SBA Communications Corp (SBAC) 2025 Q3 法說會逐字稿

Welcome and thank you all for joining today's call: SBA third-quarter 2025 results.

歡迎各位參加今天的電話會議：SBA 2025 年第三季業績報告。

Please note that today's call is being recorded. (Operator Instructions)

請注意，今天的通話將會被錄音。（操作說明）

With that, I'd now like to formally begin today's call and introduce Mark DeRussy, Vice President of Finance.

接下來，我正式開始今天的電話會議，並介紹財務副總裁馬克‧德魯西。

Good evening and thank you for joining us for SBA's third-quarter 2025 earnings conference call.

晚上好，感謝各位參加美國小型企業管理局 (SBA) 2025 年第三季財報電話會議。

Here with me today are Brendan Cavanagh, our President and Chief Executive Officer; as well as Marc Montagne, our Chief Financial Officer.

今天陪同我出席的還有我們的總裁兼執行長布倫丹·卡瓦納，以及我們的財務長馬克·蒙塔涅。

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, November 3. 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具有前瞻性，包括但不限於對 2025 年及以後的任何指導意見。在今天的新聞稿和我們提交給美國證券交易委員會的文件中，我們詳細列出了可能導致我們未來業績與預期差異的重大風險。我們的聲明截至今日，即11月3日。我們沒有義務更新我們可能作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GAAP財務指標和其他關鍵營運指標。有關這些項目的核對和其他信息，請參閱我們的補充財務數據包，該數據包位於我們投資者關係網站的首頁。

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

接下來，我將把麥克風交給布倫丹。

Thank you, Mark. Good afternoon.

謝謝你，馬克。午安.

We are pleased to share another quarter of positive financial and operational results, including industry-leading AFFO per share. We continue to see strong leasing demand in both the US and international markets. As a result, we are modestly increasing our full-year outlook for both new leasing activity and escalations.

我們很高興地宣布，公司又一個季度取得了積極的財務和營運業績，其中包括業界領先的每股調整後營運資金 (AFFO)。我們持續看到美國和國際市場租賃需求強勁。因此，我們略微上調了全年新租賃活動和租金上漲的預期。

The bulk of the activity continues to come from new co-locations as carriers both densify and expand their network footprints. The backlog remains healthy, as well. It is steady compared to last quarter.

大部分業務活動仍來自新的共址資料中心，營運商不斷增加並擴大其網路覆蓋範圍。積壓訂單量也依然充足。與上季相比，保持穩定。

Our Services business also continues to perform extremely well, increasing revenue by 81% in Q3 compared to the prior year period, primarily from construction-related projects focused on network expansion. As a result of this activity, we are increasing the full-year site development revenue outlook by $20 million.

我們的服務業務也持續表現出色，第三季營收比去年同期成長了 81%，主要來自以網路擴展為重點的建設相關項目。由於這項活動，我們將全年場地開發收入預期提高了 2000 萬美元。

In addition to our strong operating performance, we have also had a number of other significant accomplishments since our last earnings report. We have recently completed the final closing of all remaining Central American assets under our purchase agreement with Millicom. The closings were slightly delayed from our prior assumptions due primarily to timing of regulatory approvals but we are nonetheless very pleased with how this transaction went. I'd like to thank our teams that worked tirelessly to get it done. We are excited about the future opportunities for SBA across the region.

除了強勁的營運業績外，自上次發布獲利報告以來，我們還取得了一系列其他重大成就。我們最近已完成與 Millicom 簽訂的收購協議項下所有剩餘中美洲資產的最終交割。由於監管審批的時間安排，交易完成時間比我們先前的預期略有延遲，但我們對此交易的進展仍然非常滿意。我要感謝我們團隊的辛勤付出，他們最終完成了這項工作。我們對SBA在該地區的未來發展機會感到興奮。

Also, subsequent to quarter end, we closed on the previously announced sale of our Canadian Tower business, earlier than anticipated.

此外，季度末之後，我們提前完成了先前宣布的加拿大鐵塔業務出售交易。

While the adjusted timing of both the Millicom acquisition and the Canada sale negatively impact our current site leasing revenue outlook, we are extremely pleased to continue to show progress related to our ongoing portfolio review that was originally announced back in February of last year.

儘管 Millicom 收購和加拿大出售的調整時間對我們目前的場地租賃收入前景產生了負面影響，但我們非常高興地繼續展示我們正在進行的投資組合審查的進展，該審查最初於去年 2 月宣布。

We continue to focus on being a leading tower company in each market where we operate and aligning ourselves more directly with the leading wireless operators in those markets.

我們將繼續專注於成為我們營運的每個市場中的領先鐵塔公司，並與這些市場中的領先無線營運商建立更直接的合作關係。

Pro forma for the Millicom and Canada closings, SBA owns a total of over 46,000 tower sites worldwide, representing an increase of 40% since 2020.

扣除 Millicom 和加拿大業務的關閉後，SBA 在全球擁有超過 46,000 個鐵塔站點，比 2020 年增長了 40%。

Another recent significant accomplishment since our second-quarter earnings report is today's announcement that Verizon and SBA have entered into a new long-term agreement that supports Verizon's continued network modernization plans. This new agreement builds on the longstanding partnership between our two companies and highlights the critical nature of our Tower portfolio and our ongoing efforts to help our carrier customers achieve their network goals.

自從我們發布第二季度收益報告以來，另一項近期重大成就是今天宣布 Verizon 和 SBA 已達成一項新的長期協議，該協議支持 Verizon 繼續推進網絡現代化計劃。這項新協議建立在我們兩家公司長期合作關係的基礎上，並突顯了我們鐵塔資產組合的關鍵性以及我們為幫助營運商客戶實現其網路目標而做出的持續努力。

As part of this agreement, Verizon has committed to a certain level of growth through new deployments across SBA's best-in-class tower portfolio. The agreement enhances operational efficiencies for both companies. The length of the agreement provides both companies with stability and more certainty for the future.

作為該協議的一部分，Verizon 承諾透過在 SBA 一流的鐵塔組合中進行新的部署，實現一定程度的成長。該協議提高了兩家公司的營運效率。該協議的期限為兩家公司提供了穩定性，並為未來帶來了更大的確定性。

I'm very excited about this enhanced partnership. I want to thank all who work to get this done.

我對此次深化合作感到非常興奮。我要感謝所有為完成這項工作而努力的人。

If that wasn't enough, since our last earnings report, we took advantage of what we believe to be market dislocations, directing capital towards share repurchases. We spent $153 million at an average cost of $196.99 per share to repurchase and retire 776,000 shares. So far, in 2025, in total, we spent $325 million to repurchase 1.6 million shares. As of today, we have $1.3 billion remaining on our authorization. We continue to believe share repurchases play a significant role in creating shareholder value, over time.

如果這還不夠，自從我們上次發布獲利報告以來，我們利用了我們認為的市場錯位，將資金用於股票回購。我們花了 1.53 億美元，平均每股成本為 196.99 美元，回購並註銷了 776,000 股股票。截至目前，2025 年，我們總共花了 3.25 億美元回購了 160 萬股股票。截至今日，我們的授權額度還剩13億美元。我們仍然認為，從長遠來看，股票回購在創造股東價值方面發揮著重要作用。

We have been able to grow our portfolio and repurchase shares, while still maintaining leverage below the low end of our previously stated range.

我們得以擴大投資組合併回購股票，同時仍將槓桿率維持在我們先前所述範圍的下限以下。

As stated in today's press release, however, we are officially changing our financial policy and reducing our target leverage range to 6 to 7 churns of net debt-to-adjusted EBITDA. Marc will discuss these changes in more detail in a moment.

如同今天發布的新聞稿所述，我們正式改變財務政策，將目標槓桿率範圍降低至淨債務與調整後 EBITDA 的 6 至 7 倍。馬克稍後會更詳細地討論這些變化。

As you can see, there are a lot of positive things going on here at SBA. The macro environment for mobile broadband growth is supportive of a bright future. Today, we are seeing a greater proliferation of 5G use cases, including fixed wireless access, which is nearing 15 million subscribers today, with aspirations of over $20 million by 2028.

如你所見，SBA這裡有很多積極的事情正在發生。行動寬頻發展的宏觀環境有利於其擁有光明的前景。如今，我們看到 5G 應用場景不斷擴展，包括固定無線接入，目前用戶已接近 1,500 萬，預計到 2028 年用戶規模將超過 2,000 萬美元。

Paired with increasing mobile data traffic, that's a heavy burden on today's networks. This will require ongoing network investment via overlays and densifications, including cell splitting, refarming of existing spectrum bands, and newly acquired spectrum to meet those network needs.

隨著行動數據流量的不斷增長，這對當今的網路來說是一個沉重的負擔。這將需要透過網路疊加和密集化等方式持續進行網路投資，包括小區分割、現有頻譜頻段的重新分配以及新獲得的頻譜，以滿足這些網路需求。

Looking further out, the recently passed federal spending and tax bill earmarks 800 megahertz of spectrum to help boost network capacity and support the next generation of wireless technologies, including 6G.

