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, 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。感謝您今天加入我們討論 2025 年第三季的業績。今天下午與我一起參加電話會議的還有 Crown Castle 總裁兼執行長 Christian Hillabrant 和 Crown Castle 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 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 10 月 22 日）做出，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討論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 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，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。與上一季一致，除非另有說明，否則該公司 2025 年全年展望和第三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 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.

為了幫助審查我們的第三季業績，我們的收益資料包括可比較的 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 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，銷售、一般及行政費用已在持續經營和終止經營之間分配，以建立我們的前景。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，我們 2025 年展望和季度業績中的調整後 EBITDA、AFFO 和每股 AFFO 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 Chris.

說完這些，讓我把電話轉給克里斯。

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。我很榮幸能夠以 Crown Castle 執行長的身份首次向您致詞。正如您從我的背景中看到的，我從事電信行業多年，並且長期以來一直欽佩 Crown Castle 及其約 40,000 座塔的高品質組合，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.

在上任後的前 40 天裡，我走遍了全國各地，召開員工大會，聽取了許多 Crown Castle 員工和客戶的意見。我獲得了一些重要的洞見。首先，我很高興看到我們的員工如此積極參與，並對我們成為美國一流塔式公司的目標充滿熱情。我們相信，光纖和小額銷售交易預計將在 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重要機會期，這得益於堅實的基本面、持續的成長和客戶需求。第三，作為唯一專注於美國的大型上市塔營運商，Crown Castle 擁有獨特的優勢，可以在此期間實現具有吸引力的經風險調整後的回報。

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.

9月份，領先的無線行業協會CTIA報告稱，2024年的行動數據需求連續第三年增長30%以上。我們相信，行動數據需求是我們資產長期需求的最佳指標，因為我們的客戶需要增加網路投資才能實現更高水準的行動數據流量。隨著資料需求的不斷增長，營運商將需要透過部署新站點和在現有站點上添加新的頻譜帶來擴展網路容量。

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.

我們正在即時觀察這動態的展開。在過去一年中，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，它們總共獲得了約 700 兆赫的頻譜，相當於前 40 年獲得的頻譜總量。

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，美國聯邦通信委員會表示，計劃從 2027 年開始拍賣至少 800 兆赫的額外頻譜。正如我們在 5G 部署週期的早期階段所看到的那樣，資金雄厚的營運商的頻譜收購往往為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佳鐵塔營運商並採取以下策略重點，我們有機會獲得具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，使 Crown Castle 團隊能夠做出最佳、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提高營運靈活性，從而增強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。我們將提高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有機成長，同時推動持續改善和獲利，實現現金流最大化。

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資本配置框架的支持，該框架平衡了股東的可預測資本回報與投資於核心業務的財務靈活性。在我們的銷售交易結束後，我們打算按照 AFFO 增加股息，不包括預付租金的攤銷，並將派息率保持在 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，我們預計每年仍將花費 1.5 億至 2.5 億美元的淨資本支出來增加和改造我們的塔樓、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。我們相信，這些已在進行的改進對於我們的策略重點至關重要，即提高資產資訊的品質和可近性、增強營運靈活性並進一步提高效率。

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，在支付季度股利和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，同時維持我們的投資等級信用評等。

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.

總而言之，我對美國無線基礎設施產業和 Crown Castle 未來的機會感到興奮，尤其是作為唯一一家專注於美國的大型上市塔營運商。我們的策略旨在最大化有機成長，同時提高獲利能力，我們的資本配置框架在可預測的股東資本回報和財務靈活性之間取得平衡，我們完全有能力在長期內提供有吸引力的風險調整回報。

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, 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，克里斯。大家下午好。我們取得了穩健的第三季業績，由於對我們資產的需求依然強勁，我們繼續尋找更有效率的營運機會，因此我們正在提高 2025 年全年的預期。從第 4 頁開始，Tower 業務在第三季表現良好，其中有機成長 5.2%，即 5,200 萬美元，這不包括 Sprint 取消的影響，並受益於本季核心租賃活動與時間相關的 500 萬美元成長。

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，這被場地租金收入、調整後的 EBITDA 和 AFFO 線所抵消，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 3900 萬美元以及預付租金非現金攤銷減少 1700 萬美元。

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點增加 1000 萬美元、調整後 EBITDA 增加 3000 萬美元、AFFO 增加 4000 萬美元。場地租金收入的增加是由於對我們資產的持續強勁需求，我們預計這將導致全年直線收入增加 1000 萬美元，第四季度的租賃活動和非續約量與 2025 年上半年的業績一致。

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.

