美國電塔 (AMT) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the American Tower second-quarter 2025 earnings conference call. As a reminder, today's conference call 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 年第二季財報電話會議。提醒一下，今天的電話會議正在錄音。（操作員指示）

I would like to turn the call over to your host, Kate Reeb, Senior Director of Investor Relations. Please go ahead.

我想將電話轉給主持人、投資者關係高級總監 Kate Reeb。請繼續。

Good morning, and thank you for joining American Tower's second quarter earnings conference call. We have posted a presentation, which we will refer to throughout our prepared remarks under the Investor Relations tab of our website, www.americantower.com.

早安，感謝您參加美國塔公司第二季財報電話會議。我們已經發布了一份演示文稿，我們將在我們的網站 www.americantower.com 的「投資者關係」選項卡下，在整個準備好的發言中參考該演示文稿。

I am 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. Before we begin, I'll remind you that our comments will contain forward-looking statements that involve a number of risks and uncertainties.

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。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。

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.

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 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 factors and remind you that we undertake no obligation to update the information contained in this call to reflect subsequent events or circumstances.

您應該意識到某些因素可能會在未來影響我們，並可能導致實際結果與這些前瞻性陳述中表達的結果有重大差異。這些因素包括今天上午的收益新聞稿中列出的風險因素、我們最近的 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。

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, Kate. Good morning, everyone, and thanks for joining the call. As you can see from our results, 2025 continues to be a good year. Demand for our tower leasing, service group and data center businesses combined with FX tailwinds as well as to raise outlook for property revenue, EBITDA and AFFO.

謝謝，凱特。大家早安，感謝大家參加電話會議。從我們的結果可以看出，2025 年將繼續是好年。對我們的塔式租賃、服務集團和資料中心業務的需求與外匯順風相結合，並提高了對房地產收入、EBITDA 和 AFFO 的前景。

These results highlight the ongoing strength of our global businesses and the durability of mobile network demand that underpins it, and American Tower continues to offer a predictively compelling value proposition for investors against a volatile macroeconomic backdrop.

這些結果凸顯了我們全球業務的持續強勁以及支撐該業務的行動網路需求的持久性，並且在動盪的宏觀經濟背景下，美國塔繼續為投資者提供具有預見性的引人注目的價值主張。

I'll briefly share a few highlights and trends before Rod discusses more detailed results and outlook. Mobile data consumption continues to decline, driving increased demand for network capacity in every region where we operate. We see this demand capitalized activity across our extensive tower footprint and drive network upgrades as the sunsetting of legacy radios faster than we've seen in 5G cycles.

在 Rod 討論更詳細的結果和展望之前，我將簡要分享一些亮點和趨勢。行動數據消耗持續下降，推動了我們營運的每個地區對網路容量的需求增加。我們看到這種需求在我們廣泛的塔區內轉化為資本化活動，並推動網路升級，因為傳統無線電的淘汰速度比我們在 5G 週期中看到的速度更快。

Carriers and developed markets continue to expand and mature their 5G networks as they work toward aggressive coverage and quality targets between now and the end of the decade, while emerging market players actively complete their 4G rollouts and selectively yet increasingly pursue the 5G cycle.

營運商和已開發市場繼續擴大和完善其 5G 網絡，努力實現從現在到 2020 年期間的積極覆蓋和品質目標，而新興市場參與者則積極完成其 4G 部署，並有選擇地逐步推進 5G 週期。

In our developed tower markets, which consist of the US, Canada and Europe, mobile traffic growth rates are anticipated to slightly outpace global averages over the next five years. And increasingly data-intensive and uplink use cases with mobile video, AI and new devices, we'll continue to stress networks and profit both mid-band coverage and capacity driven 5G activity across our tower footprint and rooftop sites.

在我們發達的塔市場（包括美國、加拿大和歐洲），預計未來五年行動流量成長率將略高於全球平均。隨著行動視訊、人工智慧和新設備的資料密集和上行鏈路用例日益增多，我們將繼續強調網絡，並透過我們的塔覆蓋範圍和屋頂站點實現中頻覆蓋和容量驅動的 5G 活動。

In the US, we see the 5G cycle playing out in line with our original expectations as carriers continue to sign upgrade activities work towards 2026 5G coverage goals and begin early densification or any co-location activity to improve network quality.

在美國，我們看到 5G 週期按照我們最初的預期發展，因為營運商繼續簽署升級活動，致力於實現 2026 年 5G 覆蓋目標，並開始早期密集化或任何共置活動以提高網路品質。

We still see significant differences in mid-band rollout progress across our portfolio, positioning us well to capture substantial new business for both amendments and co-locations with the latter comprising an increasingly material share application mix for certain big three customers.

我們仍然看到，我們投資組合中的中頻推出進度存在顯著差異，這使我們能夠很好地捕捉到修改和共置的大量新業務，而後者對某些三大客戶而言構成了越來越重要的份額應用組合。

On a combined basis, total application volumes increased more than 50% year-over-year, representing strong broad-based demand for ourselves. Our US services business posted a near-record quarter propelled mainly by outsell construction services, signaling our customers' increasing recognition of the quality, efficiency and overall value that we provide through our best-in-class offerings.

總體而言，總申請量年增超過 50%，這代表著我們自身擁有強勁的廣泛需求。我們的美國服務業務本季業績接近創紀錄，主要得益於建築服務的銷售量超出預期，這表明我們的客戶越來越認可我們透過一流的產品所提供的品質、效率和整體價值。

Next, our Europe business also continues to trend in line with expectations, benefiting from a healthy overall operating environment and strong customer agreements that provide both growth and installation from various customer shifts across the region.

其次，我們的歐洲業務也繼續按照預期發展，受益於健康的整體營運環境和強大的客戶協議，這些協議為整個地區的各種客戶轉變提供了成長和安裝。

Mid-band coverage now stands at just about 55% of the markets where we operate, which is slightly ahead of the continental average and leaves a significant runway for more beverage-oriented activity as carriers pursue 2030 rollout targets.

目前，中頻段覆蓋率已達到我們營運市場的 55% 左右，略高於歐洲大陸的平均水平，為營運商追求 2030 年推出目標時更多以飲料為導向的活動留下了重要的空間。

Additionally, spectrum extensions and related coverage obligations in Germany should unlock long-term investment and yield future growth benefits and in the near term are bringing energy and momentum to 5G rollout activity. In our emerging markets, we've raised our outlook due to a mix of FX tailwinds and core leasing outperformance.

此外，德國的頻譜擴展和相關覆蓋義務應能釋放長期投資並產生未來成長效益，並在短期內為 5G 推廣活動注入活力和動力。在新興市場，由於外匯順風和核心租賃表現優異，我們提高了前景。

Our Africa business continues to post robust growth results benefiting from a stabilized lower churn care landscape, better consumer pricing in key markets and supportive demand dynamics. 5G maturity remains limited in the region with most activity focused on 4G rollout in densification, but we do see early 5G deployments continue to progress in select urban areas, propelled by use cases of fixed wireless.

我們的非洲業務持續取得強勁成長，受益於穩定的低流失照護格局、主要市場更好的消費者定價以及支持性的需求動態。該地區的 5G 成熟度仍然有限，大多數活動都集中在密集化的 4G 部署上，但我們確實看到，在固定無線用例的推動下，早期 5G 部署在部分城市地區繼續取得進展。

Activity has improved in markets like Nigeria, where higher consumer prices are supporting better carrier economics and unlocking stronger levels of network investment. Growth in Latin America remains muted relative to historical trends our expectations for persisting low single-digit growth through 2027 remain unchanged.

尼日利亞等市場的活動有所改善，這些市場的消費價格上漲支持了營運商更好的經濟效益，並釋放了更高水準的網路投資。與歷史趨勢相比，拉丁美洲的成長仍然較為溫和，我們對 2027 年持續保持低個位數成長的預期保持不變。

However, consolidation has normalized in Brazil and new activities anticipated across the more stabilized three-player market as carriers work to fulfill regulatory commitments in the region that realize better margins from higher [ARPUs].

然而，巴西的整合已經正常化，隨著營運商努力履行該地區的監管承諾，從更高的價格中獲得更高的利潤，預計在更穩定的三家營運商市場將出現新的活動。[每用戶平均收入]。

Our outlook for the region has modestly increased but along with some improvements in markets like Brazil, we're seeing continued elevated levels of churn as carriers rationalize the infrastructure and acquire the consolidation activity.

我們對該地區的前景略有上升，但隨著巴西等市場的一些改善，隨著營運商合理化基礎設施和獲得整合活動，我們看到客戶流失率持續上升。

Moving to our data center business. We continue to see exceptional performance from CoreSite and have increased our 2025 expectations to reflect new growth attributable to the recently acquired DE1 facility as well as elevated demand and pricing from our broader portfolio of interconnection data center facilities.

轉向我們的資料中心業務。我們繼續看到 CoreSite 的卓越表現，並提高了我們對 2025 年的預期，以反映最近收購的 DE1 設施帶來的新增長以及我們更廣泛的互連數據中心設施組合帶來的需求和定價的增長。

Hybrid and multi-cloud IT architecture requiring secure low latency interoperability remains a primary driver of demand. The early phases of AI-related workloads, including influencing, machinery models and GPU as a service represent a fast-growing component of course site leasing.

需要安全性低延遲互通性的混合和多雲 IT 架構仍然是需求的主要驅動力。與人工智慧相關的工作負載的早期階段，包括影響、機械模型和 GPU 即服務，代表了課程場地租賃快速增長的組成部分。

Capacity constraints from high absorption rates and continued AI-driven demand from both very large hyperscale players across the wider market and the enterprise customers that value our interconnection ecosystem are driving a sustained favorable pricing and pre-leasing environment that we expect to continue into the foreseeable future.

高吸收率造成的容量限制以及來自更廣泛市場的超大規模參與者和重視我們的互連生態系統的企業客戶的持續人工智慧驅動需求正在推動持續有利的定價和預租賃環境，我們預計這種環境將持續到可預見的未來。

These tailwinds have enabled us to remain selective in our customer mix to curate high-quality ecosystems while exceeding our initial underwriting assumptions. We plan to continue to prioritize funding CoreSite on a success basis and in line with our capital allocation strategy to replace, supply and facilitate future revenue.