展望未來，最近通過的聯邦支出和稅收法案指定了 800 兆赫茲的頻譜，以幫助提升網路容量並支援下一代無線技術，包括 6G。

The initial wave of upper C-band spectrum will be auctioned off by July 2027. While there is still work to be done to identify which additional bands will ultimately be auctioned, upper mid-band frequencies, such as 4.4 to 4.9 gigahertz and 7.25 to 7.4 gigahertz, are currently being studied. These higher bands will not propagate as far and will require denser networks and new equipment at our cell towers.

首批C波段高頻段頻譜將於2027年7月前拍賣完畢。雖然還需要進一步研究才能確定最終將拍賣哪些其他頻段，但目前正在研究中頻段頻率，例如 4.4 至 4.9 吉赫茲和 7.25 至 7.4 吉赫茲。這些更高頻段的訊號傳播距離會更短，需要更密集的網路和基地台的新設備。

There is a lot to look forward to.

有很多值得期待的事。

Now, before I turn the call over to Marc, I'd just like to take a moment to acknowledge Mark DeRussy. After 16 years with SBA and many more in the industry, Mark has decided to retire at the end of the year. This will be his last earnings call. Mark has done a great job representing the company to many of you over the years. I appreciate his many contributions.

現在，在把電話交給馬克之前，我想花一點時間向馬克德魯西表示感謝。在 SBA 工作 16 年以及在業內工作多年後，馬克決定在年底退休。這將是他最後一次財報電話會議。多年來，馬克在代表公司與大家交流方面做得非常出色。我感謝他所做的諸多貢獻。

Louis Friend, who is an SBA veteran and well known to many of you, will be taking over Mark's IR responsibilities after year end.

路易斯·弗蘭德是美國小型企業管理局 (SBA) 的資深人士，許多人認識他，他將在年底後接替馬克的投資者關係職責。

With that, I will now turn the call over to Mark Marc Montagner.

接下來，我將把電話交給馬克‧蒙塔格納。

Thank you, Brendan.

謝謝你，布倫丹。

The slight delay in closing of Millicom compared to our prior assumption around timing impacted the third quarter by $4 million and $3 million site-leasing revenue and total cash flow, respectively. Adjusting for the timing of Millicom, our third-quarter results were in line with our expectations.

與先前我們對時間的預期相比，Millicom 的交割略有延遲，導致第三季場地租賃收入和總現金流分別減少了 400 萬美元和 300 萬美元。考慮到 Millicom 的收購時間，我們第三季的業績符合預期。

Third-quarter domestic organic leasing revenue growth over the third quarter of last year was 5.3% on a gross basis and 1.6% on a net basis, including 3.7% of churn.

與去年同期相比，第三季國內有機租賃收入毛成長率為 5.3%，淨成長率為 1.6%，其中客戶流失率為 3.7%。

$11 million of the third-quarter churn was related to Sprint consolidation, which we anticipate to be $51 million for the full-year 2025. Our previously provided estimate of aggregate Sprint-related churn over the next several years remain unchanged. Non-Sprint related domestic annual churn continues to be between 1% and 1.5% of our domestic site-leasing revenue.

第三季客戶流失的 1,100 萬美元與 Sprint 的整合有關，我們預計到 2025 年全年，這一數字將達到 5,100 萬美元。我們先前對未來幾年 Sprint 相關客戶流失總量的預測保持不變。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%。

Turning to DISH, we currently have approximately $55 million of annualized revenue. Based on lease agreements, we expect approximately $25 million of churn in each of 2027 and 2028, with some small amount before and after these years.

再來看 DISH，我們目前的年化收入約為 5,500 萬美元。根據租賃協議，我們預計 2027 年和 2028 年每年將有約 2,500 萬美元的流失額，在此之前和之後幾年也會有一些小額流失。

During the third quarter, 80% of consolidated cash site-leasing revenue and 85% of adjusted EBITDA was denominated in US dollars.

第三季度，合併現金場地租賃收入的 80% 和調整後 EBITDA 的 85% 以美元計價。

International organic leasing revenue growth for the third quarter, which is calculated on a constant currency basis, was 8.5% on a gross basis. Total international churn remained elevated in the third quarter, mainly due to ongoing carrier consolidation.

第三季國際有機租賃收入成長（以固定匯率計算）毛利成長率為 8.5%。第三季國際航班總流失率仍居高不下，主要原因是航空公司持續整合。

During the third quarter of 2025, we acquired 447 sites for total cash concentration of approximately $143 million, mostly related to the acquisition of sites from Millicom. Subsequent to quarter end, we closed on the remaining approximately 2,000 sales related to the Millicom transaction.

2025 年第三季度，我們收購了 447 個站點，總現金集中度約為 1.43 億美元，其中大部分與從 Millicom 收購站點有關。季度末之後，我們完成了與 Millicom 交易相關的剩餘約 2,000 筆銷售。

Switching to the balance sheet, we have ample liquidity from both available cash in our $2 billion revolver, which, as of today, has a balance of $385 million outstanding, drawn mostly to fund the purchase of towers from Millicom and for share buyback.

再來看資產負債表，我們擁有充足的流動性，這得益於我們 20 億美元的循環信貸額度中的可用現金。截至今日，該額度的未償餘額為 3.85 億美元，主要用於從 Millicom 購買鐵塔和回購股票。

At the end of the third quarter, our weighted average interest rate was 3.8% across our total outstanding debt and our weighted average maturity was approximately three years. Including the impact of our current interest rate hedge, the interest rate on approximately 96% of our current outstanding debt is fixed.

第三季末，我們未償債務總額的加權平均利率為 3.8%，加權平均到期日約為三年。考慮到我們目前的利率對沖策略的影響，我們目前約 96% 的未償債務的利率是固定的。

As you may have seen in our press release, I'm pleased to share with you our new updated financial policy in (inaudible), going forward. Given the rising rate environment over the past few years and the lack of actionable M&A opportunities at attractive valuation, we have been operating below our steady target leverage of 7 times to 7.5 times net debt-to-last quarter annualized EBITDA.

正如您可能在我們的新聞稿中看到的那樣，我很高興與您分享我們新的更新財務政策（聽不清楚），今後將如此。鑑於過去幾年利率環境不斷上升，以及缺乏估值有吸引力的可操作的併購機會，我們一直將槓桿率控制在淨債務與上一季年化 EBITDA 之比 7 倍至 7.5 倍的穩定目標水平以下。

In the past few years, we intentionally opted to allocate excess capital to pay down debt and delever our balance sheet to minimize interest expenses and grow AFFO per share. Having operated with leverage in the 6 times for several years now, we have concluded that 6 times to 7 times is the right leverage range for SBA for several reasons.

過去幾年，我們有意選擇將多餘的資本用於償還債務和降低資產負債率，以最大限度地減少利息支出並提高每股調整後營運資金 (AFFO)。多年來，我們一直採用 6 倍槓桿，因此我們認為，出於多種原因，6 倍至 7 倍是 SBA 的合適槓桿範圍。

First, it will have no meaningful effect to our future capital allocation strategy. Given our predictable, strong cash flow; remaining leverage capacity; and revolving credit facility, we'll still have plenty of flexibility to continue our share buyback program and to pursue attractive M&A opportunities.

首先，這不會對我們未來的資本配置策略產生任何實質影響。鑑於我們可預測的強勁現金流；剩餘的槓桿能力；以及循環信貸額度，我們仍然有足夠的靈活性來繼續我們的股票回購計劃，並尋求有吸引力的併購機會。

While operating in a target average ratio for the past three years, we have successfully pursued both options, including $625 million of share repurchase and $1.2 billion of M&A, all while staying below 7 churns of leverage.

在過去三年中，我們一直以目標平均比率運營，並成功地實施了兩種方案，包括 6.25 億美元的股票回購和 12 億美元的併購，同時槓桿率保持在 7 倍以下。

In short, our capital allocation strategy will remain virtually unchanged, with a long-term goal of deploying capital to create high-quality FFO per share.

簡而言之，我們的資本配置策略將基本保持不變，長期目標是運用資本創造高品質的每股FFO。

Second, our revised financial policy will create a path for SBA to move towards issuing investment-grade debt. As you may have seen this evening, Fitch just issued their corporate rating on SBA at BBB+ at both the corporate level and issuer level. This is now a second investment-grade rating. (inaudible) Fitch's new investment-grade rating with S&P, SBA has a clear path towards raising debt capital in this new deeper credit market.

其次，我們修訂後的財務政策將為美國小型企業管理局發行投資等級債券鋪平道路。正如您今晚可能看到的，惠譽剛剛發布了對美國小型企業管理局 (SBA) 的企業評級，公司層面和發行人層面的評級均為 BBB+。這是該機構獲得的第二個投資等級評級。（聽不清楚）由於惠譽和標普都給予美國小型企業管理局新的投資級評級，小型企業管理局在這個新的、更深的信貸市場中籌集債務資本的道路變得清晰明了。

As part of this transition and with our commitment to staying inside the newly revised target leverage rate, we will seek to reduce our percentage of secured debt to total debt as existing secured debt maturities come due or inside their (inaudible) window.

