SBA Communications Corp (SBAC) 2023 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the SBA Second Quarter Earnings Results Conference Call. (Operator Instructions) I would now like to turn the conference over to our host, Vice President of Finance, Mark DeRussy. Please go ahead.

女士們先生們，感謝你們的支持。歡迎參加 SBA 第二季度盈利結果電話會議。 （操作員指示）我現在想將會議轉交給我們的東道主、財務副總裁 Mark DeRussy。請繼續。

Good evening, and thank you for joining us for SBA's Second Quarter 2023 Earnings Conference Call. Here with me today are Jeff Stoops, our President and Chief Executive Officer; and Brendan Cavanagh, our Chief Financial Officer. Some of the information we will discuss on this call is forward-looking, including, but not limited to, any guidance for 2023 and beyond. In today's press release and in our SEC filings, we detail material risks that may cause our future results to differ from our expectations. Our statements are as of today, July 31. We have no obligation to update any forward-looking statement we may make.

晚上好，感謝您參加 SBA 2023 年第二季度收益電話會議。今天和我在一起的還有我們的總裁兼首席執行官傑夫·斯托普斯 (Jeff Stoops)；以及我們的首席財務官布倫丹·卡瓦納 (Brendan Cavanagh)。我們將在本次電話會議上討論的一些信息具有前瞻性，包括但不限於 2023 年及以後的任何指導。在今天的新聞稿和向 SEC 提交的文件中，我們詳細介紹了可能導致我們未來業績與預期不同的重大風險。我們的聲明截至今天 7 月 31 日。我們沒有義務更新我們可能做出的任何前瞻性聲明。

In addition, our comments will include non-GAAP financial measures and other key operating metrics. The reconciliation of and other information regarding these items can be found in our supplemental financial data package, which is located on the landing page of our Investor Relations website. With that, I will now turn it over to Brendan to discuss our second quarter results.

此外，我們的評論將包括非公認會計準則財務指標和其他關鍵運營指標。有關這些項目的調節和其他信息可以在我們的補充財務數據包中找到，該數據包位於我們投資者關係網站的登陸頁面上。現在，我將把它交給布倫丹討論我們的第二季度業績。

Thank you, Mark. Good evening. We had another steady quarter in Q2 with solid financial results that were slightly ahead of our expectations. Based on these results and our updated expectations for the balance of the year, we have increased our full year 2023 outlook for site leasing revenue, tower cash flow, adjusted EBITDA, AFFO and AFFO per share. Total GAAP site leasing revenues for the second quarter were $626.1 million, and cash site leasing revenues were $618.7 million. Foreign exchange rates represented a benefit of approximately $1.9 million when compared with our previously forecasted FX rate estimates for the quarter and a headwind of $4.2 million when compared to the second quarter of 2022. Same-tower recurring cash leasing revenue growth for the second quarter, which is calculated on a constant currency basis was 4.3% net over the second quarter of 2022, and including the impact of 3.9% of churn.

謝謝你，馬克。晚上好。第二季度我們又經歷了一個穩定的季度，財務業績穩健，略高於我們的預期。根據這些結果以及我們對今年剩餘時間的最新預期，我們提高了 2023 年全年對場地租賃收入、鐵塔現金流、調整後 EBITDA、AFFO 和每股 AFFO 的預期。第二季度 GAAP 場地租賃總收入為 6.261 億美元，現金場地租賃收入為 6.187 億美元。與我們之前預測的本季度匯率預估相比，外匯匯率帶來了約190 萬美元的收益，與2022 年第二季度相比則帶來了420 萬美元的不利影響。第二季度同塔經常性現金租賃收入增長，按固定匯率計算，2022 年第二季度淨增長率為 4.3%，其中包括 3.9% 的客戶流失影響。

On a gross basis, same-tower recurring cash leasing revenue growth was 8.2%. The Domestic same-tower recurring cash leasing revenue growth over the second quarter of last year was 7.8% on a gross basis and 4.2% on a net basis, including 3.6% of churn. Domestic operational leasing activity or bookings representing new revenue placed under contract during the second quarter declined from the first quarter. While all major carriers remained active with their networks, agreement execution levels in the second quarter from several of our customers were below our prior expectations. Longer term, we continue to see significant runway for new 5G-related leasing activity based on the number of our sites that remain to be upgraded with mid-band spectrum deployments by the major mobile network operators.

按毛利率計算，同塔經常性現金租賃收入增長 8.2%。國內同塔經常性現金租賃收入較去年第二季度增長7.8%，淨增長4.2%，其中客戶流失率3.6%。第二季度國內運營租賃活動或代表新合同收入的預訂較第一季度有所下降。儘管所有主要運營商的網絡仍然活躍，但我們的一些客戶在第二季度的協議執行水平低於我們之前的預期。從長遠來看，根據主要移動網絡運營商仍有待升級中頻頻譜部署的站點數量，我們將繼續看到新的 5G 相關租賃活動的重要發展空間。

In addition, today, we announced that we have entered into a new long-term master lease agreement with AT&T. This comprehensive agreement will streamline AT&T's deployment of 5G solutions across our tower portfolio while providing us with committed future leasing growth from AT&T for years to come. Based on this MLA, we have increased our projected contribution to 2023 leasing revenue from domestic organic new leases and amendments by $6 million from the full year projections we provided last quarter.

此外，今天，我們宣布與 AT&T 簽訂了新的長期主租賃協議。這項全面的協議將簡化 AT&T 在我們的鐵塔產品組合中部署 5G 解決方案，同時為我們提供未來幾年 AT&T 承諾的未來租賃增長。根據該 MLA，我們將國內有機新租賃和修訂對 2023 年租賃收入的預計貢獻比上季度提供的全年預測增加了 600 萬美元。

During the second quarter, amendment activity represented 42% of our domestic bookings and new leases represented 58%. The big 4 carriers of AT&T, T-Mobile, Verizon and DISH represented approximately 89% of total incremental domestic leasing revenue that was signed up during the quarter. Domestically, churn was slightly elevated during the quarter, primarily due to faster decommissioning of legacy Sprint leases than we had projected, which is the opposite of our experience last year. Based on our current analysis, we expect Sprint related churn for 2023 will be at the high end of our previously stated range for this year of $25 million to $30 million, resulting in a change to our full year domestic churn outlook of $4 million.

第二季度，修改活動占我們國內預訂量的 42%，新租賃量佔 58%。 AT&T、T-Mobile、Verizon 和 DISH 四大運營商約佔本季度新增國內租賃收入總額的 89%。在國內，本季度客戶流失率略有上升，主要是由於舊 Sprint 租賃的退役速度比我們預期的要快，這與我們去年的經歷相反。根據我們目前的分析，我們預計2023 年Sprint 相關的客戶流失率將達到我們之前規定的今年範圍的上限，即2500 萬美元至3000 萬美元，從而導致我們全年國內客戶流失率預期變為400 萬美元。

Our views around the ultimate multiyear cumulative impact of Sprint merger-related churn have not changed. Although we continue to update our outlook around timing as more information becomes available. We now project 2024 Sprint related churn to be in a range of $20 million to $30 million, 2025 to be between $35 million and $45 million. 2026 to be $45 million to $55 million and 2027 to be $10 million to $20 million. Just as last year ended up being well below our initial churn expectations and 2023 will likely be a little above our initial expectations, we anticipate that the exact timing will continue to be somewhat fluid, but in line with our provided projections. Non-Sprint-related domestic churn was in line with our prior projections.

我們對 Sprint 合併相關流失的最終多年累積影響的看法沒有改變。儘管隨著更多信息的出現，我們將繼續更新我們對時間的展望。我們現在預計 2024 年 Sprint 相關的客戶流失將在 2000 萬至 3000 萬美元之間，2025 年將在 3500 萬至 4500 萬美元之間。 2026 年為 4500 萬至 5500 萬美元，2027 年為 1000 萬至 2000 萬美元。正如去年的流失率遠低於我們最初的預期，而 2023 年的流失率可能會略高於我們最初的預期，我們預計確切的時間將繼續有些不穩定，但與我們提供的預測一致。與 Sprint 無關的國內客戶流失率符合我們之前的預測。

Moving now to international results. On a constant currency basis, same-tower cash leasing revenue growth was 4.8% net, including 4.9% of churn or 9.7% on a gross basis. International leasing activity was strong in the second quarter and ahead of our internal expectations. These positive results and our solid backlogs have allowed us to increase our projected contribution to 2023 leasing revenue from international organic new leases and amendments by $1 million. Inflation-based escalators also continued to make steady contributions to our organic growth. However, decreases in actual and projected Brazilian CPI rates have caused us to moderate our outlook for international escalation contributions for the full year by approximately $1 million.

現在轉向國際結果。按固定匯率計算，同塔現金租賃收入淨增長 4.8%，其中包括 4.9% 的客戶流失率，按總額計算增長 9.7%。第二季度國際租賃活動強勁，超出了我們的內部預期。這些積極的成果和我們紮實的積壓訂單使我們能夠將國際有機新租賃和修訂對 2023 年租賃收入的預計貢獻增加 100 萬美元。基於通貨膨脹的自動扶梯也繼續為我們的有機增長做出穩定的貢獻。然而，巴西實際和預計 CPI 率的下降導致我們將全年國際升級捐款的預期下調了約 100 萬美元。

Overall, Brazil, our largest international market, had another very good quarter. The same-tower organic growth rate in Brazil was 5.7% on a constant currency basis, including the impact of 5.6% of churn, which amount was significantly impacted by our previously discussed TIM agreement. While international churn remains elevated, it continues to be in line with expectations and our previously provided outlook.

