Crown Castle Inc (CCI) 2023 Q1 法說會逐字稿

Good morning, everyone, and welcome to the Crown Castle First Quarter 2023 Earnings Conference Call. (Operator Instructions) Please also note, today's event is being recorded.

大家早上好，歡迎來到 Crown Castle 2023 年第一季度收益電話會議。 （操作員說明）另請注意，今天的活動正在錄製中。

At this time, I'd like to turn the floor over to Ben Lowe, Senior Vice President of Corporate Finance. Please go ahead.

現在，我想請公司財務高級副總裁 Ben Lowe 發言。請繼續。

Great. Thank you, Jamie, and good morning, everyone. Thank you for joining us today, as we discuss our first quarter 2023 results. With me on the call this morning are Jay Brown, Crown Castle's Chief Executive Officer; and Dan Schlanger, Crown Castle's Chief Financial Officer. To aid the discussion, we have posted supplemental materials in the Investors section of our website at crowncastle.com that will be referenced throughout the call this morning. This conference call will contain forward-looking statements, which are subject to certain risks, uncertainties and assumptions, and actual results may vary materially from those expected. Information about potential factors which could affect our results is available in the press release and the Risk Factors sections of the company's SEC filings. Our statements are made as of today, April 20, 2023, and we assume no obligations to update any forward-looking statements.

偉大的。謝謝杰米，大家早上好。感謝您今天加入我們，我們將討論 2023 年第一季度的業績。今天早上和我一起打電話的是 Crown Castle 的首席執行官 Jay Brown；和 Crown Castle 的首席財務官 Dan Schlanger。為了幫助討論，我們在我們網站 crowncastle.com 的“投資者”部分發布了補充材料，這些材料將在今天上午的整個電話會議中被引用。本次電話會議將包含前瞻性陳述，這些陳述受某些風險、不確定性和假設的影響，實際結果可能與預期存在重大差異。有關可能影響我們結果的潛在因素的信息，請參閱新聞稿和公司向美國證券交易委員會提交的文件的風險因素部分。我們的聲明截至今天，即 2023 年 4 月 20 日，我們不承擔更新任何前瞻性聲明的義務。

In addition, today's call includes discussions of certain non-GAAP financial measures. Tables reconciling these non-GAAP financial measures are available in the supplemental information package, in the Investors section of the company's website at crowncastle.com. So with that, let me turn the call over to Jay.

此外，今天的電話會議還討論了某些非 GAAP 財務指標。協調這些非 GAAP 財務措施的表格可在公司網站 crowncastle.com 的投資者部分的補充信息包中找到。因此，讓我把電話轉給傑伊。

Thanks, Ben, and good morning, everyone. Thanks for joining us on the call. We continue to see positive underlying demand trends as 5G has developed across the U.S., driving first quarter results that were in line with our expectations and no changes to our 2023 outlook. As we discussed in the press release, we expect our near-term results to be impacted by a combination of the Sprint network rationalization and a higher interest rate environment, which will result in minimal dividend growth in 2024 and 2025, despite strong projected underlying growth throughout our business.

謝謝，本，大家早上好。感謝您加入我們的電話會議。隨著 5G 在美國的發展，我們繼續看到積極的潛在需求趨勢，推動第一季度業績符合我們的預期，並且我們的 2023 年展望沒有變化。正如我們在新聞稿中所討論的那樣，我們預計我們的近期業績將受到 Sprint 網絡合理化和更高利率環境的共同影響，這將導致 2024 年和 2025 年的股息增長微乎其微，儘管預計潛在增長強勁在我們的整個業務中。

Looking past these discrete items, we believe our strategy will allow us to deliver on our long-term target of growing dividends per share, 7% to 8% per year. Our strategy is to grow revenues on our shared infrastructure and invest in new assets that will generate additional future growth. By executing this strategy, we aim to deliver the highest risk-adjusted returns by consistently returning money to our shareholders through a growing dividend. This strategy is underpinned by the durability of the underlying demand trends, we see in the U.S. Growth in our business has consistently been driven by our customers investing in their networks with the deployment of more spectrum and cell sites to keep pace with the rapid growth in mobile data demand.

回顧這些離散項目，我們相信我們的戰略將使我們能夠實現每股股息增長 7% 至 8% 的長期目標。我們的戰略是通過我們的共享基礎設施增加收入，並投資於將產生額外未來增長的新資產。通過執行這一戰略，我們的目標是通過不斷增加的股息向股東返還資金，從而提供最高的風險調整後回報。這一戰略的基礎是潛在需求趨勢的持久性，我們在美國看到我們的業務增長一直受到我們的客戶投資於他們的網絡的推動，他們部署了更多的頻譜和蜂窩站點，以跟上市場的快速增長移動數據需求。

The need for substantial investment in networks has persisted from 2G through 5G. Slide 4 focuses on wireless capital spending, since the early days of 4G to support mobile data demand that has increased by a factor of 62x since 2011. While industry-wide capital may vary year-to-year, particularly as new spectrum is acquired, wireless capital spending throughout the deployment of 4G was relatively consistent, averaging approximately $30 billion per year. During this time, priorities shifted back and forth between acquiring new spectrum and deploying that spectrum with the addition of new cell sites, with both being essential for our customers to keep up, with the increasing data demand.

從 2G 到 5G，對網絡進行大量投資的需求一直存在。幻燈片 4 側重於無線資本支出，自 4G 初期支持移動數據需求以來，該需求自 2011 年以來增長了 62 倍。雖然全行業的資本可能逐年變化，尤其是在獲得新頻譜時，整個 4G 部署期間的無線資本支出相對穩定，平均每年約 300 億美元。在此期間，優先事項在獲取新頻譜和通過添加新蜂窩站點部署該頻譜之間來迴轉移，這兩者對於我們的客戶跟上不斷增長的數據需求至關重要。

With our shared infrastructure model, we have helped our customers to maximize the benefits of these investments by lowering the cost of deployment. This value proposition has allowed us to generate significant growth in our tower's business throughout the 4G rollout, and we added to that growth with investment in small cells, which began to play a critical role in helping our customers keep up with the increasing demand in the later stages of 4G. Each new generation of wireless technology has provided expanded capacity for connectivity. And over time, it also created a platform for innovation that expanded how we use, and rely on our mobile devices. Driving ever-increasing demand for data and connectivity.

通過我們的共享基礎架構模型，我們幫助客戶通過降低部署成本來最大化這些投資的收益。這一價值主張使我們能夠在整個 4G 推出期間實現塔式業務的顯著增長，並且我們通過投資小基站來增加這種增長，這開始在幫助我們的客戶跟上日益增長的需求方面發揮關鍵作用。 4G後期。每一代新一代無線技術都提供了擴展的連接能力。隨著時間的推移，它還創建了一個創新平台，擴展了我們使用和依賴移動設備的方式。推動對數據和連接性不斷增長的需求。

As a result, we expect our customers' network and investment in the 5G era to exceed what they spent deploying 4G. Since we are still in the early innings of 5G, we believe these positive underlying demand trends will support our ability to sustain at least 5% organic tower revenue growth, and continue the acceleration in our small cell business. In the first 2 years of 5G deployment at scale, we led the industry with organic tower growth of greater than 6%. Additionally, we believe our current small cell backlog provides line of sight into doubling our on-air nodes over the next several years, which we expect will drive double-digit small cell revenue growth beginning in 2024. Looking at how our overall strategy is performing, since we established our long-term dividend per share growth target of 7% to 8% per year in 2017, we've delivered 9% compounded annualized dividend per share growth, returning $12 billion or 20% of our current market capitalization to our shareholders over that period. And we have been able to deliver these results while limiting our risk by focusing on the U.S., which we continue to believe is the best market in the world for wireless infrastructure ownership.

因此，我們預計客戶在 5G 時代的網絡和投資將超過他們部署 4G 的支出。由於我們仍處於 5G 的早期階段，我們相信這些積極的潛在需求趨勢將支持我們維持至少 5% 有機塔收入增長的能力，並繼續加速我們的小型基站業務。在 5G 大規模部署的前兩年，我們以超過 6% 的有機塔增長率領先行業。此外，我們相信我們當前的小型基站積壓訂單為未來幾年將我們的空中節點增加一倍提供了視線，我們預計這將推動小型基站收入從 2024 年開始實現兩位數的增長。看看我們的整體戰略表現如何，自從我們在 2017 年確立了每年 7% 至 8% 的長期每股股息增長目標以來，我們已經實現了 9% 的複合年化每股股息增長，將 120 億美元或我們當前市值的 20% 返還給我們那段時間的股東。通過專注於美國，我們已經能夠取得這些成果，同時限制我們的風險，我們仍然認為美國是世界上無線基礎設施所有權的最佳市場。

Over the long term, the durability and scale of wireless data growth in the U.S. combined with our unmatched opportunity to benefit from the likely decade-long 5G development, gives us confidence in our ability to deliver on our long-term target of growing dividends per share of 7% to 8% per year. We believe this growth, paired with a dividend that currently yields about 5%, provides the potential for shareholders to compound double-digit total returns over a long period of time.

從長遠來看，美國無線數據增長的持久性和規模，加上我們從可能長達十年的 5G 發展中受益的無與倫比的機會，使我們相信我們有能力實現我們的長期目標，即增加每股紅利每年7%到8%的份額。我們認為，這種增長加上目前收益率約為 5% 的股息，為股東提供了在很長一段時間內實現兩位數複合回報的潛力。

And with that, I'll turn the call over to Dan.

有了這個，我會把電話轉給丹。

Thanks, Jay, and good morning, everyone. The continued development of 5G has extended the positive operating trends in our business into this year, and positions us to deliver another year of solid growth. Results for the first quarter were in line with our expectations and our full year 2023 outlook is unchanged, highlighted by an expectation for 5% organic tower revenue growth and accelerating small cell activity with the addition of 10,000 nodes during the year. .

謝謝，傑伊，大家早上好。 5G 的持續發展將我們業務的積極經營趨勢延續到今年，並使我們能夠實現又一年的穩健增長。第一季度的業績符合我們的預期，我們對 2023 年全年的展望保持不變，重點是預計有機塔收入將增長 5%，並在年內增加 10,000 個節點以加速小型基站活動。 .

Turning to our first quarter financial results on Page 5. We generated nearly 6.5% organic growth in site rental billings or 3% when adjusted for the impact of the Sprint cancellations. The organic growth in site rental billings contributed to 3% growth in site rental revenues, 1% growth in adjusted EBITDA and 2% growth in AFFO. As we discussed last quarter, we expect the Sprint cancellations will result in some movements in our financial results, that are not typical for our business. Our expectation for the full year impact from Sprint cancellations remains unchanged, with nonrenewals of approximately $30 million and accelerated payments of $160 million to $170 million. During the first quarter, we received $48 million in accelerated payments related to Sprint cancellations within our fiber solutions business, offset by $2 million of nonrenewals. We expect the majority of the remaining $110 million to $120 million in accelerated payments to occur in the second quarter, and as a result, we continue to expect the second quarter to represent the high watermark for adjusted EBITDA and AFFO in 2023.

