SBA Communications Corp (SBAC) 2025 Q2 法說會逐字稿

Welcome and thank you all for joining today's SBA second-quarter 2025 results. Please note that this call is being recorded (Operator Instructions) Thank you so much for your patience.

歡迎並感謝大家參加今天的 SBA 2025 年第二季業績發表會。請注意，此通話正在錄音（操作員指示）非常感謝您的耐心等待。

With that, I'd now like to formally begin today's call and turn it over to Mark DeRussy, VP of Finance.

現在，我想正式開始今天的電話會議，並將其交給財務副總裁 Mark DeRussy。

Thank you. Good evening. Thank you for joining us for SBA second-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。晚安.感謝您參加 SBA 2025 年第二季財報電話會議。今天與我一起在場的有我們的總裁兼執行長 Brendan Cavanagh 和我們的財務長 Marc Montagner。

Some of the information we will discuss in 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 as of today, August 4, and we have no obligation to update any forward-looking statement we may make.

我們將在本次電話會議中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業績與預期不同的重大風險。我們的聲明截至今天（8 月 4 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，我們的評論還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 will now turn it over to Brendan.

現在，我將把發言權交給布倫丹。

Thank you, Mark. Good afternoon. I'm very pleased with our second quarter results, exceeding our internal projections. Both the US and international businesses performed very well, and we are pleased to increase our full year guidance across all key metrics, both in total and on a constant currency basis.

謝謝你，馬克。午安.我對我們的第二季業績非常滿意，超出了我們的內部預測。美國和國際業務均表現良好，我們很高興提高所有關鍵指標的全年預期，包括整體和以固定匯率計算的全年預期。

In the US, activity levels continue to improve, and this quarter represents the sixth sequential quarter where bookings increased. While not at the peak levels enjoyed back in '21 and '22, positive momentum continues to build, and we are encouraged by the sustained levels of activity as carriers continue investing in their wireless networks.

在美國，活動水準持續提高，本季是預訂量連續第六個季度增加。雖然沒有達到 2021 年和 2022 年的峰值水平，但積極的勢頭仍在繼續增強，隨著運營商繼續投資其無線網絡，我們對持續的活動水平感到鼓舞。

In addition, the trend towards more colocations continues driving more new point of presence with our key customers across our portfolio. Our carrier customers are working hard densifying their existing footprints, expanding fixed wireless access as well as pushing out into rural parts of the United States, where our portfolio is well positioned to capture that sustained network investment.

此外，更多主機託管的趨勢繼續推動我們在整個投資組合中與主要客戶建立更多新的接入點。我們的營運商客戶正在努力擴大其現有覆蓋範圍，擴大固定無線接入，並向美國農村地區推進，在這些地區，我們的產品組合能夠很好地獲得持續的網路投資。

The backlog also remains healthy which bodes well for the remainder of the year and into 2026. Consistent with our strong US bookings, our services business outperformed our expectations and we are increasing our full year services revenue guidance by almost 20%.

積壓訂單量也保持健康，這預示著今年剩餘時間和 2026 年的情況良好。與我們強勁的美國訂單量一致，我們的服務業務表現超出了我們的預期，我們將全年服務收入預期提高了近 20%。

Most of the increase is related to construction services as carrier installations accelerate across the US. I am optimistic about domestic organic growth opportunities over the next year or two due to the specific initiatives of each of our major customers.

隨著美國各地營運商安裝的加速，大部分成長與建築服務有關。由於我們每個主要客戶都採取了具體的舉措，我對未來一兩年國內有機成長機會持樂觀態度。

But I am also optimistic about the long term. The growth in fixed wireless access subscribers for all of our MNO customers, the expanding number of AI intensive applications, 5G advanced enabled new use cases and the opportunity for incremental spectrum auctions are all supportive of sustained long-term growth. With regard to the spectrum, the recently passed federal spending and tax bill included the reinstatement of the FCC's Spectrum Auction Authority, a positive development for us and our customers.

但我對長期前景也持樂觀態度。我們所有 MNO 客戶的固定無線存取用戶數量的成長、人工智慧密集型應用數量的不斷增加、5G 先進技術支援的新用例以及增量頻譜拍賣的機會都支援持續的長期成長。關於頻譜，最近通過的聯邦支出和稅收法案包括恢復聯邦通訊委員會的頻譜拍賣權，這對我們和我們的客戶來說是一個積極的發展。

In addition, as part of the new bill, 800 megahertz of spectrum will be identified and eventually auctioned to help boost network capacity and support the next generation of wireless technologies. This new spectrum will require new equipment at our cell towers, particularly at the higher bands that are not currently used for traditional wireless service today.

此外，作為新法案的一部分，將確定並最終拍賣 800 兆赫的頻譜，以幫助提高網路容量並支援下一代無線技術。這項新頻譜將要求我們的手機訊號塔配備新設備，特別是目前傳統無線服務尚未使用的較高頻段。

Additionally, with bonus depreciation being permanently reinstated improving available liquidity from our customers, we could see greater investment in their networks as they have more capital available to invest. Similar to the US, our international business continues to perform well as our customers invest in 5G upgrades and ongoing densification.

此外，隨著獎金折舊永久恢復，提高了客戶的可用流動性，我們可以看到他們對網路的投資增加，因為他們有更多的可用資本可供投資。與美國類似，隨著我們的客戶對 5G 升級和持續密集化進行投資，我們的國際業務繼續表現良好。

We signed a growing number of new leases in our international markets, and continue to expand our portfolio through high-quality strategic new tower builds and elevated CPI rates continue to support healthy tenant lease escalations. While certain international markets continue to experience elevated levels of churn, we believe this to be temporary and necessary for the long-term health and success of our customers.

我們在國際市場簽署了越來越多的新租約，並透過高品質的戰略性新塔建設繼續擴大我們的投資組合，而提高的CPI利率繼續支持健康的租戶租賃升級。雖然某些國際市場的客戶流失率持續上升，但我們認為這只是暫時的，而且對於我們客戶的長期健康和成功是必要的。

One area of challenge internationally is with one of our carrier customers in Brazil, Oi. As indicated in our updated full year guidance, we are increasing international churn by $5 million, primarily related to Oi. As previously disclosed, Oi Wireline, the remaining Oi business post the wireless business breakup, which is mostly point-to-point wireless backhaul, represents approximately $20 million of run rate revenue.

我們在國際上面臨的一個挑戰是與巴西的一家營運商客戶 Oi 合作。正如我們更新的全年指引所示，我們的國際客戶流失率將增加 500 萬美元，主要與 Oi 有關。如前所述，Oi Wireline 是無線業務分割後剩餘的 Oi 業務，主要為點對點無線回程，其營運收入約為 2,000 萬美元。

On July 2, Oi filed an amendment to their judicial reorganization plan citing unforeseen financial difficulties. While many things remain unknown and will take time to work through the court system, we have booked a bad debt allowance for certain outstanding receivable balances and are now assuming that a portion of the recurring revenue churn this year and next year. We will continue to monitor the situation closely and provide any updates to our thinking as the situation develops.

7 月 2 日，Oi 以不可預見的財務困難為由，對其司法重組計畫提出修正案。雖然許多事情仍然是未知數，並且需要時間透過法律系統來解決，但我們已經為某些未償還的應收帳款餘額提列了壞帳準備，並且現在假設今年和明年的部分經常性收入將流失。我們將繼續密切關注局勢，並根據情況發展提供最新資訊。

Turning to our portfolio review. I'm very pleased with the progress we have made recently. Both expanding our presence in key markets and exiting the market where we are currently subscale and could not see a path towards being a more meaningful player.

轉向我們的投資組合審查。我對我們最近的進展感到非常高興。我們既要擴大在關鍵市場的影響力，也要退出目前規模較小且無法成為更有意義的參與者的市場。

On the former, we added approximately 4,300 sites through the partial early closing from the previously announced Millicom transaction, deploying $550 million towards enhancing our strategic positioning in Central America, making SBA the leading tower operator in that region. This early closing contributed to the increase in our full year guidance.

就前者而言，我們透過先前宣布的 Millicom 交易的部分提前結束增加了大約 4,300 個站點，部署了 5.5 億美元來增強我們在中美洲的戰略地位，使 SBA 成為該地區領先的塔運營商。此次提前結束交易有助於提高我們全年的預期。

As previously mentioned, this portfolio has a 15-year MLA, tenant contracts with the leading mobile network operator, contracts denominated in US dollars, and comes with a substantial build-to-suit arrangement. We continue to expect the balance of the deal to fully close by September 1.