作為這項轉型的一部分，並且為了履行我們保持在新修訂的目標槓桿率範圍內的承諾，我們將努力降低有擔保債務佔總債務的比例，隨著現有有擔保債務到期或在（聽不清楚）期限內到期，我們將採取相應措施。

We have already engaged with the rating agency and are highly confident that they are in full support of our new stated policy and next step.

我們已經與評級機構進行了溝通，並非常有信心他們會全力支持我們新提出的政策和下一步。

The third and final reason for this new policy is related to our dividend. We expect our dividend to grow over time. We believe that it is financially prudent to operate our company at a slightly lower leverage to protect our dividend from potential future fluctuation in interest rates.

這項新政策的第三個也是最後一個原因與我們的股利有關。我們預計股息會隨著時間推移而增長。我們認為，為了保護股利免受未來利率波動的影響，以略低的槓桿率營運公司在財務上是審慎的做法。

In summary, the investment-grade bond market is the deepest and most (inaudible) market, which we expect will provide us with many benefits. This includes reducing our overall cost of debt over time, lowering future refinancing risk, and extending our weighted average maturity, all while maintaining our ability to pursue a robust share buyback program and be opportunistic on the M&A front.

總而言之，投資等級債券市場是規模最大、最（聽不清楚）的市場，我們預期它將為我們帶來許多好處。這包括隨著時間的推移降低我們的整體債務成本，降低未來的再融資風險，並延長我們的加權平均到期日，同時保持我們實施強有力的股票回購計劃並在併購方面抓住機會的能力。

I am excited about this new phase for SBA. I look forward to providing you with further update on the topic. Let me now turn the call over to Mark.

我為美國小型企業管理局進入這個新階段感到興奮。我期待就此主題向您提供更多最新資訊。現在我把電話交給馬克。

Thanks, Marc.

謝謝你，馬克。

We ended the quarter with $12.8 billion of total debt and $12.3 billion of net debt. Our current leverage is 6.2 times net debt-to-adjusted EBITDA remains near historical lows. Our third-quarter cash interest coverage ratio of adjusted EBITDA-to-net cash interest expense was a solid 4.3 times.

本季末，我們的總債務為 128 億美元，淨債務為 123 億美元。我們目前的槓桿率為 6.2 倍，淨負債與調整後 EBITDA 的比率仍接近歷史低點。我們第三季的現金利息保障倍數（調整後 EBITDA 與淨現金利息支出比率）為穩健的 4.3 倍。

During the third and fourth quarter, we repurchased 958,000 shares of our common stock for $194 million at an average price per share of [$202.85]. We currently still have $1.3 billion of repurchase authorization remaining under our $1.5 billion stock repurchase plan.

第三季和第四季，我們以平均每股價格回購了95.8萬股普通股，總額為1.94億美元。[202.85 美元]根據我們15億美元的股票回購計劃，我們目前仍有13億美元的回購授權額度剩餘。

In addition, during the third quarter, we declared and paid a cash dividend of $119.1 million or $1.11 per share. Today, we announced that our Board of Directors declared a quarterly dividend of $1.11 per share payable on December 11, 2025, to our shareholders of record as of the close of business on November 13, 2025. This dividend represents an increase of approximately 13% over the dividend paid in the fourth quarter of 2024 and approximately 35% of the midpoint of our full-year AFFO outlook.

此外，在第三季度，我們宣布並支付了1.191億美元的現金股息，即每股1.11美元。今天，我們宣布，董事會已批准派發季度股息，每股 1.11 美元，將於 2025 年 12 月 11 日支付給截至 2025 年 11 月 13 日營業結束時登記在冊的股東。該股息比 2024 年第四季支付的股息增加了約 13%，約為我們全年 AFFO 預期中位數的 35%。

As Brendan mentioned, after 16 years here at SBA and over 25 years participating in the tower industry, I have decided to retire from SBA. This decision had been in the works for a while and was part of our overall succession planning process.

正如 Brendan 所提到的，在 SBA 工作了 16 年，並在鐵塔行業工作了 25 年多後，我決定從 SBA 退休。這項決定醞釀已久，是我們整體繼任計畫的一部分。

Louis Friend, who many of you know already, has been my partner for the past 12 years. I'm confident that I'm leaving you in good hands. He knows the company inside and out and will certainly be a joy to work with.

路易斯·弗蘭德，你們中的許多人可能已經認識他了，在過去的 12 年裡一直是我的伴侶。我相信我把你託付給了可靠的人。他對公司瞭如指掌，與他共事一定會非常愉快。

I would like to express my sincere gratitude to my teammates at SBA, as well as my friends and colleagues in the investment community, for your support and friendship for all these years.

我謹向美國小型企業管理局的隊友們，以及投資界的各位朋友和同事們，表達我由衷的感謝，感謝你們多年來的支持和友誼。

With that, I'm ready to open up the call for questions.

接下來，我將開始接受提問。

(Operator Instructions)

（操作說明）

Batya Levi, UBS.

Batya Levi，瑞銀集團。

Great. Mark, you'll be missed.

偉大的。馬克，我們會想念你的。

I do want to start with the Verizon MLA question. Can you provide a little bit more color in terms of how that could impact new leasing revenue going into next year? Does it have amendment co-location components, as well? Also, to the extent that they acquire more adjacent spectrum, how would that be MLA capturing that incremental revenue?

我想先從Verizon MLA的問題開始。您能否詳細說明一下，這會對明年的新租賃收入產生怎樣的影響？它是否也包含修訂共址元件？此外，如果他們獲得更多相鄰頻譜，MLA 將如何獲得這些新增收入？

And then, maybe, a quick follow-up on DISH. One of your peers have disclosed that they have received a letter from the company to be excused from future payments. Can you just address if DISH is current with you now and if they're also looking to exit the contract earlier than the renewal rates?

然後，或許可以快速跟進 DISH 的情況。你的一位同事透露，他收到了一封來自公司的信函，免除了他未來應得的薪水。請問DISH目前的付款狀態是否正常，以及他們是否也打算在續約價格到期前提前終止合約？

Okay. Sure.

好的。當然。

First of all, on the Verizon deal, we are really, really pleased with this agreement because it is one that we think is going to be a contributor to our growth for a long period of time. It is building on a very strong partnership that we have with Verizon.

首先，關於與 Verizon 的合作，我們對此協議感到非常非常滿意，因為我們認為這項協議將在很長一段時間內促進我們的發展。這是建立在我們與Verizon之間非常牢固的合作夥伴關係之上的。

In terms of the specifics, I can only share certain with you. It definitely has components that are built around both co-locations and amendments.

至於具體細節，我只能透露部分資訊。它確實包含一些圍繞共址和修改而構建的元件。

There is a minimum commitment around co-locations, really, for the next 10 years. So that will lock in a certain amount of growth that we can count on, going forward. Amendments are still a part of the mix. They will be driven based on activity and what's happening at the tower site. So we'll be able to capture that growth.

對於託管服務，未來 10 年內確實存在最低限度的承諾。這樣就能確保未來一定程度的成長，這是我們可以期待的。修正案仍然是其中的一部分。它們將根據塔台現場的活動和情況進行調整。這樣我們就能抓住這波成長機會。

Verizon will get out of it the ability to have access to our sites with certainty around what those costs are and ease and efficiency of doing business that will help them move quickly to expand their network and meet their objectives.

Verizon 將從中獲得以下優勢：能夠確切了解成本，輕鬆有效地訪問我們的網站；以及快速擴展網路並實現目標的便利性和效率。

So I think it really is a win-win. We're particularly excited about that opportunity to work together for a long time to come.

所以我認為這真的是雙贏。我們尤其對未來能夠長期合作的機會感到興奮。

In the case of DISH, first of all, they are current on their rents with us. Under our agreements with them, we expect them to honor those agreements and to pay their rents, going forward. We have had some correspondence between two companies, back and forth. But I think, at this point, it's best for me to keep that to ourselves; between us and DISH. We'll continue to have those conversations.

就 DISH 而言，首先，他們按時支付了所有租金。根據我們與他們的協議，我們希望他們今後能夠遵守這些協議並支付租金。兩家公司之間有過一些來回的通信。但我認為，在目前這個階段，最好讓我們自己知道這件事；只有我們和 DISH 知道。我們將繼續進行這些對話。

But we feel good about our agreements and expect them to honor them through the balance of the term.

但我們對雙方達成的協議感到滿意，並期望他們在剩餘的協議期限內履行協議。

Got it. One quick follow-up on Verizon, if I could. Is the structure similar to what you have with AT&T, where there was a step-up and then, a step-down through the contract life? Or is it more linear?

知道了。如果可以的話，我想就Verizon公司補充一點後續內容。這種結構是否類似於您在 AT&T 的模式，即在合約期間先升級後降級？或者它更偏向線性？

No. It's much more linear. It is not similar to the AT&T deal. That was a one-time special structure that was particular to the situation with AT&T. But it is very different than that. .