轉到第 5 頁上的第一季度財務業績。我們的網站租金賬單有機增長近 6.5%，或根據 Sprint 取消的影響調整後增長 3%。場地租金賬單的有機增長導致場地租金收入增長 3%，調整後 EBITDA 增長 1%，AFFO 增長 2%。正如我們上個季度所討論的那樣，我們預計 Sprint 的取消將導致我們的財務業績發生一些變化，這對我們的業務來說並不常見。我們對 Sprint 取消的全年影響的預期保持不變，未續約約 3000 萬美元，加速付款為 1.6 億至 1.7 億美元。在第一季度，我們收到了 4800 萬美元的加速付款，這些付款與我們光纖解決方案業務中的 Sprint 取消相關，被 200 萬美元的非續訂所抵消。我們預計剩餘的 1.1 億至 1.2 億美元加速付款中的大部分將在第二季度發生，因此，我們繼續預計第二季度將代表 2023 年調整後 EBITDA 和 AFFO 的高水位線。

Turning to Page 6. Our full year 2023 outlook remains unchanged and includes site rental revenue growth of 4%, adjusted EBITDA growth of 3% and AFFO growth of 4%. When adjusting for the full year impact of the Sprint cancellations, we continue to expect organic site rental billings growth of approximately 4%, which consists of 5% growth in towers, 8% growth in small cells and flat site rental billings and fiber solutions.

翻到第 6 頁。我們的 2023 年全年展望保持不變，包括場地租金收入增長 4%、調整後 EBITDA 增長 3% 和 AFFO 增長 4%。在調整 Sprint 取消的全年影響時，我們繼續預計有機站點租金增長約 4%，其中塔式增長 5%，小型基站和平面站點租金增長 8%，以及光纖解決方案。

Turning to our financing activities. Over the last several years, we have purposely managed our balance sheet consistent with our aim to deliver the best risk-adjusted returns to shareholders. As a result, we believe our strong investment-grade balance sheet is well positioned to support our future financing needs, with leverage in line with our target of approximately 5x net debt to adjusted EBITDA, $5 billion of available liquidity under our revolving credit facility, 85% fixed rate debt, a weighted average maturity of 8 years and less than 10% of total debt maturing through 2024.

轉向我們的融資活動。在過去的幾年裡，我們有目的地管理我們的資產負債表，以符合我們為股東提供最佳風險調整後回報的目標。因此，我們相信我們強大的投資級資產負債表能夠很好地支持我們未來的融資需求，槓桿率符合我們的目標，即調整後 EBITDA 的淨債務約為 5 倍，我們的循環信貸額度下有 50 億美元的可用流動性， 85% 的固定利率債務，加權平均期限為 8 年，不到 2024 年到期的總債務的 10%。

Our discretionary CapEx outlook for full year 2023 also remains unchanged with gross CapEx of $1.4 billion to $1.5 billion or approximately $1 billion net of expected prepaid rent.

我們對 2023 年全年的酌情資本支出展望也保持不變，總資本支出為 14 億至 15 億美元，或扣除預期預付租金後約 10 億美元。

So to wrap up, we remain excited by the opportunities we see, to lease our existing tower and fiber assets, while also deploying capital to expand our portfolio with additional assets that we believe will extend our growth runway, and position us to deliver on our long-term dividend per share growth target of 7% to 8%.

因此，總而言之，我們仍然對我們看到的機會感到興奮，租賃我們現有的塔和光纖資產，同時還部署資本以使用我們認為將擴展我們的增長跑道的額外資產來擴展我們的投資組合，並使我們能夠實現我們的目標每股長期股息增長目標為7%至8%。

And with that, Jamie, I'd like to open the call to questions.

有了這個，傑米，我想開始提問。

(Operator Instructions) Our first question today comes from Simon Flannery from Morgan Stanley.

（操作員說明）我們今天的第一個問題來自摩根士丹利的西蒙弗蘭納里。

If I could start with leasing. You've talked about reiterating guidance. That implies a nice acceleration in leasing, over the course of the year. Perhaps, you could just update us on how you expect that to track over the next several quarters, and what gives you confidence, at this point that you will hit those guidance numbers?

如果我可以從租賃開始。你談到了重申指導。這意味著在這一年中租賃業務將出現良好的加速增長。也許，您可以向我們介紹您期望在接下來的幾個季度中如何跟踪，以及是什麼讓您有信心，在這一點上您將達到這些指導數字？

And then secondly, pulling back a bit, you talked about small cells doubling over the next few years. You see a lot of different numbers out there about the addressable market, the total demand for small cells 5, 10 years out. I know, you've talked a lot about that in the past. Perhaps you could just update us with what you think the TAM is for you and others over time.

其次，稍稍退後一步，您談到小型基站在未來幾年內會翻一番。你會看到很多關於可尋址市場的不同數字，即 5、10 年後對小型基站的總需求。我知道，你過去已經談了很多。也許您可以向我們介紹您認為 TAM 隨著時間的推移對您和其他人有何幫助。

Simon, on the first question, I feel good about, where we are in the year from a leasing standpoint. First quarter, as we mentioned, as Dan and I mentioned in our comments, came in, in line with what we expected for the first quarter. Obviously, we have the great benefit in the vast majority of our business for both towers and small cells of a long visibility cycle and so have a pretty good view as to when we'll see that revenue growth over the balance of the year.

西蒙，關於第一個問題，我感覺很好，從租賃的角度來看，我們今年的情況。正如我們提到的，正如丹和我在評論中提到的那樣，第一季度的表現符合我們對第一季度的預期。顯然，對於可見性週期較長的塔和小型基站，我們在絕大多數業務中都受益匪淺，因此我們對何時能看到今年餘下的收入增長有很好的看法。

We think this year will ultimately be a year that's level loaded for the most part from first half to second half, which is a little different than kind of our historical experience. If we go back over the last 20 years or so, in most years we would see somewhere between 35% and 40% of the total year's activity in the first half of the year and then the balance of it in the second half. And we think, this year's a little bit more level loaded between first half and second half of the year. So good start to the year, pleased with where we're at and visibility as suggested by our numbers that were unchanged for revenue growth from prior guidance, coming in as expected and the pipeline. Looks like it's shaping up as we would have expected when we originally gave guidance last October.

我們認為今年最終將是上半年到下半年大部分時間負載水平的一年，這與我們的歷史經驗有點不同。如果我們回顧過去 20 年左右，在大多數年份中，我們會在上半年看到全年活動的 35% 到 40%，然後在下半年看到餘額。我們認為，今年上半年和下半年之間的負載水平略高一些。今年的開局如此之好，對我們所處的位置和可見度感到滿意，正如我們的數字所暗示的那樣，我們的收入增長與之前的指導相比沒有變化，如預期和管道一樣進入。看起來它正在形成，正如我們去年 10 月最初給出指導時所預期的那樣。

On your second question around small cells, the big driver here as we saw, and I mentioned this in my comments, with 4G, certainly have seen a significant amount of site densification that, frankly, towers just can't serve that need for densification of the network. We saw that at the end of 4G and both, I think, in terms of the number of small cells that we've seen thus far in 5G commitments from the carrier customers as well as the conversations that we're having about what is to come in the future suggests that, that opportunity is significantly more than, what we saw during the 4G era.

關於小型基站的第二個問題，正如我們所看到的，我在評論中提到了這一點，對於 4G，肯定已經看到了大量的站點緻密化，坦率地說，塔無法滿足緻密化的需求的網絡。我們在 4G 末期看到了這一點，我認為，就我們迄今為止在運營商客戶的 5G 承諾中看到的小型基站數量而言，以及我們正在進行的關於什麼是come in the future 表明，這個機會遠遠超過我們在 4G 時代看到的機會。

So, I don't know whether it's -- we're going to see a double or we're going to see a quadruple from here. I think, time will tell. But certainly, the trajectory of that business would suggest we're going to see a growing total addressable market. And then, the portion of that, that will be interesting to us will be a combination of those opportunities that fall on the assets that we already own and improve the yield on those assets and the colocation, which as we've seen even thus far in the early commitments that we've seen out of our customers in 5G, and then the portion of further expansion beyond there will come down to whether or not we think it meets the rigorous test that we put through each of our capital expenditures, as to whether or not the returns are such that they're appropriate and will drive long-term growth in our dividend and drive a good outcome for equity holders based on the returns of those. And we'll just have to see how it plays out.

所以，我不知道它是——我們會看到一個雙倍還是我們會從這裡看到一個四倍。我想，時間會證明一切。但可以肯定的是，該業務的發展軌跡表明我們將看到一個不斷增長的總潛在市場。然後，我們感興趣的部分將是那些落在我們已經擁有的資產上的機會的組合，並提高這些資產和託管的收益率，正如我們迄今為止所看到的那樣在我們從我們的客戶那裡看到的 5G 早期承諾中，然後進一步擴展的部分將歸結為我們是否認為它滿足我們通過每項資本支出進行的嚴格測試，因為回報是否合適，是否會推動我們股息的長期增長，並根據這些回報為股東帶來良好的結果。我們只需要看看它會如何發揮作用。

Great. And so you're still focused on that core of what is it, 20, 30 key markets?

偉大的。所以你仍然專注於它的核心，20 個、30 個關鍵市場？

Yes, The vast majority of the activity thus far as related to the where we own our fiber is in those top 30 markets. We've seen some activity outside of that and certainly believe that the carriers will build and need to build small cells beyond the top 30 markets in the U.S., probably, all the way out to the top 100 and beyond. And our willingness to play there will again come down to what are the -- what do we believe are the return opportunities there. And if we think, it's highest and best used, then we'll continue to follow the carriers there. And -- but we'll have to wait and see as that opportunity develops.

是的，到目前為止，與我們擁有光纖的地方相關的絕大多數活動都在前 30 個市場中。我們已經看到了除此之外的一些活動，並且當然相信運營商將建設並且需要在美國前 30 大市場之外建設小型基站，可能一直到前 100 強甚至更高。我們在那裡打球的意願將再次歸結為——我們認為那裡的回歸機會是什麼。如果我們認為它是最高和最好用的，那麼我們將繼續關注那裡的運營商。而且 - 但隨著機會的發展，我們將不得不拭目以待。

Our next question comes from Brett Feldman from Goldman Sachs.

我們的下一個問題來自高盛的布雷特費爾德曼。

I was hoping we could talk a little bit about what's going on in the market for fiber solutions, and a lot of investors think of this as being one of your more economically sensitive business line. So, I was hoping you could maybe talk a bit about what the market environment and the demand funnel looks like. And then, just if we look at the leasing activity, which I know is a year-over-year metric, at $19 million in the quarter, that's obviously pretty far below the run rate you would have to be at for the remainder of the year to get into your guidance range. Is that merely a year-over-year comp dynamic that gets easier? Or do you have visibility into a pickup in leasing as you move into the second quarter and the back half?

我希望我們能談談光纖解決方案市場上正在發生的事情，很多投資者認為這是您對經濟更敏感的業務線之一。所以，我希望你能談談市場環境和需求漏斗是什麼樣的。然後，如果我們看一下租賃活動，我知道這是一個同比指標，本季度為 1900 萬美元，這顯然遠低於您在剩餘時間內必須達到的運行率年進入您的指導範圍。這僅僅是一個年復一年的競爭動態變得更容易了嗎？或者，當您進入第二季度和下半年時，您是否能看到租賃業務的回升？

Brett, on your first question, the vast majority of our business comes from government, education and medical. That's the big driver of our solutions business as well as large enterprise. We have not historically seen that business be as sensitive to economic movements. Small and medium businesses tend to have much more volatility and sensitivity to economic movements. Those are not customer base that we serve in our business. So we're very focused on the types of customers.