如前所述，該投資組合擁有 15 年的 MLA、與領先行動網路營運商簽訂的租戶合約、以美元計價的合同，並附帶大量的客製化安排。我們仍然預計該交易的剩餘部分將於 9 月 1 日全部完成。

With regard to the market exit, we are announcing the sale of our tower business in Canada. We entered Canada back in 2009, and we have had reasonable success. However, we have been unable to meaningfully grow our portfolio. And as a result, we made the decision to explore strategic alternatives.

關於退出市場，我們宣佈出售我們在加拿大的塔業務。我們於 2009 年進入加拿大，並取得了一定的成功。然而，我們無法大幅擴大我們的投資組合。因此，我們決定探索策略替代方案。

On July 21, we entered into an agreement to sell all of our towers and related operations to a leading global infrastructure fund.

7 月 21 日，我們達成協議，將我們所有的塔和相關業務出售給一家領先的全球基礎設施基金。

Today, Canada represents approximately CAD27 million of annual leasing revenue and CAD15 million of cash flow after taxes. As mentioned in our press release, we expect the deal to close sometime in the fourth quarter, but given the uncertainty in closing timing, we have made no adjustments to our full-year outlook related to this transaction.

如今，加拿大每年的租賃收入約為 2,700 萬加元，稅後現金流約為 1,500 萬加元。正如我們在新聞稿中提到的，我們預計該交易將在第四季度的某個時候完成，但考慮到完成時間的不確定性，我們沒有對與該交易相關的全年展望做出任何調整。

Upon closing, we expect this deal to be immediately accretive to AFFO per share. I would like to briefly thank our Canada-based team for all of their hard work and contributions to SBA over the last 16 years. The portfolio review remains ongoing, and I look forward to providing further updates.

交易完成後，我們預計該交易將立即增加每股 AFFO。我想簡要地感謝我們加拿大團隊在過去 16 年為 SBA 所做的所有努力和貢獻。投資組合審查仍在進行中，我期待提供進一步的更新。

In addition to portfolio acquisitions, you should expect SBA to continue to deploy capital towards a mix of share repurchases and/or debt erection, as seen in our latest quarter and revised outlook. We continue to be committed to a balanced approach to capital allocation, opportunistically using each of these different options to invest in value-creating assets or to return capital to our shareholders.

除了投資組合收購之外，您還應該預期 SBA 將繼續將資本用於股票回購和/或債務償還，正如我們最新季度和修訂後的展望中所見。我們持續致力於平衡的資本配置方法，適時利用各種不同的選擇來投資創造價值的資產或向股東返還資本。

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

說完這些，我現在將電話轉給馬克。

Thank you, Brendan. As a positive momentum from last quarter continued to increasing our full year outlook for all key metrics, including site leasing revenue, cash flow, adjusted EBITDA, AFFO and AFFO per share as compared to our last quarter guidance.

謝謝你，布倫丹。由於上個季度的積極勢頭繼續提高我們對所有關鍵指標的全年展望，包括場地租賃收入、現金流、調整後的 EBITDA、AFFO 和每股 AFFO，與上個季度的指導相比有所提高。

The primary drivers of these increases included outperformance of second quarter results, higher straight line revenue, the acquisition of Millicom Towers earlier than expected in two international markets, an improved outlook for services, favorable foreign currency movement and a reduction in the share count from recently completed share buybacks.

推動這些成長的主要因素包括第二季業績表現優異、直線收入增加、在兩個國際市場比預期更早收購 Millicom Towers、服務前景改善、外匯走勢有利以及最近完成的股票回購導致的股票數量減少。

Second quarter domestic organic leasing revenue growth over the second quarter of last year was 5% on a gross basis, 1% on a net basis, including 4% of churn. $11 million of the second quarter churn was related to Sprint consolidation, which we still anticipate to be approximately $50 million to $52 million for the full year 2025.

第二季國內有機租賃收入較去年同期成長 5%（以總額計算），成長 1%（以淨額計算），其中包括 4% 的客戶流失。第二季的客戶流失中有 1,100 萬美元與 Sprint 合併有關，我們仍預計 2025 年全年的客戶流失約為 5,000 萬至 5,200 萬美元。

Our previously provided estimate of total spring-related turn over the next several years remain unchanged. Beyond 2025, we anticipate approximately $50 million of churn in 2026 than $20 million thereafter. Non-Sprint domestic annual churn continue to be between 1% and 1.5% of our domestic site leasing revenue.

我們先前提供的未來幾年春季相關總週轉量的估計保持不變。2025 年以後，我們預計 2026 年的客戶流失率約為 5,000 萬美元，之後為 2,000 萬美元。非 Sprint 國內年度客戶流失率持續占我們國內站點租賃收入的 1% 至 1.5%。

During the second quarter, 80% of consolidated cash site leasing revenue and 85% of adjusted EBITDA was denominated in US dollar. International organic leasing revenue growth for the second quarter which is calculated on a constant currency basis was 0.8% net, including 7.5% of churn or 8.3% on a gross basis.

第二季度，80%的合併現金場地租賃收入和85%的調整後EBITDA以美元計價。以固定匯率計算，第二季國際有機租賃收入淨成長 0.8%，其中客戶流失率為 7.5%，總額為 8.3%。

Total international return remained elevated in the second quarter, mainly due to ongoing career reconsolidation as well as the oil wireless churn in Brazil. During the second quarter of we acquired 4,329 sites for total cash concentration of approximately $563 million, mostly related to the acquisition size from Millicom in Guatemala and Panama.

第二季度國際總回報仍保持高位，主要由於持續的職業重組以及巴西石油無線業務的波動。在第二季度，我們收購了 4,329 個站點，總現金集中度約為 5.63 億美元，主要與從危地馬拉和巴拿馬的 Millicom 收購規模有關。

The remaining 2,500 sites related to the May comp transaction remain under contract and the guidance continues to assume a September 1 closing date. The ultimate closing date is dependent upon regulatory approval and other requirements and may differ from this date. We also built 94 sites in the quarter, mostly outside of the US.

與 5 月補償交易相關的其餘 2,500 個站點仍在合約期間內，且指導意見繼續假設截止日期為 9 月 1 日。最終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。我們還在本季建造了 94 個站點，大部分位於美國境外。

Switching to the balance sheet. We have ample liquidity from both available cash and a $2 billion revolver, which as of today, has a balance of $35 million outstanding. At the end of the second quarter, our weighted average interest rate was 3.7% across our total outstanding debt and our weighted average maturity was 3.2 years approximately. Including the impact of our current interest rate hedge, the interest rate of 97% of our current outstanding debt is fixed. And finally, our next debt maturity is a $750 million ABS security due in January 2026.

切換到資產負債表。我們擁有充足的流動資金，包括可用現金和 20 億美元的循環信貸，截至今天，未償還餘額為 3,500 萬美元。截至第二季末，我們的未償債務總額的加權平均利率為 3.7%，加權平均期限約為 3.2 年。包括我們目前利率對沖的影響，我們目前未償還債務的 97% 的利率是固定的。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。

I will conclude by discussing the recent credit rating update by S&P. We were pleased to see that on July 30, S&P upgraded our credit rating to BBB investment-grade rating, driven mostly by S&P new criteria for digital infrastructure companies, the upgrade underscore the benefits of our stable and predictable cash flows and the positive impact on our US revenue growth of anticipated increased wireless capital spending in the US in 2026 and beyond.

最後，我將討論標準普爾最近的信用評級更新。我們很高興地看到，7月30日，標準普爾將我們的信用評級上調至BBB投資級，這主要得益於標準普爾針對數位基礎設施公司的新標準，此次上調凸顯了我們穩定且可預測的現金流的優勢，以及預計2026年及以後美國無線資本支出增加對我們美國收入增長的積極影響。

While we have made no change to our financial policy, this upgrade bring us one step closer to accessing the investment-grade debt market.

雖然我們的財務政策沒有改變，但這次升級使我們距離進入投資等級債務市場更近了一步。

And now I will turn the call over to Mark.

現在我將把電話轉給馬克。

Thanks, Marc. We ended the quarter with $12.6 billion of total debt and $12.3 billion of net debt. Our current leverage of 6.3 times net debt to adjusted EBITDA, as adjusted on a pro forma basis for the Millicom assets remains near historical lows. Second quarter cash net interest coverage ratio of adjusted EBITDA to net cash interest expense remained strong at 4.3 times.

謝謝，馬克。本季末，我們的總債務為 126 億美元，淨債務為 123 億美元。我們目前的槓桿率為淨債務與調整後 EBITDA 的 6.3 倍，根據 Millicom 資產的備考基礎進行調整，仍接近歷史低點。第二季調整後的 EBITDA 與淨現金利息支出的現金淨利息覆蓋率仍保持強勁，為 4.3 倍。

During the second and third quarter, we purchased 799,000 shares of our common stock for $172 million, at an average price per share of $215.33. We currently have $1.45 billion of repurchase authorization remaining under our $1.5 billion stock repurchase plan.

