美國電塔 (AMT) 2024 Q4 法說會逐字稿

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

女士們、先生們，感謝你們的支持。歡迎參加美國塔公司 2024 年第四季和全年財報電話會議。（操作員指示）現在，我想將電話轉給主持人、投資者關係和 FP&A 高級副總裁亞當史密斯 (Adam Smith)。先生，請繼續。

Good morning, and thank you for joining American Tower's fourth quarter and full year 2024 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. I'm joined on the call today by Steve Vondran, our President and CEO, and Rod Smith, our Executive Vice President, CFO and Treasurer. Following our prepared remarks, we will open up the call for your questions.

早安，感謝您參加美國塔公司 2024 年第四季和全年財報電話會議。我們已經在我們的網站 www.americantower.com 的「投資者關係」標籤下發布了一份演示文稿，我們將在整個準備好的發言中引用該演示文稿。今天與我一起參加電話會議的還有我們的總裁兼執行長史蒂夫馮德蘭 (Steve Vondran) 和我們的執行副總裁、財務長兼財務主管羅德史密斯 (Rod Smith)。在我們準備好發言之後，我們將開始回答大家的提問。

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 2025 outlook, capital allocation and future operating performance and any other statements regarding matters that are not historical facts.

在我們開始之前，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。這些陳述的例子包括我們對未來成長的預期，包括我們的 2025 年展望、資本配置和未來經營績效以及任何其他有關非歷史事實的陳述。

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 that will be set forth in our upcoming Form 10-K for the year ended December 31, 2024, and in other filings we make with the SEC.

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。這些因素包括今天早上的收益新聞稿中列出的風險因素、我們即將發布的截至 2024 年 12 月 31 日的 10-K 表格中列出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列出的風險因素。

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

我們敦促您考慮這些因素，並提醒您，我們不承擔更新此通話中包含的資訊以反映後續事件或情況的義務。說完這些，我會把電話轉給史蒂夫。

Thanks, Adam. Good morning, everyone, and thanks for joining the call. When I stepped into the CEO role about a year ago, I expressed my excitement about leading American Tower through its next era of growth and evolution. We have an exceptional portfolio of assets, unmatched operating capabilities, and we're in what I believe to be one of the most durable businesses, capitalized by ever-increasing mobile network demand.

謝謝，亞當。大家早安，感謝大家參加電話會議。大約一年前，當我擔任執行長時，我表達了對帶領美國塔公司進入下一個成長和發展時代的興奮之情。我們擁有卓越的資產組合、無與倫比的營運能力，我相信我們所處的業務是最持久的業務之一，而不斷增長的行動網路需求為我們帶來了資本。

Over the past year, activity across our platform has highlighted the criticality of our communications assets in meeting growing demand as carriers in our US and European markets deployed mid-band spectrum assets, emerging market players densified 4G networks and began rolling out 5G, and our Core Site data center business delivered yet another record year of new leasing.

在過去的一年裡，我們平台上的活動凸顯了我們的通訊資產在滿足不斷增長的需求方面的重要性，因為我們在美國和歐洲市場的營運商部署了中頻段資產，新興市場參與者密集化了 4G 網路並開始推出 5G，而我們的核心站點數據中心業務又創下了新租賃記錄。

My original perspective of the 5G cycle requiring continued network investments necessary to support coverage has been realized and bolstered with incremental optimism through the next phase of AI-driven demand, which I believe will benefit our towers and data centers and unlock synergistic value between the two at the edge.

我最初的觀點是，5G 週期需要持續進行必要的網路投資來支援覆蓋範圍，這一觀點已經實現，並透過下一階段人工智慧驅動的需求逐漸增強了這種樂觀情緒，我相信這將使我們的塔和資料中心受益，並在邊緣釋放兩者之間的協同價值。

Last year, I also laid out a set of strategic priorities centered on balance sheet stream, efficiency, portfolio quality and capital allocation discipline, all meant to further enhance our customer value proposition and strengthen the durability and quality of earnings for our shareholders over the long term.

去年，我還制定了一系列以資產負債表流、效率、投資組合品質和資本配置紀律為中心的策略重點，旨在進一步提升我們的客戶價值主張，並加強股東長期獲利的持久性和品質。

Certain headwinds in 2024 underscore the importance of these initiatives, which better prepare us to weather challenges like carrier consolidation and FX and interest rate volatility. And although these global risks persist, thanks to significant efforts undertaken by the talented members of our global team, we're entering 2025 in a stronger position, and we'll remain focused on pursuing these strategies to prioritize higher-quality earnings and sustained growth.

2024 年的某些不利因素凸顯了這些舉措的重要性，這些舉措可以讓我們更好地應對營運商整合以及外匯和利率波動等挑戰。儘管這些全球風險依然存在，但由於我們全球團隊的優秀成員所做的巨大努力，我們將以更強大的地位進入 2025 年，我們將繼續專注於實施這些策略，優先考慮更高品質的收益和持續成長。

We're currently on track to maintain our five times leverage target on a recurring basis this year, which is an acceleration from our initial deleveraging plan following our Core Site acquisition at the end 2021. In addition to managing our debt and capital structure, our net leverage profile was further supported by margin expansion, which we've largely delivered through systematic reduction of recurring SG&A costs.

我們目前預計在今年持續維持 5 倍槓桿目標，這比我們在 2021 年底收購核心站點後的初始去槓桿計劃有所加速。除了管理我們的債務和資本結構之外，我們的淨槓桿狀況還得到了利潤率擴張的進一步支持，這主要是透過系統地減少經常性的銷售、一般和行政費用來實現的。

Cash SG&A, excluding bad debt, reduced by approximately $35 million in 2024 as compared to 2023, supported by various efficiency initiatives, including the thoughtful globalization of company-wide functions like finance, IT and HR.

2024 年，不包括壞帳的現金銷售、一般及行政費用 (SG&A) 較 2023 年減少約 3,500 萬美元，這得益於各種效率措施的支持，包括財務、IT 和人力資源等全公司職能的周到全球化。

Most recently, we appointed Bud Noel as our Chief Operating Officer, a role that will advance our efforts in driving efficiency and margin expansion by ensuring that we effectively leverage global operating expertise, and apply the best of our processes, tools and capabilities across all of our regions.

最近，我們任命了 Bud Noel 為我們的首席營運官，這一職位將確保我們有效地利用全球營運專業知識，並在所有地區應用我們最好的流程、工具和能力，從而推動我們提高效率和擴大利潤率。

At the same time, we were happy to further leverage our exceptional bench strength that announced Rich Rossi, who spent over 20 years with American Tower, to lead the US and Canada business. Importantly, with these changes, we aim to further elevate the quality of business functions of customer service and anticipate further enhancing our already attractive margin profile along the way.

同時，我們很高興進一步利用我們卓越的後備實力，宣佈在美國塔公司工作超過 20 年的 Rich Rossi 將領導美國和加拿大業務。重要的是，透過這些變化，我們旨在進一步提高客戶服務業務功能的質量，並期望在此過程中進一步提高我們已經很有吸引力的利潤率。

We'll use the next several months to diligently assess the optimal global operating structure and, in time, we'll communicate long-term efficiency targets. We've already made significant progress, and we have a long runway of opportunities still ahead.

我們將利用接下來的幾個月認真評估最佳的全球營運結構，並及時傳達長期效率目標。我們已經取得了重大進展，前方還有很長的路要走，充滿機會。

Over the past year, we continued to actively manage our global portfolio and forward-looking capital deployment priorities to rightsize geographic risk and ensure a strong synergistic fit between our strategy, core competencies and assets. Most notably, as we discussed on the third quarter call, we exited our India business and has since sold our modest land interest in Australia and New Zealand. We also recently signed an agreement to divest our South Africa fiber business and plan to close that transaction this quarter.

在過去的一年裡，我們繼續積極管理我們的全球投資組合和前瞻性的資本配置重點，以適當調整地理風險並確保我們的策略、核心競爭力和資產之間具有強大的協同效應。最值得注意的是，正如我們在第三季電話會議上所討論的那樣，我們退出了印度業務，並出售了我們在澳洲和紐西蘭的少量土地權益。我們最近也簽署了一項協議，剝離我們的南非光纖業務，並計劃在本季完成該交易。

We believe the quality of our earnings and growth profile is at a material premium to where we stood only a few years ago. In 2025, we expect our developed markets, which consist of our US, Canadian and European operations, along with CoreSite, to contribute about 75% towards our unlevered AFFO, and we expect to further expand this portion through continued prioritization of capital into these developed segments.

我們相信，我們的獲利品質和成長狀況與幾年前相比有實質的提升。到 2025 年，我們預計由美國、加拿大和歐洲業務以及 CoreSite 組成的已開發市場將為我們的無槓桿 AFFO 貢獻約 75%，並且我們希望透過繼續優先向這些已開發領域注入資本來進一步擴大這一比例。

We've also increased the proportion of global tower cash flows to top operators in each market. Combined with reduced emerging market exposure, this should translate to a more attractive and predictable return profile moving forward.

我們也增加了全球塔現金流向每個市場頂級營運商的比例。再加上新興市場風險敞口的減少，這應該會轉化為未來更具吸引力和可預測的回報狀況。

Our stronger portfolio and focused capital allocation plan paired with our best-in-class global operating capabilities and alignment with market leaders better enables us to benefit from positive industry trends. Global demand for mobile data continues to climb. The roughly 35% of mobile data traffic that runs over 5G network today is expected to increase to 80% by 2030, prompting carriers to enhance and expand their increasingly stressed networks.

我們更強大的產品組合和有針對性的資本配置計劃，加上我們一流的全球營運能力以及與市場領導者的一致，使我們能夠更好地從積極的行業趨勢中受益。全球對行動數據的需求持續攀升。目前，5G 網路承載的行動數據流量約佔 35%，預計到 2030 年將增加至 80%，這將促使營運商增強和擴展其壓力日益增大的網路。

Currently, with 5G upgrades that improve spectral efficiency and subsequently with incremental cell sites that will densify their footprints in areas identified as needing additional capacity. In our US tower business, we've observed four quarters of sequential acceleration in application activity over the course of 2024, exiting the year with our big three customers having upgraded an average of 65% of their sites within our portfolio with mid-band spectrum, up from just over 50% a year ago.

目前，5G 升級提高了頻譜效率，隨後，增量基地台將在被確定需要額外容量的區域中增加其覆蓋密度。在我們的美國鐵塔業務中，我們觀察到 2024 年應用活動連續四個季度加速，到今年年底，我們的三大客戶已將我們產品組合中平均 65% 的站點升級為中頻頻譜，而一年前這一比例僅為 50% 多一點。

Carriers have begun to highlight the commercial benefits associated with our 5G investments: translate to enhanced network quality, customer retention and stronger ARPUs, with commentary suggesting another active year of network investment in 2025. In fact, although we're between the two peaks of the 5G investment cycle, coverage and capacity, the 2025 outlook for wireless CapEx spend is expected to return to higher levels again, totaling approximately $35 billion, which is roughly $5 billion above the average annual spend in 4G.