這些順風使我們能夠在客戶組合中保持選擇性，以策劃高品質的生態系統，同時超越我們最初的承保假設。我們計劃繼續優先為 CoreSite 提供資金，以確保其成功，並符合我們的資本配置策略，以取代、供應和促進未來的收入。

Overall, our outlook is generally looking up as we have the second half of 2025, but we remain focused on delivering our differentiated value proposition and staying true to our stated strategy. Our experienced team is well versed in addressing certain ebbs and flows across our global footprint and our strategic long-term focus enables us to benefit from the durability of tower leasing and growing mobile data and competing demand trends.

總體而言，我們對 2025 年下半年的前景總體看好，但我們仍然專注於提供差異化的價值主張，並堅持我們既定的策略。我們經驗豐富的團隊非常善於應對全球業務範圍內的某些起伏，而我們的長期策略重點使我們能夠從塔租賃的持久性、不斷增長的行動數據和競爭需求趨勢中受益。

Our superior global portfolio, best-in-class services and customer delivery, high-quality balance sheet, protective contracts and highly disciplined approach to capital allocation already enable us to extract significant value from the global tower landscape, but we remain motivated to continuously improve and deliver even more (inaudible) stakeholders.

我們卓越的全球產品組合、一流的服務和客戶交付、高品質的資產負債表、保護性合約以及高度自律的資本配置方法已經使我們能夠從全球塔領域獲取巨大的價值，但我們仍然有動力不斷改進並提供更多的（聽不清）利益相關者。

Now I'll hand it over to Rod to discuss second quarter results and our revised 2025 outlook. Rod?

現在我將交給羅德討論第二季的業績和我們修訂後的 2025 年展望。桿？

Thanks, Steve, and thank you all for joining the call. As noted in this morning's press release, we had a strong second quarter driven by resilient demand across our global portfolio, we are well positioned to benefit from growing mobile data consumption and confident in our ability to sustain growth through the second half of the year.

謝謝，史蒂夫，也謝謝大家參加電話會議。正如今天上午的新聞稿中所述，受全球投資組合強勁需求的推動，我們第二季度表現強勁，我們已做好準備，從不斷增長的移動數據消費中獲益，並有信心在今年下半年保持增長。

Before diving into our Q2 results and our revised full year outlook, I'll share a few highlights. First, leasing momentum remains strong, resulting in consolidated organic tenant billings growth of 4.7%. Our US services business had a near-record quarter while application volumes among the big three were up over 50% year-over-year.

在深入探討我們的第二季業績和修訂後的全年展望之前，我將分享一些亮點。首先，租賃動能依然強勁，導致合併有機租戶帳單成長 4.7%。我們的美國服務業務本季業績接近創紀錄，而三大公司的申請量較去年同期成長超過 50%。

This was primarily driven by amendment upgrades and a 200% year-over-year increase in co-locations. CoreSite also had an exceptional quarter with double-digit revenue growth and gross margin expansion, fueled by hybrid cloud demand and AI-related use cases. Strategically, we closed the acquisition of our DE1 data center asset in Denver and deployed over 75% of our discretionary capital in developed markets, rising to over 85% when including acquisition capital.

這主要是由於修訂升級和共置數量年增 200% 所致。在混合雲需求和人工智慧相關用例的推動下，CoreSite 本季也表現出色，營收和毛利率均實現兩位數成長。從策略上講，我們完成了對丹佛 DE1 資料中心資產的收購，並將 75% 以上的可自由支配資本部署在已開發市場，如果包括收購資本，這一比例將上升至 85% 以上。

Finally, we strengthened our balance sheet by issuing EUR500 million in senior unsecured notes at 3.625%. Proceeds were used primarily to pay down existing debt. At quarter end, floating rate debt was approximately 7% of our total outstanding debt and net leverage stood at 5.1 times.

最後，我們以 3.625% 的利率發行了 5 億歐元的無擔保優先票據，以加強我們的資產負債表。所得款項主要用於償還現有債務。截至季末，浮動利率債務約占我們未償還債務總額的 7%，淨槓桿率為 5.1 倍。

Turning to second quarter property revenue and organic tenant billings growth on slide 6. Consolidated property revenue grew 1.2% year-over-year and more than 3% when excluding non-cash freight line revenue despite absorbing more than 70 basis points of FX headwinds.

第六張投影片介紹第二季的房地產收入和有機租戶帳單成長。儘管受到超過 70 個基點的外匯不利因素影響，綜合房地產收入仍同比增長 1.2%，若不包括非現金貨運收入，則增長超過 3%。

Year-over-year growth was negatively impacted by 2% due to a change in non-recurring revenue in the current period relative to the prior year. US and Canada property revenue declined by more than 0.5% and grew approximately 3% when excluding noncash straight-line revenue, despite absorbing more than 100 basis points of Sprint churn.

由於本期非經常性收入與前一年相比發生變化，年成長受到 2% 的負面影響。美國和加拿大的房地產收入下降了 0.5% 以上，如果不包括非現金直線收入，則增長了約 3%，儘管吸收了 Sprint 超過 100 個基點的客戶流失。

International property revenue grew approximately 1% year-over-year and approximately 3% when excluding the impacts of foreign currency fluctuations. Finally, property revenue in our data center business grew over 13%.

國際地產收入年增約 1%，若排除外匯波動的影響則成長約 3%。最後，我們資料中心業務的房地產收入成長了13%以上。

Moving to the right side of the slide, consolidated organic tenant billings growth was 4.7%, driven by solid demand across our global portfolio. In our US and Canada segment, organic tenant billings growth met our expectations at 3.7% and greater than 5% when excluding Sprint related churn.

移至投影片的右側，受我們全球投資組合的強勁需求推動，合併有機租戶帳單成長率為 4.7%。在我們的美國和加拿大地區，有機租戶帳單成長率符合我們的預期，為 3.7%，若不包括 Sprint 相關的客戶流失，則成長率將超過 5%。

Our international segment drove 6.5% in organic tenant billings growth, a modest step down from Q1 2025, reflecting generally consistent leasing trends paired with slightly lower contributions from escalators and churn.

我們的國際部門推動有機租戶帳單成長 6.5%，較 2025 年第一季略有下降，反映出租賃趨勢整體一致，而自動扶梯和客戶流失的貢獻略有下降。

Turning to slide 7. Adjusted EBITDA grew 1.8% and approximately 4.5% when excluding non-cash net straight line, despite absorbing approximately 90 basis points of FX headwinds. Growth was positively impacted by continued direct expense management, resulting in a high conversion of cash property revenue and a greater than 100% increase in US services business gross profit, partially offset by the flow-through of non-recurring revenue benefits in the prior year period, increased bad debt associated with Latin America customer collections and other non-recurring and timing-related costs. Cash adjusted EBITDA margin declined 40 basis points year-over-year, partially driven by a higher contribution from US services.

翻到幻燈片 7。儘管承受了約 90 個基點的外匯不利因素，調整後的 EBITDA 仍增長了 1.8%，若不包括非現金淨直線，則增長了約 4.5%。持續的直接費用管理對成長產生了積極影響，導致現金財產收入轉換率高，美國服務業務毛利增長超過 100%，但部分抵消了去年同期非經常性收入收益的流入、與拉丁美洲客戶收款相關的壞賬增加以及其他非經常性和與時間相關的成本。現金調整後的 EBITDA 利潤率年減 40 個基點，部分原因是美國服務貢獻增加。

Moving to the right side of the slide, attributable AFFO and attributable AFFO per share declined by approximately 6.7% and 6.8%, respectively, primarily due to more than $65 million of prior year revenue reserve reversals in our India business.

移至幻燈片的右側，可歸屬 AFFO 和每股可歸屬 AFFO 分別下降了約 6.7％ 和 6.8％，這主要是由於我們印度業務的上一年收入儲備逆轉超過 6500 萬美元。

On an as-adjusted basis, normalizing for the sale of India, attributable AFFO per share growth was approximately 2.4%, driven by the high conversion of cash adjusted EBITDA growth to AFFO through the effective management of below-the-line costs, partially offset by flow-through of non-recurring revenue benefits in the prior year period previously mentioned.

按照調整後的基礎，將印度的銷售額正常化，每股可歸屬的 AFFO 成長率約為 2.4%，這得益於透過有效管理線下成本，將現金調整後的 EBITDA 成長大量轉化為 AFFO，但部分被先前提到的上年同期非經常性收入收益的流入所抵消。

Now turning to our revised full year outlook. As you will see on the next few slides, our core year-to-date results and expectations for the second half of the year are contributing to improvements across property revenue and adjusted EBITDA compared to our prior outlook.

現在來談談我們修改後的全年展望。正如您將在接下來的幾張幻燈片中看到的，與我們先前的展望相比，我們今年迄今為止的核心業績和對下半年的預期將推動房地產收入和調整後 EBITDA 的改善。

In addition, our revised FX assumptions are providing tailwinds of $130 million, $80 million and $55 million to property revenue, adjusted EBITDA and attributable AFFO, respectively. As a result, we are raising our expectations for property revenue, adjusted EBITDA, attributable AFFO and attributable AFFO per share by approximately $165 million, $120 million, $55 million and $0.12, respectively, compared to our prior outlook. At the midpoint, our expectation for attributable AFFO per share is $10.56 or approximately 6% year-over-year growth on an as-adjusted basis.

此外，我們修訂後的外匯假設分別為房地產收入、調整後 EBITDA 和應佔 AFFO 提供了 1.3 億美元、8,000 萬美元和 5,500 萬美元的順風。因此，與先前的預測相比，我們將房地產收入、調整後 EBITDA、應佔 AFFO 和每股應佔 AFFO 的預期分別上調了約 1.65 億美元、1.2 億美元、5500 萬美元和 0.12 美元。中間值方面，我們預期每股可歸屬 AFFO 為 10.56 美元，或調整後計算年增約 6%。

Turning to slide 8. We are increasing our expectations for property revenue by approximately $165 million compared to our prior outlook, which includes $130 million of FX tailwinds and $15 million of consolidated core property outperformance and $20 million of additional upside, consisting of an approximately $25 million increase in straight-line revenue, partially offset by an approximately $5 million decrease in pass-through revenue.