在第二季和第三季度，我們以1.72億美元回購了79.9萬股普通股，平均每股價格為215.33美元。根據我們15億美元的股票回購計劃，目前剩餘的回購授權金額為14.5億美元。

In addition, during the second quarter, we declared to pay a cash dividend of $119.4 million or $1.11 per share. And today, we announced that our Board of Directors declared a quarterly dividend of $1.11 per share payable on September 18, 2025, to shareholders of record as of the close of business on August 12, 2025.

此外，第二季我們宣布派發現金股利1.194億美元，即每股1.11美元。今天，我們宣布董事會宣布季度股息為每股 1.11 美元，並將於 2025 年 9 月 18 日支付給截至 2025 年 8 月 12 日營業結束時登記在冊的股東。

This dividend represents an increase of approximately 13% over the dividend paid in the third quarter of 2024 and approximately 35% of the midpoint of our full-year AFFO outlook.

該股息比 2024 年第三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) Jon Atkin, RBC.

（操作員指示）Jon Atkin，RBC。

Thanks very much. I'm interested, first of all, in the durability of the demand drivers that you indicated in your prepared remarks around [FFA] intensification and coverage and so forth. Any sense as to how far that takes us through end of '25 and 2026 and the directionality around that? And then secondly, any thoughts on the drivers of churn or maybe rent reduction initiatives on the part of some of your customers that occasionally comes up and how that might tie into your forecasting as well as thoughts on MLAs. Thank you.

非常感謝。首先，我感興趣的是您在準備好的評論中提到的有關 [FFA] 強化和覆蓋範圍等需求驅動因素的持久性。您能想像到 2025 年底和 2026 年，這將帶給我們多大的影響，以及圍繞著這影響的方向嗎？其次，您對客戶流失的驅動因素或某些客戶偶爾採取的減租措施有何看法，以及這些因素如何與您的預測以及對 MLA 的看法聯繫起來。謝謝。

Sure, yeah. So on the demand drivers, all the things that we mentioned, we feel pretty good about from an extended standpoint. These things always obviously ebb and flow a little bit. But at the fixed wireless piece being one of those, you've obviously seen what our customers have reported and the significant growth that they're seeing in terms of subscribers there.

當然，是的。因此，就需求驅動因素以及我們提到的所有因素而言，從長遠來看，我們感覺相當良好。這些事情顯然總是會有一些起伏。但在固定無線部分，您顯然已經看到了我們的客戶所報告的情況以及他們在用戶數量方面所看到的顯著增長。

And of course, as we've mentioned before, what each of the subscribers represent relative to the typical wireless subscriber, which is a significant amount of additional traffic. So I think the more of that that we see and their expectations in terms of the number of subscribers they expect to have three and four years from now would suggest that we're going to see significant network capacity taken up over the coming years.

當然，正如我們之前提到的，相對於典型的無線用戶，每個用戶都代表著大量的額外流量。因此，我認為，我們看到的這種情況越多，以及他們對未來三、四年內用戶數量的預期，就意味著我們將在未來幾年看到大量的網路容量被佔用。

So I think as a long-term driver, that's definitely a positive. Some of the other things I mentioned, obviously, the new specs from Vans being auctioned off over the coming years. That's an extended period of contribution.

所以我認為，作為長期驅動力，這絕對是一件正面的事。我提到的其他一些事情顯然是 Vans 在未來幾年內將被拍賣的新規格。這是一段延長的貢獻期。

So each of these things and just generally, the uptake in the amount of broadband traffic that's traveling through these wireless networks is significant. And I think the more of these AI enabled products and other things that come into play is just going to continue to weigh on that.

因此，總的來說，透過這些無線網路傳輸的寬頻流量的成長是顯著的。我認為，這些人工智慧產品和其他事物的出現將會繼續對此產生影響。

So I feel pretty good about the durability of it, and I think it will continue to require investment in the networks that we will benefit from for many years. In terms of churn, I think you're asking specifically about the US based on how you said the question, John. But there's no real -- obviously, our customers always want to pay less if they can, but there's no specific initiatives underway that would result in lowering rents on any material basis.

因此，我對它的持久性感到非常滿意，並且我認為它將繼續需要對網路進行投資，我們將在未來很多年受益於此。就客戶流失率而言，根據您提問的方式，我認為您正在專門詢問美國的情況，約翰。但並沒有真正的——顯然，我們的客戶總是希望盡可能少付錢，但目前還沒有任何具體的舉措能夠在實質上降低租金。

So I think the effort for us is just around continuing to work with our customers to allow them to achieve their network goals at a price that's fair and is balanced to them, but also is fair to us in terms of the capacity that we're providing and the help we're providing. And I think we've struck that bounce pretty well.

因此，我認為我們的努力只是繼續與客戶合作，讓他們以公平、平衡的價格實現他們的網路目標，而且就我們提供的容量和幫助而言，對我們來說也是公平的。我認為我們已經取得了相當好的反彈。

Thank you.

謝謝。

Yeah.

是的。

Richard Choe, JPMorgan.

摩根大通的理查喬。

Hi. I just wanted to ask about the activity levels. It seems like there is a lot of corrugation activity, but the revenue hasn't quite come through yet. Can you talk a little bit more about the timing there that you're expecting?

你好。我只是想問活動水平。看起來似乎有很多波紋活動，但收入尚未完全實現。您能否再多談談您預期的時間安排？

Sure. Yeah. We definitely are seeing, as I mentioned in our remarks, definitely seeing an increase in activity in terms of business being signed up. We also mentioned that we've seen that -- the trend of it moving towards more new colocations versus amendments compared to what we've historically seen. That trend has continued for us.

當然。是的。正如我在發言中提到的那樣，我們確實看到簽約業務活動增加。我們也提到，我們已經看到了這一點——與我們過去所見的情況相比，它的趨勢是朝著更多新的共置而不是修訂的方向發展。對我們來說，這種趨勢仍在持續。

And that's great in terms of a number of aspects of it, including the number of sites that we're now engaged with our customers at, but one thing that it does do typically is delay a little bit the timing of when revenue commences because you have more new leases. It typically takes a little bit longer to start to see those leases getting installed and revenue commencing than we used to do with amendments being a bigger share. But that's really just a timing thing.

從很多方面來看，這都是一件好事，包括我們現在與客戶互動的站點數量，但它通常會做的一件事就是稍微推遲收入開始的時間，因為你有更多的新租約。通常，與過去相比，這些租約的簽訂和收入的開始需要更長的時間，因為修訂所佔的份額更大。但這其實只是一個時間問題。

And if you notice, we've left our full year outlook for contributions from new leases and amendments the same. And as we see this activity, if you look at what's been contributed in the first half of the year, it clearly indicates that the second half of the year will have to have greater contributions in order to meet that target that we put out there.

如果您注意到的話，我們對新租約和修訂貢獻的全年展望保持不變。如我們所見，如果你看看今年上半年的貢獻，你會清楚地發現，下半年必須做出更大的貢獻才能實現我們設定的目標。

Great. And a quick follow-up on the services. I mean a real step up and it's going well. You mentioned a little bit about what's driving it. But can you give us a little bit more color on what is driving the services business?

偉大的。並對服務進行快速跟進。我的意思是真正的進步，而且進展順利。您稍微提到了推動這現象的因素。但您能否向我們詳細介紹一下推動服務業務發展的因素？

Yeah. It's really the same thing. I mean, they're related to each other, right? What we're seeing that's driving our leasing activity is also driving services. So on the side [A ] side, you have more effort to find locations and to get more deployments done, so we're supportive there. On the construction side, which is also up significantly, that's obviously more actual work being done, particularly with some of these builds that are spanning out into the more rural areas.

是的。確實是一樣的。我的意思是，它們是相互關聯的，對吧？我們發現，推動我們租賃活動的因素也推動了服務業的發展。因此，從 [A] 方面來看，您需要付出更多努力來尋找地點並完成更多部署，因此我們會提供支援。在建築方面，也出現了大幅增長，這顯然意味著實際工作量增加，特別是一些延伸至農村地區的建築。

And we are at SBA are actually doing more services work now, not just on our own sites but on other people's sites as well. And so that's been a driver of increased activity, too. And I think the more we're able to partner with our carrier customers broadly across everybody's towers. It creates a better relationship between us and them, and we can be counted on more. I think it helps us in the leasing gain as well.

