SBA Communications Corp (SBAC) 2025 Q1 法說會逐字稿

Welcome and thank you for joining the SBA first quarter 2025 results. This call is being recorded. (Operator Instructions)

歡迎並感謝您參加 SBA 2025 年第一季業績調查。此通話正在錄音。（操作員指示）

With that, I'll turn the call over to Mark Derussy, Vice President of Finance. Please go ahead.

說完這些，我將把電話轉給財務副總裁馬克‧德魯西 (Mark Derussy)。請繼續。

Thank you. Good evening and thank you for joining us for SBA's First Quarter 2025 Earnings Conference Call. Here with me today are Brendan Cavanagh, our President and Chief Executive Officer; and Marc Montagner, our Chief Financial Officer.

謝謝。晚上好，感謝您參加 SBA 2025 年第一季財報電話會議。今天和我一起在場的是我們的總裁兼執行長 Brendan Cavanagh；以及我們的財務長馬克‧蒙塔格納 (Marc Montagner)。

Some of the information we will discuss on this call is forward-looking, including, but not limited to, any guidance for 2025 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, April 28, that we have no obligation to update any forward-looking statement we may make. In addition, our comments will include non-GAAP financial measures and other key operating metrics.

我們將在本次電話會議上討論的一些資訊是前瞻性的，包括但不限於對 2025 年及以後的任何指導。在今天的新聞稿和提交給美國證券交易委員會的文件中，我們詳細說明了可能導致我們未來結果與預期不同的重大風險。我們的聲明截至今天（4 月 28 日），我們沒有義務更新我們可能做出的任何前瞻性聲明。此外，我們的評論還將包括非公認會計準則財務指標和其他關鍵營運指標。

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.

這些項目的對帳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'll now turn it over to Brendan.

現在，我將把發言權交給布倫丹。

Great. Thank you, Mark, and good afternoon. 2025 got off to a good start in the first quarter. Results were broadly in line with our estimates and activity levels continue to demonstrate a healthy level of growth. In the US, our mobile network operator customers continued growing their level of network investment around our macro tower sites.

偉大的。謝謝你，馬克，下午好。 2025年第一季開局良好。結果與我們的估計大致相符，活動水平繼續呈現健康的增長水平。在美國，我們的行動網路營運商客戶繼續增加圍繞我們的宏塔站點的網路投資水準。

We had our best quarter going back several years in terms of new domestic leasing business signed up during the quarter. Most encouraging though is that our leasing backlog also grew from December 31, and meaning we are adding new applications at a greater pace than we are signing up new business. This bodes well for the balance of the year.

從本季簽訂的新國內租賃業務來看，我們迎來了近年來最好的季度。最令人鼓舞的是，我們的租賃積壓量也從 12 月 31 日起成長，這意味著我們增加新申請的速度比簽約新業務的速度更快。這對今年的平衡來說是個好兆頭。

We also continue to see a higher percentage of our new US leasing business coming from new lease colocations versus amendments to existing leases. And our US-based services business had a great quarter as well, with activity levels and results ahead of our expectations. We also saw our new business backlog grow for services during the quarter.

我們也繼續看到，我們新的美國租賃業務中，來自新租賃主機託管的比例高於來自對現有租賃的修改的比例。我們在美國的服務業務本季也表現出色，活動水準和業績超出了我們的預期。我們也看到本季服務領域的新業務積壓有所成長。

And as a result of the strong start to the year and our growing backlog, we have increased our full year outlook for services. In our international markets, we also saw a positive start to the year with solid leasing activity. In addition, elevated CPI rates in some of our markets have presented the potential for better existing lease escalations during the year.

由於今年開局強勁且積壓訂單不斷增加，我們提高了全年服務業務的預期。在我們的國際市場，我們也看到了今年的良好開端，租賃活動穩健。此外，部分市場的消費者物價指數 (CPI) 上升也意味著今年現有租賃價格有可能上漲。

Across our markets, our customers have many network goals, which will require continued investment. Macro sites remain the most effective and cost-efficient way to advance wireless coverage and deploy new spectrum and technologies. Our portfolio is well positioned to capture growth from these initiatives over the next several years.

在我們的市場中，我們的客戶有許多網路目標，這需要持續的投資。宏站點仍然是推進無線覆蓋和部署新頻譜和技術的最有效和最具成本效益的方式。我們的投資組合已做好準備，在未來幾年內抓住這些措施帶來的成長機會。

In addition to our operational achievements during the quarter, we also made progress in the areas of portfolio management and capital allocation. During the quarter, we completed our exit from the Philippines. And on last quarter's earnings call, we announced our planned exit from Colombia. We were able to finalize the required steps to complete this exit and formally sold our Colombian operations prior to quarter end.

除了本季的營運成就外，我們在投資組合管理和資本配置方面也取得了進展。本季度，我們完成了從菲律賓的退出。在上個季度的收益電話會議上，我們宣布了退出哥倫比亞的計劃。我們能夠完成退出所需的步驟，並在季度末之前正式出售我們的哥倫比亞業務。

These steps have allowed us to improve our focus and allocation of resources. We continue to evaluate all of our operations to identify ways to improve our market positioning or gain further synergies. In addition, during the first quarter, we closed on a small portion of the Central American sites previously put under a purchase agreement with Millicom International.

這些措施使我們能夠改善我們的重點和資源分配。我們將繼續評估我們的所有運營，以找出改善市場定位或獲得進一步協同效應的方法。此外，在第一季度，我們完成了先前與 Millicom International 達成的購買協議下的一小部分中美洲站點的收購。

While there are numerous regulatory and diligent steps remaining, we will continue to explore opportunities for additional early closings. Against the backdrop of the current uncertain macroeconomic environment and the resulting market volatility the stability and consistency of our company and our business stand out. We have not experienced, nor do we foresee any direct impacts from the current tariff policies.

儘管仍有許多監管和盡職措施需要執行，但我們將繼續探索更多提前關閉的機會。在當前不確定的宏觀經濟環境和由此產生的市場波動的背景下，我們公司和業務的穩定性和一致性顯得尤為突出。我們尚未經歷、也不預見當前關稅政策的任何直接影響。

Our business continues to generate steady cash flow, and the underlying needs of our customers remain robust. As a result, we have significant confidence in our company and our future. Subsequent to quarter end, we have demonstrated that confidence by repurchasing 583,000 shares of our stock at an average price per share of $210.87.

我們的業務持續產生穩定的現金流，客戶的潛在需求仍然強勁。因此，我們對我們的公司和我們的未來充滿信心。季度末之後，我們以每股平均 210.87 美元的價格回購了 583,000 股股票，證明了我們的信心。

We have also announced today that our board has approved a new $1.5 billion share repurchase plan, supporting our ability to return significant value to our shareholders. The combination of this plan and our industry-leading dividend growth provide a direct line of shareholder returns, while our existing capital structure allows us the flexibility to still pursue meaningful asset investment opportunities. We are very well positioned.

我們今天也宣布，董事會批准了一項新的 15 億美元股票回購計劃，以支持我們向股東回報重大價值的能力。該計劃與我們行業領先的股息成長相結合，為股東帶來了直接的回報，而我們現有的資本結構使我們能夠靈活地尋求有意義的資產投資機會。我們的定位非常有利。

For the balance of 2025, SBA will be focused on operational execution, driving efficiencies in our processes, particularly through the incorporation of new technologies and systems enhancing our relevance to and relationships with our largest customers and bringing a balance of entrepreneurial spirit and informed financial discipline to capital allocation and expansion.

2025 年餘下時間，SBA 將專注於營運執行，提高流程效率，特別是透過採用新技術和系統來增強我們與最大客戶的相關性和關係，並在資本配置和擴張中實現企業家精神和明智的財務紀律的平衡。

Some of these focus areas may seem straightforward or mundane, but our ability to excel in each of these areas will be what sets SBA apart from our peers. The wireless ecosystem will continually evolve providing new opportunities for those willing to take them. I believe we have the people, experience and DNA makeup to maximize these opportunities.

其中一些重點領域可能看起來很簡單或平凡，但我們在每個領域都表現出色的能力將使 SBA 從同行中脫穎而出。無線生態系統將持續發展，為願意抓住機會的人提供新的機會。我相信我們擁有人才、經驗和 DNA 組成來最大限度地利用這些機會。

Before turning it over to Marc, I'd like to thank our team members who represent that experience in D&A. Our team members represent SBA well every day and continually put the goals and objectives of our customers first. I look forward to sharing our progress with you throughout the balance of the year.

在將其交給馬克之前，我想感謝我們在 D&A 中擁有豐富經驗的團隊成員。我們的團隊成員每天都很好地代表 SBA，並始終將客戶的目標和宗旨放在首位。我期待在今年餘下的時間裡與大家分享我們的進展。

With that, I'll turn it over to Marc, who will provide additional details on our results.

說完這些，我將把麥克風交給馬克，他將提供有關我們結果的更多詳細資訊。

Thank you, Brendan. Given the solid start to the year, we are increasing our full year outlook for all key metrics, including site leasing revenue, tower cash flow, adjusted EBITDA, FFO and FFO per share as compared to our initial 2025 guidance. The primary drivers of these increases include in-line third quarter result the closing of a small portion of the acquisition of towers from Millicom earlier than expected, an improved outlook for services, slightly higher straight-line revenue due to the extension of some leases and a reduction in the share count from recently completed buybacks.

謝謝你，布倫丹。鑑於今年開局良好，與最初的 2025 年指引相比，我們上調了所有關鍵指標的全年預期，包括場地租賃收入、塔樓現金流、調整後的 EBITDA、FFO 和每股 FFO。推動這些成長的主要因素包括第三季業績與預期一致、從 Millicom 收購一小部分塔台的交易提前完成、服務前景改善、由於延長部分租約而導致的直線收入略有增加，以及由於最近完成的回購導致的股票數量減少。

First quarter domestic organic leasing revenue growth over the first quarter of last year was 5.2% on a gross basis, 1% on a net basis. including 4.2% of churn. $20 million of our first quarter churn was related to the Sprint consolidation, which we anticipate to be approximately $50 million to $52 million for the full year 2025. previously provided SDL of aggregate sprint related churn over the next seven years remain unchanged. Beyond 2025, we anticipate approximately $50 million in 2026 and $20 million thereafter.