總體而言，我們最大的國際市場巴西又度過了一個非常好的季度。按固定匯率計算，巴西同塔有機增長率為 5.7%，其中包括 5.6% 的客戶流失影響，這一數字受到我們之前討論的 TIM 協議的顯著影響。儘管國際客戶流失率仍然較高，但仍符合預期和我們之前提供的前景。

As a reminder, our 2023 outlook does not include any churn assumptions related to the Oi consolidation other than that associated with the TAM agreement. However, if during the year, we were to enter into any further agreements with other carriers related to the Oi consolidation that would be expected to have an impact on our current year, we would adjust our outlook accordingly at that time. During the second quarter, 77.5% of consolidated cash site leasing revenue was denominated in U.S. dollars. The majority of non-U.S. dollar-denominated revenue was from Brazil, with Brazil representing 16.2% of consolidated cash site leasing revenues during the quarter and 13.1% of cash site leasing revenue, excluding revenues from pass-through expenses.

需要提醒的是，除了與 TAM 協議相關的假設之外，我們的 2023 年展望不包括與 Oi 合併相關的任何客戶流失假設。然而，如果在這一年中，我們與其他運營商就 Oi 合併達成任何進一步的協議，預計會對我們本年度產生影響，我們屆時將相應調整我們的前景。第二季度，77.5%的綜合現金場地租賃收入以美元計價。大部分非美元計價收入來自巴西，巴西佔本季度綜合現金站點租賃收入的 16.2%，佔現金站點租賃收入的 13.1%（不包括轉嫁費用收入）。

Tower cash flow for the second quarter was $503.5 million, Tower cash flow in the quarter benefited by approximately $7.3 million in accounting-driven cost reclassifications. Our tower cash flow margins remain very strong, with second quarter domestic tower cash flow margin of 85.5% and an international tower cash flow margin of 70.3% or 92.3%, excluding the impact of pass-through reimbursable expenses.

Tower 第二季度現金流為 5.035 億美元，該季度 Tower 現金流受益於會計驅動的成本重新分類約 730 萬美元。我們的鐵塔現金流利潤率仍然非常強勁，第二季度國內鐵塔現金流利潤率為 85.5%，國際鐵塔現金流利潤率為 70.3% 或 92.3%（不包括轉嫁可報銷費用的影響）。

Adjusted EBITDA in the second quarter was $471.7 million. The adjusted EBITDA margin was 70.3% in the quarter. Excluding the impact of revenues from pass-through expenses, adjusted EBITDA margin was 75.9%. Approximately 98% of our total adjusted EBITDA was attributable to our tower leasing business in the second quarter. During the second quarter, our services business had another strong quarter with $52.4 million in revenue and $13.1 million of segment operating profit. While off year ago activity levels, our carrier customers remained busy deploying new 5G-related equipment during the quarter, and we have retained our full year outlook for our site development business due in part to the strength of our first half results. Adjusted funds from operations or AFFO in the second quarter was $352.7 million. AFFO per share was $3.24, an increase of 6.2% over the second quarter of 2022 on a constant currency basis.

第二季度調整後 EBITDA 為 4.717 億美元。本季度調整後 EBITDA 利潤率為 70.3%。剔除轉嫁費用收入的影響，調整後的 EBITDA 利潤率為 75.9%。第二季度調整後 EBITDA 總額的約 98% 來自我們的塔樓租賃業務。第二季度，我們的服務業務再次表現強勁，收入達 5,240 萬美元，部門營業利潤達 1,310 萬美元。儘管活動水平低於去年同期，但我們的運營商客戶在本季度仍然忙於部署新的 5G 相關設備，並且我們保留了站點開發業務的全年展望，部分原因是我們上半年業績強勁。第二季度來自運營或 AFFO 的調整後資金為 3.527 億美元。每股 AFFO 為 3.24 美元，按固定匯率計算，較 2022 年第二季度增長 6.2%。

During the second quarter, we continued to invest in additions to our portfolio, acquiring 9 communication sites for total cash consideration of $7.2 million and building 64 new sites. Subsequent to quarter end, we have purchased or are under agreement to purchase 134 sites, all in our existing markets for an aggregate price of $72.9 million.

第二季度，我們繼續投資於我們的投資組合，以 720 萬美元的總現金收購了 9 個通信站點，並建設了 64 個新站點。截至季度末，我們已經購買或正在協議購買 134 個場地，全部位於我們現有的市場，總價為 7,290 萬美元。

We anticipate closing on these sites under contract by the end of the year. In addition to new towers, we also continue to invest in the land under our sites, and during the quarter, we spent an aggregate of $10.1 million to buy land and easements and to extend ground lease terms. At the end of the quarter, we owned or controlled for more than 20 years the land underneath approximately 70% of our towers, and the average remaining life under our ground leases, including renewal options under our control, is approximately 36 years.

我們預計在今年年底前根據合同關閉這些場地。除了新塔樓外，我們還繼續投資於我們場地下的土地，本季度我們總共花費了 1,010 萬美元購買土地和地役權並延長土地租賃期限。截至本季度末，我們擁有或控制大約 70% 的塔樓下方的土地已有 20 多年，而我們的地面租約的平均剩餘壽命（包括我們控制下的續約選擇權）約為 36 年。

With that, I will now turn things over to Mark, who will provide an update on our balance sheet.

現在，我將把事情交給馬克，他將提供我們資產負債表的最新信息。

Thanks, Brendan. We ended the quarter with $12.7 billion of total debt and $12.4 billion of net debt. Our net debt to annualized adjusted EBITDA leverage ratio was 6.6x, below the low end of our target range and the lowest level in decades. Our second quarter net cash interest coverage ratio of adjusted EBITDA to net cash interest expense was a strong 4.9x. During a subsequent to quarter end, we repaid amounts under our revolving credit facility. And as of today, we have $360 million outstanding under our $1.5 billion revolver. The current weighted-average interest rate of our total outstanding debt was 3.1%, with a weighted-average maturity of approximately 3.5 years. The current rate on our outstanding revolver balance was 6.3%. The interest rate of 95% of our current outstanding debt is fixed.

謝謝，布倫丹。本季度結束時，我們的總債務為 127 億美元，淨債務為 124 億美元。我們的淨債務與年化調整後 EBITDA 槓桿率為 6.6 倍，低於我們目標範圍的下限，也是幾十年來的最低水平。我們第二季度調整後 EBITDA 與淨現金利息支出的淨現金利息覆蓋率高達 4.9 倍。在下一個季度末，我們償還了循環信貸額度下的金額。截至今天，我們 15 億美元的左輪手槍下還有 3.6 億美元未償還。目前未償債務總額的加權平均利率為3.1%，加權平均期限約為3.5年。我們未償左輪餘額的當前利率為 6.3%。我們當前未償還債務的 95% 的利率是固定的。

During the quarter, we did not purchase any shares of our common stock, choosing instead to reduce revolver balances. We currently have $505 million of repurchase authorization remaining under our $1 billion stock repurchase plan. The company shares outstanding at June 30, 2023, were 108.4 million. In addition, during the quarter, we declared and paid a cash dividend of $92.1 million or $0.85 per share. And today, we announced that our Board of Directors declared a third quarter dividend of $0.85 per share payable on September 20, 2023, to shareholders of record as of the close of business on August 24, 2023. This dividend represents an increase of approximately 20% over the dividend we paid in the year ago period, and only 26% of our projected full year AFFO.

在本季度，我們沒有購買任何普通股，而是選擇減少循環餘額。目前，我們 10 億美元的股票回購計劃還剩 5.05 億美元的回購授權。截至2023年6月30日，該公司已發行股票為1.084億股。此外，在本季度，我們宣布並支付了 9210 萬美元的現金股息，即每股 0.85 美元。今天，我們宣布，董事會宣布將於 2023 年 9 月 20 日向截至 2023 年 8 月 24 日收盤時在冊的股東派發每股 0.85 美元的第三季度股息。該股息增加了約 20 % 超過我們去年支付的股息，僅占我們預計全年AFFO 的26%。

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

這樣，我現在將把電話轉給傑夫。

Thanks, Mark, and good evening, everyone. The second quarter was another very solid one for SBA. We produced good financial results across all areas of our business, and we continue to deliver high-quality service and operating results for our customers. Each of our largest U.S. customers remained active with their networks. Our customers continue to add equipment to sites in support of 5G through the deployment of new spectrum bands as well as to expand coverage through brand new co-locations. We did, however, see the same slowdown in activity that many others have discussed. While we had always anticipated domestic leasing growth to moderate as we move through 2023, organic leasing activity levels were lower than we anticipated in Q2 from some of our customers.

謝謝，馬克，大家晚上好。第二季度對 SBA 來說又是一個非常穩健的季度。我們在所有業務領域都取得了良好的財務業績，並繼續為客戶提供高質量的服務和經營成果。我們每個最大的美國客戶都保持活躍的網絡。我們的客戶繼續通過部署新頻段向站點添加設備以支持 5G，並通過全新的主機託管擴大覆蓋範圍。然而，我們確實看到了許多其他人討論過的同樣的活動放緩。雖然我們一直預計國內租賃增長將在 2023 年放緩，但部分客戶的有機租賃活動水平低於我們第二季度的預期。

Some of this was due, we believe, to slower activity from AT&T in anticipation of our new MLA as would be expected. We believe that these variations in activity are part of the normal cycle of carrier network investment that we have seen over time, a large initial burst of coverage activity as the next generation of technology starts to be deployed, followed by many years of coverage completion and capacity building.

