美國電塔 (AMT) 2025 Q4 法說會逐字稿

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

女士們、先生們，感謝你們的耐心等待。歡迎參加美國鐵塔公司2025年第四季及全年業績電話會議。再次提醒，今天的電話會議正在錄音。（操作說明）

I would now like to turn the call over to your host Spencer Kurn, SVP of Investor Relations. Please go ahead.

現在我將把電話交給主持人、投資者關係高級副總裁史賓塞·庫恩。請繼續。

Thank you, and good morning. Welcome to our fourth quarter 2025 earnings call. I'm Spencer Kurn, Head of Investor Relations for American Tower. Joining me on the call today are Steven Vondran, our President and CEO; and Rod Smith, our Executive Vice President, CFO and Treasurer. Following our prepared remarks, we will open the call for your questions.

謝謝，早安。歡迎參加我們2025年第四季財報電話會議。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文·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 is 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，實際結果可能與預期有重大差異。更多資訊請造訪我們的投資者關係網站。

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

接下來，我將把電話交給史蒂夫。

Thanks, Spencer. Good morning, everyone. Thanks for joining today's call. As you can see from our published results, we had a great year and an excellent fourth quarter. For the full year, we delivered attributable AFFO per share as adjusted growth of 8%, including over 13% growth in the fourth quarter. These results were underpinned by robust leasing demand across our tower and data center businesses and strong execution against our strategy.

謝謝你，史賓塞。各位早安。感謝您參加今天的電話會議。從我們公佈的業績來看，我們度過了非常棒的一年，第四季表現特別出色。全年來看，我們實現了經調整後的每股歸屬於股東的 AFFO 成長 8%，其中第四季成長超過 13%。這些業績得益於我們鐵塔和資料中心業務強勁的租賃需求以及我們策略的有效執行。

Over the past year, we've taken meaningful steps to improve our earnings quality and durability. We've steered capital toward developed markets, globalized and simplified our operations and brought leverage back down to our target range. These actions put us on strong footing to capitalize on future growth opportunities and deliver on our goal of industry-leading AFFO per share growth.

過去一年，我們採取了實際有效的措施來提高獲利品質和持續性。我們已將資本引導至已開發市場，實現了營運的全球化和簡化，並將槓桿率降至目標範圍。這些舉措使我們擁有了堅實的基礎，可以抓住未來的成長機會，實現我們行業領先的每股調整後營運資金成長目標。

Before turning the call over to Rod to review our detailed financial results and 2026 outlook, I'd like to spend a few minutes discussing our key priorities for 2026, as outlined on slide 5 of our earnings presentation. First, driving durable revenue growth. The backbone of our revenue growth is mobile data consumption, which continues to grow rapidly alongside growth in mobile customers, 5G adoption and fixed wireless access.

在將電話轉交給 Rod 來回顧我們詳細的財務業績和 2026 年展望之前，我想花幾分鐘時間討論一下我們 2026 年的主要優先事項，這些事項已在我們的收益演示文稿的第 5 頁中概述。首先，要實現可持續的收入成長。我們收入成長的支柱是行動數據消費，隨著行動用戶數量的成長、5G 的普及和固定無線存取的普及，行動數據消費也持續快速成長。

This secular demand growth is expected to require a doubling in wireless network capacity between now and 2030. On top of this, with trillions of dollars being deployed into AI, it's likely that new AI applications will propel mobile data consumption even higher and require greater bandwidth, lower latency and more uplink capacity than today's typical usage.

這種長期需求成長預計將需要無線網路容量在2030年之前翻倍。此外，隨著數兆美元投入人工智慧領域，新的人工智慧應用可能會進一步推高行動數據消耗，並需要比當今典型使用情況更大的頻寬、更低的延遲和更大的上行鏈路容量。

In our largest tower market, the US, carriers are in the middle stages of the 5G cycle, where they broadly completed their initial 5G coverage-oriented activity and are shifting toward capacity-oriented activity. We anticipate carriers will densify their networks not only to meet the capacity demand of 5G, but also to plan ahead for the 6G cycle.

在我們最大的鐵塔市場——美國，營運商正處於 5G 週期的中期階段，他們已經基本完成了最初的 5G 覆蓋範圍導向活動，並正在轉向容量導向活動。我們預計營運商不僅會提高網路密度以滿足 5G 的容量需求，而且還會為 6G 週期提前做好規劃。

We're excited about the 800 megahertz of higher frequency spectrum that's been earmarked for 6G and believe its deployment will drive significant activity on towers. As carriers invest in this capacity, we expect our US portfolio to deliver durable long-term mid-single-digit organic growth.

我們對已指定用於 6G 的 800 兆赫茲更高頻率頻譜感到興奮，並相信它的部署將推動基地台建設的顯著增長。隨著航空公司加大對這項運力的投資，我們預計我們的美國業務組合將實現持久的長期中個位數內生成長。

As you saw in our 8-K form from January, DISH has defaulted on its payment obligations. We continue to pursue legal action to recover the value of its remaining lease obligations. And while DISH's default negatively impacts our 2026 outlook, in the long run, we expect our business to benefit from a healthier, well-capitalized customer base that can invest more heavily in their mobile networks.

正如您在我們 1 月的 8-K 表格中看到的那樣，DISH 已拖欠其付款義務。我們將繼續採取法律行動，追回其剩餘租賃義務的款項。雖然 DISH 的違約對我們 2026 年的展望產生了負面影響，但從長遠來看，我們預計我們的業務將受益於更健康、資金更雄厚的客戶群，這些客戶可以加大對行動網路的投資。

Internationally, we see parallel trends of rising data consumption driving durable network investment. In our European market, 5G progress lagged slightly behind the US and strong demand for new sites is prompting exciting levels of newbuild activity with top-tier carriers. In our emerging markets, 4G-related activity continues to dominate, but we see increasing levels of 5G rollouts in key metros with significant runway for growth.

在國際上，我們看到數據消費量不斷增長，推動了持久的網路投資，呈現類似的趨勢。在我們的歐洲市場，5G 的發展略微落後於美國，對新站點的強勁需求促使頂級營運商開展令人興奮的新建設活動。在我們的新興市場，4G 相關活動仍然佔據主導地位，但我們看到主要大都市的 5G 部署水準不斷提高，並且還有很大的成長空間。

We continue to expect our international tower portfolio to deliver faster organic growth in the US, as our less mature portfolio is leased up over time. In our data center business, strong demand for hybrid and multi-cloud deployments and positive pricing actions continue to yield impressive double-digit growth. Demand for AI-related use cases like inferencing and machine learning is driving an increasing portion of new leasing, and CoreSite's AI-ready platform is equipped to accommodate these higher-density, interconnection-heavy workloads within its existing cost structure.

我們仍然期望我們的國際鐵塔投資組合在美國實現更快的自然成長，因為我們不太成熟的投資組合會隨著時間的推移而逐漸出租。在我們的資料中心業務中，對混合雲和多雲部署的強勁需求以及積極的定價措施繼續帶來令人矚目的兩位數成長。對人工智慧相關用例（如推理和機器學習）的需求正在推動新租賃業務的不斷增長，而 CoreSite 的人工智慧就緒平台能夠在現有成本結構內滿足這些更高密度、互連密集型工作負載的需求。

CoreSite is also benefiting from sustained migration of enterprise IT infrastructure from on-premises to interconnection-rich colocation facility. These powerful demand trends, combined with our unique interconnection-oriented infrastructure, continue to support CoreSite's achievement of mid-teens or higher stabilized yields on new data center deployments.

CoreSite 也受惠於企業 IT 基礎架構從本地部署到互聯互通的託管設施的持續遷移。這些強勁的需求趨勢，加上我們獨特的互聯基礎設施，繼續支援 CoreSite 在新資料中心部署中實現 15% 或更高的穩定收益率。

Our second priority is operational efficiency. This has long been a key operating principle at American Tower. Over the past three years, we worked diligently to improve our cost structure by centrally aligning our regional groups, divesting noncore business units and automating leasing transactions. These initiatives have helped deliver over 300 basis points of cash EBITDA margin expansion across our global tower portfolio since 2022.

我們的第二要務是提高營運效率。這長期以來一直是美國鐵塔公司的關鍵營運原則。過去三年，我們努力透過集中協調區域集團、剝離非核心業務部門和實現租賃交易自動化來改善成本結構。自 2022 年以來，這些舉措已幫助我們的全球鐵塔業務組合實現了超過 300 個基點的現金 EBITDA 利潤率成長。

And today, we have the highest like-for-like tower cash EBITDA margins amongst our peer group. The bulk of our recent cost efficiency efforts are focused on reducing SG&A, which for our tower business is best-in-class at approximately 4.5% of revenue.

如今，我們在同業中擁有最高的塔式現金 EBITDA 利潤率。我們近期提高成本效益的努力主要集中在降低銷售、一般及行政費用上，就我們的鐵塔業務而言，這方面處於行業領先水平，約佔收入的 4.5%。

With the creation of our global COO position last year, we've undergone an extensive review of the direct costs within our tower business in an effort to bend our cost curve and grow direct expenses at a slower rate than revenue.

去年我們設立了全球營運長職位，並對我們的鐵塔業務的直接成本進行了廣泛的審查，以努力控製成本成長速度，使直接支出成長速度低於收入成長速度。

We identified four key areas of expense savings across our global tower portfolio, first, managing land expense, which is our most significant direct cost, by expanding our highly successful US-based land optimization program to other markets.

我們從全球鐵塔組合中確定了四個主要的節約成本領域，首先是管理土地費用，這是我們最重要的直接成本，方法是將我們非常成功的美國土地優化計劃擴展到其他市場。

Second, implementing a global unified sourcing and supply chain to enable economies of scale, gain pricing advantages and improved inventory management. Third, accelerating the adoption of our well-developed standard of care for US assets across our global portfolio to improve repair and maintenance costs; and fourth, simplifying and standardizing internal technology platforms to optimize customer service and accelerate automation.

其次，實施全球統一採購和供應鏈，以實現規模經濟、取得價格優勢和改善庫存管理。第三，加快在全球推廣我們為美國資產制定的完善的維護標準，以降低維修和維護成本；第四，簡化和標準化內部技術平台，以優化客戶服務並加速自動化。

We expect these new initiatives in conjunction with continued strong conversion rates to drive 200 basis points to 300 basis points of tower cash EBITDA margin expansion over the next five years. On top of this, we're investing in AI to accelerate efficiency gains even further. While we're still in the early stages of AI adoption, we expect AI use cases to target process automation, predictive maintenance, power and utility management and workflow optimization.