翻到幻燈片 8。與先前的預測相比，我們將房地產收入預期提高了約 1.65 億美元，其中包括 1.3 億美元的外匯順風和 1500 萬美元的綜合核心房地產優異表現以及 2000 萬美元的額外上行空間，其中包括約 2500 萬美元的直線收入增加，部分被約 500 萬美元的轉嫁收入減少所抵消。

Consolidated core property outperformance includes upside from international and CoreSite including incremental contributions from our recently acquired DE1 asset. Outperformance was partially offset by slower commencements compared to initial expectations related to a customer in the US, which affect organic tenant billings growth expectations that I will touch on in a moment.

綜合核心地產的優異表現包括來自國際和 CoreSite 的上漲，其中包括我們最近收購的 DE1 資產的增量貢獻。與美國客戶的初步預期相比，開工速度較慢，這部分抵消了優異表現，這影響了有機租戶帳單成長預期，我稍後會談到。

Moving to slide 9. We are reiterating our organic tenant billings growth expectations of approximately 5% on a consolidated basis.

移至幻燈片 9。我們重申我們對有機租戶帳單成長的預期，即合併後有機租戶帳單成長約為 5%。

We have revised our expectations for the US and Canada organic tenant billings growth to approximately 4.3% reflecting slight timing differences due to modestly slower than initially anticipated pacing of new business. Importantly, while the timing of commencements could result in some quarter-to-quarter variability, it does not change our overall expectations to capture the new business.

我們已將美國和加拿大有機租戶帳單成長的預期修正為約 4.3%，這反映了由於新業務節奏略低於最初預期而導致的輕微時間差異。重要的是，雖然開始的時間可能會導致一些季度間的變化，但它不會改變我們抓住新業務的整體期望。

In addition, we are reiterating our organic tenant billings growth expectations of approximately 5% for Europe, raising our expectations for Africa and APAC to greater than 12% due to solid carrier activity and slightly lower churn expectations and raising our expectations for LatAm to greater than 2% driven by modestly higher-than-expected contributions from CPI-linked escalators.

此外，我們重申對歐洲有機租戶帳單成長約 5% 的預期，由於穩固的承運人活動和略低的客戶流失預期，我們將對非洲和亞太地區的預期提高至 12% 以上，並由於與 CPI 掛鉤的自動扶梯的貢獻略高於預期，我們將對拉丁美洲的預期提高至 2% 以上。

Turning to slide 10. We are increasing our adjusted EBITDA outlook by $120 million compared to our prior outlook driven by the conversion of property revenue, services gross profit and FX tailwinds, partially offset by nonrecurring expense items, including incremental bad debt associated with certain Latin America customers.

翻到第 10 張投影片。與先前的預期相比，我們將調整後的 EBITDA 預期提高了 1.2 億美元，這主要得益於房地產收入、服務毛利和外匯利好因素的轉換，但部分被非經常性支出項目（包括與某些拉丁美洲客戶相關的增量壞帳）所抵消。

Moving to slide 11. We are raising our expectations for AFFO attributable to common stockholders by $55 million at the midpoint or $0.12 on a per share basis. Cash adjusted EBITDA outperformance and FX tailwinds are partially offset by increased minority interest and maintenance capital. Our revised attributable AFFO per share midpoint is $10.56. Year-over-year, AFFO per share growth is now expected to be approximately 6% on an as-adjusted basis.

移至投影片 11。我們將對普通股股東應佔 AFFO 的預期中位數提高了 5,500 萬美元，即每股 0.12 美元。現金調整後的 EBITDA 優異表現和外匯順風部分被少數股東權益和維護資本的增加所抵銷。我們修正後的每股可歸屬 AFFO 中位數為 10.56 美元。經調整後，預計每股 AFFO 年成長約 6%。

Turning to slide 12. We are modestly revising our 2025 capital plans, which include approximately $1.7 billion in capital expenditures, down $20 million compared to prior outlook and contemplates a 100-site reduction in Latin America and consistent data center spending. We continue to expect to distribute approximately $3.2 billion to our shareholders as a common dividend, which remains unchanged from our prior expectation and subject to Board approval.

翻到第 12 張投影片。我們正在適度修改我們的 2025 年資本計劃，其中包括約 17 億美元的資本支出，與先前的預期相比減少了 2000 萬美元，並考慮在拉丁美洲減少 100 個站點並保持資料中心支出的穩定。我們繼續預期向股東派發約 32 億美元的普通股股息，這與我們先前的預期保持不變，但需經董事會批准。

Moving to the right side of the slide. Our balance sheet is strong, providing financial flexibility and optionality, including $10.5 billion in liquidity and low floating rate debt exposure.

移至幻燈片的右側。我們的資產負債表強勁，提供財務靈活性和可選性，包括 105 億美元的流動性和低浮動利率債務風險。

Turning to slide 13 and in summary, we are pleased with our results through the first half of 2025, which highlights the criticality of our assets the resilience of our business model and the outstanding execution of our talented employees, we are confident in our ability to deliver sustainable growth and long-term shareholder value.

翻到第 13 張投影片，總而言之，我們對 2025 年上半年的業績感到滿意，這凸顯了我們資產的重要性、我們商業模式的彈性以及我們優秀員工的出色執行力，我們有信心實現可持續增長和長期股東價值。

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

有了這位接線員，我們就可以開通熱線來解答疑問了。

(Operator Instructions) Michael Rollins, Citi.

（操作員指示）花旗銀行的邁克爾·羅林斯。

Thanks, and good morning. So first, I'm curious if you could dig further into the different observations for domestic leasing. You talked about the increase in applications from amendments and colo/densification, but also the delay in commencements from one of your customers.

謝謝，早安。首先，我很好奇您是否可以進一步深入了解國內租賃的不同觀察。您談到了修正案和結腸/緻密化申請的增加，以及您的一位客戶的開始時間的延遲。

So can you talk about a little bit more about how that's affecting the second half of the year and is that setting up 2026 to be a better year and to get some of these benefits to come through?

那麼，您能否再多談談這對下半年有何影響，以及這是否會使 2026 年成為更好的一年並獲得一些好處？

And then secondly, I was just curious if you could provide an update on the opportunities to extract an incremental layer of efficiency within the business? Thanks.

其次，我只是好奇您是否可以提供有關在業務中提取增量效率的機會的最新資訊？謝謝。

Yeah. Thanks, Mike. I'll take both of those. So when you look at the US leasing environment, what we're excited to see is the increase in application volume that we expected from the beginning of the year. And so, that's playing out in line with our expectations.

是的。謝謝，麥克。我會接受這兩個。因此，當您觀察美國的租賃環境時，我們很高興地看到，申請量比年初預期的有所增加。所以，這符合我們的預期。

So if you look across the board, we're seeing a healthy level of activity, we're seeing continued increases in the pipeline, and we're seeing an increase in the new co-locations on that. So that's all very positive. We're excited to see that, and that's indicative of a very healthy leasing environment.

因此，如果你全面觀察，我們會看到活動量處於健康狀態，我們看到管道持續增加，我們看到新的共置數量正在增加。這一切都是非常正面的。我們很高興看到這一點，這表明租賃環境非常健康。

And in terms of kind of what we're expecting in our pipeline, the volume that we were expecting from our customers is consistent and the pricing is consistent. What has been a little bit slower than we expected is the conversion from one of our customers of that leasing into commencements.

就我們對管道的期望而言，我們對客戶的期望量是一致的，定價也是一致的。比我們預期慢一點的是，我們的一位客戶將租賃專案轉化為開工專案。

And that means the customer that's not on the holistic agreement. And so, when we did our forecasting, we had a certain cadence that we thought that we were kind of see in there. And it is moving a little bit slower than we expected. So from our perspective -- you're talking a few million dollars of in year is all in the difference.

這意味著客戶沒有簽署整體協議。因此，當我們進行預測時，我們有一定的節奏，我們認為我們已經看到了其中的規律。而且它的進展比我們預期的要慢一些。因此從我們的角度來看——您所說的每年幾百萬美元的差額都是如此。

And that OTBG metric is very sensitive to the timing of commencements on it. But when you look at the health of the business and the fact that we're going to get that new business, we're very confident in that. We're not seeing anything that would indicate a pullback. We're not seeing the pipeline of applications dry up. We're not seeing potential projects or anything like that.

OTBG 指標對於其開始的時間非常敏感。但當你看到業務的健康狀況以及我們將獲得新業務的事實時，我們對此非常有信心。我們沒有看到任何跡象表明會出現回調。我們並沒有看到應用程式頻道枯竭。我們沒有看到潛在的項目或類似的東西。

It's just a little bit slower cadence in terms of signing leases, getting them back and getting the equipments installed. So from our perspective, there's nothing on that indicates anything other than a robust leasing pipeline. We'll read '26 guidance to '26, if you think about kind of the variables going into 2026. A good pipeline is important, and that's what we're seeing in the pipeline that's kind of supportive of our long-term guide that's there.

只是在簽訂租約、收回租約和安裝設備方面節奏稍微慢一點。因此，從我們的角度來看，除了強勁的租賃管道之外，沒有其他跡象表明這一點。如果您考慮一下 2026 年的變量，我們將閱讀 26 年的指導意見。良好的管道非常重要，我們在管道中看到的是，它對我們的長期指導有一定支持作用。

We do have less contracted revenue going into the next couple of years than we had in the prior years. So we are more dependent on that activity-based revenue commencement. And so, we are excited to see that pipeline continue to build. That's positive for us. We are still expecting churn to trend down, and that's not considering the US Cellular transaction, which has now been approved.

與前幾年相比，我們未來幾年的合約收入確實有所減少。因此，我們更加依賴基於活動的收入開始。因此，我們很高興看到該管道繼續建造。這對我們來說是積極的。我們仍然預期客戶流失率將呈下降趨勢，而且這還沒有考慮到目前已獲批准的 US Cellular 交易。

So I hope we'll be launching. That's a variable looking into the next couple of years to see how that's going to something. But overall, I'd say the pipeline is healthy, and we'll wait to give guidance on '26 when we get there.

所以我希望我們能夠啟動。這是一個變量，需要觀察未來幾年的情況才能知道其將如何發展。但總體而言，我認為管道是健康的，我們將等到 26 年再給予指導。

As for your second question in terms of the extracting value, I've given Rod to close to the end of the year to give me guidance. But the efforts are progressing very well. And we've had some very good receptivity across the globe to our globalization efforts and the team is seeing opportunities in there.

