Crown Castle Inc (CCI) 2025 Q3 法說會逐字稿

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

大家好，歡迎參加 Crown Castle 2025 年第三季財報電話會議。（操作說明）請注意，本次活動正在錄影。

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

現在我將把會議交給公司財務副總裁兼財務主管克里斯·欣森。請繼續。

Thank you, Chloe, and good afternoon, everyone. Thank you for joining us today as we discuss our third-quarter 2025 results. With me on the call this afternoon are Christian Hillabrant, Crown Castle's President and Chief Executive Officer; and Sunit Patel, Crown Castle's Chief Financial Officer.

謝謝你，克洛伊，大家下午好。感謝各位今天蒞臨，與我們一同探討我們2025年第三季的業績。今天下午和我一起參加電話會議的有 Crown Castle 的總裁兼執行長 Christian Hillabrant，以及 Crown Castle 的財務長 Sunit Patel。

To aid the discussion, we have posted supplemental materials in the Investor 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.

為了方便討論，我們在公司網站 crowncastle.com 的投資者關係部分發布了補充資料，這些資料將在電話會議中多次提及。本次電話會議將包含前瞻性陳述，這些陳述受到某些風險、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 Factor sections of the company's SEC filings. Our statements are made as of today, October 22, 2025, and we assume no obligation to update any forward-looking statements. 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 investor section of the company's website at crowncastle.com.

有關可能影響我們業績的潛在因素的信息，請參閱新聞稿和公司向美國證券交易委員會提交的文件中的「風險因素」部分。我們的聲明截至今日（2025年10月22日）有效，我們不承擔更新任何前瞻性聲明的義務。此外，今天的電話會議還包括某些非GAAP財務指標的討論。有關這些非GAAP財務指標的調節表可在公司網站 crowncastle.com 投資者關係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 last quarter, the company's full-year 2025 outlook and third-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，由於我們已達成出售光纖業務的協議，因此需要在 Crown Castle 的財務報表中將光纖業務的業績作為終止經營業務進行報告。與上一季一致，公司 2025 年全年展望和第三季業績不包括我們先前在光纖業務部門下報告的貢獻，除非另有說明。

To aid in the review of our third-quarter results, our earnings materials include 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.

為了幫助大家回顧我們第三季的業績，我們的收益資料中包含了 2024 年全年業績的可比較數據。正如我們上個季度所指出的，在 2025 年展望和我們的季度業績中，所有融資費用都包含在持續經營中，並不反映出售光纖業務所得款項的預期用途的影響。

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 in our 2025 outlook and quarterly results may not be representative of the company's anticipated performance following the close of the sale.

此外，為了更好地展望未來，我們將銷售、一般及行政費用分配到持續經營業務和已終止經營業務。然而，這些分配可能無法代表 Crown Castle 作為一家獨立鐵塔公司的日常銷售、管理及行政費用。因此，我們在 2025 年展望和季度業績中調整後的 EBITDA、AFFO 和每股 AFFO 可能無法代表公司在出售完成後預期的業績。

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

那麼，我把電話交給克里斯吧。

Thank you, Kris. And good afternoon, everyone. It's an honor to address you for the first time as CEO of Crown Castle. As you have seen from my background, I have been in the telecommunications industry for many years, and I have long admired Crown Castle and its high-quality portfolio of approximately 40,000 towers, both as a customer and as a previous competitor.

謝謝你，克里斯。大家下午好。很榮幸能以Crown Castle執行長的身份首次與各位交流。從我的背景中可以看出，我從事電信行業多年，我一直以來都非常欣賞 Crown Castle 及其約 40,000 座高品質鐵塔的資產組合，無論是作為客戶還是作為以前的競爭對手。

In my first 40 days, I've traveled across the country to host townhalls and hear from many of Crown Castle's employees and customers. And I've gained several key insights. First, I am really pleased by the high level of engagement of our employees and their excitement on our goal to become a best-in-class US tower company. We believe that the Fiber and small sale transaction remains on track to close in the first half of 2026.

在上任的頭 40 天裡，我走遍了全國各地，主持市政廳會議，聽取了 Crown Castle 的許多員工和客戶的意見。我從中獲得了一些重要的啟發。首先，我非常高興看到我們員工的高度敬業精神以及他們對我們成為美國一流鐵塔公司的目標的熱情。我們相信光纖和小額銷售交易仍將按計劃在 2026 年上半年完成。

Second, I believe that the US wireless communications infrastructure industry is entering a period of significant opportunity supported by solid fundamentals, continued growth, and customer demand. Third, Crown Castle is uniquely positioned to drive attractive risk-adjusted returns during this period as the only large publicly traded tower operator with an exclusive focus on the US.

其次，我認為美國無線通訊基礎設施產業正進入一個充滿重大機會的時期，這得益於堅實的基本面、持續成長和客戶需求。第三，Crown Castle 是唯一專注於美國的大型上市鐵塔營運商，因此它在此期間具有獨特的優勢，能夠帶來具有吸引力的風險調整後收益。

In September, CTIA, a leading wireless industry association, reported that mobile data demand in 2024 had increased by more than 30% for the third consecutive year. We believe mobile data demand is the best indicator of long-term demand for our assets, as incremental network investment by our customers is required to enable higher levels of mobile data traffic. As data demand continues to grow, it will require operators to expand network capacity by both deploying new sites and adding new spectrum bands to existing sites.

今年 9 月，領先的無線行業協會 CTIA 報告稱，2024 年行動數據需求連續第三年增長超過 30%。我們認為行動數據需求是衡量我們資產長期需求的最佳指標，因為客戶需要不斷增加網路投資才能實現更高水準的行動數據流量。隨著資料需求的持續成長，營運商需要透過部署新站點和為現有站點增加新的頻譜頻段來擴大網路容量。

We're seeing this dynamic unfold in real time. Over the past year, each major mobile network operator has acquired additional spectrum despite having collectively secured approximately 700 megahertz of spectrum less than five years ago, the same amount of spectrum acquired in the prior 40 years combined.

我們正在實時目睹這一動態的發展。過去一年，各大行動網路營運商都獲得了額外的頻譜，儘管不到五年前，它們總共才獲得了約 700 兆赫的頻譜，而這相當於過去 40 年獲得頻譜的總和。

Looking ahead, the FCC has said it plans to auction at least 800 megahertz of additional spectrum beginning in 2027. As we saw during the early stages of the 5G deployment cycle, spectrum acquisitions by well-capitalized carriers tends to create significant opportunities for tower operators. With this in mind, I am excited by Crown Castle's long-term value creation opportunity as the only large publicly traded tower operator with an exclusive focus on the US market.

