美國電塔 (AMT) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the American Tower first-quarter 2025 and this conference call. As a reminder, today's conference is being recorded. (Operator Instructions)

女士們、先生們，感謝你們的支持。歡迎參加美國塔 2025 年第一季及本次電話會議。提醒一下，今天的會議正在錄製中。（操作員指示）

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 first-quarter earnings conference call. We have posted a presentation, which we'll refer to throughout our prepared remarks, under the Investor Relations tab on 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.

早安，感謝您參加美國塔公司第一季財報電話會議。我們在我們的網站 www.americantower.com 上的「投資者關係」標籤下發布了一份演示文稿，我們將在準備好的發言中引用該演示文稿。今天，我們的總裁兼執行長史蒂夫馮德蘭 (Steve Vondran) 也參加了電話會議；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 unknown 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 that regard matters that are not historical facts.

在我們準備好發言之後，我們將開始回答大家的提問。在我們開始之前，我要提醒您，我們的評論將包含涉及未知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涉及非歷史事實的陳述。

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 set forth in our most recent annual report on Form 10-K and in other filings we make with the SEC. We urge you to consider these to 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、我們最近的 10-K 表年度報告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。我們敦促您考慮這些，以提醒您，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。

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

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. As you saw in this morning's report, we're off to a strong start to the year, exceeding our initial expectations across property revenue, adjusted EBITDA and attributable AFFO per share for the quarter with demand persisting across our global portfolio against a challenging economic backdrop. I'll briefly share a few updates and trends of the quarter before Rod discusses more detailed financial results and our full year revised expectations.

謝謝，亞當。大家早安，感謝大家參加電話會議。正如您在今天早上的報告中看到的，我們今年開局強勁，本季度的房地產收入、調整後 EBITDA 和每股 AFFO 均超出了我們的初步預期，儘管經濟形勢嚴峻，但我們全球投資組合的需求依然強勁。在羅德討論更詳細的財務結果和我們全年修訂後的預期之前，我將簡要分享本季度的一些更新和趨勢。

I'll start with leasing trends and carrier activity. The durability and quality of our cash flows, combined with ongoing resilience in network investments to meet growth in the mobile data demand continues to offer our investors a compelling option in American Tower. The large US carriers have publicly stated aggressive goals to substantially complete 5G equipment upgrades across nearly all of their networks by the end of 2026 and are driving broad-based amendment activity complemented by the early signs of capacity-oriented new site demand.

我將從租賃趨勢和承運人活動開始。我們的現金流的持久性和質量，加上網路投資的持續彈性，以滿足行動數據需求的成長，繼續為我們的投資者提供美國塔的一個有吸引力的選擇。美國大型營運商已公開宣布了積極的目標，即到 2026 年底基本完成其幾乎所有網路的 5G 設備升級，並且正在推動廣泛的修訂活動，同時伴隨著容量導向的新站點需求的早期跡象。

In fact, Q1 represented our fifth consecutive quarter of sequential increases in both application volumes and services revenue, which grew roughly 60% and over 140% year over year, respectively. Meanwhile, in Europe, we continue to see steady demand across our ground and rooftop sites, highlighting a (inaudible) sport elevating the roughly 45% current mid-band population coverage and meeting 2030 coverage targets. We're seeing similar resilience across our emerging markets.

事實上，第一季我們的應用程式數量和服務收入已連續第五個季度實現成長，分別比去年同期成長了約 60% 和 140% 以上。同時，在歐洲，我們繼續看到地面和屋頂站點的穩定需求，突顯了（聽不清楚）運動提升了目前約 45% 的中頻人口覆蓋率並實現了 2030 年的覆蓋目標。我們在新興市場也看到了類似的復甦勢頭。

In Nigeria, improved consumer pricing dynamics are facilitating enhanced cash flows for the carriers and in turn, starting a new business. In Brazil, the benefits of the stronger 3-[player] (inaudible) backlog are beginning to emerge. With carriers steadily upgrading their networks to similarly realize the spectral efficiency benefits we've highlighted in the US, meet regulatory coverage requirements and begin to fill in their networks.

在奈及利亞，消費者定價動態的改善正在促進營運商增加現金流，進而啟動新業務。在巴西，更強大的 3-[球員]（聽不清楚）積壓的優勢開始顯現。隨著營運商穩步升級其網絡，同樣可以實現我們在美國強調的頻譜效率優勢，滿足監管覆蓋要求並開始填充其網路。

While we're encouraged by the demand across our emerging markets footprint, we're going to closely monitor the global economic backdrop and any potential implications of that, including on FX, where certain emerging markets could be more susceptible along with various customer events and collections in select markets. Our CoreSite business posted yet another set of impressive results in the quarter, fueled by strong leasing and continued processing favorability. While bringing the first phase of our [NYT] center and the second phase in our [CH2] center online, collectively adding 11 megawatts of capacity with a high degree of (inaudible) leasing.

雖然我們對新興市場的需求感到鼓舞，但我們將密切關注全球經濟背景及其任何潛在影響，包括外匯，某些新興市場可能更容易受到影響，以及特定市場的各種客戶事件和收款。由於強勁的租賃和持續良好的處理表現，我們的 CoreSite 業務在本季度再次取得了令人印象深刻的業績。在將我們 [NYT] 中心的第一階段和 [CH2] 中心的第二階段上線的同時，總共增加了 11 兆瓦的容量，並且具有高度的（聽不清楚）租賃。

This consistent approach to underwriting with a focus on curating high-quality interconnection-rich ecosystems across a diverse set of cloud network pros customers in leading markets, yields best-in-class returns while inflating against broader market ships. Overall, CoreSite performance supported by accelerated demand and a right to win through market positioning and service quality continues to exceed our initial expectations and (inaudible) levels of capital that we've allocated in our 2025 plan.

這種一致的承保方法著重於在領先市場的多樣化雲端網路專業客戶中策劃高品質的互連豐富的生態系統，在獲得同類最佳回報的同時，還能抵禦更廣泛的市場波動。總體而言，在加速需求和透過市場定位和服務品質取勝的權利的支持下，CoreSite 的業績繼續超出我們最初的預期和（聽不清楚）我們在 2025 年計劃中分配的資本水準。

Next, I'll touch on capital allocation and portfolio management. We continue to actively assess and manage our portfolio following our growth, harvest and resolve methodology to reduce risk and drive higher quality, more predictable earnings. We've previously highlighted discretionary capital prioritization to our developed markets where we have a right to win.

接下來，我將談談資本配置和投資組合管理。我們將繼續按照成長、收穫和解決方法積極評估和管理我們的投資組合，以降低風險並實現更高品質、更可預測的收益。我們先前曾強調，在我們有權獲勝的已開發市場中，應優先考慮自由支配的資本。

Consistent with this approach, we purchased our DE1 data center in Denver, an existing facility where CoreSite had maintained a partial lease. Direct ownership of this building, which serves as the primary pit interconnection in the Rocky Mountain region will enable CoreSite to control the areas only four cloud on-ramps and one of the top network in peering ecosystems.

按照這種方法，我們購買了位於丹佛的 DE1 資料中心，這是 CoreSite 已維持部分租賃的現有設施。該建築是落基山地區的主要礦坑互連，直接擁有該建築將使 CoreSite 能夠控制該地區僅有的四個雲端入口以及對等生態系統中的頂級網路之一。

Furthermore, on the resolving of the equation, we successfully closed our previously announced sale of our South African fiber business in early March, marking a key step in the continued reduction of our international fiber footprint. These activities reflect productive steps in our continued aim to hold global portfolio mix by emphasizing core markets and products drive synergistic value and durable cash flows that we expect to translate into attractive returns for our shareholders over the long time. Finally, I'll touch on our global operations and our value proposition. We have a great core business anchored in high-quality hydrogen assets that we maximized with strong terms and conditions, strategic counterparties and world-class operational execution. We already have a track record of building on the strong foundation by leveraging our scale, core competencies and financial flexibility in a way that drives both customer and shareholder value.

此外，在解決這個問題上，我們在 3 月初成功完成了先前宣布的出售南非光纖業務的交易，這標誌著我們繼續減少國際光纖足跡邁出了關鍵一步。這些活動反映了我們繼續保持全球投資組合目標的富有成效的舉措，透過強調核心市場和產品推動協同價值和持久現金流，我們期望這些能夠在長期內轉化為股東的可觀回報。最後，我將談談我們的全球業務和價值主張。我們擁有以高品質氫資產為基礎的強大核心業務，我們透過強有力的條款和條件、策略交易對手和世界一流的營運執行實現了最大化。我們已經擁有良好的業績記錄，透過利用我們的規模、核心競爭力和財務靈活性來鞏固堅實的基礎，從而為客戶和股東創造價值。

This includes US innovations like our instant colocation engine, our growth and digital twin technology, our suite of site and construction services, our backup power solutions and our programmatic approach to land buyouts, not to mention our holistic contract structures. Internationally, our best-in-class African power program, which we've optimized through accretive sustainable energy investments and the use of comprehensive data analytics, predictive monitoring leveraging AI, our enhanced European book-to-bill processing and many other developments provide meaningful advantages.

這包括美國的創新，例如我們的即時主機託管引擎、我們的成長和數位孿生技術、我們的場地和施工服務套件、我們的備用電源解決方案以及我們的土地收購程序化方法，更不用說我們的整體合約結構了。在國際上，我們一流的非洲電力計劃透過增加永續能源投資和使用綜合數據分析、利用人工智慧的預測監控、增強的歐洲訂單到帳單處理和許多其他發展進行了優化，提供了有意義的優勢。

As we globalize more intentionally, there is significant opportunity to evaluate cross-liability of these regional offerings to drive efficiency and unlock incremental value. Now we're still in the early days of mapping our globalization plan, but we've already had an active start to the year as our team looks to evaluate opportunities to streamline our operations and enhance synergies across our markets and costs.

隨著我們更加有意識地全球化，有很大機會評估這些區域產品的交叉責任，以提高效率並釋放增量價值。目前，我們仍處於製定全球化計劃的早期階段，但我們已經積極地開始新的一年，因為我們的團隊正在尋求評估簡化營運和增強跨市場和成本協同效應的機會。

We're excited on the momentum we've established and further leverage our scale, core competencies and balance sheet to enhance our market leading position, and I look forward to share more specifics in time. In closing, growth in mobile data has proven resilient across various economic cycles and here in my two-plus decades with American Tower. As I mentioned at the onset, I'm encouraged by the durability in leasing demand for our global portfolio of assets, now some handset reside a degree of caution in anticipation of persisting forward-looking volatility and uncertainty.

