SBA Communications Corp (SBAC) 2023 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the SBA fourth quarter results conference call. (Operator Instructions) And as a reminder, this conference is being recorded.

女士們先生們，謝謝你們的支持。歡迎參加 SBA 第四季業績電話會議。 （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, everyone, and thank you for joining us for SBA's Fourth Quarter 2023 Earnings Conference Call. Here with me today are Brendan Cavanagh, our President and Chief Executive Officer; and Marc Montagner, our Chief Financial Officer.

大家晚上好，感謝您參加 SBA 2023 年第四季財報電話會議。今天和我在一起的有我們的總裁兼執行長布倫丹·卡瓦納 (Brendan Cavanagh)；和我們的財務長 Marc Montagner。

Some of the information we will discuss on this call is forward-looking, including, but not limited to, any guidance for 2024 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, February 26, and we have no obligation to update any forward-looking statements 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 2024 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 2 月 26 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 Marc to discuss our fourth quarter results and 2024 outlook.

現在，我將把它交給 Marc，討論我們第四季的業績和 2024 年的前景。

Thank you, Mark. We ended 2023 with another strong quarter. Our fourth quarter results were ahead of our expectations and allowed us to finish at or near the high end of our full year 2023 outlook for site leasing revenue, tower cash flow, adjusted EBITDA, AFFO and AFFO per share.

謝謝你，馬克。我們以又一個強勁的季度結束了 2023 年。我們第四季度的業績超出了我們的預期，使我們能夠在場地租賃收入、鐵塔現金流、調整後 EBITDA、AFFO 和每股 AFFO 方面達到或接近 2023 年全年預期的上限。

Consolidated same-tower recurring cash leasing revenue growth for the fourth quarter, which is calculated on a constant currency basis, was 3.6% net year-over-year, including the impact of 3.9% of churn. On a gross basis, same-tower recurring cash leasing revenue growth was 7.5%.

以固定匯率計算，第四季綜合同塔經常性現金租賃收入年增 3.6%，其中包括 3.9% 的客戶流失影響。以總額計算，同塔經常性現金租賃收入成長 7.5%。

Domestic same-tower recurring cash leasing revenue growth over the fourth quarter of last year was 6.9% on a gross basis and 3.5% on a net basis, including 3.4% of churn. Of that 3.4%, 1.6% was related to Sprint consolidation churn.

國內同塔經常性現金租賃收入較去年第四季成長 6.9%，淨額成長 3.5%，其中客戶流失率為 3.4%。在這 3.4% 中，1.6% 與 Sprint 整合流失有關。

As expected, domestic operational leasing activity or bookings representing new revenue placed under contract during the fourth quarter was consistent with the lower levels of activity we saw during the second and third quarter of 2023. Full year organic leasing contribution to domestic site leasing revenue ended up in line with our previously provided outlook. Non-Sprint related domestic annual churn was also in line with our prior expectations and continues to be between 1% and 2% of our domestic site leasing revenue.

正如預期的那樣，第四季度國內運營租賃活動或代表新合約收入的預訂量與我們在2023 年第二和第三季度看到的較低水平的活動一致。全年有機租賃對國內場地租賃收入的貢獻最終達到與我們先前提供的前景一致。非 Sprint 相關的國內年度流失率也符合我們先前的預期，並且繼續占我們國內站點租賃收入的 1% 至 2% 之間。

International same-tower recurring cash leasing revenue growth for the fourth quarter, which is calculated on a constant currency basis, was 4.2% net, including 5.9% of churn or 10.1% on a gross basis.

以固定匯率計算，第四季國際同塔經常性現金租賃收入淨成長率為 4.2%，其中包括 5.9% 的客戶流失率或毛利率 10.1%。

In Brazil, our largest international market, same-tower gross organic growth was 8% on a constant currency basis. Total international churn remained elevated in the fourth quarter due mostly to carrier consolidation. During the fourth 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 16.1% of consolidated cash site leasing revenues during the quarter.

在我們最大的國際市場巴西，以固定匯率計算，同塔總有機成長率為 8%。第四季國際客戶總流失率仍然較高，這主要是由於營運商整合所致。第四季度，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，巴西佔本季綜合現金網站租賃收入的 16.1%。

During the fourth quarter, we expanded our tower portfolio, acquiring 23 communication sites for a total cash consideration of $21.3 million. We also built 138 new sites. Subsequent to the quarter end, we have purchased or under agreement to acquire 281 sites in all of our existing markets for an aggregate price of $87.8 million. We anticipate closing on this site under contract by the end of the third quarter.

第四季度，我們擴大了鐵塔投資組合，收購了 23 個通訊站點，總現金代價為 2,130 萬美元。我們也新建了 138 個站點。截至本季末，我們已在所有現有市場購買或根據協議收購 281 個場地，總價為 8,780 萬美元。我們預計在第三季末根據合約關閉該網站。

Looking ahead, this afternoon earnings press release includes our initial outlook for the full year 2024. Our outlook reflects a continuation of the reduced level of carrier CapEx that began early last year. Despite this, our leasing business will continue to grow organically through contribution from new leases, amendments and contracted escalators.

展望未來，今天下午的收益新聞稿包括我們對 2024 年全年的初步展望。我們的展望反映出去年初開始的營運商資本支出水準持續下降。儘管如此，我們的租賃業務將透過新租約、修改和合約自動扶梯的貢獻繼續有機成長。

Domestically, our outlook assumes $55 million of customer churn in 2024, of which approximately $30 million related to Sprint-related decommissioning. Our previously provided estimate of aggregate Sprint-related churn over the next several years remain largely unchanged. We anticipate a range of $40 million to $45 million in 2025, $45 million to $55 million in 2026 and $10 million to $20 million in 2027.

在國內，我們的前景假設 2024 年客戶流失量為 5,500 萬美元，其中約 3,000 萬美元與 Sprint 相關的退休有關。我們先前對未來幾年 Sprint 相關流失總量的估計基本上保持不變。我們預計 2025 年將達到 4,000 萬至 4,500 萬美元，2026 年將達到 4,500 萬至 5,500 萬美元，2027 年將達到 1,000 萬至 2,000 萬美元。

Internationally, our outlook includes approximately $22 million churn in 2024. During the fourth quarter of '23, we signed a multiyear agreement with Vivo in Brazil. Under this agreement, we expect to incur $4 million Oi wireless consolidation churn in 2024 and an additional $2 million over the next several years. Total anticipated Oi wireless consolidated churn remains at approximately $30 million.

在國際上，我們的預期包括 2024 年約 2,200 萬美元的流失。23 年第四季度，我們與巴西的 Vivo 簽署了多年協議。根據該協議，我們預計 2024 年 Oi 無線整合損失將達到 400 萬美元，並在未來幾年內再增加 200 萬美元。預計 Oi wireless 合併客戶流失總額仍約 3,000 萬美元。

Additionally, our full year 2024 outlook reflects a year-over-year decline in service revenue and gross profit due to the lower overall carrier activity in the U.S. However, our outlook is in line with the historical performance, excluding our very strong result in 2022 and '23 due to the initial rollout of 5G network by some of our wireless customers during these years. This outlook does not assume any further acquisitions beyond those under contract and does not assume any share repurchase. However, we are likely to invest in additional assets and/or share repurchase during the year.

此外，我們對 2024 年全年的展望反映了由於美國整體承運人活動減少而導致服務收入和毛利同比下降。不過，我們的展望與歷史表現一致，不包括 2022 年非常強勁的業績23 年，由於我們的一些無線客戶在這些年首次推出了5G 網路。該展望不假設合約規定以外的任何進一步收購，也不假設任何股票回購。然而，我們可能會在年內投資額外資產和/或股票回購。

Our outlook for net cash interest expense and for FFO and FFO per share include the recent refinancing of our Term Loan B debt, the upsize of our credit facility and the future refinancing up -- rerating rate in the future of our $620 million ABS tower securities maturing in October 2024.

我們對淨現金利息支出以及每股FFO 和FFO 的展望包括最近對我們的定期貸款B 債務的再融資、我們信貸安排的擴大以及未來的再融資——對我們6.2 億美元ABS 塔式證券的未來重新評級2024 年 10 月到期。

Our balance sheet remains very strong, and we have ample liquidity. In January of 2024, we refinanced our $2.3 billion credit facility, pushing out the maturity to 2031. We also increased our revolver capacity by $500 million. Our $2 billion revolver is almost fully paid down. Our leverage remains at historical lows and well below our steady target of 7 to 7.5 turns, giving us plenty of dry power for opportunistic acquisition and/or share repurchase. Lastly, we purchased a forward-starting interest rate swap in the fourth quarter. This will give us greater certainty around future interest costs.

我們的資產負債表仍然非常強勁，流動性充足。 2024 年 1 月，我們對 23 億美元的信貸額度進行了再融資，將到期日推遲到 2031 年。我們還將左輪手槍產能增加了 5 億美元。我們的 20 億美元左輪手槍幾乎已全部還清。我們的槓桿率仍處於歷史低位，遠低於我們 7 至 7.5 倍的穩定目標，這為我們提供了充足的干動力來進行機會性收購和/或股票回購。最後，我們在第四季購買了遠期利率掉期。這將使我們對未來的利息成本有更大的確定性。

With that, let me turn the call over to Mark, who will provide additional detail.