我們也預計 FFO 將增加 4000 萬美元，其中包括服務毛利率因服務活動增加而增加 500 萬美元；費用減少 1500 萬美元，維持性資本支出減少 500 萬美元，因為我們繼續尋找提高汽車業務運營效率的機會；最後，利息支出減少 1500 萬美元，主要是由於浮動債務的預期期限以及浮動債務的預期延長。

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.

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從推遲到明年的支出中減少 3000 萬美元。我們對 2025 年可自由支配的資本支出的最新預測是 1.55 億美元，即扣除收到的 4,000 萬美元預付租金後的 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.

總而言之，我們對第三季的業績感到滿意，並相信我們已做好準備，實現 2025 年全年的成長預期，以及上個季度重申的光纖業務出售結束後預計的年度 AFFO 範圍，即 22.65 億美元至 24.15 億美元。從長遠來看，我們很高興看到 Crown Castle 有機會成為唯一專注於美國的大型上市塔營運商，透過我們平衡的資本配置框架、投資級資產負債表和對營運執行的關注，實現具有吸引力的經風險調整後的回報。

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

接線員，現在我想開始回答問題。

(Operator Instructions) Michael Rollins, Citi.

（操作員指示）花旗銀行的邁克爾·羅林斯。

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

謝謝，下午好。克里斯，恭喜你成為皇冠城堡的執行長。

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?

有幾個問題。首先，克里斯，我很想聽聽你的看法。當然，您已經分享了一些內容，包括您的一些優先事項和初步看法。但是，當您看到 Crown 的成長機會時，您能否更詳細地闡述一下，與現有客戶進一步發展的機會有哪些，以及透過消化光纖業務並尋找更多機會提高效率和效益，這些機會相對於效率提升的比率如何？

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.

然後是第二個話題，如果可以的話，我只是好奇與 EchoStar 關係的最新進展。您是否收到過關於他們對人脈的態度以及您如何看待與該客戶簽訂的剩餘合約承諾的回饋？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，很棒。謝謝，麥可。如果我沒數錯的話，我認為一個問題裡有四個問題。讓我們從您提到的成長開始。你看，我們對成為美國大型公共塔運營商如此興奮的原因之一是，我們相信我們能夠真正釋放收入和盈利方面的價值。從根本上來說，我們將專注於回歸基本面，以最大限度地增加我們現有投資組合中的收入機會。我認為我們感覺很好，正如您今天聽到的結果所證實的那樣。

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，不僅僅是在我們承諾交付的內容方面，所以我們需要先完成實際的光纖銷售本身。作為管理團隊，我們的首要任務是在明年上半年結束前完成這項工作。但我們已經開始關注這些效率領域。

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.

再說一次，您從我們本季報告的結果中看到，我們已經開始盡可能地加快這些活動的發展。作為一家公司，我們將投入大量精力尋找機會來提高我們平台的效率，不僅透過流程變革和新工具，而且透過執行和滿足客戶期望，成為一流的 TowerCo。最後，關於您提出的 EchoStar 問題，我們已經達成了良好的協議。該協議將持續到 2036 年，底線是我們期望根據協議條款獲得報酬。

Thanks very much.

非常感謝。

Thank you.

謝謝。

Benjamin Swinburne, Morgan Stanley.

摩根士丹利的班傑明‧斯溫伯恩。

(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.

（技術難題）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 今天早上談到在收盤前部署 EchoStar 的 3.45 GHz 頻段。事實上，他們談到要在 11 月中旬之前讓三分之二的 POP 實現這一目標。

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，我知道您不能談論特定的運營商，但隨著我們看到 EchoStar 頻譜的部署，特別是它只是一次軟體升級，從收入的角度來看 Crown Castle 是否有機會 - 或者您如何看待從 Boost 到主要運營商的頻譜遷移？

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.