第一季國內有機租賃收入較去年第一季年增 5.2%（以總額計算），淨額成長 1%。其中包括 4.2% 的客戶流失。我們第一季的客戶流失中有 2,000 萬美元與 Sprint 合併有關，我們預計 2025 年全年的客戶流失將達到約 5,000 萬至 5,200 萬美元。先前提供的未來七年內與 Sprint 相關的客戶流失總額的 SDL 保持不變。2025 年以後，我們預計 2026 年將達到約 5,000 萬美元，之後將達到 2,000 萬美元。

Non-Sprint related domestic annual churn continues to be between 1% and 1.5% of our domestic site-leasing revenue. During the first quarter, 80% of consolidated cash site leasing revenue was denominated in US dollars. International organizing leasing revenue growth for the first quarter, which is calculated on a constant currency basis, was 1.6% net, including 5.6% of churn or 7.2% on a gross basis.

與 Sprint 無關的國內年度客戶流失率仍占我們國內站點租賃收入的 1% 至 1.5%。第一季度，80%的合併現金場地租賃收入以美元計價。以固定匯率計算，第一季國際組織租賃收入成長淨值為 1.6%，其中包括 5.6% 的客戶流失率或 7.2% 的總收入成長。

Total international churn remained elevated in the first quarter due mostly to key area consolidation. We believe that procure consolidation in some of our international markets, the remaining wireless operators will be stronger in a better position to invest for the long term. This will support a steady growth rate for our operations in those countries. During the first quarter of 2025, we acquired 344 sites for total cash consideration of $58 million mostly related to the acquisition of sites for Millicom in Nicaragua.

第一季國際客戶流失總量依然居高不下，主要原因是關鍵地區的整合。我們相信，透過在一些國際市場上進行整合，剩下的無線營運商將變得更加強大，更有能力進行長期投資。這將支持我們在這些國家的業務保持穩定的成長率。2025 年第一季度，我們以 5,800 萬美元的總現金對價收購了 344 個站點，其中大部分與收購尼加拉瓜的 Millicom 站點有關。

The contribution to the 2025 outlook from closing earlier than previously assumed, is $4 million of site leasing revenue and $3 million of tower cash flow. The remaining 6,700 sites related to the Millicom transaction remain under contract and guidance continues to assume the September 1 closing date. The closing date is dependent upon regulatory approval and other requirements and may differ from this date. We also built 67 new sites in the quarter, mostly outside of the US.

由於交易比之前預計的要早，對 2025 年前景的貢獻為 400 萬美元的場地租賃收入和 300 萬美元的塔現金流。與 Millicom 交易相關的其餘 6,700 個站點仍在合約期間內，指導意見繼續假設截止日期為 9 月 1 日。截止日期取決於監管部門的批准和其他要求，並且可能與此日期有所不同。本季我們也新建了 67 個站點，大部分位於美國境外。

Our balance sheet remains strong, and we have ample liquidity from both cash on the balance sheet and a fully undrawn $2 billion revolver. The recent share buybacks were funded fully with excess cash and did not require any borrowing. Our current leverage of 6.4 turns net debt to adjusted EBITDA remains near historical low.

我們的資產負債表依然強勁，我們擁有充足的流動性，包括資產負債表上的現金和尚未提取的 20 億美元循環信貸額度。最近的股票回購完全由多餘現金資助，不需要任何借款。我們目前的槓桿率為 6.4，淨負債與調整後的 EBITDA 比率仍接近歷史低點。

As of the end of the first quarter, our weighted average interest rate was 3.7% across our outstanding debt and our weighted average maturity was approximately four years. Including the impact of our current interest rate hedge, the interest rate of [9%] of our current outstanding debt is fixed. And finally, our next debt maturity is a $750 million ABS security due in January of 2026.

截至第一季末，我們的未償債務的加權平均利率為 3.7%，加權平均期限約為四年。包括我們目前利率避險的影響，我們目前未償還債務的利率為[9%]是固定的。最後，我們的下一筆債務是 2026 年 1 月到期的 7.5 億美元 ABS 證券。

Now let me turn the call over to Mark.

現在讓我把電話轉給馬克。

Thank you, Marc. We ended the quarter with $12.5 billion of total debt and $11.8 billion of net debt. As Marc mentioned, our net debt to annualized adjusted EBITDA leverage ratio was 6.4 times below the low end of our target range. Our first quarter net cash interest coverage ratio of adjusted EBITDA to net cash interest expense remains strong at 4.9 times.

謝謝你，馬克。本季末，我們的總債務為 125 億美元，淨債務為 118 億美元。正如馬克所提到的，我們的淨債務與年度調整後 EBITDA 槓桿率比我們的目標範圍低 6.4 倍。我們第一季的淨現金利息覆蓋率（調整後的 EBITDA 與淨現金利息支出）仍保持強勁，為 4.9 倍。

During the second quarter, we repurchased 583,000 shares of our common stock for $123 million at an average price per share of $210.87. On April 27, 2025, the company's board of directors authorized a new $1.5 billion share repurchase plan replacing the prior plan that was authorized in October of 2021, which had a remaining authorization of $82 million.

第二季度，我們以每股平均 210.87 美元的價格回購了 583,000 股普通股，回購金額為 1.23 億美元。 2025 年 4 月 27 日，公司董事會批准了一項新的 15 億美元股票回購計劃，取代 2021 年 10 月批准的先前計劃，該計劃剩餘授權金額為 8200 萬美元。

This new plan authorizes the company to purchase from time to time up to $1.5 billion of our outstanding Class A common stock. The new plan has no time deadline and will continue to otherwise modified or terminated by the board of directors. In addition, during the first quarter, we declared and paid a cash dividend of $122.3 million or $1.11 per share.

這項新計畫授權公司不時購買價值高達 15 億美元的已發行 A 類普通股。新計劃沒有時間期限，除非董事會修改或終止，否則將繼續執行。此外，在第一季度，我們宣布並支付了 1.223 億美元或每股 1.11 美元的現金股息。

And today, we announced that our board of directors declared a quarterly dividend of 1.1, -- I'm sorry, $1.11 per share payable on June 17, 2025, to shareholders of record as of the close of business on May 22, 2025. This dividend represents an increase of approximately 13% over the dividend paid in the second quarter of 2024 and approximately 35% of the midpoint of our full year AFFO outlook.

今天，我們宣布董事會宣布季度股息為 1.1——抱歉，是每股 1.11 美元，將於 2025 年 6 月 17 日支付給 2025 年 5 月 22 日營業結束時登記在冊的股東。該股息比 2024 年第二季支付的股息增加約 13%，約佔我們全年 AFFO 預期中位數的 35%。

Operator, we are now ready for questions.

接線員，我們現在可以回答問題了。

(Operator Instructions) James Schneider, Goldman Sachs.

（操作員指示）高盛的詹姆斯施耐德。

Maybe first, on the overall carrier environment. It sounds like fairly constructive commentary on the direction of travel here. Maybe I just was wondering if you could comment on any updates in terms of carriers' plans in the US and their willingness to devote any capacity to fix wireless access as far as you can see at this point?

也許首先是關於整體運營商環境。這聽起來像是對此處旅行方向的相當有建設性的評論。也許我只是想知道，您是否可以評論一下美國運營商計劃的任何更新，以及就您目前所知，他們是否願意投入任何能力來修復無線接入？

And then secondly, on the capital allocation front, the buyback of $1.5 billion was encouraging to see. How are you thinking about just the overall environment for capital allocation at this point, rates are obviously probably a little bit higher than you might have thought 6, 9, 12 months ago? How about the refinancing needs potentially for 2026 and the level of buybacks you'd want to do right now and assuming nothing changes in the rate environment today? Thank you.

其次，在資本配置方面，15億美元的回購令人鼓舞。您如何看待目前資本配置的整體環境，利率顯然可能比您 6 個月、9 個月或 12 個月前想像的要高一些？假設目前的利率環境沒有任何變化，那麼 2026 年的潛在再融資需求以及您現在想要進行的回購水準如何？謝謝。

Sure, Jim. So on the carrier environment overall, as you heard in our prepared comments and in our press release, things are generally pretty positive here in the US. There's a lot of work to be done. We're seeing a greater amount of leasing activity than we've seen over the last two years. So broadly, we feel very positive about that.

當然，吉姆。因此，就整體的運營商環境而言，正如您在我們準備好的評論和新聞稿中所聽到的，美國的整體情況相當積極。還有很多工作要做。我們看到的租賃活動比過去兩年多。因此，總體而言，我們對此感到非常樂觀。

And the fact that the backlogs continue to grow is an indication that there's still a lot of work to be done. And so that's, -- as I said in my comments, that's perhaps the most encouraging thing. In terms of the specifics of what they're focused on and fixed wireless access. Our belief is that fixed wireless access is certainly a contributing factor when you look at our customers' recent reports on their own results, you saw that's where a significant portion of their subscriber growth is coming from.

積壓案件不斷增加的事實表明還有很多工作要做。所以，正如我在評論中所說，這也許是最令人鼓舞的事情。就他們關注的具體內容和固定無線存取而言。我們相信，固定無線接取肯定是促成因素，當您查看我們客戶最近的業績報告時，您會發現他們的用戶成長很大一部分來自於此。

We know that is a very heavy broadband consuming product, and therefore, it drives a lot of usage of the capacity of the network, and therefore, would be a driver of the need for incremental investment in their networks and infrastructure. So I can't tell you specifically because it's using the same frequencies and spectrum.

我們知道這是一種非常耗費寬頻的產品，因此，它會大量使用網路容量，因此，它會推動對網路和基礎設施進行增量投資的需求。所以我無法具體告訴你，因為它使用相同的頻率和頻譜。

Generally speaking, is their mobile network. But we do think it's a driver, and there are many drivers. So we just feel good about the pickup in activity. On the second question around capital allocation, the rates are certainly staying higher here for longer. It's hard to say for sure, obviously, in the current environment as to when we'll see rates moving lower, -- if we'll see rates moving lower.

