Crown Castle Inc (CCI) 2025 Q2 法說會逐字稿

Good day, and welcome to Crown Castle's second-quarter 2025 earnings conference call. (Operator Instructions) Please note, this event is being recorded.

大家好，歡迎參加 Crown Castle 2025 年第二季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Kris Hinson, Vice President of Corporate Finance and Treasurer. Please go ahead.

現在，我想將會議交給公司財務副總裁兼財務主管克里斯辛森 (Kris Hinson)。請繼續。

Thank you, Ishia, and good afternoon, everyone. Thank you for joining us today as we discuss our second quarter 2025 results.

謝謝你，Ishia，大家下午好。感謝您今天加入我們，一起討論 2025 年第二季的業績。

With me on the call this afternoon are Dan Schlanger, Crown Castle's Interim President and Chief Executive Officer; and Sunit Patel, Crown Castle's Chief Financial Officer.

今天下午與我一起參加電話會議的還有 Crown Castle 的臨時總裁兼執行長 Dan Schlanger 和 Crown Castle 的財務長 Sunit Patel。

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 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.

為了幫助討論，我們在我們的網站 crowncastle.com 的投資者部分發布了補充資料，將在整個電話會議中參考。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結果有重大差異。

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, July 23, 2025, and we assume no obligation to update any forward-looking statements.

有關可能影響我們業績的潛在因素的資訊可在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」部分中找到。我們的聲明截至今天（2025 年 7 月 23 日）做出，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.

此外，今天的電話會議還討論了某些非公認會計準則財務指標。調整這些非 GAAP 財務指標的表格可在公司網站 crowncastle.com 的投資者部分的補充資訊包中找到。

I would like to remind everyone that having an agreement to sell our fiber segment means that the fiber segment results are required to be reported within Crown Castle's financial statements as discontinued operations. Consistent with our first quarter reporting, the company's full year 2025 outlook and second quarter results do not include contributions from what we previously reported under the fiber segment, except as otherwise noted.

我想提醒大家，達成出售光纖部門的協議意味著光纖部門的業績必須在 Crown Castle 的財務報表中作為已終止經營的業務進行報告。與我們的第一季報告一致，除非另有說明，否則該公司 2025 年全年展望和第二季業績不包括我們先前在光纖部門下報告的貢獻。

To aid in the review of our second quarter results, we have included in our earnings materials full year 2024 results on a comparable basis. As we indicated last quarter, within 2025 outlook and in our quarterly results, all financing expenses are included in continuing operations and do not reflect the impact of any expected use of proceeds from the sale of our fiber business.

為了幫助審查我們的第二季業績，我們在收益資料中以可比較基礎納入了 2024 年全年業績。正如我們上個季度所指出的，在 2025 年展望和季度業績中，所有融資費用均包含在持續經營中，並不反映出售光纖業務所得收益的任何預期用途的影響。

Additionally, SG&A has been allocated between continuing and discontinued operations to develop our outlook. However, these allocations may not represent the run rate SG&A for Crown Castle as a standalone tower company. As a result, adjusted EBITDA, AFFO and AFFO per share and our 2025 outlook and quarterly results may not be representative of the company's anticipated performance following the close of the sale.

此外，銷售、一般及行政費用已在持續經營業務及終止經營業務之間分配，以製定我們的展望。然而，這些分配可能並不代表 Crown Castle 作為一家獨立塔式公司的銷售、一般及行政費用的運作率。因此，調整後的 EBITDA、AFFO 和每股 AFFO 以及我們的 2025 年展望和季度業績可能無法代表公司在出售完成後的預期業績。

With that, let me turn the call over to Dan.

說完這些，讓我把電話轉給丹。

Thanks, Kris, and good afternoon, everyone. As a result of the great work by everyone at Crown Castle, we are delivering on the three near-term priorities I shared last quarter. First, meeting or exceeding the company's financial and operating objectives for 2025; second, facilitating the successful close of the sale of our small cells and fiber solutions businesses; and third, positioning the tower business to maximize value for shareholders on a standalone basis.

謝謝，克里斯，大家下午好。由於 Crown Castle 全體員工的出色工作，我們正在實現我上個季度分享的三個近期重點任務。首先，達到或超過公司 2025 年的財務和營運目標；其次，促進小型基地台和光纖解決方案業務的成功出售；第三，將塔業務定位為在獨立基礎上為股東實現價值最大化。

As evidenced by our solid second quarter results and our increased 2025 guidance, we are delivering on our first priority. The increase to our full year 2025 outlook is underpinned both by higher demand for our assets, as our wireless customers continue to augment capacity in their networks driving higher leasing and services activity and by improved operating efficiency.

正如我們第二季度的穩健業績和 2025 年預期上調所證明的那樣，我們正在實現我們的首要任務。我們對 2025 年全年業績預期的提高，一方面是由於對我們資產的需求增加，因為我們的無線客戶繼續擴大其網路容量，從而推動了更高的租賃和服務活動，另一方面是由於營運效率的提高。

On the second priority, we believe we are on track to close our sale transaction in the first half of 2026. We have already started receiving state level approvals, and we are actively engaged with the Department of Justice as we process a second request for information that we recently received.

第二個優先事項是，我們相信我們預計在 2026 年上半年完成銷售交易。我們已經開始獲得州一級的批准，我們正在積極與司法部合作，處理我們最近收到的第二個資訊請求。

From an operational standpoint, we have delivered to the buyers, outlines of the processes, personnel and support infrastructure required to operate each business, positioning us for a seamless transition at close. With respect to our third priority, since announcing the agreement to sell our small cell and fiber solutions businesses, we have focused on operating the tower business more efficiently.

從營運的角度來看，我們向買家提供了營運每項業務所需的流程、人員和支援基礎設施的概述，為我們最終實現無縫過渡做好準備。關於我們的第三個優先事項，自從宣佈出售小型基地台和光纖解決方案業務的協議以來，我們一直專注於更有效地經營塔業務。

This focus is already beginning to show up in our results as we have driven shorter cycle times that have contributed to our higher leasing expectations for the remainder of the year, we have improved the margins in our services business by reducing operating costs, and we have reduced expected full year 2025 overhead costs by $10 million.

這一重點已開始體現在我們的業績中，因為我們縮短了周期時間，這有助於提高我們對今年剩餘時間的租賃預期，我們透過降低營運成本提高了服務業務的利潤率，並且我們已將預計的 2025 年全年管理費用減少了 1000 萬美元。

We believe our continued focus on operating the tower business more efficiently, along with our previously announced capital allocation framework will position the company to maximize value as a pure-play US tower operator.

我們相信，我們繼續專注於更有效地經營塔業務，加上我們先前宣布的資本配置框架，將使公司作為純粹的美國塔運營商實現價值最大化。

In the second quarter, we made progress implementing our capital allocation framework by decreasing our dividend per share to $4.25 on an annualized basis, which will increase our financial flexibility going forward. Following the close of our sale transaction, we intend to grow the dividend in line with AFFO excluding amortization of prepaid rent by maintaining a payout ratio of 75% to 80%.

在第二季度，我們在實施資本配置框架方面取得了進展，將每股股息降低至年度化 4.25 美元，這將提高我們未來的財務靈活性。在我們的銷售交易結束後，我們打算將股息派發率保持在 75% 至 80% 之間，以 AFFO 為基準增加股息（不包括預付租金攤銷）。

Additionally, we expect to spend between $150 million and $250 million of annual net capital expenditures to modify our towers, purchase land under our towers and invest in technology to enhance and automate our systems and processes.

此外，我們預計每年將花費 1.5 億至 2.5 億美元的淨資本支出來改造我們的塔樓、購買塔樓下的土地以及投資技術來增強和自動化我們的系統和流程。

We believe these enhancements, which are already underway, are fundamental to our operational objectives of improving customer service, becoming the best operator of US towers by increasing productivity and efficiency.

