

是的。聽起來不錯，西蒙。我將回答股息問題，然後史蒂夫將與您討論核心站點的資本支出。因此，正如我們在上次電話會議中所討論的那樣，就股息而言，我們確實期待進入 2025 年時恢復股息成長。我不想透露太多關於成長率的細節。但與我們在先前的電話會議中討論的方式類似，股息成長率的長期觀點是，隨著時間的推移，它將密切反映每股 AFFO 的平均成長率。這就是我們的想法。

So if we are hitting a mid-single-digit AFFO per share growth rate on average over time, we would expect that the dividend growth rate on average over that same time period would roughly equal that same kind of a growth rate. That's the way to think about it. You can't really apply that to every individual year because there could be puts and takes. But over time, I think you kind of get the trajectory there.

因此，如果隨著時間的推移，我們的 AFFO 每股平均成長率達到中個位數，我們預計同一時期的平均股息成長率將大致等於同類成長率。這就是思考的方式。你不能真正將其應用於每一年，因為可能會有變化。但隨著時間的推移，我認為你已經找到了軌跡。

Now of course, with dividend and dividend policy, every quarter, we go to our Board and ask them to approve the dividend declaration and distribution, we would always do that. So everything I'm talking about here is subject to Board approval. But we do -- again, the portfolio that we have is strong. It's getting stronger with the quality of earnings increasing, the balance sheet becoming stronger. So achieving that mid-single-digit AFFO per share growth rate, maybe driving that up from there as we talked about with Rick's question, that all would kind of tie into our ability to grow the dividend.

當然，現在有了股息和股息政策，每個季度我們都會去董事會並要求他們批准股息申報和分配，我們總是會這樣做。所以我在這裡談論的一切都需要董事會的批准。但我們確實——再說一次，我們擁有的投資組合很強大。隨著獲利品質的提高，資產負債表變得更加強大，它變得越來越強。因此，實現 AFFO 每股中個位數成長率，也許在我們討論里克問題時將其推高，這一切都與我們增加股息的能力有關。

And if that dividend grows in line with AFFO per share, we do see the dividend payout as a percent of AFFO staying roughly where it is, which call it between 60 and mid-60s, kind of in that range. That leaves us another $1.5 billion to $2 billion-ish to deploy into our CapEx programs around the globe or use it to buy back shares, or we can allocate it to debt reductions if we wanted to. But it still leaves us with plenty of excess capital to run the business.

如果股息與 AFFO 每股成長一致，我們確實認為股息支付佔 AFFO 的百分比大致保持在 60 至 60 年代中期之間的水平。這讓我們剩下 15 億到 20 億美元左右的資金可以部署到我們在全球的資本支出計劃中，或者用它來回購股票，或者如果我們願意的話，我們可以將其分配給削減債務。但這仍然給我們留下了大量多餘的資金來經營業務。

Yes, on the CapEx for CoreSite, we're not constraining the business. So the business has the opportunity to deploy as much capital as it wants, and so you could see that number grow kind of into that range that you're talking about. And I would also just reiterate that the beauty of how we've constructed our Core Site entity with our private capital partners is we have a lot of optionality in terms of how we fund that additional capital growth.

是的，在 CoreSite 的資本支出上，我們不會限制業務。因此，企業有機會部署盡可能多的資本，因此您可以看到該數字會成長到您所說的範圍。我還要重申，我們與私人資本合作夥伴建立核心站點實體的美妙之處在於，我們在如何為額外資本成長提供資金方面有很多選擇。

So we'll be able to make the determination how much American Tower wants to put in versus how much we rely on our partners kind of real time as we're looking at the budgets for next year.

因此，當我們考慮明年的預算時，我們將能夠即時確定美國鐵塔想要投入多少資金以及我們對合作夥伴的依賴程度。

So it's too early to tell you what the budget is going to be and what percentage we're going to pay. But it's a very good use of capital. We're still able to underwrite those mid-teens or better development yield and stabilization. And because the pre-leasing is at historically high levels, it's a very low risk way to deploy capital, and we actually get a stabilization even sooner.