布雷特，關於你的第一個問題，我們的絕大部分業務來自政府、教育和醫療。這是我們解決方案業務以及大型企業的重要驅動力。從歷史上看，我們從未見過企業對經濟走勢如此敏感。中小企業往往對經濟走勢具有更大的波動性和敏感性。這些不是我們在業務中服務的客戶群。所以我們非常關注客戶的類型。

The activity that we've seen thus far in the calendar year as well as when we look at the pipeline for the balance of the year, looks in line with the expectations that we gave last October. The first quarter comp is difficult, in part answer to your second question but also following on from the first question. The comparison in the first quarter of 2022 had the benefit of about $10 million of -- out of run rate activity in it. So when you compare that to the current quarter, you need to adjust for that to get kind of an apples-to-apples comparison.

到目前為止，我們在日曆年看到的活動以及當我們查看今年剩餘時間的管道時，看起來與我們去年 10 月給出的預期一致。第一季度比較困難，部分回答了你的第二個問題，但也是第一個問題的後續。與 2022 年第一季度的比較有大約 1000 萬美元的收益——其中的運行率活動。因此，當您將其與當前季度進行比較時，您需要對其進行調整以獲得一種蘋果對蘋果的比較。

We think, based on the pipeline that -- both we expect to build as well as where we sit now that by the end of 2023, as we exit the year, we'll be back in line with kind of our expectation of being able to grow that business at about 3%, at the revenue line. And all the growth in data, not just wireless data, but the growth in data would suggest kind of our core markets and core customer segments will continue to need additional services and that our fiber is well placed to be able to capture that opportunity.

我們認為，基於管道，我們預計到 2023 年底建立以及我們現在所處的位置，當我們結束這一年時，我們將回到我們對能夠的期望在收入線上以大約 3% 的速度增長該業務。數據的所有增長，不僅僅是無線數據，而且數據的增長表明我們的核心市場和核心客戶群將繼續需要額外的服務，而我們的光纖處於能夠抓住這一機會的有利位置。

Our next question comes from Michael Rollins from Citi.

我們的下一個問題來自花旗銀行的 Michael Rollins。

So I'm curious, just going back to the subject of leasing activity, can you give us an update in terms of what you're seeing from some of the newer tenants like DISH, on your site and how that relationship is progressing?

所以我很好奇，回到租賃活動的主題，你能告訴我們你在你的網站上看到的一些新租戶（如 DISH）的最新情況以及這種關係的進展情況嗎？

Mike, we don't like to speak to individual customers, in terms of the activity that we're seeing. I think, as we've said many times about DISH, we have seen them behave in a very consistent way with desiring to build a nationwide network. Our teams are doing everything that we can to help them get sites on air and get them there quickly. DISH has made a very significant commitment to us, in terms of the number of sites necessary for their network and a financial commitment around that. And so we're committed to doing everything we can to help them get those sites on air.

邁克，就我們所看到的活動而言，我們不喜歡與個別客戶交談。我認為，正如我們多次談到 DISH 時，我們已經看到他們的行為與建立全國網絡的願望非常一致。我們的團隊正在盡一切努力幫助他們讓網站播出並迅速到達那裡。 DISH 在其網絡所需的站點數量以及相關的財務承諾方面對我們做出了非常重要的承諾。因此，我們致力於盡我們所能幫助他們播出這些網站。

Broadly, beyond the carriers that are deploying nationwide networks, we're continuing to see the space that we refer to as verticals, we're seeing that vertical space continue to develop. And there are a number of companies that are looking at wireless plays, and they need access to our infrastructure in order to deploy either licensed or unlicensed spectrum. Those tend to be more market-by-market decisions, and we've got a team focused on capturing as much of that opportunity, as there is and feel good about the longer-term opportunities. It's not so much meaningful in our short-term results. But we think, over the next decade as 5G is deployed, that it's another way that spectrum will be used to meet the growing data minutes that are happening from a wireless standpoint, and we'll see a number of opportunities in our business to capture some of that growth, both on the tower side as well as small cells.

從廣義上講，除了正在部署全國網絡的運營商之外，我們還在繼續看到我們稱之為垂直的空間，我們看到垂直空間在繼續發展。並且有許多公司正在關注無線業務，他們需要訪問我們的基礎設施才能部署許可或非許可頻譜。這些往往是更多的逐個市場的決策，我們有一個團隊專注於抓住盡可能多的機會，因為有長期機會並且感覺良好。這對我們的短期結果意義不大。但我們認為，在未來十年內，隨著 5G 的部署，從無線的角度來看，這是使用頻譜來滿足不斷增長的數據分鐘數的另一種方式，我們將在我們的業務中看到許多機會來捕捉一些增長，無論是在塔側還是小型蜂窩。

And when you look at the guidance ranges, particularly on tower leasing activity for 2023, can you remind us what are the things that can go incrementally right to put you at the higher end of the range versus some of the factors that could push you to the lower end of the range?

當您查看指導範圍時，尤其是 2023 年的塔樓租賃活動，您能否提醒我們哪些事情可以逐步正確地讓您處於範圍的高端，而一些因素可能會促使您範圍的下限？

When it comes to towers, we have pretty long visibility and the majority of our revenue growth is contracted, as we look at 2023. So by this point of the year, we have a pretty good view as to where we're going to come out from a tower standpoint. And things that we would see positively and negatively might affect a little bit of our run rate as we go into 2024 but are unlikely to have a material impact in calendar year 2023. So, we'd have to update you as we get into the year.

就塔樓而言，我們有相當長的能見度，而且我們的大部分收入增長都在收縮，正如我們展望 2023 年一樣。因此，到今年這個時候，我們對我們的發展方向有一個很好的看法從塔的角度來看。我們看到的積極和消極的事情可能會在我們進入 2024 年時對我們的運行率產生一點影響，但不太可能對 2023 日曆年產生重大影響。因此，我們必須在進入年。

The biggest drivers -- this is always the case in the business. The biggest drivers over the long term are the investment of the carriers of improving their network and in cycles where they're upgrading, as they are now upgrading to 5G, the biggest driver is the number of sites that they go out and upgrade from, in this case, 4G to 5G, shows up in the form of amendments on our existing sites. And then, as the adoption cycle happens and devices get into the hands of consumers that enables 5G, we would expect densification to be required.

最大的驅動力——在商業中總是如此。從長遠來看，最大的驅動因素是運營商改善網絡的投資以及他們升級的周期，因為他們現在正在升級到 5G，最大的驅動因素是他們走出去並從中升級的站點數量，在這種情況下，4G 到 5G 以我們現有站點的修正形式出現。然後，隨著採用周期的發生，設備進入支持 5G 的消費者手中，我們預計需要緻密化。

We're still in the early stages, as I mentioned in my comments, as the deployment of 5G, which means the majority of the activity that we're seeing, would still be amendments to existing sites and upgrading those sites to 5G. And then, we'll get into the next phase in the coming years as we start to see more site densification, which will be a combination, we believe, of both towers and small cells. The big driver, though, is minutes of use. And that trend line appears to be really healthy and the carriers have acquired a significant amount of spectrum over the last several years for 5G, and our business is about putting that spectrum to work and getting it deployed. It's the best indication of what our future growth will be.

正如我在評論中提到的，我們仍處於早期階段，因為 5G 的部署（這意味著我們看到的大部分活動）仍將是對現有站點的修改並將這些站點升級到 5G。然後，隨著我們開始看到更多站點緻密化，我們將在未來幾年進入下一階段，我們相信，這將是塔和小型蜂窩的結合。不過，最大的驅動因素是使用時間。而且這條趨勢線似乎非常健康，運營商在過去幾年中為 5G 獲得了大量頻譜，我們的業務是讓這些頻譜發揮作用並進行部署。這是我們未來增長的最好跡象。

Our next question comes from Brendan Lynch from Barclays.

我們的下一個問題來自巴克萊銀行的布倫丹林奇。

Maybe two on the dividend. You suggest it's going to be below your 7% to 8% target for the next couple of years. I'm wondering, if you're at the lower end of your CapEx guidance. Would you be more inclined to raise the dividend to hit your target range or potentially use the available cash for buybacks?

也許兩個關於股息。你建議未來幾年它會低於你 7% 到 8% 的目標。我想知道，您是否處於資本支出指導的低端。您是更傾向於提高股息以達到您的目標範圍還是可能使用可用現金進行回購？

Brendan, thanks for the question. We think about the business, let me step back big picture and talk about, how we think about capital allocation. Our goal is to distribute virtually all of the cash flow that we produce in the business to shareholders. We think that, that's the best way to operate the business because we think it drives the most value for shareholders over the long period of time and it creates a lot of discipline internally, on how we think about capital allocation. It makes the capital scarce. And in order to make investments, we need to come to the debt market or to the equity market, in our case, nicely the debt market, to make the case for why these investments should be made. And that scarcity of resource, I think, creates good discipline around capital allocation.

布倫丹，謝謝你的提問。我們考慮業務，讓我退後一步，談談我們如何考慮資本配置。我們的目標是將我們在業務中產生的幾乎所有現金流分配給股東。我們認為，這是經營業務的最佳方式，因為我們認為它可以在很長一段時間內為股東帶來最大價值，並且它在內部創造了很多紀律，關於我們如何考慮資本分配。它使資本稀缺。為了進行投資，我們需要進入債務市場或股票市場，在我們的例子中，很好地進入債務市場，以說明為什麼應該進行這些投資。我認為，這種資源稀缺在資本配置方面創造了良好的紀律。

So, we start with a view that we're going to distribute all of the cash flow. So the amount of capital that we spend, whether it goes a little up or a little down, really does not impact how we think about the dividend. So my comments around the minimal dividend growth and below our target for 2024 and 2025 relate to the 2 discrete items that we highlighted in the press release. And Dan and I mentioned in our comments around the rationalization that's ongoing in the Sprint network and the increase of the interest rate environment. Between those 2 items over the next -- over 2024 and 2025, as we've given you guidance, that would suggest the number that's in the neighborhood of $350 million of headwind that we're facing, over those 2 years. So that's the reason, why we're giving you some view as to the dividend. We've given you both the numbers and our view. And then, where the cash flow comes out, will ultimately determine how we set the dividend.

因此，我們從一個觀點開始，即我們將分配所有現金流。因此，我們花費的資本數量，無論是增加一點還是減少一點，都不會影響我們對股息的看法。因此，我對最低股息增長和低於我們 2024 年和 2025 年目標的評論與我們在新聞稿中強調的 2 個獨立項目有關。丹和我在我們的評論中提到了 Sprint 網絡正在進行的合理化和利率環境的增加。在接下來的這兩項之間——2024 年和 2025 年，正如我們為您提供的指導，這將表明我們在這兩年中面臨的 3.5 億美元逆風附近的數字。這就是為什麼我們要給你一些關於股息的看法的原因。我們已經為您提供了數字和我們的觀點。然後，現金流從哪裡出來，將最終決定我們如何設置股息。

Okay. Great. Maybe just one other capital-related question. The $750 million maturity in July, you've got a good deal of balance sheet flexibility at this point. What are you thinking about in terms of delevering or refinancing or potentially just using the capacity of the revolver?