至於您的第二個問題，關於提取價值，我已經給了羅德在年底前給我指導的時間。但努力進展順利。我們的全球化努力在全球範圍內獲得了良好的反響，團隊也看到了其中的機會。

And just to kind of set expectations in terms of what that's going to look like, we're looking at our total addressable spend. So that's including direct expenses, O&M, SG&A, growth CapEx, supply chain, all those different areas in it. And the overall goal that we've set ourselves is to have a continuously increasing gross margin in our tower business.

為了對未來情況有所預期，我們正在考慮我們的總可尋址支出。因此，這包括直接費用、營運和維護費用、銷售、一般和行政費用、成長資本支出、供應鏈以及其中的所有這些不同領域。我們設定的總體目標是不斷提高塔業務的毛利率。

So you probably shouldn't expect to see a huge decrease in direct expenses. Some of that is just the cost of doing business. But the goal is to bend the curve down so that those are growing slower than our revenue in every geography on a consistent basis.

因此，您可能不應該期望看到直接費用大幅減少。其中一些只是經營成本。但我們的目標是降低曲線，使這些地區的成長速度持續低於我們的收入。

And so, as Bud, works through what this looks like, it will be kind of a multiyear goal that we set out to bend that cost curve down to give us better margin expansion than what we would see otherwise on that. So we'll continue to work through that.

因此，當巴德 (Bud) 研究這個問題時，我們制定了一個多年期目標，即降低成本曲線，讓我們的利潤率比其他情況下的更好。因此，我們將繼續努力解決這個問題。

And again, I'll commit to you guys by the end of the year, we'll get some targets out there. But so far, everything is lining up with what we thought we were going to see when we started this journey and we feel very good about that in terms of what we're going to be able to create in terms of value creation over time.

我再次向你們承諾，我們將在今年年底前實現一些目標。但到目前為止，一切都與我們開始這段旅程時所想像的一致，並且我們對於隨著時間的推移能夠創造的價值感到非常滿意。

Hey, Michael. This is Rod. Maybe I can add just a couple of quick points there for you to follow up on Steve's comments. Regarding new business, all the things that Steve mentioned around timing in the US, you'll see that play out in our numbers, primarily in new business in organic tenant billings growth.

嘿，麥可。這是羅德。也許我可以在這裡添加幾個要點，以便您可以跟進史蒂夫的評論。關於新業務，史蒂夫提到的有關美國時機的所有事情，您都會在我們的數據中看到，主要是有機租戶賬單增長的新業務。

So we were at a projection of about $165 million, $165 million or slightly better for new business with this revised timing of the pacing of some of the deployments. That number is expected now to be more like $160 million. And it is a timing-related issue, as Steve mentioned.

因此，我們預計新業務的收入約為 1.65 億美元，在對部分部署進度進行調整後，這一數字將略高一些。現在預計這個數字將達到 1.6 億美元。正如史蒂夫所提到的，這是一個與時間相關的問題。

And what that does is it affects OTBG in a very modest or subtle way. Our original guide was equal to a greater than 4.3% in the US. We've adjusted that to approximately 4.3% just to reflect the fact that we could be at 4.3% or slightly below because of this mild timing so just to give you a little bit of numbers there.

這會以非常溫和或微妙的方式影響 OTBG。我們最初的指導價相當於美國的 4.3% 以上。我們將其調整為大約 4.3%，只是為了反映出由於這個溫和的時間，我們可能會達到 4.3% 或略低，所以這裡只是給你一點數字。

And then I would just make one quick comment on SG&A. For the full year of 2025, we expect to be roughly flat on SG&A, excluding the bad debt. And that's after absorbing things like a few legal fees for some of the customer issues that we have in Latin America as well as managing through the very robust business in CoreSite. There is some added SG&A there to support that double-digit growth. So you'll see us absorbing that and also keeping SG&A flat with a few other timing issues in there.

然後我只想對銷售、一般和行政費用 (SG&A) 做一個簡短的評論。對於 2025 年全年而言，我們預計銷售、一般及行政費用（不包括壞帳）將基本持平。這是在承擔了拉丁美洲一些客戶問題的法律費用以及管理 CoreSite 非常強勁的業務之後取得的。為了支援兩位數的成長，我們增加了一些銷售、一般及行政費用。因此，您會看到我們吸收了這些費用，並且保持銷售、一般及行政費用 (SG&A) 持平，同時也解決了其他一些時間問題。

Rick Prentiss, Raymond James.

瑞克普倫蒂斯、雷蒙詹姆斯。

Hey, good morning, guys. A couple of questions. Follow-up, Steve, you mentioned US Cellular T-Mobile deal now is approved. Can you frame for us what that USM exposure you think might be and the timing for that? And then obviously, more speculative, just maybe an update on DISH, what you're seeing there and what the exposure is there.

嘿，大家早安。有幾個問題。後續問題，史蒂夫，您提到 US Cellular T-Mobile 交易現已獲得批准。您能否為我們描述一下您認為 USM 暴露可能是什麼以及暴露的時間？然後顯然，更多的是推測，也許只是對 DISH 的更新，你在那裡看到了什麼以及那裡的曝光情況如何。

Sure. So with respect to US Cellular in absolute terms, not the overlap, but the total amount of new business we have with US Cellular, it represents about less than 0.5% contribution to our property revenue or global property revenues and less than 1% to our US and Canada property revenues.

當然。因此，就 US Cellular 的絕對值而言，不是重疊部分，而是我們與 US Cellular 的新業務總量，它對我們的房地產收入或全球房地產收入的貢獻不到 0.5%，對我們的美國和加拿大房地產收入的貢獻不到 1%。

So it's relatively small exposure overall. And if you look at that portfolio, what we don't know yet is what T-Mobile plans to do with those sites. And so, as we're looking out over the next couple of years, a lot of it depends on what their plans are, and we haven't been able to have discussions on that because the deal was not approved yet. So that's kind of a worst-case scenario.

因此整體而言，曝光度相對較小。如果你看一下這個投資組合，你會發現我們還不知道 T-Mobile 計畫如何處理這些網站。因此，展望未來幾年，我們將看到，這很大程度上取決於他們的計劃，而由於協議尚未獲得批准，我們還無法就此進行討論。這是一種最糟糕的情況。

We certainly wouldn't expect to lose all of that. But there will be some of that they're going to want to churn off of as part of their synergies and we'll work with them on that, some of the way we have in the past. And so as that closes and we have those conversations, we can give you guys a little bit more visibility into it over time.

我們當然不希望失去這一切。但作為協同效應的一部分，他們會希望將其中的一些產品進行剝離，我們會與他們就此開展合作，就像我們過去所做的那樣。因此，隨著這一切的結束和我們進行這些對話，我們可以讓你們隨著時間的推移對此有更多了解。

And by the way, those percentages of total revenue, not new (inaudible) that's total revenue, that less than 0.5% of property revenues and 0.5% of US and Canada revenues on that.

順便說一下，這些佔總收入的百分比，不是新的（聽不清楚），那是總收入，其中不到 0.5% 的房地產收入和 0.5% 的美國和加拿大收入。

With respect to DISH, we continue to watch the situation like everybody else does and to see what's happening there. We think there have been a few positive developments in terms of some of the things that publicly that they're doing. So we feel pretty good about that. The overall exposure to DISH is they represent about 2% of our global -- over 2% of our global revenues, slightly over 4% of our US revenues.

關於 DISH，我們像其他人一樣繼續關注其情況，看看那裡發生了什麼。我們認為，就他們公開做的一些事情而言，已經取得了一些積極的進展。所以我們對此感覺很好。DISH 的整體收入約占我們全球收入的 2%——超過 2%，略高於我們美國收入的 4%。

And that's, again, total exposure for that portfolio. But again, what we're seeing is, I think, you guys are seeing the headlines are slightly positive lately. So we're optimistic and hopeful that they'll work through their situations and continue to deploy.

這就是該投資組合的總風險敞口。但同樣，我認為，我們看到的是，最近頭條新聞略微積極一些。因此，我們樂觀並充滿希望，相信他們能夠解決當前困境並繼續部署。

Sorry, just regarding the churn since you brought up churn, I've been looking forward to saying this for a few years here, but just to remind everyone that we are in our final year of the Sprint churn. So when you think about the churn percentages for Q3, we were at a little over 2%, maybe 2.3% total churn in our US business.

抱歉，既然您提到了客戶流失，那麼就談談客戶流失吧，我已經期待在這裡說這個話題好幾年了，但只是想提醒大家，我們正處於 Sprint 客戶流失的最後一年。因此，當您考慮第三季的客戶流失率時，我們美國業務的總客戶流失率略高於 2%，大約為 2.3%。

As we work through the churn this quarter for Sprint, it won't be in our Q4 numbers or any numbers beyond that, and we expect churn as a percent to drop down to about 100 basis points or maybe even below for Q4 and then probably stay in that lower end of our range between 1% and 2% as a churn number, kind of staying at the lower end of that, closer to 1% for a little while, excluding the things Steve just talked about in terms of US Cellular.

當我們計算 Sprint 本季的客戶流失率時，它不會出現在我們第四季度的數據或之後的任何數據中，我們預計第四季度的客戶流失率百分比將下降到大約 100 個基點甚至更低，然後可能保持在 1% 到 2% 之間的低端，在低端保持一段時間，接近 1%，不包括史蒂夫剛才談到的 US Cellular 的情況。

A lot of discussion lately about direct-to-device satellite connectivity. You guys own a piece of ASTS. Update us a little bit about what you're seeing in direct-to-device and what you think it might mean US versus international?

最近有很多關於直接到設備的衛星連接的討論。你們擁有一份 ASTS。請向我們稍微介紹一下您在直接設備上看到的情況，以及您認為這對美國和國際意味著什麼？

We continue to see direct-to-device as the complementary technology to the macro cell networks, delivering bandwidth via macro towers continues to be the cheapest way to deliver bandwidth to the customers, no matter where they are. So we don't view it as a threat at all to our business in the US or internationally, quite frankly.