我們相信，這些已在進行的改進對於我們改善客戶服務、透過提高生產力和效率成為美國最佳塔營運商的營運目標至關重要。

Lastly, after paying our quarterly dividend and pursuing organic investment opportunities, we intend to utilize the free cash flow we generate to repurchase shares while maintaining our investment-grade credit rating, which we believe will drive attractive shareholder returns.

最後，在支付季度股息和尋求有機投資機會後，我們打算利用產生的自由現金流回購股票，同時保持我們的投資等級信用評級，我們相信這將帶來可觀的股東回報。

To wrap up, as supported by our updated full year 2025 outlook, we are making solid progress across our three near-term priorities. We are on track to exceed our financial and operational objectives for 2025. We are making both regulatory and operational progress in the separation of the small cell and fiber solutions businesses and believe we are on track to close the transaction in the first half of 2026, and we are focusing on driving efficiencies and implementing our capital allocation framework, which we believe will position the tower business to maximize long-term value creation.

總而言之，正如我們最新的 2025 年全年展望所支持的那樣，我們在三個近期優先事項上取得了堅實的進展。我們預計將超額完成 2025 年的財務和營運目標。我們在小型基地台和光纖解決方案業務分離方面的監管和營運都取得了進展，並相信我們預計在 2026 年上半年完成交易，我們正專注於提高效率和實施我們的資本配置框架，我們相信這將使塔業務能夠最大限度地創造長期價值。

With that, I'll turn it over to Sunit to walk us through the details of the quarter.

接下來，我將把時間交給 Sunit，讓他向我們介紹本季的詳細資訊。

Thanks, Dan, and good afternoon, everyone. Starting on page 4 of our earnings presentation. We delivered higher-than-expected second quarter results, demonstrating the solid performance of the underlying tower business highlighted by 4.7% organic growth, excluding the impact of Sprint Cancellations, a $6 million year-over-year increase in services activity contribution and a $37 million year-over-year decrease in SG&A, primarily driven by the reduction in staffing levels and office closures announced in June 2024, and the absence of $20 million of advisory fees incurred in the second quarter of 2024.

謝謝，丹，大家下午好。從我們的收益報告的第 4 頁開始。我們第二季的績效高於預期，顯示基礎塔業務表現穩健，其中突出的是 4.7% 的有機增長（不包括 Sprint 取消的影響）、服務活動貢獻同比增長 600 萬美元以及銷售、一般及行政費用同比減少 3700 萬美元，這主要是由於 2024 年 6 月宣布的人員減少的 20 萬美元和辦公室 200 萬美元。

These items, however, were more than offset at the site rental revenues, adjusted EBITDA and AFFO lines largely due to an unfavorable $51 million impact from Sprint Cancellations, a $34 million reduction in noncash straight-line revenues and $16 million decrease in noncash amortization of prepaid rent.

然而，這些項目在場地租金收入、調整後的 EBITDA 和 AFFO 線上被抵消了，主要是由於 Sprint 取消帶來的 5100 萬美元的不利影響、非現金直線收入減少 3400 萬美元以及預付租金非現金攤銷減少 1600 萬美元。

Our updated outlook for full year 2025 includes increases of $10 million to site rental revenues, $25 million to adjusted EBITDA and $35 million to AFFO.

我們對 2025 年全年的最新展望包括場地租賃收入增加 1000 萬美元、調整後 EBITDA 增加 2500 萬美元以及 AFFO 增加 3500 萬美元。

Moving to page 6. The $10 million increase to growth in site rental revenues is a result of higher Organic Contribution to Site Rental Billings, driven by higher activity levels. This increase, which brings the full year outlook for organic growth to 4.7%, excluding the impact of Sprint Cancellations, benefits from a $5 million increase to core living activity and a $5 million increase to change in other billings, which primarily consists of back billings.

移至第 6 頁。場地租賃收入增加 1000 萬美元是由於活動水準提高，場地租賃收入的有機貢獻增加。這一增長使全年有機成長預期達到 4.7%（不包括 Sprint 取消的影響），受益於核心生活活動增加 500 萬美元以及其他帳單變化（主要包括往期帳單）增加 500 萬美元。

We also expect a $35 million increase at the AFFO line, consisting of: first, the $10 million increase to site rental revenues; second, a $10 million decrease in overhead expenses as we identify opportunities for greater operational efficiency in the tower business; third, a $5 million increase in services gross margin driven by the higher activity levels; and finally, a $10 million decrease in interest expense due primarily to a pushout in the assumed term-out of our floating debt.

我們也預計 AFFO 線路將增加 3,500 萬美元，包括：首先，場地租賃收入增加 1,000 萬美元；其次，隨著我們發現提高塔業務營運效率的機會，管理費用將減少 1,000 萬美元；第三，受活動水準提高的推動，服務毛利率將增加 500 萬美元；最後，金額支出將減少 100 萬美元的主要原因。

Our outlook for discretionary capital expenditures which includes modifying our towers, purchasing land under our towers and investing in technology and systems that will enhance profitability remains unchanged at $185 million or $145 million, net of $40 million of prepaid rent received.

我們對可自由支配的資本支出的預期保持不變，為 1.85 億美元或 1.45 億美元，扣除收到的 4000 萬美元預付租金，其中包括改造我們的塔樓、購買塔樓下的土地以及投資於可提高盈利能力的技術和系統。

In conclusion, we're making solid progress against each of our top near-term priorities. We believe we remain on track to close the sale of our small cells and fiber solutions business in the first half of 2026. With our increased focus on operating the tower business as efficiently as possible, we continue to expect to meet our range for estimated annual AFFO that we reiterated last quarter of $2.265 billion to $2.415 billion at anticipated transactions close.

總而言之，我們在實現近期各項首要任務方面都取得了紮實的進展。我們相信，我們預計在 2026 年上半年完成小型基地台和光纖解決方案業務的出售。隨著我們更加專注於盡可能高效地經營塔式業務，我們繼續期望在預計交易結束時達到上個季度重申的 22.65 億美元至 24.15 億美元的年度 AFFO 估計範圍。

And we believe our focus on operational execution, investment-grade balance sheet and our capital allocation framework will position the tower business to maximize long-term shareholder value on a standalone basis.

我們相信，我們對營運執行、投資等級資產負債表和資本配置框架的關注將使塔式業務能夠獨立地實現長期股東價值的最大化。

With that, operator, I'd like to open the line for questions.

接線員，現在我開始回答問題。

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。（操作員指示）

Jim Schneider, Goldman Sachs.

高盛的吉姆·施耐德。

Hey guys, this is Josh in for Jim. Thanks for taking the questions. Just two, if I could. Can you give a bit more information on what's driving the higher leasing activity? And if this is related to rural builds or some other project that you're seeing from the carriers? And then secondly, each of the carriers is talking about or spoken about their time line for 5G deployments.

嘿，大家好，我是 Josh，代替 Jim。感謝您回答這些問題。如果可以的話，就兩個。您能否提供更多有關推動租賃活動增加的因素的資訊？這是否與您從運營商看到的農村建設或其他項目有關？其次，每家運營商都在談論或談到他們的 5G 部署時間表。

But from your standpoint, relative to this point in 5G versus 3G and 4G cycles, how should we think about what's left to deploy? And how do you think about the tail of 5G being longer or shorter than those? Thanks.

但從您的角度來看，相對於 5G 與 3G 和 4G 週期的這個階段，我們應該如何考慮還剩下什麼需要部署？您認為 5G 的尾巴比這些更長還是更短？謝謝。

Thanks Josh. The higher leasing activity really is across the board from all of our customers and across our footprint. I think what we're seeing is a continuation of our customers seeing a need to augment their network capacity because they're seeing subscriber growth as they each -- most of them announced over the course of the last few days.