接下來，讓我將電話轉給馬克，他將提供更多詳細資訊。

Thank you, Marc. We ended the quarter with $12.4 billion of total debt and $12.1 billion of net debt. Our net debt to annualized adjusted EBITDA leverage ratio was 6.3x, which is below the low end of our target range and near the lowest level we have seen in decades. Our fourth quarter net cash interest coverage ratio of adjusted EBITDA to net cash interest expense was very strong at 5.2x.

謝謝你，馬克。本季結束時，我們的總債務為 124 億美元，淨債務為 121 億美元。我們的淨債務與年化調整後 EBITDA 槓桿率為 6.3 倍，低於我們目標範圍的下限，接近數十年來的最低水準。我們在第四季度調整後 EBITDA 與淨現金利息支出的淨現金利息覆蓋率非常強勁，達到 5.2 倍。

During the fourth quarter 2023, the company entered into a $1 billion forward-starting interest rate swap, which will swap 1-month SOFR for a fixed rate of 3.83%. The swap has an effective start date of March 31, 2025, which coincides with the expiration of our existing $1.95 billion notional interest rate swap. This forward starting interest rate swap agreement will expire April 11, 2028.

2023 年第四季度，該公司簽訂了一項價值 10 億美元的遠期利率互換協議，將 1 個月的 SOFR 互換為 3.83% 的固定利率。該掉期的生效起始日期為 2025 年 3 月 31 日，恰逢我們現有的 19.5 億美元名目利率掉期到期。該遠期起始利率互換協議將於 2028 年 4 月 11 日到期。

Subsequent to the fourth quarter and on January 25, 2024, the company issued a new $2.3 billion secured Term Loan B under its amended and restated senior credit agreement. This matures in January of 2031. The new term loan accrues interest at SOFR plus 200 basis points. The existing $1.95 billion interest rate swap will remain in effect until expiration on March 31, 2025. The term loan was issued at 99.75% of par value. The proceeds were used to retire the company's 2018 term loan and to pay related fees and expenses.

第四季之後的 2024 年 1 月 25 日，該公司根據其修訂和重述的高級信貸協議發行了一筆新的 23 億美元的擔保定期貸款 B。該貸款將於 2031 年 1 月到期。新定期貸款按 SOFR 加 200 個基點計息。現有的 19.5 億美元利率互換將繼續有效，直至 2025 年 3 月 31 日到期。定期貸款以面額的 99.75% 發行。所得款項用於償還公司 2018 年定期貸款並支付相關費用和開支。

Also, subsequent to the quarter, on February 23, 2024, the company further increased the total commitments under the revolving credit facility from $1.75 billion to $2 billion. We continue to use cash on hand to repay amounts under the revolver. And as of today, we have a $70 million outstanding balance under our $2 billion revolver. The current weighted average interest rate of our total outstanding debt is 3% with a weighted average maturity of approximately 4.1 years. The current rate on our outstanding revolver balance is 6.4%. The interest rate on 97% of our current outstanding debt is fixed.

此外，在本季結束後，即 2024 年 2 月 23 日，該公司進一步將循環信貸安排的承諾總額從 17.5 億美元增加到 20 億美元。我們繼續使用手邊現金來償還左輪手槍項下的金額。截至今天，我們 20 億美元的左輪手槍下方還有 7,000 萬美元的未償餘額。目前未償債務總額的加權平均利率為3%，加權平均年期約為4.1年。我們未償左輪餘額的當前利率為 6.4%。我們目前未償還債務的 97% 的利率是固定的。

During the fourth quarter, as we previously discussed on our third quarter earnings call, we repurchased 234,000 shares of our common stock, $46 million, at an average price of $198.27 per share. We currently have $405 million of repurchase authorization remaining under our $1 billion stock repurchase plan.

在第四季度，正如我們之前在第三季財報電話會議上討論的那樣，我們回購了 234,000 股普通股，價值 4,600 萬美元，平均價格為每股 198.27 美元。目前，我們 10 億美元的股票回購計畫還剩 4.05 億美元的回購授權。

The company's shares outstanding at December 31, 2023, were 108.1 million. In addition, during the fourth quarter, we declared and paid a cash dividend of $91.8 million or $0.85 a share. And today, we announced that our Board of Directors declared a first quarter dividend of $0.98 per share payable on March 28, 2024, to shareholders of record as of the close of business on March 14, 2024. This dividend represents an increase of approximately 15% over the dividend we paid in the fourth quarter.

截至2023年12月31日，該公司已發行股票為1.081億股。此外，在第四季度，我們宣布並支付了 9,180 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 2024 年 3 月 28 日向截至 2024 年 3 月 14 日收盤時登記在冊的股東派發每股 0.98 美元的第一季度股息。該股息增加了約 15占我們第四季度支付股息的百分比。

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

現在，我將把電話轉給布倫丹。

Thank you, Mark. Good afternoon. I am pleased for the opportunity to reflect on our 2023 performance and to share our thoughts about 2024 and beyond.

謝謝你，馬克。午安.我很高興有機會回顧我們 2023 年的表現並分享我們對 2024 年及未來的想法。

2023 was a year marked by some significant macro headwinds, in particular, the consistently high interest rate environment that not only directly affected SBA's floating rate debt costs and the views around our cost of future refinancing but also impacted our customers and their network spending levels. In spite of these macro headwinds, SBA executed extremely well and produced solid financial results.

2023 年是一些重大宏觀逆風的一年，特別是持續高利率環境，不僅直接影響 SBA 的浮動利率債務成本以及我們對未來再融資成本的看法，而且還影響了我們的客戶及其網路支出水準。儘管存在這些宏觀阻力，SBA 的執行情況仍然非常出色，並產生了穩健的財務表現。

When compared against the initial outlook for 2023 given in February of last year, our actual results for the year finished materially above the high end of the ranges given for site leasing revenue, tower cash flow, adjusted EBITDA, AFFO and AFFO per share. Most of the outperformance was organic as we spent very little incremental discretionary CapEx in comparison to our initial outlook. Our excess free cash flow was instead largely spent on paying down our floating rate revolver debt, and we finished the year at a multi-decade low leverage level of 6.3x and today have a current revolver balance of only $70 million.

與去年 2 月給出的 2023 年初步展望相比，我們今年的實際業績大幅高於場地租賃收入、鐵塔現金流、調整後 EBITDA、AFFO 和每股 AFFO 給出的範圍上限。大多數優異表現是有機的，因為與我們最初的展望相比，我們花費的增量可自由支配資本支出非常少。相反，我們多餘的自由現金流主要用於償還浮動利率循環債務，我們以 6.3 倍的數十年來的低槓桿水平結束了這一年，而目前的循環餘額僅為 7000 萬美元。

Internally, it was a year of leadership transition for the company. Jeffrey Stoops' retirement, the addition of Marc Montagner to the team and new leaders in our international, legal and IT functions. Everyone has stepped up extremely well into their roles, and I am very happy with how the team is collaborating and performing. The disciplined succession planning and highly capable team members assembled throughout the organization have positioned us well for the future.

在公司內部，這是公司領導層換屆的一年。 Jeffrey Stoops 退休，Marc Montagner 加入團隊，我們的國際、法律和 IT 職能部門迎來了新的領導者。每個人都非常出色地適應了自己的角色，我對團隊的合作和表現感到非常滿意。整個組織內紀律嚴明的繼任計畫和能力出眾的團隊成員為我們的未來奠定了良好的基礎。

As we look forward to 2024, we recognize that we are coming off of a period of reduced network investment by our largest domestic customers. However, future network needs for each of these customers remain significant, and we anticipate being a critical partner for our customers in meeting their operational goals and objectives.

當我們展望 2024 年時，我們意識到我們正在經歷國內最大客戶網絡投資減少的時期。然而，這些客戶未來的網路需求仍然很大，我們期望成為客戶實現其營運目標的關鍵合作夥伴。

A significant percentage of our sites still require 5G-related upgrades, which we are confident will take place over the next couple of years. In addition, the success and growth of fixed wireless access as a product offering for our customers will add greater demand for increased network capacity as the average user of this product uses 20x or more broadband data than the typical mobile customer. And the evolution of AI-infused 5G offerings will continue to fuel the demand for improved speeds and lower latency. All of these factors, as well as good old-fashioned service-based competition, are supportive of steady organic leasing activity on our U.S. assets for years to come.

我們很大一部分站點仍需要 5G 相關升級，我們相信這將在未來幾年內實現。此外，固定無線存取作為我們的客戶產品的成功和成長將增加對增加網路容量的更大需求，因為該產品的平均用戶使用比典型行動客戶20倍或更多的寬頻數據。注入人工智慧的 5G 產品的發展將繼續推動對提高速度和降低延遲的需求。所有這些因素，以及良好的老式服務競爭，都支持我們美國資產未來幾年穩定的有機租賃活動。

Internationally, we also see a dynamic of significant network needs, providing a backdrop for continued solid organic leasing activity throughout many of our markets. Financial pressures have impacted many of our international customers as well but the demand for advanced wireless products and services is significant and, in a number of cases, even greater than that seen in the U.S. We expect this will in turn drive continued demand for incremental space at our tower sites.