我只是想知道蘇尼特是否可以談談本季的一次性事件。我認為是500萬美元。任何有關導致這一現象的原因的解釋都會很有趣。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，我看到了這些評論。看，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，我認為對頻譜進行大規模投資通常會伴隨部署，這取決於他們是否會對現有覆蓋區域進行軟體升級，或者他們是否想進入更多的覆蓋區域。再說一遍，我不知道。

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.

但我想說的是，從長遠來看，隨著越來越多的頻譜被佔用，以及行動數據需求的持續增長，總體而言，這對塔式行業有利，我們希望能夠很好地為 AT&T 提供服務，無論其計劃是什麼。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.

關於一次性福利，是的，它是我們幾家營運商客戶在第三季發生的不同事情的綜合結果。因此我們獲得了一次性福利。正如我們所說，我們預計第四季度的活動水準將恢復到上半年的水準。所以這些事情從來就不是線性的。有時你可能會遇到一些不順暢的情況，這就是你在第三季看到的情況。

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

知道了。偉大的。好的，非常感謝。

Michael Funk, Bank of America,

美國銀行的麥可‧芬克

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，恭喜你擔任新職務。

Thank you, Michael. Appreciate it.

謝謝你，麥可。非常感謝。

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，我會寫幾篇。繼上一個話題之後，我們聽到運營商談到由於他們所獲得的頻譜而導致的密度降低。我只是想知道這是否會影響到您與他們的對話，要么可能撤回他們已有的計劃或正在進行的討論，要么現在還為時過早，您不一定已經就密集化進行了討論。

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.

我認為我們什麼也沒看到。正如您所看到的，租賃對我們來說是一個持續強勁的環境。我們看到對資產的強勁需求，目前沒有重大變化。

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，我們討論了很多有關效率的努力。如果必須將其放入其中，您認為我們今天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，我認為我們是的，你可以看到我們每個季度的進展，我們基本上正在降低我們為明年 7 月 1 日至次年 6 月 30 日期間的 FFO 提供的指導的執行風險。所以我認為我們現在正在不斷尋找機會提高效率，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.

但顯然，當我們從經營三項業務簡化為經營一項業務時，就會帶來巨大的好處。因此我認為，隨著交易的結束以及之後的發展，你會開始看到它為我們帶來好處。但同時，我們的整個業務、我們的企業部門還有很多事情要做，而這正是我們所關注的。

Great. Thank you, Chris and Sunit.

偉大的。謝謝你，克里斯和蘇尼特。

Thank you.

謝謝。

Ric Prentiss, Raymond James.

瑞克普倫蒂斯、雷蒙詹姆斯。

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，總是很高興以超出預期並有所增長的季度開始，很高興再次與您交談。

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。我想回答一下 Mike 之前提出的問題。在 DISH MLA 上，顯然你已經簽訂了合約。寫得真好。您期望得到報酬。將頻譜放到塔上對於確保他們保留頻譜權並能夠出售頻譜至關重要。我的問題是繼續做下去。如果我們看一下您 24 年的實際情況和 25 年的指導，我知道您過去曾說過，您的 DISH Boost 合約中有一些提升。

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 24 年的實際數字和 25 年的指導數字中有多少與 DISH 活動有關，我們應該考慮在 26 年、27 年合約生效期間 DISH 活動將繼續增長。任何類型的框架都可以為我們提供，即使是粗略的基點，它可能是什麼？

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，里克，所以——我的意思是，正如我們之前所說，DISH 約占我們 Tower 業務收入的 5%。因此我認為，展望未來，我們將看到 DISH EchoStar 的未來發展。我們對我們的合約感到非常滿意。除此之外，由於對客戶的保密性，我們很難透露太多細節。

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.

當然可以。我想我會嘗試一下。當您考慮與 Charlie Ergen、Hamid 和 EchoStar Boost 人員打交道時，您是否願意並願意說，好吧，讓我們看看 NPV 基礎？讓我們看看——這是你欠我的。我們可以進行一些討論嗎？我想這個問題的額外部分是，幫助我們了解退役成本大概是多少，因為我認為合約還包括他們應該歸還塔架並拆除設備。

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，所以我想說的是，很難說出討論會朝什麼方向、何時進行、進行什麼討論，而且我很難對與他們進行的任何討論發表評論。然後，與他對您所談論的一些事情的具體合約條款的評論類似，所有這些事情都是保密的，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?