我們認為，部分原因是 AT&T 因預期我們的新 MLA 的活動放緩而造成的。我們認為，這些活動變化是運營商網絡投資正常週期的一部分，隨著時間的推移，我們看到，隨著下一代技術開始部署，覆蓋活動會出現最初的大規模爆發，隨後是多年的覆蓋完成和覆蓋範圍的擴大。能力建設。

We are confident that there will be additional material network investment over the next several years. We believe this for a number of reasons. Most importantly, wireless demand continues to grow at a fast clip, consuming more and more of current network capacity. We have a large remaining number of sites that have not been upgraded yet to accommodate the mid-band spectrum holdings acquired by our customers over the last couple of years, some of which spectrum is not even available for deployment yet. DISH has their next phase of regulatory coverage requirements to meet in 2025, and we have our newly signed MLA with AT&T. We believe all of these items and others are supportive of multiyear continued development activity. While there will always be ebbs and flows in leasing activity levels based on a variety of factors, we believe that there will remain a need for continuous network investment just as we have seen throughout our history in this business. With regard to our announced master lease agreement with AT&T, we're very excited about this next chapter in our long-standing successful relationship.

我們相信，未來幾年將會有更多的材料網絡投資。我們相信這一點有很多原因。最重要的是，無線需求持續快速增長，消耗了越來越多的當前網絡容量。我們還有大量剩餘站點尚未升級，以適應我們的客戶在過去幾年中獲得的中頻頻譜，其中一些頻譜甚至尚未可用於部署。 DISH 的下一階段監管覆蓋要求要在 2025 年滿足，而且我們與 AT&T 新簽署了 MLA。我們相信所有這些項目和其他項目都支持多年持續的開發活動。雖然租賃活動水平總會因各種因素而起起落落，但我們相信，正如我們在該業務的整個歷史中所看到的那樣，仍然需要持續的網絡投資。關於我們宣布與 AT&T 簽署的主租賃協議，我們對我們長期成功合作關係的新篇章感到非常興奮。

This new agreement highlights the long-term importance of SBA sites to AT&T's future network deployment plans. The agreement will improve operating efficiencies between our organizations and enhance stability with regard to future leasing growth. We look forward to working closely with AT&T for years to come under this mutually beneficial framework. In the second quarter, our services business remained busy helping our carrier customers meet deployment objectives in an efficient and effective manner. While our services business is down on a year-over-year basis, 2023 will still represent the second biggest service this year in our company's history behind only 2022. We believe our legacy and reputation in the Services business keeps us well positioned to be a go-to provider for our customers to meet their network rollout goals.

這項新協議凸顯了 SBA 站點對 AT&T 未來網絡部署計劃的長期重要性。該協議將提高我們組織之間的運營效率，並增強未來租賃增長的穩定性。我們期待在這個互惠互利的框架下與 AT&T 密切合作多年。第二季度，我們的服務業務仍然忙於幫助運營商客戶以高效且有效的方式實現部署目標。雖然我們的服務業務同比下降，但 2023 年仍將是我們公司歷史上今年第二大服務業務，僅次於 2022 年。我們相信，我們在服務業務方面的傳統和聲譽使我們處於有利地位，成為我們的客戶實現其網絡部署目標的首選提供商。

Internationally, we also had another solid quarter with greater organic leasing activity than we had anticipated. During the quarter, 62% of new international business signed up in the quarter came from amendments to existing leases and 38% came through new leases with strong contributions broadly for many of our markets, including Central America, Brazil and South Africa. Brazil, our largest market outside of the U.S. was ahead of our internal expectations with contributions from each of the big 3 carriers in that market. I continue to be pleased with our operational performance, cost management and customer relationships in Brazil, which has made us a leader in the market. And we have recently seen positive movements in the currency exchange rate, providing some financial benefit and increased U.S. dollars for repatriation as well as contributing to our increased full year outlook. We remain excited about our opportunities in Brazil.

在國際上，我們也經歷了另一個穩定的季度，有機租賃活動比我們預期的要多。本季度簽訂的新國際業務中有 62% 來自現有租約的修訂，38% 來自新租約，為我們的許多市場（包括中美洲、巴西和南非）做出了廣泛貢獻。巴西是我們在美國以外最大的市場，該市場三大運營商的貢獻超出了我們的內部預期。我對我們在巴西的運營績效、成本管理和客戶關係仍然感到滿意，這使我們成為市場的領導者。我們最近看到貨幣匯率的積極變動，提供了一些經濟利益並增加了美元匯回，並有助於我們提高全年前景。我們對在巴西的機會仍然感到興奮。

During the quarter, we again generated solid AFFO providing significant cash for discretionary allocation. While our strong financial position allows us to retain flexibility for future further opportunistic investment in portfolio growth and stock repurchases, we dedicated the majority of our available cash in the quarter to paying down the outstanding balance on our revolver.

本季度，我們再次產生了穩定的 AFFO，為酌情分配提供了大量現金。雖然我們強大的財務狀況使我們能夠在未來進一步投資組合增長和股票回購方面保持靈活性，但我們在本季度將大部分可用現金用於償還左輪手槍的未償餘額。

We immediately benefit from this by reducing our floating rate cash interest obligations which today represent among the highest cost debt in our capital structure. With the continuing high cost and limited availability of private market tower acquisition opportunities, we believe this is currently our best use of discretionary spending. Our quarter ending net debt to adjusted EBITDA leverage ratio was 6.6%, which I believe to be the lowest in our history, at least as a public company. As always, we will continue to be opportunistic around investments, but for the near term, likely direct future cash flows into the repayment of debt as the most accretive short term and certainly a long-term beneficial use of capital. Our balance sheet is in great shape with no debt maturities until October 2024. And since that maturity could easily be refinanced under our revolver, we are comfortable now to remain opportunistic around timing of future financings. We are a preferred issuer in the debt markets we routinely use and retain very good access to capital.

我們通過減少浮動利率現金利息義務立即從中受益，這些債務目前是我們資本結構中成本最高的債務之一。由於成本持續高昂且私人市場塔樓收購機會有限，我們相信這是目前我們對可自由支配支出的最佳利用。我們季度末的淨債務與調整後 EBITDA 的槓桿率為 6.6%，我認為這是我們歷史上的最低水平，至少作為一家上市公司是這樣。與往常一樣，我們將繼續在投資方面保持機會主義，但就短期而言，可能會將未來現金流直接用於償還債務，這是短期內最具增值性的，當然也是資本的長期有益利用。我們的資產負債表狀況良好，在2024 年10 月之前沒有債務到期日。而且由於該到期日可以很容易地在我們的左輪手槍下進行再融資，因此我們現在可以在未來融資的時機上保持機會主義。我們是我們經常使用的債務市場的首選發行人，並保留了良好的資本獲取渠道。

We finished the quarter with 95% of our debt fixed and thus, we are only modestly exposed for now to significant interest rate fluctuations. Our exposure to floating rate debt is also expected to decline further as we continue paying down our outstanding revolver balance throughout the year. We feel very good about our current capital position. We feel fortunate to be in a sound, stable business with tremendous fundamentals and significant long-term opportunity ahead. Our customers continue to have significant network needs, and we will be there to support them in meeting those needs. I want to thank our team members and our customers for their contributions to our shared success.

本季度結束時，我們 95% 的債務已得到修復，因此，目前我們僅面臨輕微的利率波動風險。隨著我們全年繼續償還未償還的循環餘額，我們的浮動利率債務風險預計也將進一步下降。我們對目前的資本狀況感覺非常好。我們很幸運能夠擁有一個健全、穩定的業務，擁有巨大的基本面和重大的長期機遇。我們的客戶仍然有巨大的網絡需求，我們將隨時支持他們滿足這些需求。我要感謝我們的團隊成員和客戶為我們共同的成功做出的貢獻。

And with that, Eric, we are now ready for questions.

埃里克，我們現在準備好提問了。

(Operator Instructions) And first, we will hear from Ric Prentiss with Raymond James.

（操作員說明）首先，我們將聽取 Ric Prentiss 和 Raymond James 的發言。

Obviously, I have some questions on the AT&T MLA, big news item there. I appreciate, I think, Brendan, you said $6 million of the increase in new lease activity was really driven by AT&T MLA it...

顯然，我對 AT&T MLA（那裡的重大新聞）有一些疑問。我想，Brendan，我很欣賞你所說的新租賃活動增加的 600 萬美元實際上是由 AT&T MLA 推動的……

Ric, can you speak up? We're having trouble hearing you. Ric?

里克，你能說話嗎？我們聽不到你的聲音。瑞克？

How about now? can you hear me better now?

現在怎麼樣？你現在能聽得更清楚了嗎？

That's much better. Thank you.

這樣好多了。謝謝。

You bet. Yes, I'm sorry about that. I had another phone call come in. I was like no, doing something busy. Yes, I appreciate some of the color on the MLA with AT&T. A couple of questions around it. Why now? And any others that you're working on? And then also suggesting that $6 million increase in guidance came from that, it looks like we should be thinking maybe of kind of flattish new lease activity over the next couple of quarters. And as we exit '23, is that the way we should be thinking about it.

你打賭。是的，我對此感到抱歉。我又接到一個電話。我的反應是“不”，正在忙著做事。是的，我很欣賞 AT&T 的 MLA 上的一些顏色。圍繞它的幾個問題。為什麼現在？還有您正在做的其他工作嗎？然後還表明指導意見增加了 600 萬美元，看來我們應該考慮未來幾個季度的新租賃活動可能會持平。當我們退出 23 世紀時，我們應該這樣思考。

Yes. So on the MLA, first of all, on the numbers, the $6 million increase is basically due to the MLA. Obviously, that was our -- the 72% is what we reported last time, we increased to 78%, and activity was a little bit slower in the second quarter. So we expect that the MLA will kick in right away based on the terms of it and will be a contributor going forward.