謝謝喬希。更高的租賃活動確實涉及我們所有客戶和整個業務範圍。我認為，我們看到的是，我們的客戶繼續認為需要擴大他們的網路容量，因為他們看到用戶數量正在增長，他們中的大多數人都是在過去幾天內宣布的。

And they're seeing an increase in churn. And I think when you see those types of things from our perspective, subscriber growth and increased churn usually leads to an increase in activity because the network needs to be augmented to keep up with the incremental demand that's being placed on it.

他們發現客戶流失率正在增加。我認為，從我們的角度來看這些事情時，用戶成長和流失率增加通常會導致活動增加，因為網路需要增強才能滿足不斷增加的需求。

So there's nothing I'd point to specifically other than it's just activity levels are higher than what we expected when we gave guidance at the beginning of the year. On the time line of 5G, this deployment cycle versus others, the 4G cycle was 10 to 12 years that took to go from the beginning of the 4G cycle until we really started 5G in earnest.

因此，我沒有什麼特別要指出的，只是活動量高於我們年初給出指導時的預期。在 5G 的時間線上，這個部署週期與其他週期相比，4G 週期是從 4G 週期開始直到我們真正開始 5G 需要 10 到 12 年。

I don't think there's anything that would lead us to believe that the 5G cycle would be any shorter. I think there is something that would say that the 5G cycle might be longer just because the quantum of incremental data continues to grow. So even though the percentage of data growth in the US is relatively consistent, because the base is growing, you're getting an increase in just the amount of data that needs to be trafficked over the networks, which we think is going to take a long time for our customers to continue to build out their networks to withstand all that incremental demand.

我認為沒有任何因素能讓我們相信 5G 週期會更短。我認為有人會說 5G 週期可能會更長，因為增量資料量持續成長。因此，儘管美國的資料成長百分比相對穩定，但由於基數在成長，需要透過網路傳輸的資料量也在增加，我們認為我們的客戶需要很長時間才能繼續建立他們的網路來承受所有增量需求。

Got it. Thank you.

知道了。謝謝。

Michael Rollins, Citi.

花旗銀行的麥可‧羅林斯。

Thanks, and good afternoon. I'm curious to ask about the pro forma post divestiture Crown Castle. So in the past, I think you talked about generating and you referenced it, I think earlier, enough AFFO per share, so the dividend payout at 4.25% would be 75% to 80%. And then there could be a second leg after that in terms of efficiencies beyond just the general organic growth of the business.

謝謝，下午好。我很好奇想問 Crown Castle 剝離後的形式問題。所以在過去，我想你談到了創造，並且你提到過，我想之前，每股有足夠的 AFFO，所以 4.25% 的股息支付率將是 75% 到 80%。然後，除了業務的整體有機成長之外，還可能在效率方面出現第二階段。

So curious, as you've been focusing more on the go-forward Crown strategy, and efficiencies, what you're learning about the size of opportunity in that second leg of maybe how much more incremental efficiency you can generate and the speed at which you could get to the first leg and the second leg once the deal closes. Thanks.

我很好奇，由於您一直更加關注皇冠的未來策略和效率，您對第二階段的機會規模了解多少，也許您可以產生多少增量效率，以及交易完成後您可以以多快的速度進入第一階段和第二階段。謝謝。

Thanks for the question, Mike. I'm going to try to use the language you use and use a first leg, second leg even though that's not exactly how we set it. But I'll use that language to be consistent with how you asked the question. We've given in the first quarter and Sunit said in the prepared remarks, that we still believe we will be able to reach the range of outcomes for the annualized period after close that we had in our presentation last quarter of around $2.3 billion to $2.4 billion of AFFO.

謝謝你的提問，麥克。我將嘗試使用您使用的語言並使用第一站和第二站，儘管這並不是我們設定的確切方式。但我會使用該語言來與您提出問題的方式保持一致。我們在第一季就已給出預期，並且蘇尼特在準備好的發言中也表示，我們仍然相信，我們將能夠達到我們在上個季度報告中提出的收盤後年度化期間的一系列結果，即約 23 億美元至 24 億美元的 AFFO。

Obviously, we expect to get there by the time we close the transaction or we wouldn't put that out as our expectation. So we believe we will be able to get to that level of savings that would allow us to reach and generate that level of AFFO by the time we close the transaction. So that, I think, covers your first leg question.

顯然，我們希望在交易完成時實現這一目標，否則我們不會將其作為我們的期望。因此，我們相信，我們將能夠達到這種節省水平，使我們能夠在交易結束時達到並產生這種水平的 AFFO。所以，我想這已經涵蓋了你的第一站問題。

Your second leg question is beyond just being a simpler business that allows you to operate more efficiently and drive costs out, what can you do going forward that would be even more? We don't really have a time frame on that nor do we have a way to quantify it at this point because we are working on that currently. We are updating our systems. We are updating our processes currently.

您的第二個問題是，除了讓業務變得更簡單、營運更有效率、降低成本之外，您還能做些什麼來讓業務更上一層樓？我們實際上沒有時間框架，也沒有辦法量化它，因為我們目前正在努力。我們正在更新我們的系統。我們目前正在更新我們的流程。

And as we go through that process, we will identify places where we believe we can get more efficient that will drive higher AFFO growth over time, but we're not in a position now that we will be able to quantify when or how much.

在我們經歷這個過程的過程中，我們將確定哪些地方可以提高效率，從而隨著時間的推移推動 AFFO 的更高成長，但我們現在還無法量化何時或多少。

Thanks.

謝謝。

Thank you.

謝謝。

Michael Funk, Bank of America.

美國銀行的麥可‧芬克。

Yeah, thank you for the question. Good evening everyone. So Sunit, maybe a question for you, if I could. Going back to the post-close structure, you've talked a lot with the allocation of expense between the standalone business versus the divested business. Where are the most questions on overlapping costs left to evaluate and deciding the final breakdown of expense between the divested, and then the core tower business?

是的，謝謝你的提問。大家晚上好。所以，如果可以的話，Sunit，我想問你一個問題。回到收盤後結構，您已經談了很多關於獨立業務和剝離業務之間的費用分配。關於重疊成本的最多問題還剩下哪裡需要評估，以及決定剝離業務和核心塔業務之間的最終費用分攤？

Yeah, I think if I understand your question right, Michael, I think look, it's -- there are dissynergies in running three disparate businesses. We've got the fiber business, the small cell business and the tower business. So I think just with the simpler business, that helps a lot, whether it's a corporate levels, IT functions at the tower level.

是的，邁克爾，如果我理解正確的話，你的問題就是，經營三個不同的業務存在不協同效應。我們有光纖業務、小型基地台業務和塔業務。因此，我認為，對於更簡單的業務來說，這將有很大幫助，無論是公司層面，還是塔樓層面的 IT 功能。

So I think that as we have been going through the course of this year through some of our separation activity, it's beginning to highlight areas that we would have to take a look at post-closing. So -- but the main point I'd make is running three businesses versus one is a big, big difference in simplification, which is why we think we should be able to drive efficiencies over time. Dan?

因此，我認為，隨著我們今年進行的一些分離活動，我們開始突顯出在交易結束後我們必須關注的領域。所以——但我要說的重點是，經營三家企業和經營一家企業在簡化方面有著很大的區別，這就是為什麼我們認為我們應該能夠隨著時間的推移提高效率。擔？

But are there other areas like maintenance, for example, there's still some questions and allocate that cost between the two businesses, or is it more the overlapping costs, business support IT accounting, things of that nature that you still question?