我們繼續將直接到設備視為宏蜂窩網路的補充技術，透過宏塔傳輸頻寬仍然是向客戶提供頻寬的最便宜的方式，無論他們身在何處。因此，坦白說，我們並不認為這對我們在美國或國際上的業務構成任何威脅。

The places where satellite is going to be ideal or places that have lower population densities than what the carriers would like to cover through macro towers. So when you think about the Grand Canyon or rural Montana, those are places where that's going to be an excellent way to provide coverage.

衛星最理想的地方或人口密度低於營運商希望透過宏塔覆蓋的地方。因此，當您想到大峽谷或蒙大拿州鄉村時，這些地方將是提供覆蓋的絕佳方式。

And we don't have towers there. And frankly, I don't want to build towers there because there's not a good business case for doing that. Same thing internationally. If you look at sub-Saharan Africa, there are going to be places that are much better served in a satellite. And again, we don't have towers in those areas and don't want to build towers in those areas.

我們那裡沒有塔。坦白說，我不想在那裡建造塔樓，因為這樣做沒有好的商業理由。國際上也同樣如此。如果你看看撒哈拉以南非洲，你會發現有些地方的衛星服務會好得多。再說一次，我們在這些地區沒有建塔，也不想在這些地區建塔。

So overall, we believe it's complementary, not competitive. So if you think about where the satellite coverage is optimal. It's less than 100 [pumps per site] of some of the research just kind of been cited out there. So we view it as a nice niche market. We're happy with our investment in AST. We're really happy with the ringside seat that we have to see how this plays out. And it's all playing out just the way we thought. No threat and complementary and might make a nice little profit on our investment there.

所以總的來說，我們認為這是互補的，而不是競爭的。因此，如果你考慮一下哪裡的衛星覆蓋範圍是最佳的。有些研究結果被引用的次數還不到 100 次 [每個站點的幫浦數]。因此我們認為這是一個不錯的利基市場。我們對對 AST 的投資感到非常滿意。我們非常高興能夠坐在靠近擂台的座位上觀看比賽結果。而一切正如我們想像的那樣發生。沒有威脅，而且是互補的，我們在那裡的投資可能會帶來不錯的利潤。

Nick Del Deo, MoffettNathanson.

尼克·德爾·迪奧，莫菲特·內森森。

Hey, good morning, guys. Thanks for taking my questions. First, just to dig in a bit more into your prior comments, Steve, regarding the customer that's moving a bit slower than you had expected. Just to be clear, is this just a lengthening of the book-to-bill [cycle]. So they're kind of a plan in signing leases that expected, but it's just dragging it in terms of when they get on air? Or are you seeing the applications come in with a bit of a delay?

嘿，大家早安。感謝您回答我的問題。首先，史蒂夫，我想進一步深入了解您之前關於客戶的進展比您預期的要慢的評論。需要明確的是，這是否只是訂單到出貨週期的延長？所以他們在簽署租約方面有某種計劃，但在播出時間方面卻有所拖延？或是您發現申請有點延遲？

No. It's exactly what we said. It's the book-to-bill cycle is a little bit longer. The application pipeline continues to be healthy. It's just not moving along as quickly as we anticipated it to.

不。這正是我們所說的。它的訂單到出貨週期稍微長一點。應用程式管道繼續保持健康。它的進展並不像我們預期的那麼快。

Okay. So it's in your backlog is just purely timing then.

好的。所以你的積壓工作只是純粹的時間問題。

Exactly.

確切地。

Okay, great. And then maybe switching to CoreSite. Could you talk a little bit about CoreSite's position in the supply chain and the risk management strategy you have in place. In particular, I'm thinking with the jump in demand for a lot of key components to support big projects for both established new players, I'm curious as to whether it's becoming at all more challenging for CoreSite to kind of keep its place in line.

好的，太好了。然後也許切換到 CoreSite。您能否談談 CoreSite 在供應鏈中的地位以及您所製定的風險管理策略。特別是，我認為隨著對許多關鍵組件的需求激增，以支持老牌新參與者的大型項目，我很好奇 CoreSite 是否將面臨更大的挑戰來保持其地位。

Well, a lot of the supply chain challenges really started during COVID. And so, that whole supply chain process lengthened several years ago. We had to adjust our strategy then. So we started pre-buying those long lead time items several years ago. And the way you secure your place in line is you got to pay a deposit down on that equipment. And so, we've been very proactive in looking at that over time and securing those places.

嗯，很多供應鏈挑戰實際上是在 COVID 期間開始的。因此，整個供應鏈流程在幾年前就延長了。那時我們必須調整策略。因此，幾年前我們就開始預先購買那些交貨期較長的物品。而確保排隊位置的方法是支付設備押金。因此，我們一直非常積極地關注這個問題並確保這些地方的安全。

The other component that we're watching very closely like everyone else is the effect of potential tariffs on some of those supplies because a lot of those components can only be sourced overseas. And what we're doing to protect ourselves there is building a contractual mitigation so that if there are an increase in cost what we're doing with pre-leasing that we have a mechanism to adjust that to make sure that we're getting that mid-teens stabilized yield that we're underwriting on things.

與其他人一樣，我們也密切關注的另一個因素是潛在關稅對部分供應品的影響，因為許多零件只能在海外採購。為了保護自己，我們正在建立合約緩解措施，這樣，如果成本增加，我們在預租方面所做的就是有一個調整機制，以確保我們獲得承保的十幾歲的穩定收益。

So I feel very good about the actions the teams have taken to be able to secure that. And for all of our kind of development pipeline that we have in view and the things that we've planned out, we're secure on that. It may make it challenging to accelerate things from the pace that we originally wanted.

因此，我對團隊為確保這一點所採取的行動感到非常滿意。對於我們所考慮的所有開發管道和我們計劃好的事情，我們都很放心。這可能使我們難以按照最初想要的速度加快事情的發展。

We'd like to accelerate some of this development because the demand environment is so healthy right now and it does make that a little bit more challenging, but we are finding ways to do that in some circumstances as well. So certainly, a challenge out there that we're all facing, but something that I've talked to the team has done a good job of getting ahead of.

我們希望加快這方面的一些發展，因為目前的需求環境非常健康，這確實使這方面變得更具挑戰性，但我們也在尋找在某些情況下做到這一點的方法。毫無疑問，我們都面臨著挑戰，但據我與團隊溝通，我們已經很好地解決了這個問題。

Okay, great. And can I ask one quick housekeeping item on the CoreSite front as well. Anything you hear about the inorganic contribution from the Denver Gas & Electric Building acquisition, both financials and what it may have meant for interconnection adds, which looks like they may have had an inorganic bump.

好的，太好了。我還可以詢問有關 CoreSite 前端的一個快速管理問題嗎？您所聽到的有關丹佛燃氣電力大樓收購的無機貢獻的任何信息，包括財務狀況以及它對互連增加的意義，看起來它們可能有一個無機增長。

Let me talk about the acquisition more broadly. And then I don't know if we had any financials that Rod can share at hand right now. But that building was one where we already had a presence. It was the lease facility for us, but we didn't have the whole building. And so, we had the opportunity to buy the whole building.

讓我更廣泛地談論一下此次收購。然後我不知道我們現在是否有任何財務數據可以與羅德分享。但那棟建築是我們已經存在的建築之一。對我們來說這是租賃設施，但我們沒有整棟建築。因此，我們有機會購買整棟建築。

And if you have a chance to take that interconnection how to make it owned versus leased and pick up some incremental new business and incremental interconnection along the way, that's always a good thing to do.

如果你有機會利用這種互連，使其成為自有而非租賃的，並在此過程中獲得一些增量新業務和增量互連，這始終是一件好事。

So we're very happy that we have the opportunity to do that, and it is the most highly interconnected site in that Denver area. So that gives us another feather in our cap in terms of that portfolio. And Rod, I'm not sure if we put any public numbers out of the acquisitions or something you want to share on that or --

因此，我們很高興有機會這樣做，它是丹佛地區互聯程度最高的站點。因此，就投資組合而言，這為我們帶來了另一項榮譽。Rod，我不確定我們是否會公佈收購的公開數據，或者你想分享什麼，或者--

Yeah. Just a couple of points that I would make for you, Nick. So we did close on the DE3. We have it in our outlook. I think I made a couple of comments in the script there. But you can assume that there's roughly $10 million in property revenue and our updated outlook coming from DE1.

是的。尼克，我只想向你指出幾點。所以我們確實關閉了 DE3。我們已經將其納入我們的視野。我想我在腳本中發表了一些評論。但你可以假設大約有 1000 萬美元的房地產收入和我們最新的前景來自 DE1。

Jim Schneider, Goldman Sachs.

高盛的吉姆·施耐德。

Good morning. Thanks for taking my question. Maybe just a quick follow-up on the data center business and then I wanted to ask about LatAm. On the data center side of things, DE1 $10 million of property revenue this year, is that a good run rate to use for next year? Or could we expect a bigger kind of run rate contribution for the full year of 2026?

早安.感謝您回答我的問題。也許只是對資料中心業務進行快速跟進，然後我想詢問有關拉丁美洲的情況。就資料中心方面而言，DE1 今年的房地產收入為 1000 萬美元，這對於明年來說是一個良好的運作率嗎？或者我們可以預期 2026 年全年的運行率貢獻會更大？

And maybe just kind of talk about directionally whether you expect the overall CoreSite business to grow the same, better or decel next year relative to this year on an organic basis?

或許可以從方向上討論一下，您是否預計明年整體 CoreSite 業務相對於今年而言會保持相同成長、更好成長還是減速？

Yeah. Thanks for the question, James. So the $10 million is the in-year number that reflects the fact that we completed the acquisition earlier this year in Q2. So with that said, there would be a full year impact next year. So you'd want to prorate that. But I don't want to get into any more details around what the exact impact would be for next year.

是的。謝謝你的提問，詹姆斯。因此，1000 萬美元是年內數字，反映了我們在今年第二季早些時候完成收購的事實。因此，明年將會產生全年影響。所以你會想要按比例分配。但我不想進一步談論明年的具體影響。

Regarding CoreSite, you can pick up in Steve's comments, his prepared comments as well as mine, the CoreSite business continues to perform very strongly, with revenue growth up in the 13% -- better than 13% for the quarter. We expect a very similar number of revenue growth for the full year.