一般來說，就是他們的行動網路。但我們確實認為這是一個驅動因素，而且有很多驅動因素。因此，我們對活動的回升感到高興。關於資本配置的第二個問題，利率肯定會在較長時間內維持在較高水準。顯然，在當前環境下，很難確定何時會看到利率下降，是否會看到利率下降。

But our positioning is very good. As you heard, our leverage position today is well below where we've historically carried our leverage balance. And as a result, that gives us a lot of flexibility. We did buy back shares because we saw the opportunity to do it here in April as there was some dislocation around some of the announcements that we're affecting the market more broadly.

但我們的定位非常好。正如您所聽到的，我們目前的槓桿率遠低於歷史槓桿率。因此，這給了我們很大的靈活性。我們確實回購了股票，因為我們在四月看到了這樣做的機會，因為圍繞我們的一些公告對市場產生了更廣泛的影響，出現了一些混亂。

We took advantage of that. And I think if we see additional opportunities, we'll continue to take advantage of it. The new plan that was put in place by our Board is evidence that we expect to be allocating capital towards share repurchases. But as we said in the past, you should expect that our approach to capital allocation should be really a mix of buybacks, new asset investments where we see good opportunities and debt repayments in addition, of course, to our dividend.

我們利用了這一點。我認為，如果我們看到更多機會，我們將繼續利用它。董事會制定的新計劃證明我們預計將分配資金用於股票回購。但正如我們過去所說的那樣，您應該預料到，我們的資本配置方法實際上是回購、新資產投資（我們看到了良好的機會）和債務償還的混合，當然還有股息。

So it hasn't really changed, and we're pretty comfortable with our positioning to be able to be flexible and adjust as opportunities present themselves.

所以它實際上並沒有改變，我們對自己的定位非常滿意，能夠靈活地根據機會的出現進行調整。

Jonathan Atkin, RBC Capital Markets

加拿大皇家銀行資本市場部喬納森·阿特金

So I was curious about just given what you said about the current activity level, the backlog, where do you think you might end the year on a run rate basis for US leasing, any kind of product metrics you could share with us?

所以我很好奇，根據您所說的當前活動水平和積壓情況，您認為今年美國租賃的運行率會是多少，您可以與我們分享什麼產品指標嗎？

Yes. I mean it's a little hard to say absolutely at this point because I got to see how things continue to build, but it certainly would expect to end at a higher level than we're at in terms of what we produced here in the first quarter.

是的。我的意思是，現在還很難絕對地說，因為我必須看到事情如何繼續發展，但就我們第一季的產量而言，它肯定會達到比現在更高的水平。

And that was approximately $9 million from new leases and amendments here in the US. I definitely expect to be higher than that, we get to the fourth quarter, but I -- I'll refrain from giving an absolute number there until we see how the rest of the year progresses.

其中約有 900 萬美元來自美國的新租約和修訂。我絕對希望這個數字會更高，我們進入第四季度，但我 - 我不會給出一個絕對數字，直到我們看到今年剩餘時間的進展。

And then secondly, I was interested just where you stand in terms of the bilateral contracting relationships you have with major customers in terms of pay by the drink or things like amendments colocations and just give us kind of a refresh on MLAs.

其次，我感興趣的是，您與主要客戶在按杯付費或修訂共置等方面的雙邊合約關係的立場，請您向我們介紹一下 MLA 的情況。

Yes. So we have -- we've not typically had the kind of holistic MLAs that you're referring to. We've always had master lease agreements in place with our customers, but they've usually been equipment specific in terms of how they've paid us for the use of our sites. The exception to that was the deal we did with AT&T a couple of years ago, which was more of a holistic approach.

是的。所以，我們通常沒有您所指的那種整體性的 MLA。我們一直與客戶簽訂主租賃協議，但通常都是針對特定設備，以規定他們如何向我們支付使用我們場地的費用。例外的是幾年前我們與 AT&T 達成的交易，那是更全面的方法。

We're open to a holistic approach with our customers, but it really is just dependent on the specific give and take within the negotiations around those agreements. So we'll just have to see how it goes. But at this point, the only through holistic agreement we have in the US is the one that we signed with AT&T a couple of years ago.

我們願意與客戶採取整體的方法，但這實際上取決於圍繞這些協議的談判中的具體妥協。所以我們只需要看看事情進展如何。但目前，我們在美國唯一的全面協議是幾年前與 AT&T 簽署的協議。

Thanks very much.

非常感謝。

Sure.

當然。

Batya Levi, UBS.

瑞銀的 Batya Levi。

A couple of quick questions. First, can you talk a little bit about what's driving higher network services business and versus what you had expected earlier in the year? And when we look at domestic churn, it looks like it picked up a little bit, excluding Sprint.

幾個簡單的問題。首先，您能否談談推動網路服務業務成長的因素以及與今年稍早的預期相比的情況？當我們觀察國內客戶流失時，除 Sprint 外，情況似乎有所回升。

What were some of the drivers for that. And maybe on the M&A front, a couple of tower portfolios are available for sale in Canada. You have some exposure to the region there, slower growth market. But can you provide some color on how you would approach M&A in Canada?

造成這種情況的一些因素是什麼？也許在併購方面，加拿大有幾個塔樓組合可供出售。您對該地區有一些了解，但市場成長較慢。但是您能否提供一些關於如何在加拿大進行併購的詳細資訊？

Sure. So first question was on services and why it's growing faster than we expected. Really, it's as simple as one of our customers, in particular, just operating at a much faster pace than we had even expected here in terms of their network investments. And so we're just seeing them frankly, just move quicker. It's kind of that simple.

當然。所以第一個問題是關於服務以及為什麼它的成長速度比我們預期的要快。事實上，這很簡單，特別是我們的一個客戶，他們的網路投資運作速度比我們預期的要快得多。所以我們坦率地看到他們行動得更快。就這麼簡單。

And I would expect based on the backlogs growing that they'll continue to keep a fast pace during the rest of the year, and that's why we raised our outlook for the full year. So we'll continue to try to meet their needs and keep up with them. On the US churn, you said it was growing. It's basically in line with what we put out at the beginning of the year.

而且我預計，基於積壓訂單的成長，他們在今年剩餘時間內將繼續保持快速成長，這就是我們上調全年預期的原因。因此，我們將繼續努力滿足他們的需求並跟上他們的步伐。關於美國客戶流失率，您說它正在成長。這與我們年初發布的內容基本一致。

So I don't think it's beyond what our expectations were. I don't know if you're asking about year-over-year.

所以我不認為這超出了我們的預期。我不知道您問的是否是同比情況。

I guess, yes, it's within the range you've given, it's just picked up slightly versus last two quarters, maybe used to be around 1%.

我想，是的，它在您給出的範圍內，只是與前兩個季度相比略有回升，可能以前在 1% 左右。

I think that's really just a timing thing. If you look at our full year outlook, we didn't change it. And I think the implied percentage for the full year for the US is around 1.2%. So it was 1.4% in the first quarter.

我認為這實際上只是一個時間問題。如果你看一下我們的全年展望，你會發現我們並沒有改變它。我認為美國全年的隱含百分比約為 1.2%。第一季的成長率是1.4%。

So you should take that to imply that it will be a little bit lower at other points during the rest of the year. And then, on the Canada side, really, we approach that the way we approach most major M&A opportunities and portfolios that come to market anywhere really around the globe, particularly obviously in the markets where we already have operations.

因此，你應該認為這意味著在今年剩餘時間的其他時間點，該數字將會略低。然後，在加拿大方面，我們實際上採用這種方式來處理全球任何地方上市的大多數重大併購機會和投資組合，特別是在我們已經開展業務的市場中。

We will look thoroughly at any of those opportunities. And if we can see value there and see at a price point that we think makes sense and is competitive and is better, then we'll certainly will be interested in pursuing that. I think you've heard us talk about our approach to our international markets over the last year or so in terms of what we'd like our positioning to be.

我們將仔細研究這些機會。如果我們能夠看到其中的價值，並且看到我們認為合理、有競爭力且更好的價格點，那麼我們肯定會對此感興趣。我想您已經聽過我們談論過去一年來我們在國際市場上的定位。

Obviously, in Canada, if you have the mobile network operators up there, divest their towers, whoever ends up buying those will certainly be in a lead position in terms of their size and scale in the market. So that would be something that we would consider in our analysis of any deal. But as you should expect that we'll look at any opportunities that come to market. And I can't say whether it will work or not. But if it does, it's something we will certainly pursue.

顯然，在加拿大，如果行動網路營運商剝離其訊號塔，那麼最終購買這些訊號塔的人肯定會在市場規模方面處於領先地位。所以這是我們在分析任何交易時都會考慮的事情。但正如您所料，我們會關注市場上出現的任何機會。我不能說它是否會起作用。但如果確實如此，我們肯定會追求它。

Got it. Thank you.

知道了。謝謝。

Walter Pieyck, LightShed.

Walter Pieyck，LightShed。

I guess I'll ask about our friends at DISH. I think there was a press reports about them on lease -- or looking to lease their spectrum. I think there might have been some rural areas. So maybe there's no impact there. But in general, just can you just characterize kind of what they've told you about some of their longer-term plans, what role you may play?

我想我會問我們在 DISH 的朋友。我認為有新聞報道稱他們正在租賃——或者尋求租賃他們的頻譜。我認為可能有一些農村地區。所以也許那裡沒有影響。但總的來說，您能否簡單描述一下他們告訴您的一些長期計劃以及您可能扮演的角色？

And then alternatively, I suppose, has there been any inbounds from cable companies who might be considering spectrum that's available in the market. And they want to redeploy on their own, I would guess that they want to do a little due diligence ahead of that to see what type of expenses that you want to take on. So I mean, basically, the same question about DISH.

或者，我想，是否有有線電視公司考慮過市場上可用的頻譜。他們想要自行重新部署，我猜他們想在此之前做一些盡職調查，看看他們想要承擔哪些類型的費用。所以我的意思是，基本上，關於 DISH 的問題是一樣的。

Yes. Well, you're probably not going to love my answer because there's not a lot of detail to offer there. I'll take the cable one first. There really hasn't been much in the way of direct conversation. We talked to them periodically that there's no there's nothing really along the lines of what you just described.

