SBA Communications Corp (SBAC) 2023 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the SBA Third Quarter Results Conference Call.

女士們先生們，謝謝你們的支持。歡迎參加 SBA 第三季業績電話會議。

(Operator Instructions) And as a reminder, this conference is being recorded.

（操作員說明）謹此提醒，本次會議正在錄製中。

I would now like to turn the conference over to our host, Mark DeRussy, Vice President of Finance. Please go ahead.

現在我想將會議交給我們的房東、財務副總裁馬克‧德魯西 (Mark DeRussy)。請繼續。

Good evening, and thank you for joining us for SBA's Third Quarter 2023 Earnings Conference Call. Here with me today are Jeffrey Stoops, our President and Chief Executive Officer; and Brendan Cavanagh, our Chief Financial Officer. .

晚上好，感謝您參加 SBA 2023 年第三季財報電話會議。今天和我在一起的還有我們的總裁兼執行長 Jeffrey Stoops；以及我們的財務長布倫丹·卡瓦納 (Brendan Cavanagh)。 。

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 expectations. Our statements are as of today, November 2, and we have no obligation to update any forward-looking statement we may make.

我們將在本次電話會議上討論的一些資訊具有前瞻性，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（11 月 2 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.

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營運指標。有關這些項目的調節和其他資訊可以在我們的補充財務資料包中找到，該資料包位於我們投資者關係網站的登陸頁面上。

With that, I will now turn it over to Brendan to discuss our third quarter results.

現在，我將把它交給布倫丹討論我們的第三季業績。

Thank you, Mark. Good evening. We had another very solid quarter in Q3, with financial results that were ahead of our expectations. Based on these results and our updated expectations for the fourth quarter, we have increased our full year 2023 outlook for site leasing revenue, tower cash flow, adjusted EBITDA, AFFO and AFFO per share, notwithstanding weaker forecasted foreign currency exchange rates than we had previously expected.

謝謝你，馬克。晚安.第三季度我們又度過了一個非常穩健的季度，財務表現超出了我們的預期。根據這些結果和我們對第四季度的最新預期，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AFFO 每股的預期，儘管外幣匯率預測低於我們之前的預期預期的。

Total GAAP site leasing revenues for the third quarter were $637.5 million, and cash site leasing revenues were $630.4 million. Foreign exchange rates represented a headwind of approximately $1.4 million when compared with our previously forecasted FX rate estimates for the quarter, and a benefit of $4.8 million when compared to the third quarter of 2022.

第三季 GAAP 場地租賃總收入為 6.375 億美元，現金場地租賃收入為 6.304 億美元。與我們先前預測的本季匯率預估相比，外匯匯率帶來了約 140 萬美元的逆風，與 2022 年第三季相比則帶來了 480 萬美元的收益。

Same tower recurring cash leasing revenue growth for the third quarter, which is calculated on a constant currency basis, was 4.7% net over the third quarter of 2022, including the impact of 4.1% of churn. On a gross basis, same-tower recurring cash leasing revenue growth was 8.8%.

以固定匯率計算，第三季同塔經常性現金租賃收入較 2022 年第三季淨成長 4.7%，其中包括 4.1% 的客戶流失影響。以毛利率計算，同塔經常性現金租賃收入成長 8.8%。

Domestic same-tower recurring cash leasing revenue growth over the third quarter of last year was 8.6% on a gross basis, and 4.7% on a net basis, including 3.9% of churn. Domestic operational leasing activity or bookings representing new revenue placed under contract during the third quarter was up materially from the second quarter, primarily as a result of the AT&T master lease agreement signed in July.

國內同塔經常性現金租賃收入較去年第三季成長8.6%，淨成長4.7%，其中客戶流失率3.9%。國內營運租賃活動或代表第三季合約新收入的預訂量較第二季大幅增加，這主要是由於 7 月簽署的 AT&T 主租賃協議的結果。

Excluding the impact of the AT&T MLA, third quarter activity levels were similar to the second quarter. All major carriers remain active with their networks. However, agreement execution levels continue to be slower than a year ago. The higher cost of capital naturally has caused a focus on cash management and expense control by our customers. This dynamic extends the timing over which 5G-related network investments are being made.

排除 AT&T MLA 的影響，第三季的活動水準與第二季相似。所有主要運營商的網路都保持活躍。然而，協議執行水準仍然低於一年前。較高的資本成本自然引起了客戶對現金管理和費用控制的關注。這種動態延長了 5G 相關網路投資的時間。

There is still a long way to go for 5G network investments based on the number of our sites that remain to be upgraded with mid-band spectrum deployments by the major mobile network operators. Wireless data use continues to grow materially, and that fact, combined with the limited spectrum availability, will require additional infrastructure over time to maintain and certainly to enhance service quality. This gives us great confidence in continued domestic organic leasing growth for many years to come.

根據主要行動網路營運商仍有待升級中頻譜頻譜部署的站點數量，5G 網路投資還有很長的路要走。無線資料的使用持續大幅成長，事實上，再加上有限的頻譜可用性，隨著時間的推移，將需要額外的基礎設施來維持並肯定地提高服務品質。這讓我們對未來多年國內有機租賃的持續成長充滿信心。

During the third quarter, domestic churn was slightly below our prior projections due to a slower pace of decommissioning of legacy Sprint leases than we had projected. Our overall expectations for Sprint related churn remain the same, but there will likely continue to be small variations in timing of realizing this churn over the next several years.

第三季度，由於舊 Sprint 租賃的退休速度慢於我們的預期，國內客戶流失率略低於我們先前的預測。我們對 Sprint 相關流失的整體預期保持不變，但在未來幾年內實現這種流失的時間可能會持續存在微小變化。

We currently expect Sprint related churn for 2023 to be $28 million. 2024 Sprint related churn is currently estimated to be approximately $30 million. Non-Sprint related domestic churn was in line with our prior projections and continues to range between 1% and 2% of our domestic leasing revenue.

我們目前預期 2023 年 Sprint 相關的客戶流失率為 2,800 萬美元。目前估計 2024 年 Sprint 相關的客戶流失量約為 3,000 萬美元。非 Sprint 相關的國內客戶流失率符合我們先前的預測，並持續占我們國內租賃收入的 1% 至 2% 之間。

Internationally, on a constant currency basis, third quarter same tower cash leasing revenue growth was 4.5% net, including 4.9% of churn or 9.4% on a gross basis. International leasing activity remained strong in the third quarter and was again ahead of our internal expectations.

在國際上，以固定匯率計算，第三季同塔現金租賃收入淨成長為 4.5%，其中包括 4.9% 的客戶流失率或毛利率 9.4%。第三季國際租賃活動依然強勁，再次超越我們的內部預期。

While global macroeconomic conditions present challenges to our carrier customers, we have continued to see pockets of dedicated network investment across a number of our markets. The desire and need for enhanced wireless coverage and quality of service continues to be elevated internationally, and we expect will continue to drive leasing opportunities across our portfolio.

儘管全球宏觀經濟狀況為我們的營運商客戶帶來了挑戰，但我們仍然在許多市場上看到了一些專用網路投資。國際上對增強無線覆蓋範圍和服務品質的渴望和需求不斷提高，我們預計將繼續推動我們的投資組合中的租賃機會。

Wireless data growth in our international markets is even greater than the U.S. We also continue to see steady contributions from inflation-based escalators in many of our markets.

我們國際市場的無線數據成長甚至超過美國。我們也繼續看到許多市場中基於通貨膨脹的自動扶梯的穩定貢獻。

In Brazil, our largest international market, the same-tower organic growth rate was 2.6% on a constant currency basis, including the impact of 6.3% of churn, which growth rate reflects a decline in the Brazilian inflationary index. The net growth rate was also again significantly impacted by our previously discussed TIM agreement.

在我們最大的國際市場巴西，以固定匯率計算，同塔有機成長率為2.6%，其中包括6.3%的客戶流失影響，該成長率反映了巴西通膨指數的下降。淨成長率也再次受到我們先前討論的 TIM 協議的顯著影響。

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, we continue to discuss potential arrangements with other carriers related to the Oi consolidation that could have an impact on our current year international churn.

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，我們繼續與其他承運人討論與 Oi 合併相關的潛在安排，這可能會對我們今年的國際客戶流失產生影響。

During the third quarter, 77.8% 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% of consolidated cash site leasing revenues during the quarter, and 12.9% of cash site leasing revenue, excluding revenues from pass-through expenses.