我們預計，這些新措施加上持續強勁的轉換率，將在未來五年內推動鐵塔現金 EBITDA 利潤率提高 200 至 300 個基點。除此之外，我們也正在投資人工智慧，進一步加快效率提升。雖然我們仍處於人工智慧應用的早期階段，但我們預計人工智慧的應用案例將著眼於流程自動化、預測性維護、電力和公用事業管理以及工作流程最佳化。

We look forward to updating you on our AI endeavors and accelerated efficiency targets in the future. Moving to our last priority for the year, capital allocation. We remain disciplined stewards of capital, striving to generate durable cash flow growth with high returns on invested capital. Now that we're back within our target leverage range, we have significant flexibility.

我們期待在未來向您報告我們在人工智慧領域的努力以及提高效率的目標。接下來是今年的最後一個重點：資本配置。我們始終秉持嚴謹的資本管理原則，努力實現可持續的現金流量成長和高投資報酬率。現在我們回到了目標槓桿範圍內，我們擁有很大的靈活性。

After funding our dividend, we will opportunistically assess the best uses of our capital among internal CapEx, M&A, share repurchases and further delevering. This year, we plan to deploy the vast majority of growth CapEx to our developed tower markets and CoreSite, and we'll continue to manage our global portfolio in ways that accelerate growth and reduce volatility.

在支付股利後，我們將擇機評估如何最佳地利用我們的資本，包括內部資本支出、併購、股票回購和進一步去槓桿化。今年，我們計劃將絕大部分成長資本支出投入到我們已開發的鐵塔市場和CoreSite，並將繼續以加速成長和降低波動性的方式管理我們的全球投資組合。

Before turning the call over to Rod to discuss our 2025 results and 2026 outlook, I'd like to thank our incredible employees for delivering another excellent year. We've established a best-in-class platform for capitalizing on strong industry demand drivers, and I'm confident that we're well positioned to execute our 2026 priorities, and drive accelerating durable growth in 2027 and beyond.

在將電話交給 Rod 討論我們 2025 年的業績和 2026 年的展望之前，我想感謝我們傑出的員工，感謝他們又度過了精彩的一年。我們已經建立了一流的平台，以充分利用強勁的行業需求驅動因素，我相信我們已經做好充分準備，執行 2026 年的優先事項，並在 2027 年及以後推動加速的可持續增長。

Rod, over to you.

羅德，該你了。

Thanks, Steve, and thank you all for joining the call. I'll start by walking you through our 2025 highlights and then share our 2026 outlook. Slide 7 shows a snapshot of our full year highlights. Consolidated property revenue grew approximately 4% year-over-year and approximately 5% when excluding non-cash straight line and FX impacts.

謝謝史蒂夫，也謝謝各位參加電話會議。首先，我將帶您回顧我們 2025 年的亮點，然後分享我們對 2026 年的展望。第 7 張幻燈片展示了我們全年的精彩亮點概覽。綜合物業收入年增約 4%，若不計非現金直線法和匯率影響，則較去年同期成長約 5%。

Our growth was primarily driven by organic tenant billings growth of approximately 5% and complemented by data center revenue growth of approximately 14%. Adjusted EBITDA grew approximately 5% year-over-year and approximately 7% excluding non-cash net straight line and FX impacts. Property revenue growth was magnified by record services contribution and disciplined cost management, resulting in 20 basis points of consolidated margin expansion.

我們的成長主要由租戶帳單的自然成長（約 5%）推動，資料中心收入成長（約 14%）也起到了補充作用。經調整的 EBITDA 年成長約 5%，若不計非現金淨直線法和匯率影響，則較去年同期成長約 7%。物業收入成長得益於創紀錄的服務貢獻和嚴格的成本管理，從而實現了綜合利潤率提升 20 個基點。

Attributable AFFO per share as adjusted grew approximately 8% year-over-year, firmly within our long-term range of mid- to high single digits. This growth was supported by strong conversion of adjusted EBITDA growth and management of below-the-line costs.

調整後的每股歸屬於股東的 AFFO 年成長約 8%，穩居我們長期中高個位數成長區間。這一增長得益於調整後 EBITDA 的強勁成長轉換以及對線下成本的有效控制。

Excluding refinancing headwinds of approximately 1% and normalized for FX impacts, AFFO per share as adjusted grew approximately 9% year-over-year, demonstrating the underlying strength of our business model.

剔除約 1% 的再融資不利因素並調整匯率影響後，經調整後的每股 AFFO 年成長約 9%，顯示我們商業模式的內在實力。

Finally, on the capital allocation front, we brought leverage back down into our target range of 3times to 5 times, and we ended the year at 4.9 times. Also in the fourth quarter, we repurchased approximately $365 million of American Tower common stock, our largest quarterly and annual buyback since 2017. We've continued to repurchase stock in 2026, buying back approximately $53 million year-to-date.

最後，在資本配置方面，我們將槓桿率降回了 3 倍至 5 倍的目標範圍，年底槓桿率為 4.9 倍。此外，在第四季度，我們回購了約 3.65 億美元的美國鐵塔公司普通股，這是我們自 2017 年以來規模最大的季度和年度回購。2026 年，我們繼續回購股票，今年迄今已回購約 5,300 萬美元。

Now let's turn to our full year 2026 outlook, starting with organic tenant billings growth on slide 8. As Steve mentioned, DISH failed to meet its payment obligation and is in default. This did not impact our 2025 financials, and for the full year 2025, DISH represented approximately 2% of consolidated property revenue and approximately 4% of US and Canada property revenue.

現在讓我們來看看 2026 年全年的展望，首先從第 8 頁的有機租戶帳單成長開始。正如史蒂夫所提到的，DISH未能履行其付款義務，已經違約。這並未影響我們 2025 年的財務狀況，2025 年全年，DISH 約佔合併物業收入的 2%，約占美國和加拿大物業收入的 4%。

In order to reset true run rate expectations for the US and Canada, 100% of DISH's revenue was removed from organic growth beginning on January 1 and reflected in churn. Any payments collected from DISH subsequent to year-end 2025 will be reflected in other non-run rate revenue.

為了重新設定美國和加拿大的真實運行率預期，從 1 月 1 日起，DISH 100% 的收入從有機成長中剔除，並反映在客戶流失率中。2025 年末之後從 DISH 收取的任何款項都將計入其他非運行費率收入。

For 2026, we expect consolidated organic tenant billings growth of approximately 1% or approximately 4% excluding DISH churn. In the US and Canada, organic tenant billings growth is expected to be approximately 0.5% or approximately 4.5% when excluding DISH churn. This is comprised of colocation and amendment growth of approximately 2.5%, escalations of approximately 3%, DISH-related churn of approximately 4% and normal churn of approximately 1%.

預計 2026 年綜合有機租戶帳單將成長約 1%，若不計 DISH 流失，則約為 4%。在美國和加拿大，有機租戶帳單預計將成長約為 0.5%，如果排除 DISH 流失，則約為 4.5%。其中，託管和修改成長約佔 2.5%，升級約佔 3%，與 DISH 相關的流失約佔 4%，正常流失約佔 1%。

We remain constructive on growth for towers in the US, supported by a healthier well-capitalized customer base. In Africa and APAC, organic tenant billings growth is expected to be approximately 8.5%. This is comprised of colocation and amendment growth of approximately 7%, representing a modest acceleration off of 2025 levels, CPI-linked escalations of approximately 4% and churn of approximately 2.5%.

我們仍然看好美國鐵塔市場的成長，這得益於更健康、資金雄厚的客戶群。在非洲和亞太地區，預計有機租戶帳單成長約為 8.5%。這包括託管和修改成長約 7%，較 2025 年水準略有加速；與 CPI 相關的成長約 4%；以及流失率約 2.5%。

Churn is expected to be back half weighted, resulting in approximately 10% organic growth in the first half of the year and approximately 7% in the second half of the year. In Europe, organic tenant billings growth is expected to be approximately 4%. This is comprised of colocation and amendment growth of approximately 3%, consistent with 2025 levels, CPI-linked escalations of approximately 2% and churn of approximately 1%.

預計客戶流失將以下半年為主，導致上半年自然成長約 10%，下半年自然成長約 7%。在歐洲，預計租戶帳單的有機成長約為 4%。這包括約 3% 的託管和修訂成長（與 2025 年水準一致）、約 2% 的與 CPI 相關的成長以及約 1% 的流失。

In LatAm, organic tenant billings is expected to decline by approximately 3%. This includes steady colocation and amendment contributions of approximately 2%, CPI-linked escalations of approximately 4%, churn of approximately 8% and other run rate revenue headwinds of approximately 1%.

在拉丁美洲，預計有機租戶帳單將下降約 3%。這包括穩定的託管和修改貢獻約 2%，與 CPI 相關的成長約 4%，客戶流失約 8%，以及其他營運率收入不利因素約 1%。

As communicated over the last couple of years, we have expected low single-digit organic growth in LatAm through the end of 2027, due to elevated consolidation-related churn in Brazil and for organic growth to accelerate in 2028 once the churn passed.

正如過去幾年我們一直溝通的那樣，由於巴西整合帶來的市場波動較大，我們預計到 2027 年底，拉丁美洲的有機增長率將保持在個位數低點；而一旦市場波動過去，有機增長將在 2028 年加速。

On average, our multiyear expectations remain consistent, though we now expect more acute churn in 2026 and the acceleration in organic growth to commence in 2027, one year earlier than previously expected. The higher churn in 2026 is driven by a combination of delayed churn initially expected in 2025 and accelerated churn initially expected in 2027.

平均而言，我們的多年預期保持不變，但我們現在預計 2026 年客戶流失將更加嚴重，而有機成長的加速將在 2027 年開始，比之前​​預期的提前一年。2026 年較高的客戶流失率是由 2025 年預期的客戶流失延遲和 2027 年預期的客戶流失加速共同造成的。

Overall, we are encouraged by the prospects of an earlier-than-expected market repair in Brazil and from the forthcoming acceleration of organic growth in 2027. As a reminder, we still have an ongoing arbitration with AT&T Mexico. We remain confident in our legal position and note that the outcome of the arbitration may impact organic growth.

總體而言，我們對巴西市場比預期更早出現修復的前景以及 2027 年有機成長即將加速感到鼓舞。再次提醒，我們與AT&T墨西哥公司之間的仲裁仍在進行中。我們對我們的法律立場仍然充滿信心，並注意到仲裁結果可能會影響有機成長。

Turning to property revenue on slide 9. We expect our outlook for approximately 1% organic tenant billings growth to be complemented by the selective construction of approximately 2,000 new tower sites at the midpoint of our outlook and approximately 13% growth in our US data center business. Excluding non-cash straight line revenue and FX impacts, property revenue is expected to grow approximately 3%.