實際上，我們現在在 SBA 進行更多的服務工作，不僅在我們自己的站點，也在其他人的站點。這也是活動增加的一個驅動力。我認為，我們越能與遍佈所有基地台的營運商客戶建立廣泛的合作關係。它在我們和他們之間建立了更好的關係，讓我們更值得信賴。我認為這也有助於我們獲得租賃收益。

Great. Thank you.

偉大的。謝謝。

Sure.

當然。

Batya Levi, UBS.

巴蒂亞·列維（Batya Levi），瑞銀。

Okay. Thank you. Maybe just a follow-up on the domestic activity. Just a slight slowdown in 2Q. Is that mostly rounding? And looking ahead, you mentioned that bookings growth is very strong.

好的。謝謝。也許只是國內活動的後續行動。第二季僅略有放緩。這主要是四捨五入嗎？展望未來，您提到預訂量成長非常強勁。

You had started the year strong. Are we seeing an acceleration in that growth rate? And I think in the beginning of the year, it was mostly one of the carriers that was very active. Are you seeing more broad-based activity now? Thank you.

您今年的開局表現強勁。我們是否看到成長率加速了？我認為在今年年初，它是最活躍的航空公司之一。現在您是否看到了更廣泛的活動？謝謝。

Yeah. So first of all, on the second quarter slowdown, it is mostly rounding. I mean, the differences were actually -- we round to $1 million, but the difference is probably a couple of hundred thousand dollars, and it's not really indicative of anything in particular. In terms of the pacing of activity, it definitely has increased this quarter was probably slightly ahead of last quarter, but last quarter was also very strong. And so we would expect that, that will drive a pickup in the actual revenue recognized, as I mentioned a moment ago as we head into the second half of this year and into next year.

是的。首先，關於第二季經濟放緩，基本上是四捨五入。我的意思是，差異實際上是——我們四捨五入為 100 萬美元，但差異可能有數十萬美元，而且它實際上並不代表任何特定的東西。就活動節奏而言，本季肯定有所加快，可能略快於上一季度，但上一季也非常強勁。因此，我們預計，這將推動實際確認收入的回升，正如我剛才提到的，隨著我們進入今年下半年和明年。

Got it. Thank you.

知道了。謝謝。

Sure.

當然。

Michael Rollins, Citi. Mike? Sorry, Michael, we're not getting any audio from your line. We'll circle back.

花旗銀行的麥可‧羅林斯。麥克風？抱歉，邁克爾，我們無法從您的線路接收任何音訊。我們會再回來。

Brendan Lynch, Barclays.

巴克萊銀行的布倫丹·林奇。

Great. Thank you. IBrendan, I just wanted to follow up on your comment about AI application growth and that being a driver. To what extent are you seeing this now? And any outlook for the relatively near term would be helpful as well.

偉大的。謝謝。IBrendan，我只是想跟進你關於人工智慧應用成長及其驅動力的評論。您現在在多大程度上看到了這一點？任何相對短期的展望也都會有所幫助。

Yeah. So, Brendan, some of these comments are a little bit thematic and they're based on conversations we have with our customers and just general traffic trends because it's hard for us where we sit in the value chain to have tremendous specificity around that. But based on conversation based on reviews done by our own engineering folks, we are seeing a number of products start to get out there where AI is being embedded into the devices that we believe will be a strong driver of increased activity, and that ultimately, obviously, is positive in terms of the amount of infrastructure needed to support it.

是的。所以，布倫丹，其中一些評論有點主題性，它們基於我們與客戶的對話以及一般的流量趨勢，因為我們在價值鏈中所處的位置很難對此有非常具體的具體性。但根據我們自己的工程人員所做的評論和對話，我們看到許多產品開始將人工智慧嵌入到設備中，我們相信這將成為增加活動的強大驅動力，並且最終，顯然，就支持它所需的基礎設施數量而言，這是積極的。

Okay. Thanks. That's helpful. AAnd then just on the Canadian asset sale, can you give any details about these assets in particular and why you didn't think you're going to be able to scale more meaningfully in the Canadian market? And how we should interpret that for any of the other markets where you have a relatively small footprint.

好的。謝謝。這很有幫助。那麼，關於加拿大資產出售，您能否提供有關這些資產的具體細節，以及為什麼您認為您無法在加拿大市場實現更有意義的擴張？我們應該如何解釋這一點，以適應其他市場佔有率相對較小的市場。

Yeah. So we've been in Canada a long time, as I mentioned earlier, it was actually the first international market that we went into 16 years ago. And so we've had a lot of time and experience there. The assets themselves were good assets. We had reasonable success in leasing them up over the years.

是的。正如我之前提到的，我們在加拿大已經很長一段時間了，它實際上是我們 16 年前進入的第一個國際市場。因此，我們在那裡度過了很多時間和積累了豐富的經驗。這些資產本身就是優質資產。多年來，我們在租賃這些物業方面取得了相當大的成功。

The comment about the difficulty in growing is really about growing the portfolio size to continue to get to a bigger scale. And honestly, some of that was based on the fact that the carriers own their sites. You may have seen TELUS recently just set up a captive tower company with a private party investing in that, about 49% of that. And so breaking into that particularly not being a Canadian company was a little bit challenging. And so we built sites.

關於成長困難的評論實際上是關於擴大投資組合規模以繼續達到更大的規模。老實說，部分原因是營運商擁有自己的站點。您可能已經看到 TELUS 最近剛成立了一家專屬塔公司，其中私人投資約佔 49%。因此，進入這個領域，特別是對於一個非加拿大公司來說，是有點困難的。因此我們建立了網站。

We had some modest growth there, but the ability to really move to a place where we were going to be a significant player in that market. We just found to be challenging.

我們在那裡取得了適度的成長，但我們有能力真正成為該市場的重要參與者。我們只是發現這很有挑戰性。

And really, we would have continued there and I think have made reasonable progress. But it was an opportunity for us when we started exploring strategic alternatives to actually realize a valuation on our assets that was certainly much higher than our public company valuation.

事實上，我們會繼續這樣做，而且我認為我們已經取得了合理的進展。但當我們開始探索策略替代方案時，這對我們來說是一個機會，可以真正實現我們資產的估值，而這一估值肯定遠高於我們的上市公司估值。

And so there was a financial benefit. And given what we saw as a limited ability to continue to grow our portfolio we thought that, that was the right thing to do for us financially. And I think it worked for us and the buyer because they have a local presence there and a different plan, and I think they'll be able to do well with it.

因此，這會帶來經濟利益。鑑於我們認為繼續擴大投資組合的能力有限，我們認為這對我們的財務狀況來說是正確的做法。我認為這對我們和買家來說都是有利的，因為他們在那裡有當地業務和不同的計劃，我認為他們能夠很好地利用它。

But for us, it was -- I think it's just a better economic choice and it positions us to focus on the markets where we can be of scale.

但對我們來說，我認為這只是一個更好的經濟選擇，它使我們能夠專注於我們可以擴大規模的市場。

On the second part of your question, in terms of what it means for other markets, it doesn't mean anything in the sense that what happens here is not necessarily exactly what happens elsewhere. But all of the markets that we're in, we are looking at through a lens of what is our potential going forward.

關於你問題的第二部分，就其對其他市場意味著什麼而言，它沒有任何意義，因為這裡發生的事情並不一定與其他地方發生的事情完全相同。但對於我們所處的所有市場，我們都在從未來的潛力角度來審視。

And if we're subscale in a particular market, it is something that we look at in terms of, okay, well, how can we change that dynamic in a way that is favorable to us. And if we can't see a way to do that, then yes, we would look at it. And you've seen us exit a couple of markets, but you've also seen us expand in some of the markets where we were a little bit subscale, particularly Central America.

如果我們在某個特定市場中規模較小，我們就會考慮，好吧，我們如何以對我們有利的方式改變這種動態。如果我們找不到辦法做到這一點，那麼我們會考慮。你已經看到我們退出了幾個市場，但你也看到我們在一些規模較小的市場中擴張，特別是中美洲。

And I think the expansion that we've done has made us much, much stronger. So if we can find that path, we frankly would prefer to do that. But if we can't, then we'll continue to look at what our options are in terms of downsizing, too.

我認為我們的擴張讓我們變得更強大。因此，如果我們能夠找到那條路，坦白說，我們願意這樣做。但如果我們不能，那麼我們也會繼續考慮在縮減規模方面有哪些選擇。

Great. Thank you very much.

偉大的。非常感謝。

Jim Schneider, Goldman Sachs.

高盛的吉姆·施耐德。

Good afternoon. Thank you for taking my question. I was wondering if you could maybe follow on on your comments earlier, Brendan, with respect to fixed wireless. Obviously, it seems like customers are continuing to drive traction there. But is the activity level you're seeing for densification beyond -- going beyond the single lead customer that was most aggressive originally, is that broadened to 2 or 3 customers at this point from what you can tell?