我們對已經建立的勢頭感到興奮，並進一步利用我們的規模、核心競爭力和資產負債表來增強我們的市場領先地位，我期待及時分享更多細節。最後，事實證明，行動數據的成長在各個經濟週期中都具有彈性，在我為美國鐵塔工作二十多年期間也是如此。正如我在一開始提到的，我對我們全球資產組合的租賃需求的持久性感到鼓舞，現在有些手機保持一定程度的謹慎，以應對持續的前瞻性波動和不確定性。

I firmly believe that American Tower's approach to enhancing our organization and customer value proposition (inaudible) means that are within our control, including our globalization initiatives, portfolio mix and quality of earnings and balance sheet provides an additional degree of strength and differentiation moving forward. Similar times of volatility uncertainty during my tenure has historically presented incremental opportunity for us, and I'm optimistic that the steps we're taking today will have us well positioned to capitalize on any environment.

我堅信，美國塔公司增強組織和客戶價值主張（聽不清楚）的方法意味著在我們的控制範圍內，包括我們的全球化舉措、投資組合和盈利質量以及資產負債表，為未來的發展提供了額外的優勢和差異化。在我任職期間，類似的波動不確定性時期歷來為我們提供了增量機會，我樂觀地認為，我們今天採取的措施將使我們處於有利地位，能夠利用任何環境。

Now I'll hand the call over to Rod to discuss our first quarter financial performance.

現在我將把電話交給羅德，討論我們第一季的財務表現。

Thank you, Steve and thank you all for joining the call. As Steve mentioned, we are off to a strong start to [2025] with our customers continuing to invest in their networks as global mobile data consumption continues to grow. Before I discuss the specifics of our Q1 results and revised full year outlook, I'll summarize a few highlights.

謝謝史蒂夫，也謝謝大家參加電話會議。正如史蒂夫所提到的，隨著全球行動數據消費的持續成長，我們的客戶將繼續對其網路進行投資，我們在 [2025] 年迎來了一個強勁的開局。在討論我們第一季業績的具體情況和修訂後的全年展望之前，我將總結一些亮點。

First, the solid leasing trends we observed over the course of 2024 continued into Q1 of 2025, resulting in consolidated organic tenant billings growth of 4.7%. As a result of accelerating tower activity, our US services business delivered its highest quarter of revenue and gross profit since 2021. With applications rising nearly 30% compared to levels seen in Q4 of 2024, and up roughly 60% versus Q1 of 2024, reflecting a mix of continued amendment-driven upgrades in new colocations.

首先，我們在 2024 年觀察到的穩健租賃趨勢延續到了 2025 年第一季度，導致合併有機租戶帳單成長 4.7%。由於塔式活動加速，我們的美國服務業務實現了自 2021 年以來最高的季度收入和毛利。與 2024 年第四季相比，申請數量增加了近 30%，與 2024 年第一季相比成長了約 60%，這反映了新主機託管持續受到修訂驅動的升級。

In addition, CoreSite delivered high single-digit revenue growth underpinned by a continuation of robust demand for our interconnection hubs. Consistent with past quarter themes, we complemented durable top line performance with prudent cost management, providing year-over-year cash adjusted EBITDA margin expansion of nearly 70 basis points to 68.2%. Next, we continue to execute on our stated priorities, successfully closing the sale of our South Africa fiber business in early March, completing the purchase of our DE1 data center asset in Denver in early April, deploying over 75% of discretionary capital expenditures in the quarter towards our developed market platforms and resuming dividend per share growth of approximately 5% year over year for the quarter.

此外，由於對我們互連樞紐的持續強勁需求，CoreSite 實現了高個位數的收入成長。與上一季的主題一致，我們透過審慎的成本管理補充了持久的營收表現，使現金調整後的 EBITDA 利潤率同比擴大近 70 個基點，達到 68.2%。接下來，我們繼續執行既定的優先事項，於 3 月初成功完成南非光纖業務的出售，於 4 月初完成對丹佛 DE1 數據中心資產的收購，將本季度 75% 以上的可自由支配資本支出用於發達市場平台，並恢復本季度每股股息同比增長約 5%。

Finally, we further mitigated 2025 refinancing risk by successfully accessing the debt capital markets last month, issuing $1 billion in senior unsecured notes at a weighted average cost of just over 5%. Proceeds from the transaction were used primarily to pay down existing debt. At the end of the quarter, floating rate debt represented approximately 4% of our total outstanding debt, but net leverage reduced to 5x, in line with our stated target, resulting in enhanced balance sheet strength and improved financial flexibility.

最後，我們上個月成功進入債務資本市場，以略高於 5% 的加權平均成本發行了 10 億美元的無擔保優先票據，進一步降低了 2025 年的再融資風險。交易所得主要用於償還現有債務。截至本季末，浮動利率債務約占我們未償還債務總額的 4%，但淨槓桿率降至 5 倍，符合我們既定的目標，從而增強了資產負債表實力並提高了財務靈活性。

Turning to first quarter, property revenue and organic tenant billings growth on slide 6. Consolidated property revenue growth was slightly positive year-over-year and up approximately 3%, excluding noncash straight line revenue while absorbing approximately 300 basis points of FX headwinds.

談到第一季度，第 6 張投影片顯示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成長略有正成長，約 3%，不包括非現金直線收入，同時吸收了約 300 個基點的外匯逆風。

US and Canada property revenue declined approximately 1% and grew over 3.5%, excluding noncash straight line, including over 1% negative impact from Sprint churn. International property revenue was roughly flat year over year with growth of approximately 8%, excluding the impact of foreign currency fluctuations. Finally, property revenue in our data center business grew by approximately 9%.

美國和加拿大的房地產收入下降了約 1%，成長了 3.5% 以上（不包括非現金直線收入），其中包括 Sprint 客戶流失造成的 1% 以上的負面影響。剔除外匯波動的影響，國際地產收入較去年同期大致持平，成長約8%。最後，我們資料中心業務的物業收入成長了約9%。

Moving to the right side of the slide, consolidated organic tenant billings growth was 4.7%, supported by solid demand across our global portfolio. In our US and Canada segment, organic tenant billings growth was in line with expectations at 3.6% and approximately [5%] excluding Sprint related churn. As highlighted on our last earnings call, we continue to expect growth to be below 4% for the next two quarters due to Sprint churn before increasing to over 5.5% in Q4. Our International segment drove 6.7% in organic tenant billings growth, a modest acceleration from Q4 of 2024, with generally consistent leasing trends, escalator contributions and churn.

移至投影片的右側，綜合有機租戶帳單成長率為 4.7%，這得益於我們全球投資組合的強勁需求。在我們的美國和加拿大地區，有機租戶帳單成長率符合預期，為 3.6%，不包括 Sprint 相關的客戶流失，約為 [5%]。正如我們在上次財報電話會議上所強調的那樣，由於 Sprint 的客戶流失，我們預計未來兩季的成長率將低於 4%，然後在第四季上升至 5.5% 以上。我們的國際部門推動有機租戶帳單成長 6.7%，較 2024 年第四季略有加速，租賃趨勢、自動扶梯貢獻和客戶流失率整體保持一致。

Turning to slide 7, adjusted EBITDA grew 1.9% and up over 5.5%, excluding noncash straight-line impacts, while absorbing approximately 300 basis points of FX headwinds. Growth was supported by a high conversion of cash property revenue to ongoing cost control and an over 140% increase in services gross margin associated with an increase in tower activity.

轉到投影片 7，調整後的 EBITDA 成長 1.9%，不包括非現金直線影響，上漲超過 5.5%，同時吸收了約 300 個基點的外匯逆風。成長得益於現金房地產收入向持續成本控制的高度轉化，以及隨著塔式活動增加而導致的服務毛利率增加 140% 以上。

Moving to the right side of the slide, attributable AFFO and attributable AFFO per share declined by approximately 1% and over 1%, respectively, primarily due to contributions from the India business in the prior year period, which had benefited from nearly $30 million in revenue reserve reversal.

移至幻燈片的右側，應佔 AFFO 和每股應佔 AFFO 分別下降了約 1% 和 1% 以上，這主要是由於去年同期印度業務的貢獻，該業務受益於近 3000 萬美元的收入儲備逆轉。

On an as-adjusted basis, normalizing the prior year period for the sale of India, growth was approximately 6.6% driven by the high conversion of cash adjusted EBITDA growth to AFFO through the effective management of below-the-line costs. Now turning to our revised full year outlook on Slide 8. We are pleased with the results to date in the durable demand trends that underscore our performance.

經調整後，印度銷售額與去年同期持平，成長約 6.6%，這得益於透過有效管理線下成本，現金調整後 EBITDA 成長大量轉化為 AFFO。現在轉到幻燈片 8 上我們修訂後的全年展望。我們對迄今為止持久需求趨勢的結果感到滿意，這凸顯了我們的業績。

However, like prior years and given proximity to our previously released outlook, we have kept core full year expectations largely unchanged with updates to our FX assumptions. Consistent with past practice, our projected FX rates for outlook take the more conservative of bank forecasts and the trailing 30-day spot rate averages for each currency, which has generally resulted in rates more conservative than current spots.

然而，與前幾年一樣，考慮到與我們先前發布的展望接近，我們保持核心全年預期基本不變，並更新了我們的外匯假設。與以往的做法一致，我們對未來外匯匯率的預測採用了更為保守的銀行預測和每種貨幣過去 30 天的現貨匯率平均值，這通常會導致匯率比當前現貨匯率更為保守。

As a result, we are raising our expectations for property revenue, adjusted EBITDA, attributable AFFO and attributable AFFO per share by approximately $50 million, $30 million, $20 million and $0.04, respectively, compared to prior outlook solely attributable to updated FX assumptions. At the midpoint, our expectation for attributable AFFO per share is $10.44 or nearly 5% growth year-over-year on an as-adjusted basis.

因此，與僅歸因於更新的外匯假設的先前預測相比，我們將對房地產收入、調整後 EBITDA、應佔 AFFO 和每股應佔 AFFO 的預期分別提高了約 5000 萬美元、3000 萬美元、2000 萬美元和 0.04 美元。中間值方面，我們預期每股可歸屬 AFFO 為 10.44 美元，或調整後計算年增近 5%。

Furthermore, we are reiterating our prior outlook expectations for organic tenant billings growth across all regions, including greater than or equal to 4.3% in the US and Canada or greater than or equal to 5.3%, excluding the impacts of Sprint churn and approximately 12%, 5% and 2% to the Africa and APAC segment, Europe and Latin America, respectively, collectively driving approximately 6% for international and approximately 5% on a consolidated basis. Complementing our organic trends and supporting margin expansion, our revised outlook maintains the expectation for a year-over-year reduction in cash SG&A.