在國際上，我們也看到了巨大的網路需求的動態，為我們許多市場中持續穩定的有機租賃活動提供了背景。財務壓力也影響了我們的許多國際客戶，但對先進無線產品和服務的需求很大，在許多情況下甚至比美國的需求還要大。我們預計這將反過來推動對增量空間的持續需求在我們的塔址。

Nonetheless, there have been customer consolidations in several of our markets. As a result, we have worked closely with our customers to help them achieve necessary efficiencies in their operations but while preserving the breadth of our business relationships and solidifying our contractual commitments for the long term. While this temporarily leads to elevated churn, we believe the long-term strength and stability of our cash flow streams produced as a result of these efforts meaningfully improves our go-forward value proposition.

儘管如此，我們的幾個市場已經出現了客戶整合。因此，我們與客戶密切合作，幫助他們實現必要的營運效率，同時保持我們業務關係的廣度並鞏固我們的長期合約承諾。雖然這會暫時導致客戶流失率上升，但我們相信，這些努力所產生的現金流的長期實力和穩定性將有意義地改善我們的未來價值主張。

This is a good segue into my views around our forward strategy. Internally, we are highlighting a desire to analyze everything we do or consider doing through the lens of stabilizing our results, growing our core business and shifting our mix more and more to high-quality assets and operations. While this is not materially different than the approach SBA has taken throughout its history, we recognize that not all of our assets or business lines fit well within this goal. As a result, we are doing the work to evaluate our full portfolio and develop action plans around how we improve our position in each business line and in each market.

這是我對我們未來策略的看法的一個很好的延續。在內部，我們強調希望透過穩定業績、發展核心業務以及將我們的組合越來越多地轉向高品質資產和營運的角度來分析我們所做或考慮所做的一切。雖然這與 SBA 在其歷史上所採取的方法沒有本質上的不同，但我們認識到，並非我們所有的資產或業務線都能很好地實現這一目標。因此，我們正在評估我們的整個產品組合，並圍繞如何提高我們在每個業務線和每個市場的地位制定行動計劃。

For instance, in our international operations, we have found it to be valuable to be a market leader in the markets we operate in. In places where we hold a more significant position, we have tended to do better than those places where we do not. This ultimately means that we need to find a path to increase scale in certain markets or possibly exit a market. An example of this was our fourth quarter exit from Argentina. Not only was our market position subscale, but the economic instability in that country created operational challenges that were dilutive to the otherwise typically very attractive attributes of the tower business.

例如，在我們的國際業務中，我們發現成為我們所在市場的市場領導者很有價值。在我們佔據更重要地位的地方，我們往往比那些我們沒有佔據更重要地位的地方做得更好。這最終意味著我們需要找到一條在某些市場擴大規模或可能退出市場的途徑。一個例子是我們在第四季退出阿根廷。不僅我們的市場地位不高，而且該國的經濟不穩定也帶來了營運挑戰，這些挑戰削弱了鐵塔業務原本非常有吸引力的屬性。

We will pursue incremental investments to drive continued growth as we always have, but we will prioritize either an overall favorable shift in the quality and stability of our asset mix or an opportunistic investment that improves our standing in existing markets.

我們將一如既往地追求增量投資以推動持續成長，但我們將優先考慮資產組合品質和穩定性的整體有利轉變，或提高我們在現有市場地位的機會主義投資。

Financial results always matter. We will be disciplined toward producing the best possible financial results over the long term. We believe high-quality assets ultimately produce that result. We also believe that when opportunities for incremental asset investments are not available, stock repurchases and debt reductions are worthwhile uses of capital. We intend to continually evaluate our optimal capital structure, and we'll look to balance the lowest cost of capital with retaining appropriate investment flexibility.

財務結果總是很重要。我們將遵守紀律，力爭在長期內取得盡可能最佳的財務表現。我們相信高品質的資產最終會產生這樣的結果。我們也認為，當增量資產投資機會不存在時，股票回購和債務削減是值得利用的資本。我們打算不斷評估我們的最佳資本結構，我們將尋求在最低資本成本與保留適當的投資彈性之間取得平衡。

Our attention to optimize capitalization of the company has placed us in what I believe is the best position in the industry. We are the fastest dividend grower, but yet, have the greatest retained AFFO post-dividend to invest in the business. We have maintained an average cost of debt very close to our larger peers but have retained access to up to 2 turns more leverage.

我們對優化公司資本的關注使我們處於行業中最好的位置。我們是股息成長最快的企業，但仍擁有最多的股息後留存 AFFO 來投資這項業務。我們的平均債務成本與較大的同行非常接近，但仍保留了高達 2 倍的槓桿率。

We have recently extended and expanded our revolver capacity by $500 million, creating increased liquidity. This structure provides us with significant optionality to move in whichever direction we believe will provide the best return for our shareholders.

我們最近將左輪手槍產能擴大了 5 億美元，增加了流動性。這個結構為我們提供了重要的選擇權，可以朝著我們認為將為股東帶來最佳回報的方向前進。

The strength and stability of our core tower business remains and it provides a tremendous foundation for all future endeavors. As a result, I have great confidence in our ability to create future value for our shareholders.

我們核心塔業務的實力和穩定性仍然存在，並為未來的所有努力奠定了堅實的基礎。因此，我對我們為股東創造未來價值的能力充滿信心。

I want to thank our customers for their support and their confidence in SBA. I also want to thank our team members for their contributions to our success.

我要感謝客戶對 SBA 的支持與信任。我還要感謝我們的團隊成員為我們的成功所做的貢獻。

And with that, Eric, we are ready to take questions.

艾瑞克，我們準備好回答問題了。

(Operator Instructions) 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。

Brendan, congrats on the new seat. Mark with the K, welcome to the calls.

布倫丹，恭喜你獲得新席位。標示K，歡迎來電。

Thank you.

謝謝。

First, leverage obviously has been a key focus. You guys have been paying down floating rate debt. You've got your net leverage down to 6.3 turns. Almost all the floating is paid off as of today then. How should we think about 6.3 and where it heads in the future versus stock buyback?

首先，槓桿顯然是一個關鍵焦點。你們一直在償還浮動利率債務。您的淨槓桿率已降至 6.3 倍。到今天為止，幾乎所有浮動資金都已還清。我們該如何看待 6.3 及其未來與股票回購的走向？

And then on the M&A side, update us as far as what you're seeing out there. You mentioned that you like to be the leader in your markets. Are there any deals out there that would give you an industry-leading position? And what would kind of make that an interesting market if there were new markets out there?

然後在併購方面，請向我們通報您所看到的最新情況。您提到您希望成為您所在市場的領導者。是否有任何交易可以讓您處於行業領先地位？如果有新市場，怎麼能讓這個市場變得有趣呢？

Yes. So Ric, on the leverage side, we're at 6.3x mostly because we believe that throughout the last year, the best use of our capital was into paying down that floating rate debt that we had with some of the highest cost debt in our structure. And we didn't necessarily see opportunities that we thought were a better use of capital. But we're comfortable at a higher level of leverage if we see the right place to use that capital. That may include some amount of stock buybacks, but it also obviously would include quality acquisitions if we see that opportunity. So really, what we're doing is we're retaining flexibility as it relates to our balance sheet to go in whichever direction we think produces the best result. We don't feel that we have to stay at this level, but if we do, that's fine, too.

是的。所以，里克，在槓桿方面，我們的槓桿率是6.3 倍，主要是因為我們相信，在過去的一年裡，我們資本的最佳用途是償還我們在我們的一些成本最高的債務中所擁有的浮動利率債務。結構。我們不一定看到我們認為可以更好地利用資本的機會。但如果我們看到使用這些資本的正確地方，我們就會對更高的槓桿水平感到滿意。這可能包括一定數量的股票回購，但如果我們看到這個機會，顯然也將包括高品質的收購。所以實際上，我們正​​在做的是保持靈活性，因為這與我們的資產負債表有關，可以朝著我們認為能產生最佳結果的方向發展。我們不認為我們必須保持在這個水平，但如果我們這樣做，那也很好。

On the M&A front, yes, it's one of the aspects of what we look for when we're looking at a new market or even at opportunities within some of our existing markets where we're perhaps not a market leader in terms of our position, is to be a leader, if we can, in terms of our size and importance to our customers. We used to just assume that we look at all opportunities that are available throughout the globe, frankly, as they come available, and we consider that among a number of other factors when we're looking at that. I can't really speak to anything specific that we're looking at, but there definitely are opportunities out there.

在併購方面，是的，這是我們在尋找新市場甚至在某些現有市場中尋找機會時所尋求的方面之一，而就我們的地位而言，我們在這些市場中可能不是市場領導者，就是如果可以的話，就我們的規模和對客戶的重要性而言，成為領導者。坦白說，我們過去常常假設我們會關注全球範圍內所有可用的機會，並且在我們考慮這些機會時會考慮到這一點。我無法具體談論我們正在考慮的任何具體事情，但肯定存在機會。

Obviously, we're sitting here at the end of February. Can you help us understand the pacing of what you think new lease activity in the United States will kind of play out through the year? And is it still kind of 3 months, maybe closer to 6 months, as far as when you get an application into where it actually turns into revenue?