不。它更線性。這與AT&T的交易並不相似。那是一種一次性的特殊結構，專門針對 AT&T 的情況而設立的。但這與那截然不同。。

Rick Prentiss.

里克·普倫蒂斯。

Okay. Great. Mark, good career, great career. Your math is wrong though. It's almost 27 years. We co-authored that seminal (inaudible) the communication tower battle.

好的。偉大的。馬克，事業有成，前途光明。你的計算是錯的。差不多27年了。我們共同撰寫了那部具有開創性意義的（聽不清楚）通訊塔之戰。

Yeah. We did, Rick. We got a lot done. Didn't we? You might have checked out a few years, right, Rick.

是的。我們做到了，里克。我們完成了很多工作。難道不是嗎？你可能已經離開好幾年了，對吧，瑞克？

Yeah. I appreciate the comments on DISH. Obviously, not a lot you say but it's good to hear the current important (inaudible) -- are your contracts paid, like, on first-of-the-month-type thing? Just, currently, they were paid for October; currently, they paid through November? Is there a weird structure when payments are paid?

是的。感謝大家對 DISH 的評論。顯然，你說的不多，但很高興聽到目前重要的（聽不清楚）——你們的合約付款方式是像每月初那種嗎？目前，他們只收到了十月份的薪水；或者說，他們已經收到了十一月的薪水？付款方式是否存在某種奇怪的結構？

They're typically paid at the beginning of the month. For the most part, they're paid through November, at this point. But, yeah.

他們通常在月初領取工資。目前來看，他們的薪水基本上已經發放到11月了。是的。

Okay. That's good. On the Verizon deal, at the Park City Summer Summit, we heard some of the carriers, including Verizon, talking about wanting to address high-cost sites, escalators. But, on the other side, really focused on a lot of rural expansion.

好的。那挺好的。在帕克城夏季高峰會上，我們聽到一些營運商（包括 Verizon）談到與 Verizon 的交易，他們希望解決高成本站點和自動扶梯的問題。但另一方面，也確實非常注重農村地區的擴張。

Did you guys bring in high-cost sites into the equation? Did you touch on escalators, which has always been one of the sacred cows of the tower business? Help us just understand a little more nuance, maybe whatever you can, on that Verizon transaction.

你們有沒有把高成本網站也考慮進去？您有沒有談到手扶梯？自動扶梯一直是高塔產業的禁忌話題之一。請您幫助我們更深入地了解Verizon的那筆交易，您能提供的任何資訊都行。

Yeah. No. This is mostly about future growth. The existing base wasn't really touched at all, other than to ensure some extensions to the the length of the terms around those agreements.

是的。不。這主要關乎未來的發展。除了確保延長相關協議的期限外，現有基礎實際上完全沒有改變。

But in terms of the actual financial terms, they really weren't touched.

但就實際財務條款而言，它們實際上並未受到影響。

Okay. That's good to hear. Last one for me. T-Mobile, on their earnings call, touched on something that confused some people where they were going to be taking a charge to reduce some of their existing base, not just the US cellular churn but the existing base of towers, which we really don't see very often.

好的。聽到這個消息真好。這是我最後一個了。T-Mobile 在財報電話會議上談到了一些令一些人感到困惑的事情，他們打算收取費用來減少一些現有用戶群，不僅僅是美國蜂窩網絡的流失用戶，還有現有的基地台數量，這種情況我們並不常見。

So maybe you could just address it as, one, where are you at as far as the T-Mobile USM churn? How much is it? Could you accelerate it? Is T-Mobile looking at doing something with some of their existing base that we're all maybe not aware of?

所以或許你可以這樣問：第一，你們目前對 T-Mobile USM 的用戶流失情況了解多少？多少錢？你能加速嗎？T-Mobile 是否正在考慮對其現有用戶群進行一些我們可能不知道的開發？

Yeah. It's hard for me to comment on what they were specifically referring to. In our particular case, I think we shared before that we have around $20 million -- I think, a hair less than $20 million -- of annual revenue from US (inaudible).

是的。我很難評論他們具體指的是什麼。就我們而言，我想我們之前分享過，我們每年從美國獲得約 2000 萬美元的收入——我想，略低於 2000 萬美元——（聽不清楚）。

We've had minimal interaction with T-Mobile around those sites at this point. But we would expect that a lot of the overlap sites, at least, would end up getting terminated over the next several years. They have on average about two-and-a-half, three years left.

到目前為止，我們與 T-Mobile 在這些項目上的互動非常少。但我們預計，至少許多重疊的網站會在未來幾年內關閉。他們平均還有兩年半到三年的時間。

So in terms of what they were referring to beyond that, I don't really have any insight, Rick.

所以，至於他們指的是什麼，我真的不太清楚，瑞克。

Mark, congrats again.

馬克，再次恭喜你。

Thanks, Rick.

謝謝你，里克。

Nick Del Deo.

尼克·德爾·迪奧。

First of all, Mark, again, going to miss working with you and really appreciate all your help over the years.

首先，馬克，再次感謝你多年來的幫助，我會非常想念和你一起工作的日子。

Yeah. I appreciate it.

是的。謝謝。

Brendan, returning to the Verizon MLA, you noted a moment ago that the deal is much more linear than the AT&T one was. I just wanted to clarify that a little bit.

布倫丹，回到 Verizon MLA 的話題，你剛才提到，這筆交易比 AT&T 的交易線性得多。我只是想稍微澄清一下。

Were you suggesting that the commitments for new leasing activity are relatively linear over the 10 years or something else?

你是說未來 10 年內新租賃活動的承諾量呈現相對線性成長，還是有其他意義？

No. What I was suggesting is that it's a little more tied directly to activity; whereas AT&T was a little bit more of a wholesale bonus escalator for access. So there wasn't the same direct correlation.

不。我的意思是，它與實際活動的關係更直接一些；而 AT&T 則更像是一種批發獎勵機制，用於提升存取權限。所以兩者之間並沒有直接的相關性。

In the case of the Verizon deal, the pace -- there's a certain minimum amount that we would expect every year but they certainly could do more than that that could shift the timing earlier, in terms of some of the growth. But that really will be dependent upon their use of their rights under the agreement.

就 Verizon 的交易而言，速度——我們期望每年都有一定的最低金額，但他們當然可以做得更多，這可能會使某些增長的時機提前。但這實際上取決於他們如何行使協議賦予他們的權利。

Okay. How should we think about all that from, like, a straight-line perspective, perspectively?

好的。我們該如何從直線視角、從透視的角度來思考這一切呢？

I don't know that it means a lot. There will be some extensions to terms that I would expect to take place over time that would push up straight line in the early part of the agreement if, in fact, they're active with that. But, otherwise, it would just follow along with as any new agreement that's being signed on a site would traditionally trigger.

我不知道這是否意義重大。隨著時間的推移，我預計條款會有一些擴展，如果他們真的積極推進的話，這將使協議早期階段的進展速度加快。但除此之外，它只會像網站上簽署的任何新協議一樣，按慣例觸發。

Okay. Okay. That's helpful.

好的。好的。那很有幫助。

And then, maybe shifting gears just a little bit to to (inaudible). We now have some certainty around what might be happening from a fixed wireless perspective. I'm wondering if you've done any work to try to mention what that might mean for you guys and if it might move the needle from a new leasing perspective?

然後，或許可以稍微轉換話題…（聽不清楚）現在我們對固定無線網路可能出現的情況有了一些確定性。我想知道你們是否做過任何工作，試圖說明這對你們來說意味著什麼，以及這是否會從新租賃的角度產生影響？

Yeah. It's hard to say, for sure. We obviously are pleased to see this move away from the fiber-focused nature of (inaudible) that there before. Fixed wireless growth continues to be the leading component of subscriber growth for our key customers. So it's definitely a positive in that sense.

是的。很難說清楚。我們當然很高興看到這種擺脫之前（聽不清楚）以光纖為中心的做法。對於我們的主要客戶而言，固定無線業務的成長仍然是用戶成長的主要組成部分。所以從這個意義上講，這絕對是一件好事。

But, really, our insight into it and what's going to drive it is what our customers specifically are looking to do. I think if it helps facilitate a faster move out into some of these markets where coverage is not available today, then that's going to be great.

但實際上，我們對它的洞察以及推動它發展的因素，正是我們的客戶具體想要做的事情。我認為，如果它能幫助更快進入目前尚無保險涵蓋的一些市場，那將是件好事。

That's probably a part of -- and this is just speculation on my part but part of what Verizon is thinking about as they enter into an agreement with us like this is that it helps facilitate further expanding their network out into some of those areas.

這可能只是我個人的猜測，但Verizon與我們達成此類協議的部分原因在於，這有助於進一步將其網路擴展到這些地區。

Whether some of that's supplemented by funding or not, I don't know. But it definitely is helpful.

我不知道其中是否有資金支持。但它確實很有幫助。

Eric Luebchow

埃里克·呂布肖

Thanks for the question. Mark, obviously, we will certainly miss you.

謝謝你的提問。馬克，我們當然會非常想念你。

Maybe just touching on the new leasing outlook, we're almost at the end of the year, probably a decent visibility heading into early '26. It looks like you'll be run rating at about, call it, $40 million-ish of domestic leasing going into '26.