此外，我們重申之前對所有地區有機租戶賬單增長的預期，其中美國和加拿大的增長大於或等於 4.3%，或大於或等於 5.3%（不包括 Sprint 客戶流失的影響），非洲和亞太地區、歐洲和拉丁美洲的增長分別約為 12%、5% 和 2%，合計推動國際市場增長約 6%，合併後增長約 5%。作為我們有機趨勢的補充並支持利潤率擴張，我們修訂後的展望維持了現金銷售、一般及行政費用同比減少的預期。

Turning to slide 9, we are generally maintaining consistent capital allocation expectations for the year, updated only to reflect small M&A transaction closed during or shortly after the quarter. We continue to expect an approximately $3.2 billion common dividend distribution to our shareholders, subject to Board approval and approximately $1.7 billion in capital expenditures which includes 2,250 newly constructed sites at the midpoint and roughly $610 million for data center development.

轉到投影片 9，我們整體維持對今年資本配置的一致預期，更新僅反映本季內或之後不久完成的小型併購交易。我們繼續預計向股東分配約 32 億美元的普通股股息（需經董事會批准）以及約 17 億美元的資本支出，其中包括中點的 2,250 個新建站點和約 6.1 億美元的資料中心開發費用。

I'd like to reiterate that while overall capital spend is moderately increasing year-over-year as we execute on attractive development opportunities across the US, Europe, and CoreSite, we continue to reduce investments across our emerging markets. In 2025, investments in Latin America, Africa and APAC will primarily consist of augmenting sites to accommodate incremental tenants and executing on previously committed multiyear build-to-suit agreements with leading carriers.

我想重申的是，雖然由於我們在美國、歐洲和 CoreSite 抓住了有吸引力的發展機會，整體資本支出比去年同期略有增加，但我們仍在繼續減少對新興市場的投資。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，以及執行先前與領先營運商達成的多年期客製化協議。

Moving to the right side of the slide. Our balance sheet remains strong, providing financial flexibility and optionality, including $11.7 billion in liquidity and low floating rate debt exposure.

移至幻燈片的右側。我們的資產負債表依然強勁，提供財務靈活性和可選性，包括 117 億美元的流動性和低浮動利率債務風險。

Turning to slide 10, and in summary, we're off to a great start to 2025. The resilience of our global business demonstrates strength of its challenging economic backdrop. Despite ongoing market uncertainty, carriers continue to invest in their networks to accommodate growing demand for mobile data consumption, which underscores the critical nature of our global portfolio of assets.

翻到第 10 張投影片，總而言之，我們 2025 年已經有了一個好的開始。我們全球業務的韌性體現了其在充滿挑戰的經濟背景下的實力。儘管市場不確定性持續存在，但營運商仍在繼續投資其網絡，以滿足日益增長的行動數據消費需求，這凸顯了我們全球資產組合的關鍵性。

This, combined with our highly focused and disciplined approach to capital investing, our best-in-class operating platforms and our strong balance sheet position us well to reliably deliver high-quality earnings and compelling total shareholder returns over the long term.

再加上我們高度專注和嚴謹的資本投資方法、一流的營運平台和強勁的資產負債表，我們能夠長期可靠地提供高品質的收益和令人信服的總股東回報。

And with that, operator, we can now open the line for questions.

接線員，現在我們可以開始回答問題了。

(Operator Instructions) Matt Niknam, Deutsche Bank.

（操作員指示）德意志銀行的 Matt Niknam。

Maybe two, if I could. First, maybe more high level. You've done a lot of portfolio optimization in recent years. And so I'm wondering if it's fair to assume on a go-forward basis, a more sharpened focus on the globalization strategy, more cost optimization with the remaining assets that you've got in place? And then secondarily, on the US side, it sounds like there's still a lot of momentum both in services and new applications.

如果可以的話，也許兩個。首先，可能水平更高。近年來，您做了很多投資組合優化工作。所以我想知道，從未來來看，是否可以合理地假設，公司將更重視全球化策略，並利用現有的剩餘資產進行更多的成本優化？其次，從美國方面來看，服務和新應用方面似乎仍有很大的發展動能。

I'm just wondering how we should think about the cadence of colo and amendment revs in upcoming periods relative to the $38 million in 1Q. And I guess more specifically, whether you're still comfortable with that $165 million to $170 million range that was laid out for new leasing last quarter?

我只是想知道，相對於第一季的 3800 萬美元，我們應該如何看待未來時期託管和修訂速度的節奏。我想更具體地說，您是否仍然對上個季度為新租賃制定的 1.65 億美元至 1.7 億美元的範圍感到滿意？

Yes, Nick, thanks for the question. I'll take the first question. I think it's -- it's fair to say we're going to be focused on both. When you look at our portfolio optimization, that's an ongoing analysis that we will continue to do with the management team and the Board. And so that's something that we look at on a continuing basis.

是的，尼克，謝謝你的提問。我來回答第一個問題。我認為——可以公平地說，我們將重點放在這兩點。當您查看我們的投資組合優化時，這是一項持續的分析，我們將繼續與管理團隊和董事會一起進行。因此，這是我們持續關注的事情。

We review it -- and I think what we've said pretty clearly is we don't have anything that we're specifically looking to divest necessarily, but there are markets that -- that are in our resolve category that we've highlighted, and also businesses that are noncore to our business.

我們對其進行了審查——我認為我們已經非常清楚地表明，我們沒有任何我們特別想要剝離的業務，但有一些市場——這些市場屬於我們強調的決心類別，還有一些非核心業務。

And with those businesses, the way we look at that is we look at the value of the ongoing cash flows and then if we think that someone is willing to pay more than the value of those ongoing cash flows that we would like to do a transaction. If not, we'll harvest the cash flows from those and continue to operate them. And we have kind of reordered our operations so that there's nothing that there's a compelling reason to divest. And we've kind of started operating some of those markets at our regional hubs and looking at it that way.

對於這些業務，我們看待它的方式是看持續現金流的價值，然後，如果我們認為有人願意支付超過這些持續現金流的價值，我們就會願意進行交易。如果沒有，我們將從中獲取現金流並繼續運營它們。我們已經重新調整了我們的運營，因此沒有任何令人信服的理由需要剝離。我們已經開始在我們的區域中心經營一些市場，並以這種方式看待它。

So we'll continue to do that evaluation. And you may see us continue to optimize and you may see us not do that. It's not going to add more value for the long term. our globalization efforts, though, are a huge focus for us right now. We've been very successful in bringing down SG&A over the past couple of years.

因此我們將繼續進行評估。您可能會看到我們繼續優化，也可能看到我們沒有這樣做。從長遠來看，它不會增加更多價值。不過，全球化努力現在是我們關注的重點。過去幾年來，我們在降低銷售、一般及行政費用 (SG&A) 方面取得了巨大成功。

And we kind of took the low-hanging fruit first on that. still think there's some room there as well. We're going to keep working on that. And what we've got but focused on his new role as Chief Operating Officer, is we're looking at the rest of the business across the globe to see what type of synergies can we get across the globe with the rest of our cost structure.

我們首先摘取了容易達成的成果。仍然認為那裡也有一些空間。我們將繼續為此努力。而我們關注的是他作為首席營運長的新角色，我們正在關注全球其他業務，看看我們能透過其餘成本結構在全球範圍內實現哪些類型的協同效應。

And we're in the thick of that right now. We've got people -- teams looking at that. We're looking through the different categories of spend, and we're trying to figure out what the what the opportunities are there. And that's something that we'll share with you guys later in the year as we come up with some better targets on that. But we're encouraged by what we're seeing.

我們現在正處於這一困境之中。我們有人員和團隊在關注此事。我們正在研究不同類別的支出，並試圖找出其中存在的機會。我們將在今年稍後與大家分享這些內容，因為我們將就此提出一些更好的目標。但我們看到的情況令我們感到鼓舞。

We think there's definitely some opportunities there to take some of these best practices that I highlighted in my opening remarks, across the globe, and we're excited to focus on that as well.

我們認為，肯定存在一些機會，可以在全球範圍內採用我在開場白中強調的一些最佳實踐，我們也很高興關注這一點。

Matt, I'll take the second part there. I think you asked really two questions. The first [one] hit the services number, how that kind of rolls into the new business number. As you heard in my prepared remarks, we started this year with a really strong services result, achieving about $75 million of services revenue for Q1. And we're seeing a pickup in activity versus our original outlook that we talked about last February when we announced the Q4 earnings.

馬特，我將在那裡進行第二部分。我認為你實際上問了兩個問題。第一個觸及服務號碼，它如何轉入新的業務號碼。正如你們在我的準備好的發言中所聽到的，我們今年的服務業績非常強勁，第一季實現了約 7,500 萬美元的服務收入。與我們去年 2 月宣布第四季度收益時談到的最初預期相比，我們看到活動有所回升。

So things are starting off very strong for us. We also expect that to continue into Q2. That steady kind of strong demand for the services business. So another quarter in that range of about $75 million is what we're targeting. Still in the range for the full year for a strong revenue full year number in and around the $240 million, $250 million range, that would imply a lower amount of revenue for Q3 and Q4.

所以，對我們來說，一切開始變得非常順利。我們也預計這種情況將持續到第二季​​。對服務業有穩定而強勁的需求。因此，我們的目標是再實現一個季度的銷售額達到約 7,500 萬美元。全年營收仍維持在 2.4 億美元至 2.5 億美元左右的強勁範圍內，這意味著第三季和第四季的營收將有所下降。

So we do see that in the -- in our outlook. Now much of that is driven just on the reduced visibility when you get into the outer part of 2025. So can we outperform that? Certainly possible. We have less visibility when you get to the end of the year. So we are seeing a very strong start to services, and we expect maybe that drifts down a little bit just because we don't have as much clarity when you get to the end of the year.

因此，我們確實在我們的展望中看到了這一點。現在，這在很大程度上是由於進入 2025 年以後能見度的降低。那我們能超越這個嗎？當然有可能。到了年底，我們的可見度就會降低。因此，我們看到服務業開局非常強勁，但我們預計，這一勢頭可能會略有下降，因為到年底時，我們對未來前景還不太清楚。

When you jump into the new biz numbers, the 165 number for the US is absolutely what we are targeting. You saw for Q1, we hit a number around $38 million. That was down a little bit from Q4, which was about $45 million. This cadence here is really the opposite of what we see in the services another month or another quarter (inaudible) in that $38 million range wouldn't be out of the expectation for us.