營運商已經開始強調我們 5G 投資帶來的商業利益：轉化為增強的網路品質、客戶保留率和更高的 ARPU，評論表明 2025 年將是網路投資的另一個活躍年份。事實上，儘管我們正處於 5G 投資週期的兩個高峰——覆蓋率和容量——之間，但 2025 年無線資本支出前景預計將再次回到更高水平，總額約為 350 億美元，比 4G 的平均年支出高出約 50 億美元。

Now as what I'll speak about in a moment, although we anticipate the positive momentum of US activity to continue to 2025 with a solid pipeline supporting it, our outlook for organic tenant billings growth in the US and Canada steps down modestly compared to 2024. This is a function of the cadence of our contracted use fees and also the commencement timing associated with noncontracted new business such as new colocations outside of our MLAs or a customer that may not be under a comprehensive agreement, not a softening in demand.

正如我稍後要談到的，儘管我們預計美國活動的積極勢頭將持續到 2025 年，並​​有堅實的渠道支撐，但我們對美國和加拿大有機租戶賬單增長的預期與 2024 年相比略有下降。這取決於我們的合約使用費節奏以及與非合約新業務相關的開始時間，例如我們 MLA 以外的新主機託管或可能未簽訂全面協議的客戶，而不是需求減弱。

So far, the 5G investment cycle is largely in line with our expectations, with recent carrier commentary, dialogue and activity further reinforcing our conviction in sustained higher CapEx needs moving forward. Over the next five years, underwritten by projected total mobile network profit growth of over 15% annually given the existing service terms, we expect the required network capacity to more than double, with more connected devices, data-intensive applications and growing uplink transition requirements placing significant strength in the networks.

到目前為止，5G 投資週期基本上符合我們的預期，最近的營運商評論、對話和活動進一步增強了我們對未來持續增加資本支出需求的信心。在未來五年內，在現有服務條款的前提下，預計行動網路總利潤將每年增長 15% 以上，我們預計所需的網路容量將增加一倍以上，更多的連接設備、資料密集型應用程式和不斷增長的上行鏈路轉換要求將對網路產生巨大影響。

Today, we'd expect roughly half of this incremental capacity need to be solved through current spectrum holdings and real spectral efficiency. That leaves a sizable capacity gap that can only be resolved through densification, additional spectrum coming to market or a combination of both.

今天，我們預計大約一半的增量容量需要透過現有頻譜持有量和實際頻譜效率來解決。這就留下了相當大的容量缺口，只能透過密集化、向市場推出更多頻譜或兩者結合來解決。

In addition, mainstream use of new applications, such as multi-mobile AI, could further exacerbate capacity shortages and prompt even more activity. Taken all together, we see an attractive addressable market that our portfolio is well equipped to accommodate with equipment upgrades, colocations and selective new site development over the next several years and beyond.

此外，多行動人工智慧等新應用的主流使用可能會進一步加劇產能短缺並引發更多活動。綜合起來，我們看到了一個有吸引力的目標市場，我們的投資組合已做好充分準備，可以在未來幾年及以後適應設備升級、主機託管和選擇性新站點開發。

Similar trends generally hold true internationally where true 5G mid-band coverage continues to progress each year and stands at roughly 45% in Europe, 15% in Latin America and 10% in Africa. Data consumption has grown at a CAGR of around mid-teens to roughly 20% across these regions since 2020. And we've seen a corresponding increase in cell site density that complements existing site upgrade efforts. Importantly, these mid-band coverage [steps] illustrate the need for continued investment over the next several years.

類似的趨勢在國際上普遍存在，真正的 5G 中頻段覆蓋率每年都在不斷提高，歐洲約為 45%，拉丁美洲為 15%，非洲為 10%。自 2020 年以來，這些地區的數據消費量以大約十幾歲的複合年增長率增長至約 20%。我們也看到基地台密度相應增加，這對現有的基地台升級工作起到了補充作用。重要的是，這些中頻覆蓋[步驟]表明未來幾年需要繼續投資。

As we anticipate similar annual data growth across these same geographies, carriers will continue to utilize the most cost-effective ways to bolster their network capacity and coverage, which will include a mix of macro towers, rooftop sites, small cells and, in remote areas where terrestrial networks are not economically efficient, satellites.

由於我們預計這些地區的年度資料成長率相似，營運商將繼續利用最具成本效益的方式來增強其網路容量和覆蓋範圍，其中包括混合使用宏塔、屋頂站點、小型基地台，以及在地面網路經濟效率不高的偏遠地區使用衛星。

In our CoreSite business, the team delivered a tremendous quarter results around another exceptional year. These results reinforce the strength of the demand and pricing durability for interconnection-centric, retail-oriented colocation. And while we continue to evaluate hyperscale, we remain convinced of our core business model and the tangible demand catalysts we see today, including AI-related demand. This allows us to stay disciplined in our lease-up approach to ensure a high-quality customer mix at the right economics and supports our continued long-term expectation of mid-teens or higher stabilized yields.

在我們的 CoreSite 業務中，團隊又在另一個非凡的年份取得了出色的季度表現。這些結果強化了以互連為中心、以零售為導向的主機代管的需求強度和定價持久性。在我們繼續評估超大規模的同時，我們仍然堅信我們的核心業務模式和我們今天看到的有形需求催化劑，包括與人工智慧相關的需求。這使我們能夠在租賃方式上保持嚴謹，以確保在適當的經濟條件下擁有高品質的客戶組合，並支持我們對中等或更高穩定收益率的長期持續預期。

To build on this momentum in 2025 and beyond and continue to meet the growing needs of our customers across our global platform, we'll maintain the following priorities. First, we continue to evolve our value proposition to our customers and our investment opportunity to our shareholders.

為了在 2025 年及以後保持這一勢頭並繼續滿足我們全球平台客戶日益增長的需求，我們將繼續執行以下優先事項。首先，我們不斷改進對客戶的價值主張和對股東的投資機會。

I firmly believe that we're the best operator of towers and distributed real estate in the world, which allows us to pass along certain benefits and efficiencies to our customers, including powers of service, security and monitoring, data and asset quality, customer service delivery, speed of deployment and a suite of services capabilities.

我堅信我們是世界上最好的塔和分散式房地產營運商，這使我們能夠將某些好處和效率傳遞給我們的客戶，包括服務權力、安全和監控、數據和資產品質、客戶服務交付、部署速度和一系列服務能力。

Additionally, I recognize that investor attraction to American Tower's equity option requires that we operate the highest quality portfolio with strategic fit among our geographies, demonstrate trustworthy stewardship of shareholder capital through disciplined investments, and leverage an operating structure that yields outsized efficiency, margins and returns.

此外，我認識到，要吸引投資者關注美國電塔的股權選擇，就要求我們運營與各地區具有戰略契合度的最高質量的投資組合，通過嚴謹的投資展示對股東資本的可靠管理，並利用能夠產生超額效率、利潤和回報的運營結構。

We have an incredibly talented team that lets us do that. And further globalizing our organization will drive additional economies of scale, centralization and global automation, draw savings across multiple business functions, ensuring that we're able to continue demonstrating synergistic value creation across our 20-plus markets at an exciting time in global connectivity.

我們擁有一支才華橫溢的團隊，可以讓我們做到這一點。進一步實現我們組織的全球化將推動更多的規模經濟、集中化和全球自動化，在多個業務職能中節省成本，確保我們能夠在全球互聯互通的激動人心的時刻繼續在 20 多個市場中展示協同價值創造。

Next, and as Ron will discuss in more detail, we'll continue to actively manage our capital to prioritize funding of opportunities that yield the most attractive risk-adjusted rates of return over the long term. We're continuing to direct most discretionary capital towards our developed market platforms, including over $600 million for data center development on existing campuses underwritten at mid-teens stabilized yields, with some optionality to pursue smaller tuck-in inorganic opportunities were appropriate and also the construction of six of our tower sites in Europe, where we anticipate low double-digit day one yields.

接下來，正如羅恩將更詳細地討論的那樣，我們將繼續積極管理我們的資本，優先為那些在長期內產生最具吸引力的風險調整回報率的機會提供資金。我們將繼續把大部分可自由支配的資本投入到我們發達的市場平台，其中包括超過 6 億美元用於在現有園區開發數據中心，以中等穩定的收益率承保，並可選擇尋求一些規模較小的補充性無機投資機會，以及在歐洲建設六個塔式站點，我們預計首日收益率將達到兩位數。

At the same time, we're reducing emerging market discretionary CapEx to just over $300 million in 2025, a reduction of over 60% from 2021 and over 15% compared to 2024. Spend across our Latin America and African/APAC segment will be primarily focused on the construction of about 1,650 previously committed tower sites for strategic customers, underwritten at mid-teens day one NOI yields. We expect this number to come down over time as we satisfy those commitments and redirect new discretionary capital to develop regions.

同時，我們將把新興市場的可自由支配資本支出削減至 2025 年略高於 3 億美元，較 2021 年減少 60% 以上，較 2024 年減少 15% 以上。我們在拉丁美洲和非洲/亞太地區分部的支出將主要集中於為戰略客戶建設約 1,650 個先前承諾的塔站，承保第一天的淨營運收益為十幾歲。我們預計，隨著我們履行這些承諾並將新的可自由支配資本重新分配到發展地區，這個數字將隨著時間的推移而下降。

In conclusion, macroeconomic uncertainty persists across the global landscape, but consumer demand for connectivity and bandwidth intensive applications and the associated work requirements remain resilient. The macro tower remains the most cost-effective manner to deliver a gigabyte of mobile data, and our global portfolio of assets and leading capabilities exceptionally equips us to support our customers' multiyear investment needs.

總之，全球宏觀經濟的不確定性依然存在，但消費者對連接和頻寬密集型應用的需求以及相關的工作要求仍然保持強勁。宏塔仍然是傳輸千兆位元組行動資料的最具成本效益的方式，我們的全球資產組合和領先能力使我們能夠支援客戶的多年投資需求。

Further, we've taken appropriate steps to ensure a higher degree of durable growth and returns generated by our leading business. I'm confident that our focus on operating and actively managing the highest-quality global portfolio of assets, offering best-in-class customer service and delivery through our experienced global teams and leveraging our investment-grade balance sheet positions American Tower to profit from attractive long-term secular demand trends across the wireless and technology industries and drive sustained quality growth and returns for our shareholders over the long term.

此外，我們已採取適當措施，確保我們的主導業務實現更高程度的持久成長和回報。我相信，我們專注於營運和積極管理最優質的全球資產組合，透過我們經驗豐富的全球團隊提供一流的客戶服務和交付，並利用我們的投資級資產負債表狀況，美國鐵塔將從無線和技術行業有吸引力的長期需求趨勢中獲利，並為我們的股東帶來長期持續的優質成長和回報。

Now I'll turn it over to Rod to discuss full year '24 results and our 2025 outlook. Rod?

現在我將把時間交給羅德來討論 24 年全年業績和 2025 年展望。桿？

Thanks, Steve, and thank you all for joining the call. We had a strong close to 2024, supported by the execution of our strategic priorities as Steve highlighted in his remarks. Before I review our 2024 performance, which was in line with prior outlook, and expectations for 2025, I'll touch on several highlights from the quarter.

謝謝，史蒂夫，也謝謝大家參加電話會議。正如史蒂夫在演講中所強調的那樣，在戰略重點執行的支持下，我們在 2024 年取得了強勁的成績。在回顧我們 2024 年的業績（與先前的展望一致）以及對 2025 年的預期之前，我將談談本季的幾個亮點。

First, demand for our assets remained solid. In the US, while fixed use fees in our comprehensive master lease agreements mean that new business growth is somewhat independent of actual carrier activity levels, we were encouraged to see the sequential acceleration in applications continue through Q4.