第三季度，77.8%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，巴西佔本季綜合現金站點租賃收入的 16%，佔現金站點租賃收入的 12.9%（不包括轉嫁費用收入）。

Tower cash flow for the third quarter was $511.7 million. Our tower cash flow margins remain very strong, with a third quarter domestic tower cash flow margin of 85.3%, and an international tower cash flow margin of 70%, or 91.5% excluding the impact of pass-through reimbursable expenses.

第三季鐵塔現金流為 5.117 億美元。我們的鐵塔現金流利潤率仍然非常強勁，第三季國內鐵塔現金流利潤率為 85.3%，國際鐵塔現金流利潤率為 70%，若不考慮轉嫁可報銷費用的影響，則為 91.5%。

Adjusted EBITDA in the third quarter was $482.1 million. The adjusted EBITDA margin was 71.4% in the quarter. Excluding the impact of revenues from pass-through expenses, adjusted EBITDA margin was 76.9%. Approximately 98% of our total adjusted EBITDA was attributable to our tower leasing business in the third quarter.

第三季調整後 EBITDA 為 4.821 億美元。本季調整後 EBITDA 利潤率為 71.4%。剔除轉嫁費用收入的影響，調整後的 EBITDA 利潤率為 76.9%。第三季調整後 EBITDA 總額的約 98% 來自我們的塔樓租賃業務。

During the third quarter, our services business had another solid quarter, with $45.1 million in revenue, and $13.6 million of segment operating profit. While off last year's all-time high activity levels, we continued to execute on our backlog of high-quality, high-margin work and deliver for our carrier customers.

第三季度，我們的服務業務又表現強勁，營收為 4,510 萬美元，部門營業利潤為 1,360 萬美元。儘管我們的活動水平低於去年的歷史最高水平，但我們仍繼續執行積壓的高品質、高利潤的工作，並為我們的營運商客戶提供服務。

However, given the slower pace of carrier network related activity across the industry, we have lowered our full year outlook for our site development business by $15 million at the midpoint. Notwithstanding this adjustment, we continue to manage our costs and focus on high-margin work. And thus, we have not lowered our expected margin contributions to 2023 adjusted EBITDA and AFFO from our services business.

然而，鑑於整個行業運營商網路相關活動的步伐放緩，我們將站點開發業務的全年預期中位數下調了 1500 萬美元。儘管進行了這項調整，我們仍繼續管理成本並專注於高利潤工作。因此，我們沒有降低服務業務對 2023 年調整後 EBITDA 和 AFFO 的預期利潤率貢獻。

We still expect 2023 to be the second largest services revenue year in our history, trailing only 2022. Adjusted funds from operations or AFFO in the third quarter was $364.1 million. AFFO per share was $3.34, an increase of 7.7% over the third quarter of 2022.

我們仍然預計 2023 年將成為我們歷史上第二大服務收入年，僅落後於 2022 年。第三季度來自營運或 AFFO 的調整後資金為 3.641 億美元。每股 AFFO 為 3.34 美元，較 2022 年第三季成長 7.7%。

During the third quarter, we continued to invest in additions to our portfolio, acquiring 45 communication sites for total cash consideration of $40.8 million, and building 86 new sites. Subsequent to quarter end, we have purchased or are under agreement to purchase 215 sites, all of which are in our existing markets for an aggregate price of $74 million. We anticipate closing on these sites under contract by the end of the second quarter of 2024.

第三季度，我們繼續投資於我們的投資組合，以 4,080 萬美元的總現金收購了 45 個通訊站點，並建造了 86 個新站點。截至季末，我們已經購買或正在協議購買 215 個場地，所有這些場地都位於我們現有的市場，總價為 7,400 萬美元。我們預計在 2024 年第二季末之前根據合約關閉這些場地。

In addition to new towers, we also continued to invest in the land under our sites. During the quarter, we spent an aggregate of $15.1 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.

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，我們總共花了 1510 萬美元購買土地和地役權並延長土地租賃期限。截至本季末，我們擁有或控制約 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。

Before I turn things over to Mark, I'd like to take a quick moment to welcome Marc Montagner, who joined our team in mid-October, and will be taking over as our new CFO on January 1. Marc brings with him an extensive background in telecommunications and finance, and we are very excited to have him as part of the team.

在將事情交給 Mark 之前，我想花一點時間歡迎 Marc Montagner，他於 10 月中旬加入我們的團隊，並將於 1 月 1 日接任我們的新首席財務官。 Marc 帶來了廣泛的擁有電信和金融背景，我們非常高興他能成為團隊的一員。

I also would be remiss if I did not take a moment to recognize that this call is Jeff's final earnings call as CEO of SBA. I have big shoes to fill, and I am grateful for the professional guidance and the friendship he has extended to me over the last 25 years.

如果我沒有花一點時間意識到這次電話會議是傑夫擔任 SBA 執行長的最後一次財報電話會議，那我也算是失職了。我有很多工作要做，我很感謝他在過去 25 年裡給予我的專業指導和友誼。

And 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資訊。

Thank you, Brendan. We ended the quarter with $12.6 billion of total debt and $12.4 billion of net debt. Our net debt to annualized adjusted EBITDA leverage ratio was 6.4x, 0.2 turns lower than last quarter, and the lowest level of decades.

謝謝你，布倫丹。本季結束時，我們的總債務為 126 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 6.4 倍，比上季下降 0.2 倍，為數十年來的最低水準。

Our third quarter net cash interest coverage ratio of adjusted EBITDA to net cash interest expense increased to 5.1x. During and subsequent to quarter end, we repaid amounts under our revolving credit facility. And as of today, we have a $285 million outstanding balance under our $1.5 billion revolver.

我們第三季調整後 EBITDA 與淨現金利息支出的淨現金利息覆蓋率增加至 5.1 倍。在季度末及之後，我們根據循環信貸額度償還了金額。截至今天，我們 15 億美元的循環資金下還有 2.85 億美元的未償餘額。

The current weighted average interest rate of our total outstanding debt is 3.1%, with a weighted average maturity of approximately 3.2 years. The current rate on our outstanding revolver balance is 6.5%. Including our interest rate hedging position, the interest rate on 95% of our current outstanding debt is fixed.

目前未償債務總額的加權平均利率為3.1%，加權平均期間約為3.2年。我們未償左輪餘額的當前利率為 6.5%。包括我們的利率對沖頭寸，我們目前未償還債務的利率95%是固定的。

During and subsequent to the quarter, we repurchased 0.5 million shares of our common stock for $100 million at an average price per share of $197.89. We currently have $404.7 million of repurchase authorization remaining under our $1 billion stock repurchase plan.

在本季及之後，我們以 1 億美元的價格回購了 50 萬股普通股，每股平均價格為 197.89 美元。目前，我們 10 億美元的股票回購計畫中還剩下 4.047 億美元的回購授權。

The company's shares outstanding at September 30, 2023 were 108.1 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 fourth quarter dividend of $0.85 per share. It's payable on December 14, 2023, to our shareholders of record as of the close of business on November 16, 2023.

截至2023年9月30日，該公司已發行股票為1.081億股。此外，在本季度，我們宣布並支付了 9,210 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第四季度股息為每股 0.85 美元。該款項將於 2023 年 12 月 14 日支付給截至 2023 年 11 月 16 日營業結束時在冊的股東。

This dividend represents an increase of approximately 20% over the dividend paid in the year ago period, and only represents 26% of our projected full year AFFO.

該股息比去年同期支付的股息增加了約 20%，僅占我們預計的 AFFO 全年的 26%。

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

現在，我將把電話轉給傑夫。

Thanks, Mark, and good evening, everyone. We continue to execute well in the third quarter. We produced financial results ahead of external and internal expectations, and we continue to be a valued partner to our carrier customers in helping them to meet their network objectives.

謝謝，馬克，大家晚上好。我們在第三季繼續表現良好。我們的財務表現超越了外部和內部預期，我們將繼續成為營運商客戶的重要合作夥伴，幫助他們實現網路目標。

Each of our largest U.S. 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 colocations. Although current activity levels are below the pace of the last couple of years, we have continued to steadily organically grow our revenues and tower cash flow. Even in a slower than typical demand environment, wireless carriers still have a constant need to invest in expanding and enhancing their networks.

我們每個最大的美國客戶都在不斷向網站添加設備，透過部署新的頻段來支援 5G，並透過全新的主機託管擴大覆蓋範圍。儘管目前的活動水平低於過去幾年的水平，但我們的收入和現金流繼續穩步有機增長。即使在比典型需求慢的環境中，無線營運商仍需要不斷投資以擴展和增強其網路。

By leveraging our high-quality assets and providing them quality services support, we have been able to continue growing our business relationship with each of our major customers. In addition, we are confident there will be additional material network investment over the next several years as wireless data usage continues to grow materially. The growth in wireless demand is not slowing down, and networks will continue to be strained, and our customers still have significant mid-band spectrum holdings that need to be deployed with little additional spectrum plan for release anytime soon.