里克，也許換句話說，我們作為管理層的目標是最大化股東價值，並且我們始終願意與客戶合作來實現這一目標，對嗎？

Yes, that's right.

是的，沒錯。

Maybe leave it open-ended like that.

也許就這樣保持開放結局。

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。對我來說最後一個問題，您簡要地談到了 Funk 的問題，那是第四季度簡報中著名的第 7 張幻燈片，您在其中列出了 26 年下半年和 27 年上半年的預測。其中有一個堆疊欄，專門討論銷售、一般和行政費用 (SG&A) 獨立問題。我認為您之前提到您將更新該幻燈片。我們是否仍在等待交易完成，或者我們應該如何考慮何時才能更詳細地了解交易情況，我將其稱為您第四季度簡報中著名的第 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.

好問題。我認為，當我們下個季度報告時，我們顯然會提供 2026 年的指導。我認為您可以期待更多細節。

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

那太好了。好的，謝謝大家。再次歡迎你，克里斯。

Thanks, Ric.

謝謝，里克。

Jim Schneider, Goldman Sachs.

高盛的吉姆·施耐德。

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.感謝您回答我的問題。克里斯，我只是想知道，根據您之前的經歷，您是否可以告訴我們，這些經歷對您在 Crown Castle 的職位有何影響？您對公司的策略目標非常清楚。但在邊際上，是否有一些領域您可能希望稍微改變這些目標，無論是在營運層面、資本配置層面，還是其他方面，相對於已經制定的目標？

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.

簡短的回答是「不」。我們致力於成為美國一流的塔台營運商。我認為，一旦我們完成交易，我們就實現了所有的營運目標，即便如此，在可預見的未來，併購的門檻仍然很高，而且僅限於美國，對嗎？因此，我擁有這樣的經驗固然很好，但我們所採取的明確策略顯然是正確的策略，也是皇冠的致勝策略。

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。然後只是快速跟進。您能否評論一下 T-Mobile 收購 US Cellular 對未來幾季和幾年業務的影響？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.

是的，我馬上開始。也許蘇尼特可以把它帶回家。但從我們的角度來看，這對我們來說是微不足道的。從我們目前看到的情況來看，影響應該很小。

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。感謝您回答我的問題。我想與其他人一起祝賀克里斯獲得任命。我想，克里斯，您在準備好的發言中已經將改善 Crown Castle 系統和資訊可用性描述為您的首要任務。與您領導過的其他一些公司的系統相比，您如何描述公司目前的系統狀況？您認為一流的系統可以提供什麼？

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，因為我們在 Vantage Towers 經歷了多年的歷程，我們專注於完全相同類型的問題，好消息是，我們在那裡使用的許多相同平台，Crown 已經開始在這裡部署這些系統。所以總的來說，我覺得我們走在正確的軌道上。

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。定義最佳表現是怎樣的，體現在我們向客戶交付產品的周期時間以及我們使用資本和營運支出的效率方面，以便最有效地利用這些資金，這確實是我們明年面臨的挑戰，我們要真正闡明什麼是偉大的表現，然後帶領團隊進行轉型。

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，我已經看到了它是如何運作的，因為我在過去的兩年裡經歷了它，並希望能夠在執行這些計劃時為這裡的團隊帶來同樣的紀律和領導。

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。這非常非常令人鼓舞。我可以再問一個高級哲學問題嗎？您今天的大部分業務都是根據整體主租賃協議簽訂的。其中一些可能會在未來幾年內消失。只是想知道您如何看待 MLA 以及付出和收穫，或者您認為什麼是重要的，這樣我們才能了解隨著交易可能隨著時間的推移而展開，您可能會如何看待這些問題。

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.

我認為最終我們都會致力於為皇冠集團做好生意。因此，對於任何未來的 MLA 重新談判或延期，我們始終將尋求與客戶雙贏，尋找長期價值創造，我們不會僅僅為了 MLA 而去追求 MLA。我們只會在看到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麼做。

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.