展望未來，FCC表示計劃從2027年開始拍賣至少800兆赫茲的額外頻譜。正如我們在 5G 部署週期的早期階段所看到的，資金雄厚的營運商對頻譜的收購往往會為鐵塔營運商創造重大機會。考慮到這一點，我對 Crown Castle 作為唯一專注於美國市場的大型上市鐵塔運營商的長期價值創造機會感到興奮。

I believe we have an opportunity to generate attractive long-term risk-adjusted shareholder returns by focusing on becoming the best operator of US towers with the following strategic priorities. First, to empower the Crown Castle team to make the best and timely business decisions by investing in our systems to improve the quality and accessibility of asset information.

我相信，透過專注於成為美國最好的鐵塔營運商，並採取以下策略重點，我們有機會創造有吸引力的長期風險調整後股東回報。首先，透過投資我們的系統來提高資產資訊的品質和可近性，從而使 Crown Castle 團隊能夠做出最佳和及時的業務決策。

Second, strengthen our ability to meet the business's needs by streamlining and automating processes to enhance operational flexibility. And third, as the team has already started doing, drive efficiencies across the business. We will advance our data management and process engineering capabilities to deliver on these strategic priorities. And over the long term, we expect to maximize cash flow by unlocking additional organic growth while driving continuous improvement and profitability.

第二，透過簡化和自動化流程來增強營運靈活性，從而提高我們滿足業務需求的能力。第三，正如團隊已經開始做的那樣，提高整個業務的效率。我們將提升資料管理和流程工程能力，以實現這些策略重點。從長遠來看，我們希望透過釋放額外的內生成長潛力，同時推動持續改善和提高獲利能力，從而最大限度地提高現金流。

This strategy is supported by our previously announced standalone tower capital allocation framework, which balances the predictable return of capital to shareholders with the financial flexibility to invest in our core business. Following the close of our sale transaction, we intend to grow our dividend in line with AFFO, excluding amortization of prepaid rent, by maintaining a payout ratio of 75% to 80%.

這項策略得到了我們先前宣布的獨立塔式資本配置框架的支持，該框架在為股東帶來可預測的資本回報與投資核心業務的財務靈活性之間取得了平衡。在我們完成出售交易後，我們打算按照調整後營運資金 (AFFO) 的成長來提高股息，不包括預付租金的攤銷，並將派息率維持在 75% 至 80%。

Additionally, we continue to expect to spend between $150 million to $250 million of annual net capital expenditures to add and modify our towers, purchase land under our towers, and invest in technology to enhance and automate our systems and processes. We believe these enhancements, which are already underway, are fundamental to our strategic priorities to improve the quality and accessibility of asset information, enhance operational flexibility, and to drive further efficiencies.

此外，我們預計每年淨資本支出將在 1.5 億美元至 2.5 億美元之間，用於增加和改造我們的信號塔、購買信號塔下方的土地，以及投資技術以增強和自動化我們的系統和流程。我們相信，這些已經正在進行中的改進措施，對於我們提高資產資訊品質和可近性、增強營運靈活性以及進一步提高效率的策略重點至關重要。

Lastly, after paying our quarterly dividend and pursuing organic investment opportunities, we intend to utilize the cash flow we generate to repurchase shares while maintaining our investment-grade credit rating.

最後，在支付季度股息並尋求有機投資機會後，我們打算利用產生的現金流回購股票，同時保持我們的投資等級信用評級。

So in conclusion, I am excited by the opportunity ahead for both the US wireless infrastructure industry and Crown Castle specifically as the only large publicly traded tower operator with an exclusive focus on the US. We are well positioned to deliver attractive risk-adjusted returns over the long term with our strategy designed to maximize organic growth while enhancing profitability and our capital allocation framework which balances the predictable return of capital to shareholders with financial flexibility.

總之，我對美國無線基礎設施產業以及 Crown Castle（唯一專注於美國的大型上市鐵塔營運商）未來的發展機會感到興奮。我們憑藉旨在最大限度實現內生成長並提高獲利能力的策略，以及在保證股東資本回報可預測性的同時兼顧財務靈活性的資本配置框架，已做好在長期內提供具有吸引力的風險調整後回報的充分準備。

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

接下來，我將把麥克風交給蘇尼特，讓他為我們詳細介紹本季的情況。

Thanks, Chris. And good afternoon, everyone. We delivered solid third-quarter results and are increasing our full-year 2025 outlook as demand for our assets remains strong and we continue to identify opportunities to operate more efficiently. Starting on page 4, the Tower business performed well in the third quarter, highlighted by 5.2% organic growth, or $52 million, which excludes the impact of Sprint Cancellations and benefits from a $5 million timing-related uplift to core leasing activity in the quarter.

謝謝你，克里斯。大家下午好。我們第三季業績穩健，由於市場對我們資產的需求依然強勁，我們也在不斷尋找提高營運效率的機會，因此我們提高了 2025 年全年業績預期。從第 4 頁開始，塔台業務在第三季度表現良好，其中有機增長 5.2%，即 5200 萬美元，這還不包括 Sprint 取消訂單的影響以及本季​​度核心租賃活動因時間因素帶來的 500 萬美元增長。

However, this was 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 $39 million reduction in non-cash straight-line revenues, and $17 million decrease in non-cash amortization of prepaid rent.

然而，由於 Sprint 取消訂單帶來的 5,100 萬美元不利影響、非現金直線法收入減少 3,900 萬美元以及預付租金的非現金攤銷減少 1,700 萬美元，場地租賃收入、調整後 EBITDA 和 AFFO 等因素，這些損失被完全抵消。

Moving to page 5, our updated full-year 2025 outlook includes increases at the midpoint of $10 million to site rental revenues, $30 million to adjusted EBITDA, and $40 million to AFFO. The higher site rental revenues are driven by continued strong demand for our assets, which we expect will result in a $10 million increase to full-year straight-line revenues and fourth-quarter leasing activity and non-renewals in line with the first half 2025 results.

翻到第 5 頁，我們更新後的 2025 年全年展望包括場地租賃收入中位數增加 1000 萬美元，調整後 EBITDA 增加 3000 萬美元，以及 AFFO 增加 4000 萬美元。場地租賃收入的增加得益於市場對我們資產的持續強勁需求，我們預計這將使全年直線法收入增加 1000 萬美元，並且第四季度租賃活動和不續租情況將與 2025 年上半年的業績保持一致。

We also expect a $40 million increase at FFO consisting of a $5 million increase in services gross margin driven by higher services activity; a $15 million decrease in expenses and $5 million decrease in sustaining capital expenditures as we continue to identify opportunities for greater operational efficiency in the car business; and finally, a 15 million decrease in interest expense largely due to lower-than-expected floating rates and a pushout in the assumed term out of our floating debt.