透過利用我們的優質資產並為其提供優質服務支持，我們能夠繼續發展與每個主要客戶的業務關係。此外，我們相信，隨著無線數據使用量的持續大幅增長，未來幾年將會有額外的實質網路投資。無線需求的成長並沒有放緩，網路將繼續緊張，我們的客戶仍然擁有大量的中頻頻譜，需要部署，而短期內幾乎沒有額外的頻譜計劃可以釋放。

Macro tower sites are still the most efficient and effective way to deliver wireless connectivity, and our focus on high-quality portfolio will make us a key participant in network growth for many years to come.

宏塔站點仍然是提供無線連接的最高效、最有效的方式，我們對高品質產品組合的關注將使我們成為未來許多年網路成長的關鍵參與者。

Internationally, we also had another solid quarter with greater organic leasing activity than we had anticipated. We again experienced strong contributions broadly for many of our markets, including Central America, Brazil and South Africa.

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。我們再次為包括中美洲、巴西和南非在內的許多市場做出了巨大貢獻。

Brazil, our largest market outside of the U.S., was again ahead of our internal expectations, and each of the big 3 carriers in that market remain busy, with coverage expansion, densification and integration of the legacy Oi wireless network.

巴西是我們在美國以外最大的市場，其表現再次超出了我們的內部預期，該市場的三大運營商仍然忙碌，覆蓋範圍擴大，緻密化並整合了傳統的 Oi 無線網路。

Lease up across many of our Central American markets was also ahead of expectations, and evidence is the need of our customers to meet the constantly growing demand of wireless customers for wireless data in those markets. I'm pleased with our operational execution internationally, and I'm optimistic for the future based on significant network needs across many of our markets.

我們許多中美洲市場的租賃量也超出了預期，有證據表明我們的客戶需要滿足這些市場中無線客戶對無線數據不斷增長的需求。我對我們的國際營運執行情況感到滿意，並且基於我們許多市場的巨大網路需求，我對未來持樂觀態度。

During the third quarter, we again generated very healthy AFFO, providing strong dividend coverage and significant cash for discretionary allocation. During the quarter, we allocated capital to the dividend and new site additions through both acquisitions and new tower builds, selectively adding high-quality sites that we believe will be additive to our organic growth in future years.

在第三季度，我們再次產生了非常健康的 AFFO，提供了強勁的股息覆蓋率和可自由分配的大量現金。在本季度，我們透過收購和新塔樓建設將資本分配給股息和新站點增加，有選擇地添加高品質站點，我們相信這些站點將有助於我們未來幾年的有機成長。

We also spent $100 million on share repurchases at prices we believe represent a very good value and will produce a nice return over time. We also continue paying down the outstanding balance on our revolver. We immediately benefit from this by reducing some of our highest rate cash interest obligations. The reduction in our outstanding debt, along with our continued solid growth in adjusted EBITDA produced a quarter ending net debt to adjusted EBITDA leverage ratio of 6.4x, which I believe is the lowest level ever in our public company history.

我們也斥資 1 億美元進行股票回購，我們認為回購價格非常有價值，並且隨著時間的推移會產生不錯的回報。我們也繼續償還左輪手槍的未清餘額。透過減少一些最高利率的現金利息義務，我們立即受益。我們未償債務的減少，加上調整後 EBITDA 的持續穩健成長，使得季度末淨債務與調整後 EBITDA 的槓桿率為 6.4 倍，我認為這是我們上市公司歷史上的最低水準。

Even with continued portfolio growth, stock repurchases and growing dividends, we have reduced our leverage by almost 1 full turn in the last 18 months, demonstrating the deleveraging power of our business. At this leverage level, we believe we have the near-term optionality to achieve an investment-grade rating. However, for the time being, we are maintaining flexibility in order to comfortably assess all capital allocation options.

即使投資組合持續成長、股票回購和股息不斷增加，我們在過去 18 個月內仍將槓桿率降低了近一整圈，展示了我們業務的去槓桿化能力。在這個槓桿水平上，我們相信我們短期內有機會獲得投資等級評級。然而，目前我們仍保持靈活性，以便輕鬆評估所有資本配置方案。

Going forward, we expect to continue growing our dividend at a rate higher than the rate of growth of our AFFO over the next several years while maintaining a low AFFO payout ratio. And for the time being, excess future cash flows will likely be directed into the repayment of debt, as it is the most accretive short term and is also beneficial long term. But we will, of course, also stay opportunistic around portfolio opportunities and additional stock buybacks.

展望未來，我們預計未來幾年我們的股息將繼續以高於 AFFO 成長率的速度成長，同時保持較低的 AFFO 派息率。就目前而言，未來過剩的現金流可能會被用於償還債務，因為這是短期內最增值的，而且從長遠來看也是有利的。但當然，我們也會在投資組合機會和額外股票回購方面保持機會主義。

Our balance sheet remains in great shape, with no debt maturities until October 2024, and we have the capacity to satisfy that repayment entirely with cash flow from operations or availability under our revolver. We continue to have very good access to capital, and thus are comfortable to be opportunistic around the timing of future financings. Overall, we feel very good about our current capital position.

我們的資產負債表保持良好狀態，直到 2024 年 10 月才到期，我們有能力完全用我們的左輪手槍下的營運現金流或可用性來償還債務。我們仍然有很好的融資管道，因此可以在未來融資的時機上把握機會。總體而言，我們對當前的資本狀況感覺非常好。

As Brendan mentioned earlier, this represents my final earnings call as CEO of SBA. I have participated in approximately 100 of these calls over the years. I have been honored to be the leader of this organization for the past 22 years, and appreciative of the time I have spent with many of you on this call.

正如布倫丹之前提到的，這是我作為 SBA 執行長的最後一次財報電話會議。多年來我參加了大約 100 次此類電話會議。在過去的 22 年裡，我很榮幸能成為這個組織的領導者，並感謝我在這次電話會議中與你們中的許多人一起度過的時間。

Thank you for your support and goodwill throughout this very enjoyable ride. I will retire with the comfort and satisfaction of knowing SBA is a great company in great shape, and with the management team that I know will lead it to new heights.

感謝您在這次非常愉快的旅程中的支持和善意。我將帶著舒適和滿足的心情退休，因為我知道 SBA 是一家狀況良好的偉大公司，而且我知道管理團隊將帶領它達到新的高度。

I want to conclude by thanking our team members and our customers for their contributions to our shared success.

最後，我要感謝我們的團隊成員和客戶為我們共同的成功所做的貢獻。

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

艾瑞克，我們準備好回答問題了。

(Operator Instructions) And our first question goes to John Atkin with RBC Capital Markets.

（操作員說明）我們的第一個問題是加拿大皇家銀行資本市場部的約翰‧阿特金 (John Atkin)。

Jeff, I want to wish you all the best. And maybe a question for you, given your tenure in the industry. Your company and many of your peers have seen kind of a lot of changes. I think your company at one point was doing shared wireless backhaul. You've gone into data centers. You've evaluated things like outdoor DAS.

傑夫，我祝你一切順利。鑑於您在該行業的任職經歷，也許有一個問題要問您。您的公司和您的許多同行都經歷了許多變化。我認為你們公司曾經做過共享無線回程。您已經進入了資料中心。您已經評估了諸如戶外 DAS 之類的東西。

But anything about the sector as you see it on your way out of the company as an active observer, I imagine. But any kind of broad brush structural changes that you see affecting the tower model or anything ancillary to that, that we should be looking for as investors?

但我想，當你離開公司時，作為一個積極的觀察者，你所看到的關於這個行業的任何事情都會發生。但是，您認為影響塔樓模型或與之相關的任何形式的大範圍結構變化是我們作為投資者應該尋找的嗎？

I would say, over my 25, 26 years, John, there's been a steady connection between growth in wireless demand and necessary infrastructure. And I think that really has its roots in the laws of physics in the way radio spectrum works.

約翰，我想說，在我的 25、26 年裡，無線需求的成長和必要的基礎設施之間一直存在著穩定的連結。我認為這確實根源於無線電頻譜工作方式的物理定律。

We've seen cycles that have repeated themselves over time. The current cycle feels like it's going to be a bit more elongated than perhaps some of the prior cycles as I think our customers are demonstrating. Not that they didn't demonstrate fiscal prudence over the years, but it seems to be a particularly higher priority than racing to deploy spectrum, which they will own and deploy it when they need it.