但是，是否存在其他領域，例如維護，仍然存在一些問題，如何在兩個企業之間分配成本，或者更多的是重疊成本、業務支援 IT 會計，諸如此類您仍然質疑的事情？

Yeah. On the corporate side, not as much, because the businesses are unfairly separately, otherwise, meaning the fiber and small cell and the tower business. So not much overlap on things like maintenance that you mentioned. It's more on the corporate side.

是的。從企業方面來看，情況並非如此，因為這些業務被不公平地分開，也就是說，光纖、小型基地台和塔業務。因此，您提到的維護等事項沒有太多重疊。這更多的是企業方面的事情。

Okay, one more quick one, if I could please. I'm thinking about capital allocation priorities, how should we think about programmatic versus opportunistic buybacks?

好的，如果可以的話，我再快速問一下。我正在考慮資本配置優先事項，我們應該如何看待程序性回購和機會性回購？

Yeah, I mean I think we mentioned this at the announcement of the transaction. But clearly, with the proceeds, debt reduction is key. If you want to keep to make sure we have an investment-grade rating balance sheet, if you like. We talked about our dividend policy, as Dan mentioned, we have set the dividend at a new level.

是的，我認為我們在交易公告中提到了這一點。但顯然，對於收益而言，減少債務是關鍵。如果您想確保我們擁有投資等級評級資產負債表，如果您願意的話。我們討論了我們的股息政策，正如丹所提到的，我們已經將股息設定在了一個新的水平。

And then going forward, post the close of the transaction, the dividend will grow and will be in that range of 75% to 80% of AFFO. And then thirdly, we also talked about buying shares back. So that's, as you point out, and more discretionary, but we also talked about what we're going to do there. So the idea is to do all three, which we think really maximizes shareholder value over time. And then I'll let Dan add any thoughts he has.

然後，在交易結束後，股息將會增加，並將在 AFFO 的 75% 到 80% 範圍內。第三，我們也談到了回購股票。正如您所指出的，這更具自由裁量權，但我們也討論了我們將要做什麼。因此，我們的想法是同時做到這三點，我們認為從長遠來看，這確實可以實現股東價值最大化。然後我會讓丹補充他的想法。

The only thing I would add to that, Michael, is we're going to have, again, I think, kind of two stages of what you would call a share reverse. The first is what do we do with the proceeds that we get from the transaction and how are we going to allocate those proceeds.

邁克爾，我唯一想補充的是，我認為我們將再次經歷所謂的股票逆轉的兩個階段。首先，我們如何處理從交易中獲得的收益以及如何分配這些收益。

As we've talked about, we're going to use the vast majority to pay down debt, and then we're going to use some to buy back stock to maintain an investment-grade rating, how we ultimately execute on that stock repurchase program is going to be a function of the timing, the market and what we think will deliver the best results for our shareholders.

正如我們所討論的，我們將用絕大部分資金償還債務，然後用一部分資金回購股票以維持投資級評級，我們最終如何執行股票回購計劃將取決於時機、市場以及我們認為能為股東帶來最佳結果的因素。

And so we don't have a view yet on how we will ultimately execute. And then ongoing, we believe we will generate additional free cash flow and leverage capacity that we can utilize to invest in our business, pay our dividend and buy back stock, as Sunit pointed out.

因此，我們還沒有最終確定如何執行。然後，我們相信，我們將產生額外的自由現金流和槓桿能力，我們可以利用這些來投資我們的業務，支付股息和回購股票，正如蘇尼特所指出的那樣。

And again, how we ultimately structure all of that stock repurchase will be predicated on what the market looks like and how we think we'll be able to generate the best value for our shareholders. So I don't think, at this point, we can give a really good sense for what that execution is going to look like.

再次強調，我們最終如何建立所有股票回購將取決於市場狀況以及我們認為如何能為股東創造最佳價值。因此，我認為，目前我們還無法真正了解執行情況將會是什麼樣子。

But I think what we can say is we understand their pros and cons to having a programmatic share repurchase and we're having an opportunistic share repurchase. We will weigh all of that and come up with what we think is the best case scenario.

但我認為我們可以說的是，我們了解程序化股票回購的利弊，而我們進行的是一種機會性股票回購。我們將權衡所有因素並得出我們認為最好的方案。

Great, thank you both for the time.

太好了，謝謝你們抽出時間。

Thank you.

謝謝。

Rick Prentiss, Raymond James.

瑞克普倫蒂斯、雷蒙詹姆斯。

Thanks. Good afternoon, everybody on a busy day. First, our thoughts are with everybody in Texas. That was a very difficult time over the July 4. So if everybody on the team and families made it okay.

謝謝。大家下午好，今天是忙碌的一天。首先，我們與德克薩斯州的每個人同在。7月4日是一段非常艱難的時期。所以如果團隊和家庭中的每個人能夠做到的話。

Thanks, Ric.

謝謝，里克。

First question I've got, Dan, you mentioned that something you've already been achieving has been shorter cycle times. Where are we at right now? What are you guys hitting and what kind of cycle times are you achieving that's helping results?

我的第一個問題是，丹，你提到你已經實現了縮短週期時間。我們現在在哪裡？你們達到了什麼目標？達到了什麼樣的周期時間來幫助成果？

Yeah, overall, I wouldn't say that the cycle times would show something that would be a dramatic change from when we get an application to when we put something on air and generate revenue. Those are still for most of the applications we're talking about now in the 6 to 12 month range. What we're talking about is the average cycle time.

是的，總的來說，我不會說從我們收到申請到播出並產生收入的周期時間會發生巨大變化。對於我們現在討論的大多數申請來說，這些仍然處於 6 至 12 個月的範圍內。我們正在討論的是平均週期時間。

We've been able to reduce the amount of process that we put in and streamline what we do in order to drive incremental and relatively marginal changes to our cycle times. But when you're talking about a book of business, the size of ours and the number of applications that we process on a yearly basis, those incremental and marginal improvements add up to enough to -- enough outcome to impact the new leasing activity that we have in our assets. But we increased the core leasing activity by $5 million.

我們已經能夠減少投入的流程數量並簡化我們的工作，以推動週期時間的漸進和相對邊際的變化。但是，當你談論業務簿、我們的規模以及我們每年處理的申請數量時，這些漸進和邊際的改進加起來就足以影響我們資產中的新租賃活動。但我們將核心租賃活動增加了 500 萬美元。

So it's not a tremendous impact. but is a proof point that what we're doing is working. We're putting in place incentives and getting people to work really hard to try to figure out what can we do to make our business better. And we're seeing the very early stages of all those things coming through, both in those cycle times that we're talking about, but also in the improvement to our services margin and the improvement to our cost structure.

所以它的影響力不是很大，但卻證明我們所做的事情是有效的。我們正在製定激勵措施，讓人們努力工作，試圖找出我們可以做些什麼來讓我們的業務變得更好。我們看到所有這些事情都處於非常早期的階段，不僅體現在我們談論的周期時間上，也體現在我們的服務利潤率的提高和成本結構的改善上。

So it's just little things over and over again, we think will allow us to be the best-in-class operator of towers. And it won't be one dramatic event that we can point to and say our cycle times move by 180 days. There are going to be little things here and there, like cycle times, like cost improvements that over time, we think are going to add a tremendous amount of value through the ability to grow our cash flows more than we otherwise would have.

因此，我們認為，只需一遍又一遍地做小事，我們就能成為一流的塔運營商。這不會是我們可以指出的戲劇性事件，並說我們的周期時間會提前 180 天。這裡和那裡都會有一些小事情，例如週期時間、成本改進等，我們認為隨著時間的推移，這些事情將透過增加現金流的能力而增加巨大的價值，否則我們將無法實現現金流的成長。

Okay. I think you also mentioned on the deal closing, you're still looking at the first half. You got some state levels that are making good progress are approved, DOJ. Is there anything with the FCC? And of course, we've been watching T-Mobile UScellular, Paramount Skydance, a lot of this DEI discussions or need for a letter sometimes comes out there. But is there any FCC requirement? And where are you guys at as far as any kind of DEI issues?