或許可以簡單談談新的租賃前景，現在差不多到年底了，到 2026 年初應該會有不錯的可見度。看起來，到 2026 年，你的國內租賃業務規模將達到約 4,000 萬美元。

How do you feel about that level, obviously, given that DISH or EchoStar will presumably be zeroed out next year? What activity levels are you seeing at the Big 3, in terms of co-los versus amendments?

考慮到 DISH 或 EchoStar 明年很可能全部退出市場，你對這個水平有何感想？就合作協議和修改協議而言，您認為三大巨頭目前的活躍程度如何？

Yeah. I think it's a little too early. Obviously, we're going to give our outlook for next year on our next earnings call. So I don't want to front-run that. We'll see how we finish the year out.

是的。我覺得現在還太早。顯然，我們將在下次財報電話會議上給予明年的展望。所以我不想搶先一步。我們拭目以待，看看今年最後會如何結束。

The carriers have been active. Certainly, the new agreement with Verizon will help give us some confidence in what we can expect to see from them as we head into next year. T-Mobile has been very busy. We have our master agreement with AT&T that's pretty well locked in.

這些承運商一直很活躍。當然，與 Verizon 達成的新協議將有助於我們對明年他們能為我們帶來的成果抱持信心。T-Mobile 最近非常忙碌。我們與AT&T簽訂的主協議已經基本確定了。

So we should be able to have, I think, impacts from new leasing activity that are in the same range as we are today. But we'll see how things progress over the next several months.

因此，我認為，新的租賃活動帶來的影響應該與目前的影響範圍相同。但我們將觀察未來幾個月事態的發展。

In the case of DISH, they were, for us, not a huge contributor anyway. If we look at this year 2025 and what their contribution was to new leases and amendments for this year, it was about $2 million of the total. But most of that was in the first half of the year. So their contributions here at the end of the year are not that great.

就 DISH 而言，對我們來說，他們本來就不是什麼重要的貢獻者。如果我們看看 2025 年，以及他們對今年新租賃和修訂的貢獻，大約佔總數的 200 萬美元。但大部分發生在上半年。所以他們年底的貢獻不算大。

So I don't -- in terms of like a run rate or their impact on that, it's negligible. But they were a contributor in a minor manner this year. So we'll have to consider that as we go into next year because, obviously, we expect that to be zero.

所以，就運行率或他們對此的影響而言，我認為這微不足道。但他們今年也做出了一些貢獻，只是貢獻較小。所以，我們在展望明年時必須考慮到這一點，因為很顯然，我們預計這個數字將為零。

Yeah. Understood. Maybe just as a follow-up, a lot of spectrum transactions announced recently between EchoStar and AT&T and SpaceX. Maybe you could just talk about monetization opportunities with some of the new spectrum that has been announced.

是的。明白了。或許可以作為後續報道，EchoStar 與 AT&T 和 SpaceX 最近宣布了許多頻譜交易。或許你可以談談已公佈的新頻譜的獲利機會。

I know you have an MLA with AT&T that potentially limit how much upside you have. But what about some of the satellite spectrum that is being discussed? Do you think there's opportunity on terrestrial networks to maybe deploy that in metro areas where satellite coverage is harder to reach into rural areas?

我知道你和AT&T簽有MLA協議，這可能會限制你的上漲空間。但是，關於正在討論的一些衛星頻譜，情況又如何呢？您認為在衛星訊號難以覆蓋的農村地區，地面網路是否有機會部署這項技術？

Yeah. I think there is potentially opportunity but it's really premature around the satellite piece of it. We have been doing some work. We certainly have had even some very, very preliminary conversations with StarLink about what their plans are. But I think they're also trying to map that out.

是的。我認為存在潛在的機會，但就衛星部分而言，現在還為時過早。我們一直在做一些工作。我們確實與 StarLink 就他們的計劃進行了一些非常初步的對話。但我認為他們也在試圖規劃出這樣的藍圖。

So it would be premature for me to talk about what what may happen from a terrestrial network standpoint with them. I don't think they've necessarily made that decision. I'm sure you'll hear more from them. We'll be following up closely on that in the future. That remains to be seen.

因此，現在談論從地面網路角度來看他們可能會發生什麼還為時過早。我認為他們未必已經做出了那個決定。我相信你還會聽到他們的更多消息。未來我們會密切關注此事。這一點還有待觀察。

In terms of the spectrum that ended up in the hands of AT&T, I think there are some limitations, for sure, under our agreement. I know that they've said that a lot of the upgrades they're going to do around the 3.45, in particular, would be more software upgrade-oriented. So we'll have to see how that pans out.

就最終落入 AT&T 手中的頻譜而言，我認為根據我們的協議，肯定存在一些限制。我知道他們說過，他們即將在 3.45 版本左右進行的許多升級，特別是軟體升級，將更專注於軟體升級。所以，我們得看看結果如何。

If they do decide to deploy the 600 megahertz, the timing at which they do that and the magnitude of what that requires will have an impact on what we're able to see in terms of monetizing it.

如果他們決定部署 600 兆赫茲的頻譜，那麼部署的時間和所需投入的規模將對我們最終能夠從中獲利產生影響。

As of yet, there hasn't been anything. So I don't really have an answer on that today. But that's something that will certainly be in conversation with them about. We'll be monitoring.

截至目前，還沒有任何進展。所以今天我真的無法回答這個問題。但這絕對是我們會和他們討論的問題之一。我們會密切注意。

But, right now, it's a little early to say whether there's much upside there. But I'm hopeful around some of these items because I do think there's a lot of work to be done. If we've got parties that are looking to spend and to really enhance the networks that are out there through the use of the spectrum, that will be a positive for us.

但是，現在就斷言那裡是否有很多上漲空間還為時過早。但我對其中一些項目抱有希望，因為我認為還有很多工作要做。如果各方都願意投入資金，並透過頻譜的使用來真正增強現有的網絡，這對我們來說將是一件好事。

Ben Swinburne.

本·斯溫伯恩。

Congrats to Mark and to Louis. Good to hear from you guys.

恭喜馬克和路易斯。很高興收到你們的消息。

I'd like to pick up on that last comment, Brendan, if you're willing to. I know we can't speculate too much of what StarLink might want to do with a hybrid satellite terrestrial network but maybe you could talk a little bit more high-level about what that structure might look like as it relates to -- is that something you think could work in the market; could be a bigger opportunity for anyone who's got spectrum that operates both over satellite and terrestrial networks? (inaudible) a pretty interesting development?

布倫丹，如果你願意的話，我想就你最後那句話再談一番。我知道我們不能過多猜測 StarLink 想用混合衛星地面網路做什麼，但也許您可以更宏觀地談談這種架構可能會是什麼樣子——您認為這在市場上可行嗎？對於擁有頻譜並同時在衛星和地面網路上運作的人來說，這是否會是一個更大的機會？（聽不清楚）一個相當有趣的進展？

It would be interesting. But then, I have to punt on that question for now because this is really, really early. I would be just truly speculating at this point.

那會很有趣。但是，我現在必須暫時迴避這個問題，因為現在真的還太早了。目前我只能進行推測。

But, as I said, when you see a significant amount of wireless spectrum end up in the hands of a new party, it's something we'll have to watch closely and evaluate what their next steps will be and what role, if any, we can play in that. So we'll watch it. I'm sure we'll have more conversation down the road at some point about it. .

但是，正如我所說，當大量無線頻譜落入新政黨手中時，我們必須密切注意並評估他們的下一步行動，以及我們能否在其中發揮作用。所以我們會看的。我相信以後我們還會就此進行更多討論。。

Makes sense but (inaudible) try anyway.

有道理，但（聽不清楚）還是試試看。

Maybe just turning to the international business. I know you guys have been navigating carrier consolidation and dealing with some elevated churn. It's been a moving target. Any update on how we might want to think about international churn as we look out over the next couple of years, relative to what we're seeing in 2025?

或許應該轉向國際業務。我知道你們一直在應對營運商整合和較高的員工流動率。它一直在變化。展望未來幾年，相較於 2025 年的情況，我們該如何看待國際人員流動問題？有什麼新的進展嗎？

Yeah. We've had quite a bit of consolidation that's taking place across our markets. And so that's certainly weighed on it. We've also had some challenges in Brazil, in particular, with (inaudible). Not only the consolidation of oil (inaudible) wireless operations into the existing three carriers that were there -- the other three carriers that were there; but, also, their wireline business and their financial challenges.

是的。我們的市場正在經歷相當程度的整合。所以這無疑對結果產生了影響。我們在巴西也遇到了一些挑戰，尤其是在…（聽不清楚）不僅石油（聽不清楚）無線業務整合到現有的三家營運商中——另外三家營運商；而且，還有他們的有線業務及其財務挑戰。

And so we have to get through that. I'm not being evasive because -- it's a constant moving target and the conversations are constantly ongoing so we'll have to see where that shakes out.