關於 CoreSite，您可以從史蒂夫的評論、他準備好的評論以及我的評論中了解到，CoreSite 業務繼續表現強勁，收入增長率達到 13%——高於本季度的 13%。我們預計全年收入成長率將非常相似。

That double-digit growth also extends down into interconnection growth, which is a key element of that business. So we expect interconnection to grow -- interconnection revenue to grow by double digits. We also are seeing margin expansion in the business.

兩位數的成長也延伸到了互連互通的成長，這是該業務的關鍵要素。因此，我們預期互連互通將會成長－互連互通收入將達到兩位數成長。我們也看到業務利潤率正在擴大。

As I mentioned earlier on this call, we have a little bit higher SG&A in CoreSite to support the demand that we're seeing and all the new business that we've booked. So you'll see a slight bump up in SG&A, but our operating profit margin is also expanding year-over-year this year by about 100 basis points. So the business continues to perform exceptionally well.

正如我之前在電話會議上提到的，CoreSite 的銷售、一般和行政費用 (SG&A) 略高一些，以滿足我們看到的需求和我們預訂的所有新業務。因此，您會看到銷售、一般及行政費用略有增加，但今年我們的營業利潤率也比去年同期增加了約 100 個基點。因此，業務表現持續出色。

Based on the last several years of either near record new business or record new business as we had in '23 and then again in '24, we expect that double-digit growth to continue for the next couple of years based on exhausting that backlog and delivering all those new business contracts. So we couldn't be more pleased with the performance of CoreSite, not just the last several years but going forward as well.

根據過去幾年接近創紀錄的新業務量或創紀錄的新業務量（如2023年和2024年），我們預計，在積壓訂單完成並交付所有新業務合約後，未來幾年將繼續保持兩位數的成長。因此，我們對 CoreSite 的表現非常滿意，不僅是過去幾年的表現，而且還有未來的表現。

Thanks. And then as a follow-up, maybe if you can talk about the LatAm business. It sounds like things are stabilizing or potentially improving there. Are we at a point where you can call a bottom in LatAm? And to what extent could you expect some significant acceleration hitting in 2026? Thank you.

謝謝。然後作為後續問題，也許您可以談談拉丁美洲業務。聽起來那裡的情況正在穩定或有可能改善。我們是否已經到了可以稱之為拉丁美洲市場觸底的階段？您預計 2026 年會出現多大程度的顯著加速？謝謝。

Yeah. We're still anticipating to have low single-digit growth for the next couple of years there. So through 2027, we're going to continue to deal with the dynamics of that market where you have higher churn. We've had taken a little bit of a reserve on some collection issues there as well.

是的。我們仍然預計未來幾年那裡將出現低個位數的成長。因此，到 2027 年，我們將持續因應客戶流失率較高的市場動態。我們對一些收集問題也採取了一些保留態度。

And as that market continues to go through the challenges of consolidation and what's happening there, it's going to be a challenge for the next couple of years. And it's all the things we've talked about, things like Oi in Brazil and some of the consolidation in some of the other markets there.

隨著該市場繼續經歷整合的挑戰以及正在發生的事情，這將是未來幾年的一個挑戰。這些都是我們討論過的事情，像是巴西的 Oi 以及那裡其他一些市場的整合。

So you should expect to see that continue to be a challenge for the next two years. And we think that the inflection point is really going to happen in 2028. That's when we see things getting significantly better for us there.

因此，你應該預料到這在未來兩年仍將是一個挑戰。我們認為拐點真正會出現在 2028 年。那時，我們會發現那裡的情況明顯好轉。

Michael Funk, Bank of America.

美國銀行的麥可‧芬克。

Yeah. Hi, good morning. Thank you for the questions. So just coming back to the conversion from leasing to commencement from the one customer, just wonder if anything your experience in the past, it could inform our view on the timing and what might move that forward?

是的。嗨，早安。謝謝您的提問。因此，回到從租賃到開始的轉變，從一個客戶開始，只是想知道您過去的經驗是否可以為我們提供關於時間安排的看法以及什麼可以推動這一進程？

It really just comes down to their priorities and what they're trying to accomplish and how they're incentivizing their teams. So there's nothing specific that I would point to in this circumstance. When you look at the relative positioning of the three major carriers. We have one that's got about 85% of our sites are upgraded to mid-band 5G, one is at about 70% and one is still about 50% and that implies quite a bit of work to do to get to that kind of [upper-90s percentage], which is where we think we'll end up with mid-band 5G on the site.

這實際上取決於他們的優先事項、他們想要完成的目標以及他們如何激勵他們的團隊。因此，在這種情況下我沒有什麼特別要指出的。當你觀察三大業者的相對定位。我們有一個站點大約有 85% 的站點升級到了中頻 5G，一個站點大約有 70%，還有一個站點仍然有 50% 左右，這意味著我們還有很多工作要做才能達到那種 [90% 以上的百分比]，我們認為最終我們會在站點上採用中頻 5G。

And so, when we were doing our forecast at the beginning of the year, the way we construct that is we're going based on what the pipeline looks like, what we're hearing the priorities are for the people in the field. And then you're only talking about a relatively small slowdown in that conversion rate. So there's like a major catalyst that we're seeing on it.

因此，當我們在年初進行預測時，我們建立預測的方式是根據管道的狀況以及我們聽到的該領域人員的優先事項。然後你談論的只是轉換率相對較小程度的放緩。因此，我們看到了它的一個重要催化劑。

And I don't want to speculate as to the reason because no one gives us a reason for it. I think it could just be the pace at which they're doing the deployments. So there's nothing in this from kind of a prior G or prior deployment that I would look at and say there's a comparison of this. It's just a little bit of a slow start to the year, quite frankly.

我不想猜測原因，因為沒有人告訴我們原因。我認為這可能只是他們部署的速度。因此，從某種程度上來說，這與先前的 G 或先前的部署沒有任何可比性。坦白說，今年的開局有點慢。

Okay. So nothing to point to either on the labor side, equipment provisioning or if it's simply a capital budget decision, nothing to like point to there?

好的。那麼，無論是在勞動力方面，設備供應方面，還是只是資本預算決策方面，都沒有什麼可指出的嗎？

There's nothing pervasive. I mean, I'm sure every site has its own story, but there's no kind of general trend there.

沒有什麼是普遍的。我的意思是，我確信每個網站都有自己的故事，但沒有普遍的趨勢。

Okay. And I think in the prepared remarks, you made some comments about Europe (inaudible) actually unchanged. I thought you mentioned Germany. Can you dig in a bit more on what you're seeing in Europe and expectations for that region?

好的。我認為在準備好的發言中，您對歐洲（聽不清楚）發表了一些實際上沒有變化的評論。我以為你提到了德國。您能否進一步談談您對歐洲的看法以及對該地區的期望？

Sure. I'll touch on and then Rod, if you want to jump in. We continue to see the European carriers steadily deploying the band 5G on their site. And there's a mixed bag in terms of how far along they are on that. But there are some targets in the EU to get to a certain percentage of mid-band 5G deployment by 2030. So there's still quite a bit of work left to do there.

當然。如果你想加入的話，我會先談談羅德 (Rod)。我們繼續看到歐洲營運商在其站點上穩步部署 5G 頻段。至於他們在這方面的進展如何，則有好有壞。但歐盟有一些目標，即到 2030 年達到一定比例的中頻段 5G 部署。所以那裡還有很多工作要做。

So what we're seeing on that front is we're seeing our anchor tenants continue to do amendments to get there, and we're seeing some continued deployments by other carriers. There is some consolidation that's happening in a few markets. And our exposure, that's relatively modest. It's not zero, but it's relatively modest in terms of what that consolidation churn could be.

因此，我們在這方面看到的是，我們看到我們的主要租戶繼續做出修改以達到這一目標，並且我們看到其他運營商也繼續部署。一些市場正在發生一些整合。我們的曝光度相對較低。雖然這個數字不是零，但相對於整合帶來的流失來說，這個數字還是相對較小的。

And that will slow down some of those carriers and their deployments a little bit. But overall, the leasing pipeline there is consistent with what we had in our underwriting for the deal originally. It's consistent with our kind of mid-single-digit organic growth in Europe that we're expecting to see. So overall, it's right in line with what we thought. And none of the consolidations or other news in the market is concerning us at this point.

這將會稍微減緩一些航空母艦及其部署的速度。但總體而言，那裡的租賃管道與我們最初承銷該交易的管道一致。這與我們預期的歐洲中等個位數有機成長一致。所以總的來說，這與我們的想法一致。目前，市場上的任何整合或其他新聞都與我們無關。

Nick, if I could just add a -- or I'm sorry, Michael, I'll just add a couple of comments around the stability of the revenue growth expectations and particularly the organic growth. So it's a solid kind of steady mid single-digit organic new bid, let's call it in around 3.5% contribution to organic tenant billings growth comes from that new business. That's pretty consistent with where it was last year.

尼克，如果我可以補充一點——或者對不起，邁克爾，我只想補充一些關於收入成長預期穩定性，特別是有機成長的評論。因此，這是一種穩定的中位數個位數有機新出價，我們可以說，新業務對有機租戶帳單成長的貢獻約為 3.5%。這與去年的情況相當一致。

I think across most of the markets there, we have CPI-linked escalators that add a little bit more to that, another 2.5% or so. And one of the other very important elements is that the churn percentage is historically pretty low and the way that our contracts work particularly with one of our largest customers, we expect that churn percentage to be below 100 basis points going forward. It's been there for a couple of years since the acquisition.

我認為，在大多數市場中，我們都有與 CPI 掛鉤的自動扶梯，可以在此基礎上再增加 2.5% 左右。另一個非常重要的因素是，客戶流失率歷來處於較低水平，而且我們與最大的客戶之一簽訂的合約方式也非常有效，我們預計未來客戶流失率將低於 100 個基點。自收購以來，它已經在那裡存在了幾年。

So you put all those things together and you get a very reliable and durable organic tenant billings growth in the mid single-digits, again, in a very high-quality market, high-quality economies, there with high-quality counterparties. So again, the acquisition that we did in Europe and our general Europe businesses very steady, very solid and of a high quality.