顯然，我們在二月底坐在這裡。您能否幫助我們了解您認為美國新租賃活動全年的發展節奏？當您收到應用程式並實際轉化為收入時，是否仍然需要 3 個月，也許接近 6 個月？

Yes. The time frame from signing something to when it actually gets into revenue is still pretty consistent with what it's been in the past. Obviously, it's a little bit longer for a brand-new lease when we sign that. That's usually a good 6 months or more on the amendments. It's typically shorter, closer to 3 months, but it depends on the specific circumstances. So that's pretty consistent with what it's been in the past.

是的。從簽署協議到實際產生收入的時間框架仍然與過去非常一致。顯然，當我們簽署新的租約時，時間會長一些。修改通常需要 6 個月或更長時間。一般比較短，接近3個月，但也要看具體情況。所以這與過去的情況非常一致。

In terms of the pacing throughout the year, our projections, if you look at our bridge in terms of what we've put forth as contributions, and I assume you're asking about domestic specifically, but domestically, that number should be a little bit more front-end loaded today because it's based on activity that we've seen throughout last year and that's kind of rolling over. And at this point, we're not necessarily forecasting a material pickup in activity. But to the extent there is that pickup in activity, it's mostly going to impact next year.

就全年的節奏而言，我們的預測，如果你從我們提出的貢獻來看我們的橋樑，我假設你具體詢問的是國內，但在國內，這個數字應該是一點今天前端加載更多，因為它是基於我們去年全年看到的活動，而且有點滾動。目前，我們不一定預測經濟活動會出現實質回升。但就活動的回升而言，這主要會影響明年。

And next we will hear from Jonathan Atkin with RBC Capital Markets.

接下來我們將聽取加拿大皇家銀行資本市場部喬納森·阿特金 (Jonathan Atkin) 的演講。

Two questions. One, you talked about the willingness to examine and exit from markets where you lack scale, does that apply to product areas such as data centers?

兩個問題。第一，您談到願意審查並退出缺乏規模的市場，這是否適用於資料中心等產品領域？

And then my second question is you called out the Vivo relationship in Brazil. Anything with TIM or Claro along similar lines where you might be renegotiating some of your commercial terms or looking to kind of react to market conditions in Brazil?

我的第二個問題是你提到了 Vivo 在巴西的關係。與 TIM 或 Claro 是否有類似的想法，您可能會重新談判一些商業條款或希望對巴西的市場狀況做出反應？

Yes. On your first question, there's no specific plans to exit anything, to exit the data centers or anything else in particular. But I will tell you that we are applying the same lens to everything that we do as we kind of evaluate these various things, whether it's international markets or it's other product lines. And we look at that through a financial lens and what the future can be, opportunities to grow it, what are the synergies with our base core business. I mean, ultimately, we're a tower company, how do things fit in with that. As we go through that analysis, we may come to the conclusion with something that we should exit it, but we may also come to the conclusion that we should grow it, too. So at this stage, it's premature to say that we would make a decision one way or the other, but you should assume that we're looking at each of our holdings through that lens.

是的。關於你的第一個問題，沒有具體的計劃來退出任何東西，退出資料中心或其他特別的東西。但我會告訴你，當我們評估這些不同的事情時，無論是國際市場還是其他產品線，我們都會將同樣的視角應用於我們所做的一切。我們從財務角度來看這個問題，以及未來會怎樣、發展的機會以及與我們的基礎核心業務的協同效應是什麼。我的意思是，歸根結底，我們是一家塔式公司，事情如何與之相適應。當我們進行分析時，我們可能會得出我們應該退出它的結論，但我們也可能得出我們也應該增長它的結論。因此，在現階段，說我們會以某種方式做出決定還為時過早，但你應該假設我們正在透過這個鏡頭來審視我們的每一項資產。

With regard to Brazil, I don't know if you recall, Jon, but last year, we announced, about a year ago at this time, that we had entered into an agreement with TIM related to the Oi consolidation, and it actually pulled forward some of the churn into 2023 associated with that consolidation, but it dealt with a number of other issues and extended agreements out. So we already have something largely in place with TIM. In the case of Claro, there's currently nothing in place, but we're constantly in discussions with them. And it may or may not lead to something, but we're talking with them about what would be best for them and for us.

關於巴西，我不知道你是否還記得，喬恩，但是去年，我們宣布，大約一年前的這個時候，我們已經與 TIM 就 Oi 合併達成了一項協議，它實際上拉動了將與該整合相關的一些流失推遲到2023 年，但它解決了許多其他問題並延長了協議。因此，我們已經在 TIM 方面完成了大部分工作。就 Claro 而言，目前還沒有任何準備，但我們一直在與他們進行討論。它可能會或可能不會導致某些結果，但我們正在與他們討論什麼對他們和我們來說是最好的。

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

接下來，我們將聽取 Nick Del Deo 和 MoffettNathanson 的演講。

Congratulations to both Brendan and Mark on your new-ish positions. Brendan, I guess to start, you noted that you tend to do better in markets where you have meaningful scale or a leadership position. How do you define a leadership position? Is that share of total assets owned mostly on threshold? Or is it some other measure? And does this general framework that you're embracing, I mean it's less likely that you're going to enter into a new market? Or is that sort of a separate consideration if you think you're on a path to a leadership position in it?

祝賀布倫丹和馬克就任新職位。布倫丹，我想首先，您指出，在擁有一定規模或領導地位的市場中，您往往會做得更好。您如何定義領導職位？所擁有的總資產的比例是否大部分處於門檻？還是其他一些措施？您所採用的這個總體框架是否意味著您進入新市場的可能性較小？或者，如果您認為自己正在走上領導職位的道路，那麼這是一種單獨的考慮因素嗎？

Yes. It basically means your relevance in the market to your customers, which generally means the size and scale of your operations, so the percentage of the portfolio that you represent for the larger, most important customers in that market. When you are at a level that is, frankly, immaterial to their network needs, your ability to drive additional business and to negotiate terms on new opportunities is just not as great as when you're a more meaningful partner. So that's really what I mean when I talk about the size and scale.

是的。它基本上意味著您在市場中與客戶的相關性，這通常意味著您的營運規模和規模，以及您代表該市場中更大、最重要的客戶的投資組合的百分比。坦白說，當您處於對他們的網路需求無關緊要的層級時，您推動額外業務和就新機會談判條款的能力就不如當您是更有意義的合作夥伴時那麼強大。這就是我談論規模和規模時的真正意思。

As it relates to new markets, that would be a consideration, obviously, before we go into the new market, what's our position going to look like in that market. So it doesn't mean that we would not go into a new market, but we would consider that factor as one of the factors when we're thinking about it.

由於它與新市場相關，顯然，在我們進入新市場之前，這將是一個考慮因素，我們在該市場的地位會是什麼樣子。因此，這並不意味著我們不會進入新市場，但我們在考慮時會將該因素視為因素之一。

Okay. And then regarding domestic lease in '24 in the U.S., you're guiding to $42 million this year, and you just said it was going to be probably front-end loaded. I think you've previously spoken to sort of the low end of a range of leasing over time as being around $40 million. It seems like the run rate in the second half of the year, if $42 million is front-end loaded, might annualize to a pace below $40 million. I guess do you see a plausible scenario where full year leasing could go below for you in light of current conditions?

好的。然後，關於 24 年美國的國內租賃，您今年的指導金額為 4200 萬美元，您剛剛說過可能會前端加載。我想您之前曾說過，隨著時間的推移，租賃範圍的低端約為 4000 萬美元。如果前端加載 4200 萬美元，下半年的運行率似乎可能會低於 4000 萬美元。我想您是否認為根據目前的情況，全年租賃可能會低於您的預期？

Well, yes, it could. Obviously, we're just above $40 million now for this year. So if we don't see any pickup as we get to the second half of the year, I do expect that the run rate at the end of the year today that's implied in our guidance would be slightly below $40 million, so that's possible. I think, though, some of this is lumpiness in the way that things come in under our AT&T MLA agreement. So the fact that it's a little higher in the first part of the year and a little lower in the second half of the year could be something we see next year as well.

嗯，是的，可以。顯然，我們今年的收入剛剛超過 4000 萬美元。因此，如果到今年下半年我們看不到任何回升，我確實預計我們的指導中暗示的今年年底的運行率將略低於 4000 萬美元，所以這是可能的。不過，我認為，根據我們的 AT&T MLA 協議，其中一些事情的處理方式有些混亂。因此，我們明年也會看到今年上半年略高、下半年略低的情況。

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 的演講。

So I guess the first one, for the guidance, it was clear that you weren't assuming any new portfolio acquisitions or buybacks, but could you be specific about what you are assuming in the guide for the use of cash? Is it putting it in the bank at a 5% interest rate? Or what should we kind of use as a baseline as a comparison to what's going on?