午安.感謝您回答我的問題。布倫丹，我想知道您是否可以繼續您之前關於固定無線的評論。顯然，看起來客戶正在繼續推動這項進程。但是，您所看到的密集化活動水平是否超出了最初最積極的單一主要客戶，從您所知，現在是否擴大到 2 個或 3 個客戶？

Yes, I would say it has broadened. We're seeing more activity expanding among each of our bigger customers. So I do think that we'll continue -- what we've seen is a shift in that where I would say that there's still one customer that's probably heavier than the others at this point, but that gap is closing. And I think based on the trends of applications and the conversations we're having, I would expect that to continue to narrow and we will see all of them very active. And fixed wireless is one driver of that, for sure.

是的，我想說它已經擴大了。我們看到每個大客戶都在進行更多的活動。所以我確實認為我們會繼續下去——我們看到的是這種轉變，我想說目前仍然有一個客戶可能比其他客戶更重，但這種差距正在縮小。我認為，根據應用程式的趨勢和我們正在進行的對話，我預計這個範圍會繼續縮小，我們會看到它們都非常活躍。而固定無線無疑是其中的一個驅動因素。

That's helpful. Thanks. And then maybe as a follow-up, given the recent announcements from US Cellular was that deal closing as well as announcements from DISH, can you give us any color on, again, just reaffirming the level of exposure those represent for you? And any color you have in terms of planned churn or any sense of whether there's any change in revenue profile that you expect to recognize over the next 18 months or so? Thank you.

這很有幫助。謝謝。然後也許作為後續，鑑於 US Cellular 最近宣布該交易已完成以及 DISH 也宣布了這一消息，您能否再次向我們透露一些信息，再次重申這些交易對您而言代表著多大的曝光度？您對規劃客戶流失率有什麼看法？或者您預計未來 18 個月左右收入狀況是否會改變？謝謝。

Yeah. I mean at this note there's no planned churn specifically, but just in terms of exposures on the U.S. Cellular piece, the total revenue that we have with U.S. Cellular is about $20 million a year. That's the total I don't think we would expect to see all of that go away.

是的。我的意思是，目前還沒有具體的客戶流失計劃，但就美國蜂窩電話業務的曝光度而言，我們從美國蜂窩電話業務獲得的總收入約為每年 2000 萬美元。這就是總數，我不認為我們會期望看到所有這些都消失。

But even if it did, it would be over a number of years. So I would expect the impact to be rather small. . In terms of DISH, our total revenue with DISH is roughly around $55 million a year. That's a whole different situation.

但即使真的發生了，也需要很多年的時間。所以我預計影響會相當小。。就 DISH 而言，我們與 DISH 的總收入約為每年 5,500 萬美元。那是完全不同的情況。

Obviously, USL has sold and would have some some overlap there with T-Mobile that would lead to some risk there. In the case of DISH, it's a different situation today. We continue to operate on an ongoing basis and serve them where we can. They still, in fact, sign some leases and some amendments. And so -- we'll just have to see where that goes.

顯然，USL 已經出售，並且與 T-Mobile 存在一些重疊，這會導致一些風險。就 DISH 而言，今天的情況有所不同。我們將繼續持續營運並盡我們所能為他們提供服務。事實上，他們仍然簽署了一些租約和一些修正案。所以——我們只需要看看事情會如何發展。

Thank you.

謝謝。

Yes.

是的。

Nick Del Deo, MoffettNathanson.

尼克·德爾·迪奧，莫菲特·內桑森。

Oh, hey. Thanks, guys. First question on the Millicom Towers I'm sure you've had initial conversations with the other carriers in those markets about access net infrastructure. Can you share anything about the initial feedback you're getting and the degree which should align with the supportive of the lease-up assumptions you've made for those assets?

噢，嘿。謝謝大家。關於 Millicom Towers 的第一個問題，我相信您已經與這些市場中的其他營運商就接入網路基礎設施進行了初步交談。您能否分享您收到的初步回饋以及與您為這些資產所做的租賃假設的支持程度相符的資訊？

Yeah. It's been actually quite positive. We're very encouraged about the opportunity there. I think it may even be better than we were thinking. And if you think about it, it's pretty logical.

是的。事實上，這是相當積極的。我們對那裡的機會感到非常鼓舞。我認為它甚至可能比我們想像的還要好。如果你仔細想想，你會發現這是非常合乎邏輯的。

I mean, Millicom for the most part in each of these markets is the number one carrier in many of the markets. And so that would suggest that they naturally have a deeper footprint. And in order to close that gap, the opportunity to have some of those sites opened up to the other carriers, they see as an opportunity to grow and to close the competitive gap there. So that's to our benefit. So we we'll continue to see our goals.

我的意思是，Millicom 在大多數情況下都是這些市場中的頭號經營者。這顯示他們的足跡自然更深。為了縮小差距，他們將向其他業者開放部分站點視為發展和縮小競爭差距的機會。這對我們有好處。因此我們將繼續實現我們的目標。

Obviously, we just closed on the majority of the sites we've bought so far. We just closed on at the end of June. So we haven't had a ton of time there, but we certainly have been having those conversations and feel pretty good about the potential.

顯然，我們剛剛完成了迄今為止購買的大部分網站的交易。我們剛剛在六月底結束營業。因此，我們在那裡沒有花太多時間，但我們確實進行了這些對話，並且對潛力感到非常樂觀。

Okay. That's great to hear. That's great to hear. And then maybe one on Canada, but a different angle, just the use of proceeds. It looks like you're getting about USD325 million.

好的。聽到這個消息真是太好了。聽到這個消息真是太好了。然後也許還有一個關於加拿大的問題，但角度不同，只是關於收益的使用。看起來您將獲得約 3.25 億美元。

It's obviously a much more substantial chunk than you've gotten from some of the other markets that you sold. Any specific use of proceeds you're thinking about? Or should we just think of that as debt reduction?

顯然，這比你從其他一些市場獲得的收益要大得多。您正在考慮將收益用於什麼具體用途嗎？或者我們應該將其視為減債？

Yeah. I think you could -- it's somewhat fungible, Nick. I mean we have a variety of things that are going on. We obviously have another Millicom closing. So you could say it's used for that, if you'd like, you could say it's used for debt reduction, share buybacks, dividends, whatever you want.

是的。我認為你可以——這在某種程度上是可替代的，尼克。我的意思是我們正在發生各種各樣的事情。顯然，我們又有一家 Millicom 公司倒閉了。所以你可以說它用於這個，如果你願意，你可以說它用於減債、股票回購、股息，任何你想要的。

We have the pool of capital allocation, and this is just another source of proceeds that allows us to basically keep our leverage a little bit lower and manage those expenditures.

我們擁有資本配置池，這只是另一個收益來源，它使我們基本上能夠保持較低的槓桿率並管理這些支出。

Okay. Great. Thanks, Brendan.

好的。偉大的。謝謝，布倫丹。

Ric Prentiss, Raymond James.

瑞克普倫蒂斯、雷蒙詹姆斯。

Good afternoon, guys. Can you hear me okay?

大家下午好。你聽見我說話嗎？

Hey. Yeah, there's a little feedback.

嘿。是的，有一些回饋。

Can you hear me?

你聽得到我嗎？

Yes. Go ahead.

是的。前進。

Okay. Thanks. Yeah, One just a clarification. So on the Sprint churn, $50 million expected in $26 million and then $20 million thereafter, that's a grand total of $20 million thereafter, right? That's not like $20 million a year. That's the end of the Sprint churn is the $20 million that's post '26.

好的。謝謝。是的，我只是想澄清一下。那麼，就 Sprint 的客戶流失而言，預計在 2,600 萬美元中會損失 5,000 萬美元，之後還會損失 2,000 萬美元，總計就是 2,000 萬美元，對嗎？這可不是每年 2000 萬美元。這就是 Sprint 流失的結束，也就是 1926 年後的 2,000 萬美元。

That's right. Yeah. And I would expect most, if not all of that will be in 2027. Really, we said thereafter because the exact timing tends to change. But yes, it's a grand total.

這是正確的。是的。我預計，如果不是全部的話，大部分都會在 2027 年實現。確實，我們說“此後”，因為確切的時間往往會發生變化。但確實，這是一個總數。

Okay. And then back to the Canadian sale, I think you said CAD27 million lease revenue and was that CAD15 million after-tax cash flow? Was that also Canadian? And is that like an AFFO type of number?

