美國電塔 (AMT) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the American Tower third-quarter 2025 earnings conference call. As a reminder, today's conference call is being recorded. (Operator Instructions) I would now like to turn the call over to your host, Spencer Kurn, Senior Vice President of Investor Relations. Please go ahead.

女士們、先生們，感謝你們的耐心等待。歡迎參加美國鐵塔公司2025年第三季財報電話會議。再次提醒，今天的電話會議正在錄音。（操作員指示）現在我將把電話交給主持人，投資者關係高級副總裁斯賓塞·庫恩。請繼續。

Thank you, and good morning. Welcome to our third-quarter earnings call. I'm Spencer Kurn, Head of Investor Relations for American Tower. Joining me on the call today are Steve Vondran, our President and Chief Executive Officer; and Rod Smith, our Executive Vice President, Chief Financial Officer, and Treasurer. Following our prepared remarks, we will open the call for your questions.

謝謝，早安。歡迎參加我們的第三季財報電話會議。我是美國鐵塔公司投資人關係主管 Spencer Kurn。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，以及我們的執行副總裁、財務長兼財務主管羅德史密斯。在我們發言完畢後，我們將開放提問環節。

Before we begin, I need to call your attention to our Safe Harbor statement. It says that some of our comments today may be forward-looking. As such, they are subject to risks and uncertainties described in American Tower SEC filings, and results may differ materially. Additional information as well as our earnings materials are available on our Investor Relations website.

在開始之前，我需要提請大家注意我們的「安全港」聲明。它表示，我們今天發表的一些評論可能具有前瞻性。因此，它們會受到美國鐵塔公司向美國證券交易委員會提交的文件中所述的風險和不確定性的影響，並且結果可能與實際情況有重大差異。更多資訊以及我們的獲利報告可在投資者關係網站上查閱。

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

接下來，我將把電話交給史蒂夫。史蒂夫？

Thanks, Spencer. Good morning, everyone, and thanks for joining the call.

謝謝，史賓塞。各位早安，感謝各位參加電話會議。

As you can see from our published results, we completed a great quarter that delivered double-digit growth in attributable AFFO per share as adjusted. Leasing activity remained robust across our Tower and Data Center businesses that was complemented by near record Services revenue. These top line trends, combined with focused execution of our strategic initiatives, have enabled us to increase our guidance for the year across all of our key consolidated metrics.

從我們公佈的業績中可以看出，我們完成了一個非常棒的季度，經過調整後的歸屬於股東的每股AFFO實現了兩位數的成長。我們的鐵塔和資料中心業務租賃活動依然強勁，同時服務收入也接近歷史最高水準。這些總體趨勢，加上我們策略性舉措的重點執行，使我們能夠提高全年所有關鍵綜合指標的預期。

At the midpoint of our revised guidance, we now expect to deliver attributable AFFO per share as adjusted growth of approximately 7%. Net of FX headwinds and financing costs, our outlook implies attributable AFFO per share as adjusted growth of approximately 9%, which reflects the fundamental strength of our core operating model.

根據我們修訂後的業績指引中位數，我們現在預計調整後每股歸屬於股東的AFFO將成長約7%。在扣除外匯不利因素和融資成本後，我們的展望意味著調整後每股歸屬於股東的 AFFO 成長約 9%，這反映了我們核心營運模式的基本實力。

Before turning the call over to Rod to review our detailed financial results and updated outlook, I'd like to spend a few minutes discussing the industry backdrop and what it means for American Tower. The past few months have been interesting and active time in our industry, with spectrum moving between key players and signals of a more consolidated US carrier market.

在將電話轉交給 Rod 來回顧我們詳細的財務業績和更新後的展望之前，我想花幾分鐘時間討論一下行業背景及其對美國鐵塔公司的意義。過去幾個月對我們行業來說既有趣又活躍，頻譜在主要參與者之間轉移，也預示著美國運營商市場將更加集中。

During my 25 years at American Tower, I've navigated many instances of carrier consolidation of spectrum deals, and our experienced team has a strong track record of delivering market-leading solutions that meet the needs of our customers while enhancing our strategic positioning.

在我於美國鐵塔公司工作的 25 年間，我經歷了許多運營商整合頻譜交易的情況，我們經驗豐富的團隊在提供市場領先的解決方案方面有著良好的記錄，這些解決方案既滿足了客戶的需求，又增強了我們的戰略地位。

Although each transaction has been unique, there's been one consistent trend: the tower industry benefits when its customers become healthier. Financially strong customers tend to invest more heavily in their networks to keep pace with demand for mobile data consumption, which in turn drives greater demand for our best-in-class tower portfolio.

雖然每筆交易都是獨一無二的，但有一個共同的趨勢：當客戶更健康時，鐵塔產業也會受益。財力雄厚的客戶往往會增加對網路的投資，以滿足行動數據消費的需求，這反過來又推動了對我們一流的鐵塔產品組合的更大需求。

Demand for mobile data, the backbone of our business model, continues to rise at a torrid pace. In the US, the most recent CTI survey showed that mobile data consumption in 2024 increased approximately 35% year-over-year for the third straight year, driven by growth in mobile customers, 5G-enabled devices, usage per device, and fixed wireless access.

行動數據是我們商業模式的支柱，而對行動數據的需求仍在以驚人的速度成長。在美國，CTI 最新調查顯示，2024 年行動數據消費量將連續第三年年增約 35%，這主要得益於行動用戶、5G 設備、單一設備使用量和固定無線接取的成長。

To put this into perspective, at this pace, mobile data consumption would continue to double every two to three years. Experts believe that the rapid growth in mobile data consumption will require a doubling in overall network capacity over the next five years, which in turn will require a significant increase in cell sites that benefit our tower business. We, therefore, remain quite optimistic about the opportunities that this industry landscape presents, even before considering likely tailwinds from AI-driven mobile data demand.

換句話說，以這個速度，行動數據消耗量將繼續每兩到三年翻一番。專家認為，未來五年行動數據消費的快速成長將需要網路總容量翻一番，而這反過來又需要大幅增加基地台數量，這將有利於我們的鐵塔業務。因此，即使不考慮人工智慧驅動的行動數據需求可能帶來的利多因素，我們對該產業格局所展現的機會仍然相當樂觀。

We're also paying close attention to developments within satellite-based networks. We have a firsthand view through our Board representation at AST SpaceMobile and regularly evaluate satellite capabilities with engineers and technology consultants.

我們也密切關注衛星網路的發展。我們透過在 AST SpaceMobile 董事會的代表，能夠獲得第一手信息，並定期與工程師和技術顧問一起評估衛星能力。

Our assessments are deeply rooted in data and firmly endorse the view that satellite-based networks will remain complementary to terrestrial towers due to the capacity and economic constraints inherent to the satellite model. And these challenges are only magnified when considering the evolving nature of wireless communication technology as growth in mobile data consumption compounds.

我們的評估深深植根於數據，並堅定地支持這樣一種觀點：由於衛星模式固有的容量和經濟限制，衛星網路將繼續作為地面塔架的補充。隨著行動數據消費的成長，無線通訊技術的不斷發展特性也加劇了這些挑戰。

In the US, this demand continues to drive robust levels of leasing activity. Application volumes in the third quarter remained elevated and heavily weighted towards amendments but with a growing share of co-locations.

在美國，這種需求持續推動強勁的租賃活動。第三季申請量依然居高不下，以修改為主，但託管申請的比例也不斷增加。

On average, approximately 75% of our towers have been upgraded with 5G equipment. So there's still considerable runway for growth as carriers complete their 5G coverage rollouts and shift their attention to network quality with densification activity.

平均而言，我們約有 75% 的基地台已升級為 5G 設備。因此，隨著營運商完成 5G 覆蓋範圍的部署並將注意力轉移到網路品質的提升上，透過密集化建設來提高網路質量，5G 仍有相當大的成長空間。

We also see positive trends across our other tower portfolios where data consumption has grown at a CAGR of roughly 20% to 25% since 2020. 5G mid-band coverage is still progressing and stands at an average of roughly 50% in Europe, 20% in Latin America and 10% in Africa, with emerging markets lagging developed markets in cell sites per capita. Our international customers, especially in our emerging markets, continue to invest in 4G and newer 5G networks, and we're well positioned to capture future upside as our less mature markets lease up over time.

我們也看到，自 2020 年以來，我們其他鐵塔投資組合的數據消費量以約 20% 至 25% 的複合年增長率成長，呈現正面趨勢。5G 中頻段覆蓋率仍在推進中，歐洲平均覆蓋率約 50%，拉丁美洲約 20%，非洲約 10%，新興市場的人均基地台數量落後於已開發市場。我們的國際客戶，尤其是在新興市場的客戶，持續投資於 4G 和更新的 5G 網絡，隨著我們不太成熟的市場逐漸租賃完畢，我們已做好充分準備，抓住未來的成長機會。

Strong industry tailwinds also continue to propel our Data Center business. This quarter, CoreSite signed record retail new leasing revenue and experienced healthy growth in our larger deployments as well, driven by strong demand for hybrid cloud and multi-cloud deployments and positive pricing actions amidst tight supply dynamics.

強勁的產業利好因素也持續推動我們的資料中心業務發展。本季度，CoreSite 簽署了創紀錄的零售新租賃收入，並且在大型部署方面也實現了健康增長，這得益於對混合雲和多雲部署的強勁需求，以及在供應緊張的情況下採取的積極定價措施。

We're also seeing significant new demand from early-stage AI-related workloads like inferencing, machine learning models, and GPU as a service for Neo clouds. It's becoming increasingly important for AI workloads to be co-located with hybrid installations. Our CoreSite facilities are perfectly suited to this as they have a rich ecosystem of network and cloud interconnection, coupled with purpose-built capacity designed to support AI and other high-density deployments with features like liquid cooling.

我們也看到，早期人工智慧相關工作負載（如推理、機器學習模型和 GPU 即服務）對 Neo 雲端平台產生了顯著的新需求。對於人工智慧工作負載而言，與混合部署環境共存變得越來越重要。我們的 CoreSite 設施非常適合此用途，因為它們擁有豐富的網路和雲端互連生態系統，以及專為支援 AI 和其他高密度部署而設計的專用容量，並具有液冷等功能。

All of these positive trends in demand and pricing reinforce our expectation for CoreSite to achieve mid-teens or higher stabilized yields and to achieve these targets faster and with better visibility as pre-leasing and sales pipelines accumulate. I'm confident that American Tower is well positioned to benefit from these demand drivers across our Tower and Data Center businesses.