當您查看新的商業數字時，美國的 165 這個數字絕對是我們的目標。您看到，對於第一季度，我們達到了約 3800 萬美元的數字。這比第四季的約 4500 萬美元略有下降。這個節奏與我們在服務領域看到的節奏完全相反，下個月或下個季度（聽不清楚）3800 萬美元的範圍並不超出我們的預期。

And then an acceleration, they're getting up over $40 million for the last two quarters, over $40 million for the last two quarters. And that would put you right in that target range of the 165, 165-plus.

然後加速成長，過去兩個季度他們的收入超過 4000 萬美元，過去兩個季度他們的收入超過 4000 萬美元。這樣你就正好處於 165 或 165 以上的目標範圍。

Jim Schneider, Goldman Sachs.

高盛的吉姆·施耐德。

Two, if I may. First of all, when you look at the sort of US carrier activity and the activity you're seeing there, with respect to leasing activity, it seems relatively consistent with what you would -- but on the margin, can you maybe talk about any kind of changes that you're seeing as we head through the end of the year in terms of what is being prioritized by carriers in terms of new activity?

如果可以的話，我說兩個。首先，當您觀察美國航空公司的活動以及您在那裡看到的活動時，就租賃活動而言，它似乎與您所想的相對一致 - 但在邊緣上，您能否談談在我們接近年底時您所看到的任何變化，就航空公司在新活動方面的優先事項而言？

And then secondly, following up on the cost efficiency program, see if you're pretty clear about that being a focus for you. Maybe just give us a sense of without giving us a firm target, directionally, as you head into the out years, is the target to kind of get from the 7% constant currency AFFO growth you're doing this year to something closer to double digits in the out years?

其次，跟進成本效率計劃，看看您是否清楚這是您的重點。也許只是給我們一個感覺，而不給我們一個明確的目標，在方向上，當你進入未來幾年時，目標是否是從今年實現的 7% 恆定貨幣 AFFO 增長到未來幾年接近兩位數的水平？

I'll start with the care activity in the US So what we're seeing is exactly in line with what we've expected to see. We talked about it last year and talked about this year, which is kind of a steady ramp which we think is consistent for this phase of the 5G build. And if you look at the public statements by the carriers, they've all set some pretty aggressive targets to getting to close to full deployment of their mid-band spectrum (inaudible) portfolio. So there's still a decent amount of amendment activity that we expect to see over the next two years as they take those percentages covered by mid-band from somewhere in the 50% range for one of the carriers (inaudible) other two are a little bit higher, up to that 80% to 90% coverage over time.

我將從美國的護理活動開始，因此，我們所看到的與我們預期的完全一致。我們去年討論過這個問題，今年也討論過這個問題，這是一個穩定的成長，我們認為這對於 5G 建設的這個階段來說是一致的。如果你看一下運營商的公開聲明，你會發現他們都設定了一些相當積極的目標，以接近全面部署其中頻譜頻譜（聽不清楚）組合。因此，我們預計未來兩年仍會看到大量的修正活動，因為他們將中頻段覆蓋的百分比從其中一家運營商的 50% 左右（聽不清楚）提高到另外兩家運營商的 80% 到 90% 左右。

And so there's still a good way of activity there as well. We are still seeing some new colocations as well though. -- and that comes into flavors. We are seeing people that are increasing coverage. Some of those consistent with governmental requirements they have.

所以那裡仍然有很好的活動方式。不過，我們仍然看到一些新的主機託管。 ——這就是風味。我們看到人們正在擴大報道範圍。其中一些符合政府的要求。

Some of them are just trying to paint them up a little bit more. And we are starting to see some colocations coming in for duplication. So it's really consistent with what we've been talking about for the past couple of years, which is the carrier activity is broad-based.

有些人只是想把它們描繪得更華麗一些。我們開始看到一些主機託管出現重複的情況。因此，這與我們過去幾年一直在談論的情況一致，即承運人的活動是廣泛的。

They are going to continue to deploy their 5G into that becomes ubiquitous, and we are starting to see the early signs of densification, which is what we thought we would see at this place -- in the cycle here. When it comes to the globalization, nice try. I'm still not going to give you guidance for multiyear, but I'll give you credit for trying there. The way we're looking at it is we're looking at the category of expenses that's really in our controllable spend.

他們將繼續將 5G 部署到無處不在的環境中，我們開始看到密集化的早期跡象，這正是我們認為我們會在這個地方看到的——在這個週期中。當談到全球化時，這是一個不錯的嘗試。我仍然不會為你提供多年的指導，但我會對你的努力表示讚賞。我們看待這個問題的方式是，我們看待的是真正在我們可控支出範圍內的支出類別。

So you've got our operations and maintenance, the SG&A we're already looking at looking at our supply chain to see if we can actually impact our growth CapEx, our valance CapEx by doing a little bit better there. And we'll continue to assess that. There's no there's no specific target for that. And so I'm not going to commit to what we're going to get to on AFFO in those out years. Certainly, the focus for the entire management team here, though, is to do everything we can in the business to grow our AFFO per share. And we're focused on that long-term value creation.

因此，您已經了解了我們的營運和維護，我們已經在研究銷售、一般及行政費用，我們正在研究我們的供應鏈，看看我們是否可以透過在那裡做得更好來真正影響我們的成長資本支出和價差資本支出。我們將繼續評估這一點。對此沒有具體的目標。因此，我不會承諾未來幾年我們將在 AFFO 上取得什麼進展。當然，整個管理團隊的重點是盡我們所能提高每股 AFFO。我們專注於長期價值創造。

So everything that we do, including our cost savings is geared towards the long term. We're not looking to make a splash in the quarter and then have expenses rebound. We're not looking to damage the business and hurt our growth. We're looking to be very thoughtful about all the changes we make to actually increase our customer service to increase our automation to actually increase revenues by being a better partner to our customers. And as we have those targets, I'll show those later in the year.

因此，我們所做的一切，包括成本節約，都是為了長遠考慮。我們並不希望在本季引起轟動，然後支出又出現反彈。我們不想損害業務或影響我們的成長。我們希望認真考慮所做的所有改變，以真正提高我們的客戶服務水平，提高我們的自動化程度，透過成為客戶更好的合作夥伴來真正增加收入。既然我們有了這些目標，我會在今年稍後展示它們。

Jim, maybe I'll just highlight a couple of numbers here. So for the '25 outlook, maybe just reminding you in the group here that we are planning for SG&A reductions at about $13 million, mid-teens here, excluding the impacts of nonrecurring bad debt that we saw in 2024 and that's on top of '24, over '23 result where we reduced SG&A without the impacts of bad debt by even more than that. So we've been managing costs pretty tightly throughout the SG&A for a few years now consistently bringing those numbers down in the face of pretty significant inflation in the US over the last several years.

吉姆，也許我只想在這裡強調幾個數字。因此，對於 25 年的展望，也許只是提醒這裡的你們，我們計劃將銷售、一般和行政費用 (SG&A) 削減約 1300 萬美元，這裡是十幾歲的水平，不包括我們在 2024 年看到的非經常性壞賬的影響，這是在 24 年的基礎上，在 23 年的結果之上，我們在 24 年的情況下減少了更多。因此，幾年來，我們一直在嚴格管理銷售、一般和行政費用，面對過去幾年美國相當嚴重的通貨膨脹，我們一直在不斷降低這些數字。

Rick Prentiss, Raymond James & Associates.

詹姆斯 (Raymond James) 及合夥人瑞克普倫蒂斯 (Rick Prentiss)。

A couple of questions. Appreciate that. First, I always have thought capital allocation is probably the top job for senior management. You guys have been working on that as you laid out. Leverage now hit 5.0.

有幾個問題。非常感謝。首先，我一直認為資本配置可能是高階管理層的首要職責。你們一直在按照你們的計劃進行工作。槓桿率現已達到 5.0。

We're getting closer to that coming below 5.0. Update us as far as thoughts on stock buyback, is there an authorized program, M&A, clearly and other potential any portfolios out there? And maybe explicitly talk about Canada as a market, not necessarily the transactions out there, but what would be the attributes that would be attractive in a country like Canada.

我們正在逐漸接近低於 5.0 的水平。請告訴我們關於股票回購的想法，是否有授權計畫、併購，以及其他潛在的投資組合？也許可以明確地談論加拿大作為一個市場，不一定是那裡的交易，而是像加拿大這樣的國家具有哪些吸引人的特質。

Sure, Rick. So stock buybacks are absolutely on the table as one of the potential uses for the capital that we generate. We do have an authorization by the Board. It's a $2 billion authorization that's outstanding. So that is out there.

當然，里克。因此，股票回購絕對是我們考慮的，這是我們所創造的資本的潛在用途之一。我們確實得到了董事會的授權。這是一筆價值 20 億美元的未償授權。這就是它存在的意義。

At this point, the way we look at our capital allocation to your point, we just got to that 5.0, so we should be delevering further from there. And the way we really look at it is what's going to create the most long-term value. So we'll weigh those stock buybacks against any M&A opportunities our internal CapEx program, further delevering, et cetera.

此時，根據您所說，我們的資本配置剛好達到 5.0，因此我們應該從那裡進一步去槓桿。我們真正看待這個問題的方式是什麼將創造最大的長期價值。因此，我們會權衡這些股票回購與任何併購機會、我們的內部資本支出計畫、進一步去槓桿等。

In terms of the M&A market today, we did close a small transaction in the US this year already. So we'll continue to be opportunistic where you find the right portfolio at the right price. We don't see any large-scale opportunities that take us off of our path. And so we've been pretty clear about that for the past few quarters.

就目前的併購市場而言，我們今年已經在美國完成了一筆小額交易。因此，我們將繼續抓住機會，以合適的價格找到合適的投資組合。我們沒有看到任何讓我們偏離道路的大規模機會。過去幾季我們對此一直非常清楚。

That hasn't changed. We're still not seeing any huge opportunities out there that we think are compelling enough.

這一點沒有改變。我們仍然沒有看到任何我們認為足夠引人注目的巨大機會。

Canada is an interesting market for us. We have a small portfolio there. It's performing very well. So we like that market in terms of what we're seeing today. And we have a lot of ability to operate that market out of the US

加拿大對我們來說是一個有趣的市場。我們在那裡有一個小型投資組合。它的表現非常好。因此，就我們今天所看到的情況而言，我們看好這個市場。我們有能力在美國以外經營這個市場

So there's a lot of synergies that we would have if we did do something in Canada. And I know there are some rumors of transactions out there. And what I would say is true of Canada is very similar to what we had in Europe, which is we're going to be very disciplined in looking at terms and conditions, number one, and valuation, number two, in terms of trying to figure out if the transaction makes sense.