因此，現在告訴您預算是多少以及我們將支付多少百分比還為時過早。但這是對資本的很好利用。我們仍然能夠保證那些十幾歲左右或更好的開發產量和穩定性。而且由於預租處於歷史高位，這是一種風險非常低的資本配置方式，而且我們實際上更快地實現了穩定。

So we think it's a great use of our capital to do that. We'll continue to fund those developments in our campuses as aggressively as we can sell and build. And so we'll let you know kind of where we lay out our expectations for 2025, where that lands. But the numbers that you're suggesting are in the ballpark of something that could be very reasonable for us to be.

因此，我們認為這樣做是對我們資本的充分利用。我們將繼續盡可能積極地資助我們園區的這些開發案的銷售和建設。因此，我們會讓您了解我們對 2025 年的期望，以及最終的結果。但你建議的數字對我們來說是非常合理的。

James Schneider, Goldman Sachs.

詹姆斯·施奈德，高盛。

I guess, first of all, strategically, Steve, you laid out some of the attractive qualities of European tower business on an organic basis. At the same time, some of the owners of European tower assets have been more vocal that they're open to potential sales. So I guess, all else equal, is it fair to conclude this would be an area where you might consider an acquisition of scale over the coming quarters or years?

我想，首先，在策略上，史蒂夫，你在有機的基礎上展示了歐洲塔業務的一些有吸引力的品質。同時，一些歐洲鐵塔資產的所有者更加直言不諱地表示，他們對潛在的出售持開放態度。所以我想，在其他條件相同的情況下，可以公平地得出結論，這將是您可能考慮在未來幾個季度或幾年內擴大規模的領域嗎？

And then secondly, on the core site business, a couple of things I noted. One is a large land purchase in the quarter. Is that related to Core Site and a new site development there that you're anticipating? And then I think you also made a comment on maybe inference being a little bit slower to materialize in your initial expectations. So maybe if you could unpack that -- those two things a little bit, that would be great.

其次，關於核心網站業務，我注意到了一些事情。一是本季大量購地。這與您預期的核心站點和新站點開發有關嗎？然後我想你也評論說，在你最初的期望中，推論的實現可能會慢一些。所以也許如果你能稍微解開這兩件事，那就太好了。

Sure. So I'll start with the -- let me start with the Core Site just because that's the most recent you asked. The land purchase that we did was in LA, and that's to expand our LA campus. And that's to make sure we have a continued runway to continue to serve our customers there. So that's, again -- you'll see us continue to invest in land around our campuses, and that just gives us more capacity to continue to build and grow over time. And that's what that one was.

當然。所以我將從——讓我從核心網站開始，因為這是您最近詢問的。我們購買的土地是在洛杉磯，這是為了擴大我們洛杉磯的校園。這是為了確保我們有一條持續的跑道來繼續為那裡的客戶提供服務。所以，你會看到我們繼續投資校園周圍的土地，這只會讓我們有更多的能力隨著時間的推移繼續建造和發展。這就是那個。

In terms of inferencing, I don't think it's been slower to develop than we thought. That was the edge that I was talking about that's been a little bit slower to develop than we thought. The inferencing layer, we're seeing some robust demand for that. And in fact, we're able to be very selective about the counterparty risk that we're taking there. We think that we're an ideal place for inferencing because that's really the distribution channel, how you interact with the large learning models. And we've certainly seen a lot of interest in that, and we are writing some contracts with that. But there are a lot of kind of unproven businesses out there, so we're being very selective about that counterparty risk.