因此，將所有這些因素綜合起來，你就會得到一個非常可靠和持久的有機租戶賬單增長率，增長率在中等個位數，同樣，在一個非常高品質的市場、高品質的經濟體中，還有高品質的交易對手。因此，我們在歐洲進行的收購以及我們在歐洲的整體業務非常穩定、非常穩固且品質很高。

Eric Luebchow, Wells Fargo.

艾瑞克‧盧布喬（Eric Luebchow），富國銀行。

All right. Great. I appreciate the question. Rod, I think you talked about a 200% increase in co-locations year-over-year. So I'm just curious what the mix is in your guidance for this year, how that might trend after 2025?

好的。偉大的。我很感謝你提出這個問題。羅德，我想您談到了共址數量同比增長 200%。所以我只是好奇你今年的指導中是什麼樣的組合，2025 年後的趨勢會是如何？

And then I wanted to touch on capital allocation as well. With leverage around 5 times now, how are you thinking about buybacks versus M&A going forward? Maybe just a quick review of what multiples and what regions you might be interested in? Thanks.

然後我也想談談資本配置。現在槓桿率約為 5 倍，您如何看待未來的回購與併購？也許只是快速回顧一下您可能感興趣的倍數和區域？謝謝。

Yes. Sounds good, Eric. So regarding the co-location increase in terms of its contribution. I would start off by saying co-location contributions continue to be relatively small in the grand scheme of things. So let's call it just over 10% of our applications that have been coming in our co-location applications.

是的。聽起來不錯，艾瑞克。因此，就共置的貢獻而言，它有所增加。首先我想說的是，從整體來看，共置貢獻仍然相對較小。因此，我們可以說，來自我們的主機託管應用程式的應用程式僅佔 10% 以上。

Now that's up from where it was in the recent past year. So we are seeing a shift towards co-locations, but it's on small numbers. To put it in the grand scheme of things, if you think about applications being up in the 18,000 range or even a little bit higher, you're talking a few thousand -- a couple of thousand co-locations, 2,500 to 3,000 co-locations in total.

現在，這一數字比去年同期有所上升。因此，我們看到了共置轉變的趨勢，但數量較少。從總體上看，如果考慮到申請數量在 18,000 個左右甚至更高，那麼就需要數千個——幾千個共置地點，總共需要 2,500 到 3,000 個共置地點。

So we are seeing hundreds of additional co-locations, but it's not 1,000 yet. So I would put it in the category of we're seeing the beginning of a shift towards co-locations, the beginning of an increase towards co-location as a bigger contributor to our new business.

因此，我們看到數百個額外的共置設施，但還未達到 1,000 個。因此，我認為我們正在看到開始向共置轉變，共置開始增加，並成為我們新業務的更大貢獻者。

This may be the beginning of densification, but it's still early days. And with that said, I wouldn't want to predict where that's going to go in '26 or beyond. We'll just have to wait and see what the carrier plans are when they get to full 5G across the board and when they may actually turn to more densification.

這可能是緻密化的開始，但仍處於早期階段。話雖如此，我不想預測 26 年或以後會發生什麼。我們只需拭目以待，看看營運商在全面實現 5G 時會制定什麼計劃，以及何時他們可能真正轉向更高密度化。

Before we go to the next question, I would just jump in and say, just refer back to the percentages that I gave earlier of about 50%, about 75%, about 85% that are already at our mid-band 5G, that still implies a good-sized pipeline of amendment. So we would expect amendments to be a large portion of our pipeline going forward.

在我們進入下一個問題之前，我想先說一下，請參考我之前給出的百分比，大約 50%、大約 75%、大約 85% 已經達到我們的中頻 5G，這仍然意味著一個相當大的修正管道。因此，我們預計修正案將成為我們未來工作的重要組成部分。

But we do expect this continued trend of more co-locations to continue to accelerate. We do think densification is starting. And I've talked about this on our last call, the conversations we're having with carriers and the data requests that they're putting in are definitely supportive of the idea that we will continue to see densification as they continue to fill their networks and they become stressed.

但我們確實預期這種更多共置的趨勢將繼續加速。我們確實認為密集化正在開始。我在上次電話會議上談到了這一點，我們與運營商的對話以及他們提出的數據請求絕對支持這樣的想法，即隨著他們繼續填充網絡並變得不堪重負，我們將繼續看到密集化。

And then Eric, regarding your question around capital allocation, so you are correct in pointing out that we're about 5.1 times leverage for the end of Q2. We still are marching towards 5.0 or below by the time we get into the second half of the year. So we're on pace with that. And the plan there is unfolding perfectly fine.

然後艾瑞克，關於你關於資本配置的問題，你正確地指出，到第二季末，我們的槓桿率約為 5.1 倍。到今年下半年，我們仍將朝著 5.0 或以下的目標邁進。所以我們正在按照這個步伐前進。那裡的計畫正在順利進行中。

One of the elements of being a 5.1 now is with the strengthening euro up against the US dollar, that did drive an increase in our European, the amount of US value in our European debt, which does impact leverage slightly. So we're at about 5.1 times. We want to push that down towards 5 or 4 below.

目前達到 5.1 水準的因素之一是歐元兌美元走強，這確實推動了歐洲債務中美國價值的增加，這確實對槓桿率產生了輕微影響。因此我們大約是 5.1 倍。我們希望將其降低至 5 或 4 以下。

And once we are there, and I would say we're close enough to be there that we've already regained some financial flexibility, let's call it, full financial flexibility. So with that said, let me highlight what our capital allocation priorities are.

一旦我們達到這個目標，我想說我們已經足夠接近這個目標了，我們已經恢復了一些財務靈活性，我們稱之為完全的財務靈活性。因此，讓我強調一下我們的資本配置重點。

First and foremost, we fund the dividend. That dividend in the last couple of quarters has represented a 5% growth rate. We've talked in the past that we would expect because we're a REIT, that our dividend growth will largely be in line on average over multiple years with our AFFO growth.

首先，我們為股利提供資金。過去幾季的股息成長率為 5%。我們過去曾談到，由於我們是房地產投資信託基金 (REIT)，因此我們預計我們的股息成長將在多年平均水平上與我們的 AFFO 成長基本保持一致。

So you can think of that in the context there. We do expect to fund the dividend with a growth that's sort of in line with our AFFO growth on average. That's priority number one. Number two is we have a CapEx program with internally generated projects that we prioritize because we like the returns, the contribution to the business, the long-term value that capital can drive for our shareholders.

所以你可以從上下文來思考這個問題。我們確實希望以與我們的 AFFO 平均成長一致的成長方式為股息提供資金。這是首要任務。第二，我們有一個資本支出計劃，其中包含我們優先考慮的內部項目，因為我們喜歡回報、對業務的貢獻以及資本可以為股東帶來的長期價值。

So we invest this year about $1.7 billion. It's been between $1.5 billion and $2 billion over the last few years. We expect that to continue as we have a robust pipeline of places to put that capital. And again, we think it's a compelling use of capital to drive shareholder value.

因此我們今年投資了約17億美元。過去幾年，這一數字一直在 15 億美元至 20 億美元之間。我們預計這種情況將會持續下去，因為我們擁有大量可用資金。我們再次認為，這是利用資本來推動股東價值的有效方式。

And then beyond that, we have options to either reduce debt and delever well below 5 times or we could deploy that capital towards more inorganic growth through M&A. And I think you know our priorities there around looking to expand and increase exposure to our developed markets, which US, Europe and CoreSite as well.

除此之外，我們還可以選擇減少債務並將槓桿率降至 5 倍以下，或透過併購將這些資本用於更多的無機成長。我想您知道我們的首要任務是尋求擴大和增加我們已開發市場的曝光率，包括美國、歐洲和 CoreSite。

And then beyond that, share buybacks are an option. So we will always be toggling between and evaluating reducing debt, M&A and share buybacks with an eye towards making the decisions really on a quarterly basis and annual basis that drives the most shareholder value that represents the best opportunity at that time, and you may see us kind of bounce back and forth here and there.

除此之外，股票回購也是一種選擇。因此，我們將始終在減少債務、併購和股票回購之間進行切換和評估，著眼於真正在季度和年度基礎上做出決策，以推動當時代表最佳機會的最大股東價值，您可能會看到我們在這裡和那裡來回反彈。

We've talked many times about the capital programs, but I also want to highlight the fact that within our capital programs, that $1.7 billion, that actually represents some of our priorities, where we've decreased the amount of capital investments in some of our emerging markets at the same time that we've increased capital investments in the US in our data center business and even in Europe.

我們已經多次談論資本計劃，但我還想強調的是，在我們的資本計劃中，這 17 億美元實際上代表了我們的一些優先事項，我們減少了對一些新興市場的資本投資，同時增加了對美國數據中心業務甚至歐洲的資本投資。

So you see our priorities showing up within our capital spending. But what I would say in the final comment here is everything is on the table for us, and we will be making decisions in the best interest of our shareholders over the long term. That certainly could include share buybacks, delevering or when and if we see compelling M&A, we'll certainly look at that.

因此，您會看到我們的優先事項體現在我們的資本支出中。但我最後想說的是，一切都擺在我們面前，我們將做出符合股東長期最佳利益的決定。這當然可能包括股票回購、去槓桿，或者當我們看到引人注目的併購時，我們肯定會考慮這一點。

Benjamin Swinburne, Morgan Stanley.

摩根士丹利的班傑明‧斯溫伯恩。

Thanks. Good morning. Steve, I was wondering if -- I know you get this question a lot. So I figured I'd ask it given just the performance of CoreSite continues to be impressive and accelerate. Just the strategic lens that you guys look at this business within American Tower, particularly as you talk about kind of value maximization.

謝謝。早安.史蒂夫，我想知道——我知道你經常被問到這個問題。因此，我認為我應該問這個問題，因為 CoreSite 的性能持續令人印象深刻並且正在加速。你們從戰略角度看待美國塔公司內部的業務，特別是談到價值最大化。

Does the fact the business is performing better more or less interested in exploring strategic options? Or just any change in your philosophy as you watch the business perform well would be helpful to hear as you guys think about maximizing value on this business.

事實上，企業表現較好是否會對探索策略選擇更感興趣？或者，當您看到業務表現良好時，您的理念上的任何變化都會對您有所幫助，因為您考慮如何最大化這項業務的價值。

Sure. Well, just to remind everyone, the reason that we bought CoreSite was because we believe that when you look at where the skate to where the puck is going to use the [Boston] analogy on that, we think that Edge compute is a huge opportunity to drive value to our tower portfolio over time.