好的。然後回到加拿大的銷售，我想您說的是 2700 萬加元的租賃收入，那是 1500 萬加元的稅後現金流嗎？那也是加拿大的嗎？這就像 AFFO 類型的號碼嗎？

Yes, Rick. I mean, yes, the terminology we used was probably a little funny only because AFFO obviously takes into account interest and there's no -- that we really weren't counting out interest. But basically, what that represents is adjusted EBITDA less taxes less -- I guess, less maintenance CapEx, too, which is small, but basically less taxes because we're an income taxpayer up there. So it's essentially AFFO, yes.

是的，里克。我的意思是，是的，我們使用的術語可能有點奇怪，因為 AFFO 顯然考慮了利息，而沒有——我們實際上並沒有計算利息。但基本上，這代表的是調整後的 EBITDA 減去稅收——我想，也減去維護資本支出，雖然很小，但基本上是稅收較少，因為我們是那裡的所得稅納稅人。是的，它本質上是 AFFO。

Right. And so your comment pointing to that would imply like a 30x multiple on an AFFO type basis update, if I'm doing the math right.

正確的。因此，如果我的計算正確的話，您指出的這一點意味著 AFFO 類型基礎更新的倍數為 30 倍。

Yes, that's right. In order to be totally fair, though, we will pay a capital gains tax on the gain on the sale of the assets. So they'll end up being in a mid to upper 20s is what the multiple for practical purposes will be. .

是的，沒錯。但為了完全公平，我們將對資產出售收益繳納資本利得稅。因此，從實際目的來看，最終的倍數將處於 20 多歲左右。。

Makes sense. But again, it just ties up the privates are paying more than published, it seems. Help us understand as you you look at your leverage, I think you've said you want to keep looking for M&A opportunities, and that's why maybe you don't to investment grade yet, but just help us understand, it seems like it's really hard to win external growth opportunities, if it really is winning when you have to pay up.

有道理。但同樣，這似乎只是限制了私人支付的費用超過公佈的費用。請幫助我們理解，當您審視自己的槓桿率時，我想您已經說過您想繼續尋找併購機會，這就是為什麼您可能還沒有達到投資級別，但請幫助我們理解，似乎很難贏得外部增長機會，如果真的要付出代價才能獲勝的話。

And just as you think through longer term, the balance sheet, debt investment grade and what it might mean for ultimately dividend growth rates.

正如您從長遠角度考慮，資產負債表、債務投資等級以及它對最終股息成長率的意義。

Yeah. I think that that's obviously a fair statement. We've been saying that it feels like for many years now that there's this disconnect between public and private market valuations. And as a result, you haven't seen a ton of M&A, you haven't seen what we did in the early part of our history.

是的。我認為這顯然是一個公平的說法。我們一直在說，多年來，公共市場和私人市場估值之間存在著這種脫節。因此，你沒有看到大量的併購，你沒有看到我們在歷史早期所做的事情。

I mean, forever, we were known and by design were the highly levered M&A-heavy growth company, and it's been harder to be that now largely because, obviously, cost of debt has gone up, but we could absorb that if there was a reasonable adjustment in the valuations of assets. We just haven't seen that. And so it's caused us to have to be on the sidelines more.

我的意思是，我們一直以來都是一家高槓桿、併購密集型成長型公司，但現在要做到這一點變得更加困難，主要是因為債務成本顯然已經上升，但如果對資產估值進行合理調整，我們就可以吸收這些成本。我們只是還沒看到這一點。因此，這導致我們不得不更多地袖手旁觀。

So yeah, I mean, it affects obviously the way we think about the future planning for our balance sheet. And you've seen our leverage come down over the last year and if we can't see a place to continue to invest meaningful capital because others just are simply willing to pay more than that results in us doing other things, whether it's buying back our own stock or or even moving our debt down and moving closer towards that investment-grade rating.

是的，我的意思是，它顯然影響了我們對資產負債表未來規劃的思考方式。你已經看到我們的槓桿率在過去一年下降了，如果我們找不到繼續投資有意義的資本的地方，因為其他人只是願意支付更多的錢，那麼我們就得做其他事情，無論是回購我們自己的股票，還是降低我們的債務，並更接近投資級評級。

What do you think you need to get to get investment grade given your mix of portfolio in the US and LatAm and Africa?

考慮到您在美國、拉丁美洲和非洲的投資組合，您認為需要達到什麼程度才能獲得投資等級？

Yeah. Well, I mean you heard Marc mentioned earlier that we were just upgraded by S&P, at least our corporate rating was upgraded to an investment-grade rating just last week. So I don't believe we need to do a whole lot. It's really a matter of policy and probably the mix of our debt. The secured versus unsecured debt is really probably the main thing. In terms of leverage, though, I don't think we need to do much.

是的。嗯，我的意思是你聽到馬克之前提到過，我們剛剛被標準普爾上調了評級，至少我們的公司評級在上週被上調到了投資級。所以我不認為我們需要做很多事。這其實是一個政策問題，也可能是我們的債務組合問題。有擔保債務與無擔保債務之間可能確實存在主要區別。不過，就槓桿作用而言，我認為我們不需要做太多。

Right, okay, appreciate it. Thanks.

好的，好的，謝謝。謝謝。

(Operator Instructions) Michael Rollins, Citi.

（操作員指示）花旗銀行的邁克爾·羅林斯。

Hey, can you hear me now?

嘿，你現在聽得到我說話嗎？

Yeah, we can hear you. I can hear you.

是的，我們能聽到你的聲音。我聽到你的聲音。

Great. Thanks for the question .So just trying to think about maybe longer term, can you help us with what is the right or fair level that FDA should be able to grow AFFO per share on an annual basis. And when you think about working through some of the things that you've been talking about, whether it's international, merger churn, domestic merger churn, normalizing domestic leasing absorbing a higher cost of debt. What inning are we in to get to that future annual run rate opportunity?

偉大的。謝謝你的提問.所以，只是想從更長遠的角度考慮，您能否幫助我們確定 FDA 每年能夠增加每股 AFFO 的正確或公平水平。當您考慮解決您一直在談論的一些問題時，無論是國際合併流失、國內合併流失，還是規範國內租賃以吸收更高的債務成本。我們處於什麼階段才能獲得未來的年度運行率機會？

Sure. Yeah. I think the biggest thing, Mike, I mean we have some of these things, obviously, with the Sprint churn and even the international turn to a certain degree, although it's not that much. The biggest issue is the interest rates. We have -- you know that we have $12.5 billion of debt today.

當然。是的。我認為最重要的是，麥克，我的意思是，我們顯然有一些這樣的事情，隨著 Sprint 的流失，甚至在一定程度上轉向國際化，儘管不是那麼多。最大的問題是利率。你知道，我們今天有 125 億美元的債務。

Much of that has a very low interest rate. We mentioned our average interest rate, I think, is 3.7%, and that includes some recent financings at much higher rates. So there's a lot of low-cost debt in there, which is great, but it's -- it will come due over a number of years, and that's a pretty significant headwind.

其中大部分的利率都很低。我們提到我們的平均利率是 3.7%，其中包括一些近期利率高得多的融資。因此，其中有很多低成本債務，這很好，但它將在幾年內到期，這是一個相當大的阻力。

If you normalize for that item, which eventually obviously, we will get over then you're looking at a mid- to high single digit AFFO per share growth rate that I would be very comfortable we could maintain. But you asked what inning.

如果您對該專案進行正常化，最終顯然我們會克服，那麼您會看到每股 AFFO 成長率達到中高個位數，我非常放心我們可以保持這一水平。但你問的是哪一局。

It's hard to say what inning exactly, but we're several years really from getting to that, I believe, depending on what happens with interest rates. We may find that there's a more rapid reduction in interest rates, and that would actually help us. But even without that, our next three maturities all have a 1 handle on their current interest rate coupons. So you can imagine that it's a significant difference in terms of that.

很難說具體是哪一局，但我相信我們還需要幾年時間才能實現這一目標，這取決於利率的變化。我們可能會發現利率下降得更快，這實際上對我們有幫助。但即使沒有這一點，我們接下來的三個到期日的當前利率票面價值也都是 1。所以你可以想像，從這方面來看，這是一個顯著的差異。

So as we brought our leverage down, it's helped with that a little bit, but that's really the biggest issue. But as we move beyond that, I think the steadiness in terms of growing the business organically will continue and we're able to operate more and more efficiently all the time. So I feel good we'll continue to grow it otherwise.

因此，當我們降低槓桿率時，這有一點幫助，但這確實是最大的問題。但隨著我們超越這一點，我認為業務有機成長的穩定性將會持續下去，而且我們能夠一直更有效率地運作。所以我感覺很好，否則我們會繼續發展它。

Thank you.

謝謝。

Sure.

當然。

Eric Luebchow, Wells Fargo.