在推理方面，我認為它的發展速度並不比我們想像的慢。這就是我所說的優勢，它的發展比我們想像的要慢一些。在推理層，我們看到了一些強勁的需求。事實上，我們能夠對我們所承擔的交易對手風險進行非常有選擇性的。我們認為我們是推理的理想場所，因為這實際上是分發管道，是您與大型學習模型互動的方式。我們當然看到了很多人對此感興趣，我們正在與之簽訂一些合約。但有許多未經證實的業務，因此我們對交易對手風險非常有選擇性。

In terms of Europe, we would love to be able to replicate what we did with Telxius in other markets. We don't feel like we have to do that. We have adequate scale in Germany and Spain. We'd like to find some more scale in France, if we could, because we're a little bit subscale there. But we have to be patient and disciplined. We've seen a number of portfolios trade in Europe that had terms and conditions that just aren't conducive to long-term shareholder value growth in terms of the way we see it. And so we've reiterated those kind of factors a few times.

就歐洲而言，我們希望能夠在其他市場複製我們對 Telxius 所做的事情。我們不覺得我們必須這樣做。我們在德國和西班牙有足夠的規模。如果可以的話，我們希望在法國找到更大的規模，因為我們在那裡的規模有點小。但我們必須保持耐心並遵守紀律。我們看到，在歐洲進行的許多投資組合交易的條款和條件在我們看來並不利於股東價值的長期成長。因此，我們多次重申了這些因素。

But the terms and conditions are very important to us, as are the counterparties that we're contracting with, as well as the overall colocation dynamic. And what's working so well for us today in Europe is we have a very low churn, we bought towers in a low tenancy, we have very little risk of some of the consolidation we're seeing in Spain and other markets. And we're seeing some competitive dynamics emerge in Europe that just weren't there in the past decade or so where you're seeing people competing on network quality a little bit compared to what they were in the past. And that's promoting some builds.

但條款和條件對我們來說非常重要，我們與之簽約的交易對手以及整體託管動態也非常重要。今天在歐洲對我們來說如此有效的原因是我們的客戶流失率非常低，我們以較低的租賃率購買了塔樓，我們在西班牙和其他市場看到的一些整合的風險很小。我們看到歐洲出現了一些過去十年左右沒有出現過的競爭動態，與過去相比，人們在網路品質上的競爭有所加劇。這正在促進一些構建。

And you couple that with the real push by the governments to get ubiquitous coverage everywhere, including the rural area, it's a great dynamic for us. So there are portfolios that came available in Europe that had similar characteristics, similar terms and conditions at the right valuation, we'd certainly be interested. But we're not going to rush into anything, and we're not going to buy things that don't meet our investment criteria that create that long-term value chain.

再加上政府真正推動在各地（包括農村地區）實現無處不在的覆蓋，這對我們來說是一個巨大的動力。因此，歐洲有一些具有相似特徵、相似條款和條件且估值正確的投資組合，我們當然會感興趣。但我們不會倉促行事，也不會購買不符合我們創造長期價值鏈的投資標準的東西。

James, maybe when it comes to Europe, maybe I'll just highlight a couple of revenue items for you here. So you've heard us say in the past that we're very happy with the European business that we have. It's outperforming our original expectations. I'll just hone in on the organic tenant billings growth.

詹姆斯，也許說到歐洲，我可能會在這裡為您強調幾個收入項目。因此，您過去曾聽我們說過，我們對我們擁有的歐洲業務非常滿意。它超出了我們最初的預期。我將重點放在有機租戶帳單的成長。

We had another quarter where we were over 6% OTBG for Europe. We're looking at about 6% for the full year. And that's a very balanced 6%. So we're -- in the quarter, we were a little over 4% contributions from organic new biz. That has been accelerating for the last several quarters. It is higher than it was in any quarter in the last six quarters or so. So we're seeing an accelerated level of activity in the market, which we like a lot. The escalator is right around 3%. And the churn rate continues to be below 1%.

另一個季度，歐洲的 OTBG 超過 6%。我們預計全年成長率約為 6%。這是一個非常平衡的 6%。因此，在本季度，有機新業務對我們的貢獻略高於 4%。過去幾個季度，這一趨勢一直在加速。它高於過去六個季度左右的任何季度。因此，我們看到市場活動的加速，這是我們非常喜歡的。自動扶梯大約是3%。而且客戶流失率持續低於 1%。

So it's a very balanced revenue generation model that we've been able to build there. And we're very excited about the platform that we have and the durability of the way that that business could grow. It looks very much like the US in terms of those numbers.