接下來請看第 9 頁關於房產收入的內容。我們預計，在預測的中點，將選擇性地建造約 2,000 個新的鐵塔站點，同時美國資料中心業務將成長約 13%，這將使我們對約 1% 的有機租戶帳單成長預期得到補充。剔除非現金直線法收入和匯率影響，房地產收入預計將成長約 3%。

Normalized for the impact of onetime DISH-related churn, our outlook for property revenue implies approximately 5% growth on a cash FX-neutral basis. The FX assumptions contemplated in our 2026 outlook, which reflect our standard methodology and are conservative relative to current spot rates, contribute approximately 1% of incremental growth.

剔除一次性 DISH 相關客戶流失的影響後，我們對物業收入的預期意味著在現金匯率中立基礎上成長約 5%。我們在 2026 年展望中考慮的外匯假設反映了我們的標準方法，並且相對於當前的即期匯率而言較為保守，大約貢獻了 1% 的增量增長。

And non-cash straight-line revenue represents an approximately 2% headwind to our GAAP outlook for property revenue. Moving to slide 10. Adjusted EBITDA is expected to grow approximately 2% when excluding net straight line and FX impacts as growth in towers and data centers is partially offset by a decline in services.

非現金直線法收入對我們以 GAAP 計算的房地產收入預期構成約 2% 的不利影響。切換到第10張投影片。在剔除淨直線法和匯率影響後，調整後 EBITDA 預計將成長約 2%，因為鐵塔和資料中心的成長部分被服務業的下滑所抵銷。

Normalized for the onetime impact of DISH-related churn, our outlook for cash adjusted EBITDA implies approximately 5% growth. Cash adjusted EBITDA margins are expected to be 66.8%, down a modest 20 basis points versus last year as steady margins in towers are offset by contributions from lower-margin data centers and services.

剔除 DISH 相關客戶流失的一次性影響後，我們對現金調整後 EBITDA 的預期意味著約 5% 的成長。現金調整後的 EBITDA 利潤率預計為 66.8%，較去年略微下降 20 個基點，因為鐵塔業務的穩定利潤被利潤率較低的資料中心和服務業務的貢獻所抵消。

In towers, due to a continuation of high conversion rates and cost savings initiatives, we expect cash margins to be flat year-over-year even while absorbing approximately 60 basis points of onetime pressure from DISH-related churn.

在塔樓業務方面，由於轉換率持續走高以及成本節約措施的推進，我們預計現金利潤率將與上年持平，即使同時承受了 DISH 相關流失帶來的約 60 個基點的一次性壓力。

In data centers, we expect cash margins to decline approximately 270 basis points year-over-year as onetime benefits from property tax adjustments and legal settlements in 2025 are not expected to reoccur in 2026. Normalized for these onetime items, we expect cash margins to hold steady as strong lease-up of existing facilities is offset by putting new capacity into service.

在資料中心領域，我們預計現金利潤率將年減約 270 個基點，因為 2025 年房產稅調整和法律和解帶來的一次性收益預計不會在 2026 年再次出現。在剔除這些一次性項目的影響後，我們預期現金利潤率將保持穩定，因為現有設施的強勁租賃將被新產能的投入使用所抵消。

In services, we expect healthy levels of carrier activity to drive our third highest services contribution in the history of the company. While this level of services contribution is robust relative to historical standards, following our record 2025 and taking into account an increasing contribution of lower-margin construction services, it weighs on consolidated growth and margins in 2026.

在服務方面，我們預期營運商業務的良好發展將推動我們的服務貢獻值達到公司歷史上的第三高。儘管這項服務貢獻水準相對於歷史標準而言十分強勁，但繼我們創紀錄的 2025 年之後，考慮到低利潤率的建築服務貢獻不斷增加，這將對 2026 年的綜合增長和利潤率構成壓力。

Turning to AFFO on slide 11. Our 2026 outlook assumes attributable AFFO per share growth of approximately 1% year-over-year. Normalized for the impact of onetime DISH-related churn and excluding the impact of FX and refinancing costs, our outlook for attributable AFFO per share growth implies approximately 5% growth.

請參閱第 11 頁投影片，以了解 AFFO。我們對 2026 年的展望假設歸屬於股東的調整後營運資金（AFFO）每股年增約 1%。剔除一次性 DISH 相關客戶流失的影響，並排除外匯和再融資成本的影響後，我們對歸屬 AFFO 每股成長的預期意味著約 5% 的成長。

Bridging from our 2026 outlook for cash adjusted EBITDA, tailwinds from lower maintenance capital and share repurchases executed in the fourth quarter of 2025 and year-to-date in 2026 are partially offset by higher interest expenses as debt is refinanced at higher rates, higher cash taxes and higher minority interest and distributions, consistent with our expectations.

從我們對 2026 年現金調整 EBITDA 的展望來看，2025 年第四季度和 2026 年年初至今，較低的維護資本和股票回購帶來的利好因素，部分被更高的利息支出（因為債務以更高的利率進行再融資）、更高的現金稅收以及更高的少數股東權益和分配所抵消，這與我們的預期一致。

While our outlook for 2026 growth is negatively impacted by churn events in the US and Latin America, we believe that we are well positioned to deliver our goal of industry-leading attributable AFFO per share growth and compelling total shareholder returns in subsequent years.

儘管美國和拉丁美洲的業務變動對 2026 年的成長前景產生了負面影響，但我們相信，我們已做好充分準備，在未來幾年實現行業領先的歸屬於股東的調整後營運資金 (AFFO) 每股增長目標和令人信服的股東總回報。

On slide 12, I'll review our capital allocation plans for 2026. We expect to grow our dividend approximately 5%, resulting in approximately $3.3 billion in distributions to our shareholders, subject to Board approval. Next, we're planning for $1.9 billion in capital deployment, of which $1.8 billion is discretionary in nature and includes the construction of 2,000 sites at the midpoint.

在第 12 張投影片中，我將回顧我們 2026 年的資本配置計畫。我們預計股息將成長約 5%，向股東派發約 33 億美元的股息，但需經董事會批准。接下來，我們計劃投入 19 億美元的資本，其中 18 億美元屬於可自由支配資金，中期計劃將建造 2,000 個場地。

Approximately 85% of our discretionary spend is directed towards our developed market platforms, including over $700 million in success-based investments in our data center portfolio to replenish elevated levels of capacity sold over the past several years, increased spend in the US, primarily toward land buyouts under our tower sites and continued acceleration in European newbuilds with over 700 new sites planned.

我們約 85% 的可自由支配支出用於我們已開發的市場平台，其中包括對資料中心組合進行超過 7 億美元的成功投資，以補充過去幾年售出的較高容量；增加在美國的支出，主要用於收購我們塔台站點的土地；以及繼續加速歐洲新建項目，計劃新建 700 多個站點。

Our plan also includes approximately $180 million in maintenance capital, a reduction of roughly $15 million due to an acceleration of maintenance capital projects into 2025, reducing 2026 anticipated spending. Moving to the right side of the slide, we remain disciplined as we utilize our balance sheet, which is well positioned for a variety of macroeconomic scenarios.

我們的計畫還包括約 1.8 億美元的維護資本，由於將維護資本項目提前到 2025 年，減少了約 1500 萬美元，從而減少了 2026 年的預期支出。移至投影片的右側，我們將繼續保持嚴謹的態度，運用我們的資產負債表，使其能夠很好地應對各種宏觀經濟狀況。

And we are focused on allocating capital to optimize long-term shareholder value creation. As I mentioned, we repurchased approximately $365 million of American Tower stock in 2025, plus another approximately $53 million so far in 2026. We will continue to be opportunistic in utilizing the remaining approximately $1.6 billion that the Board has authorized for share repurchases.

我們專注於配置資本，以最大限度地創造長期股東價值。正如我之前提到的，我們在 2025 年回購了約 3.65 億美元的美國鐵塔公司股票，加上 2026 年至今的約 5,300 萬美元股票，我們又回購了約 5,300 萬美元。我們將繼續抓住機會，利用董事會批准的剩餘約 16 億美元資金進行股票回購。

Turning to slide 13 and, in summary, we are pleased with our 2025 results, 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 attributable AFFO per share growth.

翻到第 13 張投影片，總而言之，我們對 2025 年的表現感到滿意，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歸屬於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) Batya Levi, UBS.

（操作員說明）Batya Levi，瑞銀集團。

Great, thank you. On the domestic side, can you provide a bit more color on the pacing of activity that you're seeing from the carriers as we enter a lower contracted revenue cycle that you had under the holistic deals in the prior terms?

太好了，謝謝。在國內方面，隨著我們進入一個較低的合約收入周期（與先前的整體協議相比），您能否更詳細地說明一下您從營運商那裡觀察到的活動節奏？

And are you seeing a change in the amendment versus densification activity today? And maybe just to compare that 2.5% leasing growth guidance for '26, how does that compare to '25, if we exclude DISH? Thank you.

如今，您是否觀察到修正案與高密度開發活動之間發生了變化？我們不妨將 2026 年 2.5% 的租賃成長預期與 2025 年進行比較，如果我們排除 DISH 的話。謝謝。

I'll start with leasing trends, and then I'll let Rod talk about the numbers on it. So what we're seeing, Batya, is we're seeing the customers providing a steady level of activity, kind of broad-based across the entire ecosystem there. And we are seeing a higher incidence of new colocations coming in, but we still have a pretty healthy amendment pipeline as well. And this is what we would expect to see at this point in the cycle.

我先從租賃趨勢說起，然後讓羅德來談談相關數據。巴蒂亞，我們看到的是，客戶在整個生態系統中保持穩定的活躍度，這種活躍度相當廣泛。我們看到新增託管項目的發生率上升，但我們的修訂項目儲備仍然相當充足。而這正是我們在這個週期階段所預期會看到的現象。

Some of the carriers are broadly done with their initial 5G overlays. So there'll be some fill-in fights that happen there, but they're broadly done with their initial targets. One is still a little bit further behind on that. And we are still seeing some amendment growth there.

部分運營商已基本完成其初始 5G 網路覆蓋。所以那裡會發生一些零星的戰鬥，但他們的最初目標基本上已經達成。其中一人在這方面還稍微落後一些。我們仍然看到這方面的修正案數量有所增加。

And when it comes to the densification, we're seeing some amendments because they're adding more equipment to existing sites that they've already overlaid, but they're also adding new sites. So we are seeing a little bit of a shift in that. But we still would expect the majority of our new leasing to come from amendments this year, as we have historically.

至於密度增加方面，我們看到了一些修改，因為他們不僅在已經覆蓋的現有場地上增加了更多設備，而且還增加了新的場地。所以我們看到這方面出現了一些轉變。但我們仍然預計，今年大部分新租賃業務將來自租賃合約的修訂，就像我們過去的做法一樣。

Good morning Batya, this is Rod. I'll take the other piece of your question relative to the colo and amendment contribution to organic tenant billings and how it relates to prior year. So if you look at our 2026 guide for organic tenant billings growth, it's about 0.5%.