好的。偉大的。也許只是另一個與資本相關的問題。 7 月到期的 7.5 億美元，此時您的資產負債表具有很大的靈活性。你在去槓桿化或再融資方面有什麼想法，或者可能只是使用左輪手槍的能力？

Yes, Brendan, I'm going to take -- as Jay just did, take a step back, just talk about how we think about the revolver and our balance sheet in general. We have a $7 billion revolver. And the reason for that is when we have sized the revolver, we want to look out for the next 18 months or so, and ensure that we have liquidity that is sufficient to pay for any upcoming debt maturities plus any capital expenditures we would need to run the business. The thinking behind that is that there are times when the debt capital market shut down, and we don't want to be caught in a position where we have to access a really bad market in order to pay off our maturities or spend our capital.

是的，布倫丹，我要——就像傑伊剛才所做的那樣，退後一步，談談我們如何看待左輪手槍和我們的資產負債表。我們有一把價值 70 億美元的左輪手槍。這樣做的原因是，當我們確定了左輪手槍的規模後，我們希望在接下來的 18 個月左右著眼，並確保我們有足夠的流動性來支付任何即將到期的債務以及我們需要的任何資本支出經營業務。這背後的想法是，有時債務資本市場會關閉，我們不想陷入這樣的境地，即我們必須進入一個非常糟糕的市場才能償還到期債務或花掉我們的資本。

So with $5 billion remaining on that revolver, it depends on what the market is, of how we're going to refinance the $750 million maturity. We'll either utilize the revolver for what it was in place for, which is to take advantage of that liquidity when -- in this case, what would happen would be a bad debt market that would keep us out of that market. Or, if the debt markets are really good, we might access them in order to refinance the maturity or pay down or reduce the borrowings on our revolver. So that's a decision, we make all the time depending on what the debt market looks like and what we think is coming in terms of our maturities and capital expenditures.

因此，該左輪手槍上剩餘 50 億美元，這取決於市場情況，以及我們將如何為 7.5 億美元的到期再融資。我們要么將左輪手槍用於它原來的用途，即利用流動性——在這種情況下，會發生壞債市場，這將使我們遠離該市場。或者，如果債務市場真的很好，我們可能會進入它們以便為到期再融資或償還或減少我們的循環借款。所以這是一個決定，我們一直根據債務市場的情況以及我們對到期日和資本支出的看法來做出決定。

But like I said, we feel really good about this because we've spent the last several years trying to manage our balance sheet, so that we would not be caught accessing a dislocated debt market or in a position, where we have too much debt that is necessary to be refinanced in any given year, which is why the total -- the weighted average maturity life has been so important to us over the last several years. We're in 8 years. The reason that we've been focused on that number is so that we don't get caught with any one stack of maturities in 1 year, that would cause us some difficulty in refinancing. So when you put it all together, it depends on the debt markets, but we feel really good about our opportunities and the flexibility we've put into the business.

但就像我說的，我們對此感覺非常好，因為過去幾年我們一直在努力管理我們的資產負債表，這樣我們就不會陷入混亂的債務市場或處於債務過多的境地這對於在任何特定年份進行再融資都是必要的，這就是為什麼在過去幾年中，加權平均到期年限對我們如此重要。我們8年了。我們一直關注這個數字的原因是，我們不會在 1 年內陷入任何一堆到期日，這會給我們再融資帶來一些困難。因此，當你把所有這些放在一起時，它取決於債務市場，但我們對我們的機會和我們為業務投入的靈活性感到非常滿意。

Our next question comes from Greg Williams from TD Cowen.

我們的下一個問題來自 TD Cowen 的 Greg Williams。

Just back on the tower leasing guide, you're messaging confidence on hitting the $135 million to $145 million range. You mentioned that a lot of it is baked in with MLAs. Can you give us a finer point on how much of that -- some of your peers have noted that 80% to 90% of their guide as MLA is baked in. I was wondering, if you were at similar levels. And then, I was asking about the mix of your new leasing, and what's colo versus amendment leasing? And I'm just trying to figure out, when we're going to move on from coverage mode to densification mode and subsequently more colo spending?

剛剛回到塔式租賃指南，您正在傳達達到 1.35 億美元至 1.45 億美元範圍的信心。你提到其中很多是與 MLA 一起烘焙的。你能不能更詳細地告訴我們其中有多少——你的一些同行注意到他們的指南中有 80% 到 90% 是 MLA 的一部分。我想知道你們是否處於相似的水平。然後，我問的是您的新租賃的組合，什麼是共同租賃與修訂租賃？我只是想弄清楚，什麼時候我們要從覆蓋模式轉向緻密化模式以及隨後更多的託管支出？

Sure, Greg. On your first question, at this point in the year, laying aside customer commitments that we've received, at this point in the year, the time required from application and approved application and known lease amendment, if you will, as you're asking the question, to when it's actually on air. That generally takes kind of 6 to 9 months. So by the time we're at the end of April of any given year, we have really good visibility as to what we're going to put on air in that calendar year just from a pure time line standpoint. So from -- as we mentioned in our commentary, the majority of our revenue growth is contracted. We were in that position in October of last year.

當然，格雷格。關於你的第一個問題，在今年的這個時候，拋開我們在今年這個時候收到的客戶承諾，申請和批准申請以及已知的租賃修訂所需的時間，如果你願意的話，就像你一樣問問題，到實際播出時。這通常需要 6 到 9 個月的時間。因此，到任何一年的 4 月底，從純粹的時間線角度來看，我們對我們將在該日曆年播出的內容都有很好的了解。因此，正如我們在評論中提到的那樣，我們的大部分收入增長都是收縮的。去年 10 月，我們處於那個位置。

Today, we not only have the majority of that contracted, but we also have visibility to where those applications are in the specific sites that they're going on. And, we're all diligently working in order to get them on air. So, the impact to our numbers at this point from movements one way or the other, either to the positive or to the negative, is relatively limited just because of our longer-term visibility. I don't know, if that answers kind of both of the way you're thinking about your questions there. But the visibility that we have, and we feel really good about where we are for the balance of this year, both in terms of the applications we've received to date, as well as the contracted revenues.

今天，我們不僅擁有大部分合同，而且我們還可以看到這些應用程序在它們正在進行的特定站點中的位置。而且，我們都在努力工作，以便讓它們播出。因此，由於我們的長期可見性，目前以一種或另一種方式（無論是積極的還是消極的）對我們的數字的影響相對有限。我不知道，這是否回答了你在那裡思考問題的兩種方式。但是我們擁有的知名度，我們對今年餘下時間的狀況感到非常滿意，無論是在我們迄今為止收到的申請方面，還是在合同收入方面。

On the second part of your question, more specifically to amendments and new leases, I mentioned this earlier in one of my answers, but we're still at a point in time in the deployment cycle where the majority -- the vast majority of the activity is amendments to existing leases. That has been true, and is true in typical technology upgrade cycles of the past. We're finding that to be true in 5G. So the vast majority of the activity that we've seen thus far and would expect, really, frankly, in this calendar year is going to be more amendment-driven.

關於你問題的第二部分，更具體地說是修正案和新租約，我之前在我的一個回答中提到過這一點，但我們仍處於部署週期的某個時間點，其中大多數 - 絕大多數 -活動是對現有租約的修改。這是事實，在過去的典型技術升級週期中也是如此。我們發現這在 5G 中是正確的。因此，坦率地說，我們到目前為止看到的絕大多數活動，坦率地說，預計在這個日曆年中將更多地由修正案驅動。

And then, as they touch -- once they get to the point where they've touched the vast majority of their existing sites with 4G upgrades to 5G, then we'll start to see the shift towards first-time installs on new sites in order to densify the network. And that work has begun. You can see some of that in small cells, which is probably the best place to see that discrete activity. Those, for the most part, are infill sites where they're increasing the density of the network, in order to improve the 5G network that they're delivering for consumers.

然後，隨著他們的接觸——一旦他們達到了通過 4G 升級到 5G 接觸到絕大多數現有站點的地步，那麼我們將開始看到新站點向首次安裝的轉變為了使網絡緻密。這項工作已經開始。您可以在小單元中看到其中一些，這可能是查看離散活動的最佳位置。這些在很大程度上是填充站點，它們正在增加網絡密度，以改善他們為消費者提供的 5G 網絡。

The only thing, I would add to that, Greg, is that the one difference there is that DISH is mostly or almost all colocations. They didn't have anything else. So what Jay is talking about probably excludes DISH as an outlier. But I -- probably went without saying, but I said it anyway.

格雷格，我要補充的唯一一件事是，DISH 大部分或幾乎所有託管都是唯一的區別。他們沒有別的東西。所以 Jay 所說的可能將 DISH 排除在外。但我——可能不言而喻，但我還是說了。

Our next question comes from Matt Niknam from Deutsche Bank.

我們的下一個問題來自德意志銀行的 Matt Niknam。

Just two, if I could. First, on small cells. Any incremental color you can share on the backlog, and the percent of the nodes in the backlog that are either colo relative to maybe newer sort of greenfield build? And then on leverage, there was some allusion to this before. But, you've obviously got benefits this year to EBITDA from the Sprint termination payments in some of the accelerated amortization of prepaid rents. In 2025, you obviously have the loss of $200 million of Sprint tower rents that churns off. So I'm just wondering, in the context of those headwinds, how do you think about leverage the next 2 years relative to that 5 turn sort of target we've talked about, as a more maybe long-term level?

只要兩個，如果可以的話。首先，在小基站上。您可以在 backlog 上共享任何增量顏色，以及 backlog 中相對於較新類型的 greenfield build 是 colo 的節點的百分比？然後在槓桿上，之前有一些暗示。但是，今年你顯然從 Sprint 終止付款中獲得了 EBITDA 的好處，其中一些是預付租金的加速攤銷。到 2025 年，您顯然會損失 2 億美元的 Sprint 塔租金。所以我只是想知道，在這些逆風的背景下，你如何看待未來 2 年相對於我們談到的 5 轉目標的槓桿作用，作為一個更長期的水平？

I'll let Dan take the second question. On the first question around the backlog of nodes. We have 2 significant customer agreements that we've previously announced: 35,000 nodes from T-Mobile and 15,000 nodes from Verizon. In the case of the T-Mobile 35,000 nodes, we were specific that the majority of those -- vast majority of those were going to be colocated on existing fiber. And so those would -- almost all of those would be colocations. And the Verizon agreement, it's a combination of colocations and first-time installs.

我會讓 Dan 回答第二個問題。關於節點積壓的第一個問題。我們有 2 個我們之前宣布的重要客戶協議：T-Mobile 的 35,000 個節點和 Verizon 的 15,000 個節點。就 T-Mobile 的 35,000 個節點而言，我們明確指出其中的大多數——其中絕大多數將位於現有光纖上。所以那些將 - 幾乎所有這些都是託管。和 Verizon 的協議，它是主機託管和首次安裝的組合。

The activity that we're undertaking in the business, both in calendar year 2024 and over the -- frankly, the next couple of years as we finish out the backlog is going to be a pretty healthy mix of colocation driving the yield on the existing assets that we have. And at the same time, we're talking to customers about future projects that may expand the footprint that we have. And we'll put those through the rigorous process of analysis of making sure that we think, there's good returns over time and that it's a good allocation of capital that will drive those returns. And -- but in the short to medium term here, as we build up the backlog, it's going to be more weighted towards colocations than first time.