因此，我們能夠在那裡建立一個非常平衡的創收模式。我們對我們擁有的平台以及業務成長方式的持久性感到非常興奮。從這些數字來看，它看起來非常像美國。

Batya Levi, UBS.

巴蒂亞‧萊維，瑞銀集團。

Back to the domestic operations. Can you talk about if you're seeing any change in the colocation versus amendment mix? And to the extent that this starts to expand its network, is it mostly included in the holistic agreement that you have right now? Or could there be upside?

回到國內業務。您能談談您是否看到主機代管與修正組合有任何變化嗎？就其網路開始擴展而言，它是否主要包含在您目前擁有的整體協定中？或是還有什麼好處嗎？

And one thing quickly on domestic gross margins. I think they were down a little bit year-on-year. Is there anything to call out there?

國內毛利率快速成長的一件事。我認為他們同比下降了一點。那裡有什麼好喊的嗎？

Sure. I'll talk about the demand trends and, Rod, you can talk about the gross margin. Overall, the mix that we're seeing is pretty consistent today, but we're seeing more interest in new [colos]. So we're getting -- we're having a request for information, like what rent centers are available, what the structural capacity, those kind of precede the applications typically as we're doing our RF planning, and the conversations we're having certainly indicate that they're moving into a densification phase that will shift more to new colos. So we're encouraged by what we're seeing there.

當然。我將談論需求趨勢，羅德，你可以談論毛利率。總體而言，我們今天看到的組合非常一致，但我們看到人們對新產品更感興趣[科洛斯]。因此，我們收到了資訊請求，例如可用的租賃中心、結構容量，這些資訊通常在我們進行射頻規劃時先於應用程式進行，以及我們正在進行的對話當然表明他們正在進入一個緻密化階段，這將更多地轉向新的託管。因此，我們對在那裡看到的一切感到鼓舞。

In terms of how they work in our comprehensive agreements, every one of those agreements is a little bit differently -- works a little bit differently. Some of them are just amendments only. So in those agreements, all the new colocations are incremental. And in some of those, they may include a limited amount of colocations. And once they reach that number of colocations that's in the comprehensive agreement, the incremental over that would be extra outside of the comprehensive agreements.

就它們在我們的全面協議中的運作方式而言，每一項協議都略有不同——運作方式也略有不同。其中有些只是修訂而已。因此，在這些協定中，所有新的託管都是增量的。在其中一些中，它們可能包括有限數量的託管。一旦他們達到了協議中規定的託管數量，超出的增量將超出協議範圍。

And so as we construct our long-term guide, we always knew that we would get this densification phase and that the contribution from new colocation outside of the comprehensive agreement would become a larger factor. And that's what we expect to see over the next several years. We expect to see this ramp-up in colocations that will add into the growth that we're expecting to see over the next several years. And that's very consistent with what we're starting to hear from customers as they're planning for the next phase of their network development.

因此，當我們建立長期指南時，我們始終知道我們將進入這個緻密化階段，並且全面協議之外的新主機代管的貢獻將成為一個更大的因素。這就是我們期望在未來幾年看到的情況。我們預計主機託管數量的增加將促進我們未來幾年的成長。這與我們開始從客戶那裡聽到的情況非常一致，因為他們正在規劃下一階段的網路開發。

Batya, thanks for joining the call. So on the margins, I'll just hit the total margins, and this applies to the domestic margins as well because of the things I'll describe are really in the domestic business. But we had margins for the quarter a year ago for Q3 of 2023 of about 74.7%. That's down to 74.2%. So you look at that, and it's a 50 basis points reduction.