所以我想第一個，對於指導，很明顯你沒有假設任何新的投資組合收購或回購，但你能否具體說明你在指南中對現金使用的假設？是不是以5%的利率存入銀行？或者我們應該使用什麼作為基準來與正在發生的事情進行比較？

I guess a second question, if I could, Brendan, is there a fuse on any of these decisions about whether to pull the trigger on portfolio acquisition versus stock buybacks given that your stock buybacks could be pretty powerful if they happen sooner rather than later?

我想第二個問題，布倫丹，如果可以的話，考慮到你的股票回購如果早點發生的話可能會非常強大，所以關於是否觸發投資組合收購與股票回購的任何決定是否存在導火線？

And I apologize, if I could, just one last one for Mark D. This $1 billion hedge on a forward basis that you've put in place, which replaces the existing hedge on the $2 billion term that comes due March '25, I'm assuming that there's an opportunity, if you chose, to do something additional to the [$3.85 billion] that you've locked in, is there a timetable to make that decision?

如果可以的話，我向 Mark D 道歉。你們已經實施了這一 10 億美元的遠期對沖，它將取代 25 年 3 月到期的 20 億美元期限的現有對沖，我我假設如果您選擇的話，有機會在您鎖定的[38.5 億美元]之外做一些額外的事情，是否有做出該決定的時間表？

There is the possibility to do that. We have done this in the past. This hedge only represents 50% of what our actual outstanding debt is. So there could be room to increase our hedging along those lines as well. But with respect to any type of timetable, David, no, there is no timetable. We're just going to keep an eye on the market and act appropriately if we decide that that's the thing that we need to do.

有可能這樣做。我們過去曾經這樣做過。這種對沖僅占我們實際未償債務的 50%。因此，我們在這些方面也可能有增加對沖的空間。但對於任何類型的時間表，大衛，不，沒有時間表。我們將密切關注市場，如果我們認為這是我們需要做的事情，就會採取適當的行動。

Yes. On that item, David, I mean, really the thinking was that we sort of took half of it and created some level of certainty given that there's some instability, obviously, in what interest rates will look like. And we've all seen, over the last few months, expectations of when interest rate cuts are going to happen, move around quite a bit. So for us, we basically ensured that a portion of that debt we would have some stability and certainty on it. And it locks in basically a much lower rate than exists today. So if we let the other piece float, I think we can have a good natural hedge in that case.

是的。關於這個項目，大衛，我的意思是，實際上我們的想法是，我們採取了其中的一半，並創造了一定程度的確定性，因為顯然，利率會是什麼樣子，存在一些不穩定。我們都看到，在過去的幾個月裡，對何時降息的預期發生了很大的變化。因此，對我們來說，我們基本上確保了部分債務具有一定的穩定性和確定性。而且它基本上鎖定了比現在低得多的利率。因此，如果我們讓另一塊漂浮，我認為在這種情況下我們可以擁有良好的自然對沖。

On your other questions, on the use of cash in our guidance, because there will be cash that's obviously accumulated, part of it first goes into paying down the revolver, of course, what's left outstanding on that and it covers some of the discretionary spending that is implied in our guidance for deals that are under contract as well as new builds, the items that are basically covered in our discretionary CapEx guidance. Anything excess is assumed to be invested at about a 4% or so interest rate. So that is implied in our net cash interest guidance, some interest income on that.

關於你的其他問題，關於我們指導中現金的使用，因為顯然會有積累的現金，其中一部分首先用於償還左輪手槍，當然，還有剩下的未付金額，它涵蓋了一些可自由支配的支出這隱含在我們對合約交易和新建交易的指導中，這些項目基本上包含在我們的酌情資本支出指導中。假設任何多餘的資金都以大約 4% 左右的利率進行投資。因此，這隱含在我們的淨現金利息指引中，其中包括一些利息收入。

And then I think your other question was the M&A versus buybacks and the timing. I mean, there's a variety of things that we're constantly looking at. And the timing of M&A transactions you don't have as much control over. Obviously, we have complete control over buybacks. And so to some degree, we have to balance the capital that we have available and that we may or may not need. And so sometimes we can jump in earlier, if we have a clear vision as to what's going to happen. And other times, we have to hold back a little bit and see how things play out. So I hear what you're saying, and we obviously believe our stock is a good buy at this level but we've got to balance that against all the different options in front of us.

然後我認為你的另一個問題是併購與回購以及時機。我的意思是，我們一直在關注各種各樣的事情。而且併購交易的時機您沒有太多控制權。顯然，我們對回購擁有完全控制權。因此，在某種程度上，我們必須平衡我們現有的資本和我們可能需要或不需要的資本。因此，有時，如果我們對將要發生的事情有清晰的認識，我們就可以更早介入。而其他時候，我們必須稍微克制一下，看看事情會如何發展。所以我聽到你在說什麼，我們顯然相信我們的股票在這個水平上是一個很好的買入，但我們必須在我們面前的所有不同選擇之間進行平衡。

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) 的演講。

Two questions, if I could. First, as you look at the business going forward, can you give us an update as to what are your north star metrics that are guiding the decision-making and your measurement of performance? Is it organic leasing, EBITDA, AFFO per share or other metrics that are important to you and the Board? And can you give us some direction of how you see that growth in those metrics, let's say, over the next 3 years?

如果可以的話，有兩個問題。首先，當您展望未來的業務時，您能否向我們介紹一下指導決策和績效衡量的北極星指標的最新情況？是有機租賃、EBITDA、每股 AFFO 還是其他對您和董事會重要的指標？您能否給我們一些指導，說明您如何看待這些指標的成長（比如說，在未來 3 年）？

And then just separately, just more of an operational question on the tower portfolio, can you give us an update as to what percent of the sites have been upgraded and touched to bring them to 5G mid-band capabilities? And over what period do you think you get to 100%?

然後，單獨來說，更多的是關於塔式產品組合的營運問題，您能否向我們介紹一下最新情況，說明有多少站點已經升級並觸及，以使其具備 5G 中頻段功能？您認為在什麼時期內您可以達到 100%？

So Mike, the numbers that we typically report on, we report on because we think they're the most important. I think the #1 metric in our view here and with our Board, and frankly, with many of our investors, is AFFO per share because it represents that amount of actual free cash flow that is available to be returned to shareholders in some form or fashion. Whether that be reinvested into the business or be paid out as a dividend or be used for stock buybacks, whatever the usage is, it's effectively what's available at the end of the day after everything has been paid for. And so that's the metric that we focus on most of all.

麥克，我們通常報告的數字，我們之所以報告，是因為我們認為它們是最重要的。我認為，我們認為，我們的董事會以及我們的許多投資者認為，第一大指標是每股 AFFO，因為它代表了可以以某種形式或形式返還給股東的實際自由現金流量。時尚。無論是再投資到業務中，還是作為股息支付，或者用於股票回購，無論用途是什麼，它實際上都是在支付所有費用後一天結束時可用的。這就是我們最關注的指標。

Having said that, obviously, the next few years, there are some challenges to our AFFO per share metric, largely because of two things that are not new. Interest rates, we've done an excellent job over the last many years locking in very low-cost debt. But the market is what it is. And at some point, you have to refinance at least some of that debt. And so you're going to see higher interest costs that weighs on that a little bit. And of course, the Sprint churn, in particular, that is kind of out there that we know we have ahead of us, and we've scoped for you as to what that looks like.

話雖如此，顯然，未來幾年，我們的 AFFO 每股指標將面臨一些挑戰，主要是因為兩件事並不新鮮。利率方面，過去幾年我們在鎖定非常低成本的債務方面做得非常出色。但市場就是這樣。在某些時候，你必須為至少部分債務進行再融資。因此，你會看到更高的利息成本，這會帶來一些壓力。當然，特別是 Sprint 流失，我們知道我們已經面臨這樣的問題，我們已經為您確定了它的樣子。

But outside of that, the real goal, frankly, is to see that number go up over an extended period of time. This is a business that is a very long-term business at its core. We have very long-term contracts. Our relationships are long term. The assets are long term. And so we look at how we're going to maximize that number over an extended period of time. As a public company, it can be challenging because you're reporting every single quarter, and so it gets scrutinized every quarter. But the nature of the business is long term, so we try to take that long-term view on how we're going to grow that number out over a period of 5 to 10 years. And I think we'll be well positioned to do that. The other metrics though are very important as well. Obviously, growing site leasing revenue, growing adjusted EBITDA, shows that we're able to find continued returns on our operations, but really AFFO per share is where I focus most of my energy.

但除此之外，坦白說，真正的目標是看到這個數字在很長一段時間內持續上升。這是一項核心業務非常長期的業務。我們有非常長期的合約。我們的關係是長期的。資產是長期的。因此，我們研究如何在較長時間內最大化該數字。作為一家上市公司，這可能具有挑戰性，因為您每個季度都要報告，因此每個季度都會受到審查。但業務的本質是長期的，因此我們嘗試從長遠角度考慮如何在 5 到 10 年內增加這一數字。我認為我們將有能力做到這一點。其他指標也非常重要。顯然，不斷增長的場地租賃收入和不斷增長的調整後 EBITDA 表明我們能夠在營運中找到持續的回報，但實際上每股 AFFO 才是我最關注的地方。

And then I guess your second question was about the upgrade percentage for 5G. We're a little bit over halfway in terms of upgrades to our sites for 5G, but that is different among the different carriers. Some are much further along and others are below that number. So we still have a pretty good runway. I think we're looking at the next 2 to 3 years to get to where they've upgraded all the sites they need to.