是的。所以在MLA上，首先在數字上，600萬美元的增長基本上是MLA的功勞。顯然，這是我們的——72% 是我們上次報告的，我們增加到 78%，第二季度的活動有點慢。因此，我們預計 MLA 將根據其條款立即啟動，並將成為未來的貢獻者。

In terms of the cadence, it would be fairly flat. I would expect actually that we'll see an uptick in terms of the contribution to the third quarter as a result of the MLA and then you'll see it be a little bit lower into the fourth quarter. And that lower trajectory has nothing to do with the MLA. That's really based on slowing activity from other carriers. If you recall correctly, we had kind of a trajectory expected that was downward leaning throughout the year, and I would expect that will continue as it relates to other contributors.

就節奏而言，它會相當平坦。實際上，我預計，由於 MLA，我們對第三季度的貢獻會有所上升，然後你會看到第四季度的貢獻會有所下降。而較低的軌跡與 MLA 無關。這實際上是基於其他運營商的活動放緩。如果你沒記錯的話，我們預計全年的發展軌跡都是向下傾斜的，而且我預計這種趨勢將持續下去，因為它與其他貢獻者有關。

In terms of why, Ric, this agreement with AT&T has been in the works for well over a year. And it's a deal that we believe is beneficial to both organizations. We've been working on it for that period of time and trying to signal and be transparent to our openness for this type of agreement knowing that we were likely to enter into this agreement, which we have. We really don't want to comment too much on what's going on with other customers. But just as we have always said, we are not hung up so much on structure as we are on finding mutually beneficial agreements with our customers.

至於原因，Ric，與 AT&T 的這項協議已經醞釀了一年多了。我們相信這項交易對兩個組織都有利。那段時間我們一直在努力解決這個問題，並試圖表明我們對此類協議的開放態度並保持透明，因為我們知道我們很可能會簽署這項協議。我們真的不想對其他客戶的情況發表太多評論。但正如我們一直所說的那樣，我們並不那麼關注結構，而是與客戶達成互惠互利的協議。

Okay. And one other one for me on the -- paying down the revolver. When does the calculus move back towards stock buyback? Because it sounds like there's still not a lot of M&A out there, which would be probably your first choice. But how do we think about when the lever moves since you're down to 6.6 leverage to more stock buyback? Is that like a next year item? Is that further out?

好的。還有另一筆是給我的——還清左輪手槍的錢。什麼時候會重新考慮股票回購？因為聽起來仍然沒有很多併購，這可能是您的第一選擇。但是，自從槓桿率降至 6.6 以進行更多股票回購後，我們如何看待槓桿何時發生變化？這就像明年的項目嗎？那還遠嗎？

Yes. I think if rates stay the same and stock prices stay the same, it's -- it will continue to be more accretive. And obviously, good for the overall capital position to continue to pay down the revolver to 0. So when we get to that point, Ric, we should -- you could ask that question again.

是的。我認為，如果利率保持不變並且股價保持不變，那麼它將繼續更具增值性。顯然，繼續將左輪手槍償還至 0 對整體資本狀況有利。因此，當我們到達這一點時，里克，我們應該 - 你可以再次問這個問題。

And next, we'll hear from Michael Rollins with Citi.

接下來，我們將聽取花旗銀行邁克爾·羅林斯 (Michael Rollins) 的發言。

Just curious, just a follow-up on the comprehensive deal with AT&T. Can you share some of the multiyear components of this deal? Is there going to be a straight-line element that sometimes comes up with these types of multiyear or comprehensive opportunities? And does it change the way investors should think about leasing overall for SBA in 2024 in the domestic side?

只是好奇，只是與 AT&T 全面交易的後續行動。您能否分享一下這筆交易的一些多年組成部分？有時會出現這些類型的多年期或綜合機會的直線元素嗎？這是否會改變投資者對 2024 年 SBA 國內租賃整體的思考方式？

Yes, Mike. So it will certainly smooth the way that we operate with AT&T. So I think from that perspective, perhaps it impacts our reported growth numbers in terms of ebbs and flows. There may be a little bit less of that, at least as it relates to this particular agreement. From a straight-line impact, we would expect that over the course of the agreement that we will have some straight-line impacts, but there are no straight line -- or very minimal straight-line impacts in the short term.

是的，邁克。因此，這肯定會讓我們與 AT&T 的合作變得更加順暢。因此，我認為從這個角度來看，它可能會影響我們報告的增長數字的潮起潮落。可能會少一點，至少與這個特定協議有關。從直線影響來看，我們預計在協議期間我們將產生一些直線影響，但短期內沒有直線影響，或者直線影響非常小。

And just on the commentary on leasing. So the site development revenues are unchanged from the prior guidance. But you did note that there was some slower activity levels. Was this just something that you were maybe more prepared for earlier in the year? Or is there anything different about your site development business that maybe gave your expectation a little more durability in spite of some of the changes that you observed?

還有關於租賃的評論。因此，網站開發收入與之前的指導相比沒有變化。但您確實注意到有一些較慢的活動水平。這是否只是您今年早些時候做好準備的事情？或者，儘管您觀察到了一些變化，但您的網站開發業務是否有什麼不同之處，可能會讓您的期望更加持久？

Yes. I think we know our site development business very well. You know it primarily centers around work -- almost entirely work on our towers. So we have a very good feel for it. And there's just enough work out there Mike, that was already booked earlier in the year and actually some of it probably spilling over from last year, that's now working itself through our services backlog that gives us the comfort to continue with the guidance that we have. So a lot of it is more a reflection of activity levels that occurred Q1, Q4 of last year.

是的。我認為我們非常了解我們的網站開發業務。你知道，它主要以工作為中心——幾乎全部在我們的塔樓上工作。所以我們對此有很好的感覺。邁克，那裡有足夠的工作，今年早些時候已經預訂了，實際上其中一些可能是去年溢出的，現在正在通過我們的服務積壓工作自行完成，這讓我們放心地繼續遵循我們已有的指導。因此，其中很多更多地反映了去年第一季度、第四季度發生的活動水平。

And next, we'll hear from Simon Flannery with Morgan Stanley.

接下來，我們將聽取摩根士丹利西蒙·弗蘭納里 (Simon Flannery) 的發言。

Great. I was just wondering on the leverage point, have you had any more consideration of targeting investment-grade status? Or is that -- is this going to be just a temporary that change in your overall leverage targets. And then you could just talk on...

偉大的。我只是想知道槓桿點，您是否有更多考慮以投資級身份為目標？或者說，這只是您總體槓桿目標的暫時變化嗎？然後你就可以繼續聊了...

Yes. Right now, I think you should assume it's temporary so that we can continue to watch interest rates and see where they go. If interest rates stay high, it may not be temporary. We haven't made that decision yet. Actually, we're paying down the revolver because it's the most economic and best use of our cash today. It just so happens that as we continue to do that, we further decrease leverage, which makes the path of going to investment grade, if we were to so choose that path easier to obtain. But I really don't think you should look at it, Simon, as a conscious effort to get to investment grade as much as it is just the best financial use of our discretionary cash.

是的。現在，我認為你應該假設這是暫時的，這樣我們就可以繼續觀察利率並了解它們的走向。如果利率保持在高位，這可能不是暫時的。我們還沒有做出這個決定。事實上，我們正在償還左輪手槍，因為這是當今我們現金最經濟、最好的用途。碰巧的是，當我們繼續這樣做時，我們會進一步降低杠桿，這使得通往投資級的道路變得更容易，如果我們選擇這條道路的話。但我真的不認為你應該將其視為達到投資級別的有意識的努力，西蒙，因為這只是我們可自由支配現金的最佳財務用途。

Great. Yes. And just one follow-up. You mentioned earlier that you still got a lot of sites that have not been upgraded to 5G. Do you think as given some of the rural SKU of your portfolio, do you think that would advantage to your portfolio in the next several years versus to that initial build out?

偉大的。是的。只有一個後續行動。您之前提到，您還有很多站點沒有升級到5G。您認為考慮到您投資組合中的一些農村 SKU，與最初的建設相比，您認為這對您未來幾年的投資組合有利嗎？

Yes. I think if history is any guide, I guess, that's exactly how it works. It starts out in the NFL cities, it goes from there.

是的。我想，如果歷史有任何指導的話，我想，這就是它的運作方式。它從 NFL 城市開始，從那裡開始。

And next, we'll hear from Phil Cusick with JPMorgan.

接下來，我們將聽取摩根大通的 Phil Cusick 的發言。

Two, if I can. How should we think about the exit run rate in activity this year versus going into next year? AT&T, it sounds like is steady in 3Q and 4Q and then from there and others are decelerating through this year. Should we think of the fourth quarter as a decent run rate for next year or maybe a little bit lower than that? And then second, Jeff, I didn't understand your comment just a second ago on the service revenue now for activity earlier in the year. And it sounds like services are still running well ahead of historical levels. Do you expect them to come in -- it sounds like you expect them -- you're going to make the guide this year, but next year, it sounds like things are going to be probably well below. Does that make sense?

兩個，如果可以的話。我們應該如何看待今年活動的退出運行率與明年的退出運行率？ AT&T，聽起來在第三季度和第四季度保持穩定，然後從那裡開始，其他公司今年的增速正在放緩。我們是否應該將第四季度視為明年的一個不錯的運行率，或者可能比這個低一點？其次，傑夫，我不明白你剛才對今年早些時候活動的服務收入的評論。聽起來服務的運行情況仍然遠遠領先於歷史水平。你是否期望他們進來——聽起來你期望他們——你今年將製作指南，但明年，聽起來事情可能會遠遠低於。那有意義嗎？

Go ahead, Brendan.