所有這些積極的需求和定價趨勢都強化了我們對 CoreSite 實現 15% 或更高穩定收益率的預期，並且隨著預租和銷售管道的積累，我們將更快、更清晰地實現這些目標。我相信，美國鐵塔公司已做好充分準備，能夠從這些需求驅動因素中受益，拓展我們的鐵塔和資料中心業務。

Our portfolio of assets is unmatched in quality, scale, and operational excellence. And we focused our company around four strategic priorities to optimize long-term value creation: maximize organic growth, expand margins, allocate capital with discipline, and position our balance sheet as an asset.

我們的資產組合在品質、規模和卓越營運方面都是無與倫比的。我們圍繞著四個策略重點來組織公司，以優化長期價值創造：最大限度地實現內生成長、擴大利潤率、有條不紊地分配資本，並將我們的資產負債表打造為一項資產。

We maximize organic growth as the best operator of towers and distributed real estate in the world. Our contractual and asset management expertise continues to deliver industry-leading organic growth while passing along superior service, operational benefits, and efficiencies to our customers.

作為全球最佳的鐵塔和分散式房地產營運商，我們最大限度地實現了有機成長。我們憑藉合約和資產管理方面的專業知識，持續實現業界領先的內生成長，同時為我們的客戶帶來卓越的服務、營運效益和效率。

We expand margins by leveraging our global scale and world-class teams to drive cost efficiency. We've generated approximately 300 basis points of adjusted EBITDA margin expansion since 2020, and we see room for continued expansion as we streamline operations. We look forward to communicating more details on future efficiency initiatives as a part of our 2026 outlook presentation during our fourth-quarter call.

我們利用全球規模和世界一流的團隊來提高成本效益，從而擴大利潤率。自 2020 年以來，我們的調整後 EBITDA 利潤率已增長約 300 個基點，隨著我們精簡運營，我們看到了繼續增長的空間。我們期待在第四季電話會議上，在 2026 年展望報告中，詳細介紹未來的效率提升措施。

Our capital allocation philosophy optimizes long-term strander value creation. After funding our dividend, we evaluate internal uses of CapEx, inorganic opportunities, debt repayments, and share buybacks against each other to drive the highest possible risk-adjusted returns for our business.

我們的資本配置理念旨在優化擱淺資產的長期價值創造。在支付股利後，我們將對資本支出的內部用途、非內生成長機會、債務償還和股票回購進行相互比較，以期為我們的業務帶來盡可能高的風險調整後報酬。

This approach has recently prioritized developed tower markets and CoreSite to improve the quality of our earnings and durability of growth. And as you saw in our results this morning, it informed our decision to repurchase $28 million of shares since quarter end.

近期，我們採取的策略是優先發展發達的鐵塔市場和CoreSite，以提高獲利品質和成長的可持續性。正如您今天早上在我們的業績報告中看到的那樣，這促使我們決定自季度末以來回購價值 2800 萬美元的股票。

And our balance sheet, with an investment-grade credit rating and leverage now below 5 times, which is the lowest among our tower peers, provides the cost of capital advantage and superior financial flexibility to pursue our growth objectives. Taken together, our strategic priorities are designed to deliver our goal of industry-leading AFFO per share growth.

我們的資產負債表擁有投資等級信用評級，槓桿率目前低於 5 倍，是同行業鐵塔企業中最低的，這為我們實現成長目標提供了資本成本優勢和卓越的財務靈活性。綜合來看，我們的策略重點旨在實現我們行業領先的每股調整後營運資金成長目標。

Since assuming the CEO role last year, I'm increasingly impressed by my team's ability to execute these priorities and deliver value for all of our stakeholders. And I'd like to thank our incredible employees for delivering yet another impressive quarter. I'm confident that our team will continue to expertly manage our best-in-class assets and provide unmatched service for our customers in the future.

自從去年擔任執行長以來，我的團隊在執行這些優先事項和為所有利害關係人創造價值方面的能力越來越令我印象深刻。我還要感謝我們優秀的員工，他們又一次取得了令人矚目的季度業績。我相信，我們的團隊未來將繼續專業地管理我們一流的資產，並為我們的客戶提供無與倫比的服務。

With that, I'll hand the call over to Rod to discuss our detailed third-quarter financial results and updated 2025 outlook. Rod?

接下來，我將把電話交給 Rod，讓他來詳細討論我們第三季的財務表現和更新後的 2025 年展望。桿？

Thanks, Steve, and thank you all for joining the call. As you saw in this morning's press release, we delivered another strong quarter and raised our full-year outlook. Before diving into our third-quarter results and our revised full-year outlook, I'll share a few highlights.

謝謝史蒂夫，也謝謝各位參加電話會議。正如您在今天早上的新聞稿中看到的那樣，我們又實現了強勁的季度業績，並提高了全年業績預期。在深入探討我們第三季的業績和修訂後的全年展望之前，我先分享一些亮點。

First, total revenue grew nearly 8% year-over-year, driven by steady consolidated organic growth in the mid-single-digits, another strong quarter of US Services contribution and double-digit growth from CoreSite. Second, adjusted EBITDA also grew nearly 8% year-over-year as strong revenue growth was complemented by 20 basis points of cash margin expansion.

首先，總營收年增近 8%，這主要得益於中等個位數的穩定合併內生成長、美國服務業務的另一個強勁季度貢獻以及 CoreSite 的兩位數成長。其次，由於強勁的營收成長與現金利潤率擴大 20 個基點相輔相成，調整後的 EBITDA 也較去年同期成長了近 8%。

Third, attributable AFFO per share as adjusted grew approximately 10% year-over-year as strong adjusted EBITDA growth was enhanced by disciplined management of below-the-line costs. Finally, we are raising our full-year outlook across property revenue, adjusted EBITDA, attributable AFFO, and AFFO per share.

第三，經調整後的每股歸屬於股東的 AFFO 年成長約 10%，這得益於對線下成本的嚴格管理，從而帶動了強勁的經調整 EBITDA 成長。最後，我們上調了全年物業收入、調整後 EBITDA、歸屬 AFFO 和每股 AFFO 的預期。

The outlook raise is supported primarily by FX tailwinds, US Services outperformance, and net interest benefits as compared to prior outlook. Our expectations for organic growth and CoreSite revenue growth remain in line with our prior outlook.

此次上調預期主要得益於外匯市場的利多、美國服務業的優異表現以及與先前預期相比的淨利息收益。我們對有機成長和CoreSite收入成長的預期與我們先前的展望保持一致。

Now, let's dive into our results. Turning to third-quarter property revenue and organic tenant billings growth on slide 5. Consolidated property revenue grew nearly 6% year-over-year. US and Canada Property revenue was flat year-over-year and grew approximately 5% when excluding non-cash straight line revenue and sprint churn.

現在，讓我們深入了解一下結果。接下來請看投影片 5，了解第三季物業收入和租戶有機帳單​​成長。綜合房地產收入較去年同期成長近 6%。美國和加拿大房地產收入與去年持平，若不計入非現金直線收入和快速流失，則成長約 5%。

International property revenue grew approximately 12% year-over-year and nearly 8% when excluding non-cash straight-line revenue and FX impacts. Finally, Data Center property revenue grew over 14%, driven by a record quarter of retail new leasing and consistent pricing growth.

國際房地產收入年增約 12%，若不計入非現金直線法收入和匯率影響，則年增近 8%。最後，資料中心物業收入成長超過 14%，這主要得益於零售新租賃業務創紀錄的季度以及價格的持續成長。

Moving to the right side of the slide. We delivered consolidated organic tenant billings growth of 5%, in line with expectations driven by solid demand across our global portfolio. Our US and Canada segment grew approximately 4% organically and greater than 5% when excluding sprint churn.

向滑梯右側移動。由於全球投資組合的強勁需求，我們實現了 5% 的綜合有機租戶帳單成長，符合預期。我們的美國和加拿大業務部門實現了約 4% 的自然成長，如果排除短期流失客戶，成長幅度將超過 5%。

As a reminder, this was our final quarter of sprint churn. Organic growth in our International segment was nearly 7%, reflecting double-digit growth in Africa and APAC, steady mid-single-digit growth in Europe, and low-single-digit growth in Latin America as expected.

再次提醒，這是我們衝刺階段的最後一個季度。國際業務板塊的有機成長率接近 7%，其中非洲和亞太地區實現了兩位數的成長，歐洲實現了穩定的個位數中段成長，拉丁美洲實現了低個位數成長，這與預期相符。

Turning to slide 6. Adjusted EBITDA grew nearly 8% year-over-year as strong revenue growth was enhanced by disciplined cost management. Moving to the right side of the slide, attributable AFFO per share as adjusted grew approximately 10% year-over-year, supported by robust EBITDA growth and prudent management of below-the-line costs.

翻到第6張投影片。經調整後的 EBITDA 年成長近 8%，強勁的營收成長得益於嚴格的成本管理。從投影片的右側來看，經調整後的每股歸屬於股東的 AFFO 年成長約 10%，這得益於強勁的 EBITDA 成長和對線下成本的審慎管理。

Now, let's turn to our revised full-year outlook. As I mentioned, we are raising guidance across all of our key consolidated financial metrics. Starting with Property revenue outlook on slide 7, we are raising our outlook by $40 million at the midpoint, which implies approximately 3% year-over-year growth or approximately 5% when excluding non-cash straight-line revenue and FX impacts.

現在，讓我們來看看我們修訂後的全年展望。正如我之前提到的，我們提高了所有關鍵合併財務指標的預期。從第 7 頁的房地產收入展望開始，我們將預期中位數上調 4000 萬美元，這意味著同比增長約 3%，或者在排除非現金直線收入和匯率影響的情況下，同比增長約 5%。

We are reiterating organic growth assumptions across all regions and continue to expect organic tenant billings growth of approximately 5% and data center growth of approximately 13% year-over-year. The increase in outlook was driven by $50 million of FX tailwinds, a $5 million increase to pass-through revenue, and $5 million of incremental non-run rate revenue in the US.

我們重申了所有地區的有機成長假設，並繼續預期租戶有機帳單​​將年增約 5%，資料中心年增約 13%。預期上調主要得益於 5000 萬美元的外匯利好、500 萬美元的轉嫁收入增加以及美國 500 萬美元的新增非運行費率收入。

This was partially offset by $20 million of revenue reserves in Latin America, primarily related to our previously disclosed legal dispute with AT&T Mexico over the calculation of tower rent. As we disclosed in September, we reached a positive interim agreement with AT&T Mexico, whereby, AT&T Mexico has paid American Tower the majority of withheld payments and will resume monthly payments of the majority of tower rents owed going forward.