我想你的第二個問題是關於5G的升級百分比。就 5G 站點升級而言，我們已經完成了一半多一點，但不同運營商的情況有所不同。有些遠遠超過這個數字，而有些則低於這個數字。所以我們仍然有一條很好的跑道。我認為我們正在考慮在未來 2 到 3 年內完成他們需要的所有網站的升級。

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

接下來，我們將聽取摩根士丹利西蒙·弗蘭納裡 (Simon Flannery) 的演講。

Congrats on your new role, Brendan; and Mark, great to reconnect and good luck in your new role. Two, if I could; first, on the M&A. I think in the past, you've noted that the M&A multiples haven't necessarily come in to reflect the new interest rate environment. It would be great to just get some perspective of if you see a better risk-reward balance there for the growth and the multiples that you're paying. Obviously, you've done some transactions versus buying back your own stock.

恭喜您擔任新角色，布倫丹；馬克，很高興重新聯繫，祝你在新角色中好運。兩個，如果可以的話；首先，關於併購。我想在過去，您已經注意到併購倍數不一定反映新的利率環境。如果您看到成長和您所支付的倍數有更好的風險回報平衡，那麼如果您能了解一些觀點，那就太好了。顯然，您已經進行了一些交易，而不是回購自己的股票。

And secondly, anything you could share with us on DISH and how you think about DISH within your leasing assumptions, especially given they have some specific FCC and DOJ targets to hit in mid-'25?

其次，您可以與我們分享有關 DISH 的任何信息，以及您在租賃假設範圍內如何看待 DISH，特別是考慮到他們要在 25 年中期實現一些具體的 FCC 和 DOJ 目標？

Yes, the M&A market is still quite competitive. In the U.S., in particular, because there's such a limited number of assets available, they're very competitively bid. So we continue to see price points that are very high. Internationally, that is also true. Although I would say we've seen a little more moderation with the increasing cost of capital in terms of international price points. But the interesting thing about that is what it's resulted in is not necessarily deals being done at lower prices in many cases but, frankly, deals not getting done at all where there's sort of a disconnect between where seller expectations are and where buyers are willing to pay. I think you'll start to see some of that shift over the course of the coming year, particularly if the interest rate environment remains elevated.

是的，併購市場的競爭仍然相當激烈。特別是在美國，由於可用資產數量有限，因此競標非常有競爭力。因此，我們繼續看到價格非常高。國際上也是如此。儘管我想說，就國際價格點而言，隨著資本成本的增加，我們看到了更多的緩和。但有趣的是，在許多情況下，它所導致的交易不一定以較低的價格完成，但坦率地說，當賣方期望與買方願意之間存在某種脫節時，交易根本無法完成。支付。我認為，在未來一年中，您將開始看到這種轉變，特別是在利率環境仍然較高的情況下。

In the case of DISH, yes, they are certainly a component of our assumptions for our leasing growth for this year. They do have the deadlines that you mentioned, and we've had ongoing conversations with them, and we believe that they will be attacking those obligations aggressively. So we do have some amount of growth in our model associated with DISH. But I would say it's a relatively small percentage of the total.

就 DISH 而言，是的，它們肯定是我們今年租賃成長假設的一部分。他們確實有你提到的最後期限，我們一直在與他們對話，我們相信他們將積極履行這些義務。所以我們的模型中確實有一些與 DISH 相關的成長。但我想說的是，這只佔總數的一小部分。

And next, we will hear from Matt Niknam with Deutsche Bank.

接下來，我們將聽取德意志銀行馬特·尼克南 (Matt Niknam) 的發言。

Just a two-parter. First, on the strategic review, Brendan, is this at all a pullback from, I guess, more emerging markets and a pivot of the portfolio towards more developed markets? Is there anything of that sort underpinning the review?

只不過是兩人份而已。首先，關於策略審查，布倫丹，我猜這是否是從更多新興市場的撤退以及投資組合轉向更發達市場的轉向？是否有類似的內容支持審查？

And then maybe on a related note, any additional color you could provide on the 281 sites that were acquired subsequent to 4Q just in terms of region? Or any other color you can share?

然後，也許在相關說明中，您可以在第 4 季之後收購的 281 個網站上提供任何其他顏色（僅就區域而言）嗎？或是有其他顏色可以分享嗎？

Sure. I'll take the second one first. The 281 aren't necessarily all closed at this point. I think a few are closed, but most are just under contract at this point. And about 10% of those are in the U.S., the remaining 90% are located throughout our existing markets, in half a dozen different countries that we're already in.

當然。我先拿第二個。此時 281 路不一定全部關閉。我認為有一些已經關閉，但大多數目前剛剛簽訂合約。其中約 10% 位於美國，其餘 90% 位於我們現有的市場，以及我們已經進入的六個不同國家。

In the case of the way we're thinking about the strategic review, it's not necessarily emerging markets versus developed, although that can be a factor. It's a focus on how we maximize our position in those markets. So we have positions in emerging markets that are very strong because of the strength of our role and our existing relationships with the strongest carriers in those markets. And so if we can enhance that in places where we don't have it, then I think we would be comfortable with the markets regardless of whether they were necessarily developed or emerging markets.

就我們考慮策略審查的方式而言，這不一定是新興市場與已開發市場的比較，儘管這可能是一個因素。重點是我們如何最大化我們在這些市場中的地位。因此，由於我們的角色優勢以及我們與這些市場中最強大的營運商的現有關係，我們在新興市場中擁有非常強大的地位。因此，如果我們能夠在我們沒有的地方加強這一點，那麼我認為我們會對這些市場感到滿意，無論它們是已開發市場還是新興市場。

However, I think developed markets do offer some aspects of quality that we would find attractive if we can find the right opportunities. Things like strong tower siding, regulatory regimes, certainly strength of the wireless carriers in the market and a relative balance to their market share, stability of the currency, stability of the tax regime, things like that would be things that we would find valuable because at the end of the day, sort of the value proposition of a tower company, when most people look at it, is this expectation that you have a long-term, very stable cash flow stream that is going to grow both steadily over time. And sometimes if you're in places that don't have some of those attributes I just mentioned, you can introduce a certain amount of volatility that we would be looking to obviously try to move out of the mix and focus more on that kind of stable, growing cash flow stream.

然而，我認為已開發市場確實提供了一些品質方面的內容，如果我們能找到合適的機會，我們會發現這些方面很有吸引力。像是強大的塔壁、監管制度、市場上無線營運商的實力以及市場份額的相對平衡、貨幣的穩定性、稅收制度的穩定性，諸如此類的事情都是我們認為有價值的事情，因為歸根結底，當當大多數人看到時，塔式公司的價值主張就是期望您擁有長期、非常穩定的現金流，並且隨著時間的推移，現金流將穩定成長。有時，如果你所在的地方不具備我剛才提到的某些屬性，你可以引入一定程度的波動性，我們顯然會嘗試擺脫這種波動性，並更多地關注這種波動性。穩定且不斷成長的現金流。

So I think we're open to shift in the type of market, but I think the markets that we're in have opportunities to improve our positioning and that's what we're looking at.

因此，我認為我們對市場類型的轉變持開放態度，但我認為我們所處的市場有機會改善我們的定位，而這就是我們正在尋找的。

Is there a time frame attached to the strategic review?

策略審查是否有時間表？

It's something that I would expect us to be working on throughout this year, but there are also factors that are outside of our control, things that we would like to do. That may take some time to figure out whether the opportunities actually exist. So I think it will be an ongoing effort.

我希望我們今年能夠在這方面開展工作，但也有一些我們無法控制的因素，也是我們想做的事情。可能需要一些時間才能弄清楚這些機會是否確實存在。所以我認為這將是一個持續的努力。

But the real point -- and this isn't some wholesale change, just to kind of reiterate that. It's not like we were doing something totally one way before and we completely shifted. This is more of a refinement of the approach that SBA has historically taken. I think you know us, we have always focused on quality, financial returns. All those things are still the same. What this really is, is kind of digging in a little bit deeper on some of our current holdings and looking at where we're underperforming, what are the root causes of that and what can we do to address that. And if we don't feel we can address it, then we would look at it like Argentina and say, "Hey, this we don't think we necessarily can fix so we'll adjust." So again, it's really just a refinement of what has been our long-standing policy.

但真正的重點是——這並不是什麼大規模的改變，只是為了重申這一點。這並不是說我們以前完全以一種方式做某事，然後我們就完全改變了。這更多的是對 SBA 歷來採取的方法的改進。我想你了解我們，我們一直注重品質和財務回報。所有這些事情仍然是一樣的。這實際上是對我們目前持有的一些股票進行更深入的挖掘，看看我們表現不佳的地方，其根本原因是什麼，以及我們可以採取什麼措施來解決這個問題。如果我們覺得我們無法解決這個問題，那麼我們會像阿根廷一樣看待它並說：“嘿，我們認為我們不一定能解決這個問題，所以我們會進行調整。”再說一次，這其實只是我們長期政策的改進。

And next, we'll hear from Richard Choe with JPMorgan.