我們已經看到了隨著時間的推移而不斷重複的循環。正如我認為我們的客戶所展示的那樣，當前的週期感覺可能比之前的一些週期更長一些。並不是說他們多年來沒有表現出財政審慎，但這似乎比競相部署頻譜更為優先，他們將擁有頻譜並在需要時進行部署。

But the basics haven't really changed that much. We haven't seen any technology that really will obsolete the basic tower business model. We watch satellites and things like that, and we watch small cells. And the macro site really continues to be the backbone of wireless communications. And the conversations we have with our customers tell us that they expect macro sites to continue to be the backbone.

但基本面並沒有真正改變那麼多。我們還沒有看到任何技術能夠真正取代基本的塔式商業模式。我們觀察衛星和類似的東西，我們觀察小型基地台。宏站點確實仍然是無線通訊的支柱。我們與客戶的對話告訴我們，他們希望宏站點繼續成為支柱。

So I don't think -- I think there's always ups and downs and twists and turns. But directionally, it remains pretty much the way it was many years ago.

所以我不認為——我認為總是有起起落落和曲折。但從方向上看，它幾乎仍然是多年前的樣子。

Great. That's great perspective. And thinking forward, over the next year or so. Brendan, I guess it would be directed towards you. But kind of the operating trends and the demand drivers, any sense as to kind of the cadence that one might see as the spectrum gets further deployed and the kind of the 5G journey continues on behalf of the MNOs?

偉大的。這是一個很棒的觀點。並展望未來一年左右的時間。布倫丹，我想它會是針對你的。但是，營運趨勢和需求驅動因素是什麼？隨著頻譜的進一步部署以及 MNO 繼續推進 5G 旅程，人們可能會看到什麼樣的節奏？

Yes. I think, John, we'll see in the early part of heading into next year that things will probably be lower than they've been, but I would expect to see that increase over time. And I really based that answer mostly on the needs that our customers have. There's still quite a bit of spectrum that has to be deployed on our sites. There are some deadlines out there for certain of our customers that they need to meet. And just based on conversations that we have with them, suggest that there's still a ton of work to be done.

是的。約翰，我認為，在進入明年的初期，我們會看到情況可能會比以前低，但我預計隨著時間的推移，情況會增加。我的回答主要是基於客戶的需求。我們的站點上仍然有相當多的頻譜需要部署。我們的某些客戶需要滿足一些最後期限。僅根據我們與他們的對話，就表明仍有大量工作要做。

But I think, as Jeff kind of alluded to, in the current moment in time, there's a little bit more of a focus on financial constraints and cost control. But I think that naturally will start to give way to network needs as mobile and wireless data consumption increases. So I would expect that we'll see it start to move up as we get into the middle of next year.

但我認為，正如傑夫所提到的，在當下時刻，人們更關注財務約束和成本控制。但我認為，隨著行動和無線數據消耗的增加，這種情況自然會開始讓位給網路需求。因此，我預計當我們進入明年年中時，我們會看到它開始上升。

All the best, Jeff.

祝一切順利，傑夫。

Our next question goes to Rick Prentiss with Raymond James.

我們的下一個問題是由雷蒙德·詹姆斯和里克·普倫蒂斯提出的。

Jeff, I think I've been on 96 of those 100 earnings calls with you. So I'll echo Jonathan's comments and have fun with the grandkids and your charity work, I know you're so active with.

傑夫，我想我和你一起參加了這 100 次財報電話會議中的 96 次。所以我會回應喬納森的評論，並與孫子們和你的慈善工作一起享受樂趣，我知道你非常積極。

Well, thank you, Rick. We had a good run together.

嗯，謝謝你，瑞克。我們一起跑得很好。

Yes. I want to come to a couple of items. The dividend policy, I appreciate the comments on that, dividend rate over the growth rate of AFFO.

是的。我想談幾個項目。股利政策，我很欣賞對此的評論，股息率高於AFFO的成長率。

Some of the others in the space are looking at the dividend policy, should it be tied more towards the qualified REIT subsidiary, kind of minimum that you have to do versus total AFFO. How should we think about you all looking at kind of the dividend versus qualified REIT subsidiary versus total AFFO, and as you think about the payout ratio over time?

該領域的其他一些人正在研究股息政策，是否應該更多地與合格的房地產投資信託子公司聯繫起來，這是相對於總 AFFO 必須做的最低限度。當你們考慮一段時間內的派息率時，我們應該如何看待你們所有人看待股利、合格 REIT 子公司與 AFFO 總額的情況？

Yes. We're fortunate to be in the position that we're in, where we actually still have fairly sizable NOLs, which gives us some flexibility there, Rick.

是的。我們很幸運能夠處於現在的位置，實際上我們仍然有相當大的 NOL，這給了我們一些靈活性，Rick。

But as -- you kind of look at it as, you produce a certain amount of taxable income, and we satisfy it through a mix of using NOLs and paying out dividends and in order to maintain our REIT compliance.

但是，您可以將其視為，您產生一定數量的應稅收入，我們透過使用 NOL 和支付股息的組合來滿足它，以維持我們的 REIT 合規性。

And so by starting when we did, it has allowed us to continue to grow our dividend at a pace that I think is fairly high across most REITs, and will allow us to continue to do that to some degree. It's certainly at a pace greater than the AFFO per share growth. Until we reach a point at which we will have exhausted those NOLs, and at that point, I would expect we'll pay a dividend that is whatever is necessary to comply with our REIT requirements.

因此，從我們這樣做的時候開始，它使我們能夠繼續以我認為在大多數房地產投資信託基金中相當高的速度增加股息，並將允許我們在某種程度上繼續這樣做。這肯定比 AFFO 的每股成長速度要快。直到我們耗盡這些NOL，到那時，我預計我們將支付符合我們的房地產投資信託基金要求所需的股息。

So that's kind of the way we look at it. What that means, based on our projections is that we'll continue to have nice growth in our dividend over the coming years. And we'll be able to keep our payout ratio as a percentage of AFFO fairly low, which gives us a lot of flexibility on other discretionary uses for that capital.

這就是我們看待它的方式。根據我們的預測，這意味著未來幾年我們的股息將繼續實現良好成長。我們將能夠將我們的支付率（佔 AFFO 的百分比）保持在相當低的水平，這為我們在該資本的其他可自由支配用途方面提供了很大的靈活性。

Yes. I think, Rick, the reason we haven't broken out total AFFO versus just AFFO from requalifying income that dividend is calculated, is we're not close to any of those levels.

是的。我認為，Rick，我們之所以沒有根據計算股息的重新合格收入來區分總 AFFO 與僅 AFFO 的比較，是因為我們還沒有接近任何一個水平。

I mean, I think our philosophy will never change, which is we're only going to pay out what we have to on that calculation. And it also kind of confuses people if we introduced another metric. It's just, I think, easier for people to understand and think about when we're using AFFO.

我的意思是，我認為我們的理念永遠不會改變，那就是我們只會根據計算結果支付我們必須支付的費用。如果我們引入另一個指標，也會讓人感到困惑。我認為，當我們使用 AFFO 時，人們更容易理解和思考。

But we have a long way to go before we get to the point where we've exhausted our NOLs. And that gives us the ability to increase dividends faster than perhaps others.

但在達到耗盡 NOL 的程度之前，我們還有很長的路要走。這使我們能夠比其他人更快地增加股息。

But at the same time, we're watching the total payout as a percentage of AFFO. And we're going to be able to do both, keep a lower relative payout ratio and increase the dividend at a faster pace for the next several years.

但同時，我們正在觀察總支出佔 AFFO 的百分比。我們將能夠做到這兩點，保持較低的相對股息率，並在未來幾年以更快的速度增加股息。

Makes sense. You mentioned that you think, possibly, the levels you're at lowest, decades, if not, ever publicly in the mid-6% range.

說得通。您提到您認為您的水平可能處於最低水平，即使不是公開的，也可能是幾十年內的 6% 左右。

How should we think about what investment grade means to you, if you were to pursue it? What kind of level -- you've always been kind of a levered capital appreciation story. But obviously, the interest rate environment we're in has caused people to always look through things.

如果您要追求投資級別，我們應該如何考慮投資級別對您意味著什麼？什麼樣的水平——你一直都是一個槓桿資本增值的故事。但顯然，我們所處的利率環境導致人們總是必須審視事物。

But how should we think about your view on leverage and interest rates? And then that calculus that allowed you to do stock buyback this quarter?