Batya，感謝您加入通話。因此，在利潤方面，我將只討論總利潤率，這也適用於國內利潤率，因為我將描述的內容實際上是在國內業務中。但我們一年前 2023 年第三季的利潤率約為 74.7%。下降至 74.2%。所以你看一下，減少了 50 個基點。

The largest callout that I would highlight for you is the straight-line impact there is about a negative 90 basis points hit to that margin. So of course, we all know straight line is a non-cash item, and it just kind of goes -- it's a dwindling balance here as we kind of run through that straight-line curve. So on a cash basis, the margins really increased 40 bps, 50 bps, not decreased.

我要向您強調的最重要的一點是直線影響，該利潤率大約下降了 90 個基點。當然，我們都知道直線是一種非現金項目，而且它只是這樣——當我們穿過這條直線曲線時，這裡的餘額逐漸減少。因此，在現金基礎上，利潤率確實增加了 40 個基點、50 個基點，而不是減少。

And then there's a few other small things, some onetime settlements in the prior year that's not reoccurring, things like that. But the straight-line balance coming through is the biggest change -- is the biggest impact that makes it -- the reported margins come down, but the cash margins are actually going up.

然後還有其他一些小事情，一些前一年的一次性和解不會再次發生，諸如此類。但直線平衡是最大的變化，也是造成這種變化的最大影響，報告的利潤率下降了，但現金利潤率實際上正在上升。

Batya, one more clarification on the MLAs. DISH is largely a new lease comprehensive agreement. So that one, the new colocation will be included until they get to the maximum number of leases under their agreement, which we don't expect to happen for some time.

Batya，關於工作重點的另一項澄清。DISH 很大程度上是一項新的租賃綜合協議。因此，新的主機託管將被包括在內，直到他們達到協議規定的最大租賃數量，我們預計在一段時間內不會發生這種情況。

Nick Del Deo, MoffettNathanson.

尼克·德爾·迪奧，莫菲特·內桑森。

Steve, in your prepared remarks, I think you said that you're more convinced than ever that mobile edge is going to eventually be an opportunity even if it's taking a bit longer to transpire. I guess, are there specific conversations or data points or other things you can point to help us understand that increased level of conviction?

史蒂夫，在您準備好的發言中，我想您說過您比以往任何時候都更加相信移動邊緣最終將成為一個機會，即使它需要更長的時間才能實現。我想，是否有具體的對話、數據點或其他內容可以幫助我們理解信念程度的提升？

Sure. So what I would say is we've got a few proof of concepts that we're working on with some partners on some kind of niche use cases. But the underlying theme that we're seeing from really kind of the whole ecosystem, and I would point to the ecosystem at Core Site, is you're seeing more decentralization. So you're seeing the cloud providers and the AI providers start looking at more distributed architecture today. And the first phase of that is going to more regional centers.

當然。所以我想說的是，我們已經得到了一些概念證明，我們正在與一些合作夥伴就某種利基用例進行合作。但我們從整個生態系統中看到的基本主題，我會指出核心站點的生態系統，是你會看到更多的去中心化。所以你會看到雲端供應商和人工智慧供應商今天開始考慮更分散的架構。第一階段將擴展到更多的區域中心。

And that's what you're seeing driving a lot of the hyperscale activity that's out there, is you're seeing people diversifying to more regions. Some of that is to take advantage of power cost, but some of that is also to get closer to the end user and the lower latency and transport costs. And so as we see that continuing to emerge. We think that will continue.

這就是你所看到的推動大量超大規模活動的原因，你看到人們分散到更多地區。其中一些是為了利用電力成本，但另一些也是為了更接近最終用戶以及更低的延遲和傳輸成本。我們看到這種情況不斷出現。我們認為這種情況將會持續下去。

And the conversations we're having with those types of players are that they want to continue to diversify over time. So they'll go to more regional facilities for a period of time. They're looking at Tier 2 markets, which is something that we're exploring with core site, is looking at expanding our presence in a couple of Tier 2 markets. You saw us do that in Miami a couple of years ago. We're still looking for opportunities to do that. And then that kind of diversification will continue until it gets out to the wireless edge, we believe, over time.