好的。我想您也提到了交易的結束，您仍然在關注上半年。一些州級的措施正在取得良好進展，並已獲得司法部的批准。FCC 有什麼事嗎？當然，我們一直在關注 T-Mobile UScellular、Paramount Skydance，許多有關 DEI 的討論或有時需要寫一封信。但是 FCC 有要求嗎？就 DEI 問題而言，你們的情況如何？

Yeah. There's nothing that we can speak to one way or the other at this point because we're just not far enough along in the process. What we can say is that we have tried to manage our business for the interest of our shareholders because we believe that's the most important thing to do, and we continue to manage our business, the interest in our shareholders.

是的。目前我們還無法談論任何事，因為我們在這個過程中還不夠深入。我們可以說的是，我們一直努力從股東的利益出發來管理我們的業務，因為我們相信這是最重要的事情，而且我們將繼續從股東的利益出發來管理我們的業務。

Some of those things, when we are trying to drive the best outcomes for shareholders also means we try to drive the best outcomes for our customers and our communities and our employees. But the driving factor in how we make decisions is what do we think is going to make the best sense for our business overall.

當我們努力為股東爭取最好的結果時，也意味著我們努力為我們的客戶、社區和員工爭取最好的結果。但我們做決策的驅動因素是我們認為什麼對我們的整體業務最有意義。

Right. And last one for me is you laid out your three objectives and what you're working on -- good progress on all of them. Maybe an update on is the board actively searching for a new CEO? Are they waiting for the deal to close? Because it means or seems like the process is going well. But what is the update kind of on a CEO search? And could there be any changes in capital allocation or stock buyback plans if there was a change at the C level?

正確的。對我來說，最後一個是您列出了您的三個目標以及您正在努力實現的目標——所有目標都取得了良好的進展。也許是董事會正在積極尋找新執行長的最新消息？他們正在等待交易完成嗎？因為這意味著或看起來這個過程進展順利。但是 CEO 搜尋的更新內容是什麼樣的呢？如果 C 等級發生變動，資本配置或股票回購計畫是否會改變？

The Board is actively searching for a CEO. I don't think that they are waiting for the deal to close. I think that they are trying to find the right person to lead this company going forward. They have not put a time frame on it as we discussed last quarter because they don't -- as you said, things are going well enough at this point where we don't need to make a change.

董事會正在積極尋找執行長。我認為他們不會等待交易完成。我認為他們正在尋找合適的人選來領導這家公司繼續前進。正如我們上個季度討論的那樣，他們沒有為此設定一個時間表，因為他們沒有——正如你所說，目前事情進展得足夠順利，我們不需要做出改變。

But I think that they want to find the CEO, who is no longer interim, as quickly as they can because it would be something that would clear up another level of uncertainty on our company, and we've had plenty of uncertainties. So it would be very good, I think, to have an announcement. And I think the Board understands that. So they're working towards it. And I forget the second part of what you have --

但我認為他們希望盡快找到不再是臨時執行長的人選，因為這將消除我們公司面臨的另一個不確定性，而我們已經面臨許多不確定性。因此，我認為，發佈公告會非常好。我認為董事會明白這一點。所以他們正在努力實現這一目標。我忘了你的第二部分--

Capital allocation.

資本配置。

Could they change the capital allocation? I think what you can take away is that the board has made some decisions on the strategy and the future of this business, that any person who would step into the role would have to agree with or they wouldn't take the role. Because I think the board will be very clear that we are going to be a tower only business that is focused on the US and that they're going to want somebody who's going to come in and be able to make that tower only business, the best operator of towers in the US that we possibly can be. And I think that, that will make that clear to any person who's going to come in to be the CEO.

他們能改變資本配置嗎？我認為，你可以得出的結論是，董事會已經就這項業務的策略和未來做出了一些決定，任何擔任該職位的人都必須同意這些決定，否則他們就不會擔任該職位。因為我認為董事會會非常清楚地表明，我們將成為一家專注於美國的鐵塔業務公司，他們希望有人能加入並使我們成為美國最好的鐵塔運營商。我認為，任何即將擔任執行長的人都會清楚這一點。

Great. Thanks guys. And again, our thoughts are with everybody in Texas.

偉大的。謝謝大家。我們再次向德州的每個人表示慰問。

Thanks.

謝謝。

Ben Swinburne, Morgan Stanley.

摩根士丹利的本‧斯溫伯恩 (Ben Swinburne)。

Thanks, good afternoon. I guess two questions. One kind of bigger picture. I know it's early, Dan, but I was wondering if you had any updated thoughts on how gen AI or AI could drive incremental traffic by your customers and therefore incremental tower revenue, particularly as we see inferencing as a bigger and bigger part of the AI use cases.

謝謝，下午好。我想問兩個問題。一種更大的圖景。丹，我知道現在還為時過早，但我想知道您是否對新一代人工智慧或人工智慧如何推動客戶流量增加以及由此帶來的塔式收入增加有什麼最新的想法，特別是當我們認為推理在人工智慧用例中佔據越來越大的比例時。

And then second, I know it's a smaller part of the business, but service gross margins are coming in better. You guys -- that's part of the guide raise. What -- can you talk a little bit about what's happening there? How much of that might be kind of structural or what changes you've made to help drive that and how we should think about the service margin opportunity going forward? Thank you.

其次，我知道這只是業務中較小的一部分，但服務毛利率正在提高。你們——這是指導加薪的一部分。什麼—您能談談那裡發生的事情嗎？其中有多少可能是結構性的，或者您做了哪些改變來幫助推動這一點，以及我們應該如何看待未來的服務利潤機會？謝謝。

Thanks, Ben. The first question on what do we see as incremental data in AI? As you pointed out, it's pretty early on to come up with a specific use case. But I think like any other technology that has come into our lives, as long as we see value in that technology, that technology will ultimately follow us where we are, which is mobile. We don't sit in our desks and only do work at our desks anymore.

謝謝，本。第一個問題是，我們如何看待人工智慧中的增量資料？正如您所指出的，現在提出具體的用例還為時過早。但我認為，就像進入我們生活的任何其他技術一樣，只要我們看到該技術的價值，它最終就會跟隨我們到我們所在的地方，也就是移動的地方。我們不再坐在辦公桌前，不再只在辦公桌前工作。

So anything you can think of that drives AI traffic that people currently are using when they are at the office, we'll likely make it into a world where we're going to want to use that technology as we move around the world.

因此，您能想到的任何能夠推動人們目前在辦公室使用的人工智慧流量的技術，都可能使我們進入一個在世界各地移動時都希望使用該技術的世界。

And I think that, that is going to be a potential significant increase in data demand. But the exact use case is really hard to pinpoint right now of what it would be. It could be health care or autonomous driving or any of the ones we've talked about. It could be how do we implement better manufacturing techniques and how do you use mobile networks to be able to make that happen. But those types of things are hard for us to see.

我認為，這可能會顯著增加數據需求。但現在確實很難確定它的具體用例是什麼。它可能是醫療保健或自動駕駛或我們談論過的任何領域。這可能是我們如何實施更好的製造技術以及如何使用行動網路來實現這一點。但這些事情我們很難看到。

All we know is that technology increases and technology moves that we as consumers wanted to move with us, and that's what Crown Castle provides to the world. It's connectivity for whatever data you want to utilize wherever you are.