巴蒂亞，早安，我是羅德。我將回答您問題的另一部分，即託管和修訂對租戶實際帳單的貢獻以及它與上一年的關係。所以，如果你查看我們 2026 年的有機租戶帳單成長指南，你會發現大約是 0.5%。

Within that, there is about 2.4% contribution coming from colocation and amendment revenue. Now that doesn't have any contribution from DISH at all in it. If you go back to the prior year, the 2025 numbers, we were at about 3.1%, 3.2%, which included some activity from DISH in terms of the contribution from colocation and amendment revenue. When you remove that contribution in the prior year number from DISH, you'd come right in at that 2.5% level.

其中，託管和修改收入約佔 2.4%。這其中完全沒有 DISH 的任何貢獻。如果回顧上一年，也就是 2025 年的數據，我們當時的比例約為 3.1% 到 3.2%，其中包括 DISH 在託管和修改收入方面的貢獻。如果從 DISH 上一年的數據中剔除這部分貢獻，那麼最終結果就正好是 2.5% 的水平。

So we are seeing, as Steve outlined, very consistent activity levels in the US marketplace ex DISH. And we're seeing about 2.5% contribution from colocation and amendment revenue in each of those years from the carriers in the US-ex DISH.

正如史蒂夫所概述的那樣，我們看到美國市場（不包括 DISH）的活躍度非常穩定。我們看到，在這些年份裡，美國（不包括 DISH）營運商的託管和修改收入貢獻了約 2.5%。

The only other thing I would add to the pacing of the new business, as Steve said, it's pretty consistent. You will see a little bit higher number in the first half of the year and it drops down just slightly in the second half of the year.

關於新業務的節奏，我唯一要補充的是，正如史蒂夫所說，它相當穩定。你會看到上半年這個數字略高一些，下半年則會稍微下降一些。

I think you meant to say 2.5% contribution from new leases and amendments this year.

我想你的意思是說今年新租約和修訂合約貢獻了 2.5% 的收益。

Rick Prentiss, Raymond James & Associates.

Rick Prentiss，Raymond James & Associates。

Good morning. Hope you're doing okay with the snowstorm. Obviously crazy up there in the Northeast. I want to start on the DISH. Appreciate it's out of the guidance. We had taken it out of our numbers as well. Can you provide us the amount owed? Like Crown Castle mentioned that they owed $3.5 billion when they terminated the agreement with DISH. Are you able to tell us how much is owned and that you're looking at trying to work out of payment from them?

早安.希望你那邊暴風雪一切安好。顯然，東北部那邊瘋瘋癲癲的。我想先從DISH開始。我知道這超出了指導範圍。我們也把它從統計數據中剔除了。請告知我們欠款金額？正如Crown Castle所提到的，當他們終止與DISH的協議時，他們欠了35億美元。您能否告知我們您被欠款的具體金額，以及您正在考慮如何向他們爭取償還？

Yeah. Thanks, Rick. Yeah, I think the key takeaway that we want everybody to have about DISH from today's call is that we have derisked our business going forward by taking it out of the numbers. And we fully plan to in the litigation. We think our contract is enforceable.

是的。謝謝你，里克。是的，我認為我們希望大家從今天的電話會議中了解到的關於 DISH 的最重要一點是，我們將其從財務數據中剔除，降低了未來業務的風險。我們完全有計劃在訴訟中這樣做。我們認為我們的合約具有法律效力。

We're going to do everything we can to collect that. But that would all be incremental upside to the current guidance that we're giving out there. When it comes to the exposure on DISH, we've given you guys the numbers. We can kind of back into it, where it represents about 4% of our US revenue. So that's approximately $200 million a year and we've disclosed that it goes through 2035 into 2036. So that gives you guys kind of the ballpark on that.

我們將盡一切努力籌集這筆款項。但這些都只是對我們目前給予的指導意見的略微上調。至於 DISH 上的曝光量，我們已經把數據告訴你們了。我們可以反向推算，它約占我們美國收入的 4%。所以這大約是每年 2 億美元，我們已經披露，這項計劃將持續到 2035 年和 2036 年。這樣你們就能大致了解狀況了。

We haven't put a specific number out there and don't plan to put a precise number on it, but that gives you guys kind of the ZIP code of where that exposure is or what the opportunity is actually now that it's out of the numbers.

我們沒有公佈具體的數字，也不打算公佈一個精確的數字，但這可以大致告訴你們這種曝光度在哪裡，或者說，既然現在已經沒有具體的數字了，那麼機會究竟在哪裡。

And so in terms of -- and I'll go and proactively address this for some of the other questions I know are coming. We don't plan to speculate on the litigation. It's public, and you guys can follow along as you go. This is going to take time to work out. And so we don't necessarily expect this to get resolved this year.

所以，關於這一點——我會主動去回答一些我知道接下來會有人問到的其他問題。我們不打算對訴訟進行猜測。這是公開的，你們可以隨時關注。這需要時間來解決。因此，我們並不指望這個問題今年就能得到解決。

We hope it does, but we don't necessarily expect it to. And so as we kind of go forward in the year, we'll keep you updated if anything material that happens. But otherwise, we're just going to continue to fight this out in the courts and see where it goes.

我們希望如此，但我們不一定期望如此。所以，隨著今年的推進，如果發生任何重大事件，我們會及時通知大家。但除此之外，我們只能繼續在法庭上爭辯，看看結果如何。

Excellent. Along those lines, obviously, settlement or payments would be upside to the capital allocation. You mentioned opportunistic stock buybacks, also pursue M&A. How should we think about M&A out there, what you're seeing across the global landscape? And maybe address also kind of the disparity between public and private multiples.

出色的。由此看來，結算或付款顯然會對資本配置有利。你提到了機會主義的股票回購，同時也要進行併購。我們該如何看待當前的併購狀況？您在全球範圍內觀察到了哪些併購趨勢？或許也可以探討一下公私投資報酬率之間的差異。

Yeah, thanks, Rick. We continue to evaluate everything that's out there. As you probably know, there's a lot of portfolios that are talked about right now. There's not a lot of active deals that we're seeing. But we are still seeing a disconnect between private and public multiples.

謝謝你，里克。我們會持續評估所有現有產品。您可能也知道，現在有很多投資組合都在被人們討論。我們目前沒有看到很多正在進行的交易。但我們仍然看到私人估值倍數和公共估值倍數之間存在脫節。

And we think that, that reflects the attractiveness and the durability of revenue in the tower business. And so that's kept us on the sidelines for the past few years because there has been that delta there that's made it hard for us to participate.

我們認為，這反映了鐵塔業務收入的吸引力和穩定性。因此，過去幾年我們一直處於觀望狀態，因為存在著這種差距，使我們難以參與其中。

But just to reiterate to everyone, our capital allocation strategy is to focus on developed markets. And so you should not expect to see us participating in M&A in emerging markets. We'll continue to invest a small amount of capital there, opportunistically doing redevelopment to support our organic tenant billings growth there. And then we do have some build-to-suits that we're doing as part of multiyear commitments we entered into previously.

但我想再次向大家重申，我們的資本配置策略是專注於已開發市場。因此，你們不應該指望看到我們參與新興市場的併購活動。我們將繼續在那裡投入少量資金，抓住機會進行重建，以支持我們租戶在那裡的自然成長。此外，我們還有一些客製化建造項目，這是我們之前簽訂的多年期合約的一部分。

But as we think about capital allocation going forward, it's really focused on developed markets, predominantly the US. And then if there's an opportunity in Europe or elsewhere that's developed, we'll certainly evaluate that. But we're not seeing a lot of deal flow out there that we find attractive today. And we hope that changes. We hope that there is an opportunity for us to scale in some of those markets.

但展望未來，當我們考慮資本配置時，重點實際上是已開發市場，主要是美國。如果歐洲或其他地方出現了合適的機遇，我們一定會進行評估。但目前我們並沒有看到很多我們認為有吸引力的交易機會。我們希望這種情況能夠改變。我們希望有機會在一些市場擴大規模。

And if there is, we'll keep you guys apprised when it happens.

如果有的話，我們會及時通知大家。

Rick, I would just add a couple of quick things here. You had mentioned any possible future settlement from DISH could be a balance sheet item. I'll just highlight the fact that DISH is in default at the moment. They're not paying us. There is the potential for future collections that may come in.

瑞克，我這裡只想補充幾點。您曾提到，DISH未來可能支付的任何款項都可能成為資產負債表上的一個項目。我只想強調一下，DISH 目前處於違約狀態。他們不付我們薪水。未來可能還會推出其他系列產品。

And if they do, it could be accounted for in other non-run rate revenue. So there could be some P&L impacts to the extent that there are future collections from DISH as we go forward. And the only other thing I'd highlight on capital allocation is we are now down below our 5%, within our 3 times to 5 times leverage target.

如果他們真的這麼做了，這筆收入可以計入其他非營運收入。因此，隨著我們未來從 DISH 收取款項，可能會對損益表產生一些影響。關於資本配置，我唯一要強調的是，我們目前的槓桿率已經低於 5%，在 3 倍到 5 倍的目標範圍內。

As you've heard Steve and I talk about over the last several quarters, that brings us into financial flexibility. Just to remind you the bits and pieces here, Steve talked about this. We're a REIT. We provide the dividend. We think that's essential to our long-term TSR, total shareholder return. Then we have been consistently investing between $1.5 billion and $2 billion in CapEx.

正如你在過去幾個季度聽到史蒂夫和我談論的那樣，這讓我們擁有了財務靈活性。簡單回顧一下，史蒂夫談到了這一點。我們是房地產投資信託基金（REIT）。我們發放股利。我們認為這對我們的長期股東總回報 (TSR) 至關重要。然後，我們持續在資本支出方面投入 15 億至 20 億美元。

And we've been able to rotate that, as Steve said, into the areas where we see the best returns. Today, that's going into developed markets and it's increasing capital investments in CoreSite. And then we look at M&A and buyback, and we will make the decisions between those two pieces in terms of which one provides the best outlook for long-term total shareholder return.

正如史蒂夫所說，我們已經能夠將這些資金輪換到我們認為回報最好的領域。如今，這種模式正進軍已開發市場，並不斷增加對 CoreSite 的資本投資。然後我們會考慮併購和股票回購，並根據哪一項能為股東帶來最佳的長期總回報前景來決定在這兩者之間做出選擇。

And of course, if paying down debt and building capacity for future deployments make sense, then we'll do that. So we have a lot of options available to us. We're willing to use them all. And we are now in a place where the balance sheet is very strong, and we've regained full financial flexibility.