是的。好吧，您可能不會喜歡我的回答，因為我沒有提供太多細節。我先拿有線的。確實沒有太多直接對話。我們定期與他們交談，他們說根本沒有發生過與您剛才描述的情況類似的事情。

So I think until they have something firmer in hand, they frankly don't really need to spend a lot of time talking to the tower companies just yet, but we'll see if that develops.

因此我認為，在他們掌握更確切的結論之前，坦白說，他們實際上還不需要花費大量時間與塔台公司進行談判，但我們會觀察情況是否會發生。

Can I just interject on that one before you go back to it. Even on CBRS because I think Comcast has made mention at least in some investor meetings that the initial tempo CBRS might be tied to a vendor that didn't really deliver. They moved to, I think it was Samsung or something?

在您繼續討論之前，我可以插一句嗎？即使在 CBRS 上，因為我認為康卡斯特至少在一些投資者會議上提到，CBRS 的初始節奏可能與未能真正交付的供應商有關。他們搬到了，我想是三星還是別的什麼地方？

And I know a lot of that is kind of in home, but I thought there was an opportunity, especially with the current SEC to increase the power ability of CBRS for them to start hitting towers. No early indications of them looking to try and offload the rising expense at Verizon?

我知道其中很多都是在家裡進行的，但我認為這是一個機會，特別是當前 SEC 可以提高 CBRS 的功率能力，以便它們開始攻擊塔。沒有早期跡象表明他們試圖減輕 Verizon 不斷上漲的費用嗎？

Very limited. Will I mean, we have conversations with them? We've actually talked with them about CBRS over the years at various times. But when I look at it from a materiality standpoint to us, it's really completely immaterial

非常有限。我的意思是，我們會和他們交談嗎？事實上，多年來我們曾多次與他們討論 CBRS。但當我從物質性的角度來看，這對我們來說真的完全不重要

Got it. And then on the flip side, like the dish, what do you, have you heard, have you seen this stuff about them leasing out specimen world does that touch any part of your contract? And otherwise, what are they saying in terms of their intermediate term plans, let's call it.

知道了。另一方面，就像這道菜一樣，你聽說過嗎，你見過他們出租標本世界嗎，這會影響到你的合約的任何部分嗎？除此之外，他們還談到了他們的中期計劃，我們稱之為。

Yes. There's at this stage, there hasn't really been any specific conversations in terms of the leasing. If they do lease their spectrum, their contract doesn't allow for that to change in somebody else's hands. So there would have to be a conversation, and we've not had that conversation as of yet. In terms of is their broader commentary and feedback with us, we work pretty closely with them.

是的。目前，關於租賃方面還沒有進行任何具體的對話。如果他們確實租賃了自己的頻譜，那麼他們的合約就不允許將其轉移到別人手中。所以必須要進行對話，但目前我們還沒有進行過這樣的對話。就他們對我們的更廣泛的評論和反饋而言，我們與他們合作得相當密切。

They on the operations side are very clear about their desire to continue to pursue their stand-alone greenfield network. At this stage, obviously, things are much slower in terms of leasing activity with them. So we're hopeful that that changes. But at this stage, it's really just meeting some very basic needs. There's some basic upgrades going on.

在營運方面，他們非常清楚自己想要繼續追求獨立的綠地網路。顯然，現階段他們的租賃活動進展緩慢得多。因此我們希望這種情況能夠改變。但現階段，它其實只是滿足一些非常基本的需求。正在進行一些基本的升級。

They are signing a few leases here and there, but it's pretty small at this stage. So I don't have much feedback for you there either, but I would -- I'll be interested to hear what they have to say on their call.

他們到處簽署了一些租約，但現階段規模還很小。所以我也沒有太多的回饋給你，但我很想聽聽他們在電話中說了什麼。

Michael Rollins, City.

邁克爾·羅林斯，城市。

Thanks, and good afternoon. Two topics, if I could. So first, on the international front, just curious if you could share an update on how the visibility is trending for organic growth as well as the churn dynamics and specifically in Latin America, both for this year and over the next few years. And then second, I was just looking at the supplemental, and thanks for the refresh that I think you began on this last quarter.

謝謝，下午好。如果可以的話，有兩個主題。首先，在國際方面，我很好奇您是否可以分享今年以及未來幾年有機成長的可見性趨勢以及客戶流失動態（特別是在拉丁美洲）的最新情況。其次，我只是在看補充內容，感謝您在上個季度開始的更新。

The supplemental looking at the straight-line revenue. And what caught my attention was the straight-line revenue is negative this year for the first time in like five years and goes more negative next year. And so as these contracts on average are getting further into their life. Does that increase the potential for some renewals?

補充一下直線收入。引起我注意的是，今年的直線收入五年來首次出現負值，而且明年的負值還會更大。因此，這些合約的平均有效期正在不斷延長。這是否會增加一些續約的可能性？

And is that something that significantly just impact the way that results look over the next few years that might be different than what the schedule is currently inferring.

這是否會對未來幾年的結果產生重大影響，而結果可能與目前的時間表推斷的結果不同。

Let me try to answer that second one first while I'm thinking about it. I don't think so. I mean basically, if you think about what straight line revenue is, it's essentially revenue that -- from an accounting standpoint, we're booking, but we haven't actually received the cash. So eventually, it's going to all go negative and reverse out and end up at zero cumulatively.

我正在思考，請先試著回答第二個問題。我不這麼認為。我的意思是，基本上，如果你想想直線收入是什麼，它本質上就是——從會計的角度來看，我們正在記錄的收入，但我們實際上還沒有收到現金。所以最終，它會全部變成負數並逆轉，最終累積為零。

I think what you're seeing is that as we've had less new leases and moved further in terms of the dates and the timing of our portfolio as it gets more mature. You should expect that it would move back towards that sort of breakeven point. Now having said that, we are signing more new leases today and perhaps that will have an impact.

我想您看到的是，隨著我們的投資組合變得更加成熟，我們的新租約越來越少，而且在日期和時間方面也取得了進一步的進展。您應該預期它會回到那種損益平衡點。話雖如此，我們今天簽署了更多新租約，也許這會產生影響。

And as we in some cases, extend out the length of the terms. We'll see some adjustments up. And actually, that did happen in the first quarter. We extended some leases out. So that pushes the timing. But I don't think that there's anything to be right into it other than just we're a more mature business, and we're in a more mature place in terms of our life cycle with our biggest customers.

在某些情況下，我們會延長期限。我們會看到一些調整。事實上，這在第一季確實發生了。我們延長了一些租約。因此這就推遲了時間。但我不認為有什麼事情是正確的，只是因為我們是一家更成熟的企業，而就我們與最大客戶的生命週期而言，我們也處於更成熟的階段。

So it's going to move up and down over time, but eventually, if you went to the end of time, it would be zero cumulatively. And so the other question was on international. I think, Mike, right, organic growth and churn? Is that what your question was on? Dynamics?

因此，隨著時間的推移，它會上下波動，但最終，如果走到時間的盡頭，它的累積值將為零。另一個問題是關於國際的。我認為，麥克，對的，有機成長和流失？這就是你的問題嗎？動力學？

Yes, the visibility into this year as well as in the next few years as you're managing through some of the Latin American churn dynamics.

是的，當您管理拉丁美洲的一些客戶流失動態時，您可以預見今年以及未來幾年的情況。

Yes. We are -- each market is a little different. And in some of the markets, we have experienced churn over the last few years due to consolidations that we're pretty close to being on the other side of that in a number of markets we are on the other side of it. If you look across many of our Central American markets, you have that consolidation take place. You had most of the rightsizing of those leases happen as a result of that.

是的。我們——每個市場都有點不同。在某些市場，由於整合，我們在過去幾年中經歷了客戶流失，在許多市場中，我們幾乎處於整合的另一邊。如果你觀察我們許多中美洲的市場，你會發現這種整合正在發生。大部分租賃的適當規模都是由此產生的。

And so I think we're going to be in a good spot there. And actually, you're going to have carriers that are more interested in their network development and investing further in their networks, and therefore, we're going to actually see some pickup in activity in that area. In other spots like in Brazil, we're really just kind of in the throes of the consolidation impacts and everything that comes with that.

所以我認為我們將會處於一個很好的位置。實際上，營運商對他們的網路發展更感興趣，並進一步投資於他們的網絡，因此，我們實際上會看到該領域活動有所回升。在其他地方，例如巴西，我們實際上正處於整合影響及其帶來的一切影響之中。

We talked about a bunch over the last year or so, everybody knows that was replaced by the other three carriers taking a piece of them, each of them but that leaves a lot of overlap, and a lot of rationalization needs to take place, and we're seeing that take place. We're also still seeing the impacts of the Nextel acquisition by Claro and that was done years ago.

我們在過去一年左右討論了很多問題，大家都知道，其他三家運營商各自佔據了一部分市場份額，但這留下了很多重疊，需要進行大量的合理化，我們正在看到這種情況發生。我們仍然能看到 Claro 收購 Nextel 的影響，這是幾年前的事了。

So I would say for the next few years, we probably will see some elevated churn internationally as a result of those dynamics. And that, -- I think the hidden cost of that is not just the churn, but it is the fact that, that rationalization takes a lot of the focus of the existing carriers and so the organic growth in terms of new lease-up is also impacted, I think, a little bit by that.

因此我想說，在接下來的幾年裡，我們可能會看到由於這些動態而導致的國際客戶流失率上升。而且，我認為這其中的隱性成本不僅僅是客戶流失，而且合理化需要大量關注現有航空公司，因此我認為新租賃的有機增長也會受到一定影響。

So I would say the next few years will probably be a slower growth period in Brazil, in particular, which is the lion's share of our international business. But as we move beyond that, based on what we've seen in other markets, including the US by the way, I would expect there to be an acceleration of leasing activity as we start to get further down the maturity cycle of that process.

因此，我想說，未來幾年可能會是巴西的一個成長較慢的時期，尤其是巴西，它佔據了我們國際業務的最大份額。但隨著我們超越這一點，根據我們在其他市場（包括美國）看到的情況，我預計隨著我們開始進一步進入過程的成熟週期，租賃活動將會加速。

(Operator Instructions) Matt Niknam, Deutsche Bank.