拉丁美洲的 2000 萬美元收入儲備部分抵消了這一損失，這主要與我們先前披露的與 AT&T 墨西哥就鐵塔租金計算的法律糾紛有關。正如我們在 9 月所揭露的那樣，我們與 AT&T 墨西哥公司達成了一項積極的臨時協議，根據該協議，AT&T 墨西哥公司已向美國鐵塔公司支付了大部分被扣留的款項，並將恢復按月支付大部分應收的鐵塔租金。

The remainder of the rents not paid to American Tower are to be deposited into an irrevocable escrow account administered by an independent trustee. The funds in escrow will be released in accordance with the final ruling of the arbitration or by mutual consent of the company and AT&T Mexico. We remain confident in the terms of our master lease agreement with AT&T Mexico and expect to prevail in the arbitration.

未支付給美國鐵塔公司的剩餘租金將存入由獨立受託人管理的不可撤銷的託管帳戶。託管資金將根據仲裁的最終裁決或公司與 AT&T 墨西哥的雙方同意予以釋放。我們對與AT&T墨西哥公司的主租賃協議條款仍然充滿信心，並期望在仲裁中勝訴。

Per our conservative reserve policies, our 2025 outlook assumes approximately $30 million of revenue reserves for the full year, of which $19 million are already reflected in our results through the third quarter. We expect future reserves of approximately $8 million to $10 million per quarter until the arbitration is settled. The arbitration is scheduled for hearing in August of 2026 and the final ruling may come at a later date.

根據我們保守的儲備政策，我們對 2025 年的展望假設全年收入儲備約為 3000 萬美元，其中 1900 萬美元已反映在我們截至第三季度的業績中。我們預計，在仲裁解決之前，未來每季儲備金約為 800 萬至 1,000 萬美元。仲裁聽證會定於 2026 年 8 月舉行，最終裁決可能會在稍後公佈。

Moving to adjusted EBITDA on slide 8. We are raising our adjusted EBITDA outlook by $45 million at the midpoint, which implies approximately 4% growth year-over-year or approximately 7% growth year-over-year excluding non-cash net straight-line and FX impacts. The increase to outlook was driven by $30 million of FX tailwinds and $15 million of upside from consolidated operating profit, primarily driven by US Services' outperformance.

第 8 頁將介紹調整後的 EBITDA。我們將調整後的 EBITDA 預期上調 4500 萬美元（取中間值），這意味著同比增長約 4%，或者如果不計入非現金淨直線法和匯率影響，則同比增長約 7%。此次調漲預期主要得益於外匯利好帶來的 3,000 萬美元收益，以及合併營業利潤成長帶來的 1,500 萬美元成長，其中美國服務業務的優異表現是主要驅動因素。

And finally, moving to our outlook for AFFO on slide 9. We are raising our attributable AFFO outlook by $50 million, which now implies growth at the midpoint of approximately 7% year-over-year on an as adjusted basis or approximately 9% excluding financing costs and FX impacts. The increase to outlook was driven by $20 million of FX tailwinds, $15 million of cash adjusted EBITDA, and $15 million of upside from other items, consisting of $15 million of upside from net interest expense and $5 million of upside from cash taxes and minority interest, partly offset by $5 million of higher capital improvement CapEx.

最後，我們來看看幻燈片 9 中 AFFO 的展望。我們將歸屬調整後營運資金預期上調 5000 萬美元，這意味著按調整後基準計算，同比增長率中位數約為 7%，若不計融資成本和匯率影響，則同比增長率約為 9%。此次業績展望上調主要得益於 2,000 萬美元的外匯利好、1,500 萬美元的現金調整後 EBITDA，以及其他項目帶來的 1,500 萬美元成長，其中包括淨利息支出帶來的 1,500 萬美元成長和現金稅及少數股東權益帶來的 500 萬美元支出所抵銷 50 萬美元的資本增長。

Turning to slide 10. Our 2025 capital plan remains consistent with our prior outlook. We continue to expect to distribute approximately $3.2 billion to our shareholders as a common dividend in 2025, subject to Board approval, and expect $1.7 billion in capital expenditures.

翻到第10張投影片。我們的2025年資本計畫與我們先前的展望保持一致。我們仍預計在 2025 年向股東派發約 32 億美元的普通股股息（需經董事會批准），並預計將有 17 億美元的資本支出。

$1.5 billion of our capital expenditures are related to discretionary projects of building approximately 2,150 new towers at the midpoint and $600 million of data center spend. Importantly, we expect 80% of our discretionary projects this year to be in developed markets, consistent with our capital allocation philosophy that Steve reiterated earlier.

我們15億美元的資本支出與可自由支配的項目有關，其中大約有2150座新塔樓（中期數據）和6億美元的數據中心支出。重要的是，我們預計今年 80% 的自主投資項目將位於已開發市場，這與史蒂夫先前重申的資本配置理念一致。

Moving to the right side of the slide, our balance sheet remains strong. With our net leverage now at 4.9 times, $10.7 billion in liquidity, and low floating rate debt exposure, we have significant financial flexibility. We'll remain disciplined in how we utilize our balance sheet and allocate capital to optimize long-term shareholder value creation. Subsequent to quarter-end, we have executed $28 million of share repurchases, and we will continue to be opportunistic in utilizing the remaining $2 billion that the Board has authorized for share repurchases.

從投影片的右側來看，我們的資產負債表依然穩健。目前我們的淨槓桿率為 4.9 倍，流動資金為 107 億美元，浮動利率債務曝險較低，因此我們擁有相當大的財務彈性。我們將繼續嚴格控制資產負債表的運用和資本配置，以最大限度地創造長期股東價值。季度末之後，我們已執行了 2800 萬美元的股票回購，我們將繼續抓住機會，利用董事會批准的剩餘 20 億美元進行股票回購。

Turning to slide 11, and in summary, we are pleased with our results year-to-date, which demonstrate the fundamental durability of our business model. Robust mobile data consumption growth and demand for our interconnection-rich data centers underpin a long runway of growth opportunities for American Tower. With our best-in-class portfolio of towers and data centers and strong balance sheet, we are well positioned to capture these growth opportunities and deliver on our goal of industry-leading AFFO per share growth.

翻到第 11 張投影片，總而言之，我們對今年迄今為止的業績感到滿意，這證明了我們商業模式的根本持久性。強勁的行動數據消費成長以及對我們互聯互通資料中心的需求，為美國鐵塔公司提供了長期的成長機會。憑藉我們一流的鐵塔和資料中心組合以及強勁的資產負債表，我們完全有能力抓住這些成長機會，並實現我們行業領先的每股調整後營運資金成長目標。

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

好了，接線生，我們可以開始接聽提問電話了。

(Operator Instructions) Michael Funk, Bank of America.

（操作員說明）邁克爾·芬克，美國銀行。

Good morning and thank you for the question. So Steve, quick one for you. So Services revenue continues to come in above expectations, [ours] and the street. Typically, that was a leading indicator for domestic deployments. So would love to hear your thoughts on how to potentially factors in deployments in 2026?

早安，謝謝你的提問。史蒂夫，問你個小問題。因此，服務收入繼續超出預期，[我們]和市場都超出了預期。通常情況下，這是國內部署的領先指標。很想聽聽您對如何考慮 2026 年部署事宜的看法？

And then maybe to feather in another one, any thoughts you can also offer on how the AT&T EchoStar spectrum acquisition might impact deployments from AT&T and your expectations for that company?

最後，或許還可以補充一點，您對 AT&T 收購 EchoStar 頻譜可能會如何影響 AT&T 的部署以及您對該公司的期望有什麼看法？

Sure. Thanks for the question. So I'll start with the Services piece. We've got a healthy pipeline of activity this year in Services, and it has -- it's a near-record year. You have to go back to when we actually owned construction management firms back in the early 2000s to find a better Services of the year for us. So we're very excited about the activity levels that we've seen.

當然。謝謝你的提問。那我就先從服務部分開始吧。今年我們在服務領域的業務發展勢頭良好，而且接近歷史最高水準。要找到比這更好的年度服務獎，就得追溯到 2000 年代初我們真正擁有建築管理公司的時候。所以我們對目前看到的活躍程度感到非常興奮。

We also have a larger construction management component this year than we've had in prior years. So that's a little bit of what's kind of feathering into that. But that's indicative of the carrier activity that we're seeing.

今年我們的施工管理部分也比往年規模更大。所以，這就是逐漸融入其中的一些因素。但這顯示了我們目前所看到的營運商活動情況。

And as we said from the beginning of the year, we're seeing robust activity across the board, and that's continued build-out of the 5G mid-band spectrum throughout the networks and also some early phase densification that we're seeing as well. So we're excited about the activity levels that we're seeing there.

正如我們年初所說，我們看到各個領域都呈現出強勁的發展勢頭，包括在整個網路中持續建立 5G 中頻段頻譜，以及我們看到的一些早期階段的密集化部署。所以我們對那裡的活動水平感到興奮。

We'll refrain from guiding to 2026 until February on that. But we do see a healthy pipeline building and we do think that our Services business will be a good robust contributor in 2026 as well. So we're feeling very good about what we're seeing and hearing in terms of how that pipeline is building next year.

在2月份之前，我們不會就2026年的情況給予任何指導。但我們確實看到業務管道正在健康發展，我們也認為我們的服務業務在 2026 年也將是個強勁的貢獻者。因此，就明年該管道的建設而言，我們對目前所看到和聽到的情況感到非常樂觀。

In terms of the spectrum sale, again, we'll learn more about that and share more about that in February in terms of 2026. What we've typically seen with the carriers is that when they buy spectrum, they want to deploy it. And there is certainly a lot of opportunity to continue to deploy mid-band 5G on our sites.

關於頻譜出售事宜，我們將在2月了解更多相關信息，並就2026年的相關事宜分享更多消息。我們通常看到的是，運營商在購買頻譜後，都希望將其部署到網路中。當然，我們有很多機會繼續在我們的站點部署中頻段 5G。

And so we're looking forward to working with AT&T and helping them in what they decide to do next year. But until they have announced their build plans, it's probably not appropriate for me to comment in terms of what we think they are going to do on that.

因此，我們期待與 AT&T 合作，並幫助他們實現明年做出的決定。但在他們公佈建設計劃之前，我可能不宜對他們將採取的行動發表評論。

Nick Del Deo, Moffett Nathanson.

尼克·德爾·迪奧，莫菲特·納坦森。

Hi. Good morning. Thanks for taking my questions. First, on the spectrum front, the FCC now has marching orders to auction a lot of spectrum over the coming years, some of it at potentially much higher frequencies than the mainstream spectrum that we've seen deployed to date, I think potentially as high up as 10 gigahertz.