我們還預計 FFO 將增加 4000 萬美元，其中包括：服務業務毛利率增加 500 萬美元（主要得益於服務業務活動增加）；費用減少 1500 萬美元；維持性資本支出減少 500 萬美元（因為我們將繼續在汽車業務中尋找提高運營效率的機會）；最後，利息支出減少 1500 萬美元（由於我們預期的低利率）。

Included in our updated full-year 2025 outlook is a $30 million reduction in discretionary capital expenditures from spend that has been pushed into next year. Our updated outlook for 2025 discretionary CapEx is $155 million -- or $115 million, net of $40 million of prepaid rent received.

在我們更新的 2025 年全年展望中，包括將可自由支配的資本支出減少 3,000 萬美元，這些支出已推遲到明年。我們更新後的 2025 年可自由支配資本支出預期為 1.55 億美元，扣除已收到的 4,000 萬美元預付租金後為 1.15 億美元。

In conclusion, we are pleased with our third-quarter results and believe we are well positioned to meet our increased outlook for full-year 2025, and our range for estimated annual AFFO following the Fiber business sale closing that we reiterated last quarter of $2.265 billion to $2.415 billion. Longer term, we're excited by the opportunity for Crown Castle as the only large publicly traded tower operator with an exclusive focus on the US to deliver attractive risk-adjusted returns with our balanced capital allocation framework, investment-grade balance sheet, and focus on operational execution.

總之，我們對第三季的業績感到滿意，並相信我們能夠實現提高後的 2025 年全年業績預期，以及我們在上個季度重申的光纖業務出售完成後預計的年度調整後營運資金 (AFFO) 範圍，即 22.65 億美元至 24.15 億美元。從長遠來看，我們對 Crown Castle 的發展機會感到興奮，作為唯一一家專注於美國的大型上市鐵塔運營商，Crown Castle 憑藉其均衡的資本配置框架、投資級資產負債表以及對運營執行的專注，有望提供具有吸引力的風險調整後收益。

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

接線員，接下來我將開放提問環節。

(Operator Instructions) Michael Rollins, Citi.

（操作說明）Michael Rollins，花旗銀行。

Thanks, and good afternoon. And Chris, congratulations on becoming CEO of Crown Castle.

謝謝，下午好。克里斯，祝賀你成為Crown Castle的執行長。

Thank you.

謝謝。

So a couple questions. First, Chris, it'd be great to get your perspective. You shared some of it, of course, already in terms of some of your priorities and your initial takes. But as you look at the growth opportunities for Crown, can you frame maybe in more detail what are the opportunities to grow further with your existing customers and how that opportunity rates relative to the efficiency gains by digesting the Fiber operations and just looking for more opportunities to be more efficient and effective?

我有幾個問題。克里斯，首先，很想聽聽你的看法。當然，你已經分享了其中的一些內容，包括你的一些優先事項和初步想法。但是，在審視 Crown 的成長機會時，您能否更詳細地闡述一下，如何利用現有客戶進一步發展，以及這種成長機會相對於整合光纖業務所帶來的效率提升和尋找更多提高效率和效益的機會而言，其價值幾何？

And then just a second topic, if I could, just curious for an update on the relationship with EchoStar. Have you received any feedback in terms of what their approach to the network may be and how you look at collecting the rest of the contractual commitments that you have with that customer? Thanks.

如果可以的話，我還想問第二個問題，我很好奇貴公司與 EchoStar 的關係目前進展如何。您是否收到任何關於他們可能採取的網路策略以及您如何看待收取與該客戶剩餘合約款項的回饋？謝謝。

Yes, great. Thanks, Michael. So I think four questions in one, if I counted them all correctly. Let's start with the growth one that you mentioned. Look, one of the reasons why we're so excited about becoming a large public US tower operator is that we believe that we can really unlock the value on both revenue and the profitability side. Fundamentally, we will be focusing in on almost the back-to-basics to just maximize the revenue opportunities that we have within the existing portfolio overall. And I think we feel good, as recognized by the results that you just heard today.

是的，太好了。謝謝你，麥可。所以，如果我沒數錯的話，這應該是四個問題合在一起了。我們先從你提到的成長問題開始談起。你看，我們之所以對成為美國大型上市鐵塔業者感到如此興奮，其中一個原因是我們相信我們能夠真正釋放收入和盈利能力方面的價值。從根本上講，我們將專注於回歸基本面，以最大限度地提高現有投資組合的整體收入機會。正如你們今天聽到的結果所表明的那樣，我認為我們感覺很好。

In terms of efficiency, look, this is one of the things that we have a huge focus in on, not only in terms of what we promised to deliver as part of this, and so we need to get through first the actual Fiber sale itself. This is our number-one priority as a management team to get this over the finish line here by the end of first half next year. But then we're already starting to focus in on those efficiency areas.

就效率而言，這是我們非常關注的事情之一，不僅體現在我們承諾交付的內容上，所以我們首先需要完成光纖銷售本身。作為管理團隊，我們的首要任務是確保在明年上半年結束前完成這項工作。但我們已經開始著手提高這些領域的效率了。

And again, you saw that in the results that we're reporting this quarter is that we've started to accelerate those activities where we can. And we as a company will spend a great deal of focus on looking for the opportunities to drive efficiency across our platforms, both through process changes and new tools, but also just execution and delivering against customer expectations in what will be a best-in-class TowerCo. And then finally, on the EchoStar question that you asked, look, we have a good agreement in place. It runs through 2036, and the bottom line is we expect to be paid for the terms of the agreement.

正如您在本季度公佈的業績報告中所看到的，我們已經開始在力所能及的範圍內加快這些活動的開展。作為一家公司，我們將投入大量精力尋找機會，透過流程變更和新工具來提高我們各個平台的效率，同時也要專注於執行和滿足客戶的期望，力求成為一流的 TowerCo。最後，關於你提出的 EchoStar 問題，我們之間已經有了很好的協議。協議有效期至 2036 年，最重要的是，我們希望按照協議條款獲得報酬。

Thanks very much.

非常感謝。

Thank you.

謝謝。

Benjamin Swinburne, Morgan Stanley.

班傑明‧斯溫伯恩，摩根士丹利。

(technical difficulty) and welcome to the earnings calls, Chris. Nice to hear your voice. Wanted to ask you guys a couple of questions. AT&T this morning talked about deploying 3.45 GHz from EchoStar kind of prior to close. In fact, they talked about getting that to two-thirds of their POPs by mid-November.

（技術故障）歡迎參加財報電話會議，克里斯。很高興聽到你的聲音。想問你們幾個問題。AT&T今天早上談到了在收盤前部署EchoStar的3.45 GHz頻段。事實上，他們討論過到 11 月中旬將這一目標實現到三分之二的人口。

I'm curious, I know you can't talk about specific carriers, but as we see the EchoStar spectrum get deployed, particularly where it's simply a software upgrade, is there any opportunity for Crown Castle from a revenue point of view -- or how do you think about this migration of spectrum from boost to the majors?