我們所知道的是，科技不斷發展和進步，我們身為消費者希望科技能夠隨之進步，而這正是 Crown Castle 為世界提供的。無論您身在何處，它都可以連接您想要使用的任何資料。

On the second question, with the service gross margin coming in better, I would say that the recent improvements have been structural. As we talked about, we've been looking at our processes, looking at our cost structure and trying to save money.

關於第二個問題，隨著服務毛利率的提高，我想說最近的改善是結構性的。正如我們所討論的，我們一直在審視我們的流程、我們的成本結構並試圖節省金錢。

And the tower team has done a fantastic job identifying what they can do to try to increase revenues while increasing the percentage of that revenue that falls to the bottom line. And what you've seen is an increase in service gross margin consistently over the course of the last 6, 12 months. And we believe that there is -- those are sustainable increases in service gross margin.

塔台團隊出色地完成了工作，確定了他們可以採取哪些措施來增加收入，同時提高收入中歸屬於底線的百分比。您所看到的是，在過去 6 到 12 個月中，服務毛利率持續成長。我們相信，服務毛利率將會持續成長。

Thank you so much.

太感謝了。

Jonathan Atkin, RBC Capital Markets.

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

Thanks. Just a couple from my side. I wondered if you're noticing anything different around carrier activity with respect to doing their own greenfield builds. I think one of them kind of referenced in an elevated pace doing their own bills rather than perhaps commissioning build-to-suits from third parties. Any observations on that? And then with regard to just private market M&A activity in the US, anything that you're seeing in terms of multiples.

謝謝。只是我這邊的幾個。我想知道您是否注意到航母在進行自己的綠地建設方面的活動有什麼不同。我認為其中之一指的是加快速度自己做帳單，而不是委託第三方進行客製化。對此有什麼看法？然後就美國私人市場併購活動而言，您所看到的任何倍數都是如此。

Thanks, John. You may have cut out a bit. So if I don't get to the second question fully, just please ask again. We have not really been in the build-to-suit market very much over the course of the recent past because we have not seen an opportunity to generate returns over and above our cost of capital given the terms that we've seen coming from carriers.

謝謝，約翰。你可能已經刪減了一點。因此，如果我沒有完全回答第二個問題，請再問一次。我們最近並沒有真正涉足客製化建造市場，因為根據承運商提供的條款，我們沒有看到機會獲得超出資本成本的回報。

So we haven't been involved all that much in build-to-suit. And therefore, we haven't seen much of a change because we just haven't been all that involved. I would find it -- I find it hard that our customers are able to drive a lower all-in cost of operation over the life of an asset for the tower business that wouldn't be third party given the ability to share that asset is so much easier as a third party than it is as a carrier. And that has been proven over and over again of the history of the tower business.

因此，我們並沒有過多地參與客製化建設。因此，我們沒有看到太大的變化，因為我們還沒有完全參與其中。我發現—我發現我們的客戶很難在塔式業務資產的整個生命週期內降低總營運成本，因為作為第三方而不是營運商，共享該資產的能力要容易得多。塔業務的歷史已經一次又一次地證明了這一點。

So even though that might happen -- even though it might happen that our customers want to build their own towers for a period of time, it has generally been that they ultimately sell those towers to a third-party operator because that's where the lowest total cost of operation can occur because of the sharing of the capital among all customers. On private market multiples -- sorry, go ahead.

因此，即使這種情況可能發生——即使我們的客戶可能想要在一段時間內建造自己的塔，但通常他們最終會將這些塔出售給第三方營運商，因為這樣可以實現最低的總營運成本，因為所有客戶共享資本。關於私人市場倍數——抱歉，請繼續。

No, go ahead. I have a quick third one, to go ahead and address the M&A.

不，繼續吧。我還有第三個問題，繼續討論併購問題。

Okay. Thanks, John. On private market multiples, we've said this before, I've said this before, it has always been interesting to me in my experience with this industry. The private market multiples have been higher than public market multiples. And we've never really figured out exactly why.

好的。謝謝，約翰。關於私人市場倍數，我們以前說過，我以前也說過，根據我在這個行業的經驗，這對我來說一直很有趣。私人市場倍數一直高於公開市場倍數。但我們從未真正弄清楚究竟為什麼。

I think that there are some theories, but it's hard to pinpoint. And we have not seen a significant change in the market dynamics for private tower assets in the US. Again, that really hasn't impacted us all that much. We haven't been in the market to do so. And we're not in the market now to try to go expand our footprint in the US, because we have enough to do right now to get the deal closed that we're already working on.

我認為有一些理論，但很難確定。我們還沒有看到美國私人塔資產市場動態發生重大變化。再說一遍，這實際上並沒有給我們帶來太大的影響。我們還沒有進入這個市場來做這件事。我們現在還沒有進入美國市場試圖擴大我們的業務範圍，因為我們現在有足夠的事情要做來完成我們正在進行的交易。

So I don't think the private market multiples where they are -- where they sit today, have much of an impact on Crown Castle's outlook over the course of 2025, and even into 2026 as we get the sale of our fiber solutions and small cell business is completed.

因此，我認為私人市場目前的本益比不會對 Crown Castle 在 2025 年甚至 2026 年的前景產生太大影響，因為我們將完成光纖解決方案的銷售和小型基地台業務。

Thanks. You mentioned operations and execution in both the prepared remarks and then in response to Ric's question. On ground lease purchases, the pace of it, anything around whether that could increase in terms of outright purchases of lands or lease extensions, anything different going forward than what we've seen over the last couple of quarters?

謝謝。您在準備好的發言和回答 Ric 的問題時都提到了營運和執行。關於土地租賃購買的速度，是否可能以直接購買土地或延長租賃的方式增加，與過去幾季相比有什麼不同嗎？

We have not increased over -- you can see the increase over the course of this year thus far, our purchases of land under the towers. However, we are putting a focus on trying to identify the places where we think that we can generate a good return by buying that land and reducing our cost structure. We think that drives value as long as it's a good return for us, and it reduced our operating costs those things are things that we think are really valuable and can generate incremental shareholder value.

我們沒有增加——你可以看到，今年到目前為止，我們在塔下購買的土地數量有所增加。然而，我們正致力於尋找那些我們認為可以透過購買土地和降低成本結構來獲得良好回報的地方。我們認為，只要它能為我們帶來良好的回報，就能帶來價值，而且它還能降低我們的營運成本，這些都是我們認為真正有價值的東西，可以產生增量的股東價值。

So we are looking to increase the amount of land that we purchased over time. And you should see in the back half of the year a little increase in the amount of capital that we are allocating to that land purchase program.

因此，我們希望隨著時間的推移增加購買的土地數量。您應該會看到，今年下半年我們分配給該土地購買計畫的資金數量會略有增加。

Thank you.

謝謝。

Ari Klein, BMO.

阿里·克萊因，BMO。

Thanks. Dan, you mentioned capacity additions. Curious if that suggests you're seeing an uptick in color activity. And maybe you can talk to the color versus amendment mix and how that might be changing? And then maybe separately on EBITDA, you've had two quarters of outperformance at the start of the year that amounts to more than the amount that guide was raised.

謝謝。丹，您提到了容量增加。好奇這是否表示您看到色彩活動增加。也許您可以談談顏色與修正的混合以及這可能會如何變化？然後也許單獨就 EBITDA 而言，今年年初有兩個季度的業績表現優異，超過了指導值的提高。

And if we simply annualize the first half of the year, it would get above the high end of the range. So just curious if you can provide some color on the moving parts and maybe what's been sustainable cost savings versus seasonality or timing. Thanks.