但我們該如何看待您對槓桿和利率的看法呢？然後，讓你在本季進行股票回購的微積分？

Yes. So as you alluded to, obviously, the broader environment, in terms of rates and cost of capital, is certainly influencing the trajectory of our leverage levels lately. And really, it's a combination of a couple of things. It's the overall cost, but it's also the relationship to the opportunities in front of us in terms of investing capital and what we see as the potential return on those items. And we haven't seen an appropriate adjustment, I guess, in the price points for some of that investment relative to the shift in the cost of capital.

是的。因此，正如您所提到的，顯然，就利率和資本成本而言，更廣泛的環境肯定會影響我們最近槓桿水平的軌跡。事實上，這是幾件事的結合。這是整體成本，但它也是與我們面前的投資機會的關係以及我們認為這些項目的潛在回報的關係。我想，相對於資本成本的變化，我們還沒有看到某些投資的價格點有適當的調整。

And so as a result, the best use of the cost of capital, most of the time, is to pay off some of our debt. And as you know, we had balances outstanding on our revolver. And so it's easy for us to just pay that down as the use of capital, and given that it's floating rate, it's some of our highest cost debt.

因此，大多數時候，資本成本的最佳利用就是償還我們的部分債務。如您所知，我們的左輪手槍上有未清餘額。因此，我們很容易將其作為資本的使用來償還，並考慮到它是浮動利率，這是我們成本最高的債務之一。

So we will continue to do that. But at the same time, we're going to look to be opportunistic around opportunities to invest that capital, and the stock buybacks are representative of that. We started to see our stock trading down to levels where we just felt that it was an appropriate time to jump in, and it would be certainly accretive to us. Both in the short term and over the long term, we would expect to invest a little bit of capital into the buyback.

所以我們將繼續這樣做。但同時，我們將尋找投資資本的機會主義，股票回購就是這一點的代表。我們開始看到我們的股票交易跌至我們認為現在是入場的合適時機，而且這肯定會對我們有利。無論是短期或長期，我們都希望在回購中投入一些資金。

So I think, as we think forward, longer term, we haven't necessarily targeted being investment grade, but the leverage has continued to drop. And that's one of the great things about this business, you continue to grow EBITDA, and it naturally -- as we produce a lot of free cash flow, you naturally start to delever quickly. And so we're approaching those levels now where we certainly could move towards investment grade.

因此，我認為，從長遠來看，我們不一定將目標定為投資等級，但槓桿率持續下降。這是這項業務最偉大的事情之一，你會繼續成長 EBITDA，這是很自然的——當我們產生大量自由現金流時，你自然會開始快速去槓桿化。因此，我們現在正在接近這些水平，我們當然可以邁向投資級。

But as we mentioned in our scripted comments, we are going to maintain that flexibility for the time being and see how things go. And if we decide that, that's a better way to go in terms of improving our cost of capital, then we have that optionality to do it. And if not, and there's other places to invest that we think are going to produce greater returns for our shareholders, we'll go that direction.

但正如我們在腳本評論中提到的，我們將暫時保持這種靈活性，看看事情進展如何。如果我們決定這樣做，那麼就改善我們的資本成本而言，這是一個更好的方法，那麼我們就有這樣做的選擇。如果沒有，而且我們認為還有其他投資領域可以為我們的股東帶來更大的回報，我們就會朝這個方向發展。

Great. One quick one on my end. I think you mentioned Sprint share now expected to be $30 million in '24. Has that previously been thought it was going to be kind of in the double digit, maybe $10 million to $15 million? And does that mean -- can you kind of update on what you think of '25, '26, '27 Sprint churns?

偉大的。我這邊快點來一張。我想你提到了 Sprint 的份額預計在 2024 年將達到 3000 萬美元。之前有沒有想過這個數字會是兩位數，也許是 1000 萬到 1500 萬美元？這是否意味著——您能更新一下您對 '25、'26、'27 Sprint 流失的看法嗎？

Yes. I think last quarter, we gave you a range that was around $20 million to $30 million. And so by saying $30 million now, we're seeing it a little bit lower here as we end this year. But the total is still the same. When we originally were giving guidance, we expected to see a little bit more in '25 and '26 and now we're thinking '25 is probably a little bit lower.

是的。我認為上個季度，我們給了您大約 2000 萬至 3000 萬美元的範圍。因此，現在說 3000 萬美元，我們發現到今年年底，這個數字會稍微低一些。但總數還是一樣。當我們最初提供指導時，我們預計 25 年和 26 年會看到更多，現在我們認為 25 年可能會低一些。

So again, the total number is going to be basically the same, Rick. It's just trying to pinpoint exactly the timing from year-to-year is -- it's been a little bit challenging to do with that kind of precision. But I think we've been pretty close.

再說一次，總數將基本上相同，瑞克。它只是試圖準確地確定每年的時間——要達到這種精確度有點困難。但我認為我們已經非常接近了。

Right. Okay. Again, best wishes, Jeff and Mark. Look forward to hearing Marc as the CFO. Look forward to hearing from you next quarter.

正確的。好的。再次祝福傑夫和馬克。期待聽到馬克擔任財務長。期待下個季度收到您的來信。

Our next question comes from Simon Flannery with Morgan Stanley.

我們的下一個問題來自摩根士丹利的西蒙·弗蘭納裡。

And Jeff, also my best, will miss you on these calls and your insights on the industry.

傑夫，也是我最好的，會想念你的這些電話和你對這個行業的見解。

A couple of things. You talked a lot about the demand being subdued, given the financial conditions in the market. To what extent are things like the FCC not having the spectrum authority to release some spectrum, the dual-band radio issue. Do you think any of those might get solved here in the near term that might be holding back some spending, or even just a turn off the calendar from year-end '23 into '24?

有幾件事。鑑於市場的財務狀況，您多次談到需求受到抑制。 FCC 等機構在多大程度上沒有頻譜授權來釋放某些頻譜，即雙頻無線電問題。您認為這些問題是否會在短期內解決，這可能會阻礙一些支出，甚至只是將日曆從 23 年底推遲到 24 年底？

And then you did some M&A in the quarter. It would be great just to get some broader thoughts on the M&A environment. I think we've heard in the past, just a big difference between public and private multiples, but it'd be great to get any color on what you were able to find in the market and what you see out there today.

然後您在本季度進行了一些併購。如果能夠對併購環境有一些更廣泛的思考，那就太好了。我想我們過去聽說過，公共倍數和私人倍數之間存在很大差異，但如果能夠了解您在市場上找到的東西以及今天在市場上看到的東西，那就太好了。

Yes. I think the FCC spectrum authority issue has to be resolved here soon. At the same time, the FCC has lost their spectrum authority. The White House and other governmental agencies are trying to plot and figure out long-term spectrum availability. So -- and everybody knows it needs to get done and it will. And I believe, by the time it has been done or will be done, Simon, the dual-band 3.45 and C-band equipment will be ready to go. So that's absolutely something that we think will contribute to next year's leasing.

是的。我認為 FCC 頻譜授權問題必須很快解決。同時，FCC 也失去了頻譜授權。白宮和其他政府機構正在嘗試規劃和計算長期頻譜可用性。所以——每個人都知道它需要完成，而且一定會完成。我相信，當它已經完成或即將完成時，Simon，雙頻 3.45 和 C 波段設備將準備就緒。因此，我們認為這絕對會對明年的租賃做出貢獻。

But there's a lot of spectrum still, and we think about things as a percentage of completion or deployment of certain spectrum bands on our towers. There's just a lot left to go. And I think it just shows that our customers are being fiscally prudent and waiting and looking for the right return results before they deploy.

但仍然有很多頻譜，我們將事情視為完成或部署在我們的塔上的某些頻段的百分比。還有很多事情要做。我認為這只是表明我們的客戶在財務上保持謹慎，在部署之前等待並尋找正確的回報結果。

But ultimately, they have to deploy, unless the connection between growth in wireless data and the need for physical infrastructure has somehow changed, and that hasn't changed since the beginning of wireless.

但最終，他們必須進行部署，除非無線資料成長與實體基礎架構需求之間的連結發生了某種變化，而這種變化自無線誕生以來就沒有改變。

I'll let Brendan handle your M&A question.

我會讓布倫丹處理你的併購問題。

Yes. So on the M&A environment, we continue to see a very competitive environment. Notwithstanding where public valuations have gone, private valuations continue to remain elevated. And to the comments that I made earlier, that's obviously influenced where we've directed some of our capital.

是的。因此，在併購環境方面，我們持續看到競爭非常激烈的環境。儘管公共估值已經下降，但私人估值仍保持在高水準。對於我之前發表的評論，這顯然影響了我們部分資金的投資。

So in the U.S., in particular, pricing is staying high. And even internationally, we're seeing that to some degree. Although I would say, internationally, there's perhaps been less in the market. There's still a ton out there of potential supply, but I think that sellers are being a little more cautious in their timing of bringing things to market.