最終的成功組合是與客戶建立策略夥伴關係。再說一次，也許我有一些相當獨特的觀點，因為我既在運營商領域，在 OEM 領域，現在又在塔台領域，但到目前為止，在我與客戶的對話中，他們的態度非常熱情友好，並且尋求以雙方都能獲利的方式合作共贏的未來方式。因此，我對我們的前進方向感到鼓舞，並將繼續關注這一領域。

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.

摩根大通的理查喬。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。我想看看我們是否可以對應用程式數量有更多的了解，就像您所看到的一樣。然後還想澄清一下，您是否預計下半年新核心租賃的 X 至 500 萬美元將與上半年相同，還是應該更高？

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，所以回答第二個問題是，正如我所說，我們預計第四季度的表現將與上半年保持一致。如果你看上半年的前兩個季度，它們的情況大致相同。所以我認為這就是我們的意思，第三季更加不穩定或更高，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.

關於應用水平，我想您之前聽我們說​​過，應用水平不一定與我們的租賃活動本身相關。但是，正如我們在過去幾個季度指出的那樣，我們已經看到了健康的活動水平。您可以在我們的服務業務中看到它的好處。第三季的表現也很好。

Got it. Thank you.

知道了。謝謝。

Batya Levi, UBS.

巴蒂亞·列維（Batya Levi），瑞銀。

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，也許是從修改和租賃組合的角度來考慮？那麼，您如何看待目前增量活動似乎正在發生的二、三線市場的規模？您會如何擴大自己的影響力，是透過自然發展還是透過併購？最後，澄清一個問題。今年的新租賃活動約為 1.15 億美元，其中是否包括 EchoStar 的任何照付不議貢獻？

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.

是的，讓我仔細考慮一下。因此，就明年的有機成長而言，我們將在報告第四季並提供 2026 年指引時再次討論這個問題。所以現在沒有太多可評論的，但我們到時候會對此進行更多討論。在 Tier 2、Tier 3 規模上，我們每個人都有不同的足跡，但我們的總體目標是確保我們能夠在 Tier 2、Tier 3 市場有覆蓋或有訊號塔的地方為客戶提供支援。我們當然就此與客戶進行了非常正面的對話。

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.

其次，正如克里斯在評論中提到的那樣，我們願意在合理的地方增設塔樓。因此，我們繼續與客戶合作來研究這個問題。然後我想你的第三個問題是關於——抱歉，租賃活動。是的，我的意思是，我認為正如我們所說的，我們並沒有改變指導方針。因此，我認為我們將繼續看到良好的租賃活動，符合我們所製定的指導和預期，因此我們為今年提供了指導。

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?

只是為了跟進這一點，我認為有點令人困惑，EchoStar 的貢獻是在基礎上，還是也包括在核心租賃部分的成長中，1.15 億美元？合約中是否包含 EchoStar 的部分內容？

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所有客​​戶的活動。所以很抱歉，很難詳細了解我們每位客戶的合約的具體情況。

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。就這一點而言——您已經闡述了一種牛市情景，其中 CTI 數據支援成長，頻譜拍賣和頻譜收購繼續提供支援。也許您可以幫助我們描述行業中存在的一些與額外頻譜交換或透過技術或頻譜效率提高效率相關的風險。看來這個行業存在著許多負面情緒，也許您可以面對其中的一些風險，並告訴我們應該如何看待它們。

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。我們在這裡得出的關聯是，以前未投入使用的頻譜現在被投入使用，這將為填充站點或容量增長產生增量租賃。

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.