（操作員指示）德意志銀行的 Matt Niknam。

Just two, if I could. First, on the macro front. I'm wondering if sales cycles, conversations with carrier customers, particularly in the US lengthening at all? Or are you seeing carriers even potentially reevaluating spending plans in light of what's developing into a choppier macro backdrop?

如果可以的話，就兩個。首先，從宏觀角度來看。我想知道銷售週期、與營運商客戶的對話（特別是在美國）是否會延長？或者您看到運營商甚至可能根據正在演變的更動蕩的宏觀背景重新評估支出計劃？

And then just secondly, on the US as well, if you can give us any color on the mix of colo-relative to amendment for new leases signed in 1Q and how that compares to prior quarters?

其次，對於美國來說，您能否向我們介紹第一季度簽署的新租約的修訂情況以及與前幾季相比的情況？

Yes. We -- so the answer to your first question, Matt, is we have not seen an impact on any of our sales or leasing discussions with our customers. But I also think that it is pretty fresh, and it's not something that I can square won't take place over the coming months. I do feel very good in the sense that we obviously have no direct impacts from tariffs.

是的。因此，馬特，對於你的第一個問題，我們的答案是，我們沒有看到它對我們與客戶的任何銷售或租賃討論產生影響。但我也認為這很新鮮，而且我無法確定未來幾個月內不會發生這樣的事情。我確實感覺很好，因為我們顯然沒有受到關稅的直接影響。

Carrier customers have limited relative to most companies here, international companies. Obviously, in particular, the impacts on our carrier customers are very limited. So I think we're not going to see a lot because there's still such significant network needs. And there's a competitive dynamic that exists among our customers that I think is also favorable to continued investment.

與這裡的大多數公司和國際公司相比，營運商客戶有限。顯然，特別是對我們的營運商客戶的影響非常有限。所以我認為我們不會看到太多這樣的情況，因為網路需求仍然很大。我認為，我們的客戶之間存在著競爭態勢，這也有利於持續投資。

But we'll have to see how the macro environment around this topic evolves and where it ends up going. And obviously, there's a possibility that has an impact. But as of today, we've not seen any of that. And your second question was Colo versus commitments, right?

但我們必須觀察圍繞這一主題的宏觀環境如何演變以及最終走向何方。顯然，這可能會產生影響。但截至今天，我們還沒有看到任何此類情況。你的第二個問題是 Colo 與承諾，對嗎？

Yes. So we've definitely seen a pickup in the collocation that started last year and has continued into this period now where we're seeing the vast majority actually of new revenue added in the US coming from new lease collocations versus amendments. I don't actually have the percentage handy to give you, but that's something our team could probably provide to you in a follow-up call afterwards.

是的。因此，我們確實看到了從去年開始的租賃搭配的回升，並且一直持續到現在這個時期，我們看到美國新增收入的絕大部分實際上來自新的租賃搭配而不是修訂。我實際上沒有可以給您的百分比，但我們的團隊可能會在之後的跟進電話中向您提供。

But most of it is coming from new leases. And based on the backlogs and the way they're building, I would expect that to continue for the balance of the year.

但其中大部分來自新租約。根據積壓訂單和建設方式，我預計這種情況將在今年剩餘時間內持續下去。

Thank you.

謝謝。

Nicholas Deldeo. Moffet Nathanson

尼古拉斯·德爾德奧。莫菲特·納桑森

First, Brendan, in your prepared remarks, you noted the driving efficiencies for new technologies and systems, which is a priority for the year. Can you expand on that at all and maybe frame some of the areas that you're looking at, the sort of savings that you're expecting?

首先，布倫丹，在您準備好的發言中，您指出新技術和系統對提高效率的影響是今年的首要任務。您能否詳細闡述這一點，並概括出您正在關注的一些領域以及您期望的節省類型？

And then second, you decommissioned a lot of towers overseas this quarter. Is that all oil related? Or are there other drivers, anything we should be aware of there? And how should that trend in the coming periods?

其次，本季你們在海外關閉了很多塔。這都與石油有關嗎？或者還有其他驅動程序，我們需要注意什麼？未來一段時間這種趨勢將如何發展？

Executive

管理人員

Sure. Yes. So on the efficiencies, we are I mean, this is stuff that you should expect that we would be doing anyway, Nick, but I call it out because it's an internal focus area that we are definitely spending some time on. We have a number of new systems that we are putting in place in various areas of our business, some on the operational and front-end side around leasing, others around back-office operations, including our ERP system, getting a total refresh.

當然。是的。所以關於效率，我的意思是，這是你應該期望我們無論如何都會做的事情，尼克，但我之所以提到這一點，是因為這是一個我們肯定會花一些時間的內部重點領域。我們在業務的各個領域都部署了許多新系統，有些是關於租賃的營運和前端系統，其他是關於後台營運的系統，包括我們的 ERP 系統，正在進行全面更新。

And as we do that and we incorporate AI and other things into the solutions that we're providing, we will look for efficiencies in the way that we run these processes. And I think through that, we will actually gain not only cost savings but opportunities to drive additional revenue sources as well. It’s too early at this point to probably quantify that for you. But over time, I would hope that I'll be able to give you some idea of places where we've actually realized real savings that make an impact on the financials.

當我們這樣做並將人工智慧和其他東西融入我們提供的解決方案中時，我們將尋求提高這些流程的運作效率。我認為透過這種方式，我們實際上不僅可以節省成本，還可以獲得增加收入來源的機會。現在就為您量化這一點可能還為時過早。但隨著時間的推移，我希望能夠讓您了解我們實際上實現了真正節省並對財務產生影響的地方。

You mentioned -- sorry to jump in. You mentioned the ERP system. I know sometimes that's been problematic for some companies when they change that out. Do you feel comfortable from a risk profile because that's typically a big change for folks.

您提到過—抱歉打擾您。您提到了 ERP 系統。我知道，當某些公司改變這種做法時，有時會出現問題。您是否對風險狀況感到放心，因為這對人們來說通常是一個很大的變化。

I do. It is a big change, and it's actually a multiyear project, but I feel very good about where we are today and the progress, we're making on that. But yes.

我願意。這是一個巨大的變化，實際上是一個多年的項目，但我對我們目前的狀況和所取得的進展感到非常滿意。但確實如此。

And then the decommissioning question?

那麼退役問題呢？

Yes, the decommissioning. So just to be sure that we're clear because you probably are looking at the total number for international. That includes the divestitures of Colombia and the Philippines, which took place. So just to be clear, that's the vast material right.

是的，退役。因此，為了確保我們清楚，因為您可能正在查看國際總數。其中包括對哥倫比亞和菲律賓的資產剝離。所以要明確的是，這是大量的材料。

So if you strip that out, though, we are decommissioning some sites primarily in Brazil, and that is, -- it is an association with the Hawaii consolidation where we're seeing places where we have taken towers that we don't think how much progress -- promise, sorry in those cases will take those towers down to save the cost. But most of that number is the sale of those two countries.

因此，如果去掉這一點，我們將主要在巴西關閉一些站點，也就是說——這與夏威夷的整合有關，我們看到一些地方已經拆除了塔樓，但我們認為不會取得多大進展——承諾，抱歉，在這種情況下，我們將拆除這些塔樓以節省成本。但其中大部分是針對這兩個國家的銷售額。

Okay, great. Thank you, Brandon.

好的，太好了。謝謝你，布蘭登。

Sure.

當然。

Eric Luebchow, Wells Fargo.

艾瑞克‧盧布喬（Eric Luebchow），富國銀行。

Ben, I think you talked a little bit about the increasing Colo mix in your backlog. Any sense you have for how much might be related to regulatory requirements that certain carriers have a specific time that need to be deployed versus kind of any early signs of densification in your footprint from early mid-band deployments.

本，我想你談到了積壓訂單中不斷增加的 Colo 組合。您是否認為這可能與監管要求有關，即某些運營商需要在特定時間進行部署，而不是早期中頻部署中出現的任何密集化的早期跡象。

Yes. Well, first, let me -- since you gave me the opportunity here to go back and answer Matt's question on the actual percentages. It was about 75% of the new leasing business signed up in the first quarter. in the US came from colos as opposed to amendments.

是的。好吧，首先，既然你給了我機會回去回答馬特關於實際百分比的問題。約佔第一季新簽約租賃業務的75%。在美國，它來自於殖民地，而不是修正案。

So then to your question, it's a mix of things. Definitely, the regulatory requirements is a part of it. And I only know that with confidence because when we look at least one of our carrier customers and we look at the locations and sort of the more rural nature of some of those, that gives us a pretty good sense of what they're trying to accomplish there.

那麼對於你的問題，這是多種因素綜合作用的結果。當然，監管要求是其中的一部分。我之所以有信心知道這一點，是因為當我們觀察至少一位運營商客戶，並觀察他們的位置以及其中一些客戶的鄉村性質時，我們就能很好地了解他們在那裡想要實現的目標。

But it's really hard to say in every case because they have real network needs in all these different spots. And so whether it's for commercial reason or a regulatory reason. Sometimes we don't have that clarity. But I would expect that we'll continue to see a balance of both of those factors as a driver.

但在每種情況下都很難說，因為他們在所有這些不同的地方都有真正的網路需求。無論這是出於商業原因還是監管原因。有時我們並不那麼清楚。但我預計，我們將繼續看到這兩個因素作為驅動因素保持平衡。

Okay. Great. I appreciate that. And on the services guide uplift, I believe you over indexed to one carrier in particular there. So would you attribute that uptick to that customer? Or is it a little bit more broad-based than that?

好的。偉大的。我很感激。關於服務指南的提升，我相信您已經過度關注了某家特定的運營商。那麼，您會將這種成長歸因於該客戶嗎？或者說它的範圍比這更廣泛一些？

And I guess, do you think there's any correlation here between the services upside and some of the higher leasing activity that you've talked about in your backlog?

我想，您是否認為服務業的上升與您在積壓訂單中談到的一些更高的租賃活動之間存在任何關聯？

\Yes. I do think that there is a correlation to the leasing at least a little bit because most of the work that we're doing virtually all the services work we're doing now is on our own power sites. So, it's definitely tied into leasing activity. And yes, I mean, we do have a significant percentage of our services business with one particular carrier, but the increase, at least proportionally among them, is more broad-based.