首先，對我們資產的需求依然強勁。在美國，雖然我們綜合主租賃協議中的固定使用費意味著新業務增長在某種程度上獨立於實際承運人活動水平，但我們很高興看到申請數量的連續加速增長持續到第四季度。

We view this as critical evidence of the importance of mid-band spectrum and our customers' commitment to achieving portfolio coverage. In fact, Q4 volumes more than doubled year-over-year, reinforcing our conviction that our customers will continue to deploy 5G on their existing sites and densify their networks over the next several years to meet surging data demands.

我們認為這是中頻頻譜重要性以及我們的客戶致力於實現投資組合覆蓋的關鍵證據。事實上，第四季度的交易量比去年同期成長了一倍多，這增強了我們的信念：我們的客戶將在未來幾年繼續在其現有站點部署 5G，並增強其網路密度，以滿足不斷增長的數據需求。

Internationally, consistent organic new business contributions were complemented by the construction of nearly 1,000 sites with strategic anchor tenants, which includes record volumes in Europe. In our US data center business, demand for our interconnection campuses and associated new leasing remained elevated, resulting in fourth quarter revenue growth of nearly 10%.

在國際上，持續的有機新業務貢獻與近 1,000 個擁有戰略主力租戶的站點的建設相輔相成，其中包括在歐洲創紀錄的數量。在我們的美國資料中心業務中，對我們的互連園區和相關新租賃的需求仍然很高，導致第四季營收成長近 10%。

Next, consistent with past quarters, conversion of consolidated cash top line growth was bolstered by vigilant cost management, supporting year-over-year cash adjusted EBITDA margin expansion of over 200 basis points. As I'll touch on in a moment, our focus on driving cost efficiencies across our global business remains a critical priority and evident in our 2025 outlook.

其次，與前幾季一致，警覺的成本管理推動了合併現金營業額成長的轉化，支持現金調整後的 EBITDA 利潤率同比擴大超過 200 個基點。正如我稍後將談到的，我們專注於提高全球業務的成本效率仍然是我們的首要任務，這在我們的 2025 年展望中得到了體現。

Finally, we continue to strengthen our investment-grade balance sheet. In Q4, we opportunistically addressed a portion of our 2025 debt refinancing needs, successfully issuing $1.2 billion in senior unsecured notes at an average coupon of 5.2% and average tenor of 7.5 years.

最後，我們繼續加強我們的投資等級資產負債表。在第四季度，我們抓住機會解決了部分 2025 年債務再融資需求，成功發行了 12 億美元的優先無擔保票據，平均票面利率為 5.2%，平均期限為 7.5 年。

Furthermore, our 2025 plan is in line with our net leverage target, and we began the year with a strong liquidity position and reduced floating rate debt exposure, providing flexibility and optionality as we address 2025 maturities.

此外，我們的 2025 年計劃與我們的淨槓桿目標一致，並且我們在年初就擁有強大的流動性狀況和減少的浮動利率債務敞口，為我們解決 2025 年到期債務提供了靈活性和可選性。

Also, in January, we amended and extended our bank facilities with a leading banking syndicate, which improved our applicable margin pricing by 12.5 basis points on drawn debt to 100 basis points, further optimizing our cost of capital.

此外，1 月份，我們與一家領先的銀行財團修改並延長了銀行信貸額度，將我們的適用保證金定價提高了 12.5 個基點，達到 100 個基點，進一步優化了我們的資本成本。

Moving to slide 6. I'll first remind you that property revenue and adjusted EBITDA exclude discontinued operations associated with our India sale in both the current and prior-year periods. Property revenue growth for the year was nearly 1% and 3% on an FX-neutral basis. Performance was supported by organic tenant billings growth of over 5%, the construction of nearly 2,400 sites and US data center growth of over 10%, partially offset by a 2% negative headwind associated with a reduction in noncash straight-line revenue.

移至幻燈片 6。我首先要提醒您，房地產收入和調整後的 EBITDA 不包括當前和去年同期與我們印度銷售相關的已停止的業務。全年房地產收入成長率接近 1%，剔除匯率因素則為 3%。業績受到超過 5% 的有機租戶賬單增長、近 2,400 個站點的建設以及超過 10% 的美國數據中心增長的支撐，但非現金直線收入減少帶來的 2% 的負面阻力部分抵消了這一增長。

Adjusted EBITDA growth was approximately 2% and over 4% on an FX-neutral basis. Growth was negatively impacted by 3.5% associated with a reduction in noncash straight line. As we have communicated throughout the year, focus on cost management supported a reduction in cash SG&A, excluding bad debt, of approximately $35 million as compared to 2023, contributing to cash margin expansion of 140 basis points to 66.8%, demonstrating our commitment to driving efficiency throughout our global organization.

調整後的 EBITDA 成長率約為 2%，不計匯率因素則為 4% 以上。由於非現金直線減少，成長受到 3.5% 的負面影響。正如我們全年所傳達的那樣，對成本管理的關注支持了現金銷售、一般及行政費用（不包括壞賬）與 2023 年相比減少約 3500 萬美元，促使現金利潤率擴大 140 個基點至 66.8%，表明了我們致力於提高整個全球組織的效率。

Finally, attributable AFFO per share of $10.54 represented nearly 7% growth year-over-year and over 9% on an FX-neutral basis. I'll now summarize a few key points and themes to contextualize our 2025 outlook. First, the drivers supporting our plan are generally consistent with the preliminary indications we provided on our Q3 2024 earnings call.

最後，每股 AFFO 為 10.54 美元，年增近 7%，按外匯中性計算成長超過 9%。現在，我將總結一些關鍵點和主題，以闡述我們對 2025 年的展望。首先，支持我們計劃的驅動因素與我們在 2024 年第三季財報電話會議上提供的初步跡象基本一致。

As you'll see on slide 7, solid recurring revenue growth with elevated conversion rates to AFFO through strategic global cost management initiatives spanning operating expenses, SG&A, maintenance CapEx and cash taxes, fundamentally position our 2025 plan in line with our long-term growth algorithm, partially offset by FX devaluation and interest costs associated with refinancing needs.

正如您在第 7 張投影片上看到的，透過涵蓋營運費用、銷售、一般及行政費用、維護資本支出和現金稅的策略性全球成本管理計劃，穩健的經常性收入增長以及向 AFFO 的轉換率提高，從根本上使我們的 2025 年計劃與我們的長期增長算法保持一致，但外匯貶值和與部分融資需求相關的利息。

Although FX and interest rates have proven to be volatile and unique considerations could move results above or below our mid- to high single-digit growth rate target in any given year, we believe our business is positioned to deliver solid, durable recurring AFFO per share growth and attractive returns. And we're committed to actively managing the portfolio to ensure that expectation is achieved.

儘管事實證明外匯和利率具有波動性，並且特殊考慮可能會導致任何一年的結果高於或低於我們的中高個位數增長率目標，但我們相信我們的業務能夠實現穩健、持久的每股 AFFO 增長和可觀的回報。我們致力於積極管理投資組合以確保實現預期目標。

Next, as Steve mentioned, we recently signed an agreement to sell our fiber assets in South Africa, which we assume to close on March 1 in our outlook, highlighting another step towards enhancing our portfolio of quality and focus. Annualized contributions from the South Africa fiber business were approximately $25 million and $20 million in property revenue and adjusted EBITDA, respectively.

接下來，正如史蒂夫所提到的，我們最近簽署了一項協議，出售我們在南非的光纖資產，我們預計該協議將於 3 月 1 日完成，這標誌著我們朝著增強品質和重點投資組合邁出了又一步。南非光纖業務的年化貢獻分別約為 2,500 萬美元和 2,000 萬美元（包括房地產收入和調整後 EBITDA）。

Turning to slide 8. Our 2025 outlook reflects total company organic tenant billings growth of approximately 5%, and around 5.5% absent the impacts of the final tranche of Sprint churn. Organic tenant billings growth in the US and Canada is expected to be greater than or equal to 4.3%, and greater than or equal to 5.3% excluding the impacts of Sprint churn, a modest reduction compared to 2024 as contracted use fees stepped down and contributions from noncontracted leasing, which is sensitive to commencement timing, begin to accelerate.

翻到幻燈片 8。我們對 2025 年的展望反映出公司整體有機租戶帳單成長率約為 5%，若不考慮 Sprint 最後一批客戶流失的影響，成長率將達到 5.5% 左右。美國和加拿大的有機租戶帳單成長率預計將大於或等於 4.3%，如果不考慮 Sprint 客戶流失的影響，則將大於或等於 5.3%，與 2024 年相比略有下降，因為合約使用費下降，而對開始時間敏感的非合約租賃的貢獻開始加速。

Growth includes contributions from organic new business in the mid-3% range and a 3% escalator, partially offset by non-Sprint related churn and other adjustments of roughly 1%. It's important to note that our guide assumes the first three quarters of 2025 will be impacted by approximately 140 basis points of Sprint churn, likely keeping growth below 4% during that time period, before recovering to over 5.5% in Q4 which will not have any negative growth impacts from Sprint churn.

成長包括 3% 中間範圍內的有機新業務貢獻和 3% 的自動成長，部分被非 Sprint 相關的客戶流失和約 1% 的其他調整所抵消。值得注意的是，我們的指南假設 2025 年前三個季度將受到 Sprint 流失約 140 個基點的影響，在此期間增長率可能保持在 4% 以下，然後在第四季度恢復到 5.5% 以上，這不會對 Sprint 流失產生任何負面增長影響。

Growth in Africa and APAC of approximately 12% includes roughly 7% in escalators, 6% organic new business as ongoing 4G densification and initial 5G upgrades continue, and less than 1% in other billings adjustments, partially offset by approximately 2% in churn, which is a notable improvement from prior years. Growth in Europe of approximately 5% includes 2% in escalators and steady organic new business contributions of around 4%, partially offset by churn of approximately 1%.

非洲和亞太地區的成長率約為 12%，其中包括約 7% 的自動扶梯業務、6% 的有機新業務（因為正在進行的 4G 密集化和初始 5G 升級仍在繼續）以及其他帳單調整的不到 1%，部分被約 2% 的客戶流失所抵消，這比前幾年有了顯著改善。歐洲的成長約為 5%，其中包括 2% 的自動扶梯成長和約 4% 的穩定有機新業務貢獻，但部分被約 1% 的客戶流失所抵消。

In Latin America, growth of approximately 2% includes contributions from escalators of around 5% and organic new business of over 2%. Gross growth is partially offset by another year of carrier consolidation-driven churn, which we expect to persist through 2027. Resulting in elevated churn of approximately 5% in 2025 and other billing adjustments of less than 1%.

在拉丁美洲，約 2% 的成長率包括約 5% 的自動扶梯成長貢獻和超過 2% 的有機新業務貢獻。總成長部分被另一年的營運商整合驅動的客戶流失所抵消，我們預計這種情況將持續到 2027 年。導致 2025 年客戶流失率上升約 5%，其他帳單調整率低於 1%。

Turning to slide 9. You'll see organic tenant billings is supporting property revenue growth of over 0.5% or approximately 3% on an FX-neutral basis, which is impacted by a year-over-year FX-neutral reduction of $217 million in straight-line revenue and over 2% negative headwind to reported growth.