你好。早安.感謝您回答我的問題。首先，在頻譜方面，FCC 現在已接到指令，將在未來幾年拍賣大量頻譜，其中一些頻譜的頻率可能比我們迄今為止看到的已部署的主流頻譜高得多，我認為可能高達 10 吉赫茲。

Obviously, it's going to depend on what bands are ultimately selected. But broadly speaking, how are you thinking about the relevance of your Tower portfolio for potentially supporting some of these much higher frequency bands given their propagation attributes?

顯然，這取決於最終選擇哪些樂團。但總的來說，考慮到這些更高頻率頻段的傳播特性，您認為您的鐵塔資產組合在支援這些更高頻率頻段方面有何相關性？

Yeah. Thanks for the question. Look, I'm excited to hear that those bands are coming to market because towers are going to be the primary way those bands are deployed, even up into that 7, 8, 9, 10 gigahertz. And that really underpins the beauty of the tower model and the long-term growth that we're going to see on the portfolio.

是的。謝謝你的提問。聽著，我很高興聽到這些頻段即將上市，因為基地台將是這些頻段的主要部署方式，甚至包括 7、8、9、10 吉赫茲頻段。而這正是塔樓模式的魅力所在，也是我們將在投資組合中看到的長期成長的根本所在。

And so when I see what's been identified by the government, some of that, there's a little bit more mid-band to support 5G, but a lot of those spectrum bands that you just referenced are the 6G brands that need to be freed up and allocated for the US to be competitive in the 6G market. So we're excited to see that that's been identified, that they're working on making that available, and we're looking forward to seeing how that plays out.

所以，當我看到政府已經確定的方案時，其中一些方案確實提供了更多中頻段來支援 5G，但你剛才提到的許多頻譜頻段都是 6G 頻段，需要釋放出來並進行分配，才能使美國在 6G 市場具有競爭力。所以我們很高興看到這個問題已經被發現，他們正在努力使其實現，我們期待看到最終結果如何。

As we've seen in the past, the higher the frequency, the lower the wavelength, which means you will need some densification of sites. So as we look out across the landscape of the remaining tranche of 5G and also 6G, we think that that bodes very well for long-term growth for us because carriers are going to densify their networks.

正如我們過去所看到的，頻率越高，波長越短，這意味著你需要對站點進行一定的密集化部署。因此，當我們展望剩餘的 5G 和 6G 的發展前景時，我們認為這預示著我們長期的成長前景非常樂觀，因為營運商將會增加網路密度。

It will give them more bandwidth. You'll see new use cases coming out. And there are some really exciting things coming out in the early discussions about 6G and what it supports. So we're very supportive of those bands coming to market and being auctioned. And we're looking forward to working with our customers to get those deployed as soon as they can.

這將為他們提供更多頻寬。你會看到新的應用程式場景不斷湧現。在關於 6G 及其支援功能的早期討論中，出現了一些非常令人興奮的內容。所以我們非常支持這些樂團進入市場並進行拍賣。我們期待與客戶合作，盡快完成這些部署。

Okay. Great. Can I ask one on CoreSite as well? I thought your pre-lease shares was down to 6% this quarter. I think historically, that's been driven by larger customers taking big flows of space. I guess, should we think about the 6% as, again, just the product of the ebb and flow of larger deals? Or are you purposefully saving the space that you're developing for more of a retail SKU?

好的。偉大的。我可以在CoreSite也問一個問題嗎？我以為你們本季的預租份額已經降至 6% 了。我認為從歷史上看，這是由大客戶大量租用空間所驅動的。我想，我們是否應該再次將這 6% 看作是大宗交易潮起潮落的產物？或者，您是否特意預留了開發空間，以便用於更多零售 SKU？

There's no slowdown in the deal flow. We are still seeing incredibly robust demand. What you're seeing in that dip on pre-leasing is us putting some stuff in construction to service. So you're really just seeing that move from pre-leasing to actual leasing. And in that pre-leasing (technical difficulty) new projects to build new sites. So that's just a function of the flow of the construction, not a deal flow at all.

交易量並未放緩。我們仍然看到非常強勁的需求。你看到的預租量下降是因為我們正在建造一些設施以提供服務。所以你看到的其實是從預租到正式租賃的轉變。並且，在預租（技術困難）的情況下，新項目需要建造新場地。所以這只是施工流程的功能，跟交易流程完全無關。

Okay. So no underlying changes there? Good to hear.

好的。所以這方面沒有發生根本性的改變？很高興聽到這個消息。

Yeah. We're still seeing huge demand drivers in CoreSite.

是的。我們仍然看到CoreSite存在巨大的需求驅動因素。

Yeah. Demand across the space is -- I was wondering more if it was more of a purposeful shift on your part to hold space for retail where you don't see as much pre-leasing, but it doesn't sound like that. So that's the case.

是的。整個空間的需求——我更想知道這是否是你們有意為之，將空間保留給那些預租率不高的零售場所，但聽起來並非如此。事實就是如此。

No. Still sticking to our knitting in terms of how we do business.

不。在經營方式上，我們依然堅持我們一貫的風格。

Jim Schneider, Goldman Sachs.

吉姆‧施耐德，高盛集團。

Good morning. Thanks for taking my question. I was wondering if we could maybe -- understanding that the cost optimization program, you can give us more details when you report Q4 results? But can you maybe give us a sense of how you would frame the opportunity in terms of rough order of magnitude, directionally, how that, when you do announce it, should flow through the model? Would that be sort of a onetime thing or something that would layer in over the course of several quarters?

早安.感謝您回答我的問題。我想問一下，考慮到成本優化計劃，您能否在公佈第四季度業績時提供更多細節？但您能否大致描述一下您會如何把握這個機會，從規模、方向等方面，以及當您宣布這個機會時，應該如何透過模型來展現？那會是一次性事件，還是會在幾個季度內逐步發生？

And then maybe directionally, what are the considerations you're thinking about in terms of sizing that opportunity? Are you trying to get a sense about what is happening with the churn activity on your potential customers? Or is there any other considerations that are top of mind as you scope that out?

那麼，從方向來看，當您在評估這個機會的規模時，會考慮哪些因素呢？您是否想了解潛在客戶的流失？或者，在您進行考察時，還有其他需要重點考慮的因素嗎？

Hey, James. Good morning. Thanks for the question. So I'll start off by highlighting the fact that cost efficiencies is one of our strategic priorities. You've heard Steve and I talk about that over the quarters and the years as well. So it's something we've been focused on for a while here.

嘿，詹姆斯。早安.謝謝你的提問。首先，我要強調的是，成本效益是我們的策略重點之一。這些年來，你肯定也聽過我和史蒂夫談論過這件事。所以這是我們一直以來的重點。

I would point to a couple of things that have resulted from the work that we've done over the years. If you go back to 2020, since that time period, we've been able to expand our EBITDA margins by about 300 basis points.

我想指出我們多年來工作上取得的一些成果。如果回顧 2020 年，自那時以來，我們的 EBITDA 利潤率已經提高了約 300 個基點。

That comes from solid steady organic growth. It includes absorbing the sprint churn, but it's complemented in a material way by the cost efficiencies that we've driven into the business over that time period. You've seen a couple of years where SG&A actually stepped down multiple years in a row. This year, it's about flat. So we're holding things very steady after reducing SG&A quite a bit over time.

這是源自於穩健的有機成長。這包括吸收衝刺階段的人員變動，但同時，我們在這段時間內為業務帶來的成本效益也起到了實質的補充作用。過去幾年，銷售、一般及行政費用實際上連續多年下台。今年基本持平。因此，在逐步降低銷售、一般及行政費用之後，我們目前保持著非常穩定的營運狀態。

So we've got a very efficient business globally as it stands today, with strong margins, and as I pointed out, expanding margins. So we do see the future opportunities as incremental improvements to an already efficient business, not necessarily a step-function change.

所以，就目前而言，我們在全球範圍內擁有非常高效的業務，利潤率很高，而且正如我所指出的，利潤率還在不斷擴大。因此，我們認為未來的機會是對現有高效能業務的漸進式改進，而不是突飛猛進的變革。

With that said, Steve has talked about and we did hire or create a new role of Chief Operating Officer. That is a global role, but Noel fills that role, and it's focused on simplifying our operations across all areas, in areas like supply chain, technology, service delivery, network operations.

話雖如此，史蒂夫已經談過，我們確實聘請或設立了首席營運長這一新職位。這是一個全球性的角色，但諾埃爾擔任這個角色，其重點是簡化我們在各個領域的運營，例如供應鏈、技術、服務交付、網路運營。

And the goal there really is to improve service quality across the board by making things simpler and bending the cost curve down over time, particularly in the direct cost area. That should help us continue to maintain strong margins out into the future in a way to complement steady organic tenant billings growth.

而其真正目標是透過簡化流程並隨著時間的推移降低成本曲線，尤其是在直接成本領域，來全面提高服務品質。這應該有助於我們在未來繼續保持強勁的利潤率，從而與租戶帳單的穩定成長相輔相成。

With that said, we do look forward to our next earnings call when we finish up 2025 to talk about the fourth-quarter results and get into the '26 outlook. At that point, we will have a little bit more detail around cost efficiencies and improvements that may come from the COO position.

綜上所述，我們期待在 2025 年底召開下一次財報電話會議，討論第四季業績並展望 2026 年。屆時，我們將更詳細地了解營運長職位可能帶來的成本效益和改善措施。

That's helpful. And then maybe as a follow-up, your Data Center business, I think you're guiding effectively to the midpoint of your prior guidance. A lot of your peers have sort of taken up their guidance and, obviously, the data points, as you pointed out, in terms of new business, are very, very positive across the whole ecosystem.

這很有幫助。然後，作為後續，關於您的資料中心業務，我認為您目前有效地朝著先前指導方針的中點邁進。許多同行都採納了他們的指導，而且，正如你所指出的，就新業務而言，整個生態系統的數據點都非常非常積極。

So can you maybe give us a sense about whether there's anything happening under the hood that would mute the upside that you're seeing at least in the current business for the next couple of months into the end of the year? Thank you.

那麼，您能否透露一下，是否存在某些潛在因素會抑制您目前業務在未來幾個月甚至年底前所看到的上漲勢頭？謝謝。

I'll take that one. No, there's nothing that would mute our expectations for the business. We continue to believe that sustained double-digit growth is possible as long as we can keep building the capacity to absorb the demand that we're seeing out there.