\是的。我確實認為這至少與租賃有一點關聯，因為我們現在所做的大部分工作、幾乎所有服務工作都是在我們自己的發電場上進行的。所以，它肯定與租賃活動有關。是的，我的意思是，我們的服務業務很大一部分確實與某一家特定的運營商有關，但至少在它們之間的比例增長是更為廣泛的。

But obviously, that one customer makes up a bigger percentage. And therefore, as they get busier, that makes more of an impact to our outlook.

但顯然，那一位顧客所佔的比例更大。因此，隨著他們變得越來越忙，這對我們的前景產生了更大的影響。

Thanks, Brandon.

謝謝，布蘭登。

Sure.

當然。

Brandon Nispel, KeyBank

布蘭登·尼斯佩爾（Brandon Nispel），KeyBank

Thanks for taking the question. Brendan, I want to go back to your comments around new bookings and backlog. From a historical standpoint, what period is most comparable to the new bookings you saw this quarter? And then I was hoping you could help us contextualize what the book-to-bill ratio looks like today.

感謝您回答這個問題。布倫丹，我想回到你關於新預訂和積壓訂單的評論。從歷史角度來看，哪個時期與本季看到的新預訂最具可比性？然後我希望您能幫助我們了解當今的訂單出貨比情況。

Yes. I don't know if I could say absolutely, but it's been a couple of years. It's been over two years, I'd say, since we saw this level of applications that drive our backlog. So it's pretty good in terms of recent history. We were pretty busy back in the '22’ and ‘23 window.

是的。我不知道是否可以絕對地說，但已經有幾年了。我想說，自從我們看到這種程度的申請導致我們的積壓工作以來，已經過去了兩年多的時間。所以從近代歷史來看，這是相當不錯的。我們在 2022 年和 2023 年期間相當忙碌。

So it's probably as good as it was any time since then. I'm sorry, Brandon, your second question?

因此它可能和從那時起的任何時候一樣好。抱歉，布蘭登，你的第二個問題是什麼？

Just curious on book-to-bill backlog and sort of where that -- what that looks like.

我只是對訂單到出貨積壓情況以及它的樣子感到好奇。

Yes, it's still -- because of this shift in the mix to new leases, it's obviously more elongated than it's been historically. It's typically a six to nine months for a new colo, we've seen a little bit of improvement in that. It's probably been a little bit shorter than that, on average, at least this far into the year, which is not that much history, but they're turning them around a little bit quicker and getting them deployed quicker.

是的，由於轉向新租約，租期顯然比歷史上更長。新的託管通常需要六到九個月的時間，我們已經看到了一些進展。平均而言，可能比這要短一些，至少今年到目前為止是這樣，這並不是很長的歷史，但他們正在更快地扭轉局面，並更快地部署它們。

So let's say, three to nine months just to kind of hedge it. Every lease is a little bit different, but that's the typical range.

因此，假設需要三到九個月才能對沖。每個租約都有點不同，但這是典型的範圍。

Great. Thanks for taking the questions.

偉大的。感謝您回答這些問題。

Sure.

當然。

Michael Funk from Bank of America

美國銀行的麥可‧芬克

Thank you all for the questions today. So first one, just what do you attribute the increase in new leasing activity from the carriers based on your conversations with them? And then any maybe split between the carriers would be helpful as well.

感謝大家今天提出的問題。那麼第一個問題，根據您與承運商的交談，您認為是什麼導致了承運商新租賃活動的增加？那麼，運營商之間的任何可能的分割也會有所幫助。

And then second one, kind of more bookkeeping. You mentioned during the prepared remarks that CPI rates have a potential better escalators throughout the year internationally. If you can quantify that would be helpful.

然後第二個，更多的是簿記。您在準備好的發言中提到，國際上全年的消費者物價指數 (CPI) 有可能出現更好的上升趨勢。如果你能量化的話，那將會很有幫助。

Yes. So the increase -- I don't want to get too specific by customer in terms of what they're each doing. I think you can look at their own reports and get a sense of the things that they're focused on. that would be the logical drivers of activity in terms of leasing on macro tower sites. But it's broadly increased subscriber activity, certainly, certain product offerings that are more network bandwidth intensive such as fixed wireless access.

是的。因此，我不想太具體地描述每個客戶在做什麼。我認為你可以看看他們自己的報告並了解他們關注的事情。這將成為宏塔站點租賃活動的合理驅動力。但它廣泛地增加了用戶活動，當然，某些產品對網路頻寬的要求更高，例如固定無線存取。

There are some regulatory requirements, which we referred to a moment ago, for at least one of our customers that's T-Mobile who has some need to meet obligations in terms of downlink speeds and coverage that they committed to as part of the Sprint acquisition. So that's ongoing as a driver as well. So there's a variety of things. I think we'll continue to see a mix of those things.

正如我們剛才提到的，對於我們的至少一位客戶 T-Mobile 來說，有一些監管要求，他們需要履行在收購 Sprint 時承諾的下行速度和覆蓋範圍方面的義務。因此，作為一名駕駛員，這也是持續進行的。所以有各種各樣的事情。我認為我們將繼續看到這些事情的混合。

But overall, it's going to be strained on the network and competitive pressures between the carriers. And on the CPI question, yes, I mean, particularly in Brazil, we've seen an increase in the CPI rates down there. We’ll have to see whether that holds up. We obviously didn't raise our outlook around international escalator contributions for this year.

但總體而言，這將給網路帶來壓力，並增加營運商之間的競爭壓力。關於消費者物價指數 (CPI) 問題，是的，我的意思是，特別是在巴西，我們看到那裡的 CPI 率有所上升。我們將拭目以待，看看這是否成立。顯然，我們並沒有提高今年對國際自動扶梯捐款的展望。

If we continue to see elevated CPI rates down there, there's a potential that we would actually be able to raise our leasing outlook. And we're really talking about on our total for the full year, you're talking about $1 million or $2 million of impact. So it's not a massive number, but as a percentage, it's a reasonable contribution increase.

如果我們繼續看到那裡的消費者物價指數上升，我們實際上有可能提高租賃前景。我們實際上談論的是全年總額，即 100 萬美元或 200 萬美元的影響。因此，這不是一個巨大的數字，但從百分比來看，這是一個合理的貢獻成長。

Great. Thank you for the question.

偉大的。謝謝你的提問。

Sure.

當然。

Rickard Prentiss, Raymond James

里卡德普倫蒂斯、雷蒙德詹姆斯

Hey, good afternoon, everybody. I think I messed up my pound too here. I appreciate the questions.

嘿，大家下午好。我覺得我在這裡也把我的英鎊搞砸了。我很感謝你們提出這些問題。

Sure.

當然。

First question, I want to follow up on the lines, a lot of people touched on the colocation amendment. I appreciate the 75-25 for 1Q number. Was that revenue base, I assume, instead of application-based. Because I would expect new colocations come in on a significantly higher amount of revenue than an amendment.

第一個問題，我想跟進一下，很多人都談到了共置修正案。我很欣賞第一季的 75-25 這個數字。我認為這是收入基礎，而不是基於應用程式。因為我預計新的主機託管帶來的收入將比修正案高出許多。

Yes, that's revenue-based dollars.

是的，這是基於收入的美元。

Okay. Which also then lead activity. Also associated with that, kind of looking at new colocations versus amends, what's your outlook as far as when spectrum new spectrum, not just secondary like Walt was asking about, but when new spectrum could be found auctioned and put into the system. That would drive for spectrum deployments instead of having to split sites.

好的。這也會引發活動。另外與此相關的是，從新的共置與修正的角度來看，當頻譜是新頻譜時，你的看法是什麼，不僅僅是沃爾特所問的次要頻譜，而且是當新頻譜可以被拍賣並投入系統時。這將推動頻譜部署，而不必分割站點。

Any update from Washington that you're seeing on the spectrum front and when we might see some blocks come out and when they might show up on your towers?

您從華盛頓了解到頻譜方面的最新消息嗎？什麼時候我們可以看到一些頻譜塊出現，什麼時候它們會出現在您的塔上？

Yes. I don't obviously have any insight that is specific to when you're going to see it. But the general commentary that we get back in the conversations that we have and that our industry association WIA has is that there's definitely much more of an interest in this administration and the FCC to get new spectrum out there and auctioned off.

是的。我顯然不知道你什麼時候會看到它。但是，我們在對話中以及我們的行業協會 WIA 中得到的普遍評論是，本屆政府和 FCC 對獲得新頻譜並進行拍賣肯定更感興趣。

And so we're encouraged by that. I think even if they get that done, in relatively short order by the time it gets cleared and is available and then is actually deployed. You're talking four or five years from now, probably before we would see an opportunity for increased leasing activity as a result of that, Rick. So it's a ways off. But the faster that we get it done and out there get this process started, the quicker we can get to that point. So we're definitely pushing for that from our industry.

因此我們對此感到鼓舞。我認為，即使他們完成了這項工作，也要相對較短的時間才能完成審批、投入使用並實際部署。瑞克，你說的是四、五年後，可能我們才會看到租賃活動因此而增加的機會。所以這還有很長的路要走。但是，我們越快完成並啟動這一進程，我們就能越快達到這一目標。因此，我們肯定會從行業角度推動這一目標。

Industry could definitely do some more spectrum, but it's going to take time, which means we should probably count on colocations, more so than amendments being a trend, it feels like.

業界肯定可以做更多的頻譜，但這需要時間，這意味著我們可能應該依靠共置，而不是修正案成為一種趨勢，感覺上是如此。

Yes, which obviously isn't bad. I mean, we're fortunate in terms of where we're placed in the ecosystem and that if you don't have the spectrum, the only solutions you've got are to densify your network and that typically means more locations for us and more equipment, which is a good thing.

是的，這顯然不錯。我的意思是，就我們在生態系統中所處的位置而言，我們很幸運，如果你沒有頻譜，那麼你唯一的解決方案就是增加網路密度，這通常意味著我們可以擁有更多位置和更多設備，這是一件好事。

Last one for me. Obviously, good capital allocation, jumping on the dislocation in the stock price. But when you think about M&A that might be out there as out the Canada Towers. But are you still seeing private multiples being well above or just above the public multiples are going forward? Kind of how is that still impacting the ability to compete and win for external towers?