繼續吧，布倫丹。

Yes. So on the first question, we do -- we expect that the fourth quarter run rate, you're talking specifically, just to be clear about domestic organic leasing contribution to be around approximately $17 million to $17.5 million. But I would definitely caution you as to using that as an indicator of next year. As I mentioned earlier, the trajectory based on activity levels is declining. And as a result, we would expect those numbers to step down as we move into next year. We're obviously not ready to give 2024 guidance yet at this point. but just kind of broadly when you think about it, the way we've always explained it and just the way that it actually happens is that you get a lot of growth, for instance, the 2023 growth is based heavily on the leasing activity that took place at the end of last year, 2022. And next year's numbers will be based heavily on the leasing activity that's taking place this year.

是的。因此，關於第一個問題，我們預計第四季度的運行率，您具體說的是，只是為了明確國內有機租賃的貢獻約為 1700 萬美元至 1750 萬美元左右。但我肯定會提醒您使用它作為明年的指標。正如我之前提到的，基於活動水平的軌跡正在下降。因此，我們預計隨著明年的到來，這些數字將會下降。目前我們顯然還沒有準備好給出 2024 年的指導。但從廣義上講，當你思考這個問題時，我們一直解釋它的方式以及實際發生的方式是，你會獲得很大的增長，例如，2023 年的增長很大程度上取決於租賃活動發生在去年年底，即2022 年。明年的數據將在很大程度上基於今年的租賃活動。

So the number is a little bit higher than we said before because of the impacts of the MLA for the fourth quarter, but I don't believe will be indicative of the numbers for next year.

由於第四季度 MLA 的影響，這個數字比我們之前說的要高一些，但我不認為這會代表明年的數字。

Yes. And as far as the services revenue, Phil, the first half of what we report in 2024 will be largely dictated by what we do now operationally with leasing. We have 2 different components of that. We have the site acquisition component, which is the planning stuff, and then we have the construction, which is where a lot of the current activity is taking place because that's the last part of the cycle. So we'll see. We'll see where we come out with the guidance on services, but it will be obviously heavily impacted by how we finish out the rest of the year.

是的。就服務收入而言，菲爾，我們 2024 年上半年報告的收入將很大程度上取決於我們現在的租賃業務。我們有兩個不同的組成部分。我們有場地收購部分，即規劃內容，然後我們有施工，這是當前許多活動正在進行的地方，因為這是周期的最後一部分。所以我們拭目以待。我們將看看我們會在哪裡推出服務指南，但它顯然會受到我們今年剩餘時間的完成方式的嚴重影響。

And next, we'll hear from Jonathan Atkin with RBC.

接下來，我們將聽取加拿大皇家銀行 (RBC) 喬納森·阿特金 (Jonathan Atkin) 的發言。

So I was interested in doing just to contextualize the AT&T MLA, how much of your revenues for kind of this year next year, the following year, can we be considered to be fairly locked in as opposed to usage based -- segmental revenue.

因此，我有興趣了解 AT&T MLA 的背景，今年、明年、後年的收入有多少，我們是否可以被認為是完全鎖定的，而不是基於使用的細分收入。

Yes, you mean just the percentage of the AT&T revenue or overall revenue?

是的，你的意思只是 AT&T 收入或總收入的百分比？

Overall revenue for the whole company, how do we kind of think about how much is kind of a lock versus more of a (inaudible) as well.

整個公司的總體收入，我們如何考慮多少是一種鎖，多少是更多（聽不清）。

Right. Jon, we can't give specific numbers out. And obviously, a number of our agreements with other customers are fluid and where those amounts end up or -- is obviously unknown. So as a percentage, it's hard to say as well. So we can't be very specific about it, but we do have some portion of our revenue base that is locked in now under this agreement that wasn't before.

正確的。喬恩，我們無法給出具體數字。顯然，我們與其他客戶的許多協議都是不穩定的，這些金額最終會去向或——顯然是未知的。因此，從百分比來看，也很難說。因此，我們不能對此說得非常具體，但我們確實有一部分收入基礎現在根據該協議被鎖定，而以前是沒有的。

And a greater portion of the AT&T then probably exists under other agreements, although we still have some of that. And I mean I don't think that's not a number that we have focused on. So the best we can answer, Jonathan, is that it's a much greater extent under the AT&T revenue.

AT&T 的很大一部分可能存在於其他協議下，儘管我們仍然擁有其中一些。我的意思是，我認為這不是我們關注的數字。所以，喬納森，我們能回答的最好的答案是，這在 AT&T 的收入中佔了更大的比例。

Then -- and you're comparing that to your agreements with other carriers as opposed to other TowerCos agreements with AT&T, I'm assuming?

然後——我猜你會將其與你與其他運營商的協議進行比較，而不是與其他 TowerCos 與 AT&T 的協議進行比較？

Correct. Yes. correct.

正確的。是的。正確的。

Got it. Yes, understood. And then maybe just give us some directional guidance around the trajectory around building new towers and ground lease and easements activity.

知道了。是的，明白了。然後也許只是為我們圍繞建造新塔樓以及土地租賃和地役權活動的軌跡提供一些方向性指導。

Yes. I mean we continue to look for good, financially smart new build opportunities. We're doing those mostly outside the United States primarily Brazil and South Africa, our 2 largest markets outside the United States. And we have a steady focus on ground lease purchases and extensions, which hasn't changed at all. It's moved a little bit more international in terms of the mix just because we've been at it so long in the United States. But nothing's really changed there. We would put more capital into particularly the land purchases and extensions if the opportunities arose.

是的。我的意思是，我們將繼續尋找良好的、經濟上明智的新建機會。我們主要在美國以外的地區開展這些業務，主要是巴西和南非，這是我們在美國以外最大的兩個市場。我們一直專注於土地租賃購買和延期，這一點根本沒有改變。它在組合方面變得更加國際化，只是因為我們在美國已經這樣做了很長時間。但那裡什麼都沒有真正改變。如果有機會，我們將投入更多資金，特別是土地購買和擴建。

And then in terms of purchasing other portfolios, maybe thinking about Africa and your operating history there and maybe some tuck-in opportunities, either that geography or elsewhere, what are your thoughts on increasing your scale in existing markets versus expanding the footprint?

然後，在購買其他投資組合方面，也許會考慮非洲和您在那裡的經營歷史，也許還有一些隱藏的機會，無論是那個地理位置還是其他地方，您對擴大現有市場規模與擴大足蹟有何想法？

Yes. I mean, the answer to that question is pretty much the same as it has been for years, for the right deal, we will do it. We have no strategic hole that we feel needs to be filled. In market growth because of the existing base is going to be preferred over new market growth, but we would still go into a new market, if we found the right deal. And I would point back to the Tanzania investment as a good example of that. But because it's all financially driven, it makes our decision to use discretionary cash to pay down the revolver that much more straightforward.

是的。我的意思是，這個問題的答案與多年來幾乎相同，對於正確的交易，我們會這樣做。我們認為沒有需要填補的戰略漏洞。在市場增長方面，由於現有基礎將優先於新市場增長，但如果我們找到合適的交易，我們仍然會進入新市場。我想回顧一下坦桑尼亞的投資就是一個很好的例子。但由於這一切都是由財務驅動的，因此我們決定使用可自由支配的現金來支付左輪手槍的費用變得更加簡單。

Lastly, I might have missed this, but the duration of the AT&T MLA?

最後，我可能錯過了這一點，但是 AT&T MLA 的持續時間是多少？

It's 5 years, Jonathan.

五年了，喬納森。

And next, we'll hear from David Barden with Bank of America.

接下來，我們將聽取美國銀行 David Barden 的發言。

So I guess maybe 2. The first one, Jeff, just with respect to some of the actions that your competitors are taking pros and cons for being in the construction business for towers at all? Is there may be an opportunity to redirect resources in more optimal ways? Or is there an opportunity if people are willing to give up business for you guys to lean in at the margin as we think about the go ahead business? And then second, maybe for Mark, as we think about the 25 term loan and its maturity what should the Street be doing in terms of expectations in the model with respect to how we address that cost fixed, long-term roll it? What is the plan?

所以我想也許是 2。第一個，傑夫，只是關於你的競爭對手在塔樓建築業務中所採取的一些行動？是否有機會以更優化的方式重新分配資源？或者，如果人們願意放棄業務，讓你們在我們考慮繼續開展業務時獲得利潤，是否有機會？其次，也許對馬克來說，當我們考慮 25 期貸款及其到期日時，華爾街在模型中的預期方面應該採取什麼措施，以解決我們如何解決固定成本、長期展期的問題？計劃是什麼？

Dave, I'm going to defer that to our expert here, Brendan.

戴夫，我將把這個問題交給我們的專家布倫丹。

On the services question, David, we've had a lot of history. Actually, you recall, that's how SBA started. So we have a very flexible cost structure that allows us to ramp up, ramp down we use a lot of subcontracted tower crews. We have our own, but we also use subcontracted tower crews. And one of the things that has really served us well and our customers give us high praise for this is by using our services people for work on our towers for them, they are greatly benefited in terms of speed to market and efficiencies. So I don't think that changes. So I guess if I had to choose 1 of your 2 options lean out or lean in, we'll look to lean in and not be afraid to do that because of our confidence in how we manage that business.