因此，如果我們在加拿大採取一些行動，就會產生許多協同效應。我知道外面有一些關於交易的傳言。我想說的是，加拿大的情況與我們在歐洲的情況非常相似，我們將非常嚴格地審查條款和條件，其次是估值，以確定交易是否合理。

And so if the portfolio trades in the terms and conditions are something that's not going to give us a long-term value creation opportunity, that's probably not the right deal for us. Similarly, if the price is too high, we're not going to stretch for something unless we think it's going to create a lot of long-term value for our shareholders. So we like the market. We can operate it from the US with a very huge amount of synergies, things we did there.

因此，如果投資組合交易的條款和條件不能為我們帶來長期的價值創造機會，那麼這對我們來說可能不是合適的交易。同樣，如果價格太高，我們不會勉強接受，除非我們認為這能為我們的股東創造大量的長期價值。所以我們喜歡這個市場。我們可以在美國進行運營，並發揮巨大的協同效應，就像我們在美國所做的那樣。

And it would make sense if we had the right deal, but we're going to be patient and get the right times and conditions and valuation on it.

如果我們達成了正確的交易，這將是有意義的，但我們會耐心等待，以獲得正確的時間、條件和估值。

Makes sense. I think have you changed your middle name officially to see current conditions (inaudible).

有道理。我認為你已經正式更改了你的中間名以查看當前情況（聽不清楚）。

I think I did a long time ago, Rick.

我想我很久以前就這麼做了，里克。

One follow-up for me also some questions around colocation amendments. Can you break out for us what either in the applications or new revenue 1Q saw as far as colocation amendment kind of the split between those because we are watching it, some folks are starting to see some higher amount of new colocation obviously comes in at a much higher incremental revenue than amendment.

我接下來還需要回答一些有關主機託管修改的問題。您能否為我們詳細說明第一季度在應用程式或新收入方面看到的主機託管修正案之間的差異？因為我們正在關注它，有些人開始看到更多的新主機託管顯然帶來了比修正案更高的增量收入。

Yes. So we're seeing a continued increase in the colocation applications. And so with that, we're seeing an increase in both amendments and new leases. And while the percentage of contribution from the colocation has increased a little bit, the base has gotten bigger, too. So it's not a huge proportionate shift for us.

是的。因此，我們看到主機託管應用程式持續增加。因此，我們看到修訂和新租約的數量都在增加。雖然主機託管的貢獻比例略有增加，但基數也變得更大了。所以對我們來說這並不是一個巨大的比例轉變。

Again, if you look at where those carriers are, you've got -- it's about 80% deployed once the 65% to 70% while it's still around 50%. So there's still a lot of amendment business to be done in our portfolio. So while I do see an increase in colocations, it's not making a huge shift in our mix today.

再說一次，如果你看看這些航空母艦的位置，你會發現——部署率曾經達到 65% 到 70%，現在大約是 80%，而部署率仍然在 50% 左右。因此，我們的投資組合中還有很多修改工作要做。因此，儘管我確實看到了主機託管數量的增加，但這並沒有對我們今天的組合產生巨大的變化。

We expect over the next couple of years, we'll see more of that.

我們預計在未來幾年內，我們會看到更多這樣的情況。

You definitely will. We're seeing this phase of densification start. And even before you get the applications, you start having conversations with the carriers, they start asking for more information on the towers, what rent centers are available, what structural capacity look like, et cetera. So as we continue to hear that information replies, that gives us a lot of confidence that we're going to see an increase in colocations over time as they move into that densification phase over the next few years.

你一定會的。我們看到這個緻密化階段正在開始。甚至在你收到申請之前，你就開始與運營商交談，他們開始詢問有關塔的更多信息，有哪些租賃中心可用，結構容量如何，等等。因此，隨著我們繼續聽到這些資訊答复，我們非常有信心，隨著時間的推移，我們將看到主機託管數量在未來幾年內進入密集化階段。

Michael Rollins, Citi.

花旗銀行的麥可‧羅林斯。

Just first, when you look at the colocation opportunity that you were just describing, I'm curious how much of that is competitive, whether it's other large tower firms or smaller private firms or build to suits, whether it's by the carrier or some of the other private firms. How much of that is competitive? And is there an opportunity to work with your customers to try to improve your share or win rate, if that's an option.

首先，當您看到您剛才描述的主機託管機會時，我很好奇其中有多少是競爭性的，無論是其他大型塔式公司還是較小的私營公司，還是定制建設，無論是由運營商還是其他一些私營公司建設。其中有多少是具有競爭力的？如果可以的話，是否有機會與您的客戶合作來嘗試提高您的份額或贏率？

And then second, if you're just looking at the annualized EBITDA, and it looks to be above the high end of the guidance range, so the annualized first quarter number. I'm just curious if there are certain items that we should be mindful of through the year that may pull back into the current guidance range?

其次，如果您只看年度化 EBITDA，它看起來高於指導範圍的高端，因此是第一季的年度化數字。我只是好奇，是否有一些項目是我們應該在全年關注的，並且可能會回到當前的指導範圍內？

Sure. I'll take the first question. I'll let Rod answer the second. So when you look at the new colocations the carriers are deploying, it really depends on where they're deploying on what the competitive options are. If you look at all the towers in the US, there's very little overlap between existing towers in most of the markets. And that just makes sense.

當然。我來回答第一個問題。我請羅德來回答第二個問題。因此，當您查看運營商正在部署的新主機託管時，它實際上取決於他們部署的位置以及競爭選項是什麼。如果你觀察美國所有的塔，你會發現大多數市場中現有的塔之間幾乎沒有重疊。這很有道理。

You don't want to deploy redundant capital if you do need to, colocation the most cost-effective way for everyone to deploy -- so you don't see a ton of between the towers that are out there. When you're getting into pushing into kind of paint the map spaces where people are trying to increase rural coverage, a lot of those areas don't have coverage because there are towers there. So you do see more new builds in that area.

如果確實需要，您不想部署多餘的資本，而對於每個人來說，主機託管是最具成本效益的部署方式——因此，您不會在塔樓之間看到大量的空間。當你開始推動繪製地圖空間時，人們試圖增加農村覆蓋範圍，很多地區沒有覆蓋，因為那裡有塔。所以你確實會在該地區看到更多新建築。

So overall, it kind of depends on the geography that they're in. In terms of whether you can influence your share, you can, and it comes at the RF design phase. It's when they're actually designing their networks. And if you are a preferred partner and you provide great customer service, they know you can get them on air quickly, they'll target your size. And that's what we see with our customers and what we've been able to do over time is to (inaudible) good share of their business by being a really good partner to our customers (inaudible) providing great customer service.

所以總的來說，這取決於他們所在的地理位置。至於你是否能夠影響你的份額，是的，你可以，而且它發生在射頻設計階段。這是他們實際設計網路的時候。如果您是首選合作夥伴，並且您提供優質的客戶服務，他們知道您可以快速讓他們上線，他們就會瞄準您的規模。這就是我們在客戶身上看到的，也是我們長期以來能夠做到的，即透過成為客戶的真正好合作夥伴（聽不清楚）提供優質的客戶服務，在客戶業務中佔據很大份額。

Now, when you're looking at infills (inaudible) there may be a little bit less flexibility because you're looking at filling in sites within an existing design. So the geography probably plays a bigger role in where that split sell has to be or in terms of trying to fill a hole of the network where that is. And so they made fewer choices there. So it's a little bit of a mixed bag depending on what their goal is, what they're building and what the existing infrastructure is.

現在，當您查看填充（聽不清楚）時，靈活性可能會稍微降低一些，因為您正在查看現有設計中的填充網站。因此，地理位置可能在分割銷售的地點或試圖填補網路空白方面發揮更大的作用。因此他們做出的選擇較少。因此，這取決於他們的目標是什麼、他們正在建造什麼以及現有的基礎設施是什麼。

Michael, I'll take the second question you had there relative to the EBITDA and the cadence throughout the year. What I would say is we're very pleased with our Q1 results. We had a strong result on EBITDA and AFFO, AFFO per share. When it comes to EBITDA going out for the full year and our outlook, look at our Q1 (inaudible) share result and you annualize that for the full year, it suggests we're going to outperform our full year outlook. When you get into the AFFO number, some of the drivers there can be different quarter-to-quarter.

邁克爾，我想回答你關於 EBITDA 和全年節奏的第二個問題。我想說的是，我們對第一季的業績非常滿意。我們的 EBITDA、AFFO 和每股 AFFO 均取得了強勁業績。當談到全年的 EBITDA 和我們的展望時，請看看我們第一季（聽不清楚）的股票結果，並將其按年率計算為全年，這表明我們的表現將超出我們的全年預期。當您輸入 AFFO 號碼時，那裡的一些驅動程式可能每個季度都有所不同。

Notably, cash taxes, there's a significant timing issue there for differences quarter-over-quarter as well as maintenance CapEx. So those things kind of can move that number around on a cool basis. So when you look at EBITDA and AFFO, yes, we had a very strong, very good quarter in Q1. If you were to annualize that, you'd get an additional outperformance for our full year numbers. At this point, because of timing issues, because of a potential decline in services at the end of the year, we think it's prudent to just hold those outlooks consistent with the original outlook with the exception of updating the FX numbers.

值得注意的是，現金稅存在季度間差異以及維護資本支出的重大時間問題。所以這些因素可以在很大程度上改變這個數字。因此，當您查看 EBITDA 和 AFFO 時，是的，我們在第一季表現非常強勁、非常好。如果將其按年率計算，我們全年的數據將更加出色。此時，由於時間問題，由於年底服務業可能出現下滑，我們認為除了更新外匯數據外，保持這些展望與最初的展望一致是明智的。

Nick Del Deo, MoffettNathanson.

尼克·德爾·迪奧，莫菲特·內桑森。

First, can you expand a bit on the sort of services work that you're seeing behind the big increases and the degree to which that revenue is coincident with the length the leasing activity that you're seeing versus being more of a leading indicator.

首先，您能否詳細說明您在大幅成長背後看到的服務工作類型，以及收入與您所看到的租賃活動長度的一致程度，而不是作為領先指標。

And second, I know you need to be a bit careful with the specifics of any deal and any particular customer. But if EchoStar would engage in sort of transaction involving its spectrum, whether sale or a lease, do you have any contractual protections above and beyond their promise pay the agreed-upon rent.