我們與這些類型的玩家進行的對話是，他們希望隨著時間的推移繼續多元化。所以他們會在一段時間內去更多的區域設施。他們正在關註二級市場，這是我們正在透過核心網站探索的內容，正在考慮擴大我們在幾個二級市場的業務。幾年前你在邁阿密看到我們這樣做了。我們仍在尋找機會來做到這一點。我們相信，隨著時間的推移，這種多樣化將持續下去，直到擴展到無線邊緣。

At the same time, we're seeing our carrier customers start talking about going to 5G stand-alone infrastructure versus the non-stand-alone 5G that's been deployed to date. And as you look at what's happening across the globe, you're seeing carriers that go to 5G stand-alone look at mobile edge compute more and more.

同時，我們看到營運商客戶開始談論使用 5G 獨立基礎設施，而不是迄今為止部署的非獨立 5G。當您觀察全球正在發生的事情時，您會發現採用 5G 獨立技術的營運商越來越多地關注行動邊緣運算。

So as we kind of look at both sides of that system, the wireline and the wireless, they're both going into an architecture that suggests the need for more compute at the edge. And so as we have those conversations and talk about what that eventual plan is and talk with them about what that infrastructure needs to look like at the edge, we're becoming more convinced than ever that that's going to happen. And that's really kind of what I'd point you to.

因此，當我們審視該系統的兩側（有線和無線）時，它們都將進入一種表明需要在邊緣進行更多運算的架構。因此，當我們進行這些對話並討論最終計劃是什麼並與他們討論邊緣基礎設施需要是什麼樣子時，我們比以往任何時候都更加確信這將會發生。這正是我要向您指出的。

Again, it's taking longer than we thought. You had to get the 5G stand-alone on the wireless side for that to make sense. And on the wireline side, there's a little bit of evolution that has to happen to get into that more distributed architecture. But once we -- once that momentum starts, they'll keep pushing out further and further toward the consumer.

再說一次，它花費的時間比我們想像的還要長。你必須在無線方面獨立使用 5G 才有意義。在有線方面，必須進行一些改進才能進入更分散的架構。但一旦我們——一旦這種勢頭開始，他們就會不斷向消費者推出更多產品。

Okay. That's super helpful. And then one other on -- thinking about some of your emerging tower markets. You've been clear in your words and actions that you're tightening up CapEx there. I guess has there been any sort of customer reaction to that decision? So for example, customer engagement with respect to discussing larger commitments, maybe if you're not willing to put as much CapEx behind new builds or anything along those lines?

好的。這非常有幫助。然後是另一件事——思考一些新興的塔樓市場。您已經在言語和行動中明確表示，您正在收緊資本支出。我想客戶對這個決定有什麼反應嗎？例如，客戶參與討論更大的承諾，也許您不願意在新構建或類似的事情上投入盡可能多的資本支出？

We've been engaging with our customers on that. They understand the issues. I mean they're good businesspeople. Of course, they would love for us to invest more capital there. But they understand that need to run our business in a way that creates shareholder value. And so if you look at what we were -- we've been able to talk about publicly, where we renegotiated an agreement that we'd love to lower CapEx and more colocations, that's a result of the customer appreciating the situation we're in and working together to find a win-win solution. And we think that we have the opportunity to continue to do that with those customers.

我們一直在與客戶就此進行溝通。他們了解這些問題。我的意思是他們是優秀的商人。當然，他們希望我們在那裡投入更多資金。但他們明白需要以創造股東價值的方式來經營我們的事業。因此，如果你看看我們的情況 - 我們已經能夠公開談論，我們重新談判了一項協議，我們希望降低資本支出和更多的託管，這是客戶讚賞我們的情況的結果並共同努力尋找雙贏的解決方案。我們認為我們有機會繼續與這些客戶合作。

We do want to support our Tier 1 MNOs across the globe. That's an important business for us. We do think that we will continue to see growth in those emerging markets over time. And so we're not saying we're spending no capital. We're just reducing the capital spend there and focusing more in the developed markets. So certainly, customers are a huge piece of that. And they've been very receptive to working with us to find the right solution for them and for us.