所以我們必須渡過難關。我並非在迴避問題，因為——這是一個不斷變化的目標，討論也一直在進行，所以我們只能拭目以待。

But I think once we get beyond those particular items, I would expect a significant step down in churn. But those couple of things that are still out there weigh on us.

但我認為，一旦我們解決了這些特定問題，客戶流失率應該會大幅下降。但那幾件懸而未決的事情仍然讓我們感到壓力。

If we're outside of Brazil and you look at Central America, we've gone through that already. We had a lot of that consolidation that happened in rationalizing among the carriers. Now, we're in a place where it should be very minimal, going forward.

如果我們把目光投向巴西以外的中美洲，那我們已經經歷過那段時期了。當時，運營商之間進行合理化整合，導致了許多合併。現在，我們正處於一個未來應該會非常謹慎的階段。

So each market is in a little bit of its own place. But, certainly, over time, I think if you look out a couple of years, I would expect the international churn to be much, much less than it's been here these last year or two.

所以每個市場都有其自身獨特的地位。但可以肯定的是，隨著時間的推移，我認為如果你展望未來幾年，我預計國際人員流動將比過去一兩年要少得多。

Got it. Okay. Maybe just one last one, back to Verizon. You touched on it briefly, Brendan, just, the benefits that they accrue from entering a contract like this. But I'm wondering if you could talk a little bit more about what Verizon gets out of it? What motivates them to to sign a comprehensive MLA with you guys as they think moving forward with their network, just to help us think about their goals and how this could be a win-win for both companies?

知道了。好的。或許就最後一次，重新用回Veron吧。布倫丹，你剛才簡單地提到了他們簽訂這類合約所獲得的好處。但我很想知道您能否再詳細談談Verizon從中能獲得什麼好處？是什麼促使他們與你們簽署一份全面的MLA協議，以便他們更好地發展自己的網絡？這能幫助我們思考他們的目標，以及如何實現雙方公司的雙贏嗎？

Yeah. I think -- and I would suggest that you talk to them about that because they will be better at articulating a number of the benefits that they get out of it. But in our discussions and ongoing negotiations around the agreement, it was very clear to us that they have a lot of meaningful network plans, going forward. They definitely are interested in continuing to expand their network into places where they haven't been before.

是的。我認為──我建議你和他們談談這件事，因為他們會更善於表達他們從中獲得的諸多好處。但在我們圍繞該協議進行的討論和持續談判中，我們非常清楚地了解到，他們未來有很多有意義的網路規劃。他們顯然有興趣繼續拓展業務網絡，進入他們以前從未涉足的地方。

In order to do that in an efficient manner where they would know over time where they could plan out what not only the cost would be but what the timing would be and how quickly they could move to do that, it was very important to them to have a more comprehensive agreement that gave them that insight and they didn't have to do what we otherwise traditionally like to do, which is to talk about every single amendment and every single new lease application on an individual, one-by-one basis and negotiate those.

為了有效率地做到這一點，讓他們能夠隨著時間的推移了解計劃的成本、時間安排以及推進速度，對他們來說，達成一份更全面的協議非常重要，這樣他們就不必像我們通常那樣，逐一討論每一項修改和每一份新的租賃申請並進行談判。

The time and energy that will be saved through that process for them and the certainty that they'll have around how that deployment goes is, I think, very valuable to them. That's probably the main thing that they were focused on.

我認為，透過這個過程，他們可以節省時間和精力，並且能夠確定部署的進展情況，這對他們來說非常有價值。那可能是他們主要關注的事情。

Plus, I believe that -- and hopefully, they would support this -- we're very easy to do business with and tying some of their early work to SBA, specifically, gives them an advantage.

此外，我相信——希望他們也能支持這一點——我們非常容易合作，並將他們早期的一些工作與美國小型企業管理局（SBA）聯繫起來，特別是與他們合作，會給他們帶來優勢。

I also think our Services business, which has traditionally been doing more work for T-Mobile historically but has continued to grow in terms of the amount of work we do for Verizon -- I think the ease in having one company present end-to-end type service options for them in an efficient manner makes their deployment even easier. I think that's something that SBA, as a leading services company in this country, is able to do.

我也認為我們的服務業務，雖然歷來為 T-Mobile 做了更多工作，但近年來為 Verizon 所做的工作量也在不斷增長——我認為，一家公司能夠以高效的方式為他們提供端到端的服務選項，這使得他們的部署變得更加容易。我認為作為美國領先的服務公司，SBA 有能力做到這一點。

So all of those factors, I think, weigh into the value that they saw in the agreement.

所以我認為，所有這些因素都影響了他們對協議價值的判斷。

Michael Rollins.

邁克爾·羅林斯。

I just want to also extend my congratulations to Mark on your career and the upcoming retirement and Louis for you for taking over the role. Congrats to you both.

我還要向馬克表示祝賀，祝賀他事業有成，即將退休；同時祝賀路易斯接任這個職位。恭喜你們兩位。

Two topics, if I could.

如果可以的話，我想談兩個話題。

Just circling back to the Verizon deal again, if you think about the leasing opportunities that you have on a multiyear basis -- so looking beyond just '26 -- how does this deal influence your conviction on what you described previously in terms of those mid-single-digit domestic leasing growth opportunities on an annual basis?

再回到 Verizon 的交易，如果你考慮一下多年期的租賃機會——也就是展望 2026 年以後——這項交易會如何影響你之前描述的那些國內租賃業務每年實現個位數中段增長機會的信念？

And then, the second topic is you mentioned on the regulatory side, there were some delays in closing the latest acquisition for the regulatory reasons, I'm just curious as you've engaged with regulators, maybe not just in this country but in several of the Latin American countries that you're in, what have you learned about the opportunities to more readily and on a flexible basis pursue additional consolidation of the markets you're in versus markets where you may be getting to the point where it's tougher to do incremental deals?

其次，您提到監管方面的問題，由於監管原因，最近一次收購的完成有所延遲。我很好奇，您在與監管機構打交道的過程中，可能不僅在這個國家，而且在您所在的幾個拉丁美洲國家，您有哪些經驗可以分享，從而更容易、更靈活地在您所在的市場進行進一步的整合，而不是像在其他一些市場那樣，難以進行增量交易？

Sure, sure. Yeah. On the Verizon deal, one of the things that was very attractive to us was the long-term nature of the agreement. The fact that it does provide for steady, reliable contributions that are very predictable gives us confidence that we're going to see that over an extended period of time. So that was one of the things that we really liked about it.

當然，當然。是的。關於與 Verizon 的交易，最吸引我們的一點是協議的長期性。它能夠提供穩定、可靠且非常可預測的貢獻，這讓我們有信心在較長一段時間內看到這種情況。所以這是我們非常喜歡它的原因之一。

Now, as I said earlier, it's possible that they become much more active earlier on. We see more of that earlier. But it doesn't have to be that way. Our expectation and I believe their expectation is that it will be more smoothly implemented over the course of the agreement.

正如我之前所說，他們有可能更早變得更加活躍。我們之前就常看到這種情況。但事情並非一定要如此。我們預期，我相信他們也預期，這項協議將在協議執行過程中得到更順利的實施。

So that definitely is a big part of the agreement for us. It gives us confidence in seeing that mid-single digits growth percentage on the organic growth going forward, certainly, at least with Verizon.

所以這無疑是我們協議中非常重要的一部分。這讓我們有信心看到未來有機成長能達到中等個位數百分比，至少對 Verizon 來說是如此。

Then, the second question was on the regulatory delays on the M&A, that is all -- that's all been internationally-related. What we were referring to is specific, in this case, to Millicom.

然後，第二個問題是關於併購監管方面的延誤，僅此而已——所有這些都與國際相關。我們指的是Millicom公司特有的情況。

It's interesting. It's definitely something that we have to consider in markets where our our market share has become quite significant. As we look at add-on or bolt-on acquisitions that we might do in those markets, it becomes certainly more challenging if you have a predominantly commanding position in that particular market.

很有意思。在市佔率已經相當可觀的市場中，這絕對是我們必須考慮的問題。當我們考慮在這些市場進行附加收購或補充收購時，如果你在該特定市場中擁有絕對的主導地位，那麼收購無疑會變得更加具有挑戰性。

But in this particular case, while there was some of that in certain markets because of our presence there, we had delays in the process even in markets where we didn't have a presence. So it's not always the most obvious things that have come up, which is why, frankly, we were off on the timing. We would have expected to not have had some of these challenges in getting the deals approved. Some of it is just an efficiency issue in some of the markets.

但就此具體案例而言，雖然由於我們在某些​​市場的存在，這種情況有所改善，但即使在我們沒有業務的市場，流程也出現了延誤。所以，出現的問題並不總是最顯而易見的，坦白說，這就是我們把握時機的原因。我們原本以為在審批交易的過程中不會遇到這些挑戰。部分原因只是某些市場效率上的問題。

But, overall, we have a pretty good sense of where we're going to be able to add additional sites without a problem and where there might be some. That's a factor when we would even consider bidding on a portfolio or working on a deal. So I don't see it as a major hurdle but it's just part of the process and the checklist we go through.