我要那個。不，沒有什麼能降低我們對這家企業的期望。我們仍然相信，只要我們能夠持續提高產能以吸收目前市場上的需求，持續兩位數的成長就是可能的。

And we continue to see increased demand for the space in CoreSite from our core customer, which is the enterprises that need to be collocated in that facility for hybrid cloud deployments. And what's exciting about the way that customer is evolving is they're actually also expanding their installations to put inferencing there.

我們持續看到核心客戶對 CoreSite 空間的需求不斷增長，這些客戶是需要將伺服器託管在該設施中以進行混合雲部署的企業。令人興奮的是，客戶的發展方式是，他們實際上也在擴展他們的安裝範圍，以便在那裡部署推理功能。

So a lot of those key enterprise customers are expanding their installations to have their inference collocated with their hybrid cloud deployments. And so there's a very long tail of that activity. So I think all the trends that we're seeing in this space reinforce the fact that there's a huge growth path there for us.

因此，許多重要的企業客戶正在擴展其部署，以便將其推理系統與混合雲部署放在一起。因此，這類活動的影響範圍非常廣。所以我認為，我們在這個領域看到的所有趨勢都印證了這一點，那就是我們在這個領域還有巨大的成長空間。

So there's nothing muting that. I think we were just pretty close on our expectations for the year. And we pride ourselves on being pretty accurate on that. So nothing to be concerned about there. In fact, we're excited about the future of CoreSite.

所以沒有什麼東西能阻止它發出聲音。我認為我們對今年的預期基本上已經準確。我們為此感到非常自豪，因為我們在這方面相當準確。所以沒什麼好擔心的。事實上，我們對 CoreSite 的未來感到興奮。

Hey, Jim, I would also just complement Steve's answer here with a couple of pieces. We are seeing strong double-digit growth. You see that in our numbers. And of course, Steve outlined that that was in line with our expectations, certainly.

嘿，吉姆，我還要補充幾點，以支持史蒂夫的回答。我們看到了強勁的兩位數成長。從我們的數據中就能看出這一點。當然，史蒂夫也表示，這完全符合我們的預期。

I'll highlight the fact that, that is well above the underwriting assumptions that we made when we originally purchased CoreSite. So the business is performing exceptionally well, driving upper teens in terms of stabilized yields on assets.

我要強調的是，這遠高於我們最初收購 CoreSite 時所做的承保假設。因此，該業務表現異常出色，資產穩定收益率達到兩位數以上。

That's why you're seeing a little bit more CapEx going into that business. We're up to a little over $600 million of CapEx. And we -- not only are we seeing a robust pipeline and we're able to be selective in terms of who we bring into these facilities, we're also seeing strong pricing ability on our end, which is driving a cash mark-to-market well up at the end -- the top end of the range that we had outlined.

這就是為什麼你會看到投入該業務的資本支出略有增加的原因。我們的資本支出已經略高於 6 億美元。我們不僅看到了強勁的產能儲備，而且在選擇進入這些設施的供應商方面也擁有一定的自主權，此外，我們還看到了強大的定價能力，這使得現金市值最終大幅上漲——達到了我們之前概述的範圍的上限。

A couple of other things that I'll highlight here. The business is well positioned going forward. We have about 296 megawatts of power available and held for future development. That's a nice runway as we look out into the future to be able to provide condition space to meet the demand that we see coming.

還有幾點要重點說明。公司未來發展前景良好。我們有大約 296 兆瓦的電力可供未來發展使用。展望未來，這為我們提供了良好的發展空間，使我們能夠提供合適的場地來滿足我們預見的未來需求。

We also have about 42 megawatts under construction currently. That's the highest we've seen in CoreSite in quite a while here. So we're building a lot of facilities to meet the demand that we've already taken in. Those couple of record year of sales in new business we've seen over the years, we're now delivering on that.

我們目前還有大約42兆瓦的工程正在興建中。這是我們CoreSite一段時間以來見過的最高值。所以我們正在建造很多設施，以滿足我們已經獲得的需求。這些年來，我們曾多次創下新業務銷售額的歷史新高，現在我們正在兌現這項承諾。

That's another reason why you're seeing a little bit of a touch-down in terms of pre-leasing, because we're just building so much into this curve. So these CoreSite assets, interconnection-rich, network-dense, they're really well positioned for the future, not just from a demand perspective, but from a pricing perspective as well as making sure we're in a good position to meet the demand going forward.

這也是為什麼預租量略有下降的另一個原因，因為我們在這個曲線中投入了太多資源。因此，這些CoreSite資產具有豐富的互連性和密集的網絡，它們在未來發展中佔據了非常有利的地位，不僅從需求角度來看如此，而且從定價角度來看也是如此，同時也確保我們能夠很好地滿足未來的需求。

Rick Prentiss, Raymond James & Associates.

Rick Prentiss，Raymond James & Associates。

Great. Thanks, everybody. Hey. Steve, I appreciate your comments in the beginning. Obviously, it's 25 years, you've seen a lot of spectrum deals and M&A. I wanted to just touch on one UScellular T-Mobile deal is closed. Can you remind us again your exposure to UScellular?

偉大的。謝謝大家。嘿。史蒂夫，我很感謝你一開始的評論。顯然，25 年過去了，你見證了許多頻譜交易和併購。我只想簡單提一下，UScellular 與 T-Mobile 的交易已經完成。您能否再次說明一下您與UScellular的接觸情況？

And then also, interestingly, T-Mobile on their earnings call, talked about a charge and they're going to be reducing some cell sites that were not UScellular. That's the first time I've seen carriers without a deal saying they're reducing things. Do you have any extra color on what T-Mobile was talking about there?

另外，有趣的是，T-Mobile 在他們的財報電話會議上談到了一項費用，他們將減少一些非 UScellular 的基地台。這是我第一次看到沒有達成協議的業者宣布要減少服務。關於T-Mobile當時所說的內容，您還有什麼補充資料嗎？

On the second question, I don't have any color on that, Ric. In terms of the UScellular portfolio, it's pretty modest. They represent a little bit less than 1% of our US revenue, a little bit less than 0.5% of our global revenue. And there is a chunk of that that we -- that's up for renewal next year, which we've talked about previously.

關於第二個問題，我沒有任何意見，瑞克。就 UScellular 的產品組合而言，它相當有限。它們占我們美國收入的不到 1%，占我們全球收入的不到 0.5%。其中一部分——也就是明年需要續約的部分——我們之前也討論過。

We haven't given a specific percentage, but there's a good chunk of that up for renewal next year. And so we'll give more guidance on what we expect on that in February in terms of churn coming from that. But just given the overall exposure, we'll still be in that 1% to 2% historical range for churn, we believe.

我們沒有給出具體的百分比，但明年將有很大一部分需要續約。因此，我們將在 2 月就由此產生的客戶流失情況給予更多預期指引。但就整體曝光量而言，我們認為流失率仍將維持在 1% 到 2% 的歷史範圍內。

Right. Okay. And then on the DISH EchoStar AT&T deal, are you guys open to like doing a negotiation with DISH to get an [NPV] value? Because we're watching that, just trying to see how long Charlie Ergen wants to keep making tower payments, but you have good contracts it seems. So just trying to get a sense of openness to trying to say, can we resolve this sooner rather than over 11 years?

正確的。好的。關於 DISH、EchoStar 和 AT&T 的交易，你們是否願意與 DISH 進行談判，以獲得淨現值 (NPV)？因為我們正在關注此事，想看看查理·埃爾根還能支付多久的鐵塔款項，但看起來你們的合約還不錯。所以，我只是想了解大家是否願意嘗試討論，能否盡快解決這個問題，而不是拖延 11 年？

Yeah. Well, Ric, we've got a long track record of maximizing the value to our shareholders through our contract structures, any negotiations that we do. And so you can assume that we're going to retain the discipline we've always had on that. I think it'd be premature to speculate on what something might look like on that.

是的。里克，我們一直以來都透過合約結構和談判來最大限度地提高股東價值，並且取得了良好的記錄。所以你可以認為，我們將繼續保持我們在這方面一貫的紀律。我認為現在就猜測那東西會是什麼樣子還為時過早。

Now, what you will see in our 10-Q when we file it is you'll see that we did receive a letter from DISH saying that they believe they're excused from making payments under the MLA based on the spectrum sale. We disagree with that.

現在，當我們提交 10-Q 表格時，你會看到我們收到了 DISH 的一封信，信中說他們認為根據頻譜出售，他們無需根據 MLA 支付款項。我們不同意這種說法。

And in fact, we filed suit. We filed a declaratory judgment action to ask the court to confirm that we're owed the remainder of the rent under that agreement. And just to remind folks, that agreement goes through 2036, and this represents about 2% of our total property revenue, about 4% of our US and Canada Property revenue.

事實上，我們已經提起訴訟。我們提起宣告判決訴訟，請求法院確認根據該協議，我們有權獲得剩餘的租金。提醒各位，協議有效期至 2036 年，約占我們房地產總收入的 2%，約占我們美國和加拿大房地產收入的 4%。

And so we're focused on defending our contract and making sure that everyone acknowledges that it's a valid and enforceable contract through 2036. And then we will have whatever discussions make sense that are going to maximize long-term growth.

因此，我們專注於捍衛我們的合同，並確保每個人都承認這是一份有效且可執行的合同，有效期至 2036 年。然後，我們將進行所有有助於實現長期成長最大化的合理討論。

But again, we feel good about our contract. We feel good about the collectability on it. And we will continue to do the right thing for our shareholders for the long term on that.

但是，我們對這份合約仍然感到滿意。我們認為它的收藏價值很高。我們將繼續從長遠角度出發，為股東們做正確的事。

Makes sense. One last one for me. Obviously, nice to see stock buybacks come in, an endorsement where you feel your stock price is at. Also finally, your leverage is below [5.0000 times]. How should we think about the M&A environment out there for external growth, stock buyback? And where are we at as far as private versus public multiples? So just a capital allocation question between stock buyback and M&A.

有道理。對我來說還有最後一個。顯然，股票回購是好事，這是對公司股價的一種認同。最後，您的槓桿率低於[5.0000 次]。我們應該如何看待當前的併購環境，以實現外部成長和股票回購？那麼，就私有化與上市的倍數而言，我們目前處於什麼階段？所以這只是股票回購與併購之間的資本配置問題。

Yeah. Hey, Ric. Thanks for the question. So you hit all the relevant topics, of course. And let me start off by just highlighting our capital allocation philosophy here. As you've seen over the years that you've followed us, it's very consistent and a disciplined approach to capital allocation. Everything we do in capital allocation is really centered around optimizing long-term shareholder value.