關於服務問題，大衛，我們有很多歷史。事實上，您還記得，SBA 就是這樣開始的。因此，我們有一個非常靈活的成本結構，使我們能夠增加或減少我們使用大量分包塔台工作人員。我們有自己的塔台工作人員，但我們也使用分包的塔台工作人員。真正為我們提供良好服務且客戶給予我們高度讚揚的一件事是，通過使用我們的服務人員在我們的塔上為他們工作，他們在上市速度和效率方面受益匪淺。所以我認為這不會改變。因此，我想如果我必須在你們的兩個選項中選擇一個，即“精益”或“精益”，我們會尋求精益，並且不會害怕這樣做，因為我們對如何管理該業務充滿信心。

And Dave, on the term loan, your question of modeling, if I can only say into the future enough, but we, yes. I mean, the best thing, I think, for people to do when looking at it is probably to assume a similar like-for-like refinancing. And I would expect that spreads will be similar to up slightly from where they are today, but we'll have to see how that plays out. And then it's just a matter of using the forward curve in terms of the benchmark, SOFR Rate. But that doesn't mean that that's necessarily how it will play out. We will probably have -- we will be evaluating multiple different options. There may be a mix of different instruments that we use. Some may be fixed and some may be floating, but all things are on the table for us right now, and we look at that, frankly, every day. But if you're just simply modeling out long term, I think the best thing to do is to assume a like-for-like instrument.

戴夫，關於定期貸款，你的建模問題，如果我只能說足夠未來的話，但是我們，是的。我的意思是，我認為，人們在看待它時最好的做法可能是假設類似的同類再融資。我預計利差將與今天的水平相比略有上升，但我們必須看看結果如何。然後只需使用基準 SOFR 利率的遠期曲線即可。但這並不意味著事情一定會這​​樣發展。我們可能會評估多種不同的選擇。我們可能會混合使用不同的工具。有些可能是固定的，有些可能是浮動的，但現在所有的事情都擺在我們面前，坦率地說，我們每天都會考慮這一點。但如果你只是簡單地進行長期建模，我認為最好的辦法就是假設有一個類似的工具。

And next, we'll hear from Walter Piecyk with LightShed.

接下來，我們將聽取 Walter Piecyk 和 LightShed 的發言。

Can you hear me?

你能聽到我嗎？

Yes.

是的。

All right. Perfect. Sorry. The -- if you didn't have the AT&T MLA, would the 72 still stick? Or would that fall off accelerating faster than you thought in terms of the second half of the year?

好的。完美的。對不起。如果你沒有 AT&T MLA，72 還會繼續使用嗎？或者下半年下降速度會比你想像的更快嗎？

I can't really answer that question, Walt, because there's so many elements that go into it. What would the activity be with AT&T, otherwise, those types of things. So I can't really say for sure what it would be, given that we were working on this for quite a while.

我無法真正回答這個問題，沃爾特，因為其中涉及很多因素。 AT&T 的活動是什麼，否則就是那些類型的事情。所以我不能確定它會是什麼，因為我們已經為此工作了很長一段時間。

(technical difficulty)

（技術難度）

First, we don't like to discuss the individual customers, but obviously, DISH has just gotten through a major deadline that they had. There's a little bit of a slowdown or pause, if you will, related to that. And we would expect that will eventually pick up. But given the delay between signings and revenue recognition, I would expect that will weigh year-over-year on next year. and T-Mobile was frankly very, very busy as well, and you have somewhat of a similar dynamic there. But that's what we're going into for next year. But longer term, there's still a lot to do there. So we tend (inaudible).

首先，我們不想討論個別客戶，但顯然，DISH 剛剛度過了他們的一個重要期限。如果你願意的話，會出現一些與此相關的放緩或暫停。我們預計這種情況最終會好轉。但考慮到簽約和收入確認之間的延遲，我預計這將給明年帶來同比壓力。坦率地說，T-Mobile 也非常非常忙碌，那裡也有類似的動態。但這就是我們明年要做的事情。但從長遠來看，仍有很多工作要做。所以我們傾向於（聽不清）。

So if there was something incremental like qualitatively, what do you think those issues are?

那麼，如果存在諸如定性之類的增量問題，您認為這些問題是什麼？

If there was something incremental in what sense?

如果有什麼意義上的增量？

You just -- in the response you just gave, meaning in Q2 was a little bit less, and you're saying you're expecting that to continue into the third and fourth quarter because, again, I think you guys did a good job historically already talking about a slowdown in the second half of the year? And also maybe how that would carry into 2024. And I'm just trying to get a sense of is there something new or worse?

你只是 - 在你剛剛給出的回應中，這意味著第二季度的情況有所減少，你說你預計這種情況會持續到第三和第四季度，因為我再次認為你們做得很好歷史上已經在談論下半年經濟放緩了嗎？也許這會如何延續到 2024 年。我只是想了解是否有新的或更糟糕的情況？

Yes. I don't think there's something particularly new. I think it's been a little bit slower than what we had anticipated before. But directionally, it's still the same. So what does that mean for next year? Does that mean $5 million difference or $10 million. I can't tell you yet. We're not ready to get there and we still have half the year to go. But it's marginally worse than what we thought in terms of the balance of the other carriers.

是的。我不認為有什麼特別新的東西。我認為這比我們之前預期的要慢一些。但從方向上來說，還是一樣的。那麼這對明年意味著什麼呢？這意味著 500 萬美元的差異還是 1000 萬美元的差異。我還不能告訴你。我們還沒有準備好到達那裡，我們還有半年的時間。但就其他運營商的平衡而言，它比我們想像的要差一些。

Yes. And I mean, the qualitative benefits or the positives to look forward to Walt, I mean, DISH has to get started, whether it's late Q4 or early Q1 on their 2025 bill, which is going to be large. T-Mobile hasn't even got the C-band and the 3.45 spectrum yet. You got the -- you got some folks waiting on availability of dual band equipment. So there's all kinds of things to look forward to as we move through the year and into next.

是的。我的意思是，Walt 期待的定性效益或積極因素，我的意思是，DISH 必須開始，無論是在 2025 年賬單的第四季度末還是第一季度初，這將是巨大的。 T-Mobile 甚至還沒有獲得 C 頻段和 3.45 頻譜。有些人正在等待雙頻設備的可用性。因此，當我們度過這一年並進入明年時，有各種各樣的事情值得期待。

Are you seeing anything from cable, Jeff?

傑夫，你從有線電視上看到什麼了嗎？

Little bit, but not enough to give anyone the impression it's going to move the needle.

一點點，但還不足以給任何人留下它會帶來改變的印象。

And the next we'll hear from Batya Levi with UBS.

接下來我們將聽到瑞銀集團 (UBS) 的巴特亞·萊維 (Batya Levi) 的發言。

Great. A quick follow-up on the AT&T MLA. Does it cover all the towers that AT&T has equipment on your sites? And should we assume that the escalator in there is similar to the 3%, 3.5% that you have? And another one, I believe you said 42-58 mix for amendments and new leases. Can you give us a sense of how that will look like if we just exclude DISH?

偉大的。 AT&T MLA 的快速跟進。它是否涵蓋了 AT&T 在您站點上擁有設備的所有塔？我們是否應該假設那裡的自動扶梯與您擁有的 3%、3.5% 類似？還有一個，我相信你說過 42-58 混合用於修改和新租約。您能給我們介紹一下如果我們只排除 DISH 的話會是什麼樣子嗎？

Yes. So I'm sorry, what was the first part of the question?

是的。抱歉，問題的第一部分是什麼？

AT&T MLA, if it includes all the sites they have with you and the escalator.

AT&T MLA，如果它包括他們擁有的與您和自動扶梯相關的所有站點。

Right. So it does -- there may be a few exceptions because of specific issues around individual sites, but the vast majority of our sites are covered by the MLA.

正確的。確實如此——由於各個站點的具體問題，可能會有一些例外，但我們的絕大多數站點都包含在 MLA 範圍內。

That have AT&T on.

AT&T 已開通。

Yes, that have AT&T on of course. And then on the escalator piece, I can't really get into the specifics around what the escalator is, but our historical escalator with AT&T has been north of 3%, and we would expect that to continue.

是的，當然有 AT&T。然後在自動扶梯方面，我無法真正了解自動扶梯的具體細節，但我們與 AT&T 的歷史自動扶梯已經超過 3%，我們預計這種情況會持續下去。

Great. And the amendments without DISH, is that much higher than the 42%?

偉大的。而沒有DISH的修正，是不是比42%高很多？

It would be. It would be if you took DISH out of the mix, you would have a much higher percentage of amendments of the total.

這將是。如果您將 DISH 排除在外，那麼您將獲得更高比例的修改。

Okay. Maybe just a quick one. As you -- can you give us a sense on what the guidance assumes for DISH as we exit the year?

好的。也許只是快一點。作為您，您能否讓我們了解一下今年結束時 DISH 指南的假設？

No, we can't give you that kind of specificity now. But it's much less it was -- but it's much less than it was exiting last year.

不，我們現在無法向您提供這種具體信息。但它比去年少得多。

And next, we'll hear from Nick Del Deo with MoffettNathanson.

接下來，我們將聽取 Nick Del Deo 和 MoffettNathanson 的發言。

First, regarding the AT&T deal, should we think of that as pulling forward some revenue that you otherwise would have expected in the latter years into the near future? And do you feel that the totality of the revenue that you'll get from AT&T over the course of the contract is similar to what it otherwise would have been.

首先，關於 AT&T 交易，我們是否應該認為這會將您原本預計在後幾年出現的一些收入提前到不久的將來？您是否認為在合同期內您從 AT&T 獲得的總收入與原本的收入類似？

The answer to the last part of your question is yes, Nick. The answer to the first part, I don't think it's a pull forward.

你問題最後一部分的答案是肯定的，尼克。對於第一部分的回答，我不認為這是一種推動。

I mean it's hard to say because, obviously, previously, it would be very specific to the timing of when they were signing things. We don't know exactly what that timing would be. So could be pulling forward, could be pushing.

我的意思是這很難說，因為顯然，以前，他們簽署協議的時間是非常具體的。我們不知道具體的時間是什麼。所以可能是向前拉動，也可能是推動。

Yes. The answer to your question will be only known in hindsight by the levels of AT&T's activity.