其次，我知道你需要對任何交易和任何特定客戶的具體細節保持謹慎。但是，如果 EchoStar 參與涉及其頻譜的交易，無論是銷售還是租賃，除了承諾支付約定的租金之外，您是否還有其他合約保護？

So I'll start with the EchoStar question first on that. I don't want to get in terms of conditions with the agreement, but we do expect to get paid. And so we -- we built into our kind of ongoing guidance for our kind of future growth is the minimum contractual commitments under that agreement. So that's what's backed into our multiyear guide. That's what we're expecting out of those guys.

因此我將首先從 EchoStar 問題開始。我不想在協議中附加任何條件，但我們確實希望得到報酬。因此，我們將該協議下的最低合約承諾納入了我們對未來成長的持續指導中。這就是我們多年指南所依據的內容。這正是我們對這些人的期望。

We're not anticipating anything that materially changes their business. And I think it does well kind of figure that out when it happens, but we do expect to get paid there. Sorry, remind me the first question? (inaudible).

我們預計不會發生任何實質改變其業務的事情。我認為當這種情況發生時，它確實能很好地解決這個問題，但我們確實希望在那裡獲得報酬。抱歉，請提醒我第一個問題？（聽不清楚）。

Sorry, just -- yes, service the mix there and degree which it's coincident versus a lead indicator.

抱歉，只是——是的，服務那裡的混合以及與領先指標一致的程度。

Yes. So our services business, I kind of break it into two categories. The first is really site acquisition services and that's things like zoning and permitting, engineering services, things like that. And that's a pretty steady part of the business. We do have a slightly larger proportion of construction services this year.

是的。因此，我將我們的服務業務分為兩類。首先是場地收購服務，包括分區和許可、工程服務等。這是業務中相當穩定的部分。我們今年的建築服務佔比確實稍微大了一些。

We don't do construction services nationwide. We don't do it for all the carriers. It's much more of a targeted activity that we do in a couple of regions because we've got really good teams there. And that construction services is project management. We don't have the crews deployment of the towers, we're managing that process.

我們不提供全國性的建築服務。我們不會為所有承運商都這麼做。這更像是我們在幾個地區開展的有針對性的活動，因為我們在那裡擁有非常優秀的團隊。建築服務就是專案管理。我們沒有安排工作人員部署塔台，而是自己管理這個過程。

So we have seen a slightly larger component of that this year. But the overall services business is up. And in terms of how that translates into revenue, there's a little bit of a disconnection from the activity levels and services to our property revenue because of our comprehensive agreements. So in those agreements, there's a steady cadence of what we're going to get paid on there. It's a little bit independent of the activity levels. However, we do have one customer that's not on a operative agreement.

因此，我們今年看到的比例略有增加。但整體服務業務正在上升。至於如何將其轉化為收入，由於我們簽訂了全面的協議，活動水平和服務與我們的房地產收入之間存在一些脫節。因此，在這些協議中，我們將以穩定的節奏獲得報酬。它與活動水平有點無關。然而，我們確實有一位客戶沒有簽訂有效協議。

And we also have new colocations that are outside of some of the other operative agreements. And so those are much more affected by activity timing. And when you think about the cadence of services versus the property revenue, if they're not part of the comprehensive agreement, there is a little bit of a lag time from when you see the services revenue when you see those -- and that varies a lot by customer. So I would think about that as being somewhere in the neighborhood of 60 to 180 days depending on the customer and the type of transaction and the geography on that.

我們還有一些其他有效協定之外的新主機託管。因此，這些受活動時間的影響更大。當您考慮服務與財產收入的節奏時，如果它們不是綜合協議的一部分，那麼當您看到服務收入時，會有一點滯後時間 - 而且這因客戶而異。因此，我認為這個時間大約在 60 到 180 天之間，具體取決於客戶、交易類型和地理位置。

Nick, I'll just add one additional point when it comes to services. The margin that we see in that business this year, notwithstanding the increase in revenue and what's in the way Steve talked about the shift towards a little bit more construction management. We are consistently seeing north of 50% margins. Our outlook assumes a 52% margin on this business, which is very consistent with what we saw in 2024.

尼克，關於服務，我只想補充一點。儘管收入有所增加，但今年我們在該業務中看到的利潤率以及史蒂夫談到的向更多建築管理轉變的方式。我們的利潤率一直保持在 50% 以上。我們的展望假設該業務的利潤率為 52%，這與我們在 2024 年看到的非常一致。

Batya Levi, UBS.

瑞銀的 Batya Levi。

Great. I have a question on LatAm. I think you mentioned that you are seeing a bit of more activity showing up. We haven't really seen that in the results yet. So can you talk to the cadence of incremental leasing in LatAm. And I think churn came in a bit lower. Was that just timing? And how should we think about the escalator? I think that was better as well.

偉大的。我有一個關於拉丁美洲的問題。我想您提到過，您看到了更多活動的出現。我們還沒有在結果中真正看到這一點。那麼您能談談拉丁美洲增量租賃的節奏嗎？我認為客戶流失率會低一些。那隻是時機嗎？那我們該如何看待自動扶梯呢？我認為那樣也更好。

Sure. So we are seeing pockets of increased activity, in particular, in Brazil and had some of the carriers who made some public tangents about starting to enhance their 5G offerings we continue to see some new business from that. There are also markets that are far behind in that cycle because it's taking time to get the spectrum out there. So if you look at Mexico, Mexico is a little bit behind in terms of starting a 5G deployment there. So it's a little bit of a mixed bag.

當然。因此，我們看到一些地區的活動增加，特別是在巴西，一些業者公開表示將開始增強其 5G 產品，我們繼續從中看到一些新業務。還有一些市場在這一周期中遠遠落後，因為需要時間來獲得光譜。如果你看看墨西哥，你會發現墨西哥在 5G 部署方面有點落後。所以它有點混亂。

And we do still have multiple years of churn in Latin America. So we are guiding for OTBG in Latin America to be low single digits for the next three years. And part of that is the Oi churn. We'll continue to see wireless churn from Oi over the next two years and 2027 will have wireline churn from Oi. And we do have some churn that we've already recognized in those markets.

我們在拉丁美洲仍經歷了多年的客戶流失。因此，我們預計未來三年拉丁美洲的 OTBG 將保持較低的個位數成長。其中一部分是 Oi 流失。未來兩年內，我們將繼續看到 Oi 的無線業務流失，而到 2027 年，Oi 的有線業務將會流失。我們確實已經認識到這些市場存在一些客戶流失。

So we're past most of the Telefonica churn in Mexico at this point. And we have had churn in Colombia and Chile that we've worked through with WOM, and we'll continue to monitor that and see how that progresses. But that's all consistent with our multiyear guide of low single digits there. And so we are seeing, again, a little bit more investment as the Brazil carriers get through their digestion of the purchase of Oi as they start working on their networks.

因此，目前我們已經度過了西班牙電信在墨西哥的大部分客戶流失期。我們在哥倫比亞和智利的客戶流失問題上已經與 WOM 進行了合作，我們將繼續監控並觀察其進展。但這與我們多年來低個位數的指導一致。因此，隨著巴西業者消化完對 Oi 的收購並開始建立自己的網絡，我們再次看到投資增加。

We think that will continue, and we think we'll continue to see growth in leasing across that market, but we're still going to face the headwinds of churn for the next three years there. In terms of the escalator, it's -- we're anticipating about 5% in 2025, but that is CPI dependent.

我們認為這種情況將會持續下去，我們認為我們將繼續看到整個市場的租賃成長，但未來三年我們仍將面臨客戶流失的阻力。就自動扶梯而言，我們預計 2025 年的成長率約為 5%，但這取決於 CPI。

Eric Luebchow, Wells Fargo.

艾瑞克‧盧布喬（Eric Luebchow），富國銀行。

Great. You mentioned that you're obviously off a holistic agreement or a comprehensive agreement with one of your large carriers. And I know they have a lot of work to do with mid-band coverage.

偉大的。您提到，您顯然沒有與一家大型承運商達成整體協議或綜合協議。我知道他們在中頻段覆蓋方面還有很多工作要做。

So maybe you could provide some color on any discussions with them on potentially going to do a new holistic agreement? Are you happy with the a la carte arrangement? And how do you think about kind of the cadence player spending contributing to your leasing throughout this year into next.

那麼，也許您可以就與他們就可能達成新的整體協議的討論提供一些資訊？您對點菜安排滿意嗎？您如何看待節奏球員的支出對今年和明年的租賃支出的貢獻？

Yes, thanks. When we think about our comprehensive agreements, those are really a vehicle to make the operational relation between the customer and us a lot simpler and a lot easier. And we're very comfortable operating either on an a la carte basis or in a conference of MLA. And you can pretty much be assured we're always talking with all of our customers about a deal.

是的，謝謝。當我們考慮我們的綜合協議時，它們實際上是一種使客戶和我們之間的營運關係變得更加簡單和容易的工具。我們非常樂意以單點或 MLA 會議方式開展業務。而且您可以放心，我們一直在與所有客戶討論交易事宜。

The ink doesn't even draw on the signature before you're having the next discussion with the customers on that. But in terms of whether we're going to get into a new agreement or not, we're pretty agnostic about that. We're open to it. And so we'll just continue to provide the best customer service we can. We'll continue to dialogue with the customers.

在您與客戶進行下一次討論之前，簽名上甚至還沒有墨水。但對於我們是否會達成新協議，我們對此持懷疑態度。我們對此持開放態度。因此，我們將繼續盡力提供最好的客戶服務。我們將繼續與客戶對話。

And if the interest align in doing something, we will and if they don't, we'll continue in the ala carte basis. For us, it's really about whatever drives the best long-term value. And if you look at our leading growth that we had today, it's a function of what we signed in our Ts&Cs 20 years ago, and we'll continue to be disciplined about that.

如果大家對某件事有興趣，我們就會去做；如果大家對某件事有興趣，我們就會繼續按點菜的方式做。對我們來說，真正重要的是任何能帶來最佳長期價值的事情。如果你看看我們今天取得的領先成長，你會發現這是我們 20 年前簽署的條款和條件的結果，我們將繼續嚴格遵守這一點。

We'll continue to do what is the best thing for our customers and our shareholders in terms of negotiating those agreements over time. So you shouldn't read anything negative or positive into the fact that we don't have a comparative MLA. It's just not the right structure for the parties at the time.