我很好奇，我知道你不能談論具體的運營商，但是隨著 EchoStar 頻譜的部署，特別是當它只是軟體升級時，從收入的角度來看，Crown Castle 是否有任何機會？或者您如何看待頻譜從 Boost 向主流運營商的遷移？

And I was just wondering if Sunit could talk a little bit about the one-timer in the quarter. I think it was $5 million. Any color on sort of what drove that would be interesting. Thank you.

我只是想問蘇尼特能否談談本季的那個單場得分機會。我想應該是500萬美元。如果有人能提供一些關於其驅動因素的信息，那就太好了。謝謝。

Yes. I'll take both. Yes, I saw those remarks. Look, I think in general, what I would say -- because it's tough for us to comment on AT&T's specific plans over the next few years. But in general, I would say the massive investment in spectrum, which is usually followed by deployment generally, and it depends on whether they would do a software upgrade to existing coverage areas or they want to go into more coverage areas. Again, I wouldn't know.

是的。我兩個都要。是的，我看到了那些評論。總的來說，我想說的是——因為我們很難評論 AT&T 未來幾年的具體計劃。但總的來說，我認為對頻譜的大規模投資通常會伴隨著部署，這取決於他們是對現有覆蓋區域進行軟體升級，還是想要擴展到更多覆蓋區域。我還是不知道。

But what I would say, over the long term, as more spectrum bands get occupied and as mobile data demand continues to grow, in general, that's favorable for the tower sector, and we hope we'll do a good job of serving AT&T for whatever its plans are. So I think that's the main point there.

但從長遠來看，隨著更多頻譜頻段被佔用，行動數據需求持續增長，這總體上對鐵塔行業是有利的，我們希望能夠很好地服務於 AT&T，無論其有何計劃。所以我認為這就是重點。

On the one-time benefit, yes, it's a combination of different things happening in the third quarter with several of our carrier customers. So we had a one-time benefit. As we said, we expect to revert back to the sort of activity levels we saw in the first half of the year in the fourth quarter. So these things are never linear. Sometimes you can have lumpiness, and that's what you saw in the third quarter.

關於一次性收益，是的，這是第三季我們幾家營運商客戶遇到的各種情況綜合造成的。所以我們獲得了一次性的福利。正如我們所說，我們預計第四季將恢復到今年上半年的活動水準。所以這些事情從來就不是線性的。有時候會出現結節，就像你在第三節看到的。

Got it. Great. Well, thank you very much.

知道了。偉大的。非常感謝。

Michael Funk, Bank of America,

麥可芬克，美國銀行

Yes, hi. Good evening. Thank you again for the question. And Chris, congratulations on your new role.

是的，你好。晚安.再次感謝您的提問。克里斯，恭喜你榮升新職。

Thank you, Michael. Appreciate it.

謝謝你，麥可。謝謝。

Yes, so a couple if I could. Following on the last one, we've heard carriers talk about less densification due to spectrum that they're acquiring. And just wondering if that's filtered through to your conversations with them, either maybe pulling back on plans that they had or discussions that they were having, or if it's too early and you wouldn't necessarily already had those conversations around densification.

是的，如果可以的話，我想養一對。繼上次之後，我們聽到營運商們談到，由於他們正在獲取頻譜，網路密集化程度將會降低。我只是想知道這是否影響了你和他們的談話，導致他們放棄了之前的計劃或正在進行的討論，或者現在還為時過早，你們可能還沒有就人口密度問題進行過這些討論。

I don't think we've seen anything. As you can see, leasing is a continued strong environment for us. We're seeing solid demand for our assets and no material changes at this time.

我覺得我們什麼都沒看到。如您所見，租賃業務對我們來說仍然是一個強勁的成長點。我們看到市場對我們資產的需求穩健，目前沒有任何實質變化。

Great. And then, Sunit, a lot of discussion about efficiency efforts. Where would you say we are in that process today, if you had to put it in any?

偉大的。然後，蘇尼特，我們進行了很多關於提高效率的討論。如果非要用一個字來概括，您認為我們目前處於這個過程的哪個階段？

Yes, I mean, I think we are, you can see with our progress every quarter, we are basically taking down the execution risk on the guidance that we've provided for next year's FFO for the period July 1 next year to June 30th of the following year. So I think where we are is We keep looking for opportunities to drive efficiencies, various automation systems implementations in a phased approach.

是的，我的意思是，我認為我們正在這樣做，你可以從我們每個季度的進展中看到，我們基本上降低了我們為明年7月1日至次年6月30日期間的FFO（營運資金）指引提供的執行風險。所以我認為我們目前的狀況是，我們將繼續尋找機會來提高效率，並分階段實施各種自動化系統。

But clearly, the big benefit comes as we simplify from running three businesses to one business. So I think that you'll start seeing it benefiting us as we get to the close of the transaction and beyond that. But meanwhile, There's plenty to do within our entire business, our corporate segments, and that's what we are focused on.

但很顯然，最大的好處在於我們將經營三家企業簡化為一家企業。所以我認為，隨著交易接近尾聲，以及交易完成後，你會開始看到它對我們產生好處。但同時，我們整個業務、我們各個公司部門都有很多事情要做，而這正是我們關注的重點。

Great. Thank you, Chris and Sunit.

偉大的。謝謝克里斯和蘇尼特。

Thank you.

謝謝。

Ric Prentiss, Raymond James.

瑞克普倫蒂斯，雷蒙德詹姆斯。

Thanks. Good afternoon, everyone. And Chris, yes, always nice to start on a beat-and-raise quarter, so good talking to you again.

謝謝。大家下午好。克里斯，是的，在業績超出預期並實現成長的季度伊始總是令人高興的，很高興再次與你交談。

Time is everything.

時間就是一切。

It is. I want to follow Mike's question earlier. On the DISH MLA, clearly, you've got a contract. It's written well. You expect to get paid. Putting the spectrum on the towers was really critical to make sure they kept the spectrum rights and be able to sell it. My question was to go at it. If we look at your '24 actuals and your '25 guidance, I know you've said in the past your DISH Boost contract had some step-ups in it.

這是。我想接著Mike之前的問題回答一下。顯然，根據 DISH MLA 協議，你們之間是有合約的。寫得很好。你期望得到報酬。將頻譜放置在基地台塔上至關重要，這樣才能確保他們保留頻譜使用權並能夠出售頻譜。我的問題就是放手一搏。如果我們看一下您 2024 年的實際業績和 2025 年的業績預期，我知道您過去曾說過您的 DISH Boost 合約中有一些階梯式成長條款。

How should we think about how much was in the '24 actual and the '25 guidance that was kind of related to DISH activity that we should be thinking about that's continuing to grow while the contract's in place in '26, '27. Any kind of framework can give us, even rough basis points, what it might have been?