我們確實希望支援全球的一級行動網路營運商。這對我們來說是一項重要的業務。我們確實認為，隨著時間的推移，我們將繼續看到這些新興市場的成長。因此，我們並不是說我們不花任何資本。我們只是減少那裡的資本支出，更專注於已開發市場。當然，客戶是其中的重要組成部分。他們非常願意與我們合作，為他們和我們找到合適的解決方案。

I guess I should say thank you to all of our customers who are listening for understanding and working with us on that.

我想我應該對所有傾聽理解並與我們合作的客戶表示感謝。

Brandon Nispel, KeyBanc Capital Markets.

布蘭登‧尼斯佩爾 (Brandon Nispel)，KeyBanc 資本市場。

Great. Steve, I think I heard in your answer to Rick's question earlier, you said contracted growth under your MLA steps down next year. Why is that? Do you guys have another customer who comes off their holistic MLA next year?

偉大的。史蒂夫，我想我在你早些時候回答里克的問題時聽到，你說明年你的 MLA 下的合約成長將會減少。這是為什麼？你們明年還有其他客戶取消整體 MLA 嗎？

And then for Rod or Steve, do the assumptions for mid-4% organic billings growth next year in the US includes the assumption that churn, excluding Sprint, should be maintained in the sub-1% range, which it's been the last couple of quarters?

然後，對於 Rod 或 Steve 來說，明年美國有機賬單增長 4% 左右的假設是否包括客戶流失率（不包括 Sprint）應保持在 1% 以下的範圍內，這是過去幾年的情況。

Sure. So we don't have anyone rolling off a comprehensive agreement. When we structure those agreements, we typically try to structure the revenue towards the activity levels that we're seeing because we don't want to lose the time value of money. And so when you have a densification or when you have a phased building of a 5G network, you don't want to completely smooth it out. It smooths out the peaks and valley some, but you don't want to lose the time value of money for the earlier phases in that. So there's just a little bit of a step down there.

當然。所以我們沒有人推出全面協議。當我們制定這些協議時，我們通常會嘗試根據我們所看到的活動水平來建立收入，因為我們不想損失金錢的時間價值。因此，當您進行緻密化或分階段建立 5G 網路時，您不想完全平滑它。它可以平滑一些高峰和低谷，但您不想損失早期階段的資金時間價值。所以這裡只需要稍微降低一點點。

But that also corresponds to an increase in new colocations in the densification phase of it. And so we -- in terms of the kind of mid-4%s. We do expect our churn to be at the lower end of the historical range, which was 1% to 2%. We're still expecting to be at the lower end of that range. But we don't want to get too specific on what that is because it's too early. We're still waiting to size that up before we can give you exact numbers.

但這也對應於其緻密化階段新主機託管的增加。所以我們——就 4% 左右的人而言。我們確實預期我們的客戶流失率將處於歷史範圍的下限，即 1% 到 2%。我們仍然預計會處於該範圍的下限。但我們不想太具體地說明這是什麼，因為現在還為時過早。在給您確切的數字之前，我們仍在等待估算。

Richard Choe, JPMorgan.

理查崔，摩根大通。

I just wanted to get an update on the cost management initiatives. And I guess, along with that, you pulled back on CapEx in some of the emerging markets. But how should we think about potential divestitures in some of these markets where you feel like you're not enough scale or the trends could take a long time to turnaround?

我只是想了解成本管理計劃的最新情況。我想，同時，您也削減了一些新興市場的資本支出。但是，我們應該如何考慮在某些市場中潛在的資產剝離，在這些市場中，您覺得自己的規模不夠大，或者趨勢可能需要很長時間才能扭轉？

Sure. So we continue to work on cost management and SG&A has been a particular focus for us and because that's kind of the low-hanging fruit, and we're -- we continue to make progress on that. And so if you look at kind of cash SG&A excluding bad debt, kind of year-over-year September year-to-date '24 versus '23, excluding the bad debt, it's down about $17 million or 3% over that period of time. So we're still seeing some savings there.