接下來，我們將聽取摩根大通的 Richard Choe 的演講。

I just wanted to ask about the pacing of the services revenue through the year. And then another question in terms of new activity, how much of it is coming from colocation versus amendments? And do you expect any significant change through the year?

我只是想問一下全年服務收入的節奏。然後是關於新活動的另一個問題，其中有多少來自託管與修改？您預計今年會有什麼重大變化嗎？

Yes. The services revenue, we actually, in our outlook, expect it to slightly increase but to be relatively balanced throughout the year. On the colos versus amendments, I don't know if you're asking about the actuals of the fourth quarter where we've seen more of a shift towards new leases. But I would expect as we get into this year, you'll see amendment activity again be the lion's share of what we do.

是的。實際上，在我們的展望中，服務收入預計會略有成長，但全年相對平衡。關於託管與修正案，我不知道您是否在詢問第四季度的實際情況，我們看到了更多向新租賃的轉變。但我預計，當我們進入今年時，您會看到修訂活動再次成為我們所做工作的主要部分。

And a final one is in terms of Argentina, can you quantify what the impact would have been to revenue and EBITDA had you kept it?

最後一個問題是就阿根廷而言，您能否量化如果保留它的話會對收入和 EBITDA 產生什麼影響？

Yes. It represented about $1 million of EBITDA and a little over $2 million, about $2.3 million, of revenue on an annual basis.

是的。它代表了約 100 萬美元的 EBITDA 和略高於 200 萬美元（約 230 萬美元）的年收入。

And next, we'll hear from Michael Elias with TD Cowen.

接下來，我們將聆聽 Michael Elias 和 TD Cowen 的演講。

My first question for you is, you mentioned earlier in the prepared remarks about the stability of results, I'm curious if on the U.S. side, we should take that to mean you're more open to doing, let's say, holistic MLAs with the carriers that you have with AT&T. That's my first question.

我要問你的第一個問題是，你之前在準備好的評論中提到了關於結果穩定性的問題，我很好奇美國方面是否應該認為這意味著你更願意做整體性的工作重點您在AT&T 擁有的營運商。這是我的第一個問題。

And then the second question is, when you talked about the use of cash, you were essentially mentioning that you assume the remainder has reinvested at around 4%. So when I take a look at the AFFO yield of your stock, it's implying over 6%. You talked about earlier how you may hold back if you see some opportunities. I guess what I'm getting at here is, are you holding back on the buyback under the expectation that you're going to go forward and do more M&A? Just trying to get some more color in terms of what you're thinking on the buybacks versus the M&A.

第二個問題是，當您談到現金的使用時，您實質上是提到您假設剩餘部分已以 4% 左右的比例進行了再投資。因此，當我查看你們股票的 AFFO 收益率時，它意味著超過 6%。您之前談到，如果您看到一些機會，您可能會猶豫不決。我想我在這裡要表達的是，您是否因為預計將繼續進行更多併購而推遲回購？只是想了解您對回購與併購的看法。

So on holistic MLAs, I think when we talk about a goal of trying to ensure that we have stabilized our cash flow streams and results, one of the ways you do that is through enhancing and improving customer relationships. And that can be done in part through master agreements. We obviously signed one with AT&T last year. We've signed others in the past with each of our customers along the way. So I would expect we will continue to make use of that, assuming that it's the best structure for what our customers need to get done and SBA is able to achieve a certain amount of certainty and length of commitment as part of those agreements. But each of those will be determined on an individual basis based on the needs of the customer and what we need.

因此，關於整體工作重點，我認為當我們談論努力確保我們穩定現金流和結果的目標時，實現這一目標的方法之一就是加強和改善客戶關係。這可以部分透過主協議來完成。顯然我們去年與 AT&T 簽署了一份協議。我們過去曾與每位客戶簽署過其他協議。因此，我預計我們將繼續利用這一點，假設這是滿足我們客戶需要完成的任務的最佳結構，並且作為這些協議的一部分，SBA 能夠實現一定程度的確定性和承諾期限。但每一項都將根據客戶的需求和我們的需求單獨確定。

Again, the buybacks versus M&A, yes, I mean, we're not necessarily sitting here saying we've got all this cash flow ready to spend on buybacks. In fact, we still have balances out on our revolver. So I don't feel like we've necessarily been in that position. We have historically been very opportunistic around share buybacks. I would expect that to continue to be the case now. But individual acquisition opportunities, particularly of size, may influence our timing on when we would buy back our stock if we otherwise saw it as an attractive investment. So that's where we are, and we'll see as time goes by. But just because you don't see us buy back our stock doesn't necessarily mean that we don't see it as a good value. It means there may be other factors we're considering.

再說一遍，回購與併購，是的，我的意思是，我們不一定坐在這裡說我們已經準備好將所有現金流用於回購。事實上，我們的左輪手槍上仍然有餘額。所以我覺得我們不一定處於那個位置。從歷史上看，我們在股票回購方面一直非常機會主義。我預計現在情況會繼續如此。但是，如果我們認為股票是一項有吸引力的投資，那麼個別收購機會，尤其是規模收購機會，可能會影響我們回購股票的時機。這就是我們現在的情況，隨著時間的推移我們會看到結果。但僅僅因為你沒有看到我們回購我們的股票並不一定意味著我們不認為它具有良好的價值。這意味著我們可能正在考慮其他因素。

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。

It's been asked a few ways but maybe to put it in a different term, can you talk a little bit about what is assumed in the $42 million of domestic leasing guidance that relates to kind of the lap-over effective signings in 2023 versus what you need to sign in 2024 itself?

有人以多種方式詢問，但也許換個說法，您能否談談 4200 萬美元的國內租賃指導中的假設，該指導與 2023 年的重疊有效簽約與您的預期有關2024年需要自己簽名嗎？

Yes. I can't tell you exactly with precision sitting here, but I'm sure we can follow up with you. It is largely based on what's already been signed up to date. I'm sure it's somewhere in the 3/4 range of the number, but maybe even more. So we'll follow up with you, Brendan, separately on that.

是的。我不能坐在這裡準確地告訴你，但我相信我們可以跟進你。它主要基於迄今為止已經簽署的內容。我確信它在該數字的 3/4 範圍內，但也許更多。因此，布倫丹，我們將單獨跟進您的情況。

Okay. That's helpful. And then one other question on international churn. I know you were expecting some churn in some Latin American markets. Maybe you could talk a little bit about what you're seeing there. It did seem to tick up a bit, in the fourth quarter. And give some color on what you anticipate throughout the next year.

好的。這很有幫助。然後是關於國際客戶流失的另一個問題。我知道您預計一些拉丁美洲市場會出現一些波動。也許你可以談談你在那裡看到的東西。第四季的情況似乎確實有所改善。並給出一些你對明年的預期的顏色。

Yes. So I mentioned it briefly in my prepared comments, but there are a number of markets that we're in where we have consolidations taking place, in particular, in Brazil where you had the Oi wireless consolidation with the other big 3 carriers there as we kind of work through that. Last year, that was a big factor. It represented roughly 40%. It was just from TIM, by itself associated with that consolidation as one item. That is probably going to be a continued driver of some level of international churn over the next few years. But we're working through negotiations with each of our customers. And as we do that, we're kind of pricing this long-term relationship, long-term commitment where we've got stability that we can reintroduce into the relationship but allow them to get through the efficiencies that they need to achieve as a result of the combination of customers that's taking place in the market. So it's a mix, but Brazil will probably be the biggest just because it's the biggest market we have with the most revenue.

是的。因此，我在準備好的評論中簡要地提到了這一點，但我們在許多市場上都進行了整合，特別是在巴西，Oi 無線與其他三大運營商進行了整合，因為我們類似的工作。去年，這是一個重要因素。約佔40%。它只是來自 TIM，它本身與合併作為一個項目相關聯。這可能會成為未來幾年某種程度國際客戶流失的持續推動因素。但我們正在與每個客戶進行談判。當我們這樣做時，我們正在為這種長期關係、長期承諾定價，我們可以重新引入這種穩定性，但允許他們獲得作為一個團隊所需實現的效率。市場上發生的客戶組合的結果。所以這是一個混合體，但巴西可能是最大的，因為它是我們擁有最多收入的最大市場。

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

接下來，我們將聽取 Walter Piecyk 和 LightShed 的演講。

I guess just a quick follow-on for that one. In your discussions with those customers, is there an opportunity with Movil to maybe take ownership of those towers? Do you think there would be some regulatory issues with that?

我想這只是一個快速的後續行動。在您與這些客戶的討論中，Movil 是否有機會獲得這些塔的所有權？您認為這會帶來一些監管問題嗎？

Yes, I probably can't answer that in this forum, Walt. But we do have ongoing conversations with them about all different things that they do, that we do, that might fit together.