因此，特別是在美國，價格一直居高不下。即使在國際上，我們也在某種程度上看到了這一點。儘管我想說，在國際上，市場上的數量可能較少。仍有大量潛在供應，但我認為賣家在將產品推向市場的時機上更加謹慎。

And our next question goes to Batya Levi with UBS.

我們的下一個問題是瑞銀集團的巴蒂亞‧萊維 (Batya Levi)。

Jeff, I wish you all the best as well.

傑夫，我也祝你一切順利。

I had a question on the leasing growth activity. You mentioned that it has been slowing down. Can you provide some sense if it has slowed down even more than what you had expected a few months ago?

我對租賃成長活動有疑問。你提到它一直在放緩。如果它的增速比您幾個月前的預期還要慢，您能否提供一些資訊？

And the AT&T MLA is providing some visibility when the activity is coming down. Can you provide some color, maybe if you're -- if there is appetite from your other tenants to replicate similar deals and how you would approach them?

當活動結束時，AT&T MLA 會提供一些可見性。您能否提供一些信息，也許您的其他租戶有興趣複製類似的交易，以及您將如何處理它們？

The leasing growth, I wouldn't say that it's really all that different than what we thought 3 months ago when we talked about it. It's perhaps slower than what we thought at the beginning of the year than we were originally thinking how this year would play out.

我不會說租賃成長與我們三個月前討論時的想法有很大不同。這可能比我們年初的預期要慢，也比我們最初想像今年的情況要慢。

But what we described last quarter, it's staying pretty much in line with that expectation that we laid out. And you could see that even in the guidance that we gave, where we didn't make any changes there.

但我們上季所描述的情況與我們提出的預期基本一致。你可以看到，即使在我們提供的指導中，我們也沒有做出任何改變。

On the AT&T MLA and it's -- the potential for that with others, we have master agreements in place with other carriers. The form of those agreements can vary among the carriers, but it's really dependent upon the needs of that specific customer, and what works best for them and for us and creates the best win-win situation given what they're trying to accomplish in that particular negotiation.

關於 AT&T MLA 及其與其他營運商的潛力，我們與其他營運商簽訂了主協議。這些協議的形式因承運商而異，但實際上取決於特定客戶的需求，以及什麼對他們和我們最有效，並根據他們想要實現的目標創造最佳雙贏局面特別談判。

So I would say that we are certainly open to agreements with others over time as they're needed, and we have those conversations all the time. Exactly how they're structured may very, well, vary, though, depending on the carriers' needs.

因此，我想說，隨著時間的推移，我們當然願意與其他需要的人達成協議，而我們一直在進行這些對話。不過，它們的具體結構可能會有所不同，具體取決於營運商的需求。

Got it. And one quick follow-up. I think you mentioned that the activity on putting 5G equipment on towers is still pretty low. Roughly what of your towers have seen that deployment?

知道了。還有一個快速跟進。我想你提到了將5G設備安裝到塔上的活動仍然很低。大概您的哪些塔已經看到了這種部署？

Using the 5G-related spectrum, it's approximately 50%.

使用5G相關頻譜，大約是50%。

And our next question comes from Michael Rollins with Citi.

我們的下一個問題來自花旗銀行的麥可‧羅林斯。

And Jeff, I also want to extend my thanks and best wishes as you move on to your next chapter.

傑夫，當你進入下一個篇章時，我也想表達我的感謝和最美好的祝福。

Just curious as we shift over to maybe the international side for a few more minutes. Have you thought about alternative ways to structure those operations? Or is there a need, at some level, to adjust the market structure of what you have over time to create greater scale or find some ancillary opportunities for growth in those markets where they may not be structured similar to the U.S.?

只是好奇，我們可能會轉向國際賽場幾分鐘。您是否考慮過建構這些操作的替代方法？或者是否需要在某種程度上調整現有的市場結構，以創造更大的規模，或在那些結構可能與美國不同的市場中尋找一些輔助成長機會？

Yes. I don't -- I don't know if it's necessarily structure. I would agree with your reference to scale, that in markets where we have scale, we've seen the benefits of that in our relationships with the carrier customers in those markets, and our ability to be more impactful in their projects for build-outs that they have. So scale is something that we're definitely paying attention to within these markets.

是的。我不知道——我不知道這是否一定是結構。我同意您對規模的提及，在我們擁有規模的市場中，我們已經在與這些市場中的運營商客戶的關係中看到了規模的好處，以及我們在他們的擴建項目中發揮更大影響力的能力他們有。因此，規模是我們在這些市場中絕對關注的事情。

And then in terms of other things that we might add, in some of these places, there are opportunities to provide incremental services that are somehow related or associated with what we currently do that add sort of an extra level of value that we're able to provide. It generates additional revenue streams, but it also kind of strengthens that relationship for a longer period of time.

然後就我們可能添加的其他內容而言，在其中一些地方，有機會提供增量服務，這些服務在某種程度上與我們當前所做的事情相關或相關，從而增加了我們能夠提供的額外價值水平提供。它產生了額外的收入來源，但也可以在更長的時間內加強這種關係。

So we're exploring that. We're doing some things around C-RAN hubs, some things around power, some things around security in certain of our markets, and we'll continue to explore those opportunities.

所以我們正在探索這一點。我們正在圍繞 C-RAN 集線器、電力、某些市場的安全性做一些事情，我們將繼續探索這些機會。

And just one other question. In past moments where there's been some uncertainty, whether it's in the operating environment or financial environment, the company has provided a north star in terms of a metric or a guide or an aspiration that you were targeting.

還有一個問題。在過去存在一些不確定性的時刻，無論是在營運環境還是財務環境中，該公司都為您提供了衡量標準、指南或目標的北極星。

And just given some of the questions on leasing activity and what it might mean for growth rates over the next few years, is there a range or an average domestic organic growth rate that SBA is targeting, aspiring to that would be helpful for investors to be mindful of?

考慮到有關租賃活動的一些問題以及它對未來幾年的成長率可能意味著什麼，SBA 是否有一個目標範圍或平均國內有機成長率，渴望達到這一目標將有助於投資者留意？

No, there's not a specific target. I think, excluding Sprint churn, I would expect that we'll be able to produce mid-single digits growth rate in the U.S. But at this point, we're not comfortable to lay out a long-term target.

不，沒有具體目標。我認為，排除 Sprint 的流失，我預計我們將能夠在美國實現中等個位數的成長率。但在這一點上，我們不願意制定長期目標。

And some of that, Mike, just to be clear, it's -- there are a lot of factors that really aren't about wireless needs. If it was just about what do our customers need to do in terms of their network deployments, we perhaps would be able to do that a little bit more comfortably. I think some of these factors around cost of capital and other things that may affect timing of when our customers are spending influence that. So that just leads us to be a little bit more cautious in kind of naming specific targets.

麥克，要明確的是，其中有許多因素實際上與無線需求無關。如果只是關於我們的客戶在網路部署方面需要做什麼，我們也許能夠更輕鬆地做到這一點。我認為，圍繞資本成本的一些因素以及其他可能影響客戶消費時間的因素都會影響這一點。因此，這只會導致我們在命名特定目標時更加謹慎。

And our next question comes from Nick Del Deo with MoffettNathanson.

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

Jeff, first of all, I just want to echo others' comments, and thank you for all the time you spent with us, and all the insights you shared with us over the years. I really appreciate that.

傑夫，首先，我只想回應其他人的評論，感謝您與我們一起度過的所有時間，以及您多年來與我們分享的所有見解。我真的很感激。

You -- Jeff, you emphasized in your comments that the carriers will need to invest to support traffic growth over time, just like they always have. I don't think many people dispute that.

你——傑夫，你在評論中強調，隨著時間的推移，營運商將需要投資來支持流量成長，就像他們一直以來所做的那樣。我認為沒有多少人對此提出異議。

I guess, is there any reason to think that they have more capacity runway today than they have typically had over the years, given the amount of 5G spectrum they've rolled out? Or do you not believe that's the case?

我想，考慮到他們已經推出的 5G 頻譜數量，有沒有理由認為他們今天擁有的容量跑道比多年來通常擁有的容量還要多？還是你不相信事實是如此？

I do believe that there's a lot of spectrum out there, which is why now all of the 3 largest carriers have now all, or either have, or are beginning to deploy fixed wireless. Don't know that, had that technology been available in the last iteration, it would have worked out.

我確實相信那裡有很多頻譜，這就是為什麼現在三大營運商都擁有或已經擁有或正在開始部署固定無線。不知道，如果該技術在上一次迭代中可用，它就會成功。

I mean, just on that point, from some things that I've read, the fixed wireless subscriber takes up 20x to 30x the wireless -- the spectrum capacity.