翻到第 9 張投影片。您會發現有機租戶帳單支持房地產收入增長超過 0.5% 或外匯中性基礎上約 3%，這受到同比外匯中性直線收入減少 2.17 億美元和報告增長超過 2% 的負面阻力的影響。

Complementing organic tower growth, net of a reduction due to the nonrecurrence of certain onetime revenue benefits in 2024 is a continuation of solid performance in our US data center business, growing at nearly 12% at the midpoint.

扣除額由於 2024 年某些一次性收入收益不再發生而導致的減少，補充了有機塔的增長，我們的美國數據中心業務繼續保持穩健的表現，中期增長率接近 12%。

Moving to slide 10. Cash property revenue growth is converting at a high rate to adjusted EBITDA, representing year-over-year growth of approximately 1% and over 3% on an FX-neutral basis, which includes an approximately 3% negative headwind associated with noncash straight line. Complementing property contributions, we anticipate the positive momentum we saw in our US services segment in 2024 to continue into 2025, resulting in an increase to services gross margin of nearly $30 million.

移至投影片 10。現金房地產收入成長正以高比率轉化為調整後的 EBITDA，相當於同比增長約 1%，按外匯中性計算則增長超過 3%，其中包括與非現金直線相關的約 3% 的負面阻力。除了房地產貢獻之外，我們預計 2024 年美國服務部門的積極勢頭將持續到 2025 年，使服務毛利率增加近 3,000 萬美元。

The operating leverage inherent in our business model is expected to be amplified by prudent cost controls and lower bad debt expense, including another year of cash SG&A declines of approximately $20 million.

我們商業模式中固有的經營槓桿預計將透過審慎的成本控制和較低的壞帳費用而得到放大，包括今年現金銷售、一般及行政費用（SG&A）將再下降約 2,000 萬美元。

Turning to slide 11. 2025 attributable AFFO per share of $10.40 represents growth of over 4% relative to 2024 attributable AFFO per share as adjusted of $9.96 and growth of approximately 7% on an FX-neutral basis. Performance is supported by a strong conversion of cash adjusted EBITDA growth through tightly managed cash taxes and maintenance CapEx, partially offset by net interest headwinds of $80 million, a roughly 1.7% negative impact to growth.

轉到投影片 11。2025 年每股可歸屬 AFFO 為 10.40 美元，相對於 2024 年調整後的每股可歸屬 AFFO 9.96 美元增長超過 4%，按外匯中性計算增長約 7%。透過嚴格管理的現金稅和維護資本支出，現金調整後的 EBITDA 成長強勁轉換，支撐了業績，但 8,000 萬美元的淨利息逆風部分抵消了這一影響，對成長產生了約 1.7% 的負面影響。

On slide 12, I'll review our capital allocation plans for 2025. We expect to resume dividend growth in the mid-single-digit range subject to Board approval, which corresponds to an approximately $3.2 billion distribution to our shareholders.

在第 12 張投影片上，我將回顧我們 2025 年的資本配置計畫。我們預計，經董事會批准，股息成長將恢復到中等個位數，這相當於向股東分配約 32 億美元。

Next, we're planning for $1.7 billion in capital deployment, of which $1.5 billion is discretionary in nature and includes the construction of 2,250 sites at the midpoint. Approximately 80% of our discretionary spend is centered on our developed market platforms, including over $600 million in success-based investments towards our data center campuses to replenish the record level of capacity sold over the past several years, increased spend in the US, primarily towards land buyouts under our tower sites, and continued acceleration in European new tower construction with 600 new sites planned.

接下來，我們計劃投入 17 億美元的資本，其中 15 億美元屬於可自由支配的資金，包括中期建設 2,250 個站點。我們約 80% 的可自由支配支出集中在已開發市場平台上，其中包括對資料中心園區超過 6 億美元的成功投資，以補充過去幾年銷售的容量記錄，增加在美國的支出，主要用於收購我們塔站下的土地，並繼續加速歐洲新塔建設，計劃新建 600 個站點。

While overall capital spend is moderately increasing year-to-year as we execute on attractive development opportunities across the US, Europe and CoreSite, we continue to reduce spend across our emerging markets. In 2025, investments in Latin America, Africa and APAC will primarily consist of augmenting sites to accommodate incremental tenants in meeting multiyear agreement obligations with leading carriers primarily through new builds.

由於我們在美國、歐洲和 CoreSite 抓住了有吸引力的開發機會，整體資本支出逐年適度增長，但我們仍在繼續減少新興市場的支出。2025 年，對拉丁美洲、非洲和亞太地區的投資將主要包括擴建站點，以容納新增租戶，主要透過新建站點來履行與領先營運商的多年協議義務。

Execution of our strategic balance sheet priority since closing the CoreSite acquisition has us well-positioned to deliver more sustained and durable earnings growth, partially mitigate market risk and volatility, and provide financial flexibility to execute on opportunistic and strategic growth opportunities at an attractive cost of capital.

自從完成 CoreSite 收購以來，我們一直執行策略資產負債表優先事項，這使我們能夠實現更持續、更持久的獲利成長，部分緩解市場風險和波動，並提供財務靈活性，以有吸引力的資本成本抓住機會和策略成長機會。

Our liquidity position of $12 billion, including $10 billion of bank facility capacity, along with our low floating debt exposure, provides optionality to manage the $3.7 billion of fixed note maturities in 2025. Our plan continues to target maintaining floating rate debt exposure below 10%, which we believe is a reasonable target for the foreseeable future.

我們的流動性狀況為 120 億美元，其中包括 100 億美元的銀行信貸額度，加上較低的浮動債務敞口，為管理 2025 年到期的 37 億美元固定票據提供了選擇權。我們的計劃繼續以將浮動利率債務敞口維持在 10% 以下為目標，我們認為這是可預見的未來的一個合理目標。

Moving to slide 13, and in summary. Our fundamental business proved resilient throughout a volatile macroeconomic backdrop in 2024 as carriers continue to invest in their networks across our global footprint to address growing mobile data demand.

轉到投影片 13，並進行總結。由於營運商繼續在我們的全球業務範圍內投資網路以滿足不斷增長的行動數據需求，我們的基本業務在 2024 年動盪的宏觀經濟背景下表現出了韌性。

Although market volatility continues to persist, including interest rate and FX uncertainty, the quality of our assets, people, counterparties and contract terms, combined with the strategic steps we executed over the course of 2024 to strengthen our balance sheet and enhance earnings quality, have us well positioned to deliver stronger growth and returns for our shareholders over the long term.

儘管市場波動持續存在，包括利率和外匯不確定性，但我們的資產、人員、交易對手和合約條款的質量，加上我們在 2024 年期間為加強資產負債表和提高盈利質量而實施的戰略步驟，使我們處於有利地位，能夠在長期內為股東實現更強勁的增長和回報。

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

接線員，這樣我們就可以開通問答熱線了。

(Operator Instructions) Michael Rollins, Citi.

（操作員指示）花旗銀行的邁克爾·羅林斯。

First, can you give us some additional details on what you're seeing in the domestic leasing environment, including the mix of colo versus amendments? And is that mix affecting kind of the book-to-bill for the [OTPG] metrics over the course of '25?

首先，您能否向我們提供一些有關您在國內租賃環境中所看到的情況的更多細節，包括託管與修訂的組合？這種組合是否會影響 25 年期間 [OTPG] 指標的訂單出貨比？

And then just maybe second, and to the point about domestic leasing opportunities, can you give us an update on the multiyear growth opportunity? And do you still see annual growth in the mid-single-digit range going through 2027?

然後也許第二點，關於國內租賃機會，您能否向我們介紹多年增長機會的最新情況？您是否仍認為到 2027 年，年增長率仍將保持在中等個位數水準？

Yes. Thanks for the question, Mike. Yes, we don't -- we're not changing our long-term guidance in terms of what we believe the average to be from that 2023 through 2027 time period. And when we look at this year's [OTPG], in particular, there is a little bit of a mix, but I'll -- it's a little bit more nuanced than just colos versus amendments. We do have a sequential step-down in our contracted use right fee under our comprehensive agreements.

是的。謝謝你的提問，麥克。是的，我們不會改變我們的長期指導方針，也就是我們認為 2023 年至 2027 年期間的平均值。當我們看今年的 [OTPG] 時，特別是有一點點混合，但我會 - 它比單純的 colos 與修正案更加微妙。根據我們的綜合協議，我們的合約使用權費確實在逐步減少。

As we told you guys when we laid out the guidance, we had more visibility early in that process. It gets a little bit less each year. And so our organic tenant billings growth is a factor of those use fees plus the incremental amendments and new leases that are outside of those contracted use fees.

正如我們在製定指導方針時告訴你們的那樣，我們在過程的早期就擁有了更高的可見性。每年都會減少一點。因此，我們的有機租戶帳單成長是這些使用費加上合約使用費之外的增量修改和新租約的一個因素。

So we do still have one customer that's not on a comprehensive agreement with respect to amendments. And then we also have colocations that are outside of the contracted use fees with some other customers as well.

因此，我們確實仍有一位客戶尚未簽署有關修訂的全面協議。然後，我們也與其他一些客戶簽訂了超出合約使用費範圍的主機託管服務。

And so what we're seeing from an activity level is a robust pipeline from all of our carriers. It's kind of broad-based across the three national carriers. And that is still a healthy mix of amendments and colocations. We are seeing a rise in new colocations across the portfolio. That's a combination of continuing to extend the reach of the network, so going into some more rural areas, but also some early-stage densification that we're seeing. So we are seeing that mix change a little bit.

因此，從活動層面來看，我們看到所有營運商都擁有強大的管道。這項業務涵蓋了三大全國性航空公司。這仍然是修正和共置的健康組合。我們看到整個投資組合中新的主機託管數量正在增加。這是繼續擴大網路覆蓋範圍的結合，因此可以進入更多的農村地區，同時也是我們看到的一些早期密集化階段。因此我們看到這種混合發生了一些變化。

When you look at the 2025 guide, because less of that revenue is part of the comprehensive use fees, we are more subject to timing on that. And we do see a little bit more of a delay in kind of the signing and commencing of those. Those use right fees tend to be kind of front-end loaded in the year. and these others will compound throughout the year. And that [OTPG] metric is so sensitive to kind of the in-year revenue piece that even a 30-, 60-, 90-day delay in commencements can make a difference there.

當您查看 2025 年指南時，由於這些收入中較少一部分屬於綜合使用費，因此我們更容易受到時間的影響。我們確實看到這些協議的簽署和開始有所延遲。這些使用權費用往往是年初就支付的。而這些其他因素將在全年內累積。而且 [OTPG] 指標對年內收入部分非常敏感，即使開工時間延遲 30、60 或 90 天也會產生影響。

So that's why it's a little bit -- we're not giving us flat out number, we're giving it greater than or equal to 4.3 because we'll see what the commencement timing is on that. But that is a combination of the amendments from the customers that are outside of the agreement and the colocation. And that does extend the kind of a book-to-bill time line up just a little bit.