隨著時間的推移，我們將繼續就這些協議進行談判，為我們的客戶和股東提供最好的服務。因此，您不應該對我們沒有可比較的 MLA 這一事實做出任何消極或積極解讀。對於當時的各方來說，這並不是正確的結構。

Great. And just one follow-up question. I wanted to touch on the CoreSite footprint. There obviously have been a ton of headlines in the data center segment year-to-date around certain hyperscalers slowing, some questions around enterprise IT spending, just given the lack of visibility in the broader economy. So maybe you could just touch on what your sales funnel looks like within the data center business across the cloud companies and the more type retail colocation companies as well.

偉大的。還有一個後續問題。我想談談 CoreSite 的足跡。今年迄今為止，資料中心領域顯然有大量關於某些超大規模資料中心放緩的頭條新聞，以及一些有關企業 IT 支出的疑問，因為整體經濟缺乏可視性。因此，也許您可以簡單談談雲端運算公司和更多類型的零售主機代管公司的資料中心業務中的銷售管道是什麼樣的。

We have a robust sales funnel at CoreSite. And just to remind everyone, it's really an interconnection business. It's different than what you would see in the hyperscale world or in a colo facility that's really there for people to save money. People come to CoreSite because they need to be in an environment where they can interconnect to multiple players have access to multiple cloud on-ramps. And we're not seeing any flagging of demand for that today.

我們在 CoreSite 擁有強大的銷售管道。需要提醒大家的是，這其實是個互連業務。這與你在超大規模世界或託管設施中看到的不同，後者的真正目的是讓人們省錢。人們來到 CoreSite 是因為他們需要一個可以與多個參與者互連並存取多個雲端入口的環境。如今我們並沒有看到這方面需求有任何減弱的跡象。

In fact, what we see is more and more enterprises want to take advantage of the multi-cloud environment so that they can take advantage of some of the new tools, some of it being AI, some of it being traditional cloud tools that are there. And what we're seeing in that space is more demand. We're seeing our existing customers looking for more space. We're seeing new customers looking for larger installations there.

事實上，我們看到越來越多的企業希望利用多雲環境，以便他們可以利用一些新工具，其中一些是人工智慧，有些是傳統的雲端工具。我們在該領域看到的是更多的需求。我們發現現有客戶正在尋找更多空間。我們看到新客戶正在那裡尋找更大規模的安裝。

And we just don't see that tailing off anytime we think that core business of ours continues to be robust. We also see good demand in the retail space. So we've been able to have a few good quarters in retail that give us a lot of confidence about that business forward.

只要我們認為我們的核心業務繼續保持強勁，我們就不會看到這種趨勢減弱。我們也看到零售領域的需求良好。因此，我們在零售業已經經歷了幾個良好的季度，這讓我們對該業務的未來充滿信心。

But it's really that core enterprise demand. It's in the interconnection ecosystem that drives the bulk of our leasing in CoreSite. And we think that, that's a durable demand for the foreseeable future despite the pullbacks you see in hyper-sale despite even in economic uncertainty that's out there, people are going to continue to invest in automation because that's how they're going to get the cost savings they need in the rest of their business. We feel very confident about that demand pipeline.

但這確實是企業的核心需求。互連生態系統推動了我們在 CoreSite 的大部分租賃業務。我們認為，儘管超級銷售出現回落，儘管經濟狀況不確定，但在可預見的未來，這仍是一個持久的需求，人們仍將繼續投資於自動化，因為這是他們在其他業務中節省成本的方式。我們對這項需求管道非常有信心。

Mike Funk, Bank of America.

美國銀行的麥克‧芬克。

Yeah, good morning. So you mentioned uncertainty a few times prepared remarks and you held back on increasing guidance ex the FX impact. So I guess maybe some more color, if you could, on the markets that are more vulnerable that are leading to hold back on increasing guidance and what you're looking for in those markets?

是的，早安。因此，您在準備好的發言中多次提到了不確定性，並且沒有增加對外匯影響的指導。因此，如果可以的話，我想您能更詳細地介紹一下那些較為脆弱的市場，這些市場導致指導價上調受到阻礙，而您在這些市場中期待什麼？

I'll start. Maybe Rod want to jump in there. When we think about the US, we don't think any uncertainty that's out there is going to affect demand in the US this year. Even some of the uncertainties driven by things like tariffs that's probably more of a future-looking risk than a 2025 risk.

我先開始。也許羅德想跳進去。當我們考慮美國時，我們認為任何不確定性都不會影響今年美國的需求。即使關稅等因素帶來的一些不確定性，也可能更多的是未來風險，而不是 2025 年的風險。

Most of the equipment that people are going to deploy is already here in warehouses this year. So we're not as worried about the US. When we look at internationally, there's probably some opportunity and some risk in those markets given some of the macro uncertainties that are out there. When the global macroeconomic shocks, it tends to affect the emerging markets more than it does the developed market. And so that's what we're watching now is to see if there's any impacts there that we're not anticipating.

人們今年要部署的大部分設備已經進入倉庫。所以我們就沒那麼擔心美國。從國際角度來看，考慮到一些宏觀不確定性，這些市場可能存在一些機會和風險。當全球宏觀經濟受到衝擊時，新興市場受到的影響往往大於已開發市場。所以我們現在正在觀察，看看是否會出現我們未曾預料到的影響。

There's nothing in our view shed today that we're specifically worried about. It's much more of the general economic condition that's out there. And probably the biggest impact that we're seeing right now and the uncertainty is FX. But I'll let Rod jump in.

從我們今天的觀點來看，沒有什麼讓我們特別擔心的事。這更多的是現有的總體經濟狀況。而我們目前看到的最大影響和不確定性可能就是外匯。但我會讓羅德加入。

Yes, thanks for the question. A couple of things that I would highlight when I think of uncertainty, and you heard me say it in my prepared remarks. It's really the general macroeconomic backdrop. The uncertainty around potential increases in inflation in the US or decreases, it could go either way.

是的，謝謝你的提問。當我想到不確定性時，我會強調幾件事，你們在準備好的發言中聽到了我說過這些話。這實際上是總體宏觀經濟背景。美國通膨可能上升或下降的不確定性，有兩種可能。

I think the uncertainty there still exists and that certainly has put uncertainty in the mix when you think about interest rates going forward. I think we've all appreciated over the last several months, some of the political discussion around tariffs and other things can have businesses around the globe. And it also can have impacts on foreign exchange rates, which we are sensitive to in certain regions. So maybe I'll highlight that in that piece first. I think everyone can appreciate our methodology of applying FX rates to our outlook.

我認為那裡的不確定性仍然存在，當你考慮未來的利率時，這肯定會帶來不確定性。我想我們都已經意識到，在過去的幾個月裡，圍繞關稅和其他問題的一些政治討論可能會對全球的企業產生影響。它也會對外匯匯率產生影響，某些地區我們對外匯匯率比較敏感。因此我可能會先在那篇文章中強調這一點。我想每個人都能理解我們將外匯匯率應用於展望的方法。

I described that in the prepared remarks. If you just take the spot rates today, we would see a benefit of up to $120 million in our revenue line in our outlook for the balance of this year.

我在準備好的發言中描述了這一點。如果只考慮今天的現貨匯率，我們預計今年餘下時間的收入將增加高達 1.2 億美元。

That would also translate into a $70 million positive impact to the EBITDA numbers that we have, that's better than $0.10 on an AFFO per share. That's better than the outlook we just rolled out this morning for everyone. So -- it's too early for us to count on those spot rates. Things can change. That's an example of uncertainty.

這也將對我們的 EBITDA 數字產生 7000 萬美元的正面影響，這比每股 AFFO 0.10 美元要好。這比我們今天早上向大家推出的前景要好。因此，我們現在依賴這些現貨價格還為時過早。事情是會改變的。這就是不確定性的一個例子。

And then also with interest rates, interest rates can move around, and that certainly can impact our AFFO and AFFO per share. Now with that said, you've seen us take multiple steps to strengthen our balance sheet to reduce the refinancing risk this year. That includes paying down much of the bonds that are coming due this year as well as dramatically reducing our exposure to floating rate that we've gotten that down into the low single digits as a percent of our total debt being exposed to floating rate debt. That's less than $1.5 billion of floating rate debt in aggregate in total.

然後還有利率，利率可能會變動，這肯定會影響我們的 AFFO 和每股 AFFO。話雖如此，您已經看到我們採取了多項措施來加強我們的資產負債表，以降低今年的再融資風險。這包括償還今年到期的大部分債券，以及大幅減少我們的浮動利率風險，我們已將其占浮動利率債務總額的百分比降至個位數以下。總計浮動利率債務不到 15 億美元。

The other thing I would highlight here is we only have a handful of bonds left to renew. It's a little over $2 billion when you think about the balance of this year. And within that, it's about $2.5 billion or so. Within that, we've already refinanced or issued new bonds at the beginning of Q2 here of $1 billion. So we've already taken half of that remaining refinancing risk off the table.

我在這裡要強調的另一件事是，我們只剩下少量債券需要續約。如果考慮到今年的餘額，這個數字將略高於 20 億美元。其中，約有 25 億美元。其中，我們已在第二季初進行了 10 億美元的再融資或發行了新債券。因此，我們已經消除了剩餘再融資風險的一半。

That puts us in a pretty good place relative to refinancing risk, right, maybe $1.5 billion of refinancing going out up against the very low percentage of our debt that is exposed to floating rate debt.

相對於再融資風險，這讓我們處於相當有利的地位，也許 15 億美元的再融資可以抵消我們債務中極低比例的浮動利率債務。

That means we could refinance all of the remaining bonds throughout 2025 without getting into the capital markets at all if we chose to. And we could pay those off with the revolvers we haven't still be in the single digits in terms of ending the year with floating rate as a percent of our overall -- that gives us tremendous optionality to manage through this uncertainty. So those are just a couple of examples of what uncertainty means to us.

這意味著，如果我們願意的話，我們可以在 2025 年期間為所有剩餘債券進行再融資，而無需進入資本市場。我們可以用循環信貸來償還這些貸款，到年底，浮動利率占我們整體貸款的百分比仍為個位數——這為我們提供了巨大的選擇權來應對這種不確定性。這些只是不確定性對我們意味著什麼的幾個例子。

One more, if I could, quickly. Can you help us frame (inaudible) how much of the service revenue (inaudible). Creating or doing the RAN upgrade versus more traditional service revenue process?

如果可以的話，再說一遍，快點。你能幫我們算一下（聽不清楚）服務收入中有多少（聽不清楚）。創建或進行 RAN 升級還是更傳統的服務收入流程？

Yes, it's pretty broad based on that. So with the construction services, that is much more regional for one carrier, but you can't read anything into that because it's a pretty steady cadence with that carrier, regardless of what they're doing in the in the area there. But I would just say the rest of the services business is pretty broad-based.