是的。您的問題的答案只有在事後通過 AT&T 的活動水平才能知道。

Okay. Okay. So we should think of it more, call it, smoothing a bit, but not necessarily sort of a mass reallocation of what the revenue would have been. Is that fair?

好的。好的。因此，我們應該更多地考慮它，稱之為平滑一點，但不一定是對收入的大規模重新分配。這公平嗎？

Yes.

是的。

Yes.

是的。

Yes. Okay. Great. And then kind of 2 clarifications for Brendan. One, it looks like your forecast for other international revenue went up by about $9 million versus last quarter's guidance. What was that? And was it in this quarter's results? And then second, can you elaborate a bit on the $7 million in cost reclassifications that you noted in your prepared remarks -- what was it reclassified to and from? What was behind it, which segment?

是的。好的。偉大的。然後向布倫丹做出兩點澄清。第一，您對其他國際收入的預測似乎比上季度的指導增加了約 900 萬美元。那是什麼？這在本季度的業績中嗎？其次，您能否詳細說明一下您在準備好的發言中提到的 700 萬美元的成本重新分類——它是如何重新分類的？其背後是什麼？哪個部分？

Yes. So the other international was -- roughly half of that was in the second quarter. There is some that is in the balance of the year. And it's frankly a mix of things. It's not 1 thing in particular. There was some increased cash basis revenue recovery that we did not necessarily forecast and some that we've actually even seen subsequent to quarter end. And then also some termination fees. And just other frankly, cats and dogs, Nick, but they did add up and we actually have higher expectations for the balance of the year. So that's that piece of it.

是的。所以另一位國腳——大約一半是在第二季度。有一些是在今年的餘額中。坦率地說，這是多種因素的混合。這不是特別的一件事。我們不一定預測到現金基礎收入恢復有所增加，有些甚至在季度末後我們實際上已經看到了。然後還有一些終止費。坦白說，尼克，貓和狗，但它們確實加起來，我們實際上對今年剩餘的時間抱有更高的期望。這就是其中的一部分。

On the accounting reclassification it basically has to do with the decommissioning of some carrier-related equipment, basically Sprint oriented equipment at some of our tower sites that we previously had expected or had been recording as a cost of revenue -- a direct cost of revenue. But after discussion with our accountants, it was determined that the best classification for that was impairment and decommissioning costs. So basically, it's just a move of those costs out of cost of revenue and into impairment and decommission costs.

在會計重新分類方面，它基本上與一些與運營商相關的設備的退役有關，基本上是我們一些塔站的 Sprint 導向設備，我們之前預計或已經記錄為收入成本 - 直接收入成本。但在與我們的會計師討論後，確定最好的分類是減值和退役成本。所以基本上，這只是將這些成本從收入成本轉移到減值和退役成本中。

Okay. So sort of a onetime true-up?

好的。所以算是一次性的調整嗎？

There was some onetime true-up in there, but that's the way to also be going forward, and that's assumed within the guidance that we've given around tower cash flow.

其中有一些一次性的調整，但這也是前進的方式，並且這是在我們圍繞塔現金流給出的指導中假設的。

Okay. Can you share anything about how much of the change was attributable to that beyond the $7 million recognized in the quarter, what it would be for the full year?

好的。您能否分享一下，有多少變化是由於本季度確認的 700 萬美元之外的變化造成的，全年的變化是多少？

Yes. It's another roughly $4 million.

是的。大約還有 400 萬美元。

And next, we'll hear from Brett Feldman with Goldman Sachs.

接下來，我們將聽取高盛布雷特·費爾德曼 (Brett Feldman) 的發言。

Two questions, if you don't mind. When some of your peers announced their own versions of MLAs or holistic agreements or whatever they call it, it's not uncommon when they announce it for them, they come out and say, "Oh, by the way, we're raising our guidance for straight-line revenue. I know you got a question about this earlier, but it's typically because there's some incremental commitment that was made in that agreement, maybe use escalators or some other amount of leasing. And you didn't do that with this agreement. So I can imagine a question we're going to get is, ultimately, what do you feel like you accomplished through the MLA because you've been very selective and entering into these larger agreements? And I know there's been some questions on it, but I'm trying to think about the right way of framing that.

如果你不介意的話，有兩個問題。當你的一些同行宣布他們自己版本的工作重點或整體協議或無論他們如何稱呼它時，當他們為他們宣布這一點時，他們出來說，“哦，順便說一句，我們正在提高我們的指導意見”直線收入。我知道您之前對此有疑問，但這通常是因為該協議中做出了一些增量承諾，可能使用自動扶梯或其他一些租賃量。而您在該協議中沒有這樣做.所以我可以想像我們最終會遇到的一個問題是，您覺得通過MLA 完成了什麼，因為您非常有選擇性並簽署了這些更大的協議？我知道對此存在一些問題，但我正在嘗試思考構建它的正確方法。

And then the second question is portfolio growth has been a focus for SBA for a very long time. I remember the analyst meeting, I don't know, 15-plus years ago when you first started talking about those long-term targets. And it's understandable why paying down your revolver right now is probably the economically most accretive thing to do. But whenever we get past this moment, do you think portfolio growth is going to be the same priority and same opportunity? Or are you starting to suspect that maybe the tower portfolios that you don't own in the markets you're in or might want to be and are not nearly as attractive as the types of portfolios you could just develop on your own, particularly outside the U.S.

第二個問題是投資組合增長長期以來一直是 SBA 關注的焦點。我記得 15 多年前的分析師會議，我不知道，當時你第一次開始談論這些長期目標。這是可以理解的，為什麼現在還清你的左輪手槍可能是最經濟增值的事情。但每當我們度過這一刻時，您是否認為投資組合增長將是同樣的優先事項和同樣的機會？或者您是否開始懷疑，在您所在的市場或您可能想要的市場中，您不擁有的塔式投資組合併不像您可以自己開發的投資組合類型那麼有吸引力，尤其是在外部市場美國。

I will take the last one first. I believe portfolio growth will always be our most desirable and highest potential allocation of capital. Where it falls today, I mean, keep in mind, we grew the portfolio 15% last year. Where it falls today is purely a function of cost of debt and availability and pricing of assets. But as long as all that works out, Brett, to achieve an investment result that we want, I don't see the preference and prioritization of portfolio growth changing.

我先拿最後一個。我相信投資組合增長永遠是我們最理想和最具潛力的資本配置。我的意思是，請記住，今天的投資組合去年增長了 15%。今天它的跌幅純粹是債務成本以及資產的可用性和定價的函數。但布雷特，只要一切順利，能夠實現我們想要的投資結果，我不認為投資組合增長的偏好和優先順序會發生變化。

Yes. And Brett, on the question around the straight line for the MLA, there actually was you couldn't see it, but there is actually some small impact to straight line that was actually offset by a decrease in straight line associated with some of the accelerated Sprint churn that we mentioned earlier. So there is a small impact. But in terms of what it looks like going forward, obviously, what our peers have done and what we've done, they're probably not exactly the same agreements. I'm sure there are terms that are different. I can't speak to their specifically. But really, it's a function of timing in terms of when certain commitments take place. And in the future, I would expect that there will be some straight-line impact as a result of this deal, but it's a little more activity driven than it is upfront.

是的。 Brett，關於 MLA 直線的問題，實際上你看不到它，但實際上對直線有一些小的影響，這些影響實際上被與一些加速相關的直線的減少所抵消。我們之前提到的Sprint 流失。所以影響很小。但就未來的情況而言，顯然，我們的同行所做的事情和我們所做的事情可能並不完全相同。我確信有些條款是不同的。我無法具體與他們交談。但實際上，它是某些承諾發生時間的函數。未來，我預計這筆交易將會產生一些直接影響，但它更多地是由活動驅動的，而不是預先的。

It will -- you will see straight-line benefits over time over the course of the 5 years, Brett, based on various triggers and activity levels as opposed to upon signing.

布雷特，在 5 年的時間裡，你會看到基於各種觸發因素和活動水平的直線收益，而不是簽署時的收益。

And next, we'll hear from Jonathan Chaplin with New Street.

接下來，我們將聆聽喬納森·卓別林 (Jonathan Chaplin) 與《新街》(New Street) 的對話。

One just very basic question. How do you assess that paying down the revolver is the most accretive use of free cash flow? How do you sort of put that up against the accretion you get from share repurchase? Is it as simple as what the yield of the debt is relative to your AFFO yield? And are you taking the direction of rates into consideration when you make that determination? Or is it just sort of a moment-by-moment decision that drives whether you're in the market buying back stock or paying down the revolver? And then just a follow-up question on DISH. Is there anything assumed in new leasing activity for the second half of this year from DISH in your guidance?

一個非常基本的問題。您如何評估償還左輪手槍是自由現金流最增值的用途？您如何將其與股票回購帶來的增值相比較？是不是就像債務收益率相對於 AFFO 收益率的關係那麼簡單？當您做出決定時，您是否考慮了利率的方向？或者這只是一種即時決定，決定你是在市場上回購股票還是償還左輪手槍？然後是關於 DISH 的後續問題。在您的指導中，DISH 對今年下半年的新租賃活動有什麼假設嗎？

So the accretion analysis takes into account a number of things. There's certainly the basic straightforward piece that you mentioned, which is what's the yield of buying back our stock today versus what can we save by paying down the revolver or any debt. And right now, that actually is more accretive to pay down the revolver today. But we also look at it long term, and we look at our expectations for growth and cash flow as well as what we think our future financing or refinancing costs will be and that positioning relative to our balance sheet as a whole is also relevant to it.