所以這就是為什麼它有點 - 我們沒有給出一個固定的數字，我們給出的是一個大於或等於 4.3 的數字，因為我們將看看它的開始時間。但這是來自協議之外的客戶的修改和主機託管的組合。這確實會稍微延長訂單到出貨的時間。

Michael, maybe I'll just add a point here that roughly 4.3% that Steve talked about in terms of organic tenant billings growth for the US, that's in line with our prior expectation and does fit in and support our full year outlook for 2024 as well as that longer-term multiyear guide that we had provided earlier, which was roughly 5% organic tenant billings growth in the US on average from 2017 out to 2024. So we are pretty well on track with that.

邁克爾，也許我只想在這裡補充一點，史蒂夫談到的美國有機租戶賬單增長率約為 4.3%，這符合我們之前的預期，並且符合併支持我們對 2024 年全年的展望以及我們之前提供的長期多年期指南，即從 2017 年到 2024 年，美國有機租戶賬單平均約為 5%。所以我們在這方面進展順利。

The other thing I would highlight is within that equal to or greater than 4.3%, includes 2-percentage-points contributed from churn. Roughly half of that is from Sprint churn, which will not be reoccurring next year. So that will be an inflection point where that number certainly is expected to be higher going into next year.

我想強調的另一件事是，在等於或大於 4.3% 的範圍內，包括客戶流失貢獻的 2 個百分點。其中大約一半來自 Sprint 的客戶流失，但明年不會再發生這種情況。因此這將是一個轉折點，預計明年這一數字肯定會更高。

Yes. Just to clarify, that guidance is 2023 to 2027.

是的。需要澄清的是，該指導期限為 2023 年至 2027 年。

Simon Flannery, Morgan Stanley.

摩根士丹利的西蒙·弗蘭納裡。

Steve if I could come back to the data center business. Great to see the strong performance there. Just want to get a sense of how the original concept of the integration of the data center connectivity, the towers AI inference and so forth, how are you thinking about that today? And I guess one of the concerns is we've got this massive multiple gap between data centers and towers. And are you getting full recognition for the assets that you hold given the predominance of the tower business?

史蒂夫，我是否可以回到資料中心業務。很高興看到那裡的出色表現。只是想了解一下資料中心連接、塔台 AI 推理等整合的原始概念，您今天是如何看待這些概念的？我想其中一個擔憂是，資料中心和塔台之間存在著巨大的差距。鑑於塔業務的主導地位，您所持有的資產是否得到了充分認可？

So I'd love to get your thoughts about is it worth owning this versus separating that? And then I think there was a reference, Rod, maybe to more money on US land purchases. Can you just give us a sense of what's driving that? How are you thinking about the economics now that's leading you to lean into that this year?

所以我很想聽聽您的看法：擁有這個和分離那個是否值得？然後我認為，羅德，也許指的是在美國土地購買上投入更多資金。您能否向我們介紹造成這現象的原因？您現在對經濟狀況有何看法，導致您今年傾向於這樣做？

Yes. Thanks for the question, Simon. So we're very happy with the performance of CoreSite and how it's doing as a kind of a stand-alone business. As you mentioned, the original reason we bought CoreSite strategically was, number one, we knew it was a good business, and number two, we thought it would give us an advantage when the industry does move to edge compute. We still believe there will be a convergence of kind of the wireless edge as well as the wireline edge, and we still have strong conviction that that will happen.

是的。謝謝你的提問，西蒙。因此，我們對 CoreSite 的表現以及它作為獨立業務的表現感到非常滿意。正如您所提到的，我們最初策略性地收購 CoreSite 的原因是，第一，我們知道這是一項好業務；第二，我們認為當行業轉向邊緣運算時，它會給我們帶來優勢。我們仍然相信無線邊緣和有線邊緣將會出現融合，我們仍然堅信這會發生。

In the meantime, we're focused on maximizing the value of CoreSite. So when we think about whether we're the right owner of that asset, as long as we're maximizing the value of that asset, we think it makes sense for us to hold it and to continue to grow it, because we do believe that that long-term strategy will play out.

同時，我們專注於最大化 CoreSite 的價值。因此，當我們思考我們是否是該資產的合適所有者時，只要我們能夠最大化該資產的價值，我們認為持有它並繼續增加它是有意義的，因為我們確實相信這個長期策略將會發揮作用。

Now for some reason, it looks like that doesn't play out or it's not a strategic fit, we'll reassess that when the time comes. But at this point, everything that we're seeing leads us to believe that you will continue to see an evolution to the edge and we believe having that interconnection ecosystem.

現在由於某種原因，看起來這行不通或不符合戰略，我們會在時機成熟時重新評估。但目前，我們所看到的一切都讓我們相信，你將繼續看到向邊緣的演變，我們相信擁有這個互連生態系統。

And to be clear, it's not just having a data center company, but it's having a highly interconnected ecosystem with multi-cloud environments is what's going to be essential for edge to work. And that's also what we're already seeing play out in terms of AI, those multi-cloud environments are also the ideal places for inferencing for AI.

需要明確的是，這不僅是擁有一家資料中心公司，而且擁有一個高度互聯的多雲環境生態系統才是邊緣運算發揮作用的關鍵。這也是我們在人工智慧方面已經看到的，這些多雲環境也是人工智慧推理的理想場所。

So as this whole ecosystem evolves over time, we think we're well-placed to capture that demand as it evolves. And so we believe that we are the right owner for that asset as we continue to maximize its value and evolve that kind of future offering out there. But like I said, we'll continue to assess it. And if at any point, we think that somebody else can create more value than we can, we'll make that assessment at that time.

因此，隨著整個生態系統的不斷發展，我們認為我們已做好準備，以滿足不斷發展的需求。因此，我們相信，我們是該資產的合適所有者，因為我們將繼續最大化其價值並發展這種未來的產品。但正如我所說，我們會繼續評估它。如果在任何時候，我們認為其他人可以創造比我們更多的價值，我們就會在那時做出評估。

Simon, I think the second question you had was around land purchases under our towers in the US. You could see in the numbers that we put out for the guide for '25, we're driving that up to about $200 million invested; in '24, that was about $144 million. So a nice inflection point there and a higher level of investment.

西蒙，我認為你的第二個問題是關於在美國購買我們大樓下的土地。您可以從我們為 25 年指南發布的數字中看到，我們的投資額將上升至約 2 億美元； 1924年，這一數字約為1.44億美元。因此，這是一個很好的轉折點，並且投資水平更高。

The key there is a couple of things that I would highlight. One is we're very selective in terms of which parcels of land we purchase. And we look to purchase land under our very best towers to secure the revenue over the long term, to either extend, we certainly look to extend those leases out 20, 30 years and also buy them or get perpetual easements when and where we can.

其中關鍵的有幾點我想強調一下。一是我們在購買土地方面非常挑剔。我們希望購買我們最好的大樓下的土地，以確保長期的收入，無論是延長租期，我們當然希望將這些租約延長 20 到 30 年，並且盡可能購買它們或獲得永久地役權。

So one of the metrics that you've heard us talk about in the past is the percentage of land or percentage of towers where we have long-term security on the land. And we've got that up to north of -- up in the high 70s at this point. That's partly through the execution of extending leases but also purchasing these leases.

因此，您過去聽到我們談論的指標之一是我們在土地上擁有長期安全保障的土地百分比或塔樓百分比。目前，我們的氣溫已升至華氏 70 度以上。這部分是透過執行延長租約以及購買這些租約來實現的。

And not only does the purchase of the land under the towers secure the future revenue and cash flow of the tower, it's also a great use of capital in terms of the outright returns. We get returns that are well above our hurdle rates in the US and again, we can be pretty selective in terms of which towers and where the returns are.

購買塔下的土地不僅可以確保塔的未來收入和現金流，而且從直接回報的角度來看，這也是一種很好的資本利用方式。我們獲得的回報遠高於我們在美國的最低迴報率，而且我們可以非常有選擇性地選擇哪些塔和在哪裡獲得回報。

So all in all, it's a great use of capital. It helps drive growth, secure revenue and it gives us (technical difficulty).

總而言之，這是對資本的絕佳利用。它有助於推動成長、確保收入，並為我們帶來（技術難度）。

Batya Levi, UBS.

瑞銀的 Batya Levi。

A couple of follow-ups on the domestic activity. I think you mentioned 65% of towers in the US have been upgraded. What does that metric look like for the carriers that are outside of the comprehensive deal? And maybe in terms of the pacing, new leasing pacing for the year, I think you mentioned mid-3s, so about $170 million versus the $180 million we saw last year. How should we think about the cadence through the year?

對國內活動進行一些後續跟進。我認為您曾提到美國 65% 的塔都已升級。對於未參與綜合協議的營運商來說，該指標是什麼樣的？也許就今年的新租賃節奏而言，我想您提到了 3 月中旬，所以約為 1.7 億美元，而去年我們看到的是 1.8 億美元。我們該如何思考這一年的節奏？

And one final question if I could. On capital allocation, with leverage inside your target now and dividend growth potentially starting, how do you think about buybacks?

如果可以的話，我還有一個最後一個問題。在資本配置方面，由於槓桿率目前已達到您的目標，且股息可能開始成長，您如何看待回購？

Okay. I'll take the first one. And so when you think about the carrier activity, I don't want to get too specific because my customers get mad at me about that. But I'll just kind of reiterate that we have one customer that's upgraded mid-band 5G on over 80%, one customer that's about 65% and one that's still a little bit under half. And I think with some of their public statements, you guys can probably figure out who those are.

好的。我要第一個。因此，當您考慮承運人活動時，我不想說得太具體，因為我的客戶會因此而生我的氣。但我只想重申一下，我們有一位客戶將中頻段 5G 升級到 80% 以上，另一位客戶升級到 65% 左右，還有一位客戶升級到一半以下。我認為透過他們的一些公開聲明，你們大概就能猜出他們是誰了。

In terms of the timings for the new business throughout the year, I think was your second question. As we think about that cadence, the impact of the Sprint churn is probably the biggest factor that will change the cadence on that. So the last tranche of Sprint churn hit in October of 2024. So that will weigh on that [OTPG] metric for the first three quarters. So you should expect those three quarters to have a little bit lower growth because it's weighed down by that churn, and coming out to a higher growth rate on the back end of that.

關於全年新業務的時間安排，我想這是您的第二個問題。當我們考慮節奏時，Sprint 流失的影響可能是改變節奏的最大因素。因此，Sprint 的最後一波客戶流失發生在 2024 年 10 月。因此這將對前三個季度的 [OTPG] 指標產生影響。因此，你應該預期這三個季度的成長率會略低一些，因為它受到了客戶流失的壓力，而後端的成長率會更高。

In terms of the activity cadence, we are exiting 2024 after (technical difficulty) sequential growth. We expect 2025 to be roughly the same volume of applications on our sites. And I think we think it may be a little bit more front-end loaded this time. But it's really hard to tell exactly what cadence that's going to be in terms of when the applications come in because the carriers are still finalizing their plans. So we'll see how that works out.

就活動節奏而言，我們將在 2024 年（技術難度）連續成長後退出。我們預計，到 2025 年，我們網站上的申請數量將大致相同。我認為這次我們可能會更加重視前端。但由於營運商仍在最終確定計劃，因此很難準確判斷申請提交的具體節奏。我們將看看結果如何。

But the early indications is, last year, it ramped up from the first half of the back. There might be a slight ramp-down this year. But it's too early to know for sure how that's going to pan out.