我們應該如何看待 2024 年的實際業績和 2025 年的業績預期中與 DISH 業務相關的部分，以及在 2026 年和 2027 年合約有效期間持續增長的部分？任何框架都可以提供我們一些大致的參考點，讓我們了解它可能會是什麼樣子？

Yes, Ric, so -- I mean, as we've said before, DISH represents about 5% of our revenues on the Tower side. And so I think as we look forward, we'll see what happens with DISH EchoStar. We feel really good about our contract. And beyond that, it's tough to get into too many specifics given the confidentiality with our clients.

是的，Ric，所以——我的意思是，正如我們之前所說，DISH 占我們 Tower 業務收入的約 5%。所以，展望未來，我們將拭​​目以待 DISH EchoStar 的發展。我們對我們的合約非常滿意。除此之外，考慮到對客戶的保密義務，很難透露太多細節。

Sure, okay. I figured I'd try. When you think about dealing with Charlie Ergen and Hamid and the EchoStar Boost folks, are you willing and open to saying, well, let's look at maybe an NPV basis? Let's look at -- here's what you owe me. Can we have some kind of discussion? And I guess the extra piece of the question would be, help us understand what decommissioning costs ballpark might be, because I think the contracts also include that they're supposed to return the towers and remove the equipment.

好的。我想試試看。當你考慮與 Charlie Ergen、Hamid 和 EchoStar Boost 團隊合作時，你是否願意並樂於接受「好吧，讓我們看看淨現值 (NPV) 基礎」這種說法？我們來看看——這是你欠我的。我們能進行一些討論嗎？我想這個問題還應該補充一點，請幫我們了解退役成本的大概範圍，因為我認為合約中也包括他們應該歸還鐵塔並拆除設備。

Yes, so what I would say, tough to tell what direction, when, what discussion would go, and tough for me to comment on any discussions with them generally. And then and similarly to his comment on specific contract provisions on some of the things you're talking about, just all these things are confidential, but we feel very good about the contract we have with DISH.

是的，所以我覺得很難說討論會朝著哪個方向發展，何時進行，會討論到什麼方向，我也很難對他們的任何討論發表評論。然後，就像他之前評論的一些關於你提到的具體合約條款一樣，所有這些都是機密的，但我們對與 DISH 簽訂的合約感到非常滿意。

Ric, maybe another way to put it is that look, our goal here as management is to maximize shareholder value, and we're always open to working with our customers to accomplish that, right?

瑞克，或許換個說法是，我們管理階層的目標是最大化股東價值，我們始終願意與客戶合作來實現這個目標，對吧？

Yes, that's right.

是的，沒錯。

Maybe leave it open-ended like that.

或許就讓它保持開放性吧。

Okay. And last one for me, you touched on it briefly to Funk's question, that famous slide 7 from the fourth-quarter deck where you laid out kind of that pro forma second half '26, first half '27. There's that one stack bar in there that talks about SG&A standalone. You'd mentioned, I think, previously that you'll update that slide. Are we still waiting for the deal to close, or how should we think about when do we get more granularity on that, I'll call it my famous slide 7 from your 4Q deck?

好的。最後一個問題，你簡要地談到了 Funk 的問題，也就是第四季度簡報中著名的第 7 張幻燈片，你在其中列出了 2026 年下半年和 2027 年上半年的大致預測。裡面有一個關於獨立銷售、一般及行政費用的欄位。我想你之前提到過你會更新那張投影片。我們還在等待交易完成嗎？或者我們應該如何考慮何時才能更詳細地了解情況？我稱之為你第四季簡報中著名的第 7 張投影片？

Good question. I think that when we report next quarter, obviously, we'll provide guidance for 2026. And I think you can expect a little more detail then.

問得好。我認為，在下個季度的財報中，我們很可能會提供2026年的業績指引。我想你們應該可以期待更多細節。

That'd be great. Okay, thanks, guys. And again, welcome, Chris.

那太好了。好的，謝謝各位。再次歡迎你，克里斯。

Thanks, Ric.

謝謝你，里克。

Jim Schneider, Goldman Sachs.

吉姆‧施耐德，高盛集團。

Good evening. Thanks for taking my question. Chris, I was just wondering if you could maybe give us a sense of, given your prior experiences, how do those inform your role at Crown Castle? You've been very clear about the strategic goals of the company. But on the margin, are there any areas where you might look to slightly shift those goals, whether they be at the operational level, at the capital allocation level, or otherwise, relative to what's already been laid out there?

晚安.謝謝您回答我的問題。克里斯，我想問你，鑑於你之前的經歷，這些經歷是如何影響你在Crown Castle的工作的？您已經非常清楚地闡述了公司的策略目標。但就目前而言，在營運層面、資本配置層面或其他方面，相對於已設定的目標，您是否可以考慮稍微調整一下這些目標？

The short answer is no. We are focused on becoming the best-in-class US tower operator, full stop. I think once we close the transaction, we achieve all our operational objectives, even then the bar for, say, like M&A will remain high and really limited to the US for the foreseeable future, right? So the fact that I have that experience is great, but the clear strategy that we've embarked on is clearly the right strategy and the winning strategy for Crown.

簡而言之，答案是否定的。我們的目標是成為美國一流的鐵塔營運商，僅此而已。我認為，一旦我們完成交易，實現所有營運目標，即便如此，在可預見的未來，併購的門檻仍然會很高，而且實際上僅限於美國，對嗎？所以，我擁有那段經驗固然很好，但我們已經開始實施的明確策略顯然是正確的策略，也是皇冠集團的致勝策略。

Great. And then just a quick follow up. Can you maybe just comment on the impact of the T-Mobile's acquisition of US Cellular on the business over the next several quarters and years? Thank you.

偉大的。然後，再補充一個簡單的問題。您能否談談T-Mobile收購US Cellular對未來幾季甚至幾年內業務的影響？謝謝。

Yes, I'll just start. Maybe Sunit can bring it home. But this is fairly de minimis for us from our perspective. It should be very little impact from what we see at this time.

好的，我先開始。或許蘇尼特能把它帶回家。但從我們的角度來看，這幾乎可以忽略不計。根據我們目前所見，影響應該非常小。

Yes, that's correct.

是的，沒錯。

Thank you.

謝謝。

Nick Del Deo, MoffettNathanson.