艾瑞克‧盧布喬（Eric Luebchow），富國銀行。

All right. Great. Thanks for taking the question. Brendan, I wonder if you could talk just about the investment-grade conversation a little bit, like what type of spread differential you think you could get on your debt versus potentially giving up flexibility to lever up if you see some more compelling investment opportunities down the road or opportunities to buy back your stock. How are you thinking about balancing that over the next couple of years?

好的。偉大的。感謝您回答這個問題。布倫丹，我想知道您是否可以稍微談談投資級話題，例如，如果您看到未來一些更具吸引力的投資機會或回購股票的機會，您認為您可以從債務中獲得什麼類型的利差差異，而不是可能放棄提高槓桿的靈活性。您考慮如何在未來幾年平衡這個問題？

Yeah. Well, right now, we are -- we have not gone investment grade and part of it has been to retain that flexibility. But we also have seen our leverage come down meaningfully. So that has allowed us to have a lot of capacity. I mean, you saw, obviously, we did a $1 billion deal here with Millicom, and it hardly has an impact.

是的。嗯，現在，我們還沒有達到投資級別，部分原因是為了保持這種彈性。但我們也看到我們的槓桿率大幅下降。因此，我們擁有了很大的產能。我的意思是，你顯然看到了，我們與 Millicom 達成了一項價值 10 億美元的交易，但這幾乎沒有產生影響。

So we have a lot of capacity, it would really only be for something really, really sizable. And it's hard to to change your whole policy, hoping for or waiting for something of that magnitude to come along. So I think as we think about it, we'll continue to look at our options as our upcoming maturities come along.

因此，我們擁有很大的容量，但這實際上只適用於真正規模非常大的事情。而且，很難改變你的整個政策，希望或等待如此重大的事情發生。因此，我認為，當我們考慮這個問題時，我們會繼續考慮即將到期的選擇。

In terms of the impact on cost of debt, I think it's not huge, and it's not huge mainly because we've been an issuer of a substantial amount of our debt in the ABS market, and that has been investment-grade rated paper in that market.

就對債務成本的影響而言，我認為影響並不大，主要是因為我們在 ABS 市場上發行了大量債務，而這些債務都是該市場上的投資等級債券。

And so we've been able to achieve what we're very close to investment-grade type of rates through the use of that market where we would be able to see a benefit, I think, is on the unsecured paper, we would probably be able to see that at a better rate than what we've historically been able to get in the high-yield market and even perhaps our term loan, we could improve slightly.

因此，透過利用該市場，我們已經能夠實現非常接近投資等級的利率，我們將能夠看到收益，我認為，在無擔保票據上，我們可能會看到比我們歷史上在高收益市場獲得的更好的利率，甚至我們的定期貸款，我們可能會略有改善。

But we do that math around all those things, and we think about what might it look like if we made a shift there and what are the things we're giving up. I actually don't think we would be giving up too much. And so we continue to explore this a little bit further, frankly, because it's just naturally moving in that direction.

但是我們對所有這些事情都進行了計算，我們思考如果我們做出改變會是什麼樣子，以及我們要放棄什麼。我實際上並不認為我們會放棄太多。因此，坦白說，我們會繼續進一步探索這個問題，因為它自然而然地朝著這個方向發展。

I appreciate that. And -- just maybe one follow-up. On the domestic leasing outlook, I know you kept it stable for this year. You should be at $10 million or $11 million or so in the back half. And just wanted to think through some of the moving pieces.

我很感激。並且──也許只有一個後續行動。關於國內租賃前景，我知道今年你們保持了穩定的期望。後半部你的收入應該在 1000 萬美元或 1100 萬美元左右。只是想仔細思考其中的一些動靜。

I know it's a little premature to talk about 2026, but based on the bookings of the last six quarters. Do you see an opportunity to accelerate that further that run rate going into 2016? Or are there any other mitigating factors that we should keep in mind? Thanks.

我知道現在談論 2026 年還為時過早，但根據過去六個季度的預訂情況。您是否認為 2016 年還有機會進一步提高運行率？或者還有其他什麼緩解因素需要我們牢記？謝謝。

Yeah. I think it's a little premature for me to speak to that. You're right that the run rate at the end of the year will certainly be higher probably in that $10 million, $11 million range. So we'll be at a run rate leaving the year that's certainly higher than this year's contribution was. As to whether that can go higher, it certainly can, but I think it's too early.

是的。我認為現在談論這個還為時過早。您說得對，年底的運行率肯定會更高，可能在 1000 萬美元到 1100 萬美元的範圍內。因此，我們今年的營業額肯定會高於今年的貢獻。至於是否可以更高，當然可以，但我認為現在還為時過早。

Usually, we have to see something that's in that 6-month window prior to the period that we're reporting on. We feel very good about what the second half of the year looks like, it's a little harder to say with absolute certainty about next year. But the trends are good. The backlogs continue to grow, the carriers are active. And so right now, I feel good about things.

通常，我們必須看到報告期之前 6 個月內發生的事情。我們對今年下半年的前景非常樂觀，但對於明年的情況很難有絕對的把握。但趨勢是好的。積壓訂單持續增加，承運商活躍。所以現在，我對一切都感覺很好。

But I don't know whether that means it stays at the same level or it grows, and we'll let you know that when we give 2026 guidance.

但我不知道這是否意味著它會保持在同一水平還是會增長，我們會在提供 2026 年指導時告知您。

I appreciate it. Thank you.

我很感激。謝謝。

Sure.

當然。

David Guarino, Green Street.

大衛‧瓜裡諾 (David Guarino)，《綠街》。

Thank you. Brendan, on your question about new spectrum potentially being option. I was wondering if you could share some thoughts on how high the frequency can go before it won't propagate well from a Millicom Tower site? And then also how quickly do you think the FCC could get a spectrum into the hands of the carriers, if it was to be option?

謝謝。布倫丹，關於你提到的新光譜可能成為選擇的問題。我想知道您是否可以分享一些想法，即頻率可以達到多高才無法從 Millicom Tower 網站很好地傳播？那麼，如果這是一個選擇的話，您認為 FCC 能多快將頻譜交到運營商手中？

Yeah. I think -- well, certainly, the new spectrum that's talked about being auctioned as part of the bill that was recently passed in Congress, there will be different periods and different bands that will be auctioned along the way.

是的。我認為——當然，作為國會最近通過的法案的一部分，即將拍賣的新頻譜將會分不同的時期和不同的頻段進行拍賣。

The stuff that's that's longer term that hasn't been explicitly identified, but there are bands that have been named to be considered are the higher band stuff. I think it will propagate fine, but it will definitely require different in new radios and antennas in order to do that. So that's favorable to us.

那些長期的東西還沒有被明確確定，但有一些已經被命名並被考慮的頻段是較高頻段的東西。我認為它會傳播得很好，但要做到這一點肯定需要不同的新無線電和天線。這對我們有利。

And I do -- I still believe that macro sites will be the primary way to get that spectrum deployed and used. It will still be the most efficient way. So I think what's being talked about is still very much a macro-oriented solution.

我確實如此——我仍然相信宏站將是部署和使用該頻譜的主要方式。這仍然是最有效的方式。所以我認為現在討論的仍然是一個非常宏觀的解決方案。

And then, I'm sorry, David, what was the second part of your question?

然後，對不起，大衛，你的問題的第二部分是什麼？

Just on the timing of when you think it could get in the hand of the carriers.

只是你認為它何時會落入運營商手中。

Oh, yeah. So I think the stuff that's going to be auctioned there's 100 megahertz that has to be auctioned by next summer, I believe, is the deadline mid-2026. And I would expect that, that piece probably would be able to be cleared in the carriers' hands within two years or so following that. The other stuff, I think, is going to be much later. Even if it's auction in '28 or '29, you're looking at several years to get it clear, you have DoD spectrum in there. So it's probably into the next decade before we start to see that.

哦，是的。所以我認為，將要拍賣的是 100 兆赫，必須在明年夏天之前拍賣，我相信截止日期是 2026 年中期。我預計，該零件可能能夠在此後兩年左右的時間內在承運商手中清關。我認為其他的事情將會很晚才發生。即使是在 1928 年或 1929 年進行拍賣，你也需要幾年的時間才能弄清楚，其中有國防部頻譜。因此，我們可能要到下一個十年才會開始看到這種情況。

That's helpful. And then one quick one on the guidance list. Did you guys -- sorry if I missed this, but did you say how much of the earnings guidance lift was a result of the Millicom Towers closing earlier than anticipated.