對我來說是最後一個。顯然，良好的資金配置，在股價錯位上跳躍。但是當你考慮併購時，可能會出現像加拿大大廈這樣的情況。但是，您是否仍然認為私人本益比遠高於或略高於公共本益比？這是否仍然會影響競爭和贏得外部塔的能力？

Yes. We are still seeing that. If you're talking about the US because there is a limited supply of potential assets, and there are a lot of people very interested in acquiring US towers. When those opportunities come about, the private valuations are much, much higher than the public valuations, and that makes it a challenge for us.

是的。我們仍然看到這種情況。如果您談論的是美國，因為那裡潛在資產的供應有限，而且有很多人對收購美國鐵塔非常感興趣。當這些機會出現時，私人估值比公開估值高得多，這對我們來說是一個挑戰。

Internationally, in some of our emerging markets, we've seen that rationalize a little bit more. But what you're actually seeing is very few assets trading hands at all. So I think what's happening is sellers are not getting interest at the levels that they'd like to or that perhaps they were getting in the past and buyers aren't willing to come up to those levels.

在國際上，在我們的一些新興市場中，我們看到這種情況變得更加合理了。但實際上你看到的是，交易的資產非常少。所以我認為現在的情況是賣家沒有獲得他們想要的或過去得到的興趣，而買家不願意達到那個水平。

So you end up having deals just not trade. So I'm feeling better about there being a little bit of rationalization in most of the international markets, although I'm not seeing that so much in the US. And hopefully, we will see that kind of balance out because I think it will be good in terms of that the health of the overall industry if we have more rationality brought to some of these analyses.

因此，您最終只是達成了交易，而沒有進行交易。因此，我對大多數國際市場都出現了一些合理化趨勢感到欣慰，儘管我在美國沒有看到太多這樣的情況。希望我們能看到這種平衡，因為我認為，如果我們對這些分析更加理性，那麼從整個產業的健康角度來看，這將是有益的。

You can't have cost of capital rising the way that it has and have no change in the approach that people take to valuing these assets. So hopefully, we'll start to see that.

你不能讓資本成本以現在的方式上升，而人們對這些資產的評估方法卻沒有任何改變。所以希望我們能夠開始看到這一點。

Makes sense. And in the US, that's much, much higher. We think in mid-20s, high 20s even into the 30s? Is that kind of what we're seeing out there?

有道理。而在美國，這個數字要高得多。我們認為是在 20 多歲左右、20 多歲甚至 30 多歲？這就是我們所看到的嗎？

Yes. I mean, it just depends on portfolio to some degree because of the maturity of it makes a difference, but we're definitely seeing assets that are trading in the mid-30s, in some cases, even higher.

是的。我的意思是，它在某種程度上取決於投資組合，因為它的成熟度會產生影響，但我們確實看到資產的交易價格在 30 多美元左右，在某些情況下甚至更高。

Appreciate it. Thanks guys.

非常感謝。謝謝大家。

Sure.

當然。

Benjamin Swinburne, Morgan Stanley

摩根士丹利的班傑明‧斯溫伯恩

Thanks. Good afternoon. Two questions. Brendan, we touched on it a few of your answers. Just trying to -- can you give us a sense of your visibility into sort of the full year domestic site leasing growth. Should we look at the activity, the service revenue growth and the mix shift to colocations is adding to that visibility?

謝謝。午安.兩個問題。布倫丹，我們談到了你的一些回答。只是想——您能否讓我們了解一下您對全年國內場地租賃增長的了解。我們是否應該關注活動、服務收入成長和向主機託管的混合轉變是否增加了這種可見性？

I just want to get a sense sitting here in late April, sort of the line of sight into the improving revenue trends domestic in the district business as you look through the rest of the year? And then I just thought a move up of a housekeeping.

我只是想了解一下，在四月下旬坐在這裡，在展望今年剩餘時間的同時，您對國內地區業務收入趨勢的改善有何看法？然後我就想到要升級為家事服務。

Can you just update us on if there's any change to how we should think about the Millicom contribution to revenue and gross profit when the rest of the bulk of the acquisition closes on. Assuming it closes September 1. Thank you.

您能否告訴我們，當其餘大部分收購完成後，我們對 Millicom 對收入和毛利的貢獻的看法是否有任何變化？假設它於 9 月 1 日關閉。謝謝。

Yes. So we do break out in our press release, our outlook for the contribution to leasing that we expect during the full year. And the range that we set for that for the US, we did not change after this quarter. It's only been two months since we gave that outlook originally. And I think at this stage, while my commentary is accurate in terms of the accelerating pace and that we're feeling very good about it as the backlogs have been bigger and the lease-up was a little bit ahead of pace.

是的。因此，我們確實在新聞稿中闡述了我們對全年租賃貢獻的期望。我們為美國設定的範圍在本季之後沒有改變。從我們最初提出這項展望到現在才兩個月。我認為在現階段，我的評論在加快步伐方面是準確的，而且我們對此感覺非常好，因為積壓訂單已經變大，租賃速度也略微領先於步伐。

I think that it's a little early to think that we're going to be outside of the range that we gave. But we'll see where we are next quarter. We'll certainly have a much better sense by then as to whether there's an opportunity to beat the range. But perhaps will be more towards the higher end of the range if things continue on this track. So stay tuned on that.

我認為現在就認為我們將超出我們給出的範圍還為時過早。但我們將看看下個季度的情況。到那時，我們肯定會更了解是否有機會超越這個範圍。但如果情況繼續這樣發展，或許會更接近範圍的高端。請繼續關注。

At least we're talking about it being towards the higher end and not towards the lower. That's a good sign. And then on the Millicom question, I mean, at this stage, the outlook that we put together originally hasn't really changed outside of the sites that we closed on early. Obviously, we adjusted for that. There's -- I don't know, Ben, if you're looking for something in particular, but basically, what we laid out in terms of the total expectation when it's all said and done, that's still the same as what we put in our original press release when we announced that deal. No real changes there, but we'll be excited to get it done as soon as we can.

至少我們談論的是朝著高端而不是低端的方向。這是個好兆頭。關於 Millicom 的問題，我的意思是，在這個階段，除了我們早期關閉的站點之外，我們最初制定的前景並沒有真正改變。顯然，我們對此進行了調整。還有——本，我不知道你是否在尋找某些特定的東西，但基本上，我們在一切都說完做完後對總體預期所列出的內容，仍然與我們在宣布該交易時的原始新聞稿中所說的相同。雖然沒有真正的變化，但我們很高興能盡快完成它。

Okay. The only change, I guess, is as part of that acquisition is close to ready, right?

好的。我想，唯一的變化是收購的一部分已經接近準備就緒，對嗎？

Yes, just a timing difference. So it's a fairly small piece of it. There were 320 sites that we were. And if we can close other pieces early, we will do that, too. I think there's not a great an opportunity to break off other pieces -- this particular market, there was an opportunity to buy the asset separately as opposed to an entity, and so that allowed us to close a few early.

是的，只是時間差異。所以這只是其中很小的一部分。我們共有 320 個站點。如果我們能夠提前結束其他部分，我們也會這樣做。我認為沒有一個很好的機會來拆分其他部分——在這個特定的市場中，有機會單獨購買資產而不是購買實體，因此這使我們能夠提前完成一些交易。

But we'll see how it goes. If we can close them early, we'll do that.

但我們會看看事情進展如何。如果我們能夠提前關閉它們，我們就會這麼做。

Great. Thank you so much.

偉大的。太感謝了。

Thanks.

謝謝。

Richard Choe from JPMorgan.

摩根大通的 Richard Choe。

A follow-up on the services side. Was the increase more in near-term activity? Or is it just feeling more confident about the level through the year? And then also, how much more services revenue could you fulfill or how much capacity you have in that services business kind of from this 180 to 200 level?

服務方面的後續行動。近期活動增加更多？或只是對全年的水平更有信心？那麼，從 180 到 200 的水平來看，您還能實現多少服務收入，或者您在服務業務中擁有多少產能？

Well, the services, the increase in guidance for services is a mix of the contribution from the first quarter, where we did little bit better than we had anticipated when we set the original outlook as well as the increased backlogs, which gave us some confidence that we will do better during the balance of the year, which is our original projections as well.

嗯，服務方面，服務業指引的增加是第一季度貢獻的混合體，我們在第一季度的表現比我們設定最初前景時的預期要好一點，而且積壓訂單也有所增加，這給了我們一些信心，相信我們會在今年餘下的時間裡做得更好，這也是我們最初的預測。

So it's really a mix of both of those. And on your question on capacity, I'm not sure what you're getting at. I mean, obviously, we've given an outlook for this year of now updated of 180 to 200. In the past, we have had even bigger years. A couple of years ago, we did almost $300 million in services revenue, high $200 million.

所以這實際上是兩者的混合。關於容量的問題，我不確定您想表達什麼。我的意思是，顯然，我們已經給出了今年的展望，目前更新為 180 到 200。過去，我們曾經歷過更為輝煌的歲月。幾年前，我們的服務收入接近 3 億美元，最高達到 2 億美元。

So we have the capacity in terms of our capabilities and scalability to handle increased volume if we can find the right work. And so if we see that opportunity, hopefully, we'll continue to see it grow. But we're not restrained in terms of our capabilities or capacity

因此，如果我們能找到合適的工作，我們就有能力以能力和可擴展性來處理增加的工作量。因此，如果我們看到這個機會，希望我們能夠繼續看到它發展。但我們的能力和容量並沒有受到限制

Great. Thank you.

偉大的。謝謝。

Sure.

當然。

Jonathan Chaplin, New Street.

喬納森卓別林，新街。

Thanks guys. Just one clarifying question for me. So I think in the past, Ben, you said that the 2.5 gigahertz and 3.5 gigahertz spectrum that the carriers have deployed on their sites as sort of 55% to 65% of sites. Is that of your site of their sites. The way I understood it initially was the sort of 55% to 65% of their sites, and they've still got a lot of growth to go.