是的，基於這一點，它的範圍相當廣泛。因此，對於建築服務而言，對於承運商來說，這更具區域性，但你無法從中解讀出任何內容，因為無論承運商在該地區做什麼，它都具有相當穩定的節奏。但我只想說，其餘服務業務的基礎相當廣泛。

Okay. So more organic, not necessarily one carrier ran grade dependent.

好的。因此更加有機，不一定由一家運營商來運行，而是依賴等級。

Yes. It's just more general actives on the tower. So it's a little bit of everything. It's the new co-locations, it's the amendment. It's just all the activity on our sites. We capture a pretty high degree of that activity in our service.

是的。這只是塔上更一般的活動。所以一切都有一點。這是新的共置地點，這是修正案。這只是我們網站上的所有活動。我們在我們的服務中捕獲了相當高程度的此類活動。

Ben Swinburne, Morgan Stanley.

摩根士丹利的本‧斯溫伯恩 (Ben Swinburne)。

We had another quarter last week of strong fixed wireless growth across your domestic carrier customer base. And I know it's hard to sort of map that to what you're seeing here. I just wanted to see if, Steve, if you had any updated thoughts on sort of the increased activity you keep talking about and seeing in your business, the outlook for accelerated growth and the role it wireless may or may not be playing in carrier investment into their networks. And then maybe for Rod.

上週，我們的國內業者客戶群中又出現了一個季度的強勁固定無線成長。我知道很難將其與您在這裡看到的內容進行映射。史蒂夫，我只是想看看，對於您一直在談論的和在您的業務中看到的日益增長的活動、加速增長的前景以及無線技術在運營商對其網絡的投資中可能發揮或不發揮的作用，您是否有什麼最新的想法。然後也許對羅德來說也是如此。

I think you guys last quarter talked about having maybe a quantified cost savings initiative message for us later this year. I know you don't have anything new on that front today. But just wondering if you have any update in terms of the process or things that the team is focused on or opportunities that you think are sizable just as we kind of think about that opportunity longer term for the company.

我認為你們上個季度談到了在今年晚些時候可能為我們帶來量化的成本節約計劃資訊。我知道你今天在這方面沒有什麼新消息。但我只是想知道您是否對流程或團隊關注的事情有任何更新，或者您認為相當大的機會，就像我們對公司長期機會的思考一樣。

I'll take the second one first on the cost savings. And it's really a matter of -- where we are in the process is we've got teams looking at the various cost components around the globe. And so the way I would think about that is you've got SG&A that we have looked at. We've already made some progress on (inaudible) over the portfolio. And so we've kind of harvested a lot of the low-hanging fruit there.

從節省成本的角度來說，我首先選擇第二種。這實際上就是——我們目前所處的流程是，我們的團隊正在研究全球各地的各種成本組成部分。因此，我對此的看法是，我們已經研究過銷售、一般和行政費用 (SG&A)。我們在投資組合方面已經取得了一些進展（聽不清楚）。因此，我們收穫了許多唾手可得的成果。

There's still probably a little bit of room there, but we're still trying to figure out a tale what that means.

那裡可能還有一點空間，但我們仍在試圖弄清楚這意味著什麼。

When you look at the rest of the cost stack, it's things like operations and maintenance, some of our development CapEx, things like that, we might be able to save some body -- but we're still in the early days of the at -- so we really don't have targets for you guys but we do think there's opportunity directionally on that. In terms of the fixed wireless, it's anything that our carriers can monetize is good news, right? They're able to put more customers on their network. We're seeing them earn some healthy returns on the fixed wireless that they're doing.

當你查看成本堆疊的其餘部分時，它是諸如運營和維護之類的東西，我們的一些開發資本支出，諸如此類的東西，我們也許能夠節省一些成本 - 但我們仍處於早期階段 - 所以我們真的沒有為你們設定目標，但我們確實認為在這方面存在方向性的機會。就固定無線而言，我們的運營商能夠貨幣化的任何東西都是好消息，對嗎？他們能夠將更多的客戶引入他們的網路。我們看到他們從所從事的固定無線業務中獲得了豐厚的回報。

But what they're saying publicly is still that they're using fallow capacity on the network. And there's nothing that I would say that would contradict the carriers on that. I think that that's what they continue to do. In terms of what that means for the future, we don't know. I hope that, that they find a business case to invest in stand-alone fixed wireless.

但他們公開表示的仍然是他們正在使用網路上的閒置容量。我所說的一切都不會與承運商的說法相矛盾。我認為這就是他們將繼續做的事情。至於這對未來意味著什麼，我們不知道。我希望他們能找到投資獨立固定無線業務的商業案例。

What I can tell you is that to the extent that they're using the existing network for fixed wireless, we wouldn't see that broken out.

我可以告訴你的是，只要他們使用現有網路進行固定無線連接，我們就不會看到這種情況發生。

That would just show up as kind of normal business for us. And that would just kind of be in kind of the normal course of business. To the extent that they started building dedicated fixed wireless assets, that's not something that's been in our view shed, and it's not in any of our projections. So that would be an upside opportunity for us if they started doing that. But there's no indications today from any of the carriers that they're investing in a separate fixed wireless network at this point.

這對我們來說只是一種正常業務。這只是正常的業務流程。就他們開始建造專用固定無線資產而言，這不在我們的考慮範圍內，也不在我們的任何預測之內。如果他們開始這樣做，這對我們來說將是一個有利的機會。但目前還沒有任何業者表示他們正在投資單獨的固定無線網路。

Jonathan Atkin, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的喬納森·阿特金 (Jonathan Atkin)。

So I wanted to ask a little bit about inorganic growth. And particularly in Europe, what would be some of the criteria that you would look at to maybe get bigger in some of those developed markets, whether it's scale or valuation and what's kind of the landscape there and your lens around acquisition. And then back on CoreSite, you made some pretty positive comments. Are we to conclude that you're seeing accelerating growth in (inaudible) counts and broader cabinet growth based on the demand trends that you saw, anything on book-to-bill that you can share in other metrics around CoreSite.

所以我想問一些關於無機成長的問題。特別是在歐洲，為了在一些已開發市場取得更大發展，您會考慮哪些標準，無論是規模還是估值，以及那裡的情況如何以及您對收購的看法。然後回到 CoreSite，您發表了一些非常積極的評論。我們是否可以得出結論，根據您所看到的需求趨勢，您看到（聽不清楚）數量和更廣泛的櫥櫃增長正在加速，您可以在 CoreSite 周圍的其他指標中分享有關訂單出貨的任何資訊。

Sure. So when it comes to Europe, the first thing that we look for in any market that we're looking at is a healthy carrier ecosystem that supports long-term growth. So we would be looking -- we talked about Europe as one thing, it's not. Each country has its own dynamics there. So for us, it's making sure that you have a healthy carrier environment and that you have an environment that supports colocation as a business model.

當然。因此，當談到歐洲時，我們在任何市場中尋找的第一件事就是支持長期成長的健康營運商生態系統。因此，我們會看到——當我們談論歐洲時，將其視為一個事物，但事實並非如此。每個國家都有自己的動態。因此對我們來說，我們要確保您擁有一個健康的運營商環境，並且擁有一個支援主機託管作為業務模式的環境。

So that's the first criteria. The second thing that we look for is to make sure the terms and conditions are something that gives us long-term viabilities for growth there. And so it's easier to talk about the things that we've passed up on in the past in some of those transactions. So we've seen transactions where you couldn't monetize amendments with the (inaudible). We've seen transactions where the carriers are right to buy the assets back in a certain number of years.

這是第一個標準。我們要尋找的第二件事是確保條款和條件能夠為我們在那裡的長期發展提供可行性。因此，談論過去在某些交易中我們放棄的事情就變得更容易了。因此，我們看到一些交易無法通過（聽不清楚）。我們已經看過這樣的交易，承運商在一定年限內回購資產是正確的。

We've seen transactions where they had low fixed escalators versus CPI linked. You've had sites that were characterized as kind of golden sites where you couldn't lease them up. Those are all things that diminish your opportunity to grow in the future. And those are things that we would pass up on.

我們看到，交易中固定利率自動調整幅度較低，而與消費者物價指數掛鉤。有些地塊被稱為黃金地塊，但卻無法出租。這些都是會削弱你未來成長機會的因素。而這些都是我們會放棄的事情。

And then the third criteria is really valuation and can we drive incremental value by doing a transaction there. So there are a number of countries in Europe that we like that we think have got some of those good characteristics. What we've not seen is a portfolio trade that has the right terms and conditions at the right price. And so we'll continue to be disciplined on that, and we'll see if any opportunities arise on that. On the CoreSite, side.

第三個標準實際上是估值，以及我們能否透過在那裡進行交易來推動增量價值。我們喜歡歐洲的許多國家，認為它們具備這些優良特質。我們還沒有看到以合適的價格進行合適的條款和條件的投資組合交易。因此，我們將繼續嚴格遵守這項規定，並看看是否會出現任何機會。在 CoreSite 一側。

Yes, we continue to see good gross-net growth of high single digit to low double-digit revenue growth in 2025 from cross connects.

是的，我們將繼續看到 2025 年交叉連接的收入將實現高個位數到低兩位數的良好毛淨增長。

And we are continuing to see strong and elevated pricing. Our mark-to-market is above our historical 2% to 4% range, and our churn is kind of in line with our historical churn range there. So we feel very good about pretty much all the dynamics in CoreSite right now. And like I mentioned earlier, the demand is not waning, and we do see a long tail of that enterprise customer that's going to continue to repatriate workloads from the cloud and continue to repatriate workloads from their own data centers into CoreSite.

我們繼續看到價格強勁且上漲。我們的市價高於歷史上 2% 至 4% 的範圍，我們的客戶流失率與歷史客戶流失率範圍基本一致。因此，我們對 CoreSite 目前的所有動態都感到非常滿意。正如我之前提到的，需求並沒有減弱，我們確實看到企業客戶的長尾效應，他們將繼續從雲端遣返工作負載，並繼續將工作負載從他們自己的資料中心遣返到 CoreSite。

This does conclude the question-and-answer session. I will now turn it back to Adam Smith for closing remarks.

問答環節到此結束。現在我請亞當斯密作結束語。

Thank you all for joining the call today. If you have any other questions, please feel free to reach out to the Investor Relations team. Thank you.

感謝大家今天參加電話會議。如果您有任何其他問題，請隨時聯繫投資者關係團隊。謝謝。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。