但早期跡象表明，去年從上半年開始，這一數字就開始上升。今年可能會略有下降。但現在還無法確定最終結果如何。

And Batya, maybe I would just add a couple of things. One is in that in the US, of course, we do have Sprint churn. The timing of that is it will impact the organic tenant billings numbers over the first three quarters and then it will be absent in Q4. So the churn numbers, the raw numbers, we're looking at about $98 million to $100 million of churn revenue in 2025.

巴蒂亞，也許我只想補充幾點。一是在美國，Sprint 確實有客戶流失。其發生的時間將影響前三個季度的有機租戶帳單數字，然後在第四季度消失。因此，根據客戶流失數字，也就是原始數據，我們預計 2025 年的客戶流失收入將達到約 9,800 萬至 1 億美元。

We're going to start off the year at roughly a run rate of about $30 million a quarter of churn, and that includes Sprint churn. Sprint churn is a little more than half, it's about 140 basis points over those first three quarters. And then that churn number in Q2 will reduce down to about $10 million or so.

我們今年的初始流失率約為每季 3000 萬美元，其中包括 Sprint 的流失。Sprint 的客戶流失率略高於一半，前三個季度約為 140 個基點。然後第二季的客戶流失率將減少到約 1,000 萬美元左右。

Got it. And the buyback?

知道了。還有回購嗎？

And then on the new business piece, you're right, we had about $180 million of new business in '24. That's going down to about $165 million, in that range, $170 million, right in that range. And we do see -- although we do see a dip as Steve talks about from the end of last year going into Q1 and 2, we do think there's an acceleration -- modest acceleration that could be seen at the end of the year.

關於新業務，您說得對，2024 年我們的新業務約為 1.8 億美元。這將下降到大約 1.65 億美元，在這個範圍內，1.7 億美元，就在這個範圍內。我們確實看到——儘管正如史蒂夫所說的，從去年年底進入第一季度和第二季度，我們確實看到了下滑，但我們確實認為會出現加速——年底可能會出現的適度加速。

When it comes to buybacks, we are we are at about 5.1 times leverage at the end of 2024. Our view is that we will be at or below five times early in 2025. That certainly returns us to full financial flexibility, so leverage would not be a kind of an overweight consideration as we move forward. Now with that said, we have to continue to look at interest rates. There continues to be uncertainty in the macroeconomic backdrop and with rates -- with the rate environment.

就回購而言，到 2024 年底，我們的槓桿率約為 5.1 倍。我們的觀點是，到 2025 年初，這一數字將達到或低於 5 倍。這無疑使我們恢復了完全的財務靈活性，因此，隨著我們前進，槓桿將不再是一種過重的考慮因素。話雖如此，我們必須繼續關注利率。宏觀經濟背景、利率以及利率環境仍存在不確定性。

So depending on where rates go and what the outlook is, we'll make decisions on capital allocation. We could certainly deliver further if we think that is in the best interest of our shareholders because of uncertainty around rates.

因此，我們將根據利率走勢和前景來決定資本配置。由於利率存在不確定性，如果我們認為這符合股東的最佳利益，我們當然可以進一步採取行動。

But otherwise, we see very constructive ways to deploy growth capital in the developed markets, clearing the hurdle rates, getting very good long-term growth and value creation. We also will be looking at other ways to supplement that, and that could be through M&A or buybacks. We'll look at both. We'll be very disciplined. And the measure there will be driving shareholder value over the long term.

但除此之外，我們看到了在已開發市場部署成長資本、清除最低收益率、實現非常好的長期成長和價值創造的非常有建設性的方法。我們還將尋找其他方式來補充這一點，例如透過併購或回購。我們將對兩者進行研究。我們將非常自律。並且該措施將長期推動股東價值的成長。

So I would say we're definitely open to share buybacks, we're open to allocating capital over the next several years. We will have capital generation in the business that we will have the ability to deploy. And we will be using all the tools available to us to create maximum value for shareholders over the long term.

所以我想說，我們絕對願意回購股票，也願意在未來幾年內配置資本。我們將在業務中創造資本，並有能力部署。我們將利用一切可用的工具，為股東長期創造最大價值。

Rick Prentiss, Raymond James.

瑞克普倫蒂斯、雷蒙詹姆斯。

First, follow on, my friend, Simon, who's we're going to miss you, man. But following Simon's questions on the data center side, what kind of yields are you getting on the over $600 million on the data centers? And then when -- if, when, how does AI affect towers, we're all trying to figure out how that might play out. And then I'll have one more.

首先，我的朋友西蒙，我們會想念你的，夥計。但根據西蒙關於資料中心方面的問題，您在資料中心上投資的超過 6 億美元能獲得什麼樣的收益？然後，當——如果、當、人工智慧如何影響塔時，我們都在試圖弄清楚它會如何發揮作用。然後我再吃一個。

So all of our development in CoreSite is being underwritten at mid-teens stabilized yields. And that's a number that they were able to achieve as a stand-alone company, and we have certainly not diminish any of the underwriting standards for that over time as we've owned them. There's potentially an opportunity to do better than that if we outperform the business case on those, but everything is being underwritten at that. So again, we think that's a really good place to deploy capital.

因此，我們在 CoreSite 的所有開發都以中等穩定的收益率承保。這是他們作為一家獨立公司能夠實現的數字，而且我們在擁有他們的過程中當然不會降低任何承保標準。如果我們在這些方面的表現超越商業案例，就有可能做得更好，但一切都還處於核保階段。因此，我們再次認為，這是一個部署資本的好地方。

When it comes to AI on towers, I think it's hard to predict exactly when you're going to see it. If you look at how AI is developing, the time gap between you do something on your desktop and when you do it on your phone has pretty much disappeared.

說到塔上的人工智慧，我認為很難準確預測何時會看到它。如果你觀察一下人工智慧的發展，你會發現，你在桌面上執行某項操作和在手機上執行某項操作之間的時間差距幾乎已經消失。

People like to be able to do things in the mobile world like they can on their desk. So as you see these different activities evolving, the way I think about it is what's going to be bandwidth intensive. If you're interacting with AI on your phone today, it's largely text or still photograph, and those are not huge bandwidth hogs. So it really comes down to video.

人們喜歡在移動世界中做事，就像在辦公桌上一樣。因此，當您看到這些不同的活動不斷發展時，我的想法是哪些活動將會佔用大量頻寬。如果您今天在手機上與 AI 進行交互，那麼它主要是文字或靜態照片，而這些並不會佔用大量的頻寬。所以這實際上取決於視頻。

I'm really encouraged by what I'm seeing kind of evolving in the AI space. OpenAI has launched Sora to a kind of a select group of people that hasn't been broadly released yet. But when that becomes more mainstream, that will put bandwidth. Google announced VO2, Adobe announced Firefly. So you're starting to see these video AI applications being launched.

我對人工智慧領域的發展感到非常鼓舞。OpenAI 已向特定人群推出了 Sora，但尚未廣泛發布。但當它變得更加主流時，就會增加頻寬。Google 發布了 VO2，Adobe 發布了 Firefly。所以你開始看到這些影片 AI 應用程式的推出。

I think as those become more widespreadly -- use more wide -- in a more widespread fashion, that will start making its way to the mobile phone, that will be more bandwidth intensive, that will put stress on the networks. And so I do think that the incremental use case of AI is going to be a factor in requiring more densification of the networks over time. The question is when are we all creating videos on our phones?

我認為，隨著這些技術變得越來越普及，使用越來越廣泛，它們將開始進入手機領域，佔用更多的頻寬，給網路帶來壓力。因此我確實認為，隨著時間的推移，人工智慧的增量用例將成為需要提高網路密度的一個因素。問題是我們什麼時候開始用手機製作影片？

Okay. And following from Batya's -- go ahead, Rod.

好的。接下來是 Batya 的演講——請講，Rod。

Sorry, Rick. I'll just add a couple of comments here briefly around the data center comments that Steve made. So as you know, we've seen accelerating revenue growth in the data center business. We're up to double-digit growth here. Along with that certainly comes some pretty good pricing power on our side.

抱歉，里克。我將在這裡就史蒂夫對數據中心的評論簡要地補充幾點。如您所知，我們看到資料中心業務的收入成長正在加速。我們的成長達到了兩位數。隨之而來的當然是，我們擁有相當好的定價能力。

The demand backdrop is really strong. That is driving our average monthly recurring rent per cab up. So that's gone up a couple of hundred dollars in the last couple of years. That's evidence of the strong pricing that we're able to drive. And we're in a position to be very selective in terms of who's coming into the spaces and making sure that they fit into that ecosystem, which is interconnecting, connecting with other enterprise customers, connecting into the cloud, connecting into the networks that we have in there.

需求背景確實強勁。這導致我們每輛計程車的每月平均租金上漲。因此，在過去的幾年裡，這一數字已經上漲了幾百美元。這是我們能夠實現強勁定價的證據。我們可以非常有選擇性地選擇進入該領域的企業，並確保他們能夠融入該生態系統，即互聯互通、與其他企業客戶連接、連接到雲端、連接到我們現有的網路。

The other thing that I would highlight is the modest increases in CapEx you've seen over the last couple of years, we see that directly driving up our backlog. And our backlog now is at an all-time high of north of $80 million. And that's going to sustain solid revenue growth over the next couple of years. So that business is really well positioned, performing very well and is in line to continue to perform well for the foreseeable future.

我想強調的另一件事是，過去幾年資本支出的小幅增加，我們發現這直接推高了我們的積壓訂單。目前，我們的積壓訂單已達到歷史最高水平，超過 8,000 萬美元。這將在未來幾年維持穩健的收入成長。因此，該業務定位非常明確，表現非常好，並且在可預見的未來將繼續保持良好的表現。

And the other thing I would say is the increases that you're seeing in the capital in the data center business, we're also increasing capital in Europe, we're also increasing capital in the US tower business through the land purchases that Simon asked about. And at the same time, we're decreasing capital investments on the development side across Africa, LatAm and APAC.

我想說的另一件事是，您看到的資料中心業務資本的增加，我們也在增加歐洲的資本，我們也透過西蒙詢問的土地購買增加了美國塔業務的資本。同時，我們正在減少對非洲、拉丁美洲和亞太地區開發的資本投資。

Okay. And then on Batya's question, you mentioned that there could be some other M&A that would fit into the mix on stock buybacks or not. Previously, you've been thinking there's not many portfolios out there that were of interest or value creation to you, not putting words in your mouth, I don't think there. But anything changing on that dynamic as far as more portfolios coming out. Are they coming from mobile network operators? Are they coming from privates that want to exit -- what are you kind of thinking as far as what might be in that pipeline of potential M&A for tower deals?

好的。然後關於 Batya 的問題，您提到可能還有其他一些併購交易適合或不適合股票回購。以前，您一直在想，市場上沒有太多投資組合能引起您的興趣或為您創造價值，我不是強加於您，我認為沒有。但隨著更多投資組合的出現，這種動態不會有任何變化。它們來自行動網路營運商嗎？他們是否來自想要退出的私人公司——對於塔交易的潛在併購管道，您有何看法？

Yes. There's nothing else that we're seeing out there right now, Rick. I mean there's a few portfolios that people are talking about. But nothing at this point looks to us to be something where we can create the type of value that we would need to see. I mean, again, to reiterate, for us to do something M&A, it has to be strategically important to us and one plus one has to equal three. So we've got to think that we can create more value in that portfolio than anybody else.