當然，如果償還債務和為未來的部署累積能力是有意義的，那麼我們就會這樣做。所以我們有很多選擇。我們願意全部使用它們。現在，我們的資產負債表非常穩健，我們已經重新獲得了充分的財務靈活性。

Michael Rollins, Citi.

麥可‧羅林斯，花旗集團。

Thanks, and good morning. So the margin guidance for cash margins to go up by 200 basis points to 300 basis points by 2030, how much of that is just organic from the natural operating leverage in the business? And then how much is represented by the acceleration of the activities that you outlined earlier?

謝謝，早安。因此，到 2030 年現金利潤率預期將提高 200 至 300 個基點，其中有多少僅僅是企業自然經營槓桿作用帶來的有機成長？那麼，您先前概述的各項活動的加速發展究竟帶來了多大的影響呢？

Hey Michael, good morning, this is Rod. Let me take that one. So as you highlight in our 2026 guide for cash EBITDA margins, we're guiding to about 66.8%. That is slightly down from the prior year, down about 20 basis points.

嗨，邁克爾，早上好，我是羅德。讓我來做吧。正如您在我們 2026 年現金 EBITDA 利潤率指南中所強調的那樣，我們預計利潤率將達到 66.8% 左右。這比去年同期略有下降，下降了約 20 個基點。

Of course, within there, there is organic revenue growth as the benefits of cost management that I would remind you and other listeners that we, as a company, have been focused on cost management and efficiencies over the long term historically and certainly over the last several years, that you've seen us talk about absolute reductions in SG&A year-over-year over the last few years. So this is not new to us in terms of focusing on cost.

當然，其中也包括有機收入成長，這是成本管理帶來的好處。我想提醒各位聽眾，我們公司一直以來都非常注重成本管理和效率提升，尤其是在過去幾年裡，你們也看到了我們談論過去幾年銷售、一般及行政費用逐年絕對下降的情況。所以，對我們來說，關注成本並不是一件新鮮事。

A couple of things that are offsetting those expansionary pieces that are driving the margin is it's offset by higher contributions from our data center business, which is lower margin as well as contributions from our services business that also has lower margin. And I would highlight that it's absorbing about 50 basis points of contraction because of the DISH churn.

有兩件事抵銷了推動利潤率成長的擴張性因素：一是資料中心業務貢獻增加，但利潤率較低；二是服務業務貢獻增加，但利潤率也較低。我還要強調，由於 DISH 的用戶流失，它吸收了大約 50 個基點的收縮。

And within there, it has a step back in the CoreSite margins by about 270 basis points. A lot of that is a onetime nonrecurring benefit we got in property tax. As we reversed a prior property tax accrual in 2025, that's not expected to be recurring again, of course, in 2026.

其中，CoreSite 的利潤率下降了約 270 個基點。其中許多都是我們在房產稅中獲得的一次性、非經常性收益。由於我們在 2025 年撤銷了先前的房產稅應計款項，因此預計 2026 年不會再次發生這種情況。

With all of that said, I'm not going to go through and try to break out the bits and pieces of that margin expansion that we are expecting. We have increased margins about 300 basis points over the last several years. We expect to do that again going forward in the next several years going out to about 2030.

綜上所述，我不會逐條分析我們預期中的利潤率擴張。過去幾年，我們的利潤率提高了約 300 個基點。我們預計在未來幾年，直到 2030 年左右，都會再次這樣做。

And I'm not going to break it out in terms of which pieces are the organic growth pieces and which ones are the cost savings. And it really is a continuation of what we've been doing. We've been focused a lot on reducing and managing SG&A. We'll now pivot towards global operations and look to reduce and manage our direct expenses down. That will help contribute to that continued expansion.

我不會具體區分哪些是自然成長部分，哪些是成本節約部分。這確實是我們一直在做的事情的延續。我們一直致力於降低和管理銷售、一般及行政費用。接下來，我們將轉向全球運營，並努力減少和控制直接支出。這將有助於推動這一持續擴張。

And just to confirm. Over the last several months, I think you and Steve have been talking about the incremental effort to drive efficiency, and we were going to get an update at some point. So does today's target for 2030 fully encapsulate the activities that you've been describing over the last several months just to continue to push those efficiencies forward?

再次確認一下。在過去的幾個月裡，我認為你和史蒂夫一直在討論逐步提高效率的努力，我們本來應該在某個時候得到最新的進展。那麼，今天提出的 2030 年目標是否完全涵蓋了您在過去幾個月所描述的那些旨在繼續提高效率的活動？

It encapsulates the things that I talked about in my script, where we talked about the four initiatives that we're taking on today. We do think that AI could offer some incremental upside to that, but it's too early to predict exactly what that's going to be. So when you think about what we're doing here, the direct costs typically rise with inflation.

它概括了我演講稿中提到的內容，我們在演講稿中談到了我們今天正在採取的四項措施。我們認為人工智慧可能會在這方面帶來一些額外的好處，但現在預測具體好處如何還為時過早。所以，當你思考我們在這裡所做的事情時，你會發現直接成本通常會隨著通貨膨脹而上升。

And so we thought the best way to explain a target to you guys was to do it in terms of margin. We could put out a number that's sort of a voided cost number that wouldn't mean anything to anybody. But we didn't think that was the right way to explain it.

因此，我們認為向你們解釋目標的最好方法就是用利潤率來解釋。我們可以公佈一個相當於作廢成本的數字，這個數字對任何人來說都沒有意義。但我們認為那不是正確的解釋方式。

We thought it was really to focus on what's going to be in the bottom line and what's something you could actually model out in terms of our expectation. And so when we looked at it, and we looked at what the growth would have been in terms of margins just from the operating leverage and where we were in terms of direct, we set a stretch target for ourselves. And we do think that, that 200 points to 300 points of margin expansion represents some nice improvement over what it would otherwise be if we weren't able to recognize these cost savings.

我們認為，真正應該關注的是最終結果，以及根據我們的預期，我們可以實際建模的內容。因此，當我們審視這個問題，並考慮僅從經營槓桿來看利潤率的成長情況，以及我們當時的直接業務狀況時，我們為自己設定了一個具有挑戰性的目標。我們認為，利潤率提高 200 到 300 個百分點，相比我們無法實現這些成本節約的情況，這代表著相當不錯的進步。

So that's the guidance you're going to get from us, is that margin expansion piece. If theres's a chance to do something else with AI, and we think there is, once we've been able to sort of figure exactly what those numbers look like, we'll share it.

所以，我們將要提供給你的指導是關於利潤率擴張的部分。如果人工智慧還有機會做其他事情（我們認為有這樣的機會），一旦我們能夠準確地弄清楚這些數字是多少，我們就會分享出來。

But until then, focused on margin expansion. As Rod said, look at it on the tower side. not on a data center and services side. And we give you guys enough information on supplemental to do that. And we'll continue to expand those margins and update you on that quarter, like we always have.

但在此之前，我們將專注於擴大利潤率。正如羅德所說，要從塔架的角度來看問題，而不是從資料中心和服務的角度。我們會提供足夠的補充資訊供大家參考。我們將繼續擴大利潤空間，並像往常一樣，向大家報告當季業績。

And Michael, I would just add that, that margin expansion is off of a base that is already industry leading.

邁克爾，我還要補充一點，利潤率的擴張是建立在業界領先的基礎上的。

Nick Del Deo, Moffettnathanson.

尼克·德爾·迪奧，莫菲特納桑森。

Good morning. Thanks for taking my questions. First, I was hoping you could expand a bit on two of the tower revenue growth drivers you highlighted, fixed wireless and AI. So with fixed wireless, are you seeing the carriers invest behind it as the primary motivating factor for work on a site versus piggybacking mobile-led deployments both in the US and overseas? And what AI use cases do you see as most promising for driving wireless traffic growth?

早安.謝謝您回答我的問題。首先，我希望您能詳細闡述您重點提到的兩個鐵塔收入成長驅動因素：固定無線和人工智慧。那麼，對於固定無線網絡，您是否看到運營商將其作為在現場開展工作的主要動力因素進行投資，而不是像在美國和海外那樣，僅僅依靠移動網絡進行部署？您認為哪些人工智慧應用情境最有希望推動無線流量成長？

Sure. I'll take that one. When it comes to fixed wireless, the carriers are still using their existing installations to support that. So you wouldn't necessarily see a stand-alone, to put it, for fixed wireless. The way we think about it is overall mobile network traffic and mobile data demand.

當然。我選那個。在固定無線網路方面，營運商仍然利用現有的設施來提供支援。所以，你可能不會看到獨立的固定無線網路。我們認為，這指的是整體行動網路流量和行動數據需求。

And when you look at the percentage of mobile data usage that's coming from fixed wireless, it's accelerating. We also look at our carrier customers and what they're saying publicly, and they're all raising their targets for fixed wireless subscribers. So what that tells us is that's driving demand on the network. And that's underpinning growth in our sales. Even though we can't necessarily pinpoint this amendment or this colocation to fixed wireless, we know it's kind of an overall driver.

而且，從固定無線網路獲得的行動數據使用百分比來看，這一成長速度正在加快。我們也會關注我們的營運商客戶以及他們公開的言論，他們都在提高固定無線用戶的目標。這說明網路需求正在上升。而這正是我們銷售額成長的根本原因。雖然我們不能確定這項修正案或這種共址部署與固定無線網路有何直接關係，但我們知道它在某種程度上是一個整體驅動因素。

When it comes to AI, we're in the early days of this. And most of the AI that we're all doing on our telephones is text or maybe a still photograph. That doesn't put a ton of stress on the networks. It's really video that puts the stress on the networks, and it's both video upstreaming and downstreaming. And that's what we think is going to drive a lot more activity over time.

就人工智慧而言，我們還處於起步階段。我們大多數人在手機上使用的AI功能，大多是文字處理或靜態照片。這不會給網路帶來太大壓力。真正給網路帶來壓力的是視頻，包括視頻的上行傳輸和下行傳輸。我們認為這將推動未來更多的業務活動。

Some of the projections we've seen are showing that the upstreaming effects of AI to require a change in network architecture, where most networks today have about 10% dedicated to upload and 90% to download, varies by customers, so some of them could be different.

我們看到的一些預測表明，人工智慧的上游效應需要改變網路架構，而目前大多數網路大約有 10% 的頻寬用於上傳，90% 的頻寬用於下載，但不同客戶的情況有所不同，因此有些網路可能會有所不同。

We think that in the future, AI could change that trajectory a bit so that you're seeing north of 20% in terms of uploading capacity. So again, it's early days. Too hard to predict exactly when it's going to happen or exactly what app is going to drive it.