但總的來說，我們對哪些地方可以毫無問題地增加其他站點，以及哪些地方可能會有問題，都有相當清晰的認識。這是我們考慮是否競購投資組合或進行交易時需要考慮的因素。所以我不認為這是一個重大障礙，這只是流程的一部分，也是我們要檢查的清單的一部分。

Jim Schneider.

吉姆·施耐德。

I was wondering if you could maybe talk about, on the financial side, heading into next year, clearly, interest expense will be a headwind to AFFO. Maybe talk a little bit about any cost saves you contemplate that might partly offset that? Or do you feel like you're at the right cost level, right now?

我想請您談談，從財務角度來看，展望明年，很明顯，利息支出將對調整後營運資金 (AFFO) 構成不利影響。或許可以稍微談談你所設想的任何可以節省成本的方案，這些方案或許可以部分抵銷這部分成本？或者您覺得目前的物價水平合適嗎？

You mean cost savings specifically around the financing costs?

您是指在融資成本方面節省成本嗎？

No, no, in terms of OpEx. OpEx.

不，不，就營運支出而言。營運支出。

Yeah. Well, yes. The interest expense, which is obviously a headwind because we have refinancings to do of some very low-cost debt. We are constantly looking irrespective of that, though, at how we run our business as efficiently as possible. I think I would expect that we will continue to find ways to operate more efficiently.

是的。是的。利息支出顯然是一個不利因素，因為我們需要對一些成本非常低的債務進行再融資。不過，無論如何，我們始終在思考如何盡可能有效率地經營我們的業務。我認為我們將會繼續尋找提高營運效率的方法。

One of the things -- I know some of our peers have talked about finding efficiencies. As the smallest of the three public tower companies here in the US, we've long had the highest margins. And so I feel like we've been pretty efficient in our overhead structure. But that's an area that we continue to look at.

其中一件事——我知道我們的一些同行已經討論過如何提高效率。作為美國三家上市鐵塔公司中規模最小的一家，我們長期以來一直擁有最高的利潤率。因此，我覺得我們的管理層級結構相當有效率。但這是我們持續關注的領域。

One of the things that we spent time on is, certainly, the use of technology and new systems that we put in place to help us be more efficient. As we grow in some of these regions, we're able to do that with very minimal additional overhead additions.

我們投入時間精力的其中一件事，當然是利用科技和新系統來幫助我們提高效率。隨著我們在其中一些地區的業務成長，我們能夠在極少的額外開支下實現這一目標。

For instance, the Millicom deal, we added 7,000 towers in Central America. We've had to add a little bit of overhead to handle that increased portfolio size. But the relative need in terms of overhead is very, very small compared to what our base business is operating at.

例如，在與 Millicom 的交易中，我們在中美洲新增了 7,000 座信號塔。為了因應不斷擴大的投資組合規模，我們不得不增加一些管理費用。但就營運成本而言，相對需求非常非常小，與我們基本業務的營運成本相比，這部分需求非常非常小。

So we'll continue to find ways, particularly through growth, to do that efficiently and have to add very little in the use of technology. So I hope that you'll see us continue to be the leader in that space in terms of the margins.

因此，我們將繼續尋找方法，特別是透過成長，來有效率地實現這一目標，而無需在技術使用方面增加太多投入。所以我希望大家能看到我們在利潤率方面繼續保持領先。

And then, maybe just returning to Millicom for a second. Maybe give us a sense of -- since you've acquired the asset, any change? How is the organic growth outlook you're seeing right now and over the next couple of years comparing to what you underwrote at the time you diligenced in the deal?

然後，或許會再回到 Millicom 一會兒。能否簡單介紹一下—自從您收購該資產以來，是否有任何變化？您目前以及未來幾年看到的自然成長前景與您在盡職調查時所預期的相比如何？

Sure. Yeah. I will give you an answer but it's very, very early. Obviously, almost half of those sites were just closed in the last few weeks. So there's no real experience-time on that. The bulk of the rest of it was closed a few months ago. So our our timeframe to evaluate that is very limited.

當然。是的。我會給你答复，但現在還非常非常早。顯然，其中近一半的網站在過去幾週內都已關閉。所以在這方面沒有真正的經驗累積。其餘大部分區域幾個月前就關閉了。因此，我們評估此事的時間非常有限。

But, thus far, having said that, we have seen a lot of interest, particularly from the other leading carrier in the market in accessing those sites. I expect that we'll continue to see that grow.

但是，儘管如此，到目前為止，我們已經看到了很多興趣，特別是市場上其他領先的運營商對訪問這些網站的興趣。我預計這種增長勢頭會繼續下去。

My belief is that we're going to do better than what we modeled based on everything that I'm seeing. We'll let you know. I think a year from now, I'll have a much better sense of that. But I'm feeling very confident about that based on the early conversations as we're now getting to closings on these sites.

根據我目前所看到的一切，我相信我們會做得比我們之前設定的模型更好。我們會通知你。我想一年後，我會對此有更清晰的認識。但根據我們目前的初步溝通，我對這一點非常有信心，因為我們現在正接近這些項目的最終敲定。

Ari Klein.

阿里·克萊因。

First, Mark, wishing you well in retirement. It's been great working with you.

首先，馬克，祝你退休生活一切順利。和你一起工作非常愉快。

Maybe from an (inaudible) standpoint, now that you have the deal with AT&T and Verizon, how are you thinking about the one with T-Mobile, where you don't have one? Does this deal with Verizon potentially could become a template there?

或許從（聽不清楚）的角度來看，既然你們已經與 AT&T 和 Verizon 達成了協議，那麼你們是如何考慮與 T-Mobile 的協議的呢？畢竟你們還沒有與 T-Mobile 達成協議。與Verizon的這項交易是否有可能成為其他公司的模板？

That remains to be seen. Every carrier has their own specific things that are important to them, their own network needs. And so we would see how that conversation goes. We have a very good relationship with T-Mobile. They've been, frankly, our leading customer for some time now.

這一點還有待觀察。每個運營商都有自己重視的特定事項和網路需求。所以我們會看看談話會如何發展。我們與T-Mobile的關係非常好。坦白說，他們一直是我們的主要客戶。

We do have an agreement with them. It is set to expire about a year from now. This is the time you should expect that we're having conversations with them.

我們確實和他們有協議。它的到期日大約還有一年。這段時間你們應該會知道我們會和他們進行對話。

But I fully expect that we'll be able to work something out with them because the working relationship has been very, very good. We'll just have to talk about the things that are important to them and that work well for us.

但我完全相信我們能夠與他們找到解決辦法，因為我們之間的工作關係一直都非常好。我們只需要談談對他們來說重要且對我們來說行之有效的事情。

I'm hopeful that we'll end up in another situation where we have a win-win like we did here with Verizon.

我希望我們最終能像和 Verizon 合作一樣，再次實現雙贏。

So way too early to say how much of the Verizon deal would translate into that. I think each of those negotiations really stand by themselves. So I would expect that to be the case with T-Mobile.

所以現在說Verizon的交易能帶來多少回報還為時過早。我認為這些談判每一項都各自獨立成篇。所以我認為T-Mobile的情況也會如此。

And then, maybe just on the Services business. How are you thinking about the sustainability of the recent trends there? And then, it sounds like you touched a little bit on potentially doing more with Verizon there. I just wanted to check in on that and just the ability to maybe broaden the relationships you have on the Services side to do more there?

然後，或許就專注於服務業務。您如何看待近期這些趨勢的可持續性？然後，聽起來你似乎也稍微談到了與 Verizon 進行更多合作的可能性。我只是想確認一下，以及是否有可能拓展您在服務方面的合作關係，以便在那裡進行更多工作？

Yeah. I think given the needs of the carriers in terms of the network needs, the growth needs that they've got, that it is something that we can hopefully sustain. I mean, we've had great success although to put it in perspective, this year, assuming we finish in alignment with what we've given as our outlook for the full year, this will be the second best year in the company's history for services. And so I don't know whether that's necessarily sustainable indefinitely because for the most part, we largely have three customers in that business. And depending on what's going on with any one of them at a given point in time, that can influence that.

是的。我認為，考慮到營運商在網路需求和成長需求方面的需求，我們有望維持下去。我的意思是，我們取得了巨大的成功，但從整體來看，假設今年我們最終的業績與我們先前對全年的預期一致，這將是公司服務業歷史上第二好的一年。因此，我不知道這是否能夠無限期地持續下去，因為在很大程度上，我們在這個行業中只有三個客戶。而具體到某個特定時間點，他們中的任何一個人的狀況都可能對此產生影響。

But I do think that our ability to deliver some of our peers getting out of the business and the fact that we've been able to help them accomplish their goals continues to put us at the top of the list in terms of being a provider. And in the case of Verizon, what I mentioned earlier, is just simply as we signed this master lease agreement, while it's primarily about the leasing business, services was a component of that and what we can offer to them through our services business is something that I think they see value in.