謝謝大家。對我來說只有一個澄清問題。所以我認為，本，你過去說過，運營商在其站點上部署的 2.5 千兆赫和 3.5 千兆赫頻譜佔站點總數的 55% 到 65%。這是您的網站還是他們的網站？我最初的理解是，他們的網站佔比大約為 55% 到 65%，而且還有很大的成長空間。

And I would have thought that would have translated into a lot more amendments still to come as opposed to what you're seeing, which is the bulk of growth coming from new leasing?

我原本以為這會轉化為更多的修訂，而不是像你所看到的那樣，大部分增長來自新租賃？

No, it's -- when we give those statistics, we're giving it on our -- their presence on our sites, the leases that we have with them on our sites. Yes. It's not to their overall position that's up to them to comment on. So -- and the carriers are not balanced in terms of that. Obviously, T-Mobile is further ahead because they have 2.5 spectrum. Well ahead of the other incumbents having their mid-band C-band spectrum.

不，當我們提供這些統計數據時，我們給出的是他們在我們網站上的存在，以及我們與他們在我們的網站上簽訂的租約。是的。他們無權評論他們的總體立場。所以 —— 從這一點來看，運營商並不平衡。顯然，T-Mobile 更領先，因為他們擁有 2.5 頻譜。遠遠領先其他擁有中波段 C 波段頻譜的現有營運商。

So it's a mix between them. And that perhaps is what's contributing to the shift of who's moving towards new leasing versus amendments faster. But either way, they're through on a consolidated combined basis, cumulatively, they're through about close to 60% of our leases with the three incumbents have been upgraded for mid-band spectrum.

所以這是它們的混合體。這也許就是導致誰更快轉向新租賃而不是修訂的原因。但無論如何，從合併後的基礎來看，累計起來，我們與三家現有業者簽訂的租約中約有 60% 已經升級為中頻頻譜。

Got it. So that 60% of their sites. So they've done amendments on 60% of their sites from mid-band spectrum already. And so there's another 40% they could still do amendments on as a group?

知道了。因此他們的網站有 60% 都是如此。因此，他們已經對 60% 的中頻頻譜站點進行了修改。那麼，他們還能集體對另外 40% 的內容進行修改嗎？

Yes, as a group. When we're talking about their leases on our sites.

是的，作為一個團體。當我們談論他們在我們網站上的租約時。

Yes. And so they're not doing incremental -- so but that's not where the activity is coming from at the moment. It's mostly coming from them putting equipment on new sites.

是的。所以他們沒有採取漸進式行動——但這不是目前活動的來源。這主要來自於他們在新站點上安裝設備。

Well, yes, I mean we're still signing a bunch of amendments though. And the amendment activity is largely around that. It's largely 5G-related upgrades yes.

嗯，是的，我的意思是我們仍然在簽署一堆修正案。修訂活動主要圍繞著這一點。是的，這主要是與 5G 相關的升級。

Perfect, thanks for that clarification.

非常好，感謝您的澄清。

Sure.

當然。

David Guarino, Grey Street

大衛瓜裡諾，《格雷街》

Brendan, going back to your comment on the transaction front. You said the bid-ask spread might be too wide for some deals to cross the finish line. Was that comment in reference to the past few weeks and the volatility we've seen? Or -- is that something you've observed over the course of the year?

布倫丹，回到你對交易的評論。您說買賣價差可能太大，導致某些交易無法完成。該評論是否涉及過去幾週以及我們所看到的波動？或者—這是您在過去一年中觀察到的事情？

Yes. No, it's something we've observed really for the last year or so internationally where you're seeing this, we've seen a number of potential transactions come to market, processes run, some we participated in others we have not. And there are a number of them that did not actually get completed. So it's been a dynamic that's been happening for the last year.

是的。不，這是我們在過去一年左右在國際上觀察到的情況，我們看到許多潛在交易進入市場，流程正在運行，有些我們參與了，有些我們沒有參與。其中有許多實際上並未完成。這就是去年一直存在的動態。

So really, if you look at the timing of when cost of capital started to increase sometime following on that time period, you started to see this dynamic

所以實際上，如果你觀察一下資本成本在那段時間之後開始增加的時間，你就會開始看到這種動態

Makes sense. And then you had a comment in your press release talking about the business, having very reliable cash flow miss economic uncertainty. And that's definitely been true in the past. But since the tenant landscape has evolved since that, we really had any sort of economic stress test, how should we think about it's portfolio performing if the US economy were to hit a soft patch?

有道理。然後您在新聞稿中談到業務時發表了評論，擁有非常可靠的現金流可以避免經濟不確定性。過去確實如此。但自從租戶格局改變以來，我們確實進行了任何形式的經濟壓力測試，如果美國經濟陷入疲軟，我們該如何看待其投資組合的表現？

Well, I think, David, if you look at it from a big picture standpoint, we produce a tremendous amount of cash flow. Our AFFO is about $1.4 billion a year. And even if there's softness in the US or anywhere else. You're talking about a variation of leasing activity and incremental dollars being added that is relatively small in the in the big picture of the cash flow that we're able to produce, the amount that we're able to return back to our shareholders.

嗯，我認為，大衛，如果你從宏觀角度來看，我們產生了大量的現金流。我們的 AFFO 每年約為 14 億美元。即使美國或其他任何地方出現疲軟跡象。您談論的是租賃活動的變化和增加的美元增量，從我們能夠產生的現金流總體來看，也就是我們能夠返還給股東的金額來看，這些變化相對較小。

There's no risk to our ability to continue to operate or quote some saying, sell our products. It's already been sold. It's already happening. So we're talking about impacts happening on incremental additions. And right now, that it's a positive environment, and that's great. But even if things were to slow down, you're talking about fairly small amounts.

我們繼續經營或銷售產品的能力不會受到任何風險。已經賣掉了。這已經發生了。所以我們正在討論對增量增加的影響。現在，這是一個積極的環境，這很好。但即使事情進展緩慢，你談論的也是相當小的數量。

So my commentary is that compared to most businesses out there, the cash flow that we're able to produce can be relied upon. It is very steady and consistent. And that's a good place to be in a in an unstable environment.

所以我的評論是，與大多數企業相比，我們能夠產生的現金流是可靠的。它非常穩定且一致。在這樣一個不穩定的環境中，這是一個很好的地方。

Good point. Thank you.

說得好。謝謝。

Yes.

是的。

Ari Klein, BMO Capital Markets

Ari Klein，BMO資本市場

The commentary on domestic leasing activity and signing continues to get better. Based on the conversations with carriers, is that something you expect to continue to accelerate and maybe build here for the next couple of years? Or does it level off kind of in the range where you're at now?

對國內租賃活動和簽約的評論持續向好。根據與營運商的對話，您是否預計未來幾年內這一進程會繼續加速甚至推進？或者它在您現在所處的範圍內趨於平穩？

I think that's a hard question to answer to look out multiple years. We've seen this play out over decades of being in this and there are some periods where the carriers are busier than others, but it tends to move in cycles as different events happen. And I think if you look out over the coming years, -- this year, we're obviously feeling very confident and excited about the level of activity as it's continued to increase based on the specific drivers that are in place today.

我認為這是一個需要多年時間才能回答的問題。我們已經看到這種情況持續了幾十年，有些時期承運商比其他時期更忙，但隨著不同事件的發生，這種情況往往會呈現週期性變化。我認為，如果展望未來幾年，今年，我們顯然對活動水平感到非常有信心和興奮，因為基於目前存在的具體驅動因素，活動水平將繼續增長。

That -- there are a number of factors that could come along that caused that to slow and there are factors that could come along that caused that to increase. As we look out longer term, we know that there will be new spectrum that's eventually made available and that will be a driver of increased activity. There's eventually a 6G cycle that will take place down the road.

有許多因素可能導致這一增長放緩，也有許多因素可能導致這一增長加快。從長遠來看，我們知道最終將會有新的頻譜可用，這將成為活動增加的驅動力。最終將會出現一個 6G 週期。

And so over time, I feel very good that there will continue to be cycles of investment in networks by our customers, and we will see, -- we will be a beneficiary of that. But to say from one year to the next, whether this year is going to be higher or lower year, it's hard to say without too much precision if we look out multiple years.

因此，隨著時間的推移，我很高興看到我們的客戶將繼續對網路進行投資，我們將看到——我們將從中受益。但是，要說從一年到下一年，今年的增幅是會更高還是會更低，如果我們觀察多年的數據，很難說得清楚，除非我們能非常精確地判斷。

So I'll just leave it at. We'll see how it goes, but you should feel comfortable that there's always another cycle of something needed.

所以我就把它留在那裡了。我們會觀察事情進展，但你應該感到安心，因為總是會有另一個需要做的事情的週期。

Got it. And maybe if I can just kind of -- moving that leasing activity to from backlog to two leasing or leasing revenue. I think one of the things is the guide this year is the midpoint is down a little bit from last year despite the improvement in activity. Is that something when we look at the '26, we should expect a decent rent given how active you've been.

知道了。也許我可以把租賃活動從積壓轉移到兩個租賃或租賃收入。我認為其中一個原因是，儘管活動有所改善，但今年的指南中點比去年略有下降。當我們展望 26 年時，考慮到您一直以來的活躍程度，我們應該期待一筆不錯的租金。

Yes. If we continue to see it move the way that it's moved thus far this year and it stays with the same trajectory as we move through the balance of the year. That should be favorable to next year because that's -- the reason this year is down on last year, even though the activity is better this year than last year is because there's a drag.

是的。如果我們繼續看到它按照今年迄今為止的方式發展，並且在今年餘下的時間裡保持相同的軌跡。這應該對明年有利，因為這是今年比去年下降的原因，儘管今年的活動比去年更好，但因為存在阻力。

There's a lag time between when you sign up these agreements and when they start to hit your financials. And so we will see this benefit into the balance of this year, but particularly into next year as it carries over.

從您簽署這些協議到它們開始對您的財務產生影響之間存在一段時間。因此，我們將在今年看到這一好處，但隨著它繼續延續到明年，我們將看到這一好處。

Thanks for the color.

謝謝你的顏色。

Well, thank you all for joining the call today, and we look forward to reporting our second quarter results at the end of July.

好吧，感謝大家今天參加電話會議，我們期待在七月底報告我們的第二季業績。

That concludes out first quarter of 2025 results Conference Call. You may now disconnect.

這就是 2025 年第一季業績電話會議的結束。您現在可以斷開連線。