因此，吸積分析考慮了很多因素。當然有您提到的基本簡單的部分，即今天回購我們股票的收益率與我們通過償還左輪手槍或任何債務可以節省的收益相比。現在，這實際上對於今天支付左輪手槍來說更具增值性。但我們也著眼於長期，我們著眼於我們對增長和現金流的預期，以及我們認為未來的融資或再融資成本，以及相對於我們整體資產負債表的定位也與之相關。

Yes. And that bodes towards stock repurchases, Jonathan, with one major exception today, which is we don't know that interest rates have stopped going up. And when interest rates go up, it immediately affects the cost on the revolver. We can always buy our stock back. And that -- we take comfort in that. But when you have an increasing interest rate environment where we don't know when it's over, we just think both from a business perspective and certainly a balance sheet perspective and from an accretion perspective, pay down the revolver balance while we have one is the way to go.

是的。喬納森，這預示著股票回購，但今天有一個主要例外，那就是我們不知道利率已經停止上漲。當利率上升時，它會立即影響左輪手槍的成本。我們隨時可以回購我們的股票。我們對此感到安慰。但是，當利率環境不斷上升，我們不知道什麼時候結束時，我們只是從商業角度、當然從資產負債表角度以及從增值角度考慮，在我們還有左輪手槍餘額的情況下還清它是最重要的。要走的路。

And DISH in terms of the impact for the second half of the year, as we mentioned, it's obviously been slower in terms of new business being signed up with them. There's still a significant contributor to the second half numbers because of all the business that they did with us over the last year. But we expect that we'll continue to see, at least for this year, less executions with them. But ultimately, they have a ton to do, as we talked about to meet their 25% goal, and we would expect that, that will turn around sometime at the end of the year or into next year.

DISH 就下半年的影響而言，正如我們提到的，與他們簽約的新業務方面明顯較慢。由於去年他們與我們所做的所有業務，下半年的數字仍然有很大的貢獻。但我們預計，至少在今年，我們將繼續看到對他們的處決減少。但最終，他們還有很多工作要做，正如我們談到的，要實現 25% 的目標，我們預計這一目標將在今年年底或明年的某個時候出現轉變。

And next, we'll hear from Eric Luebchow with Wells Fargo.

接下來，我們將聽取富國銀行的 Eric Luebchow 的發言。

Just going back to the question on investment grade. I know that's clearly not part of the plan right now. But theoretically, if you did make that decision, what type of leverage do you think you'd have to target to get there? And how quickly do you think you could get there based on where your leverage is at today?

回到投資等級的問題。我知道這顯然不是目前計劃的一部分。但從理論上講，如果您確實做出了這個決定，您認為您必須以什麼類型的槓桿為目標才能實現這一目標？根據您今天的槓桿水平，您認為您能多快實現這一目標？

Well, based on the thresholds that are there by the agencies or at least by one of the agencies right now, we're getting very close to being there, certainly within a half turn of leverage of being there. But it would be more about the commitment to staying there than it would be about hitting the leverage above that trigger.

好吧，根據各機構或至少其中一個機構目前設定的門檻，我們非常接近實現這一目標，當然距離達到目標只有半圈之內。但這更多的是關於留在那裡的承諾，而不是達到觸發點之上的槓桿。

Yes. Understood. And then just another question on the comprehensive MLA. I mean does this it all indicates that you guys would still be open to entering into simpler arrangements with some of the other carriers to maybe smooth out some of the leasing volatility? Or is it really just a case-by-case basis what you think would be NPV positive for your business?

是的。明白了。然後是關於綜合工作重點的另一個問題。我的意思是，這是否表明你們仍然願意與其他一些運營商達成更簡單的安排，以消除一些租賃波動？或者這真的只是根據具體情況而定，您認為對您的業務來說淨現值為正值嗎？

Yes. I mean it's really the latter. But I mean, we've always said we would be open to a variety of structures I mean this, I think, evidences that openness. So for the right deal, Eric, we would do any number of structures with our customers.

是的。我的意思是確實是後者。但我的意思是，我們總是說我們將對各種結構持開放態度，我認為這證明了開放性。因此，為了達成正確的交易，埃里克，我們會與客戶進行任意數量的結構。

And next will hear from Brendan Lynch with Barclays.

接下來將聽取巴克萊銀行布倫丹·林奇 (Brendan Lynch) 的發言。

At the risk of belaboring the point, I have a few on the MLA. Maybe just high level, given the MLA with Tim and now with AT&T, has the market changed? Have customers changed? Or has your perspective changed? And then maybe if you could give us any specifics along the number of sites, minimum payment schedule. You mentioned it was sort of 5 years, but I'd imagine the leases are for much longer. Any details around that would be helpful.

冒著詳細闡述這一點的風險，我有一些關於 MLA 的內容。考慮到 Tim 的 MLA 以及現在 AT&T 的 MLA，市場是否發生了變化？客戶有變化嗎？或者你的觀點改變了？然後，也許您可​​以向我們提供有關站點數量、最低付款時間表的任何具體信息。你提到了大約 5 年，但我想租期會更長。任何有關這方面的細節都會有所幫助。

Yes. I think in terms of the details, we need to keep -- stay away from most of those. There's a lot of specific things that you asked about there that obviously are somewhat important for us to keep confidential for both us and our customers. But it is a 5-year agreement and there will be a lot of ramifications that I would expect would extend beyond the 5 years.

是的。我認為就細節而言，我們需要遠離其中的大部分。您在那裡詢問了很多具體的事情，這些事情顯然對我們和我們的客戶保密很重要。但這是一項為期 5 年的協議，我預計 5 年之後還會產生很多影響。

In terms of the M&A in general, I think Jeff kind of mentioned -- answered this earlier. It's -- we've always been open to different structures, obviously, at different points in time in our history. We haven't necessarily found terms that we found to be beneficial to us or they didn't work for our customers, whatever the case may be. So we've done less of those. But we've done MLAs over the years in various structures, we have in MLA today with Verizon, we've had MLAs with T-Mobile and with DISH. So we've done these agreements before, but each one is dependent upon the specifics around that carrier and their needs at the time and what works for both parties. So I don't know that anything has holistically changed out in the market broadly.

就總體併購而言，我認為傑夫之前曾提到過這一點。顯然，在我們歷史上的不同時間點，我們一直對不同的結構持開放態度。無論情況如何，我們不一定找到對我們有利或對我們的客戶不起作用的條款。所以我們做得比較少。但多年來我們已經在各種結構中完成了 MLA，今天我們與 Verizon 建立了 MLA，我們與 T-Mobile 和 DISH 建立了 MLA。因此，我們之前已經達成了這些協議，但每一項協議都取決於該運營商的具體情況、他們當時的需求以及對雙方都有效的協議。所以我不知道市場上有什麼全面的變化。

Yes. I mean, we are trying to be responsive to our customers, while at the same time being responsible to ourselves and our shareholders. and that will continue to be kind of the big picture as to how we approach these things, and it could lead to more or if this could be the only one.

是的。我的意思是，我們正在努力響應客戶的需求，同時對我們自己和股東負責。這將繼續是我們如何處理這些事情的大局，它可能會導致更多的事情，或者如果這可能是唯一的事情。

Maybe just to clarify a point. I think you've described some of your past MLAs as being pricing menus. Is that how you would characterize this arrangement with AT&T or is there a better way to think about it?

也許只是為了澄清一點。我想您已經將過去的一些工作重點描述為定價菜單。您是如何描述與 AT&T 的這種安排的？還是有更好的方式來考慮？

Yes. This would be a little different than that. This would be payments in exchange for AT&T having certain rights to use our towers.

是的。這與那有點不同。這是為了換取 AT&T 擁有使用我們信號塔的某些權利的付款。

And now we'll hear from Greg Williams with TD Cowen.

現在我們將聽到 Greg Williams 和 TD Cowen 的發言。

Just first question on any further developments with Oi beyond Tim with the other carriers, any ongoing discussions are you having them? And are you hopeful you can get anything done by year-end? And then just second, on the site development, it sounds like it'll hang out in the low 50s for the next few quarters. Anything to think about in terms of service margins from here?

第一個問題是關於除了 Tim 與其他運營商之外 Oi 的任何進一步發展，你們正在進行任何討論嗎？您希望在年底前能完成任何事情嗎？其次，在網站開發方面，聽起來在接下來的幾個季度中它將保持在 50 多歲的水平。在服務利潤方面有什麼需要考慮的嗎？

Yes. On the Oi question, you're talking specifically about deals with the other carriers that took over Oi Wireless I believe. Yes, we are having conversations with those other carriers. And it's possible that there would be some other arrangements truck with them, but it's premature for us to say. And obviously, if we do reach one, we'll let you know at that time. And then on the site development question, I would expect that the margins will stay pretty similar on a percentage basis to what you've seen during the first half of this year. The volume may be a hair lower, but pretty flat. Your estimate of around 50 or so quarters is probably about right.

是的。關於 Oi 問題，我認為您具體談論的是與接管 Oi Wireless 的其他運營商的交易。是的，我們正在與其他運營商進行對話。可能還會有其他安排與他們一起進行，但我們現在說還為時過早。顯然，如果我們確實達到了這一目標，我們會在那時通知您。然後在網站開發問題上，我預計利潤率將與今年上半年的情況非常相似。音量可能會低一點，但相當平坦。您對大約 50 個季度左右的估計可能是正確的。

And we have no further questions at this time.

目前我們沒有進一步的問題。

Great. Well, I want to thank everyone for joining us this evening, and we look forward to getting back together in late October for our third quarter report. Thank you.

偉大的。好吧，我要感謝大家今晚加入我們，我們期待著 10 月底再次聚在一起編寫第三季度報告。謝謝。

And that does conclude our conference for today. Thank you for your participation and for using AT&T Event Conferencing. You may now disconnect.

我們今天的會議到此結束。感謝您的參與和使用 AT&T Event Conference。您現在可以斷開連接。