如果我們簡單地將上半年的數據年化，它就會超過該範圍的高端。所以我只是好奇您是否可以提供一些關於活動部件的詳細信息，以及也許是關於可持續成本節約與季節性或時間的關係。謝謝。

On your first question, Ari, the capacity additions, we have not seen a significant change in the mix of co-location and amendment activity. So what we're talking about when we say adding capacity, that addition can be based on adding capacity at a tower that our customers are already on or adding capacity on towers as they are not yet on which would be the co-locations.

關於你的第一個問題，阿里，在容量增加方面，我們並沒有看到共置和修正活動組合發生重大變化。因此，當我們說增加容量時，我們討論的是增加容量，這種增加可以基於在我們的客戶已經使用的塔上增加容量，或者在他們尚未使用的塔上增加容量，即共置。

So we're seeing both augmentation and some densification, but not at a pace that's any different than what we've seen historically.

因此，我們看到了增強和一定程度的緻密化，但其速度與我們歷史上看到的速度並沒有什麼不同。

Yeah, on your second question, I mean, as we mentioned in the last call, we do have some site business. So some of the expenses were running lower, but some of them will be back-ended for the rest of the year. So I think the range we provided captures that for the EBITDA level.

是的，關於您的第二個問題，我的意思是，正如我們在上次通話中提到的，我們確實有一些現場業務。因此，一些支出正在減少，但其中一些支出將在今年剩餘時間內得到彌補。所以我認為我們提供的範圍涵蓋了 EBITDA 等級。

Thank you.

謝謝。

Batya Levi, UBS.

巴蒂亞·列維（Batya Levi），瑞銀。

Great, thank you. Can you remind us your exposure to with USM and as the remaining deal terms with the company? And do you have a sense of the overlap with T-Mobile. I think they just suggested that they will take on more towers from USM and how that could potentially impact you? Thank you.

太好了，謝謝。您能否回顧一下您與 USM 的合作情況以及與該公司剩餘的交易條款？您是否感覺到它與 T-Mobile 有重疊？我認為他們只是建議從 USM 接管更多塔，這可能會對您產生什麼影響？謝謝。

I'm really sorry, but you broke up when you asked that question. Do you mind asking again? I apologize.

真的很抱歉，但是當你問出這個問題的時候，你們就已經分手了。你介意再問一次嗎？我很抱歉。

Sure. The exposure to USM and maybe the remaining deal terms with the company. And I believe T-Mobile is looking to acquire more towers from USM and how could that impact you?

當然。對 USM 的曝光以及與該公司剩餘的交易條款。我相信 T-Mobile 正在尋求從 USM 收購更多訊號塔，這會對您產生什麼影響？

Thanks for repeating it. Sorry about that. We have minimal exposure to US cellular towers, US cellular on our towers. It is a negligible amount that would not have an impact on our overall financial results.

謝謝你重複。很抱歉。我們對美國蜂窩塔的接觸很少，我們的塔上只有美國蜂窩塔。這是一個微不足道的金額，不會對我們的整體財務表現產生影響。

Thank you.

謝謝。

Brendan Lynch, Barclays.

巴克萊銀行的布倫丹·林奇。

Great, thanks for taking my questions. Wanted to follow up about allocating cost between continuing and discontinuing ops. It sounds like the default is to keep expenses in continuing ops so it's clear that it can be moved over. So should we expect that more costs are going to be moved over each quarter until the deal closes. Looks like you did this with $15 million of stock comp this quarter.

太好了，謝謝你回答我的問題。想要跟進繼續營運和停止營運之間的成本分配。聽起來預設的做法是將費用保留在持續營運中，因此很明顯可以將其轉移。因此，我們是否應該預期在交易完成之前每季都會有更多的成本被轉移。看起來您本季用 1500 萬美元的股票補償做到了這一點。

Yeah. Brendan, I don't think that we're going to have a consistent move of cost from continuing to discontinuing. But as you pointed out, there is a requirement to identify, to put costs into discontinued operations that those costs are allocated solely to those discontinued operations, anything that is shared stays with the continuing operations.

是的。布倫丹，我不認為我們的成本會從繼續到停止持續發生的變化。但正如您所指出的，需要進行識別，將成本投入到已停止的業務中，這些成本僅分配給那些已停止的業務，任何共享的部分都保留在持續業務中。

And we will have some minor moves here and there to change what moves into discontinued operations and what's continuing. But I wouldn't say that it's going to be a systematic march each quarter. So what you're seeing is kind of ensuring that we've made those allocations as well as we possibly can.

我們將會採取一些小的措施來改變哪些業務進入停止運營，哪些業務繼續運作。但我不會說每季都會有一次有系統的遊行。所以，您所看到的是確保我們盡可能地做好這些分配。

We think we've done a very good job, and we might have some minor changes over time, but nothing that would be significant would be the way I would say.

我們認為我們已經做得很好了，隨著時間的推移我們可能會做出一些小的改變，但我認為不會有什麼重大的改變。

Okay, thanks. That's helpful. And then it looks like you only incurred about $14 million of maintenance CapEx year-to-date, but guidance implies $31 million in the second half at the midpoint. Can you provide any details on what might be planned to get you to the $45 million midpoint or even into the range that you're suggesting?

好的，謝謝。這很有幫助。然後看起來您今年迄今為止只花了約 1400 萬美元的維護資本支出，但指導意見暗示下半年中期將花費 3100 萬美元。您能否提供任何細節，說明如何規劃才能使您達到 4500 萬美元的中間值，甚至達到您建議的範圍？

Yeah, some of that is just timing and seasonality. I think we'll see a heavier, expense in the second half of the year, consistent with our guide.

是的，其中一些只是時間和季節性因素。我認為，下半年的支出將會增加，這與我們的預期一致。

There's nothing planned that's specific. It's just the way that we spend money sometimes is not ratable, and we're going to make sure that our towers are maintained in a way that keeps them safe and upright and appropriate for the weight and distribution that we have on them. And the way the capital ultimately plays out over the course of the year sometimes has lumpiness to it like this year.

沒有任何具體的計劃。只是我們花錢的方式有時是不按比例計算的，我們要確保我們的塔得到維護，以確保它們的安全和直立，並適合我們在其上施加的重量和分佈。而首都在一年中的最終表現有時就像今年一樣不平穩。

Okay, thanks for The call.

好的，謝謝您的來電。

Richard Gill, JPMorgan.

摩根大通的理查吉爾。

I wanted to ask about as two of you, I guess, base customers and national carriers get to 80%, 90% 5G coverage. Do you expect any sort of, I guess, fall off next year as second carrier reaches that level? And maybe along with that, what are you seeing in your pipeline in the business for next year?

我想問一下，你們兩個，我想，基礎客戶和國家運營商的 5G 覆蓋率達到了 80% 到 90%。當第二艘航母達到這一水平時，您認為明年會出現任何形式的下滑嗎？除此之外，您對明年的業務發展有何展望？

We're not at a point right now that we think we can give or should give 2026 guidance. So we're not going to talk through what leasing activity is going to be going into 2026. Having said that, clearly, by our increase in guidance for 2025, we're seeing a higher level of activity through this year than what we expected at the beginning of the year when we gave guidance.

目前我們還不能給予或應該給予 2026 年的指導。因此，我們不會討論 2026 年的租賃活動將會如何。話雖如此，但顯然，透過提高 2025 年的指導，我們看到今年的活動水平高於我們在年初給出指導時的預期。

And if you look at the first half of the year in core leasing activity, than what we expect in the second half of the year, we expect more core leasing activity in the second half than we have experienced in the first half of the year. So we're pleased with that result. It's good to see more revenue growth than we expect.

如果你看一下上半年的核心租賃活動，與我們對下半年的期望相比，我們預計下半年的核心租賃活動將比上半年更多。所以我們對這個結果很滿意。很高興看到收入成長超出我們的預期。

Moving our midpoint of our guidance from 4.5% growth, excluding Sprint churn to 4.7% growth, excluding Sprint turn is a meaningful move for us. And we think that, that positions us well for the future as we continue to focus on growing the revenues of the company.