我們在業務中開展的活動，無論是在 2024 日曆年還是——坦率地說，在我們完成積壓工作的未來幾年，將是一個相當健康的託管組合，推動現有的收益我們擁有的資產。與此同時，我們正在與客戶討論未來可能會擴大我們足蹟的項目。我們將對這些進行嚴格的分析，以確保我們認為隨著時間的推移會有良好的回報，並且良好的資本配置將推動這些回報。而且 - 但在短期到中期，隨著我們積壓的增加，它將比第一次更傾向於託管。

Yes. And on the leverage point, I think everything you said is true. And the way we think about our leverage is, we want to maintain leverage that's close to our target of 5x net debt to EBITDA, which we were this quarter. But that number does fluctuate. As we've seen, over the course of the last several years, that number can be a little bit below, a little bit above. And we believe that the long-term growth of the business allows us to grow into that additional leverage that we will take on to pay for the CapEx, as Jay was mentioning earlier, and keep us around that 5x debt to EBITDA. But if there's any 1 year that we're a little bit above, I think we're okay, we have some flexibility there, as long as we have a plan over time to get back to close to our leverage target. That's how we've managed it for the past 5 years, and I believe, that will be very similar to how we'll manage over the next 5 years.

是的。在槓桿點上，我認為你說的都是真的。我們考慮槓桿的方式是，我們希望保持接近我們本季度 5 倍淨債務與 EBITDA 的目標的槓桿。但這個數字確實波動。正如我們所見，在過去幾年中，這個數字可能略低於，也可能略高於。我們相信，業務的長期增長使我們能夠成長為我們將承擔的額外槓桿，以支付資本支出，正如 Jay 之前提到的那樣，並使我們的 EBITDA 債務保持在 5 倍左右。但是，如果有任何 1 年我們稍微高一點，我認為我們沒問題，我們在那裡有一些靈活性，只要我們有一個隨著時間的推移回到接近我們的槓桿目標的計劃。這就是我們過去 5 年的管理方式，我相信，這將與我們未來 5 年的管理方式非常相似。

Our next question comes from Rick Prentiss from Raymond James.

我們的下一個問題來自 Raymond James 的 Rick Prentiss。

A couple of questions. I think in the past, you've updated us maybe on what percent of your sites do you think, the carriers have touched as far as getting 5G mid-band deployed. And so, kind of an aggregate number as you kind of blend together the different schedules of your major carrier customers.

幾個問題。我想在過去，你可能已經向我們更新了你認為你的站點的百分比，運營商已經觸及了 5G 中頻部署。因此，當您將主要運營商客戶的不同時間表混合在一起時，這是一個總數。

Yes. We think we're a little north of 50% at the moment across all of the carriers.

是的。我們認為我們目前在所有運營商中都略高於 50%。

Okay. And obviously, it varies by carrier.

好的。顯然，它因運營商而異。

Exactly.

確切地。

As we think about DISH, obviously, you mentioned you've got the significant financial commitment, I think, it was for 20,000 sites. What's the time frame of that 20,000 sites was contemplated to be included on the financial commitment?

當我們考慮 DISH 時，很明顯，您提到您有重大的財務承諾，我認為，這是針對 20,000 個站點的。計劃將 20,000 個站點包含在財務承諾中的時間範圍是什麼時候？

It was a 15-year agreement that we signed with them. And Rick, we gave that number. We talked about the number of sites and a 15-year commitment that they were making to us. We don't get more specific than that because we're careful about guarding their deployment plans. So, it's a 15-year commitment that they're making to us. Maybe the other point that's important is obviously the timing of the cash flows have impacts, as we think about the guidance that we give around organic tower revenue growth, that would be a component of that. And so, our view of our ability to both deliver the 2023 numbers that are in our outlook, as well as the longer-term commentary that both Dan and I have made around being able to be able to grow at 5% at the tower line, a part of that commitment that they've made plays into our view of that over the longer term.

我們與他們簽署了一份為期 15 年的協議。瑞克，我們給了那個號碼。我們談到了網站的數量和他們對我們做出的 15 年承諾。我們沒有得到比這更具體的信息，因為我們小心翼翼地保護他們的部署計劃。所以，這是他們對我們做出的 15 年承諾。也許另一點很重要，顯然現金流的時間會產生影響，因為我們考慮了我們圍繞有機塔收入增長提供的指導，這將是其中的一個組成部分。因此，我們認為我們有能力實現我們展望中的 2023 年數字，以及 Dan 和我圍繞塔線能夠以 5% 的速度增長所做的長期評論，他們做出的承諾的一部分在我們的長期觀點中發揮了作用。

Sorry, Rick, I was just going to add, I think you understand that the contract as Jay was alluding to gives us a minimum contractual payment that grows over time as well, regardless of how many sites they're on. So they have the opportunity to go on up to 20,000 of our sites but not an obligation to do so. And our view has been that, that provides us a tremendous amount of value because we want them on as many sites as possible for us because we believe that this is a long-term network investment, and the more sites we're on, the more sites we can grow on, going forward. But also, it provides us an opportunity to be very early on in the planning of that network and understanding what they're going to do. And I think, that that's just a good relationship for us to have. So it's not just the 20,000 sites that's important. It's the minimum contractual payment that goes along with those up to 20,000 sites they can go.

抱歉，里克，我只是想補充一點，我想你明白傑伊提到的合同給了我們最低合同付款，而且隨著時間的推移而增長，不管他們在多少個網站上。因此，他們有機會訪問我們多達 20,000 個網站，但沒有義務這樣做。我們的觀點是，這為我們提供了巨大的價值，因為我們希望他們在盡可能多的網站上為我們服務，因為我們相信這是一項長期的網絡投資，我們訪問的網站越多，更多我們可以發展的網站，繼續前進。而且，它還為我們提供了一個機會，可以儘早規劃該網絡並了解他們將要做什麼。而且我認為，這對我們來說只是一種良好的關係。因此，重要的不僅僅是 20,000 個站點。這是與他們可以訪問的最多 20,000 個站點一起支付的最低合同付款。

Makes sense. And from your supplement, it looks like T-Mobile maybe is 38% of revenue, (inaudible) and Verizon, are in the high teens, almost looking at 20%. Since DISH has not called out, is it safe to assume DISH is not yet a 10% type customer?

說得通。從你的補充來看，T-Mobile 似乎佔收入的 38%，（聽不清），而 Verizon 則處於十幾歲，幾乎是 20%。既然 DISH 還沒有叫出來，那麼可以假設 DISH 還不是 10% 類型的客戶嗎？

Yes, not necessarily. We -- that chart is there to give you a general view. But we have a lot of customers that aren't called out specifically, and DISH is just one of a lot of customers that aren't called out specifically. .

是的，不一定。我們 - 該圖表可以為您提供一般視圖。但是我們有很多客戶沒有被特別召集，而 DISH 只是眾多沒有被特別召集的客戶之一。 .

Okay. A more detailed question, and then I'll wrap it up. Obviously, noncash amortization of prepaid rent, somewhat flat from '22 to '23. But it feels like the amount attributable to towers is probably coming down the not attributable to small cells is going up. Can you just kind of confirm that? And then, as we think about the '24 supplement, talking about where amortization -- noncash amortization of prepaid rent could drop by more than $200 million, if there's no more prepaid rent put in. How is that drop kind of attributable to how much drops in towers versus small cells?

好的。一個更詳細的問題，然後我會把它包起來。顯然，預付租金的非現金攤銷從 22 年到 23 年持平。但感覺可歸因於塔的數量可能正在下降，而不歸因於小型基站的數量正在上升。你能確認一下嗎？然後，當我們考慮 '24 補充時，談論攤銷的地方——如果沒有更多的預付租金，預付租金的非現金攤銷可能會下降超過 2 億美元。這種下降是如何歸因於多少塔式基站與小型蜂窩基站相比下降？

Yes. So the way you characterize where we are in prepaid rent in this year is true. The tower number will come down about $50 million, and it will be offset primarily by small cells, which is generally because of the cancellation payments accelerate some of that prepaid rent to get us back to about flat on prepaid rent amortization. Going forward, as we've talked about a lot, those tables are not projections. They're just as we sit today is statically what would happen. And we believe we will continue to add CapEx and generate additional prepaid rent amortization, as we get reimbursements for our customers for that CapEx over the course of the year. But as you mentioned, like in 2023, the drop-off will be more likely to happen in towers with an acceleration in small cells to offset that drop off in towers.

是的。所以你描述我們今年預付租金的方式是正確的。塔數將減少約 5000 萬美元，這將主要被小型基站抵消，這通常是因為取消付款加速了部分預付租金，使我們的預付租金攤銷恢復到大致持平。展望未來，正如我們已經討論過的很多，這些表格不是預測。他們就像我們今天坐著一樣，靜態地會發生什麼。我們相信我們將繼續增加資本支出並產生額外的預付租金攤銷，因為我們在這一年中為我們的客戶獲得了資本支出的報銷。但正如你提到的，就像 2023 年一樣，信號塔中的下降更有可能發生，小型基站的加速將抵消信號塔中的下降。

Our next question comes from Nick Del Deo from SVB MoffettNathanson.

我們的下一個問題來自 SVB MoffettNathanson 的 Nick Del Deo。

First one on fiber solutions. I was wondering, if you could talk about any changes you may be seeing in the competitive environment for fiber solutions. I think, some of your large competitors are reorganizing internally and maybe taking some more aggressive steps to try to grow. Cable guys are pushing that direction a little bit. So any observations there and the degree to which you're observing and responding to change or not seeing change even? Would be helpful.

第一個關於光纖解決方案。我想知道，您能否談談您在光纖解決方案的競爭環境中可能看到的任何變化。我認為，您的一些大型競爭對手正在內部重組，並可能採取一些更積極的措施來嘗試發展。有線電視專家正在推動這個方向。那麼那裡的任何觀察以及您觀察和響應變化或什至沒有看到變化的程度？會有幫助的。

Sure, Nick. I mentioned this in the earlier question, but our fiber solutions business is a bespoke solution that we offer that has a very unique customer set that we pursue. It's largely focused around government, education and medical solutions, and we don't pursue medium and small businesses. A lot of the changes that we've seen, whether it's economically driven or, as you mentioned, driven by broader macro environment matters and more subject to competition, there have been obviously in that space a number of changes. We haven't really seen a big change in the environment for the core customers, that we pursue. And so, we think our fiber brings a really compelling solution in terms of our ability to identify where their data travels and to provide a bespoke solution to them and have seen -- underlying outside of kind of the onetime items that we mentioned in the comments have seen that business grow at a pretty steady pace and I think we'll, by the end of this year, return back to kind of 3% target of growth in the business.