我的意思是，就這一點而言，從我讀到的一些內容來看，固定無線用戶佔用了無線頻譜容量的 20 到 30 倍。

So I mean, it's statistics like that, Nick, that give us great confidence that over time, the connection that's existed forever, at least as long as I've been around, the connection between wireless data growth and the need for additional physical infrastructure is going to continue.

所以我的意思是，尼克，正是這樣的統計數據讓我們充滿信心，隨著時間的推移，無線數據增長與額外物理基礎設施需求之間的聯繫將永遠存在，至少在我存在的時間裡是這樣。將會繼續。

But yes, I mean there's a lot of spectrum out there now, but it's rapidly getting used up. And it's going to continue to rapidly get used up the more success that the customers have with fixed wireless.

但是，是的，我的意思是現在有很多頻譜，但它正在迅速耗盡。隨著客戶在固定無線方面取得更大成功，它將繼續迅速耗盡。

Okay. Okay. And then I also thought it was interesting that you lowered your site development revenue forecast, but you left the bottom line contribution unchanged, which implies a pretty -- a not insignificant bump in your expected margin.

好的。好的。然後我還認為有趣的是，您降低了網站開發收入預測，但您的底線貢獻保持不變，這意味著您的預期利潤率出現了相當大的成長。

So I guess, can you talk about what's behind that dynamic and how sustainable it might be as we look into the coming year?

所以我想，您能否談談這種動態背後的原因以及在我們展望來年時它的可持續性如何？

Yes. I don't think, Nick, it does speak to the higher-margin type work that we're doing. I'm not sure that it's sustainable at that same level that we are experiencing right at the moment. Some of that is really tied to an estimate of costs as we put these jobs on the books, and we're ending up actually finding ways to operate more efficiently and come in at lower cost levels. And then as you kind of [threw] up those jobs, since they're accounted for on a percentage of completion basis, that helps.

是的。尼克，我認為這並不代表我們正在做的利潤率較高的工作。我不確定它在我們目前所經歷的同一水平上是否可持續。其中一些確實與我們將這些工作記錄在案時的成本估算有關，我們最終實際上找到了更有效運作並以更低成本水平進入的方法。然後，當你[拋出]這些工作時，因為它們是按完成百分比計算的，這會有所幫助。

But I think, it just is evidence of our intent to focus on high-quality, high-margin work and we'll continue to do that. But I don't know that 30% margins are the story for the long term.

但我認為，這只是我們專注於高品質、高利潤工作的證據，我們將繼續這樣做。但我不知道 30% 的利潤率是否適合長期發展。

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 的演講。

I just wanted to echo best wishes for Jeff on retirement.

我只是想表達對傑夫退休的最美好的祝愿。

Brendan, I just wanted to get your latest thoughts on how you kind of prepare the balance sheet for the debt maturity stats that's coming due in a more material way in 2025. I know you don't have to make a decision on that today, whether you'll pursue investment grade. But just how might that impact your capital allocation policy into 2024 as you kind of look at the puts and takes of buybacks, M&A or further deleveraging with excess cash?

Brendan，我只是想了解您關於如何為 2025 年以更實質性方式到期的債務到期統計數據準備資產負債表的最新想法。我知道您今天不必就此做出決定，您是否會追求投資級別。但是，當您考慮回購、併購或利用多餘現金進一步去槓桿化時，這會對您到 2024 年的資本配置政策產生怎樣的影響呢？

Yes. Well, first of all, I think that we have tremendous access to capital. So from a refinancing perspective, I'm not concerned about that. We're actively evaluating all of our options there. And I'm confident that there are numerous markets available to us. Obviously, the costs are higher than they've been in the past, but in terms of access to capital. So that -- that part of it doesn't concern me.

是的。嗯，首先，我認為我們有大量獲得資本的機會。因此，從再融資的角度來看，我並不擔心這一點。我們正在積極評估我們所有的選擇。我相信我們有很多市場可供選擇。顯然，成本比過去更高，但就獲得資本而言。所以這部分與我無關。

I think, when we think about allocation of capital, though, it really is just a matter of what is the best return on investment, what is going to create the most shareholder value. So that sounds simplistic. But ultimately, that's what we're looking at.

但我認為，當我們考慮資本配置時，這實際上只是什麼是最佳投資回報、什麼會創造最大股東價值的問題。這聽起來很簡單。但最終，這就是我們所關注的。

And so if we can use our capital, and maybe our leverage goes a little bit higher, which it's been in the past, certainly, because we see opportunities to invest that capital into either buybacks or new assets, we'll do that. We'd like to do that.

因此，如果我們可以利用我們的資本，也許我們的槓桿率會更高一點，這在過去確實是這樣，因為我們看到了將這些資本投資於回購或新資產的機會，我們就會這樣做。我們願意這樣做。

But recently, we found that paying down debt has been the better way to go. And at some point, we'll be at a level where it's just going to be a natural shift. If that doesn't change, it will be a natural shift to investment grade. And then it's just a matter of finding the right instruments that fit our capital structure to allow us to retain flexibility, but also get the best cost possible.

但最近，我們發現償還債務是更好的方法。在某些時候，我們將達到一個自然轉變的層次。如果這一點不改變，那麼就會自然而然地轉向投資等級。然後，問題只是找到適合我們資本結構的正確工具，使我們能夠保持靈活性，同時獲得盡可能最佳的成本。

Yes. I think said differently, if we continue to operate the way we have the last couple of quarters, we naturally will have the optionality of being an investment-grade issuer. That really, for us, is not so much more a matter of material leverage reduction as it is commitments and policy changes and things like that.

是的。我認為換句話說，如果我們繼續按照過去幾個季度的方式運營，我們自然可以選擇成為投資級發行人。對我們來說，這其實與其說是實質槓桿降低的問題，不如說是承諾和政策改變等問題。

We would, of course, before we materially increase leverage for allocation of capital, we would think long and hard about whether that was the right thing to do in advance of 2025. But it kind of is on a path. And Eric, we think, as we look around the world, look at portfolio pricing and things like that, it's very likely that we end 2024 at a lower leverage level, or certainly not a higher leverage level, than where we end 2023.

當然，在大幅提高資本配置槓桿之前，我們會認真思考在 2025 年之前這樣做是否正確。但這已經在路上了。艾瑞克，我們認為，當我們環顧世界、考慮投資組合定價等因素時，我們很可能在2024 年結束時的槓桿水平比2023 年結束時的槓桿水平更低，或者肯定不會比2023 年結束時的槓桿水平更高。

Okay. I appreciate that color. And just one follow-up question. Just quickly on domestic churn. I think, excluding the Sprint churn, you'll be at about $30 million this year, maybe around 2% of your revenues, and it's been in that ballpark for the last couple of years.

好的。我很欣賞那種顏色。還有一個後續問題。只是很快就國內流失了。我認為，排除 Sprint 的流失，今年你的收入約為 3000 萬美元，可能佔你收入的 2% 左右，而且過去幾年一直處於這個水平。

As you look further out over the next few years, are there opportunities to bring that run rate churn level lower? We've heard from some peers about some of their run rate tower churn moving closer to 1% of revenue.

當您展望未來幾年時，是否有機會降低營運率流失水準？我們從一些同行那裡聽說，他們的一些運行率塔的流失率接近收入的 1%。

Yes. I do think, Eric, there's definitely opportunities to bring it lower. For one, a big chunk of that is due to kind of smaller customers that frankly, as you start to have less and less of them or they are less of a percentage of our business, obviously, there's less opportunity or supply for that churn.

是的。我確實認為，埃里克，肯定有機會降低它。首先，其中很大一部分是由於規模較小的客戶造成的，坦白說，隨著他們的數量開始越來越少，或者他們在我們業務中所佔的比例越來越小，顯然，這種流失的機會或供應量就會減少。

And then with our agreements with some of our bigger customers, I would expect that any churn that's come from them will be significantly reduced as well.

然後，隨著我們與一些大客戶達成的協議，我預計來自他們的任何流失也將顯著減少。

Next, we'll hear from Brendan Lynch with Barclays.

接下來，我們將聽取巴克萊銀行布倫丹·林奇的演講。

Jeff, want to echo everyone's congratulations as well.

傑夫，也想表達大家的恭喜。

Maybe we could just start with the international market. You kind of described demand being above your internal expectations. And a component of that, I believe you mentioned, was the escalators. But if I understand correctly, those are more backward looking. So I'd imagine that you have pretty good visibility on that for the year.