尼克·德爾·迪奧，莫菲特·內森森。

Hi. Thanks for taking my questions. I want to echo others and congratulate Chris on your appointment. I guess, Chris, you described improving Crown Castle systems and information availability as your number-one priority in your prepared remarks. How would you describe the state of the company's systems today relative to those of some of the other firms that you've led and what you think best-in-class systems can offer?

你好。謝謝您回答我的問題。我謹代表大家祝賀克里斯榮任新職。克里斯，我想你在事先準備好的發言稿中把改進 Crown Castle 系統和資訊可用性列為你的首要任務。與你曾經領導過的其他一些公司相比，你如何描述公司目前的系統狀況？你認為一流的系統能夠提供什麼？

Yes, it's a great question because having just literally gone through a multi-year journey at Vantage Towers where we were focused on the exact same types of issues, the good news is that many of the same platforms that we're in the process of utilizing over there, Crown has already started in that journey to deploy those systems here. So overall, I feel like we're on the right track.

是的，這是一個很好的問題，因為我們剛剛在 Vantage Towers 經歷了多年的發展歷程，我們一直專注於完全相同類型的問題。好消息是，我們正在那裡使用的許多平台，Crown 已經開始在這裡部署這些系統了。總的來說，我覺得我們走在正確的道路上。

This will take some period of time. There's a lot of work to be done. Defining what best-in-class looks like in terms of the cycle times on how we deliver to our customers and the efficiency in how we spend our capital and OpEx dollars so that they're the most efficient use of that money, this is really our challenge over the next year for us really to lay out what great looks like and then bringing the team along on that transformation.

這需要一段時間。還有很多工作要做。在未來一年，我們面臨的真正挑戰是，要明確「一流」的標準是什麼，包括我們如何向客戶交付產品的週期時間，以及我們如何有效地使用資本和營運支出，從而實現資金的最有效利用。我們需要明確「優秀」的標準，並帶領團隊共同完成這項轉變。

The good news is I've just seen how this works because I just lived through it for the last two years and hope to be able to bring that same level of discipline and leadership to the team here in executing those plans.

好消息是，我已經親身經歷了這一切，所以我看到了它是如何運作的，我希望能夠將同樣的自律和領導力帶到這裡的團隊中，以執行這些計劃。

Okay, great. That's very, very encouraging. Can I ask one more kind of high-level philosophical question maybe? Most of your business today is contracted under holistic master lease agreements. Some of those may roll off over the coming years. Just wondering how you think about MLAs and the puts and takes or what you find important, just so we understand how you might think through that as deals potentially roll off over time.

好的，太好了。這真是非常令人鼓舞。我可以再問一個比較高深的哲學問題嗎？如今，你們的大部分業務都是根據整體租賃協議簽訂的。其中一些問題可能會在未來幾年逐漸消失。我只是想知道您如何看待MLA協議以及其中的利弊，或者您認為哪些方面比較重要，以便我們了解您是如何考慮這些問題的，因為隨著時間的推移，交易可能會逐漸失效。

I think in the end, we will always look to do good business for Crown. And so for any future MLA renegotiations or extensions, we're always going to look for win-win with our customers on finding both long-term value creation What we won't do is just go run after an MLA for the sake of an MLA. We'll only do it where we see value creation for the company and ultimately driving that customer experience.

我認為最終，我們始終會以維護皇冠集團的利益為目標。因此，對於任何未來的MLA重新談判或延期，我們始終會尋求與客戶雙贏，以創造長期價值。我們不會為了MLA而盲目追求MLA。我們只會在能夠為公司創造價值並最終提升客戶體驗的情況下才會這樣做。

The winning combination is ultimately to have a strategic partnership with your customers. And again, maybe something I have some fairly unique viewpoints on having been both in the operator space, in the OEM space, and now here in the tower space, but in the conversations I've had with customers so far, it's been very warm and welcoming and looking for ways to partner into the future in ways that both companies can profit. So I'm encouraged by the direction we're headed in and stay tuned to this space.

最終的致勝之道在於與客戶建立策略夥伴關係。再說一遍，我可能對一些事情有一些相當獨特的看法，因為我既在運營商領域待過，也在 OEM 領域待過，現在又在塔式設備領域待過。但到目前為止，我與客戶的交流都非常熱情友好，他們都在尋找未來合作的方式，以實現雙方公司的共同獲利。我對我們目前的發展方向感到鼓舞，請繼續關注這個領域。

Okay, great. Thank you, Chris.

好的，太好了。謝謝你，克里斯。

Thank you.

謝謝。

Richard Choe, JPMorgan. Please go ahead.

Richard Choe，摩根大通。請繼續。

Hi. I wanted to see if we can get a little more color on application volumes, kind of what are you seeing. And then also just wanted to clarify, do you expect X to the $5 million that the second half of the year is going to be the same as the first half of the year in new core leasing, or should it be higher?

你好。我想看看我們能否更詳細地了解應用量，例如你們看到了什麼。另外，我還想澄清一下，您預計下半年新核心租賃收入（X 為 500 萬美元）會與上半年持平，還是會更高？

Yes, so to answer the second question is, as I said, we expect the fourth quarter to be consistent with what we saw in the first half. If you look at the first two quarters of the first half, they were about the same. So I think that's what we meant, that the third quarter was lumpier or higher, but that the fourth quarter will be consistent with what you saw in the first two quarters.

是的，所以第二個問題的答案是，正如我所說，我們預計第四季度的情況將與上半季的情況保持一致。如果看一下上半季的前兩個季度，它們的情況大致相同。所以我覺得這就是我們的意思，第三季波動較大或較高，但第四季將與前兩季的情況保持一致。

On the application levels, I think you've heard us say previously, application levels do not necessarily correlate to our leasing activity per se. But yes, we've seen healthy levels of activity, as we pointed out in the last couple of quarters. You can see the benefit of that in our service business. And it was a good quarter also in the third quarter.

關於申請數量，我想你們之前也聽我們說過，申請數量並不一定與我們的租賃活動本身相關。但正如我們在過去幾個季度所指出的那樣，我們已經看到了健康的經濟活動水平。在我們的服務業務中，您可以看到這帶來的好處。第三季表現也不錯。

Got it. Thank you.

知道了。謝謝。

Batya Levi, UBS.

Batya Levi，瑞銀集團。

Great. Thank you. Can you provide a little bit more color on how we should think about the 5% organic growth tracking into next year, maybe kind of the pieces in terms of the amendments and leasing mix? And then how do you think about your scale in the Tier 2, 3 markets where incremental activity seems to be going right now? How would you approach maybe adding to your footprint, either organically or through M&A? And finally, one clarification question. The new leasing activity of about $115 million this year, does that include any take-or-pay contributions from EchoStar?