當然，尼克。我在之前的問題中提到過這一點，但我們的光纖解決方案業務是我們提供的定制解決方案，我們追求的是非常獨特的客戶群。它主要圍繞政府、教育和醫療解決方案，我們不追求中小企業。我們看到的許多變化，無論是經濟驅動的，還是如您提到的，由更廣泛的宏觀環境問題驅動的，更受競爭的影響，顯然在這個領域已經發生了許多變化。我們還沒有真正看到我們所追求的核心客戶環境發生重大變化。因此，我們認為我們的光纖在我們識別他們的數據傳輸位置並為他們提供定制解決方案的能力方面帶來了一個真正令人信服的解決方案，並且已經看到 - 在我們評論中提到的一次性項目之外的基礎已經看到業務以相當穩定的速度增長，我認為到今年年底，我們將回到 3% 的業務增長目標。

Okay, okay. That's helpful. And then maybe one more on fiber more generally. Any sort of update you can share, as it relates to supply chain? I know, a couple of players have talked about that loosening up a bit. I think, you've historically said that permitting has generally been a bit more of a hurdle for you than supply chain specifically. So any comments there, and the degree at which it may influence your growth path in coming periods. .

好吧好吧。這很有幫助。然後也許還有一個更普遍的光纖。您可以分享與供應鏈相關的任何更新嗎？我知道，一些球員已經談到了放鬆一點。我認為，您過去曾說過，與供應鏈相比，許可對您來說通常是一個更大的障礙。所以那裡有任何評論，以及它可能影響您未來一段時間的成長路徑的程度。 .

Sure. I think, our team has done a really good job navigating some really difficult supply chain challenges over the last several years. And it has not impacted our results, which is a real credit to the team, as to how well they've navigated through that and worked with our customers. I would say, as you mentioned, the more challenging thing for us has been navigating through municipalities both from a utility standpoint as well as a permitting standpoint. The moat and protection around the business is significant, and that makes the initial deployment of these technologies and this infrastructure, a very long cycle and very difficult to do.

當然。我認為，在過去幾年中，我們的團隊在應對一些非常困難的供應鏈挑戰方面做得非常好。它並沒有影響我們的結果，這對團隊來說是一個真正的榮譽，因為他們在這方面的表現以及與我們客戶的合作程度。正如你提到的，我想說的是，對我們來說更具挑戰性的事情是從公用事業的角度和許可的角度在市政當局中導航。圍繞業務的護城河和保護非常重要，這使得這些技術和基礎設施的初始部署週期非常長，而且很難做到。

And I'll mention it again, but I'm really proud of the team in terms of how they've learned to work at the local level to preserve the aesthetic that's desired in the community, which is always a really key point of the deployment of this technology. And then, work with what's needed for our customers. And I think that's the sweet spot for us, and how we make money. Our customers view us as an opportunity to lower their cost of deployment by delivering a shared asset and then us being able to deliver that asset, that shared solution on a time line that is faster than any other solution would provide. And in order to do that, we've got to be good both on the supply chain side, but we've also got to be good on the permitting side and getting both power and the ability to deploy at those sites in order to be able to deploy the network for our customers.

我會再提一次，但我真的為團隊感到自豪，因為他們學會了在地方層面工作以保持社區所需的審美，這始終是真正的關鍵點這項技術的部署。然後，根據客戶的需求開展工作。我認為這對我們來說是最好的地方，也是我們賺錢的方式。我們的客戶將我們視為通過交付共享資產降低部署成本的機會，然後我們能夠交付該資產，該共享解決方案的時間線比任何其他解決方案都快。為了做到這一點，我們必須在供應鏈方面做得很好，但我們也必須在許可方面做得很好，並獲得在這些站點部署的能力和能力，以便能夠為我們的客戶部署網絡。

Our next question comes from Jonathan Atkin from Royal Bank of Canada.

我們的下一個問題來自加拿大皇家銀行的 Jonathan Atkin。

A couple of questions. Small cell ramp that you're talking about, what are the implications for discretionary CapEx going forward? Because you're up this year on a year-on-year basis. And then, given the potential opportunities that you see going forward, maybe just review with us the directionality for that trend for CapEx discretionary.

幾個問題。您正在談論的小蜂窩斜坡，對未來可自由支配的資本支出有何影響？因為你今年同比增長。然後，鑑於您看到的未來潛在機會，也許只是與我們一起回顧一下資本支出自由裁量權趨勢的方向性。

John, as I think you're alluding to, as the number of nodes increases, CapEx generally increases as well. What you can see this year though, following on what Jay was talking about earlier around colocation, is that even though we're doubling the number of nodes we're putting on air, we're only increasing our CapEx by a little over 10% on a net basis in our fiber business. So you can see that the impact of colocation can have a pretty substantial impact on the magnitude of the change of CapEx on a year-over-year basis compared to the magnitude of the change of the nodes. So we don't -- we can't give specific guidance on what we believe will happen in '24 and beyond on small cell because we don't understand everything that's going to go into those numbers yet. But generally speaking, as we add more nodes, we'll add more CapEx, so the trajectory would be up a bit.

約翰，正如我認為你暗示的那樣，隨著節點數量的增加，資本支出通常也會增加。不過，今年你可以看到，繼 Jay 早些時候圍繞託管談論的內容之後，即使我們將播出的節點數量增加一倍，我們的資本支出也只增加了 10 多一點在我們的纖維業務中占淨百分比。所以你可以看到，與節點變化的幅度相比，託管的影響可以對資本支出的同比變化幅度產生相當大的影響。所以我們不——我們不能就我們認為在 24 世紀及以後的小蜂窩上會發生什麼給出具體指導，因為我們還不了解將要進入這些數字的所有內容。但一般來說，隨著我們添加更多節點，我們將增加更多資本支出，因此軌跡會有所上升。

And the time frame to get a node on air, I think, you've talked about 24 to 36 months. And any changes in that sort of colocation cycle time and node deployment time that you've shared we'll have?

以及讓一個節點播出的時間框架，我想，你已經談到了 24 到 36 個月。您分享的那種託管週期時間和節點部署時間有什麼變化嗎？

John, we haven't seen any movement in that. The most -- the vast majority of the nodes are still falling into that 24- to 36-month cycle.

約翰，我們還沒有看到任何進展。最多——絕大多數節點仍處於 24 至 36 個月的周期中。

And then, two more quick ones. Just the MLA question that you alluded to. If we're entering into an environment, where a lot of the operators for various reasons have kind of hits or about to hit the medium-term milestones for mid-band spectrum deployments and overlays, if we do enter a period of kind of tapering growth, what commentary can you provide that (inaudible) might -- would your site rental revenue growth ratably go down? Or to the MLA kind of perhaps provide a little bit of downside protection? Any color on that would be interesting.

然後，還有兩個快速的。只是你提到的 MLA 問題。如果我們進入一個環境，其中許多運營商出於各種原因已經達到或即將達到中頻帶頻譜部署和覆蓋的中期里程碑，如果我們確實進入了一個逐漸變細的時期增長，你能提供什麼評論（聽不清）可能 - 你的網站租金收入增長會大幅下降嗎？或者對 MLA 提供一點下行保護？任何顏色都會很有趣。

And then, the last one I'll kind of throw on 5% to 3% growth number. What products are you seeing demand for that underlie that growth assumption? Is it number of connections around dark fiber wavelengths? Or you talked about bandwidth as a driver, but is it maybe more dark and infrastructure type products and driving the growth? Or is it more network -- traditional network products that are driving your growth assumptions for fiber?

然後，最後一個我會拋出 5% 到 3% 的增長數字。您認為增長假設背後的需求是什麼產品？是暗光纖波長周圍的連接數嗎？或者你談到帶寬作為驅動因素，但它是否可能是更黑暗和基礎設施類型的產品並推動增長？還是更多的網絡——推動您對光纖增長假設的傳統網絡產品？

Sure. On your first question around longer-term growth for towers, the MLAs, obviously, give us some portion of that future growth as contracted, and so we have visibility towards that end. We also have -- beyond the contracted amount, we have the opportunity to make that even more beyond the contracted growth, as the carriers deploy network. And our long-term view is that we can grow tower revenues at around 5% organically over the long period of time, which drives our assumption of being able to return to 7% to 8% dividend growth.

當然。關於您關於塔的長期增長的第一個問題，MLA 顯然給了我們合同規定的未來增長的一部分，因此我們對此有可見性。我們還有——超出合同金額，隨著運營商部署網絡，我們有機會使其增長超過合同金額。我們的長期觀點是，我們可以在很長一段時間內以 5% 左右的速度有機增長鐵塔收入，這推動了我們能夠恢復 7% 至 8% 的股息增長的假設。

I think, it's probably one of those times as people start to think about where we're at in the cycle, as we're past the first couple of years of deployment of 5G. That has -- our industry has faced during the deployment years of 2G and then 2.5G and 3G and 4G, and now we're at 5G where people wonder whether the early spending of a technology cycle is over after the carriers have acquired some spectrum and started to deploy sites. And I think, past cycles have as an indication and a teacher of the future, would indicate that more investment will come over a long period of time. And it will take -- as I mentioned in my comments, it will probably take a full decade to basically deploy 5G.

我認為，這可能是人們開始思考我們在周期中所處位置的時候之一，因為我們已經過了 5G 部署的頭幾年。這已經 - 我們的行業在 2G、2.5G、3G 和 4G 的部署期間面臨，現在我們處於 5G，人們想知道在運營商獲得一些頻譜後，技術週期的早期支出是否已經結束並開始部署網站。而且我認為，過去的周期可以作為未來的指示和老師，表明在很長一段時間內將會有更多的投資。而且它需要——正如我在評論中提到的那樣，可能需要整整十年才能基本部署 5G。

And as we look at the growth in minutes of use is the best indicator of that the steepness of that curve is not flattening out, in terms of consumer behavior. In fact, the curve is steepening as the devices are used more. And there's only 2 ways to deliver that increased need for capacity in the wireless network. It's either through additional spectrum in the hands of the carrier or sites. And our experience has taught us that both are necessary. The carriers will need -- will have some spectrum that they have not deployed to date.

當我們觀察使用分鐘數的增長時，就消費者行為而言，該曲線的陡度並未趨於平緩。事實上，隨著設備的使用越來越多，曲線正在變陡。只有兩種方法可以滿足對無線網絡容量不斷增長的需求。它要么通過運營商或站點手中的額外頻譜。我們的經驗告訴我們，兩者都是必要的。運營商將需要 - 將擁有一些他們迄今為止尚未部署的頻譜。

As they deploy that spectrum, we'll get the benefit in our revenue growth numbers. And then, additional density will be required, and our infrastructure will benefit from that. As we look at each of those cycles from 2G to 3G, 3G to 4 and 4 to 5G, in each of those cycles, as I mentioned in my comments, it's resulted in more CapEx over the era or over the period of time that the network was deployed. So it certainly is stacking up that way, as we look at the early part of 5G. We think, ultimately, the capital spend on 5G is likely to be more than what we saw in 4G.

當他們部署該頻譜時，我們將從收入增長數字中獲益。然後，將需要額外的密度，我們的基礎設施將從中受益。當我們查看從 2G 到 3G、3G 到 4 和 4 到 5G 的每個週期時，正如我在評論中提到的那樣，在每個週期中，它在那個時代或一段時間內導致了更多的資本支出網絡已部署。因此，當我們審視 5G 的早期階段時，它肯定會以這種方式疊加。我們認為，最終 5G 的資本支出可能會超過我們在 4G 上看到的。

And so, one of the great things about our business is we think about it and are able to think about it over a long term, we have long-term commitments from our customers. And the deployment cycles are long. So, our goal is to ensure that we're providing the infrastructure at an appropriate cost to the customers. And we're focused on deploying it, as quickly as we can for them. And then, the tailwind of demand from the consumer ultimately drives the need for our infrastructure. And we're as excited today, about what 5G is going to mean for this business over the next decade, as we've been in past technology cycles and feel really comfortable about where our growth is.