是的。嘿，瑞克。謝謝你的提問。所以，你當然涵蓋了所有相關主題。首先，我想重點介紹一下我們的資本配置理念。正如您多年來關注我們以來所看到的，我們在資本配置方面採取了非常一致且嚴謹的方法。我們在資本配置方面所做的一切都圍繞著優化股東的長期價值。

With that said, the first priority in capital allocation is dividending out 100% of our REIT taxable income, which this year, will represent about $3.2 billion. Of course, that's subject to our Board approval.

也就是說，資本配置的首要任務是將我們 REIT 應稅收入的 100% 分紅，今年這筆收入約為 32 億美元。當然，這需要董事會批准。

Next is the internal CapEx programs. We invest roughly $1.5 billion to $2 billion a year historically in internally generated capital programs. And we focus those on the highest risk-adjusted returns we can put that money into at the time. And in today's environment, that is -- I mean, we're more heavily focused on prioritizing developed markets, US, Europe, on the tower side as well as CoreSite, of course.

接下來是內部資本支出項目。我們歷來每年在內部產生的資本項目中投資約 15 億至 20 億美元。我們會把資金集中投入當時風險調整後收益最高的投資項目。在當今環境下，我的意思是，我們更專注於優先發展已開發市場，例如美國和歐洲，無論是在塔式基地台方面，還是在CoreSite方面。

Then, it comes to evaluating M&A up against share buybacks and also just continuing to pay down debt. All three of those are options for us. Today, we don't see anything compelling that's material on the M&A side.

接下來，就要評估併購與股票回購以及繼續償還債務之間的關係。這三個選項我們都可以考慮。目前來看，併購方面沒有什麼實質的重大事件發生。

We have been slightly over our leverage target recently for the last couple of years. As you know, Rick, we've been working diligently to strengthen the balance sheet, improve the credit quality of the business. We're now BBB+. And in this quarter, we're below 5 times.

近兩年來，我們的槓桿率一直略高於目標值。里克，正如你所知，我們一直在努力加強資產負債表，提高企業的信用品質。我們現在是 BBB+ 級。本季度，我們的倍數低於 5 倍。

That is helped a little bit by the services contribution to EBITDA, which you can see in our numbers. The full year implies a step down in EBITDA for Q4. That will put a little pressure on our leverage number certainly. And depending on how the euro and the US dollar react, that could move around our US-denominated total value of our European debt.

服務業對 EBITDA 的貢獻對此有所幫助，您可以從我們的數據中看到這一點。全年來看，第四季的 EBITDA 將有所下降。這肯定會給我們的槓桿率帶來一些壓力。而歐元和美元的走勢可能會影響我們以美元計價的歐洲債務總價值。

With that said, it is possible that we could go back up to 5 times later in the year. But we are around 5 times or below 5 times in what we believe is a sustainable way. So that gives us more flexibility.

也就是說，今年稍後我們有可能恢復到 5 次。但我們認為，以永續的方式，我們的產量大約是原來的 5 倍或更低。這樣一來，我們就有了更大的彈性。

And share buybacks are certainly an option. You saw us buy back about 28 million shares. We put that up against M&A opportunities around the globe. We're still seeing, in developed markets specifically, private multiples on the M&A side for towers are still elevated relative to the multiples of public tower companies.

股票回購當然也是一種選擇。你們都看到了，我們回購了大約2800萬股股票。我們將此與全球併購機會進行了比較。我們仍然看到，尤其是在已開發市場，私人鐵塔公司的併購倍數相對於上市鐵塔公司的倍數仍然較高。

But there's more than that that goes into our decision-making. We just think we have a really compelling set of assets. We think buying back shares in this environment makes a lot of sense for us given our ability and confidence in this business generating upper single-digit AFFO per share growth over time before you account for the impacts of FX and interest rates.

但我們做決定時需要考慮的因素遠不止這些。我們認為我們擁有一系列極具吸引力的資產。鑑於我們有能力和信心，並且相信這家企業能夠在不考慮匯率和利率影響的情況下，隨著時間的推移實現每股 AFFO 的個位數增長，我們認為在這種環境下回購股票對我們來說很有意義。

So we've got a really solid portfolio. We're improving the quality of earnings so it's getting better along the way. So that's how we think about it.

所以我們擁有非常穩健的投資組合。我們正在提高收入質量，所以情況正在逐步改善。我們就是這麼想的。

The share buybacks are completely opportunistic. As we continue to delever, we will have even more and more financial flexibility to allocate capital in that -- in a way towards either M&A or share buybacks, and you know what we favor at the moment.

這些股票回購完全是投機取巧的行為。隨著我們繼續去槓桿化，我們將擁有越來越大的財務靈活性來分配資本——無論是用於併購還是股票回購，而你知道我們目前更傾向於哪種方式。

Eric Luebchow, Wells Fargo.

艾瑞克‧盧布喬，富國銀行。

Hi. Good morning, everyone. Appreciate the question. Just curious, there's been some chatter around some of the new spectrum sales and your ability to monetize them, for instance, the 3.45 that AT&T is getting which they already have in the network just requires a software upgrade. Any just high-level commentary on how you think some of this additional spectrum could impact future densification demand that you're starting to see in your footprint, as you mentioned?

你好。大家早安。感謝您的提問。只是好奇，最近有一些關於新頻譜銷售以及如何將其貨幣化（例如，AT&T 獲得的 3.45 頻譜，他們已經在網路中使用了，只需要進行軟體升級）的討論。您能否就您提到的目前在您的業務範圍內開始出現的、新增的頻譜資源可能對未來高密度開發需求產生的影響，發表一些高層次的評論？

Yeah. Thanks for the question. So generally speaking, when carriers get more spectrum, that's good for us because they end up deploying that spectrum and it typically requires them to do network augmentations that are monetizable events.

是的。謝謝你的提問。所以總的來說，當運營商獲得更多頻譜時，這對我們來說是好事，因為他們最終會部署這些頻譜，而這通常需要他們進行網路擴容，而這些擴容是可以獲利的。

Now in any given site, depending on the specifics of the site, there could be a software push that may not be an event at that moment. But over time, what we've seen is that more spectrum results mean more leasing revenue for us. Even if they're able to do it with software pushes and as an initial instance, that doesn't necessarily mean that they won't be able -- won't need to densify over time.

現在，在任何給定的網站中，根據網站的具體情況，可能會出現軟體推送，但這在當時可能並不是一個事件。但隨著時間的推移，我們發現，更多的頻譜資源意味著更多的租賃收入。即使他們能夠透過軟體推送來實現初始階段的功能，但這並不一定意味著他們以後不需要或無法隨著時間的推移而擴展。

If you think about the growth of mobile data in the US, the latest CTI report added in about 35% year-over-year. And all the experts we talk to believe that mobile data usage will continue to rise at a robust percentage.

如果你考慮美國行動數據的成長情況，最新的 CTI 報告顯示，其年增約 35%。我們訪談的所有專家都認為，行動數據使用量將持續以強勁的速度成長。

And the needs for the networks to augment themselves, you're going to -- basically twice as much capacity in five years as you have today. And everyone that we talk to believes that that will come in part through spectrum, in part through efficiencies in their technology, but mostly through densification.

為了滿足網路擴容的需求，五年內網路容量基本上要達到現在的兩倍。我們交談過的每個人都認為，這部分將透過頻譜實現，部分將透過技術效率實現，但主要還是透過密度提高來實現。

So even the spectrum that's being considered by the FCC to be auctioned, plus the spectrum that's out there in the market, we think that plus technology will solve about half of the issues that they need to solve in terms of quantity of data that's produced.

因此，即使是 FCC 正在考慮拍賣的頻譜，加上市場上現有的頻譜，我們認為，再加上技術，將能解決他們在數據產生量方面需要解決的問題的大約一半。

The other half's going to have to come from densification. And so over time, we believe that densification is going to be right in line with what we originally thought. We always thought there'd be more spectrum that came to market.

另一半則需要透過提高人口密度來實現。因此，我們相信隨著時間的推移，人口密度的增加將與我們最初的設想完全一致。我們一直認為市場上會有更多的頻譜產品。

It could affect the timing a little bit in the near term, and we're watching that to see how that plays out. But we don't think it changes the medium- to long-term outlook for growth in our business or the need to densify the networks over the medium to long term.

短期內可能會對時間安排產生一些影響，我們正在密切關注事態發展。但我們認為這不會改變我們業務的中長期成長前景，也不會改變中長期加強網路建設的必要性。

Hey, Eric, I would just add on the application volume that Steve mentioned, we see our overall applications up about 20% year-over-year. That's supporting the good news that we've had in Services, but it also reflects the activity level that we're seeing in the marketplace.

嘿，艾瑞克，我只想補充史蒂夫提到的申請量，我們看到整體申請量比去年同期增加了約 20%。這印證了我們在服務領域取得的好消息，同時也反映了我們在市場上看到的活躍程度。

We're seeing a higher growth rate in the applications for colos. That's up more like 40% or so. So we are seeing the beginning of this shift or increase in co-locations, which could be the beginning of densification. Now with that said, our colocation applications still represent a modest percentage of our overall apps, but we are experiencing an increase and a faster growth rate than the overall applications, which we think is good news.

我們看到資料中心應用的申請成長率更高了。那漲幅大概有40%左右。因此，我們看到了這種轉變或共址增加的開始，這可能是密集化的開始。儘管如此，我們的託管應用程式在我們所有應用程式中仍然只佔很小的比例，但我們正在經歷成長，而且成長速度比所有應用程式的成長速度更快，我們認為這是一個好消息。

Yeah. I appreciate that. And I guess just to follow up on one more question. I know you had one customer that came off their MLA earlier this year that are on like an a la carte type of leasing arrangement. Any update on them?

是的。我很感激。我想再補充一個問題。我知道你們有一位客戶在今年早些時候終止了他們的多單元租賃協議 (MLA)，他們現在採用的是類似按需租賃的模式。他們那邊有什麼最新消息嗎？

It sounds like things are progressing as planned. I think there was some revenue contribution that got shifted into 2026. And is there any active discussions on maybe putting them back on a holistic MLA? Or are you happy with the current arrangement you have with them?

聽起來事情進展順利，一切都在按計畫進行。我認為有一部分收入貢獻被推遲到了 2026 年。目前是否有關於將它們重新納入整體MLA體系的積極討論？還是你對目前與他們的合作安排感到滿意？

We've always been agnostic as to whether we're under a comprehensive MLA or not, because the underlying business that they need to do with us doesn't change, whether they're on a comprehensive agreement or not. And we've proven over couple of decades now that we're successfully able to monetize those deployments whether in a holistic structure or an a la carte structure.