我們認為，未來人工智慧可能會稍微改變這個趨勢，使上傳能力提升 20% 以上。所以，現在還為時過早。很難準確預測它何時發生，或者哪個應用程式會驅動它。

But it's really that video upstreaming, video manipulation as well as things like the Meta glasses that are live streaming kind of everything around you, those types of applications that we think are really result in some network traffic over time

但真正導致網路流量增加的，是視訊上游傳輸、視訊處理，以及像Meta眼鏡這類可以即時直播周圍的一切應用，我們認為這些類型的應用會隨著時間的推移而產生大量的網路流量。

Okay, thanks Steve. And can I ask one on CoreSite as well? I thought there were some local news reports that indicated that you recently bought land in the Bay Area and might be pursuing a new campus in the Dallas-Fort Worth area. Assuming those reports are accurate, kind of what's the time frame for the Bay Area land? And how many megawatts do you think you'll be able to support? And maybe talk a little bit about the vision and rationale for de novo market entry in Dallas.

好的，謝謝你，史蒂夫。我可以在CoreSite也問一個問題嗎？我記得一些當地新聞報導說，您最近在舊金山灣區購買了土地，可能正在達拉斯-沃斯堡地區籌建新校區。假設這些報道屬實，那麼灣區土地的開發大概要花多久時間？你認為你能支援多少兆瓦的電力？或許還可以談談在達拉斯全新市場進入市場的願景與理由。

Sure. So we're not ready to announce any new markets yet. We are selectively looking at opportunities in other key metros that would be complementary to our existing portfolio, and we have purchased the land in various areas as sort of an exploratory foray into those. And when we make a decision to break ground there, we'll tell you guys that we're doing it.

當然。因此，我們目前還不打算宣布進入任何新市場。我們正在選擇性地尋找其他主要大都市的機會，以補充我們現有的投資組合，並且我們已經在各個地區購買了土地，作為對這些地區的探索性嘗試。當我們決定在那裡破土動工時，我們會告訴大家我們正在這樣做。

The rationale is we're seeing incredible demand on our campuses. And this is our fourth consecutive year of record sales growth and this is the first year we've seen AI really manifest itself as a huge use case. So when you look at what's driving the success of CoreSite right now, we still have our kind of bread-and-butter customer, and that's the enterprises that need to be in interconnection-rich data center that's directly connected to multiple cloud on ramps. That's our core customer. There's still a huge [sale] long runway of demand from that customer.

原因是我們看到校園內出現了巨大的需求。這是我們連續第四年實現創紀錄的銷售成長，也是我們第一次看到人工智慧真正成為一個巨大的應用案例。所以，當我們審視CoreSite目前成功的驅動力時，我們仍然擁有我們最主要的客戶群體，那就是那些需要擁有互聯性豐富的資料中心，並且該資料中心能夠直接連接到多個雲端入口的企業。那是我們的核心客戶。這位客戶的需求依然龐大，銷售前景依然廣闊。

But we're also seeing AI workloads like inferencing and machine learning, things like that, and that's our fastest-growing new use case. So from our perspective, to maximize the value of CoreSite, which is what we should be doing, it's both investing in our current campuses and expanding those.

但我們也看到了人工智慧工作負載，例如推理和機器學習等等，這是我們成長最快的新用例。因此，從我們的角度來看，為了最大限度地發揮 CoreSite 的價值（這也是我們應該做的），既要投資我們現有的校區，也要擴大這些校區。

And it's looking at what other markets our customers would like for us to be in to drive even more accelerant sales over time. From a timeline perspective, from the time we break ground until the time we open the facility, it depends on a couple of factors.

同時，我們也在研究我們的客戶希望我們進入哪些其他市場，以便隨著時間的推移，推動銷售成長更快。從時間安排來看，從破土動工到設施開放，取決於幾個因素。

Power availability is one of them, but also just the size of the facility zoning, et cetera. But you can expect it to be approximately two to three years from the time we break ground until the time that we can bring that capacity online and start realizing revenue from it.

電力供應是其中之一，但設施的規模和分區等也是需要考慮的因素。但從破土動工到該產能上線並開始產生收益，預計大約需要兩到三年。

Jim Schneider, Goldman Sachs.

吉姆‧施耐德，高盛集團。

Good morning. Thanks for taking my question. I was wondering if you could maybe just elaborate on the cost savings program. Maybe you specifically talk about what -- it sounds like many of the actions you mentioned, Rod, would be things you would have done in normal course already.

早安.謝謝您回答我的問題。我想請您詳細介紹一下成本節約計劃。也許你可以具體談談——羅德，你提到的很多事情，聽起來都是你在正常情況下已經做過的事情。

So I'm trying to understand, are you basically saying or is the message that you'll be able to sort of achieve this 50 basis points on average per year in spite of some of the cost headwinds and margin headwinds that you mentioned earlier? Or is there something sort of above and beyond that? And would you expect any non-linearity in achievement of those?

所以我想理解的是，你的意思基本上是說，儘管你之前提到了一些成本和利潤方面的不利因素，但你仍然能夠平均每年實現 50 個基點的增長嗎？或者說，還有高於此的其他東西嗎？你認為這些目標的實現會存在任何非線性特徵嗎？

Yeah, thanks for the question, Jim. And I would highlight the fact that in the last several years, you've seen us really manage our SG&A and manage that down. Of course, we don't announce when we're reducing staff and those sorts of things, but some of that activity certainly happened over the last three years, as we rationalized SG&A across the board.

是的，謝謝你的提問，吉姆。我想強調的是，在過去的幾年裡，你們可以看到我們確實有效地控制並降低了銷售、一般及行政費用。當然，我們不會公開宣布何時裁員等等，但在過去三年裡，隨著我們對銷售、管理及行政費用進行全面合理化，確實發生了一些此類活動。

When I mentioned a continuation, it really is a continuation of the mindset around cost management and cost controls. The thing that is different going forward is that we have a different global structure. We have the addition of a Chief Operating Officer that is going to be bringing best practices around the globe in terms of the way we manage land expenses, the way we execute on supply chain and sourcing.

當我提到延續時，它實際上是指成本管理和成本控制理念的延續。未來與以往不同的是，我們的全球結構已經改變了。我們新增了一位首席營運官，他將把全球最佳實踐引入我們管理土地支出、執行供應鏈和採購的方式。

We're going to be looking to expand the standard of care in the way we manage tower operations in the US globally, which we expect really will drive efficiency and bend that curve down. And that will be a contributing factor to the margin expansion that we expect going out to 2030.

我們將著眼於提升美國及全球鐵塔營運管理的標準，我們預計這將真正提高效率並降低成本曲線。這將是到 2030 年我們預期利潤率擴張的促成因素。

Thank you. And then as a follow-up, can you maybe comment on the Europe property growth expectations? 9% new site seems like a lot. I'm just kind of curious where that's coming from. And maybe talk about any kind of the flavor or underlying color on a country-by-country basis. Thank you.

謝謝。其次，您能否談談對歐洲房地產市場成長的預期？9% 的新網站看起來很多。我只是有點好奇這是從哪裡來的。或許還可以逐國討論某種口味或底色。謝謝。

Sure. I'll take that one. So we're seeing a lot of good opportunities in Europe right now, and we have a strong portfolio anchored by Telefonica that's largely insulated from some of the potential consolidation that's out there. So as we look at Europe, we're continuing to see a long runway of mid-single-digit organic growth that we expect to realize there.

當然。我選那個。因此，我們目前在歐洲看到了許多好機會，而且我們擁有以西班牙電信為核心的強大投資組合，這在很大程度上免受當前一些潛在整合的影響。因此，當我們審視歐洲市場時，我們預計未來很長一段時間內，歐洲市場將保持中等個位數的有機成長。

And as part of our acquisition but also as part of some of our other agreements out there, we have the opportunity to build these sites. So we're expecting to bring onboard a record number of new builds in Europe next year. And so that's underpinning a lot of that growth.

作為我們收購的一部分，也是我們與其他一些協議的一部分，我們有機會建立這些網站。因此，我們預計明年歐洲將迎來創紀錄數量的新項目。因此，這構成了這種增長的很大一部分基礎。

And it's largely in the countries you'd expect it to be. Our two main markets are Germany and Spain there. So you're going to see a lot of towers there. We will bring some new towers online in France as well. And we'd like to bring more online in Italy.

而且主要集中在你預料之中的國家。我們在美國的兩個主要市場是德國和西班牙。所以你會看到那裡有很多高塔。我們也將在法國啟用一些新的信號塔。我們希望在義大利推出更多線上服務。

We like that country, and we just don't have as much presence there as we'd like to have. But what you're seeing there is a reflection of some really solid performance by our teams and earning the trust of our customers and then giving us more opportunities to build sites for them. And that's what's underpinning the growth there, along with good leasing expectations over time.

我們喜歡那個國家，只是我們在那裡的影響力還不夠大。但你現在看到的，反映了我們團隊非常出色的表現，贏得了客戶的信任，也給了我們更多為他們建立網站的機會。而這正是推動該地區成長的根本原因，再加上長期良好的租賃預期。

I would note that Europe in general is behind in deploying 5G compared to what the US is. And so I think that from that perspective, there's a lot more runway to continue to deploy 5G there as well. So we feel good about the market. We feel good about the investments there. And what you're seeing in that 9% is really us continuing to build new sites as well as realizing organic growth there as well.

我想指出的是，與美國相比，歐洲在部署 5G 方面總體上落後於美國。因此，我認為從這個角度來看，那裡還有很大的空間可以繼續部署 5G。所以我們對市場感覺良好。我們對那裡的投資感到滿意。你看到的這 9% 的成長，實際上是我們不斷建立新網站以及實現自然成長的結果。

David Barden, New Street Research.

David Barden，新街研究公司。

Hey guys, thanks so much for taking the questions. I guess regarding capital allocation, we talked a lot about returning capital and making new investments. But something we had talked about for a while, Steve, was kind of the pivot away from emerging markets. And I think the term of art is called capital recycling.

各位，非常感謝你們回答這些問題。我想，關於資本配置，我們談了很多關於資本回報和新投資的問題。但史蒂夫，我們之前討論過一段時間的一個問題是，要逐漸減少對新興市場的依賴。我認為這個專業術語叫做資本循環利用。

And if you go to slide 11 and you kind of look at that left-hand side, it looks like there's a lot of markets that are small enough to be distractions and that money could be put to a higher and better use. So if you could kind of talk to us a little bit about what the strategy there is at this stage, whether currencies and market valuations have stopped you from doing things or if things are on the burner.

如果你翻到第 11 張投影片，看看左邊那部分，你會發現有很多市場規模太小，會分散注意力，這些錢本來可以用於更高更好的用途。所以，如果您能稍微跟我們談談現階段的策略，例如貨幣和市場估值是否阻止了您的行動，或者是否有一些正在醞釀中的計劃，那就太好了。

And then I guess my next question is a little offbeat. But for the last five years, if anyone asked, hey, how's satellite going to affect the terrestrial wireless business? You'd roll your eyes and you'd say, it's never going to have an impact.