因此，我們業務的一大優點是我們會考慮並能夠長期考慮，我們有客戶的長期承諾。而且部署週期很長。因此，我們的目標是確保我們以適當的成本向客戶提供基礎設施。我們專注於為他們盡快部署它。然後，消費者需求的順風最終推動了對我們基礎設施的需求。今天，我們對 5G 在未來十年對這項業務的意義感到興奮，就像我們在過去的技術週期中一樣，並對我們的增長點感到非常自在。

On your second question around the products for fiber, I would say very similar to what we have in the mix today. Not much change, a combination of new logos that our sales team is doing a good job of reaching out to and capturing that sit on the fiber plant that we already have in the ground, and leveraging that fiber to drive yields and the products that we're offering there are the same products that we've been offering, combination of wavelengths and dark fiber. And some of that is driven -- in your question, some of it is driven by increased growth and the need, some of it is driven by the movement of data towards the cloud, certainly is the driver of that business. And probably those 2 factors, just the overall amount of data being created, as well as movement of data to the cloud, are probably the 2 fundamental drivers of the growth that we're seeing in that business, and then as we're expanding to new logos across the fiber that we already own.

關於關於纖維產品的第二個問題，我想說的與我們今天的產品非常相似。變化不大，我們的銷售團隊正在很好地接觸和捕獲位於我們已經在地面上的纖維植物上的新徽標的組合，並利用該纖維來提高產量和我們的產品我們提供的產品與我們一直提供的產品相同，是波長和暗光纖的組合。其中一些是驅動的——在你的問題中，一些是由增長和需求驅動的，一些是由數據向雲的移動驅動的，當然是該業務的驅動力。可能這兩個因素，就是正在創建的數據總量，以及數據向雲的移動，可能是我們在該業務中看到的增長的兩個基本驅動力，然後隨著我們的擴展到我們已經擁有的光纖中的新徽標。

And our next question comes from Brandon Nispel from KeyBanc Capital Markets.

我們的下一個問題來自 KeyBanc Capital Markets 的 Brandon Nispel。

Two, if I could. Jay, I think you had mentioned booking is not really having a big impact on growth this year. I think, that's pretty understandable. I think, what I'd like to hear, if you guys could characterize, what bookings are looking like in terms of new lease applications and how that's been trending on a year-over-year basis year-to-date. Are they trending lower or higher compared to the change in core leasing that we've seen?

兩個，如果可以的話。傑伊，我想你提到過預訂對今年的增長並沒有真正產生重大影響。我想，這很好理解。我想，如果你們能描述一下，我想听到的是，就新租賃申請而言，預訂情況如何，以及今年迄今的同比趨勢如何。與我們看到的核心租賃變化相比，它們的趨勢是走低還是走高？

And then, Dan, a question on the guidance. if we look at the guide for towers, I think it was $140 million in core leasing, and for fiber, it was $125 million. Just given where you guys started this year, and I think Jay commented that it was more of a level-loaded year for leasing, how do you get to where you expect to be by the end of the year given the run rate at the beginning of the year was so much lower than what would be needed to hit the guide?

然後，丹，關於指導的問題。如果我們看一下塔的指南，我認為核心租賃是 1.4 億美元，而光纖是 1.25 億美元。考慮到你們今年的起點，我認為 Jay 評論說今年對於租賃來說更像是一個水平負載的年份，那麼根據年初的運行率，你們如何在年底達到預期的水平年度最佳成績遠低於達到指南所需的水平？

Yes, Brandon, thanks for the questions. On the -- on your first question, and I'll let Dan take the second one. We've seen the activity from the carriers be consistent with our expectation that we'll be able to grow revenue, on the tower side at 5% per annum. So the bookings that we've seen is relevant to that, and I would even expand the bookings to include the conversations that are ongoing that will lead to future bookings. Those conversations, those activities, that view of their network and the need would be consistent with our view that we'll be able to grow tower revenues over the long term at about 5%.

是的，布蘭登，謝謝你的提問。關於 - 關於你的第一個問題，我會讓 Dan 回答第二個問題。我們已經看到運營商的活動與我們的預期一致，即我們將能夠以每年 5% 的速度在塔端增加收入。因此，我們看到的預訂與此相關，我什至會擴展預訂以包括正在進行的對話，這些對話將導致未來的預訂。這些對話、那些活動、對他們網絡的看法和需求將與我們的觀點一致，即我們將能夠在長期內將塔收入增長約 5%。

And taking the second question on the new leasing. As Jay mentioned before, the level-loaded comment that we made is that this year will not have in the tower business, a first half, second half difference as much as our previous year's have. It doesn't mean that every quarter is going to be exactly the same. Our business does operate with a little bit of variability. And I think, we saw some of that in the first quarter. But it doesn't give us any reason to believe that our full year guidance won't come true. So everything that we've talked about, we still have a lot of confidence in our ability to deliver on the tower business.

關於新租賃的第二個問題。正如 Jay 之前提到的，我們所做的水平負載評論是，今年在塔式業務中，上半年和下半年的差異不會像我們去年那樣大。這並不意味著每個季度都會完全相同。我們的業務確實存在一些可變性。我認為，我們在第一季度看到了其中的一些。但這並沒有讓我們有任何理由相信我們的全年指導不會實現。因此，我們所談論的一切，我們仍然對我們提供塔式業務的能力充滿信心。

On the fiber side, as Jay mentioned, there's one thing that Jay said, a comparison period. The first quarter of '22 to the first quarter '23 is that the first quarter '22 had $10 million of out-of-period bookings in it. So if you normalize for that, the bookings growth will look a lot more in line with our longer -- with our full year guidance. But we also said through the year that we knew that the back half of '22 had a little less activity, which is driving the flat fiber solutions growth in 2023 and that, that activity would pick up through the year, which is why when we exit the year, we believe we'll be back to the 3% revenue growth. So we do expect some increase in activity in the fiber business to be able to reach our $125 million of new leasing activity forecast for 2023.

在光纖方面，正如 Jay 提到的，Jay 說過一件事，一個比較期。 22 年第一季度到 23 年第一季度是 22 年第一季度有 1000 萬美元的期外預訂。因此，如果您對此進行標準化，那麼預訂量的增長將看起來更符合我們更長的時間——我們的全年指導。但我們還表示，全年我們知道 22 年下半年的活動有所減少，這推動了扁平光纖解決方案在 2023 年的增長，而且這一活動將在今年有所回升，這就是為什麼當我們退出今年，我們相信我們將回到 3% 的收入增長。因此，我們確實預計光纖業務活動的一些增加能夠達到我們對 2023 年 1.25 億美元新租賃活動的預測。

Our next question comes from David Barden from Bank of America.

我們的下一個問題來自美國銀行的大衛巴登。

I guess two questions. Just first, a little question, Dan, on fiber services expenses, which jumped up about $10 million even as the revenue kind of -- new organic revenue came down $10 million. Could you kind of give us a sense as to whether that's a jumping off point for the rest of the year? Or there were some other moving parts in that?

我想有兩個問題。首先，丹，關於光纖服務費用的一個小問題，儘管收入有點增加了約 1000 萬美元——新的有機收入下降了 1000 萬美元。您能否告訴我們這是否是今年剩餘時間的起點？或者裡面還有其他一些活動部件？

And then, Jay, just the second question. I want to kind of just push back a little bit on the minutes of use theory, which is that consumption is a driver of capacity demand. And of course, they're correlated. But consumption grows because people are using their phones at night and in the morning, and capacity demand is really a function of that 1 second in the day in the 1 sector and the 1 cell that carriers need to anticipate will expand. And in applications that consume data, the biggest ones, video, maps, those sorts of things, they work at lowering the required capacity because it expands their addressable market globally to networks that don't have the kinds of capacity that the U.S. has.

然後，Jay，只是第二個問題。我想稍微反駁一下使用分鐘數理論，即消費是容量需求的驅動力。當然，它們是相關的。但是消費增長是因為人們在晚上和早上使用手機，而容量需求實際上是 1 扇區中白天 1 秒的函數，而運營商需要預期的 1 小區將會擴大。在消耗數據的應用程序中，最大的應用程序、視頻、地圖以及諸如此類的東西，他們致力於降低所需的容量，因為這將他們在全球範圍內的可尋址市場擴展到不具備美國擁有的那種容量的網絡。

So absent incremental applications development, capacity requirements actually shrink through time. So what -- how do you kind of address that bear market concern that with there are no new applications. And the only new application really that people talk about is maybe private networks for enterprise, and maybe that is the big opportunity for the tower companies. But, I was wondering if you could kind of like elaborate a little bit more on that because we're having that conversation a lot these days.

因此，如果沒有增量應用程序開發，容量需求實際上會隨著時間的推移而縮小。那麼，您如何解決沒有新應用程序的熊市擔憂呢？人們真正談論的唯一新應用可能是企業專用網絡，這可能是塔式公司的大好機會。但是，我想知道你是否可以詳細說明一下，因為這些天我們經常進行這樣的對話。

Sure, Dave. Dan, do you want to take the first question and then I'll do the second one.

當然，戴夫。丹，你想回答第一個問題嗎，然後我來回答第二個問題。

One. I'll do it really quick. There is some seasonality in the business, Dave, of when we pay some specific things. So the $10 million increase is not something you can annualize for the year. We believe that the growth in expenses will be similar to the growth in the revenues.

一。我會很快做到的。業務有一些季節性，戴夫，當我們支付一些特定的東西時。所以 1000 萬美元的增長不是你可以按年計算的。我們相信費用的增長將與收入的增長相似。

Dave, on your second question, I think you do draw an important point, and certainly, my comments are not intended to set an expectation that our top line revenue growth would track at the growth rate of minutes of use. Minutes of use are growing north of 30% per year. I think, the point that I'm trying to make is, directionally, that suggests a demand on the wireless carriers' network that ultimately is solved through our use of infrastructure.

戴夫，關於你的第二個問題，我認為你確實提出了一個重要的觀點，當然，我的評論並不是為了設定我們的收入增長將跟隨使用分鐘數的增長率的期望。使用分鐘數每年以超過 30% 的速度增長。我想，我想表達的觀點是，從方向上講，這表明對無線運營商網絡的需求最終可以通過我們使用基礎設施來解決。

I think, you're correct in pointing out that the carriers have done a really good job over time and device manufacturers have done a good job as well as application developers have done a good job of trying to figure out a way to use that spectrum, as efficiently as possible. And some portion of the growth in minutes of use has been solved through spectral efficiency, whether that's applications, as you mentioned, or improvements in the technology, which has certainly happened. And that is significant. If you go back and look at where we were even in a 2G world, the spectral efficiency today in 5G is many, many times more efficient than what it was in 2G but that has not negated the need for continued growth in the network infrastructure and the density of that network.