也許我們可以從國際市場開始。您所描述的需求超出了您的內部預期。我相信你提到過其中的一個組成部分是自動扶梯。但如果我理解正確的話，那些都是比較向後看的。所以我想你今年對此有很好的了解。

So maybe you could just get into some of the other drivers that are driving the international exposure and international profitability higher than what you had been expecting?

那麼，也許您可以了解一些其他驅動因素，這些驅動因素正在推動國際曝光度和國際盈利能力高於您的預期？

Yes. The above expectations comment was specifically associated with new leasing revenue signed up through new leases and amendments. And that was -- we kind of obviously target based on backlog, and what our market intelligence is telling us what we think those numbers are going to look like in each market. And on average, across our international business, we were successful in signing up more new business than -- from a dollar standpoint than we originally expected. So that's that comment.

是的。上述預期評論與透過新租約和修訂簽訂的新租賃收入特別相關。那就是——我們的目標顯然是基於積壓的訂單，以及我們的市場情報告訴我們的，我們認為這些數字在每個市場上會是什麼樣子。平均而言，在我們的國際業務中，我們成功簽約的新業務比我們最初預期的要多。這就是那個評論。

And I think it's driven really just by the significant needs that certain of our customers have across our markets for all the basic things that we talked about before, continued expansion of both 4G and even a little bit of 5G coverage. The coverage that exists in these markets is not nearly where it is in the U.S., so there's much greater needs in some cases.

我認為這實際上是由我們市場上的某些客戶對我們之前討論過的所有基本事物的巨大需求所驅動的，即 4G 甚至一點 5G 覆蓋範圍的持續擴展。這些市場的覆蓋範圍遠不及美國，因此在某些情況下需求更大。

And so we're seeing that play out in a number of our markets. The escalator piece is not really a part of that. That varies and just moves based on where inflation is, and in certain of our markets, inflation was -- has been a little bit higher. So that's helped the growth rates stay elevated.

因此，我們看到這種情況在我們的許多市場中發揮作用。自動扶梯其實不是其中的一部分。這各不相同，只是根據通貨膨脹的情況而變化，在我們的某些市場中，通貨膨脹率略高一些。這有助於成長率保持在高水準。

Great. That's helpful. And maybe just one on the build-to-suit program. You had some more activity there in the quarter. Maybe just give us an update on where you see those opportunities over the next couple of quarters?

偉大的。這很有幫助。也許只是量身定制計劃中的一項。本季您在那裡進行了更多活動。也許只是向我們介紹一下您在未來幾季中看到的這些機會的最新情況？

Yes. I think there's -- most of that is being done internationally, first of all. I'm sure you see that in our release. And that will probably continue to be the case.

是的。我認為，首先，其中大部分是在國際範圍內完成的。我相信您在我們的發布中看到了這一點。情況可能會繼續如此。

There's definitely opportunities for new builds, for the same reasons as I just mentioned. In responding to the previous question, there's just a lot of coverage needs that exist in these markets.

出於與我剛才提到的相同原因，肯定存在新構建的機會。在回答上一個問題時，這些市場有大量的保險需求。

The real question for us is just making sure that we're doing -- we're making worthwhile investments, given the cost of capital that's increased, that we're building sites, that we're confident are going to make a nice return, and that usually requires the addition of a second tenant at some point over the next several years after you build the site.

對我們來說真正的問題是確保我們正在做的事情——考慮到資本成本的增加，我們正在進行有價值的投資，我們正在建立網站，我們有信心將獲得不錯的回報，這通常需要在您建造網站後的幾年內的某個時候添加第二個租戶。

So we're pretty diligent in kind of watching those sites. I think opportunities exist, but we're going to be selective about where we build sites.

所以我們非常努力地關注這些網站。我認為機會是存在的，但我們將有選擇性地選擇建造地點。

Our next question comes from David Guarino with Green Street.

我們的下一個問題來自 Green Street 的 David Guarino。

Brendan, I think this one will be for you. On the comment you made about U.S. tower validation staying high, could you provide some more color on why you think that is? And I asked just because I guess I'm surprised, given we've had a pretty meaningful rise in interest rates over the last few months. While at the same time, we've had some concerns about lower macro tower growth that have emerged. So any additional color would be great.

布倫丹，我想這個適合你。關於您對美國塔驗證保持在高位的評論，您能否提供更多資訊來解釋您認為這是為什麼？我問這個問題只是因為我想我很驚訝，因為過去幾個月我們的利率大幅上升。同時，我們對出現的宏塔成長放緩感到擔憂。所以任何額外的顏色都會很棒。

Yes. I think you've got a lot of different parties out there that have demands or their -- their mission is to invest in digital infrastructure. And they have capital that's already been raised that needs to get deployed. And so I think that has -- that plays a role in it.

是的。我認為有很多不同的團體都有需求，或者他們的使命是投資數位基礎設施。他們已經籌集了需要部署的資金。所以我認為這在其中發揮了作用。

The supply, frankly, in the U.S. is somewhat limited, so there's still some competitive tension that exists there among many different parties that are investing.

坦白說，美國的供應有些有限，因此許多不同的投資者之間仍然存在一些競爭壓力。

So that's really a driver. And so if you've got different return expectations, and you've got different views on what the growth profile of assets look like, you may be able to make a decision that's different than we're seeing the public companies, including SBA, make.

所以這確實是一個司機。因此，如果您有不同的回報預期，並且您對資產成長狀況有不同的看法，您可能會做出與我們看到的上市公司（包括 SBA）不同的決定，製作。

Okay. That's helpful. And the second one, maybe sticking with you. I'm guessing next year, you guys are going to be accessing the secured market to refinance some debt. And I know that, that's still a few quarters away.

好的。這很有幫助。第二個，也許會和你在一起。我猜明年，你們將進入擔保市場為一些債務再融資。我知道，距離實現這一目標還有幾個季度的時間。

But could you maybe give us an idea of where secured borrowing costs sit today for tower assets?

但您能否讓我們了解一下目前鐵塔資產的擔保借貸成本是多少？

Yes. I mean it depends on what market you're in. If you're talking about the ABS market, which has been our primary source of secured financing today, you'd be somewhere in the mid- to high 6s, would likely be where we play out.

是的。我的意思是，這取決於你所在的市場。如果你談論的是 ABS 市場，它是我們今天擔保融資的主要來源，你的排名會在 6 分左右，很可能是在我們出去玩。

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

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

Just one for me. And hopefully, it hasn't been asked. But Jeff, hope you could talk about what you're seeing during the quarter, more specifically from an activity perspective. Specifically, I was hoping you could help us understand where you are from a year-over-year perspective, from a backlog of unsigned lease applications, and how that trended versus last quarter?

只給我一個。希望這還沒被問到。但是傑夫，希望你能談談你在本季看到的情況，更具體地說是從活動的角度來看。具體來說，我希望您能幫助我們從同比的角度、未簽署的租賃申請積壓情況來了解您的情況，以及與上季度相比的趨勢如何？

Yes, Brandon, we've -- our backlogs are a little bit lower than they've been in the past. That -- it probably shouldn't be a surprise, given the carriers' investment levels have been little bit slower as we've talked about. And obviously, executions have been down. The backlogs have trended in the same general direction.

是的，布蘭登，我們的積壓訂單比過去少了一些。這可能並不令人意外，因為正如我們所討論的，營運商的投資水準已經放緩了一些。顯然，處決數量已經下降。積壓的趨勢大致相同。

But it will be interesting to see how that plays out as we get into next year, as the carriers have new budgets in place and so forth. So for now, though, it's definitely trended down.

但隨著營運商制定新的預算等等，隨著我們進入明年，看看這將如何發揮作用將會很有趣。但就目前而言，它肯定呈下降趨勢。

And we have no further questions at this time.

目前我們沒有進一步的問題。

Well, I usually sign off. But I'm going to let Brendan sign off.

嗯，我通常都會下線。但我會讓布倫丹簽名。

Well, thank you all for joining us. We appreciate it. And thank you, Jeff, again, for all of your years. Appreciate it.

好的，謝謝大家加入我們。我們很感激。傑夫，再次感謝你多年來的付出。欣賞它。

It's been an honor and a privilege. And I'm not able to say, as I have in my last 100, that we -- that I look forward to talking to you next quarter, but you're in good hands.

這是一種榮譽和特權。我無法像在過去的 100 場演講中那樣說，我們——我期待著下個季度與您交談，但您會得到很好的照顧。

Thanks, everyone.

感謝大家。

That does conclude our conference for today. Thank you for your participation. You may now disconnect.

我們今天的會議到此結束。感謝您的參與。您現在可以斷開連線。