當然。好吧，只是提醒大家，我們購買 CoreSite 的原因是因為我們相信，當你觀察滑冰到冰球的位置時，會使用 [波士頓] 類比，我們認為邊緣運算是一個巨大的機會，可以隨著時間的推移為我們的塔式產品組合帶來價值。

And we believe that owning the access to the interconnection environment that, that Edge has to be connected to gives us a right to lay in that space. And our initial timing on that was a little bit off. It's developing slower than we thought it was going to.

我們相信，擁有對 Edge 必須連接的互連環境的存取權，就賦予了我們在該空間中鋪設的權利。我們最初的時間安排有點偏差。它的發展比我們想像的還要慢。

But we are confident and probably more confident today than we were even back then that the Edge is going to develop the way we envision that doing. And one of the ways that we're seeing that is the wireless carriers are now talking about Edge and doing local breakout that's actually peering at the Edge.

但我們有信心，甚至比當時更有信心，Edge 將按照我們設想的方式發展。我們看到的情況之一是，無線營運商現在正在談論 Edge，並進行實際上是在窺視 Edge 的本地突破。

And you're starting to see them express more interest in the space. So we still think that, that strategic reason for buying CoreSite holds true. When you look at the asset itself, the way we underwrote that investment is we underwrote it as a standalone. So meaning we weren't putting the value of the Edge over the value of the asset when we bought it.

你會開始看到他們對這個領域表現出更多的興趣。所以我們仍然認為，收購 CoreSite 的策略性原因是正確的。當你看資產本身時，我們承保該投資的方式是將其作為獨立資產進行承保。所以這意味著我們在購買 Edge 時並沒有將其價值置於資產價值之上。

We were just looking at underlying business is that can we make that work on a business case, and we were confident that we could. So in a way, the Edge was kind of going to be the gravy on top of the investment, but it was a strategic reason for doing it. The asset is performing better than our underwriting. And some of that's is derived from AI and what's happening in the whole ecosystem where it's taking up a lot of the capacity there.

我們只是在研究底層業務，看看我們能否在商業案例中發揮作用，我們有信心我們可以做到。因此從某種程度上來說，Edge 可以說是投資的額外收益，但這也是這樣做的策略性原因。該資產的表現優於我們的核保。其中一些源於人工智慧以及整個生態系統中正在發生的事情，它佔據了那裡的大量容量。

That's driven up pricing, which has helped us to underwrite better yields and continue to curate our customer mix the way we like to but actually leave faster. So it is performing exceptionally well as a stand-alone asset. That doesn't really change my assessment of what we're going to do with the asset over time. It really comes down to what's going to create the most value for our shareholders. We still think the Edge is a compelling play that will develop over time.

這推高了定價，幫助我們承保更好的收益，並繼續以我們喜歡的方式管理我們的客戶組合，但實際上離開得更快。因此，它作為一項獨立資產表現得非常出色。這實際上並沒有改變我對我們未來如何處理該資產的評估。這實際上取決於什麼能為我們的股東創造最大的價值。我們仍然認為《Edge》是一部引人入勝的作品，並且會隨著時間的推移而不斷發展。

And if for some reason, that does it, then we'll make the assessment about what to do with CoreSite. Our focus in the meantime is to maximize the value of CoreSite. And so, we continue to invest what we need to invest and to maximize that value. We set up a private capital partnership to give us flexibility in terms of how we finance it.

如果由於某種原因，確實發生了這種情況，那麼我們將評估如何處理 CoreSite。同時，我們的重點是最大化 CoreSite 的價值。因此，我們將繼續投資我們需要投資的部分，並實現價值最大化。我們建立了私人資本合作夥伴關係，以便在融資方式上給予我們彈性。

So there's never a situation where CoreSite feels like you can't do what it needs to do to maximize that growth. And so, we think that we're doing all the right things to create the most value for the shareholders, regardless of what ultimate decision with CoreSite is down the line.

因此，CoreSite 從來不會覺得你無法做它需要做的事情來最大化成長。因此，我們認為我們正在做所有正確的事情來為股東創造最大的價值，無論 CoreSite 的最終決定是什麼。

Got it. That's very helpful. And just maybe one more. It was interesting last week at AT&T, I thought sounded more excited about fixed wireless than I heard them in the past. Their growth in that business is accelerating and talked about opening up more mid-band for that product.

知道了。這非常有幫助。也許還剩一個。上週在 AT&T 發生的事情很有趣，我覺得他們對固定無線的興奮程度比我過去聽到的要高。他們在該業務上的成長正在加速，並談到為該產品開放更多的中頻段。

Are you seeing -- I know, again, you don't see that directly in the business, but any sense in the application activity or anything else with AT&T or your other carriers on fixed wireless starting to be a more clear tailwind towards capacity needs for your customer base?

您是否看到——我知道，您沒有直接在業務中看到這一點，但 AT&T 或您的其他固定無線運營商的應用活動或其他任何方面是否開始對您的客戶群的容量需求產生更明顯的推動作用？

At this point, all of our customers saying that they're using fellow capacity in the network to support fixed wireless and there's nothing that we're seeing that differs from what we hear from the customers publicly on that.

目前，我們所有的客戶都表示，他們正在使用網路中的其他容量來支援固定無線，而且我們看到的情況與我們從客戶公開聽到的情況沒有什麼不同。

I think where you would see that over time is if you start seeing rural sites that typically didn't get multiple amendments in the 4G cycle, get multiple amendments in the 5G cycle. That might be an indication. We're not seeing that yet. And we're not seeing any standalone fixed wireless installations at this point.

我認為，隨著時間的推移，你會發現，在 4G 週期中通常不會得到多次修訂的農村站點，在 5G 週期中會得到多次修訂。這可能是個跡象。我們還沒有看到這一點。目前我們還沒有看到任何獨立的固定無線安裝。

However, as you point out, all the customers are becoming more bullish on it. I'm very bullish on it. I come from a rural area where you don't have good broadband phone. I'm actually excited to see it expand in my home state. And I think that if you look at the number of subs they've got, the ARPUs they're getting.

然而，正如您所指出的，所有客戶對此都越來越看好。我對此非常看好。我來自農村地區，這裡沒有良好的寬頻電話。我真的很高興看到它在我的家鄉推廣。我認為，如果你看一下他們的訂閱用戶數量，你就會知道他們獲得的 ARPU。

To me, that's indicative that they could make this a separate business that could support incremental investment. And if and when that happens, that's incremental to our base case in terms of what we would see in terms of the activity on our site. So that could be an upside for us. We're not seeing it yet, but I do hope that we do see that over time.

對我來說，這表明他們可以將其作為一項獨立的業務，以支持增量投資。如果發生這種情況，那麼就我們網站上的活動而言，這將對我們的基本情況產生增量影響。所以這對我們來說可能是件好事。我們還沒有看到它，但我確實希望隨著時間的推移我們能看到它。

Ari Klein, BMO Capital Markets.

Ari Klein，BMO 資本市場。

Thanks, and good morning. Maybe just on the services business, which has been quite strong. Curious if you could talk to what's been underpinning that because they're having higher prices of (inaudible) activity with low services levels. Is there anything new there or different that you're doing and where do we kind of go from here? Thank you.

謝謝，早安。也許只是在服務業務方面，該業務表現相當強勁。我很好奇，您是否可以談談造成這種情況的原因，因為他們的（聽不清楚）活動價格較高，而服務水準較低。您正在做什麼新鮮事或不同的事情嗎？我們下一步將如何發展？謝謝。

No. The services business, it's indicative of two things. The first is a robust application pipeline. And so, there's a segment of our services that we do for all of our customers nationwide. And that's things like acquisitions owning and permitting, engineering services, things like that.

不。服務業務顯示了兩件事。首先是強大的應用程式管道。因此，我們為全國所有客戶提供部分服務。其中包括收購、擁有和許可、工程服務等。

And that component is really volume driven. So we can see the application volumes go up, that gives good tailwinds to the services business there. There's another piece of it that's a little bit bigger chunk of the pie this year, which is construction management which we don't do everywhere, we don't do it for everyone.

而這個組件實際上是由音量驅動的。因此，我們可以看到申請量上升，這為那裡的服務業務帶來了良好的推動力。今年，還有另一塊業務佔據了更大的份額，那就是建築管理，但我們並不是在所有地方都做，也不是為所有人做。

It's very much a niche business that we do where we have really capable teams in place on where our customers are asking for that turnkey service because it lowers their total cost of ownership. It increases the value proposition there. That's a little bit bigger piece of the pie.

我們從事的是一項非常小眾的業務，我們擁有非常有能力的團隊，我們的客戶要求我們提供交鑰匙服務，因為這可以降低他們的整體擁有成本。它增加了那裡的價值主張。這塊蛋糕的份額稍微大一點。

But what you should read in terms of our services business this year is it gives us the indications of a healthy pipeline and we're getting some good business in the construction management. That construction business comes in a little bit lower margin. So you will, over time, as that continues to grow, see some compression in the margin of the services business, but it's all still a very healthy business, and it's good for us because it is some incremental cash flow, but also increases customer satisfaction and stickiness.

但就我們今年的服務業務而言，您應該看到的是，它向我們展示了健康的管道，並且我們在施工管理方面獲得了一些良好的業務。建築業的利潤率稍微低一些。因此，隨著時間的推移，隨著業務的持續成長，你會看到服務業務的利潤率有所壓縮，但這仍然是一個非常健康的業務，這對我們來說是件好事，因為它不僅會增加現金流，還會提高客戶滿意度和客戶黏著度。

And this concludes our Q&A session for today. I will turn the call back for final remarks.

今天的問答環節到此結束。我將把電話轉回去做最後的發言。

Thanks everyone for joining the call today. Please feel free to reach out to the Investor Relations team with any questions. Thanks.

感謝大家今天參加電話會議。如有任何疑問，請隨時聯繫投資者關係團隊。謝謝。

Thank you. And this concludes our conference for today. Thank you all for participating, and you may now disconnect.

謝謝。今天的會議到此結束。感謝大家的參與，現在您可以斷開連線了。