那麼，我想我的下一個問題可能有點出乎意料。但在過去五年裡，如果有人問，嘿，衛星將如何影響地面無線業務？你會翻個白眼說，這永遠不會產生任何影響。

But now that you're starting to talk about 2030 margin expansion, 2030 6G is a driver and the reality that these LEO constellations are going to evolve over the next five years of material ways, how do you kind of get comfort right now looking into 2030 that this kind of evolution of connectivity, towers in the sky, so to speak, isn't an equivalently disruptive -- an equivalent to, say, the AI evolution, which you also expect to happen in the next five years? Thanks.

但現在您開始談論 2030 年的利潤擴張，2030 年 6G 是一個驅動因素，而這些低地球軌道星座將在未來五年內發生實質性的演變，展望 2030 年，您如何才能確信這種連接方式的演變，或者說空中塔架的演變，不會像您預計在未來五年內發生的 AI 那樣具有顛覆性？謝謝。

Yeah, well, let me take the emerging market question on that. And our goal is always to establish a real estate portfolio that's giving us industry-leading AFFO per share. And we made a pivot a couple of years ago to focus more of our development CapEx and the developed markets because we thought that was going to give us the best durable growth over time.

好的，那我就來談談新興市場的問題吧。我們的目標始終是建立一個房地產投資組合，使我們的每股調整後營運資金 (AFFO) 達到行業領先水準。幾年前，我們調整了策略，將更多研發資本支出和已開發市場作為重點，因為我們認為這將為我們帶來最佳的持久成長。

And because we had gotten a little ahead of ourselves in terms of emerging market exposure given some of the challenges that we saw there with India and other things. So we've already made a number of changes to our portfolio mix there.

因為考慮到我們在印度和其他地區遇到的一些挑戰，我們在新興市場投資方面有點操之過急了。所以我們已經對那裡的投資組合做了一些調整。

You referenced some of the smaller countries. And we'll always evaluate those countries to see what the best use of capital is on that, and you could see us do something there, but only if we think we're realizing the value of those that's accretive to our shareholders. So we're not going to do any fire sales. We're not going to eliminate something because of the distraction. What we've done to fix that is we've changed our operating model so that they're operating from regional hubs or through these kind of global organizations.

你提到了一些較小的國家。我們會始終評估這些國家，看看如何最好地利用資本，你可能會看到我們在那裡做一些事情，但前提是我們認為我們正在實現那些能夠為股東增值的價值。所以，我們不會進行任何清倉甩賣。我們不會因為受到干擾而放棄某些東西。為了解決這個問題，我們改變了營運模式，讓他們透過區域中心或這類全球組織來開展業務。

So it's really not a distraction for us. So it's all about what value can we realize and does that make sense? And if it does, you might see us take action. Otherwise, we're going to harvest that cash flow and redeploy it into our capital priorities that we outlined there. So again, just when there's news there, we'll let you know. But until then, we're going to continue those.

所以這真的不會分散我們的注意力。所以關鍵在於我們能實現什麼價值，以及這樣做是否合理？如果真的發生這種情況，您可能會看到我們採取行動。否則，我們將收回這筆現金流，並將其重新投入我們先前概述的資本優先事項。所以，一旦有消息，我們會第一時間通知您。但在此之前，我們將繼續這些工作。

When it comes to satellites, the reason that we made an investment in AST SpaceMobile was to get a Board seat so that we would have a front row seat to this technology as it unfolds. And we certainly continue to monitor that. We talk to the engineers in the space. We talked to the dreamers in the space and what they're trying to do. And that gives us a lot of confidence that satellites will be complementary to the terrestrial networks.

就衛星而言，我們投資 AST SpaceMobile 的原因是為了獲得董事會席位，以便我們能夠近距離觀察這項技術的發展。我們當然會繼續關注此事。我們與太空中的工程師們進行了交談。我們與太空領域的夢想家們進行了交談，並了解了他們正在嘗試做的事情。這讓我們更有信心，衛星將與地面網路形成互補。

6G is likely to be designed with satellites being an integral part of an integrated network. But the simple physics of spectrum, the simple economics of having a constellation that has to consistently be replenished over time means that towers will always be the cheapest and best way of deploying the level of content, the volume of mobile data that consumers demand. So while we think the satellite business is a great business, it's going to be a good complement to the network.

6G 的設計很可能將衛星作為整合網路的組成部分。但頻譜的簡單物理原理，以及需要不斷補充的基地台陣列的簡單經濟學原理意味著，基地台始終是部署消費者所需的內容水平和行動數據量的最便宜、最好的方式。所以，雖然我們認為衛星業務是一項很棒的業務，但它將是對現有網路的良好補充。

And we certainly are excited about the developments we're seeing in that area. We see no risk at all to the tower business over the long term because, again, towers will always be a cheaper form of delivering a mass amount of data to the consumer. And the satellites and just can't compete with that.

我們當然對該領域目前的發展感到興奮。從長遠來看，我們認為鐵塔業務沒有任何風險，因為鐵塔始終是向消費者提供大量數據的更便宜的方式。衛星根本無法與之競爭。

And David, I want to add a couple of just data points for you to think about to support Steve's discussion around us being an active portfolio manager. The evidence here is that we sold India and we took the proceeds from that sale. And we delevered and helped us get down below our 5 times.

大衛，我想補充幾個數據點供你思考，以支持史蒂夫關於我們作為積極的投資組合經理的討論。證據就是我們把印度賣了，並且拿走了賣所得的錢。我們降低了槓桿率，使我們的本益比降至 5 倍以下。

You also saw us exit in different markets around the world. And again, we used those proceeds from those sales to delever the balance sheet and to help us regain that financial flexibility. And most recently, and we announced it in the prepared remarks and in the press release, we sold half of our stake in AST Mobile.

您也看到了我們在世界各地不同市場的退出情況。我們再次利用這些銷售所得來降低資產負債率，幫助我們重新獲得財務彈性。最近，我們在事先準備好的演講稿和新聞稿中宣布，我們出售了我們在 AST Mobile 的一半股份。

Remember, that was just a modest investment. We really invested in to stay close to the satellite business and to learn about that business going forward. There's no secret. The stock has done well. The company has done well.

記住，那隻是一筆數額不大的投資。我們投入了大量資源，以便與衛星業務保持密切聯繫，並了解該業務的未來發展。這沒什麼秘密。這支股票表現不錯。公司業績不錯。

And we looked at it as a good opportunity to recycle some of that capital. So we sold half the stake. We used that to actually buy back shares in the last quarter. And we maintained a Board seat on AST. So we still have the ability to continue to learn.

我們認為這是一個重新利用部分資金的好機會。所以我們賣掉一半的股票了。我們在上個季度利用這筆資金回購了股票。我們保留了在AST的董事會席位。所以我們仍然有能力繼續學習。

Brandon Nispel, Key Bank Capital Markets.

Brandon Nispel，Key Bank Capital Markets。

Great. So two questions. (technical difficulty) Obviously, the US ex DISH is pretty steady. I guess if we can remove DISH from like the last three years, it still seems like colo and amendment activity is down. Is that right? And just to nitpick a little bit, why is the second half of the year lower than the first half? And how should we be thinking about that in terms of the exit rate? How should that inform our view in terms of 2027?

偉大的。所以，我有兩個問題。（技術難題）顯然，美國（除 DISH 外）相當穩定。我想，如果我們把 DISH 的資料從過去三年中剔除，似乎託管和修改活動仍然有所下降。是這樣嗎？還有一點要指出的是，為什麼下半年的業績比上半年低？那麼，從退出率的角度來看，我們該如何看待這個問題呢？這應該如何影響我們對 2027 年的看法？

And then separately, in Africa, one of your largest customers just announced their intent to acquire some towers for their own. (technical difficulty) Sort of how you're thinking about that in terms of your view when one of your largest customers now wants to own a captive tower portfolio? How does that impact your growth expectations for that market? Thanks.

另外，在非洲，你們最大的客戶之一剛剛宣布他們打算收購一些訊號塔。（技術難題）當您最大的客戶之一現在想要擁有一個自建鐵塔組合時，您是如何看待這個問題的？這對您對該市場的成長預期有何影響？謝謝。

Thanks. I'll take the Africa question first. We don't expect it to have any effect on our business there at all. We think that transaction is unrelated to the business we have there. If you look at the sales success that we had in 2025, we're doing very well in Africa in terms of our new business there. And our projections for 2026 are to have another good year of that.

謝謝。我先回答關於非洲的問題。我們預計這不會對我們在那裡的業務產生任何影響。我們認為這筆交易與我們在當地的業務無關。如果看看我們在 2025 年取得的銷售業績，就會發現我們在非洲的新業務發展得非常好。我們預計2026年也將是另一個好年。

We don't think that the acquisition of the other tower company really has any bearing on that at all. As we've said previously, our goal is to reduce the incremental capital that we're putting into Africa over time. And that means that we're not going to be building as many new sites for the carrier customers there.

我們認為收購另一家鐵塔公司與此根本沒有任何關係。正如我們之前所說，我們的目標是隨著時間的推移，減少我們投入非洲的增量資本。這意味著我們將不會在那裡為營運商客戶建立這麼多新站點。

And so I think that what you're seeing play out in the various changes that are happening in Africa are reflective of our customers that are looking for other alternatives versus American Tower in terms of how they're going to build some of those sites in their network. So we feel good about that business. We think that we're going to continue to have a nice long runway of organic growth there.

因此，我認為您在非洲看到的各種變化反映了我們的客戶正在尋找與美國鐵塔公司不同的替代方案，以解決他們將如何在網路中建立某些站點的問題。所以我們對這項業務感到滿意。我們認為，我們將繼續保持良好的長期自然成長動能。

Hey Brandon, I guess keeping with the theme here and working backwards, I'll answer your second question, which is the timing and the pacing of new business. So I referred to the fact that there will be a slightly higher number or contribution in the first half of the year and it ticks down really ever so slightly. It's simply just a function of the way that our holistic agreements work as well as the timing of activity that we expect to see. And there's nothing more to it than that.

嘿，布蘭登，我想為了延續這個主題，從後往前回答你的第二個問題，也就是新業務的時機和節奏。所以我指的是，今年上半年貢獻的數量會略高一些，然後會稍微下降一些。這完全取決於我們的整體協議的運作方式以及我們預期看到的活動時間。事情就是這樣，僅此而已。

Your first question again is related to kind of going back over several years and the contribution and activity level that we've seen in the US, and how it relates to our organic growth. I'll point out a couple of things. A few years ago, you did see us achieve record levels of new business. And there were a couple of drivers to that.