我們一直對是否簽訂了全面的互惠協議持中立態度，因為無論他們是否簽訂了全面的協議，他們需要與我們開展的基本業務都不會改變。二十多年來，我們已經證明，無論是整體部署還是按需部署，我們都能成功地將這些部署變現。

You can assume that we're always talking to every customer all the time. Ink doesn't even dry on a contract before you're talking about the next iteration of it. So those are always ongoing discussions. But there's really nothing to report on that. We're there to support the rollout.

您可以認為我們始終都在與每位客戶保持溝通。合約墨跡未乾，你們就開始討論下一階段的修改了。所以這些都是持續進行的討論。但實際上沒有什麼好報道的。我們會到場支持推廣工作。

And the only real difference for us is it makes a little bit of a timing difference sometimes under the comprehensive agreements, it's more fixed and more predictable and it's a little bit more variable on an a la carte basis. But if you're thinking about the medium to long term, we're going to get that revenue either way. It's just -- it may come in a little bit more fits and starts versus that cadence that we can lay out in the contract.

對我們來說，唯一的真正區別在於，在全面協議下，時間安排有時會略有不同，因為全面協議更加固定和可預測；而根據具體情況單獨安排，時間安排則更加靈活多變。但從中長期來看，無論如何我們都能獲得這筆收入。只是——與我們在合約中規定的節奏相比，它的進展可能會有些斷斷續續。

David Barden, New Street Research.

David Barden，新街研究公司。

Hey, guys. Thank you so much for taking the question. It's great to be back. Good to see you guys.

嘿，大家好。非常感謝您回答這個問題。回來真是太好了。很高興見到你們。

So I guess two, if I could. So the first one for you, Rod, would be just a follow-up on Ric's question, which is just make sure that DISH is current. And under what circumstances would you guys contemplate beginning to take a reserve given the fact that there's this ongoing lawsuit between the two of you?

所以，如果可以的話，我想選兩個。所以，Rod，你的第一個問題只是對Ric問題的後續，那就是確保你的DISH套餐是最新的。鑑於你們之間正在進行的訴訟，你們會在什麼情況下考慮開始提列儲備金？

And then on a happier note, I would guess -- I don't not to phrase this question, but what are the tower implications, potentially, for a space-based player that now owns terrestrial spectrum to see some new deployments that we weren't contemplating in our multiyear model in the past?

然後，令人高興的是，我想問——我不太想這樣問——但對於一家現在擁有地面頻譜的太空運營商來說，塔架建設可能會帶來哪些影響？例如，它可能會部署一些我們過去多年模型中沒有考慮到的新設施。

I'll actually take those just because we're already talking about DISH. So at this point, this is current, and so we wouldn't take any reserves because they're current today. And we expect them to pay. And that's the reason we pre-emptively filed the lawsuit is to make sure that there's no interruption to that. So it's premature at this point to even talk about or thinking about reserves on that.

既然我們已經在討論DISH了，那我就收下這些吧。所以目前情況就是這樣，所以我們不會採取任何儲備措施，因為它們現在都是現行的。我們希望他們付出代價。這就是我們先發制人提起訴訟的原因，以確保這一過程不會受到干擾。所以現在談論或考慮這方面的儲備還為時過早。

When you think about the space-based player, it really depends on how the (technical difficulty) if they're just complementary to the other carriers and they're reselling to the other wireless carriers, then they probably won't deploy a lot of the ground themselves.

當你考慮太空運營商時，這實際上取決於（技術難度），如果他們只是與其他運營商互補，並將服務轉售給其他無線運營商，那麼他們自己可能不會部署大量的地面設施。

Now, there may be some teleports or there's a few things that are ground-based that support those networks, but that wouldn't be of any scale to be material in terms of the opportunity. If they decide to offer direct service, then they might well decide to complement their satellite network with terrestrial sites, because the satellites don't penetrate buildings well. They don't work in dense urban areas.

現在，可能有一些傳送裝置，或者有一些地面設施來支持這些網絡，但這規模太小，不足以構成實質性的機會。如果他們決定提供直接服務，那麼他們很可能會決定用地面站點來補充他們的衛星網絡，因為衛星訊號很難穿透建築物。它們在人口密集的城市地區不起作用。

So that certainly could be an upside that none of us have even contemplated. But at this point, we're not forecasting any of that. We're not putting that near our guidance going forward. So our long-term algorithm that was laid out for you guys does not contemplate that extra carrier in there. That would be all upside for what we bring out.

所以這或許是我們所有人都沒有想到的好處。但目前，我們並未對此做出任何預測。我們不會將此納入我們未來的指導方針中。因此，我們為你們制定的長期演算法並沒有考慮到其中的額外運營商。對我們推出的產品來說，那將全是好處。

And David, I'll just welcome you back. It's great to have you back on the call.

大衛，我只想歡迎你回來。很高興你能再次參與通話。

Thanks, Rod. Thank you for that, and I'll use that as an opening to ask one follow-up. I appreciate it, guys.

謝謝你，羅德。謝謝，我會以此為契機問一個後續問題。我很感激你們。

So just as we think about SpaceX deployments, the growth of fixed-wire access with growing spectrum availability, the BEAD funding pushing fiber out, the WISP marketplace is under threat, I know that they can, in rural markets, be a customer. Is there any reason to believe that the threat to the WISP market is a threat to churn as we look forward in the business model?

所以，正如我們思考 SpaceX 的部署、固定線路接入隨著頻譜可用性的增長而發展、BEAD 資金推動光纖普及、WISP 市場受到威脅一樣，我知道在農村市場，他們可以成為客戶。展望未來商業模式，是否有理由相信 WISP 市場面臨的威脅會威脅到客戶流失率？

Look, we have a lot of great customers that are WISPs, and that's been a component of our vertical market segment for a long time. So they do comprise a very small percentage of our overall revenues. Some of those WISPs have struggled for a long time, so we do see churn every year in that. And that's kind of taken care of in our normal churn, that that 1% to 2% that we see as normal churn.

你看，我們有很多優秀的客戶都是無線網路服務供應商 (WISP)，而且長期以來，這都是我們垂直市場細分的一部分。因此，它們在我們總收入中所佔比例非常小。有些無線網路服務供應商 (WISP) 長期以來發展舉步維艱，因此我們每年都會看到用戶流失。而這在某種程度上已經透過我們正常的客戶流失率得到了解決，也就是我們看到的 1% 到 2% 的正常客戶流失率。

So it wouldn't surprise me for some of those guys to have some trouble, again, consistent with what we've seen in the past. But I don't see anything in there that would make we think we're going to fall outside that normal range of churn, 1% to 2%.

所以，如果其中一些人再次遇到一些麻煩，我不會感到驚訝，這與我們過去所看到的情況一致。但我沒看到任何跡象表明我們的流失率會超出正常的 1% 到 2% 的範圍。

Michael Rollins, Citi.

麥可‧羅林斯，花旗集團。

Thanks and good morning. Just given the comments on EchoStar, I just had a couple of other follow-ups. The first one is you mentioned it's about 4% of domestic revenue currently. How much is EchoStar anticipated to contribute to growth over the next couple of years based on the contractual minimums that you've established?

謝謝，早安。鑑於 EchoStar 的評論，我還有一些後續問題。第一點是，你提到它目前約佔國內收入的 4%。根據你們制定的合約最低標準，預計 EchoStar 在未來幾年將為公司成長做出多大貢獻？

And then secondly, you referenced, I think, the long-term guidance just a few moments ago. Do you still believe American Tower is on track for its long-term domestic leasing growth guidance? And if you pull out EchoStar from that, can you share what the organic growth looks like ex-EchoStar? Thanks.

其次，我想您剛才也提到了長期指導。您是否仍認為美國鐵塔公司能夠實現其長期國內租賃成長預期？如果將 EchoStar 從中剔除，您能否分享一下剔除 EchoStar 後的自然成長情況？謝謝。

So in terms of the contributions for the future years, we haven't been specific about that, and that's not something I want to get into the specifics of. Again, we'll issue guidance for next year in February on it.

所以，關於未來幾年的捐款事宜，我們還沒有具體說明，我也不想深入討論細節。同樣，我們將在二月發布明年的相關指導方針。

When you think about our long-term US organic growth guide that we put back in 2021, we're seeing a robust pipeline of activity from the three major carriers, and we're feeling very good about the activity levels that we're seeing there. And if you think about that guidance was put out more than five years ago and we've been pretty spot-on in terms of the guidance for the first several years of that.

回顧我們在 2021 年制定的美國長期有機成長指南，我們看到三大航空公司都有強勁的業務拓展計劃，我們對目前的業務水平感到非常滿意。想想看，那項指導意見是在五年多前發布的，而且在最初幾年裡，我們在指導意見的執行方面一直非常準確。

Now, looking out toward the last couple of years, there are a couple of events that were not in our view shed when we put that guidance out in 2021. We did not expect T-Mobile to buy UScellular, and we didn't expect DISH to sell the spectrum and exit the network market. And we'll be factoring those in to our guidance that we think about next year.

現在，回顧過去幾年，有幾件事是我們2021年發布指導方針時沒有預料到的。我們沒想到 T-Mobile 會收購 UScellular，也沒想到 DISH 會出售頻譜並退出網路市場。我們會將這些因素納入我們明年制定的指導方針中。

But in terms of how that affects '26 and '27, I don't want to get specific about that until we actually issue guidance in February on that. But again, the long-term growth perspective, the medium- to long-term view of our business, our US business contributing mid-single digits, that doesn't change with the changes in DISH. And we'll get more specific about those last two years of that multiyear guide in February.

但就此對 2026 年和 2027 年的影響而言，在 2 月我們正式發布相關指導方針之前，我不想對此妄加評論。但再說一遍，從長遠成長的角度來看，從中長期角度來看，我們業務的前景，以及我們美國業務貢獻的中等個位數成長，並不會因為 DISH 的變化而改變。我們將在二月更詳細地介紹這份多年指南的最後兩年內容。

And if I could just follow up to that with one other. So when I think about when you gave that multiyear guide several years ago, there's significant change going on in the industry. And so you gave us this North Star, if you would, of where you think growth is going over an extended period of time.

如果我能再補充一點就好了。所以，當我回想起你幾年前發布的那份多年指南時，我發現這個行業正在發生重大變化。所以，您為我們指明了成長在較長一段時間內的發展方向，就像一顆北極星一樣。

Do you think that conditions have changed enough and the timing is there where, maybe, not just giving a view for the next couple of years, but maybe giving new multiyear guidance when you come out with the fourth quarter results? So giving us a more extended view, an updated view of where that's going?