將我們的預期中點從 4.5% 的成長（不包括 Sprint 流失）調整為 4.7% 的成長（不包括 Sprint 轉變）對我們來說是一個有意義的舉措。我們認為，這將為我們的未來奠定良好的基礎，因為我們將繼續專注於增加公司的收入。

And some of the increase, not all of it, obviously, but some of it was from the back billing. It seems like that's been also an improvement benefit from operations. Should we see more of this going forward as you continue to improve operations or will it be a little bit more episodic?

顯然，這只是部分成長，不是全部，但其中一部分來自後期計費。這似乎也是營運帶來的改良效益。隨著您不斷改進運營，我們是否應該看到更多這樣的情況，還是會變得更加偶發？

I think it will be episodic when we are able to raise our guidance. But as we put into the guidance that we updated today, there's a $5 million increase in other billings, which is mostly in back billing. Some of that already occurred in the year, and some of it is yet to occur based on the work we're doing to identify where we need -- where we have equipment on towers that we need to get paid for.

我認為，當我們能夠提高指導時，這將是偶發性的。但正如我們今天更新的指南中所述，其他帳單增加了 500 萬美元，其中大部分是後期帳單。其中一些已經在今年發生，還有一些尚未發生，這取決於我們正在做的工作，以確定我們需要在哪裡——我們在哪些塔上安裝了需要付費的設備。

So we are improving all of the process around how we operate as a tower company, and that's just yet another proof point that we're making some progress. But like we said, these are pretty small moves and -- but small moves over a long period of time will generate a whole bunch of value.

因此，我們正在改進作為一家塔式公司運營的所有流程，這只是我們正在取得一些進展的另一個證明點。但就像我們所說的那樣，這些都是非常小的舉措，但長期來看，這些小舉措將產生巨大的價值。

So I can't say that we're always going to have consistent improvements based on the activities that we are undertaking now. What I can say is that over time, we believe those improvements will come and whether the -- which I think definitionally means they're episodic.

因此，我不能說我們根據現在正在進行的活動將始終取得持續的進步。我可以說的是，隨著時間的推移，我們相信這些改進將會發生，而且我認為從定義上講，它們只是偶發性的。

Thank you.

謝謝。

Matt Niknam, Deutsche Bank.

德意志銀行的馬特‧尼克納姆 (Matt Niknam)。

Hey, guys, thanks for taking the question. Just one for me. Any implications on the pacing of carrier investment post recent tax reform that you've picked up in conversations with customers? Thanks.

嘿，夥計們，謝謝你們回答這個問題。對我來說只有一個。您在與客戶的交談中了解到最近的稅制改革對營運商投資節奏有何影響嗎？謝謝。

Yeah, the carriers have all released their earnings and guidance, at this point, the three large carriers have. I think each of them said that they were going to use those tax savings to invest in their network but I think that the majority of that increase was being directed towards fiber and not towards wireless.

是的，各家業者都已公佈了他們的收益和預期，目前，三大業者都已公佈了。我認為他們每個人都表示他們將使用這些稅收節省來投資他們的網絡，但我認為大部分增加的資金都用於光纖而不是無線。

So we have not seen thus far any significant impact from the tax reform. But it's a little early to tell because even if they're talking about utilizing most of those the cash flow to go into capital allocation priorities in fiber. We're also seeing an environment in the wireless market that is a good environment saying traffic is increasing, subscribers are increasing, churn is increasing.

因此，到目前為止，我們還沒有看到稅制改革的任何重大影響。但現在說還為時過早，因為即使他們正在談論利用大部分現金流來優先投入光纖的資本配置。我們也看到無線市場環境良好，流量增加，使用者在增加，客戶流失率增加。

And like I said before, when you have that type of environment, it generally leads to investment in the wireless network. So I think we will see continued investment. I think we need as a country, we need to see continued investment in the wireless infrastructure to withstand the demand that we're all placing on that infrastructure.

正如我之前所說，當你擁有這種環境時，它通常會導致對無線網路的投資。所以我認為我們將看到持續的投資。我認為，作為一個國家，我們需要對無線基礎設施進行持續投資，以滿足我們對該基礎設施的需求。

But I don't -- the carriers have not said publicly that they are utilizing the tax savings to make those investments in the wireless technology in the wireless infrastructure.

但我不知道——營運商並沒有公開表示他們正在利用節省的稅收來投資無線基礎設施中的無線技術。

Appreciate it. Thanks Dan.

非常感謝。謝謝丹。

Nick Del Deo, MoffettNathanson.

尼克·德爾·迪奧，莫菲特·內森森。

Hey, thanks for your questions. Just two relatively quick ones. So you're projecting $185 million in discretionary CapEx for the year. I think in the first half, it was $66 million, which implies a pretty sharp increase in the second half. Is that from planned investments in systems or seasonality or are you budgeting for something else in there? And then on the $10 million reduction in G&A that you're expecting, did that primarily relate to power G&A or share G&A?

嘿，謝謝你的提問。只是兩個相對較快的。因此，您預計今年的可自由支配資本支出為 1.85 億美元。我認為上半年是 6,600 萬美元，這意味著下半年會有相當大幅的成長。這是來自系統或季節性的計劃投資還是您在其中預算了其他東西？那麼，您預計的 1000 萬美元 G&A 減少額，這主要與電力 G&A 還是股份 G&A 有關？

Yeah, so on the capital, yeah, I mean, we'll have a whole bunch of things as I mentioned, but one of them will be land purchases, so you'll see capital for that. Some will be in, systems, some will be in sustaining CapEx that we talked about to kind of maintain our infrastructure.

是的，關於資本，是的，我的意思是，正如我所提到的，我們會有很多事情要做，但其中之一就是購買土地，所以你會看到這方面的資本。有些將用於系統，有些將用於維持我們所謂的維護基礎設施的資本支出。

So, it happens to be a little more back end loaded. This is Dan pointed out, but we also said we are stepping up our land investments, so that's what's, driving that. On the $10 million -- yeah, I mean, most of that is at the is G&A, but G&A generally, some at corporate level, some within the our business.

因此，它恰好需要更多的後端負載。這是丹指出的，但我們也表示，我們正在加大土地投資，這就是推動這項進程的因素。關於 1000 萬美元 — — 是的，我的意思是，其中大部分是 G&A，但一般來說，一些是在公司層面，一些在我們的業務範圍內。

Okay. Thanks.

好的。謝謝。

Part of this as a result, Nick, some of the actions we took last year. As you remember, we reduced our costs last year in the middle of the year. And we continue to see benefits from having taken both people and nonlabor costs out of G&A and some of it is just the continuation of all of that work we did at a real strong focus on ensuring that every incremental dollar that we're spending is doing something very positive for the business.

尼克，部分原因是我們去年採取了一些行動。大家還記得，我們去年年中削減了成本。我們繼續看到從一般及行政費用中去除人力和非勞動力成本所帶來的好處，其中一些只是我們所做的所有工作的延續，我們真正注重確保我們花費的每一分錢都為業務帶來非常積極的影響。

And I'll give a lot of credit to the managers in our company who are really focused on ensuring that our cost structure stays as tight as it can while still providing the service we need to our customers.

我非常感謝我們公司的管理人員，他們真正致力於確保我們的成本結構盡可能緊湊，同時仍然為客戶提供所需的服務。

Okay, great. Thanks guys.

好的，太好了。謝謝大家。

This concludes the question-and-answer session and today's conference call. Thank you for attending today's presentation. You may now disconnect.

問答環節和今天的電話會議到此結束。感謝您參加今天的演講。您現在可以斷開連線。