是的。瑞克，我們現在沒有看到其他東西。我的意思是人們正在談論一些投資組合。但就目前而言，我們似乎還沒有任何事物可以創造我們想要看到的價值。我的意思是，再次重申，對我們來說，進行併購必須具有戰略重要性，並且一加一必須等於三。因此，我們必須認為，我們可以在該投資組合中創造比其他任何人都更多的價值。

So it's possible we'll find some small portfolios domestically where we think that using our teams and what we know in marketing to our customers we can do a better job than other folks. You might see some small portfolios like that. But at the end of the day, it's got to be better than a stock buyback for us to do M&A. And so we'll be holding the team through a pretty high standard before we approve anything in the M&A world. So nothing on the horizon right now that we see that would be compelling.

因此，我們可能會在國內找到一些小型投資組合，我們認為利用我們的團隊和我們在向客戶行銷方面的知識，我們可以比其他人做得更好。您可能會看到一些類似的小型投資組合。但最終，對我們來說，併購一定比股票回購更好。因此，在批准併購領域的任何事項之前，我們將對團隊進行相當高的標準考量。因此，就目前而言，我們看不到任何引人注目的跡象。

Nick Del Deo, Moffett Nathanson.

尼克·德爾迪奧、莫菲特·內森森。

First, Steve, you -- achieving cost efficiencies has been a real area of focus for you, and you've been quite successful on that front over the past couple of years. I guess in your prepared remarks, you alluded to sharing long-term efficiency targets with us in the future. So I don't need you to share anything with us today before you're comfortable doing so, but at a high level, can you expand on that and maybe kind of tell us about the magnitude of savings you think American Tower can potentially achieve on this front over time?

首先，史蒂夫，實現成本效率一直是您真正關注的領域，而且過去幾年您在這方面取得了相當大的成功。我想，在您準備好的發言中，您暗示將來會與我們分享長期效率目標。因此，在您願意這樣做之前，我今天不需要您與我們分享任何東西，但從高層次上講，您能否詳細說明一下這一點，並告訴我們您認為美國塔公司隨著時間的推移可以在這方面實現的節省幅度？

Sure. But I'm still -- not going to give you a target yet. So when you think about what we've done so far, our focus initially was on SG&A. And as we have changed the focus in many of our markets to harvesting the cash flows that are there versus aggressively trying to grow those markets, that gave us an opportunity to rethink the organization. And so that gives us some short-term savings.

當然。但我仍然——暫時不會給你一個目標。因此，當您考慮我們迄今為止所做的事情時，我們最初的重點是銷售、一般和行政費用 (SG&A)。而且，由於我們在許多市場中的重點已轉移到獲取現有現金流，而不是積極嘗試擴大這些市場，這給了我們重新思考組織的機會。這給我們帶來了一些短期節省。

Those are durable, recurring SG&A savings on functions that we either just didn't need to do any more than we could do regionally. We've been globalizing our business for a period of time. We're accelerating that now. And one of the reasons that we asked Bud to take the job as COO was to really look at what kind of benefits can we get across the globe by looking at our core operations.

這些都是持久的、經常性的銷售、一般和行政費用節省，因為我們不需要做比我們在區域內能做的更多的事情。我們的業務全球化已經進行了一段時間了。我們現在正在加速這一進程。我們邀請巴德擔任營運長的原因之一就是真正考慮透過專注於我們的核心業務，我們可以在全球範圍內獲得什麼樣的利益。

As we were growing aggressively globally, we grew at kind of a decentralized manner. And so we weren't getting -- we weren't as focused on being as efficient as possible in every market all the time because we're growing so fast. And what we've asked Bud to do is take a look at this global operations across all of our markets and to try to figure out what's that next level of savings.

隨著我們在全球範圍內的積極發展，我們以一種分散的方式發展。因此，由於我們發展得太快，我們並沒有一直專注於在每個市場盡可能地提高效率。我們要求巴德做的是審視我們所有市場的全球營運情況，並試圖找出下一個節省水準。

So again, that SG&A was kind of the -- that was the first area we're targeting. As Rod mentioned in his prepared remarks, we are targeting a bit more savings this year. But the next phase of this is to look at all of our operations. And the question is, what can we do in terms of our directs? What can we do operations and maintenance utilities, supply chain? And I just don't have the answer yet. Bud is still running a project to see what that's going to look like.

所以，再次強調，銷售、一般及行政費用是──這是我們瞄準的第一個領域。正如羅德在準備好的發言中提到的那樣，我們今年的目標是節省更多一點的資金。但下一階段是審查我們所有的營運。問題是，根據我們的指示，我們可以做什麼？我們能對公用事業和供應鏈進行哪些營運和維護？但我還沒有答案。巴德仍在運行一個項目，以觀察其未來的樣子。

We know there are some savings out there, not prepared to share magnitude of that with you yet because we're still sizing it up. But I look forward to doing that as soon as I can pen down Bud on this and get a clear goal from him on what he's willing to sign up to. But that's something that we'll be sharing with you in the future as we work through those numbers.

我們知道存在一些節省，但尚未準備好與您分享其金額，因為我們仍在評估。但我期待著盡快與巴德溝通，並了解他願意簽署什麼的明確目標。但這是我們將來在處理這些數字時會與你們分享的內容。

Nick, maybe I would just add to Steve's comments around SG&A is that the SG&A efficiency that you so rightfully highlight is only one piece of the priorities that we laid out a couple of years ago. So we really were looking at a multiyear, multifaceted set of priorities, which were driving organic growth through the business, driving operational efficiency through the business, improving our quality of earnings and strengthening the balance sheet.

尼克，也許我只是想補充史蒂夫關於銷售、一般和行政費用的評論，那就是你正確強調的銷售、一般和行政費用效率只是我們幾年前列出的優先事項之一。因此，我們實際上正在考慮一套多年期、多方面的優先事項，即推動業務的有機成長、推動業務的營運效率、提高獲利品質和加強資產負債表。

The SG&A piece is certainly evidence of us staying focused and executing diligently. We've done that across all of these pieces with the sale of our India business. We sold some other smaller businesses like the land that we had down in Australia. We just announced that we're -- signed an agreement to sell the fiber business down in South Africa, and we're looking at a few other smaller things there. We've been very focused on driving organic growth, and you can see that in the consistency of the numbers that we're putting up.

銷售、一般及行政費用 (SG&A) 部分無疑證明了我們保持專注並勤勉執行。透過出售印度業務，我們在所有這些方面都做到了這一點。我們出售了一些其他小型企業，例如我們在澳洲的土地。我們剛剛宣布，我們簽署了一項協議，出售我們在南非的光纖業務，並且我們正在考慮在那裡收購其他一些較小的業務。我們一直非常注重推動有機成長，您可以從我們所公佈的數字的一致性中看到這一點。

With the balance sheet strength, you've seen us kind of rotate the balance sheet. We're now down to about 3% floating rate debt, which really insulates us somewhat from the volatility and the uncertainty around rates, gives us more certainty, which has been really good. And we've also received the S&P upgrade from a credit rating standpoint.

隨著資產負債表的強勁，您已經看到我們旋轉資產負債表。現在，我們的浮動利率債務已降至 3% 左右，這確實使我們在一定程度上免受利率波動和不確定性的影響，讓我們更加確定，這真的很好。從信用評等的角度來看，我們也獲得了標準普爾的升級。

So SG&A is certainly an important piece of us driving costs down, being efficient. And it's combined with us executing across the consistent priorities that we laid out a couple of years ago.

因此，銷售、一般及行政費用無疑是我們降低成本、提高效率的重要組成部分。這與我們幾年前製定的一致優先事項的執行相結合。

Okay. Great. Thanks for all the color on that front, guys. I guess one on CoreSite for you as well. Historically, when they were public, we'd see the stats by metro, the capacity and the demand was really skewed towards the Bay Area, L.A., and Northern Virginia. Have you seen the demand patterns change at all such that it's broadened out across your markets? Or do those three markets continue to garner kind of a lopsided share of demand?

好的。偉大的。謝謝你們提供的所有信息，夥計們。我想你也應該在 CoreSite 上找到一個。從歷史上看，當它們公開時，我們會看到按大都市劃分的統計數據，容量和需求實際上偏向灣區、洛杉磯和北維吉尼亞。您是否發現需求模式發生了變化，以至於其範圍擴大到了整個市場？或者這三個市場繼續獲得不平衡的需求份額？

Well, certainly, those campuses continue to see increased demand. But what we've seen is that ecosystem development that we've worked so hard to do across all of our markets is really paying off. So we're seeing in our key markets like Chicago and New York that those campuses are becoming just as desirable as what we're seeing in Silicon Valley, L.A. and Northern Virginia.

嗯，當然，這些校園的需求持續增加。但我們看到，我們在所有市場努力進行的生態系統建設確實取得了成效。因此，我們在芝加哥和紐約等主要市場看到，這些園區正變得與我們在矽谷、洛杉磯和北維吉尼亞州看到的一樣受歡迎。

So it really is a testament to the business model they have, where they curate that customer mix, bring in the networks, the clouds and the enterprises and that kind of intervention ecosystem. That's what makes it attractive. And we are seeing that play out in those markets.

所以這確實證明了他們的商業模式，他們精心策劃客戶組合，引入網路、雲端和企業以及這種幹預生態系統。這就是它的吸引力所在。我們正在這些市場看到這種情況的發生。

And that's why in my prepared remarks, I mentioned you might see us do small tuck-in inorganics. I referred previously to Miami when we bought a small data center. What we've asked the team to do is look at new campuses. Is there a way to expand into other markets to build those over time just the way we did in Chicago and New York most recently so that you get even more campuses that are performing that way?

這就是為什麼我在準備好的發言中提到，您可能會看到我們做小型無機填充物。當我們購買一個小型資料中心時，我之前提到過邁阿密。我們要求團隊做的是考察新校區。有沒有辦法擴展到其他市場，像我們最近在芝加哥和紐約所做的那樣，隨著時間的推移建立這些市場，以便獲得更多以這種方式運作的校園？

That's also why we're building DE3 right now in Denver, is to try to turn that market into another desirable campus. So we think we've got a good track record of doing that. We think there's more opportunities out there. And we'll continue to support the CoreSite team as they create those campuses. But we are seeing a much more balanced [load-out] than what you saw previously and are public.

這也是我們現在在丹佛建造 DE3 的原因，試圖將市場變成另一個理想的園區。因此我們認為我們在這方面有著良好的記錄。我們認為還存在更多機會。我們將繼續支持 CoreSite 團隊創建這些校園。但我們看到比你之前看到的和公開的更加平衡的[裝載]。

Jim Schneider, Goldman Sachs.

高盛的吉姆·施耐德。

I was wondering if you could maybe comment on your view of the US carrier activity relative to fixed wireless access. And specifically, are you seeing any of your carrier customers devoting new capacity specifically for that purpose as far as you can tell?

我想知道您是否可以評論一下您對美國運營商在固定無線接入方面的活動的看法。具體來說，據您所知，您是否看到任何營運商客戶專門為此目的投入新容量？

It would be very tough for us to peg it specifically to fixed wireless. They're still using their existing wireless networks to serve that. So we're not seeing a separate network going up for fixed wireless. I think that anything that puts demand on the network makes it more likely that they're going to add more equipment over time. But that's not something that we can kind of parse out and see, specifically on that.