您認為目前情況是否已經發生了足夠的變化，時機是否已經成熟，以至於不僅可以對未來幾年做出展望，而且可以在公佈第四季度業績時給出新的多年業績指引？所以，這能給我們一個更全面的視角，一個關於未來發展方向的最新視角嗎？

Look, we'll figure out what we're going to say in February on that. What I would say is we've given you guys a long-term growth algorithm that we think is directionally what you should be thinking about for the longer term with our business.

聽著，我們二月再決定該怎麼說。我想說的是，我們已經為你們提供了一個長期成長演算法，我們認為這才是你們在公司長期發展中應該考慮的方向。

And nothing in the recent eventually changes that long-term growth algorithm. What drives growth of the tower rent and the equipment on the towers is a growth in mobile data consumption. So as long as we continue to see mobile data growth in the US and abroad at the types of clips that we're seeing, then we believe that the need to augment networks is going to continue to roll out just the way we've foreseen it that supports that algorithm.

近期發生的一切都未能最終改變這一長期成長規律。推動鐵塔租金和鐵塔上設備成長的因素是行動數據消費的成長。只要我們繼續看到美國和海外的行動數據以目前的速度成長，那麼我們相信，增強網路的需求將繼續按照我們預測的方式推出，以支援該演算法。

Now, it's possible that you're going to see even more data growth than that because all the assumptions that are out there and the historical growth we've seen doesn't include much AI. So as AI becomes a larger component of our daily lives and that makes its way on to the mobile devices, it's possible that growth is going to be even higher.

現在，資料成長可能會比這還要多，因為所有現有的假設和我們所看到的歷史成長都沒有包含太多人工智慧。隨著人工智慧在我們日常生活中扮演越來越重要的角色，並逐漸擴展到行動裝置上，其成長速度可能會更高。

But in terms of our long-term growth algorithm, we believe that somewhere in the mid-single digits is where you should see the organic growth in the developed markets, a little bit higher in the emerging markets. And that's probably as specific as we're going to get from a long-term guide on that, because again we'll give you guys more color on the next -- next year in February.

但就我們的長期成長演算法而言，我們認為已開發市場的有機成長率應該在個位數中段，新興市場的有機成長率應該會更高一些。這大概就是我們能從長期指南中獲得的具體資訊了，因為我們將在明年二月再次為大家帶來更多細節。

Richard Choe, JPMorgan.

Richard Choe，摩根大通。

Hi. I just wanted to follow up on the US business quickly. What is driving the $5 million in incremental non-rate revenue there?

你好。我只是想盡快跟進美國業務的情況。是什麼因素推動了這500萬美元的非費率收入成長？

And then a second question on the US Data Center business, I guess the quarter-to-quarter growth was a little bit lower than what it's done recently. Was there some churn there that was a little bit higher than normal?

關於美國資料中心業務的第二個問題，我想說的是，季度環比成長比最近一段時間的水平略低。那裡的人員流動率是否比正常情況略高一些？

Hey, Richard. Thanks for the question. Regarding the $5 million, that's a small non-run rate type activity. So nothing really to worry about, and nothing specific that I would point to as well.

嘿，理查德。謝謝你的提問。至於那 500 萬美元，那是一筆數額較小的非經常性支出。所以沒什麼好擔心的，也沒有什麼具體的事情需要指出。

And that really is the same issue with the differences in the Data Center business. Really just one-time items here and there. There's always fluctuations quarter-over-quarter, but nothing material.

而這實際上也正是資料中心業務差異所面臨的問題。真的只是一些零星的一次性物品。季度環比總是會有波動，但不會造成實質影響。

Got it. And then on a bigger picture one, with the cost efficiency review that you're going to talk more about next quarter, could that also lead to some strategic changes and also, call it, CapEx changes and priorities?

知道了。從更宏觀的角度來看，您下個季度將重點討論成本效益審查，這是否也會導致一些策略變化，以及資本支出變化和優先事項？

I'll take that one. Right now, we're really looking at how we can get the efficiencies in the business, things like supply chain, getting a little -- some of the best practices across borders, automation, there's some AI opportunities in there. There's nothing specific in terms of the capital.

我要那個。目前，我們正在認真研究如何提高業務效率，例如供應鏈、借鑒一些跨境最佳實踐、自動化，以及人工智慧方面的一些機會。就資金方面而言，並沒有什麼具體規定。

Now, we do spend capital in the US in particular to buy our land, and that does help manage the land cost on it. And we also get very good returns on the capital. It's possible that we could find some opportunities to do that more aggressively in other geographies, but that's something that would come later down the line.

現在，我們確實會在美國投入資金購買土地，這確實有助於控制土地成本。而且我們的資本報酬率也非常好。我們或許可以在其他地區找到一些機會，更積極地進行這項工作，但這要等到以後才會考慮。

That's not one of the near-term things that we're focused on. But that's the only thing I can think of that would be any kind of a shift in capital. And that really wouldn't be a shift; that might just be flexing up a little bit more that opportunity, if we found the right chance to do that.

那不是我們近期關注的重點事項之一。但我只能想到這可能會導致資本轉移。那其實算不上什麼轉變；那可能只是在找到合適的機會時，稍微靈活地把握一下機會而已。

Benjamin Swinburne, Morgan Stanley.

班傑明‧斯溫伯恩，摩根士丹利。

Thanks. Good morning. Maybe just one more on EchoStar. I know that there will be more infill in the queue, Steve. But anything we should be thinking about in terms of what's next? It sounds like you expect them to continue to pay you. But is there any, I don't know, court date or any other process info you want to share with us at this point as we think about the situation moving forward?

謝謝。早安.或許可以在EchoStar再發一個。我知道隊伍裡還會有更多人加入，史蒂夫。但我們該思考一下接下來該怎麼做呢？聽起來你希望他們繼續付你錢。但是，在目前這個階段，您是否有任何關於開庭日期或其他程序資訊想要與我們分享，以便我們考慮下一步的行動？

No. We just filed it, so there's nothing on the docket yet to point to on that. And again, we think this is very straightforward. We think that we have a valid and enforceable contract. We don't think that anything has changed in the marketplace that would hamper the enforceability of that through the remainder of the term. And like I said, we just pre-emptively filed that because we think it's the right thing to do to protect our shareholders' interest on that.

不。我們剛提交了申請，所以目前案卷上還沒有任何相關資訊。我們再次認為這非常簡單明了。我們認為我們擁有一份有效且可強制執行的合約。我們認為，市場中沒有任何變化會妨礙該條款在剩餘期限內的有效執行。正如我所說，我們提前提交這份文件，是因為我們認為這樣做是為了保護股東的利益。

Okay. And then just one more. You guys obviously went in and bought back some stock. The stock has been under pressure. I think the multiple we're seeing towers trade at, including AMT, at the lower end of where it's been in a long time. And actually, the spread between Data Center stocks and Towers has widened out significantly as well.

好的。然後，就再來一個。你們顯然是進去回購了一些股票。該股一直承受著壓力。我認為我們看到的鐵塔交易倍數，包括AMT在內，處於很長一段時間以來的較低水平。事實上，資料中心股票和鐵塔股票之間的價差也顯著擴大了。

I guess it's a long wind-up, just how you think about CoreSite's and the value of this asset. Is there -- did you look at that, the value of Data Center assets in the public and private markets relative to what's embedded in your stock? It seems like you're not getting credit for today.

我想這需要很長時間的鋪墊，才能真正理解 CoreSite 以及這項資產的價值。您是否考慮過—或者說，您是否考慮過資料中心資產在公開市場和私募市場的價值，以及這些資產與您股票中所包含的價值之間的關係？看來你今天沒拿到學分。

Is that a relevant factor as you think about the right ownership structure for this business? And are you seeing more synergies between the two businesses? You've talked about that over the years and whether that's starting to come together in your mind more.

在考慮這家企業的合適所有權結構時，這是否是相關因素？您是否看到兩家公司之間有更多協同效應？這些年來你一直在談論這件事，現在你的想法是否越來越清楚了呢？

Yeah, I'll take that one. Look, we think that CoreSite is a great fit with American Tower. And we still believe the long-term synergies of having towers in a highly interconnected ecosystem will ultimately play out with opportunities at the edge for us. So we believe in that future. And in the meantime, we have an asset that's performing phenomenally well.

好的，我選那個。我們認為 CoreSite 與 American Tower 非常契合。我們仍然相信，在高度互聯的生態系統中擁有基地台的長期協同效應最終將為我們帶來邊緣運算的機會。所以我們相信那個未來。同時，我們還有一項表現非常出色的資產。

And as to the components of the stock price and things like that, we're in this business for the long term and we're thinking about the long-term value creation for the shareholders. We're not looking at a snapshot of where that valuation falls. And so we're -- our focus is maximizing the value of that asset and continuing to work with the industry partners to prove out the edge over time.

至於股價的構成要素等等，我們從事這項業務是為了長期發展，我們考慮的是為股東創造長期價值。我們關注的並非該估值目前的水準。因此，我們的重點是最大限度地發揮該資產的價值，並繼續與行業合作夥伴合作，以隨著時間的推移證明其優勢。

So when we're thinking about a stock buyback, that's really us being opportunistic and we're just looking at the value of the stock and our other available uses of our capital, and we think that's a good use of our capital. And so we made the decision to buy some.

所以，當我們考慮股票回購時，這實際上是我們抓住機會，我們只是在考慮股票的價值以及我們資本的其他可用用途，我們認為這是對我們資本的良好利用。於是我們決定買一些。

And so it really has nothing to do with CoreSite or that business. It's really all about what we think the value of the enterprise is. And with CoreSite, we're committed to growing that thing as fast as it can grow as long as we're sticking to our business model and our return profile. And then we'll look forward to proving out the edge over time.

所以這真的與CoreSite或那家公司沒有任何關係。這一切都取決於我們對企業價值的認知。對於 CoreSite，我們致力於讓它以最快的速度發展，只要我們堅持我們的商業模式和回報預期。然後，我們將期待隨著時間的推移證明我們的優勢。

Hey, Benjamin, I don't think I mentioned this earlier, but I would just highlight that we do have Board authorization for a buyback program up to $2 billion. So we're just beginning to tap into that. So we do have capacity there already approved by the Board in terms of buybacks.

嘿，班傑明，我之前好像沒提過，但我還是要強調一下，我們確實獲得了董事會的授權，可以實施一項高達 20 億美元的股票回購計劃。所以我們才剛開始挖掘這方面的優勢。所以，我們在這方面確實有經董事會批准的回購能力。

Thank you. This concludes today's question-and-answer session. I will now conclude today's conference call. Thank you for participating. You may now disconnect.

謝謝。今天的問答環節到此結束。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。