你的第一個問題又回到了過去幾年，以及我們在美國看到的貢獻和活躍程度，以及它與我們的自然成長有何關係。我指出幾點。幾年前，你們確實看到我們取得了創紀錄的新業務量。這其中有兩個原因。

One is there was an initial phase, initial wave of 5G networks, carriers deploying and upgrading the network with C-band spectrum. That came with an initial spike in CapEx, where we saw the carrier CapEx in the US come up over $40 billion. So there was a significant push to begin that 5G launch. And that's typically what we see in the industry when a new technology is deployed.

一是存在初始階段，即 5G 網路的第一波浪潮，營運商使用 C 波段頻譜部署和升級網路。隨之而來的是資本支出的最初激增，我們看到美國營運商的資本支出超過了 400 億美元。因此，5G的推出得到了大力推動。而這通常是我們在業界部署新技術時會看到的情況。

After that initial wave, we do see a moderation of the CapEx and a more steadying, albeit a step-up in terms of CapEx. So we may not be seeing a repeat of the all-time high that we saw in the initial wave of 5G. But the steady state now, more in the mid-$30 billion range, is higher than the steady state that we saw in CapEx under the 4G cycle. So it moderates but there is a step-up that's consistent over time.

在最初的成長浪潮之後，我們看到資本支出有所放緩，並且趨於穩定，儘管在資本支出方面有所增長。因此，我們可能不會再看到像 5G 初期那樣的歷史最高水準重現。但目前的穩定狀態，大約在 300 億美元左右，高於我們在 4G 週期中看到的資本支出穩定狀態。所以雖然有所緩和，但隨著時間的推移，上升的幅度是持續的。

And the other thing I would highlight is over the last several years, you saw contributions from DISH to new business and organic growth for the tower companies over the last several years. Going forward, that's no longer in the numbers.

另外我想強調的是，在過去幾年裡，DISH 為鐵塔公司的新業務和有機成長做出了貢獻。展望未來，這已不再是衡量標準。

So that said, when you think about the state of the industry today and the three wireless carriers, they're well capitalized, healthy. And they are contributing a consistent level of activity in '26 that we saw in prior years, and we expect that to continue going forward.

所以說，當你考慮到當今行業的狀況以及三大無線運營商時，你會發現它們資金雄厚，運作狀況良好。他們在 2026 年保持了與往年一樣的穩定活躍度，我們預計這種情況將持續下去。

Brendan Lynch, Barclays.

巴克萊銀行的布倫丹·林奇。

Great, thanks for taking my questions. Rod, maybe just to follow up on that commentary there. That was very helpful in kind of framing out the longer-term outlook. You previously guided to 5% organic growth through 2027.

太好了，謝謝你回答我的問題。羅德，或許我只是想就你剛才的評論做個補充。這對於勾勒出更長遠的展望非常有幫助。您之前曾預測到 2027 年將達到 5% 的有機成長。

Obviously, with DISH not in the picture now, that is coming down a little bit. How should we think about that long-term growth going forward, back into about 4.5%, and that's what you're suggesting for this year. Should we anticipate that, that continues out into the future as well?

顯然，隨著 DISH 退出市場，這個數字有所下降。我們應該如何看待未來的長期成長，回到 4.5% 左右，這也是您今年的建議。我們是否應該預料到這種情況會持續到未來？

I'll actually take that one. Back in early 2021, when we set out that expectation for US and Canada organic growth of 5% or better between '23 and '27, that was based on the growth drivers that we saw at the time. And what we didn't have in our view shed then was DISH trying to sell its spectrum and exit the market effectively and also T-Mobile completing the transaction of US cellular.

我就要那個。早在 2021 年初，當我們提出 2023 年至 2027 年間美國和加拿大有機成長率達到 5% 或更高的預期時，這是基於我們當時看到的成長驅動因素。而我們當時沒有看到的是，DISH 試圖出售其頻譜並有效地退出市場，而 T-Mobile 完成了對 US Cellular 的交易。

So those are things that have taken us off of that guide, as you know, this year in particular. However, everything else is kind of playing out the way that we expected it to. And if you look at the past several years, we achieved 5% up until last year when those transactions were announced.

所以，正如你所知，尤其是今年，正是這些因素讓我們偏離了那份指南。然而，其他一切似乎都按照我們預期的方向發展了。回顧過去幾年，直到去年宣布這些交易之前，我們的成長率都達到了 5%。

And so as we think about going forward, and we're not going to give '27 guidance here. But as we think about going forward, our long-term growth algorithm that we've laid out for you guys, we believe still holds true.

所以，當我們考慮未來發展方向時，我們不會在這裡給出 2027 年的指導意見。但展望未來，我們相信先前為大家製定的長期成長策略仍然有效。

And that is organic growth in our developed markets in the mid-single digits, a little bit higher in our emerging markets, higher contributions from CoreSite because we see double-digit growth in revenue in CoreSite.

我們在已開發市場的有機成長為個位數中段，在新興市場略高一些，CoreSite 的貢獻更大，因為我們看到 CoreSite 的收入實現了兩位數的成長。

And we're going to have expanding margins because of our cost control. So as we think about that long-term growth algorithm that we laid out, we're still confident in our ability to deliver that even in the three-carrier market.

由於我們有效控制了成本，我們的利潤率將會不斷提高。因此，當我們思考我們所製定的長期成長演算法時，我們仍然有信心即使在三個營運商的市場中也能實現這一目標。

Great, thank you. That's helpful. And maybe just one on the data center front. Can you describe to what extent you're seeing actual inferencing demand and specifically low latency inferencing demand at CoreSite?

太好了，謝謝。那很有幫助。或許資料中心方面只需要一個。您能否描述一下您在 CoreSite 中實際看到的推理需求，特別是低延遲推理需求的程度？

I can speak to inferencing demand. It's hard to say if it's low latency because the whole campus is low latency based on the way we've organized it. But what we've seen is an uptick in inferencing. It is one of our leading new use cases that's coming in. And quite frankly, we have more demand for it than we can meet with our supply.

我可以談談如何推斷需求。很難說它的延遲是否很低，因為根據我們的組織方式，整個校園的延遲都很低。但我們看到的是推理能力的提升。這是我們即將推出的主要新應用案例之一。坦白說，我們目前的需求量遠遠超過了我們的供應能力。

So we're able to curate our mix of inferencing partners there, and that's helping us keep the risk, the business model risk down because we're only choosing the best names in the space in terms of who can go in our facilities.

因此，我們可以精心挑選我們的推理合作夥伴，這有助於我們降低風險，降低商業模式風險，因為我們只選擇業內最優秀的公司進駐我們的設施。

We could do more if we had more space, quite frankly. There's a lot of demand out there for it. But because we're still curating our customer mix, we're still trying to make sure that we have that right balance of cloud, networks and enterprises, and I would throw inferencing in, is kind of the new fourth characteristics of it, but because we're still curating that mix, we're just not taking everything that comes in the door.

坦白說，如果我們有更多空間，我們可以做更多的事情。市場上對它的需求量很大。但因為我們仍在精心挑選客戶組合，仍在努力確保我們在雲端、網路和企業之間保持適當的平衡，而推理可以說是它的第四個新特徵，但因為我們仍在精心挑選這種組合，所以我們不會來者不拒。

Richard Choe, JPMorgan.

Richard Choe，摩根大通。

Hi, I wanted to ask a follow-up on the data centers. What kind of renewal pricing are you seeing an overall pricing for new business? And then back to the tower business, if you can give us a sense of what kind of pipeline of applications you are seeing. And has that shifted at all? And at some point, do you see it kind of inflecting higher?

您好，我想就資料中心的問題進行後續諮詢。您目前看到的續約價格和新業務的整體定價情況如何？然後回到塔式業務，能否為我們介紹一下您目前看到的申請流程狀況？這種情況有改變嗎？而且，你覺得它在某個時候會向上傾斜嗎？

Sure. So I'll start with the data center question -- I'm sorry, pricing. So we're seeing generally higher pricing. Our mark-to-market continues to exceed what it's been over kind of historical norms on that. So that's a really good indication of that.

當然。那我先從資料中心的問題開始──抱歉，是定價問題。因此，我們看到價格普遍上漲。我們的市值計價持續超過歷史平均。所以這確實是一個很好的例子。

And then the market level pricing does continue to rise because there is this imbalance between supply and demand. And so I don't have any specifics for you in terms of percentages there. We're not putting that kind of level of information out there.

然後，由於供需失衡，市場價格會繼續上漲。因此，我無法提供具體的百分比數據。我們不會對外公佈那種程度的資訊。

But overall, it's going up. And that's enabling us to continue to underwrite mid-teens or better returns on the new incremental capital that we're putting in. Because as we're creating that new space, even though you do have a little bit of cost pressure from inflation, tariffs, things like that, we're able to pass that through in the form of higher pricing to keep those stabilized returns kind of in that mid-teens range. So we feel very good about that over time.

但總體而言，它是上升的。這使得我們能夠繼續為我們投入的新增資本提供十幾個百分點甚至更高的回報。因為在創造這個新空間的過程中，即使通貨膨脹、關稅等因素帶來了一些成本壓力，我們也能以更高的價格將這些壓力轉嫁出去，從而將穩定的回報保持在十幾個百分點的範圍內。所以隨著時間的推移，我們對此感到非常滿意。

In terms of the application pipeline on towers, we are expecting slightly fewer number of total applications this year. But that's not reflective of anything other than a couple of the carriers are largely through their initial 5G overlays. And so a lot of that was kind of amendment business that was likely covered in a lot of our holistic agreements anyway. So there's no real readthrough on that in terms of customer demand or property revenue.

就基地台應用流程而言，我們預計今年的應用程式總數將略有減少。但這只能說明有幾家營運商的 5G 網路部署已基本完成。因此，許多這類修改事項可能本來就在我們的整體協議中有所涵蓋。因此，從客戶需求或房產收入的角度來看，這並沒有真正的參考價值。

And in terms of an inflection, what we're seeing as an inflection is a higher number of new colocations coming in, which is very positive because those come in at higher revenue per transaction than the amendments do. But I would say, again, it's an overall consistent level of activity year-over-year, and it's consistent with what we expected to see at this point. And we expect it to be at that level or better in the future as they switch to densifying their networks.

就轉捩點而言，我們看到的轉捩點是新增託管機房數量的增加，這是非常正面的，因為這些機房的單筆交易收入高於修訂案的收入。但我還是要說，整體而言，與往年相比，活動水準保持穩定，這與我們目前預期的情況相符。我們預計未來隨著他們轉向密集化網絡，網路速度將達到或超過這個水平。

Thank you. This concludes the question-and-answer session. I'd like to thank you for your participation in today's conference. This does conclude the program, and you may now disconnect.

謝謝。問答環節到此結束。感謝各位參加今天的會議。程式到此結束，您可以斷開連線了。