我認為，您指出隨著時間的推移運營商做得非常好，設備製造商做得很好，應用程序開發人員在嘗試找出使用該頻譜的方法方面做得很好，盡可能高效。使用分鐘數的部分增長已經通過頻譜效率得到解決，無論是應用程序，正如你提到的，還是技術的改進，這肯定發生了。這很重要。如果你回頭看看我們在 2G 世界中所處的位置，今天 5G 的頻譜效率比 2G 高出許多倍，但這並沒有否定網絡基礎設施持續增長的必要性，並且該網絡的密度。

So I think, I would point to two things as the specific driver to go a layer deeper than just the tailwind of growth in minutes of use. The first is where is -- where are those minutes of use consumed? And, as we look at network deployments in the places where we have, I think, a pretty unique view from a small cell standpoint, our small cells are going in places where there's already tower infrastructure and significant tower infrastructure that's providing overall coverage in a market. But the growth in minutes inside of an area that today is covered by a tower site, the growth in minutes of use drives a need for additional infrastructure inside of the coverage range of particular tower. And, in order to maintain the spectral efficiency of the tower, the carriers have to offload some of those minutes in the small cells and that improves the overall network experience for the consumer.

所以我認為，我會指出兩件事作為特定的驅動因素，以更深入地了解使用時間增長的順風。第一個問題是——那些使用時間消耗在哪裡？而且，當我們在我們擁有的地方查看網絡部署時，我認為，從小型基站的角度來看，這是一個非常獨特的觀點，我們的小型基站將部署在已經有塔式基礎設施和重要的塔式基礎設施的地方，這些基礎設施可以提供整體覆蓋市場。但是，如今被塔站點覆蓋的區域內分鐘數的增長，使用分鐘數的增長推動了對特定塔的覆蓋範圍內額外基礎設施的需求。而且，為了保持塔的頻譜效率，運營商必須在小蜂窩中卸載部分分鐘，這改善了消費者的整體網絡體驗。

I think all of us have had the experience where we look down at our phone, we have 4 or 5 bars, and we still get the spinning wheel of death of not being able to connect. And ultimately, small cells are solving that challenge and the growth in minutes of use drives the need for that. So that would be one area that I would point to. The second thing I would point to is the innovation that the platform creates. And I think, this is incredibly important to ultimately where will we go. I think, the question that you asked around what is the killer application, what is going to be necessary with this technology trend, these were the same questions that we asked in 2G, 3G, 4G.

我想我們所有人都有過低頭看手機的經歷，有 4 或 5 格，但我們仍然會遇到無法連接的死亡旋轉輪。最終，小型基站正在解決這一挑戰，而使用時間的增加推動了對小型基站的需求。所以這將是我要指出的一個領域。我要指出的第二件事是平台創造的創新。我認為，這對於我們最終將走向何方非常重要。我認為，你問的問題是什麼是殺手級應用，這種技術趨勢需要什麼，這些問題與我們在 2G、3G、4G 中提出的問題相同。

We used to just talk on these devices, and there was seemingly no need for 2.5G to give us access to Internet searching capabilities, and we found ways to use the devices in greater ways. I believe the same thing will be true in 5G, that the innovation and the platform that 5G creates will spur additional innovations and additional uses, and there won't be any 1 killer application that drives the need, but it will be a multitude of applications and uses for the devices that will drive the need and spur future growth beyond even what we're seeing today. So, I think, the combination of those two things gives us a lot of confidence that we'll benefit from the growing minutes of use and the carriers also will continue to do what is good for them of finding efficient ways to utilize that spectrum and, to some degree, finding ways to limit their need for additional sites and spectrum. And the combination of good for them and good for us ultimately is good for us. We want our customers to be healthy and provide a good proposition for the consumers, and we want to see minutes of use growth.

我們過去只是在這些設備上聊天，似乎不需要 2.5G 來讓我們獲得互聯網搜索功能，我們找到了更多使用這些設備的方法。我相信 5G 也是如此，5G 創建的創新和平台將刺激更多的創新和更多的用途，並且不會有任何單一的殺手級應用來推動需求，但將會有多種設備的應用和用途將推動需求並刺激未來的增長，甚至超越我們今天所看到的。所以，我認為，這兩件事的結合讓我們充滿信心，我們將從不斷增長的使用時間中受益，運營商也將繼續做對他們有利的事情，尋找有效的方式來利用該頻譜和，在某種程度上，尋找方法來限制他們對額外站點和頻譜的需求。對他們有利和對我們有利的結合最終對我們也有利。我們希望我們的客戶保持健康並為消費者提供良好的建議，我們希望看到使用時間的增長。

Our final question today comes from Walter Piecyk from LightShed.

我們今天的最後一個問題來自 LightShed 的 Walter Piecyk。

Two questions. First one, on the DISH 15-year contract, if there is a change of control or sale or lease of the underlying spectrum, you still get the minimum payments?

兩個問題。第一個，在 DISH 15 年合同上，如果基礎頻譜的控制權或出售或租賃發生變化，您是否仍能獲得最低付款？

Walter, that's a level of detail on customer contracts we wouldn't get into.

沃爾特，這是我們不會涉及的客戶合同的詳細程度。

Okay. And then on the fiber solutions, the $20 million, $19 million, I guess, if you back out the $10 million, you're still going from [35%] down to 19%. So I know in like towers and fiber, fiber, it's really just execution on bookings contracts, whatever, that you execute on. Is fiber solutions the same thing, meaning that like I think, a lot of us are having a hard time seeing this drop off to 19% from 35% last year, which backs out the $10 million and the 30-plus in the number of quarters. Like just getting to the ramp to get you to the $125 million. So it might be helpful to give like qualitatively. Is it the same type of visibility that you have in towers that you do in fiber solutions.

好的。然後在光纖解決方案上，2000 萬美元、1900 萬美元，我猜，如果你放棄 1000 萬美元，你仍然會從 [35%] 下降到 19%。所以我知道，就像塔和光纖、光纖一樣，它實際上只是執行預訂合同，無論您執行什麼。光纖解決方案是一回事嗎，這意味著就像我認為的那樣，我們中的很多人都很難看到這一比例從去年的 35% 下降到 19%，這抵消了 1000 萬美元和 30 多個宿舍。就像剛剛到達坡道就可以讓你達到 1.25 億美元。因此，定性地給予贊可能會有所幫助。它與您在光纖解決方案中的塔中的能見度類型是否相同。

Yes. Well, I think the one thing that might be a little different than what you just expressed is the 19% of growth, you would have to amend by $10 million because what happened was $10 million, you pull out of the previous year, which means the growth from Q1 to the growth to Q1 '23 was actually 30% or 29% not 19%. So you can't just back it out of the new leasing activity from the previous quarter. You got to back it out of the run rate revenue at that point to show what the growth would have been, and that gets you much closer to the growth that we're talking about for the full year.

是的。嗯，我認為可能與你剛才表達的有點不同的是 19% 的增長，你必須修正 1000 萬美元，因為發生的是 1000 萬美元，你退出了前一年，這意味著從 Q1 到 Q1 '23 的增長實際上是 30% 或 29% 而不是 19%。因此，您不能只是將其退出上一季度的新租賃活動。你必須在那個時候從運行率收入中扣除它以顯示增長本來會是什麼，這讓你更接近我們談論的全年增長。

And we have visibility, as we've been talking about -- to the extent to what Jay was speaking to earlier, we do have visibility to that activity level increasing over time. But I don't think it's such a large leap that it would be not understandable to an external party to say, okay, it makes sense that 30% could be 35% or something like that. We've seen those types of quarters in the past. And as we grow through the course of the year, we believe we will get more activity, as data demand continues to grow for the reasons, Jay expressed earlier.

正如我們一直在談論的那樣，我們有可見性——就 Jay 之前所說的程度而言，我們確實可以看到該活動水平隨著時間的推移而增加。但我不認為這是一個如此大的飛躍，以至於外部人士說，好吧，30% 可能是 35% 或類似的東西是有道理的。我們過去見過這些類型的宿舍。隨著我們在這一年中的成長，我們相信我們將獲得更多的活動，因為數據需求因原因而持續增長，Jay 早些時候表示。

That's very helpful, but I kind of just do one quick follow-up. So the $125 million, if we're just doing the simple math on that, are we using 19% as the number? Or we should be $125 million so we should be using 29% as the number that adds up to the $125 million?

這非常有幫助，但我只是做一個快速跟進。那麼 1.25 億美元，如果我們只是對其進行簡單的數學計算，我們是否使用 19% 作為數字？或者我們應該是 1.25 億美元，所以我們應該使用 29% 作為總計 1.25 億美元的數字？

Yes. So it's 19% in that case, and we should see an increase over time to get to 35-plus of growth in a certain quarter. But like we were talking about, we do think there is activity that's growing through the course of the year in order for us to get there.

是的。所以在這種情況下是 19%，我們應該會看到隨著時間的推移在某個季度達到 35 倍以上的增長。但就像我們所說的那樣，我們確實認為在這一年中有一些活動在不斷增長，以便我們實現目標。

Well, the second part of your question, just zooming out from the specific numbers in the year, and you alluded to kind of the difference between towers and small cells and maybe fiber solutions, obviously those businesses are different. Our fiber solutions business is more transactional. And so we don't typically see multiyear commitments from our customers in the same way that we do from a tower small cell, meaning for future business. Obviously, they're multiyear contracts and commitments when we sign, but we don't have multiyear visibility, as to what the revenue growth is going to be. So it's more transactional in nature. And we have a shorter time line of visibility of what that growth is going to be. We feel good, as Dan and I have mentioned in a couple of answers to a couple of different questions. We feel good about where our guidance is and where we expect the year to fall. But if you are looking for differences among kind of our business lines, certainly, there is a difference in terms of the number of months of visibility that we would have and then also the more transactional nature of that fiber solutions business.

好吧，你問題的第二部分，只是縮小了當年的具體數字，你提到了塔樓和小型基站之間的區別，也許還有光纖解決方案，顯然這些業務是不同的。我們的光纖解決方案業務更具交易性。因此，我們通常不會像我們從塔式小型蜂窩基站那樣看到客戶的多年承諾，這意味著未來的業務。顯然，當我們簽署時，它們是多年合同和承諾，但我們沒有多年可見性，即收入增長將是多少。所以它本質上更具交易性。而且我們對這種增長的可見性有更短的時間線。我們感覺很好，正如丹和我在回答幾個不同問題時提到的那樣。我們對我們的指導在哪里以及我們預計今年會在哪裡下降感到滿意。但是，如果您正在尋找我們不同業務線之間的差異，當然，在我們將擁有的可見月數以及光纖解決方案業務的交易性質方面存在差異。

Well, thanks, everybody, for joining the call this morning, and thanks to our team who continue to do a really good job executing. I appreciate all you're doing for our customers. Keep up the great work. Thanks, everyone. We'll talk soon.

好吧，謝謝大家今天早上加入電話會議，並感謝我們的團隊繼續出色地執行工作。我感謝您為我們的客戶所做的一切。繼續努力。感謝大家。我們很快就會談。

And ladies and gentlemen, with that, we'll end today's conference call and presentation. We thank you for joining. You may now disconnect your lines.

女士們，先生們，我們將結束今天的電話會議和演講。我們感謝您的加入。您現在可以斷開線路。