當然。因此，我們繼續致力於成本管理，SG&A 一直是我們特別關注的焦點，因為這是一種唾手可得的成果，我們將繼續在這方面取得進展。因此，如果你看看 24 年至今 9 月的現金 SG&A（不包括壞帳）與 23 年（不包括壞帳）的同比情況，那麼在此期間下降了約 1700 萬美元，即 3%。所以我們仍然看到了一些節省。

Our cost management overall, though is more comprehensive than that. We're looking at different ways to globalized parts of our business. That will take longer to realize some of the synergies that we think we can get in terms of looking at a more global approach to things like finance and operations, and we'll continue to explore those. So I do think over time you'll see some savings. It probably won't be as rapid as the savings we had in SG&A, but we think we can continue to expand margins over time with that.

不過，我們的整體成本管理比這更全面。我們正在尋找不同的方式來實現我們業務的全球化。這將需要更長的時間才能實現我們認為可以在財務和營運等方面採取更全球化的方法來實現的一些協同效應，我們將繼續探索這些協同效應。所以我確實認為隨著時間的推移你會看到一些節省。它可能不會像我們在銷售管理費用方面節省的那麼快，但我們認為隨著時間的推移，我們可以繼續擴大利潤率。

I'm sorry, what was the second part of your question there, Richard?

抱歉，理查德，你問題的第二部分是什麼？

And then on the emerging markets that, I guess, where you don't feel like you have enough scale or the -- ?

然後在新興市場，我想，你覺得自己沒有足夠的規模或——？

So there's nothing I would point to, and certainly nothing on the scale of India. In the quarter, we did sign an agreement to sell some third-party land that we had in Australia and New Zealand. And we do have a few and portfolios, fiber businesses, things like that. But if we were able to realize the right price line, you might see us look at that, but there's no kind of active process that I would point you to on that.

所以我沒有什麼可以指出的，當然也沒有像印度這樣規模的。在本季度，我們確實簽署了一項協議，出售我們在澳洲和紐西蘭擁有的一些第三方土地。我們確實有一些投資組合、纖維業務等。但如果我們能夠實現正確的價格線，您可能會看到我們對此進行關注，但我不會向您指出任何積極的流程。

But just to kind of reiterate, we've divested India. Mexico fiber, we divested. We exited Poland. So we are continuing to look at the portfolio. And for us, the real question is, can someone else realize more value on the business than we can? And if they can, then that probably creates more value for our shareholders to monetize it.

但重申一下，我們已經放棄印度業務了。墨西哥纖維，我們剝離了。我們離開了波蘭。因此，我們正在繼續關注投資組合。對我們來說，真正的問題是，其他人能否比我們實現更多的業務價值？如果他們可以的話，那麼這可能會為我們的股東創造更多價值以將其貨幣化。

And so there's nothing specific that I would point to, but the Board and the management team is always looking at all aspects of the business, trying to figure out what the right solution is for each market.

因此，我沒有什麼具體要指出的，但董事會和管理團隊始終專注於業務的各個方面，試圖找出適合每個市場的正確解決方案。

Thank you. And I'll turn it back to our speakers for any closing remarks.

謝謝。我會將其轉回給我們的發言人以供結束語。

Thank you for everyone for joining the call today. Like Rod said earlier, if there's any questions regarding the representation of discontinued operations, or if you have any other questions regarding the results and outlook in general, please feel free to reach out to Investor Relations. Thank you.

感謝大家今天加入電話會議。正如羅德之前所說，如果對已終止業務的表述有任何疑問，或者對整體結果和前景有任何其他疑問，請隨時聯繫投資者關係部。謝謝。

Thank you. And ladies and gentlemen, this conference is available for replay. The replay information will be available on the American Tower website. That does conclude our conference for today. Thank you for your participation and for using AT&T Event Conferencing. You may now disconnect.

謝謝。女士們、先生們，本次會議可以重播。重播資訊將在美國塔網站上提供。我們今天的會議到此結束。感謝您的參與與使用 AT&T Event Conference。您現在可以斷開連線。