並且/或租賃修正收入，根據我們今年看到的情況，似乎處於非常穩定的狀態。會發生什麼事？這項技術將走向何方？能帶來什麼？再次，顧客在塔上擁有非常明確的空間。隨著他們繼續部署額外的產能，這對我們企業來說是一個成長機會。

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。這很有幫助。或許還有另一個問題。聽起來您非常致力於將純粹的美國塔業務作為您的核心。您能否談談您願意或有興趣進一步擴展的、屬於塔式曝光範圍內的任何輔助服務？我知道 Crown Castle 已經縮減了服務規模。也許未來有機會擴大這一領域，或進行客製化開發，或任何屬於這一領域的業務。

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，首先我們的目標是真正最大化我們現有資產基礎的收入機會。我們認為那裡還有發展空間，這也是我們將專注於發展的領域。在接下來的幾個月裡，我的主要工作重點是與我們的客戶會面，並了解他們未滿足的需求。

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，有些事情是與服務相關的。可能會有共享電力系統之類的東西。那裡存在著大量的潛在機會。我認為，我們需要做的是以非常嚴謹的方式盤點這些機會，與我們的客戶合作並確定其優先順序，然後確保有良好的業務開展。

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.

因為我相信會有生意可做，但我認為現在可能有點早，至少在我的任期內，能夠與你們分享這些具體細節，但要知道這對我們來說是高度優先事項。我們希望真正最大限度地發揮我們網站上的機會。再次，根據之前有人針對我的經驗提出的問題，我已經看到了可能性的藝術，即真正與客戶建立良好的合作關係，從而能夠產生增量收入。

Great. Thank you. That's helpful.

偉大的。謝謝。這很有幫助。

Eric Luebchow, Wells Fargo.

艾瑞克‧盧布喬（Eric Luebchow），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.

非常感謝。克里斯，很高興透過電話聯繫你。所以我只是想再次檢查成本效益計劃。我知道它就在您為我們準備的明年的 AFFO 指南中。但如果您可以談論超出您所指導範圍的機會。

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.

當我們查看貴公司相對於公開市場上兩座塔式建築同行的利潤率時，有什麼原因導致貴公司無法將銷售、一般和行政費用效率或毛利率提高到相似的水平嗎？我知道，考慮到你們的一些售後回租業務，存在一些結構性差異，但我只是想了解一下你們對未來幾年成本方面有多少空間的看法。

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，就我們在交易公告中提供的指導而言，從經營三家企業到經營一家企業，已經考慮到了效率問題。我認為我們只是提前執行了這一點。但如果你展望未來幾年、兩三年，你會發現幾件事。

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.

有系統、流程自動化的實現。我認為，所有這些都將在未來幾年產生額外的效益。正如我們所說的，我們有機會買斷土地租賃。我認為這對我們有幫助。所以我們看到了與同行的比較。所以我認為我們在接下來的幾年裡會有很多事情要做，但我們為明年提供的指導肯定包含了你所期望的效率，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.

明白了。我知道現在發布 2026 年指南還為時過早，但我只是想想知道您是否看到了一些事情，讓您無法達到您所說的預期，即使我們假設 EchoStar 的貢獻根據他們宣布的一切繼續減弱，您仍可以相當穩定地實現 4% 到 5% 的有機增長。根據您管道中的所有活動，您認為這仍然是一個合理的假設嗎？我想與此相關的是，當您展望第四季度和明年時，您是否看到新託管和修訂之間出現了任何類型的混合轉變？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內容的組合有任何重大變化。再說了，我們還沒有真正提供明年的指導，所以我們會回過頭來討論這個問題。顯然，有很多事情發生讓我們和客戶都感到興奮。但是，是的，當我們報告第四季度時，我們會更好地了解我們所處的位置並涵蓋這一點。

Brandon Nispel, KeyBanc Capital Markets.

Brandon Nispel，KeyBanc 資本市場。

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，大家好。感謝您回答這個問題。我認為效率問題已經被問過和回答過多次了，所以我將避免這個問題。我只是想問一下今年可自由支配的資本支出指南減少的原因。為什麼呢？確實，為什麼是正確的數字？克里斯，我想你說的是 1.5 億到 2.5 億美元。所以我想，是的，為什麼今年會減少，然後為什麼以後會減少這麼多？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，我認為其中一些是時機問題。當你查看這些資本支出時，你會發現有幾個類別。無論是購買土地租賃，或是進行塔式改造，都是不同的事情。但正如我們所說，這只是時間問題，而且它被推遲到明年。從本質上來說，沒有發生什麼根本性的事情，只是明年之後的推動。

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。感謝您參加今天的演講。您現在可以斷開連線。