偉大的。謝謝。您能否更詳細地說明我們應該如何看待明年5%的有機成長預期，例如從修訂和租賃組合的角度來分析一下？那麼，您如何看待您在二、三線市場的規模呢？目前這些市場的增量活動似乎正在增加。您會如何著手擴大自身業務版圖，無論是透過自身發展還是透過併購？最後，還有一個需要澄清的問題。今年新增租賃活動金額約為 1.15 億美元，其中是否包括 EchoStar 的任何照付不議的貢獻？

Yes, let me think through that. So as far as organic growth in the next year, we'll come back to that when we report fourth quarter and provide guidance for 2026. So not much to comment there, but we'll have more to talk about that then. On the scale, Tier 2, Tier 3, all of us have different footprints, but our general goal is to make sure that we can support our customers where we do have coverage or towers in Tier 2, Tier 3 markets. And we certainly have very active conversations with our clients on that.

好的，讓我仔細考慮一下。至於明年的有機成長，我們將在公佈第四季業績並提供 2026 年業績指引時再做討論。所以沒什麼好說的，不過我們之後會再詳細討論這個問題。從規模上看，從 Tier 2 到 Tier 3，我們每個人的覆蓋範圍都不同，但我們的總體目標是確保我們能夠在 Tier 2 和 Tier 3 市場擁有覆蓋或基地台的地方為客戶提供支援。我們當然會就此與客戶進行非常積極的溝通。

And two, we are open to, as Chris mentioned in his comments, to add towers where it makes sense. So we continue to engage with clients to look at that. And then I think your third question was on -- sorry, the leasing activity. Yes, I mean, I think as we said, we didn't change guidance for that. So I think we continue to see good leasing activity in line with the guidance and the expectations we've laid out, hence the guidance that we provided for this year.

第二，正如克里斯在他的評論中提到的那樣，我們願意在合適的地方增加信號塔。因此，我們會繼續與客戶溝通，探討這個問題。然後，我想你的第三個問題是關於——抱歉，是關於租賃活動。是的，我的意思是，正如我們所說，我們沒有改變這方面的指導方針。所以我認為，我們繼續看到良好的租賃活動，符合我們制定的指導方針和預期，這也是我們今年給出的指導方針的原因。

Just to follow up on that, I think there is a bit of a confusion if EchoStar's contribution is in the base, or is it also in the growth in the core leasing piece, $115 million? Is there some part of the contract that's embedded in there from EchoStar?

為了進一步說明這一點，我認為大家對 EchoStar 的貢獻是計入基礎金額還是也計入核心租賃業務的成長（1.15 億美元）存在一些困惑？EchoStar的合約條款是否包含在其中？

Yes. So I mean, generally, we don't comment on specific client contracts, but all our leasing activity includes activity from all our clients. So I'm sorry, that's tough to get into detail on specific to each of our clients' contracts.

是的。所以我的意思是，一般來說，我們不會對特定的客戶合約發表評論，但我們所有的租賃活動都包括來自我們所有客戶的活動。很抱歉，很難詳細解釋每位客戶的特定合約狀況。

Okay. Thank you.

好的。謝謝。

Brendan Lynch, Barclays. Please go ahead.

巴克萊銀行的布倫丹·林奇。請繼續。

Great. Thank you for taking my question. And congrats, Chris. I look forward to working with you. In terms of -- you've laid out kind of the bull scenario where CTI data is supportive of growth, spectrum auctions, and acquisitions of spectrum continue to be supportive. Maybe you could just help us frame some of the risks that exist in the industry related to additional spectrum swaps or efficiency gains via technology or spectral efficiency. It seems there's a lot of negative sentiment in the industry and maybe you can tackle some of these risks head on and inform us how we should think about them.

偉大的。感謝您回答我的問題。恭喜你，克里斯。我期待與您合作。就此而言——您已經闡述了一種樂觀情景，其中 CTI 數據支援成長，頻譜拍賣和頻譜收購繼續提供支援。或許您可以幫我們分析一下，與進一步的頻譜交換或透過技術或頻譜效率提高效率相關的產業風險。看來業界存在著許多負面情緒，或許您可以正面應對其中的一些風險，並告訴我們該如何看待這些風險。

I mean, overall, the biggest risk is we don't have the detailed knowledge of what any of these new spectrum purchase owners are planning to do. The correlation that we're drawing here is the fact that spectrum that wasn't being put into use is now being put into use as something that will generate incremental leasing for infill sites or capacity growth.

我的意思是，總的來說，最大的風險是我們並不詳細了解這些新頻譜購買者計劃做什麼。我們在這裡得出的結論是，以前未被利用的頻譜現在被利用起來，用於增加填充地塊的租賃量或產能成長。

And/or lease up amendment revenue is something that is, again, based on what we've seen this year, seems to be in a very steady state. What could happen, where the technology will go and allow for? Again, the customers have very defined space on the towers. And as they continue to deploy additional capacity, it represents a growth opportunity for us as a business.

而且/或者，根據我們今年所看到的，租賃修訂收入似乎處於非常穩定的狀態。科技發展到什麼程度，會帶來什麼可能性？同樣，客戶在塔樓上擁有非常明確的空間。隨著他們不斷部署更多產能，這為我們公司帶來了成長機會。

Great. Thanks. That's helpful. Maybe another question. You sound very committed to the pure-play US tower business as being your core. Can you talk about any ancillary services that would fall within the realm of tower exposure that you would be willing to or interested in scaling more? I know that Crown Castle has scaled back on services. Maybe there's an opportunity to expand that in the future or build-to-suits or anything that would kind of be within that realm.

偉大的。謝謝。那很有幫助。或許還可以問另一個問題。聽起來你非常重視純粹的美國鐵塔業務，並將其視為你的核心業務。您能否談談您願意或有興趣擴大規模的任何與鐵塔風險敞口相關的輔助服務？我知道Crown Castle已經縮減了服務範圍。或許未來有機會拓展這方面的業務，例如客製化建造或其他類似領域。

Yes, let's start with the fact of our goal is to really maximize the revenue opportunity of our existing base of assets. And we think that there's room to go there, and that's what we'll be focused in on developing. Much of what I'm focusing on doing now over the next couple months is meeting with our customers and to engage to understand where their unmet needs.

是的，首先我們要明確的目標是最大限度地提高現有資產基礎的收益機會。我們認為這方面還有發展空間，這也是我們專注在發展的方向。接下來幾個月，我將專注於與客戶會面，以了解他們尚未滿足的需求。

And you're right, there are things that are services related. There could be things like shared power systems. There's a whole slew of potential opportunities that are out there. What we need to do, I think, in a very disciplined way is to make an inventory of what those opportunities are, working with our customers and prioritizing them, and then making sure that there's good business to be done.