這很有幫助。然後快速介紹一下指導清單。你們——如果我錯過了這個，抱歉，但是你們有沒有說過盈利預期的提升有多少是由於 Millicom Towers 比預期提前關閉造成的。

I don't know that we give it. I think we said $16 million of revenue was due to the earlier closing of Millicom. So of the revenue increase leasing revenue increased $16 million of that was Millicom.

我不知道我們是否給予它。我認為我們所說的 1600 萬美元的收入是由於 Millicom 的提前關閉。因此，收入增加中租賃收入增加了 1,600 萬美元，其中來自 Millicom。

Okay. Thanks.

好的。謝謝。

Yeah.

是的。

Benjamin Swinburne, Morgan Stanley.

摩根士丹利的班傑明‧斯溫伯恩。

Thank you. Good afternoon. Brendan, not sure if you heard Aqua's call on Friday, not to put you on the spot, but they announced a big LEO project. I'm not sure how they're going to fund it. But nonetheless, their pitch on the call was really about offering the satellite constellation network to carriers making the argument that it would create more efficient network structures, particularly in rural areas where they're inefficient today given how much they have to spend on terrestrial coverage, et cetera.

謝謝。午安.布倫丹，不確定你是否聽到了 Aqua 週五的電話，並不是要讓你為難，但他們宣布了一個大型 LEO 項目。我不確定他們將如何籌集資金。但儘管如此，他們在電話會議上的宣傳實際上是向運營商提供衛星星座網絡，並聲稱這將創建更高效的網絡結構，特別是在農村地區，考慮到他們在地面覆蓋等方面的投入，這些地區的效率目前很低。

I just don't know -- I know you've talked about satellite as a player in the market and whether that is or isn't a competitor to the tower business, but this was a little bit of a new angle on it. So I was curious if you had any thoughts or any comments on how you see the growing satellite business potentially competing or not or complementing to ours?

我只是不知道——我知道您已經談到衛星作為市場參與者以及它是否是塔業務的競爭對手，但這是一個新的角度。所以我很好奇，您是否對日益增長的衛星業務可能與我們競爭、互補有什麼想法或評論？

Yeah. I think, well, just generally, our belief that we spent a lot of time looking at this. As you can imagine, it's been a question that's come up for a while and just for our own for our own sake, we want to have an informed view on it. And we're pretty comfortable that it is a complementary solution. What it really comes down to is locations that are challenging to cover economically to cover from a traditional macro standpoint.

是的。我認為，總的來說，我們相信我們花了很多時間來研究這個問題。你可以想像，這個問題已經出現了一段時間，為了我們自己，我們希望對此有一個明智的看法。我們非常確信這是一個互補的解決方案。歸根究底，從傳統的宏觀角度來看，要覆蓋哪些地區在經濟上是比較困難的。

Everything could be covered that way, but the cost in some of these more rural areas where you have less PoPs or it's harder to get a fiber-based backhaul, that thing.

透過這種方式可以涵蓋所有區域，但是在一些農村地區，由於 PoP 較少或難以獲得基於光纖的回程，成本較高。

Satellites become a pretty good solution to do that. But it's modest coverage. You can't do some of the things that you could do in an urban or suburban community with your device, but you can get basic connectivity. So I don't really look at it as something that is truly competitive. I look at it as something that is complementary -- and if in case of EchoStar, I don't know anything more about it than what they said, and I'm sure you're more informed than I have been on it.

衛星成為實現這一目標的一個很好的解決方案。但報道範圍有限。您無法使用設備進行在城市或郊區社區可以做的一些事情，但可以獲得基本的連接。所以我並不認為它具有真正的競爭力。我把它看作是一種補充——如果就 EchoStar 而言，我對它的了解僅限於他們所說的內容，我相信你比我更了解它。

But what I gathered from that is that if they are able to come up with that solution, that, that would certainly be something I would consider very favorable for the tower industry in that it's a complementary solution to go with their existing terrestrial solution and that they would be able to be somebody who can provide a distinct competitive offering compared perhaps to the other carriers. And so we would be supportive of that certainly in whatever way we could be. But in terms of the viability of it and all that, I just don't know. I guess we'll have to see.

但我從中得出的結論是，如果他們能夠提出該解決方案，那麼我認為這對塔式行業來說肯定非常有利，因為這是與他們現有的地面解決方案相輔相成的解決方案，而且他們將能夠提供與其他運營商相比具有獨特競爭力的產品。因此，無論以何種方式，我們都會支持這一點。但就其可行性和所有這一切而言，我只是不知道。我想我們得拭目以待。

Yeah. No, that makes sense. And then just a quick one on the guidance. I think there was an increase in the domestic straight-line revenue for the year versus your prior guide.

是的。不，這很有道理。然後簡單介紹一下指導。我認為今年的國內直線收入與您之前的指導相比有所增加。

Correct me if I'm wrong, I don't know if you talked about that in the prepared remarks, but is that just a lease amendment or something that you could explain?

如果我錯了，請糾正我，我不知道您是否在準備好的評論中談到了這一點，但這只是租約修正案還是您可以解釋的事情？

Yeah. we -- what that is, yes, there was an increase there. And what that basically is, is the under the -- I'll just tell you straight out, under the AT&T MLA that we signed a couple of years ago, 1 of the things that exists in that is to the extent that they do any upgrades at any sites, there is an extension to the term of that existing lease. And so when the term is extended, it ends up having a favorable straight-line impact. So that's really what you're seeing there.

是的，我們——是的，那裡有所增加。基本上，根據——我直接告訴你，根據我們幾年前簽署的 AT&T MLA，其中存在的一項規定是，只要他們對任何站點進行任何升級，現有租約的期限就會延長。因此，當期限延長時，最終會產生有利的直線影響。這就是你所看到的。

I see. Got it. Thank you very much.

我懂了。知道了。非常感謝。

Sure.

當然。

(Operator Instructions) Michael Funk, Bank of America.

（操作員指示）美國銀行的邁克爾·芬克 (Michael Funk)。

Yeah. Thanks for taking the questions. On the call, you mentioned bonus depreciation and increase in carrier cash flow. I think most of the carriers mentioned earmarking that primarily for fiber build among other projects. Just curious your conversations with the carriers have discussed incremental tower or wireless net bills as well.

是的。感謝您回答這些問題。在電話中，您提到了獎金折舊和承運人現金流的增加。我認為大多數營運商都提到將這筆資金主要用於光纖建設等項目。只是好奇您與運營商的對話也討論了增量塔或無線網路帳單。

Yeah. I mean, we don't have a discussion with the carriers that's explicitly related to what they're doing with bonus depreciation benefits. But what we do talk to them about is their general network plans over the longer term and the needs that they have, which we believe will support continued network investment in the wireless side. I'm sure some of the benefits that they'll get from a tax savings will go into fiber as well. And as I said in response to your question about our own capital allocation earlier, to some degree, it's fungible.

是的。我的意思是，我們還沒有與承運商進行明確涉及他們如何處理獎金折舊福利的討論。但我們確實與他們討論的是他們長期的整體網路計劃和他們的需求，我們相信這將支持在無線方面繼續進行網路投資。我確信他們從稅收節省中獲得的一些好處也會用於光纖。正如我之前回答您關於我們自己的資本配置的問題時所說的那樣，在某種程度上，它是可替代的。

What's good about it is that there is excess cash available to them to invest broadly in their network initiatives, whether that be fiber-based or wireless. So I think wireless will benefit from that, too.

這樣做的好處是，他們有多餘的現金可以廣泛投資於他們的網路計劃，無論是光纖還是無線。所以我認為無線也會從中受益。

And just curious on AI app comments you made earlier as well, but your engineer is looking at the AI app and the usage. Do you give any quantification of the increase in traffic or usage of AI app.

我也對您之前對 AI 應用的評論感到好奇，但您的工程師正在研究 AI 應用及其用途。您是否對 AI 應用程式的流量或使用量的增加做出任何量化？

I do not have anything specific that I can give you now. But perhaps over time, that's something we'll be able to share more with. I think as it develops, there will be more data available on it, but it's a little premature for that.

我現在還沒有任何具體資訊可以提供給你。但也許隨著時間的推移，我們將能夠分享更多。我認為隨著它的發展，將會有更多關於它的數據，但現在還為時過早。

Great. Thank you so much.

偉大的。太感謝了。

Yeah.

是的。

With that, there are no further questions in the queue.

這樣，隊列中就沒有任何問題了。

Great. Thank you to everybody for joining the call and we look forward to following up next quarter.

偉大的。感謝大家參加電話會議，我們期待下個季度的跟進。

Thank you to all of our speakers, and thank you to all of the audience for joining us today. With that, our call is concluded and you may now disconnect.

感謝所有演講者，也感謝今天參加我們會議的所有觀眾。至此，我們的通話結束，您可以掛斷電話了。