對我們來說，將其具體地與固定無線掛鉤是非常困難的。他們仍在使用現有的無線網路來實現這一目標。因此，我們沒有看到單獨的固定無線網路的建立。我認為，任何對網路提出需求的事情都更有可能讓他們隨著時間的推移添加更多的設備。但這不是我們可以具體分析和看到的。

If you listen to the carrier commentary, they still say they're using final capacity in their existing networks. So I'm certainly not going to contradict my customers on that. But I am encouraged by them raising their targets for the number of customers that are going to be served on fixed wireless. I'm also encouraged by the returns they're able to get on that product and the positive signs in their business, some of which is attributable to fixed wireless.

如果你聽聽看業者的評論，他們仍然說他們正在使用現有網路的最終容量。所以我當然不會在這一點上反駁我的顧客。但我很高興看到他們提高了固定無線服務客戶數量的目標。我也對他們從該產品中獲得的回報以及業務中的積極跡象感到鼓舞，其中一些歸功於固定無線。

So I think it's generally a boon for the entire industry. And I think certainly we'll see our piece of that as that business develops over time.

所以我認為這對整個行業來說都是一件好事。而且我認為，隨著業務的不斷發展，我們肯定會看到自己的份額。

And then maybe as a follow-up, specifically relative to Europe, you're guiding for organic $10 billion, worth about 5%. Is that the right number on a multiyear basis, do you believe? Do you think there's a potential for acceleration there in the out years? And then maybe give us your view, if you would, on any M&A opportunities, specifically in that region. Is that an area where you'd like to increase your focus or not?

然後也許作為後續行動，特別是相對於歐洲，您指導的有機增長為 100 億美元，價值約 5%。您認為從多年期來看這個數字是正確的嗎？您認為未來幾年該領域有加速發展的潛力嗎？然後，如果您願意的話，請告訴我們您對任何併購機會的看法，特別是在該地區。這是您想要重點關注的領域嗎？

In terms of kind of our longer-term view of Europe, I mean, mid-single digits is kind of what we see that market being over time. So we think that's a durable growth rate for us. There are a couple of piece parts to that. We do have CPI-linked escalators. So that will vary over time, with what's on the inflation there.

就我們對歐洲的長期看法而言，我的意思是，我們認為該市場隨著時間的推移將保持中等個位數的成長。因此我們認為這對我們來說是一個可持續的成長率。其中有幾個部分。我們確實有與消費者物價指數 (CPI) 掛鉤的自動扶梯。因此，這會隨著時間而變化，取決於通貨膨脹的情況。

But certainly, the core business activity is very encouraging what we're seeing there. We're seeing a little bit more competition. We're seeing expansion into rural areas that's being required by the government. They are a bit behind on some of their 2030 targets in terms of the population they'd like to serve there, so I think that there is an opportunity for them to catch up with that plan if they keep investing there.

但可以肯定的是，我們所看到的核心業務活動非常令人鼓舞。我們看到了更多的競爭。我們看到政府要求向農村擴張。就他們希望服務的人口而言，他們在 2030 年的一些目標上還落後了一點，所以我認為，如果他們繼續在那裡投資，他們就有機會趕上這個計劃。

Also, if you look at their penetration for mid-band 5G, it's lagging a little bit behind the US I think that they're kind of roughly 45% of the population served by mid-band 5G at this point. And so I think you'll see a continued pace of deployment by those carriers.

此外，如果你看一下他們的中頻 5G 滲透率，你會發現它稍微落後於美國，我認為目前他們的中頻 5G 服務人口約佔 45%。因此我認為你會看到這些運營商的部署步伐持續加快。

Now you are seeing a little bit of carrier consolidation in certain markets there, as we are across the globe, as we saw here in the US But again, we think that they emerge from those situations with maybe fewer carriers, but stronger carriers with more capital to deploy. That's probably a good sign for the longer term. So we feel very constructive on Europe as a whole.

現在，正如我們在全球各地看到的那樣，在某些市場，您可以看到運營商有所整合，就像我們在美國看到的那樣，但是，我們認為，從這些情況中脫穎而出的運營商可能會減少，但運營商會變得更強大，擁有更多的資本來部署。從長遠來看，這可能是一個好兆頭。因此，我們對整個歐洲感到非常有建設性。

Now when we look at M&A, it's certainly a market that we think has potential. The question is, can we find the right portfolio with the right terms and conditions and the right price? We're not going to go into a market just to go into a market. We're not going to buy a portfolio just to get some scale there. For us, it comes down to two main components.

現在，當我們審視併購時，我們確信這是一個具有潛力的市場。問題是，我們能否找到具有合適條款和條件以及合適價格的合適投資組合？我們不會只是為了進入市場而進入市場。我們不會僅為了擴大規模而購買投資組合。對我們來說，它歸結為兩個主要部分。

The first is price. And right now, everything that's traded in Europe is trading at a price that kept us on the sidelines a bit. The other aspect is terms and conditions. We are very patient before we pulled the trigger on the Telefonica portfolio because we saw portfolios trading with terms and conditions that just weren't conducive to long-term value creation. And we've enumerated those in the past, so I won't go into a lot of detail on those again. But we don't want portfolios that don't give us long-term durable growth. And so even if the price was right, we would set out on those opportunities.

首先是價格。目前，歐洲所有商品的交易價格都讓我們有些觀望。另一方面是條款和條件。在對西班牙電信投資組合採取行動之前，我們非常有耐心，因為我們發現投資組合的交易條款和條件不利於長期價值創造。我們過去已經列舉過這些，所以我不會再詳細地討論這些。但我們不希望投資組合不能為我們帶來長期持久的成長。因此，只要價格合適，我們就會抓住這些機會。

So what I'd say about Europe is cautiously optimistic that we might find opportunities to grow there. But there's nothing that we're seeing today that has been compelling enough for us to really kind of get into the weeds on it. And we'll continue to be patient and disciplined before we do anything material there.

因此，我對歐洲的看法是謹慎樂觀，我們可能會在那裡找到發展的機會。但我們今天所看到的還不足以讓我們真正深入研究這個問題。在採取任何實質行動之前，我們將繼續保持耐心和紀律。

Richard Choe, JPMorgan.

摩根大通的理查喬。

I wanted to ask about the services business, the 30% growth and the margin contribution. Can you give us a sense of how that should kind of grow through the year and what you're seeing there? And then I have one follow-up.

我想詢問一下服務業務、30% 的成長和利潤貢獻。您能否告訴我們這一數字在一年內將如何增長以及您看到了什麼？然後我還有一個後續問題。

Yes. Thanks, Richard. So we do have a good backlog of projects going into the year. So we do think that we're going to see some nice ramp-up in that in 2025. It's a combination of a couple of different aspects of the business though. We have our kind of normal services business, which is tied to just normal deployment where we're doing some work for the carriers on permitting things like that.

是的。謝謝，理查。因此，我們今年確實有大量積壓項目。因此，我們確實認為，2025 年我們將會看到這一領域的良好成長。但它是業務的幾個不同方面的結合。我們有自己的正常服務業務，它與正常部署相關，我們正在為營運商做一些工作來允許這樣的事情。

We also have construction services that's becoming a larger component of that. And construction services are something that we don't do nationwide. We don't do it for all the carriers. It's really a very niche thing that we do for a couple of customers and a couple of markets, because we've been able to structure teams and deals there where we can earn a nice margin, but more importantly, serve our customers well and get them on air on time.

我們還提供建築服務，這正在成為其中更重要的組成部分。而我們在全國範圍內不提供建築服務。我們不會為所有承運商都這麼做。這實際上是一件非常小眾的事情，我們只為一些客戶和市場提供服務，因為我們能夠在那裡組建團隊並達成交易，從而獲得不錯的利潤，但更重要的是，我們能夠為客戶提供良好的服務，並讓他們準時播出。

So when you look at that guide for next year, there's a little bit more construction there, but overall activity is expected to be up year-over-year in terms of that. And so at this point, we have more visibility into the first half of the year. As I've said before, it's extremely hard to predict services for the full year because it's a little bit more variable. But we feel good about the guide we put out, and we'll continue to monitor it, and we'll see what happens in the back half of the year.

因此，當您查看明年的指南時，您會發現那裡的建設活動會稍微多一些，但總體而言，預計會比去年同期增加。因此，目前我們對上半年的情況有了更多的了解。正如我之前所說，預測全年的服務非常困難，因為它的變化比較大。但我們對我們發布的指南感到滿意，我們將繼續監控它，並觀察下半年會發生什麼。

And then in terms of your Canadian business, can we get a little bit of color of how things are going there? And any desire to get bigger in Canada?

那麼就你們在加拿大的業務而言，我們能否了解一下那裡的情況呢？有沒有想在加拿大做大做強的願望？

Sure. It's a very small business for us. We just have a little over a couple of hundred towers there. And it's going well. It's growing well. We're seeing nice activity levels on it. The Canadian market is an interesting market. The carriers have not traditionally monetized their towers there. And so we'll continue to kind of see how that plays out.

當然。對我們來說，這是一筆非常小的生意。我們那裡只有幾百座塔。一切進展順利。它長得很好。我們看到它的活動水平很好。加拿大市場是一個有趣的市場。傳統上，營運商並未將其在那裡的塔樓貨幣化。因此，我們將繼續觀察事情將如何發展。

All the developed markets are -- have some different kind of characteristics to them. The Canadian market in particular has a lot of network sharing that's been part of that market throughout its history. You're seeing people building more differentiated networks today. So there is a little bit less sharing actually in some areas than there were before. So we'll continue to monitor that.

所有已開發市場都有一些不同的特性。加拿大市場尤其擁有大量的網路共享，這些網路共享一直是該市場的一部分。如今，你會看到人們正在建立更差異化的網路。因此，實際上某些領域的共享比以前有所減少。因此我們會繼續監控。

But the comments I made for Europe hold true for Canada as well. Terms and conditions are extremely important. Price is extremely important. And you won't see us do anything to get scale there that doesn't meet those criteria. So there's no kind of strategic reason why we would pay up to get into that market.

但我對歐洲的評論也適用於加拿大。條款和條件極為重要。價格極為重要。你不會看到我們做任何不符合這些標準的事情來擴大規模。因此，我們沒有任何策略理由願意花錢進入該市場。

We'll just evaluate the portfolio for its growth opportunities. And if we did something there, it's because we got the appropriate price in terms of conditions.

我們只會評估投資組合的成長機會。如果我們在那裡做了某事，那是因為我們在條件方面獲得了適當的價格。

I'll now turn it back to you for any closing comments.

現在我將把主題轉回給您，請您發表任何結束語。

Thank you all for joining the call. If you have any follow-up questions, please feel free to reach out to the Investor Relations team. Thanks, everyone.

感謝大家參加此次電話會議。如果您有任何後續問題，請隨時聯絡投資者關係團隊。謝謝大家。

Ladies and gentlemen, that does conclude your conference for today. Thank you for your participation and for using AT&T teleconference. You may now disconnect.

女士們、先生們，今天的會議到此結束。感謝您的參與和使用 AT&T 電話會議。您現在可以斷開連線。