你說得對，有些事情確實與服務有關。可能會出現共享電力系統之類的方案。有很多潛在的機會擺在眼前。我認為，我們需要以非常嚴謹的方式，對這些機會進行盤點，與客戶合作，確定優先順序，然後確保有好的業務可以開展。

Because I'm confident that there is business to be had, but I think it's probably a little bit early, at least in my tenure, to be able to share with you what those specifics are, but know that this is a high priority for us. We want to really maximize the opportunity on our sites. And again, based on the earlier question that somebody had on my experiences, I've seen what the art of possible is, of really providing a great partnership with your customers, to be able to generate those incremental revenues.

因為我相信這裡有很多商機，但我認為現在可能還為時過早，至少在我任期內，還不能和你們分享具體細節，但請相信，這是我們高度重視的事情。我們希望真正最大限度地利用我們網站上的各種機會。再次重申，根據之前有人對我的經驗提出的問題，我已經看到了實現目標的藝術，那就是真正與客戶建立良好的合作關係，從而創造增量收入。

Great. Thank you. That's helpful.

偉大的。謝謝。那很有幫助。

Eric Luebchow, Wells Fargo.

艾瑞克‧盧布喬，富國銀行。

Appreciate it. And Chris, great to connect over the phone. So I just wanted to check again on the cost efficiency program. I know it's in your pro forma AFFO guide you put for us into next year. But if you could talk about opportunities beyond what you've guided to.

謝謝。克里斯，很高興能透過電話聯絡你。所以我想再次確認成本效益計劃的情況。我知道它包含在你為我們準備的明年的AFFO（調整後營運資金）預測指南中。但如果您能談談您所引導的領域之外的機會就更好了。

As we look at your margins relative to your two tower peers in the public market, is there any reason why you can't get SG&A efficiency or gross margins to kind of similar levels? I know there's some structural differences given some of the sale-leasebacks you have, but just wanted to get your perspective on how much runway you have on the cost side the next few years.

當我們檢視貴公司相對於公開市場上兩家鐵塔同業的利潤率時，貴公司為何無法將銷售、管理及行政費用效率或毛利率提升到類似的水平？我知道由於你們的一些售後回租交易，結構上存在一些差異，但我只是想了解一下你們對未來幾年成本方面還有多少迴旋餘地的看法。

Yes, so I think, first, as it pertains to the guidance we provided, when that was provided at the announcement of the transaction, there were efficiencies factored in going from running three businesses to one business. I think we're just executing a little earlier on that. But if you look out over the next couple of years, two or three years, there are several things.

是的，所以我認為，首先，就我們提供的指導而言，在宣布交易時，我們已經考慮到了從經營三家企業到經營一家企業所帶來的效率提升。我認為我們只是提前一點執行。但如果你展望未來兩三年，你會發現有幾件事。

There's the implementations of systems, process automation. All of that, I think, will yield additional benefit over the next several years. There's the opportunity for us to buy out ground leases, as we talked about. I think that can help us. So we saw this comparison to our peers. So I think we've got quite a few things over the next couple of years, but certainly the guidance that we provided for next year incorporated the sort of efficiencies you'd expect, moving from running three businesses to one business.

其中包括系統實施和流程自動化。我認為，所有這些都將在未來幾年帶來額外的好處。正如我們之前討論過的，我們有機會買斷土地租賃權。我認為這對我們有幫助。所以我們看到了與同行的這種比較。所以我認為未來幾年我們有很多事情要做，但我們為明年提供的指導意見肯定包含了你所期望的效率提升，從經營三家企業轉變為經營一家企業。

Got you. And I guess I know it's a little early for 2026 guide, but just wondering if you see anything that kind of takes you off the expectation that you've talked about where you can grow kind of 4% to 5% organically pretty consistently, even if we assume the EchoStar contribution continues to wane just based on everything they've announced. Do you think that's still a reasonable assumption based on all the activity you have in your pipeline? And I guess related to that, is there any kind of mix shifting you're seeing between new colos and amendments as you look out into Q4 and into next year? Thank you.

抓到你了。我知道現在談 2026 年的預測還為時過早，但我只是想知道，您是否看到任何可能讓您無法實現您之前所說的 4% 到 5% 的有機增長預期，即使我們假設 EchoStar 的貢獻會繼續減弱（基於他們已經宣布的一切）。根據您目前的所有業務活動，您認為這個假設仍然合理嗎？我想說的是，展望第四季和明年，您是否看到新發行和修訂之間的比例發生了某種變化？謝謝。

Yes, so on the last question, we're not seeing any big changes in the mix between those two items. And then again, we haven't really provided guidance for next year, so we'll come back and talk about it. There's obviously a fair number of things happening that we're excited about with our clients. But yes, when we get to reporting fourth quarter, we'll have a much better sense of where we are and cover that then.

是的，關於最後一個問題，我們沒有看到這兩項之間的比例發生任何重大變化。此外，我們還沒有真正給出明年的指導意見，所以我們會再回來討論這個問題。顯然，我們和客戶之間有很多令人興奮的事情正在發生。是的，等到公佈第四季財報時，我們將對公司目前的狀況有更清晰的了解，屆時會對此進行報告。

Brandon Nispel, KeyBanc Capital Markets.

Brandon Nispel，KeyBanc Capital Markets。

Yes. Hey, guys. Thanks for taking the question. I think the efficiency one has been asked and answered multiple times, so I'll refrain from that. I wanted to just maybe ask on the discretionary CapEx guide decrease this year. why was that? And really, why is the right number? I think, Chris, you said $150 million to $250 million. So I guess, yes, why decrease this year, and then why so much going forward? Thanks.

是的。嘿，夥計們。感謝您回答這個問題。關於效率的問題已經被問過很多次了，也回答過很多次了，所以我就不再贅述了。我想問今年可自由支配資本支出指南下調的原因。那麼，究竟為什麼這個數字才是正確的呢？克里斯，我想你之前說過是 1.5 億美元到 2.5 億美元。所以我想，是的，為什麼今年會減少，而為什​​麼未來會減少這麼多？謝謝。

Yes, I think some of that is timing. When you look at those capital expenditures, there are several buckets. There's whether you're buying out ground leases, whether they're tower modifications, different things. But again, as we said, that's just more timing, and it's pushed out to next year. Nothing fundamental happening, per se, but just a push after next year.

是的，我認為部分原因在於時機。從資本支出的角度來看，可以分為幾個類別。這其中既包括收購土地租賃權，也包括對鐵塔進行改造，這些都是不同的情況。但正如我們所說，這只是時間上的調整，現在推遲到明年了。本身並沒有什麼實質的變化，只是明年之後會有所推動。

Got it. Thank you.

知道了。謝謝。

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

我們的問答環節和會議到此結束。感謝各位參加今天的報告會。您現在可以斷開連線了。