是的，我可能無法在這個論壇上回答這個問題，沃爾特。但我們確實與他們進行了持續的對話，討論他們所做的、我們所做的、可能適合在一起的所有不同的事情。

Just looking through history, you go back to Oi and then you look at PG&E and you maxed the balance sheet at like 7.7, is that coincidental? Or is that kind of your threshold of pain in terms of where you would take something for the opportunities that exist out there?

回顧一下歷史，你回到 Oi，然後看看 PG&E，你的資產負債表達到了 7.7 左右，這是巧合嗎？或者說，這就是你的痛苦閾值，你會在哪裡抓住現有的機會？

Well, it's probably coincidental, to some degree. I don't think you'd see us go above 8x at any point in our history. But now that we've got a pretty big cushion given where our leverage has come down to, so I don't really foresee that ever being a number that we approach.

嗯，在某種程度上，這可能是巧合。我認為在我們歷史上的任何時候你都不會看到我們的成長率超過 8 倍。但現在考慮到我們的槓桿率已經下降到了何種程度，我們已經有了相當大的緩衝，所以我並沒有真正預見到我們會接近這個數字。

Okay. Well, that gives us a sense of the size of things that you can consider. And then just lastly, just kind of a touchy-feely question, which is, these operators have a lot of spectrum, which makes it a little different than past capital cycles when there's kind of an ebb and flow. What gives you confidence that when this ebb turns to flow, it's not only going to be in markets where it can be satisfied with rooftops and small cells as opposed to traditional areas where densification is required? I'm talking domestically. Forget about your global markets.

好的。嗯，這讓我們了解了您可以考慮的事物的大小。最後，這是一個敏感的問題，即這些業者擁有許多頻譜，這使得它與過去資本週期的潮起潮落有些不同。是什麼讓您有信心相信，當這種衰退轉為流動時，它不僅會出現在屋頂和小型蜂窩小區能夠滿足的市場，而不是需要緻密化的傳統領域？我說的是國內。忘記您的全球市場。

Yes. Well, I mean, really what gives me confidence, but we'll see how it plays out, is history. I mean, every time we've seen the cycle of activity, it's ultimately gotten to the suburban markets, the rural markets. Those dense urban centers really were never tower markets to begin with. So it's not really been a factor for us. Anything that's getting resolved with rooftops, that's a very limited tower market. So I'm not sure it matters that much to us.

是的。嗯，我的意思是，真正給我信心的是歷史，但我們會看看結果如何。我的意思是，每次我們看到的活動週期，最終都會進入郊區市場、農村市場。那些密集的城市中心實際上從來就不是塔樓市場。所以這對我們來說並不是一個真正的因素。任何透過屋頂解決的問題，塔樓市場都非常有限。所以我不確定這對我們來說有多重要。

So are there factors that in suburbia that you could hit? Or not you, but like, let's say, TMS, Verizon, maybe AT&T jumps onboard, they hit enough penetration that the depth of spectrum that they have from C-band and the Sprint spectrum is not enough to serve, whatever, let's call it, 30% penetration that they would require additional identification.

那麼，在郊區有哪些因素可以讓你受到影響呢？或者不是你，但像 TMS、Verizon，也許 AT&T 也加入其中，他們的滲透率足夠高，以至於他們從 C 頻段和 Sprint 頻譜獲得的頻譜深度不足以提供服務，無論如何，我們稱之為，30 %的滲透率表明他們需要額外的識別。

Sure.

當然。

And next we will hear from David Guarino with Green Street.

接下來我們將聽取 David Guarino 和 Green Street 的演講。

Sticking with the U.S. on the $40-ish million in new leasing activity expected in '24, is this level of the new run rate we should expect as we model out over the next few years? Or do you think there's a chance that new leasing levels might reach what we saw in '22 and '23 again?

與美國保持一致，預計 24 年新租賃活動將達到 4000 萬美元左右，在我們未來幾年的模型中，我們是否應該預期這一新的運行率水平？或者您認為新的租賃水平有可能再次達到我們在 22 年和 23 年看到的水平嗎？

And then the second question was, could you just comment on the discretionary CapEx spend for '24? It looked like it stepped up pretty meaningfully from '23, what drove that increase?

第二個問題是，您能否評論一下 24 年的可自由支配資本支出？看起來它比 23 年有了相當有意義的成長，是什麼推動了這種成長？

So the leasing level into the future, yes, we think it could go up, sure. Obviously, it's all driven by carrier activity. I mean if you go back over the last 3 years, David, you will see, if you go back a few years ago, that we were at a level very similar to where we are now. In fact, I think we reported a number lower than the $42 million that we just put in our outlook for this year, what, 3, 4 years ago. So since that time, obviously, it spiked up much higher than that because of carrier activity. And I think to some degree, the network strain that they may feel and the cost of capital is very impactful to the decisions they're making there. And so yes, we believe there's definitely opportunity to see the number go higher in future years, but we need to see how that moves.

因此，未來的租賃水平，是的，我們認為它肯定會上升。顯然，這一切都是由營運商活動所驅動的。我的意思是，如果你回顧過去三年，大衛，你會發現，如果你回顧幾年前，我們的水平與現在非常相似。事實上，我認為我們報告的數字低於三、四年前我們剛剛在今年展望中提出的 4,200 萬美元。因此，從那時起，顯然，由於運營商的活動，它的漲幅遠高於此。我認為在某種程度上，他們可能感受到的網路壓力和資本成本對他們在那裡做出的決策非常有影響。所以，是的，我們相信未來幾年肯定有機會看到這個數字更高，但我們需要看看它如何發展。

I'm sorry, your other question was on CapEx?

抱歉，您的另一個問題是關於資本支出的？

Discretionary CapEx.

可自由支配的資本支出。

Yes. I believe what we guided to was similar to what last year's number was. Yes, where we guided to in the $330 million at the midpoint. And last year, it was $310 million. So sorry, David, what's the core of the question?

是的。我相信我們的指導數字與去年的數字相似。是的，我們指導的中間值是 3.3 億美元。去年，這一數字為 3.1 億美元。很抱歉，大衛，問題的核心是什麼？

No, my apologies, I must have misread that wrong. If it's flat, you can disregard the question.

不，抱歉，我一定是看錯了。如果是平的，你可以忽略這個問題。

Okay. All right. thanks.

好的。好的。謝謝。

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

接下來，我們將聽取瑞銀集團 (UBS) 巴蒂亞‧萊維 (Batya Levi) 的演講。

Just a couple of follow-ups. First, AT&T recently signed a new contract with FirstNet. Can you provide color if that will be included within the current MLA you have with them? Or provide some upside.

只是幾個後續行動。首先，AT&T 最近與 FirstNet 簽署了一份新合約。如果顏色包含在您與他們現有的 MLA 中，您能否提供顏色？或提供一些好處。

And just another one on M&A. As you think about increasing your portfolio, do you have a preference for carrier-owned towers versus portfolios that are coming out of independent tower operators?

這只是另一則關於併購的文章。當您考慮增加您的產品組合時，您是否更喜歡運營商自有的鐵塔，而不是獨立鐵塔運營商的產品組合？

Sure. With regards to AT&T/FirstNet, for the most part, I would expect, based on my understanding of everything that is expected to happen there, that it would have limited upside for us from an amendment or upgrade standpoint. The opportunity set would be more based on a need to densify where they needed to actually have new lease agreements at existing sites or possibly even new tower builds. So it's really a new site leasing opportunity to the extent that there is an impact, but I do not think there's much of an amendment impact potential for us.

當然。關於 AT&T/FirstNet，在很大程度上，根據我對那裡預期發生的一切的理解，我預計，從修改或升級的角度來看，它對我們的好處有限。機會集將更多地基於需要在現有場地實際簽訂新的租賃協議，甚至可能建造新塔樓的地方進行密集化。因此，就影響而言，這確實是一個新的場地租賃機會，但我認為對我們來說沒有太大的修改影響潛力。

With regards to the M&A question, generally speaking, I would say we would prefer independent company towers as opposed to carrier-owned towers. Usually, we find that they've been developed with the mindset of colocation already in there, and they are operated and maintained in a way typically that is better than what you find with a traditional carrier sale leaseback. But having said that, we've done both kinds of deals. And I think what we bring to the table is our expertise that allows us to kind of improve those operations. Sometimes there's greater opportunity for improvement when you buy things that haven't been run quite as well. So I guess it just depends on the individual opportunity.

關於併購問題，一般來說，我會說我們更喜歡獨立公司的塔樓，而不是營運商擁有的塔樓。通常，我們發現它們在開發時就已經考慮了託管的心態，而且它們的運作和維護方式通常比傳統業者售後回租更好。但話雖如此，我們已經完成了這兩種交易。我認為我們帶來的是我們的專業知識，使我們能夠改善這些營運。有時，當您購買運作狀況不佳的產品時，會有更大的改進機會。所以我想這取決於個人的機會。

And we have no further questions at this time.

目前我們沒有進一步的問題。

Well, great. Thank you, everybody, for taking the time, and we look forward to reporting to you next quarter.

嗯，太好了。謝謝大家抽出時間，我們期待下個季度向您報告。

And 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。