但我認為，我們能夠幫助一些同行退出這個行業，並且我們能夠幫助他們實現目標，這使得我們在服務提供者方面繼續名列前茅。就 Verizon 而言，正如我之前提到的，當我們簽署這份主租賃協議時，雖然主要內容是租賃業務，但服務也是其中的一部分，而我們透過服務業務能夠為他們提供的，我認為他們看到了其中的價值。

And I hope that as a result, we'll have a broadening of our customer base in that business that will include a lot more Verizon contributions than perhaps it has in the past.

我希望，由此，我們在該業務領域的客戶群能夠擴大，Verizon 的貢獻將比以往更多。

Mike Funk.

麥克·芬克。

Mark, congratulations to you and Louis looking forward to working more with you. So -- but just wondering if you could give us some more background on the negotiations with Verizon, just maybe when they began was the first question.

馬克，恭喜你和路易斯，期待與你們有更多合作。所以——只是想知道您是否能為我們提供更多關於與Verizon談判的背景信息，例如談判何時開始，這可能是我們首先要問的問題。

And then, second, I think in your comments, you talked about carrier is contemplating expanding FWA into more rural areas. Just wonder if there are active discussions you're having with the carriers or that's more anticipation of where they may be moving?

其次，我認為你在評論中提到，營運商正在考慮將 FWA 擴展到更多農村地區。我想知道你們是否正在與營運商進行積極的討論，還是更多的是在預測他們未來的發展方向？

Yeah. On the fixed wireless piece, that's a little bit of anticipation. We obviously see activity with them where they are signing agreements in places where perhaps they hadn't been before. And it's a little hard for us because the deployment for that is built around maybe meeting a fixed wireless need is -- doesn't look any different than it looks when it's a traditional 5G mid-band deployment.

是的。對於固定無線部分，我們還是有點期待的。我們明顯看到他們在一些以前可能從未涉足的地方簽署協議。這對我們來說有點困難，因為這種部署是為了滿足固定的無線需求——看起來與傳統的 5G 中頻段部署沒有任何區別。

So it's hard for us to know specifically, it's really more anecdotal and in conversation with the folks that we deal with at each of our customers. So I think we'll continue to see fixed wireless as -- since it's a major driver of subscriber growth for our customers, we'll continue to see them push that out into additional communities where maybe they don't have a presence that we can handle that yet.

因此我們很難具體知道，這更多是透過與我們每個客戶接觸的人員的交談，從軼事中了解情況。所以我認為我們將繼續看到固定無線網路——因為它是我們客戶用戶成長的主要驅動力，我們將繼續看到他們將其推廣到其他社區，在這些社區，他們可能還沒有業務覆蓋，我們目前還無法處理。

On the Verizon deal, I mean, it was something that we've been in discussions with them around for much of the year, but I really can't share much more than that. You should expect these things take some time, but I think they had a desire to get it done as did we. And so we were able to move fairly efficiently on this, but it's been some time, certainly, they don't happen overnight.

關於與 Verizon 的交易，我的意思是，我們今年大部分時間都在與他們討論此事，但我真的不能透露更多資訊。你應該預料到這些事情需要一些時間，但我認為他們和我們一樣都渴望完成這件事。因此，我們在這件事上進展得相當順利，但這確實花了一些時間，當然，這些事情不會一蹴可幾。

Brandon Nispel.

布蘭登·尼斯佩爾。

Great. I think one more maybe on Verizon. You mentioned minimum commitment in the linear. How different is that minimum commitment relative to what you've been generating from Verizon in terms of new leasing I just want to get a sense, it doesn't sound like there's any sort of really big incremental step in leasing as we're thinking about next year. Just wanted to double check.

偉大的。我覺得Verizon那邊可能還會再有一個。你提到了線性模式下的最低承諾。就新租賃而言，最低承諾額與您從 Verizon 獲得的收入相比有多大不同？我只是想了解一下，聽起來明年租賃方面並沒有什麼真正的大幅成長。我只是想再確認一下。

And then, Brendan, any more sort of portfolio pruning or review that you guys are doing? And just how we should be thinking about cash from any more portfolio work being done getting used?

那麼，Brendan，你們還在進行其他類型的投資組合精簡或審查嗎？那麼，我們該如何考慮如何利用未來投資組合專案所產生的現金呢？

Sure. Yeah. On the Verizon deal, I don't want to be too specific about the numbers, but you should just assume that, obviously, we wouldn't do a deal where we felt like it was going to produce something less than we would otherwise have gotten on a stand-alone basis. And so we feel very good about what it locks in. .

當然。是的。關於與 Verizon 的交易，我不想透露太多具體數字，但你應該明白，顯然，我們不會進行一項我們認為最終收益會低於單獨交易收益的交易。因此，我們對它所鎖定的內容感到非常滿意。。

And in the case of the portfolio pruning, as you called it, I mean, it's really more of a portfolio review. And the difference in that is that in some cases, we have obviously eliminated markets. In other cases, we've invested more into markets. That's really what the Central American acquisition was about was improving our positioning in those markets. And so we continue to look at the markets that are a little subscale or maybe not aligned with the best carriers and try to find the best way to improve our positioning in those markets.

至於你所說的投資組合精簡，我的意思是，它實際上更像是一次投資組合審查。差別在於，在某些情況下，我們顯然已經淘汰了一些市場。在其他情況下，我們對市場進行了更多投資。收購中美洲公司的真正目的就是為了提升我們在這些市場的地位。因此，我們會繼續關注那些規模較小或可能與最佳營運商不匹配的市場，並努力找到改善我們在這些市場地位的最佳方法。

In terms of your question, which is really about cash proceeds and what might be available. I think that's probably way too early. And it's not -- if we were looking to leave, it wouldn't be because we're trying to generate some huge cash proceeds. I think the only exception to that was the Canada sale, which was a little more opportunistic, where we were able to secure valuation where we could generate a much higher valuation, frankly, than we get credit for in the public markets. And so that was a little more opportunistic.

至於你的問題，也就是關於現金收益以及可能獲得的收益。我覺得現在說這個可能還太早。而且，如果我們想要離開，那絕對不是因為我們想賺取巨額現金。我認為唯一的例外是加拿大的出售，那次出售更具機會主義色彩，我們得以獲得遠高於公開市場認可的估值。所以，那件事更多的是一種機會主義行為。

The rest have really been more about improving our focus in those markets, and we'll continue to to evaluate that over time with the remaining markets. But there's nothing that's on the horizon specifically that we're working on today.

其餘的重點其實更在於提高我們在這些市場的專注度，我們將繼續隨著時間的推移，對其他市場的情況進行評估。但目前還沒有什麼具體的計畫正在籌備中。

David Barden.

大衛巴登。

I come back. Mark, you're taking off.

我回來了。馬克，你要起飛了。

Glad to have you back, Dave.

戴夫，很高興你回來。

He said he was leaving because he came back. Any (inaudible) about it?

他說他要離開是因為他回來了。關於這件事有什麼（聽不清楚）嗎？

I know, I can feel it. I can feel that energy and welcome -- and congratulations to Lewis, of course. So you guys know -- we've talked about this investment grade versus high-yield situation in the past. And there was a time where you had a choice between being the highest grade, high-yield borrower versus being the lowest grade high-grade borrower -- and I was wondering, obviously, S&P kind of moved the goalpost towards you when they upgraded you in July.

我知道，我能感覺到。我能感受到那份熱情和歡迎——當然，也要祝賀路易斯。你們都知道──我們之前討論過投資等級債券與高收益債券的情況。曾經有一段時間，你可以在成為最高等級、高收益的借款人與成為最低等級、高收益的借款人之間做出選擇——顯然，我在想，標普在7月份提升了你的評級，這算是把標準向你傾斜了。

And so this kind of came to you rather than you chasing it. But I was wondering if you could kind of elaborate a little bit on as we think about the refinancing costs in the model for the '26, in the '27, the '28, how does this change the game from a financial standpoint, do you think for your average person to evaluate.

所以，與其說是你追尋它，不如說是它主動找上門。但我很想知道，當我們考慮 2026 年、2027 年、2028 年車型的再融資成本時，您能否詳細解釋一下，從財務角度來看，這會如何改變遊戲規則，您認為普通人應該如何評估？

And then if I could, a second one, which was Brendan, I think you said something interesting about the the Verizon deal about how they were building in places where they hadn't built before. I think that there's a concern that this direct-to-seller or the direct-to-device satellite program that Verizon has invested in that AT&T has invested in that American Tower has invested in that T-Mobile's relationship with StarLink, that these are reasons why carriers will choose maybe not to spend money in places where they haven't spent it before. Could you elaborate a little bit on kind of your experience about whether you think that that's a true statement or that's mistaken?

然後，如果可以的話，我想問第二個問題，Brendan，我認為你談到Verizon的交易時說了一些有趣的事情，他們正在以前從未建設過的地方進行建設。我認為，Verizon、AT&T 和 American Tower 投資的直接面向銷售商或直接面向設備的衛星計劃，以及 T-Mobile 與 StarLink 的合作關係，都可能導致運營商選擇不在以前從未投資過的地方投入資金。您能否詳細說明您的經歷，並說說您認為這種說法是否正確？

Yes. All right. Well, first, on the first one, you're right to a degree in that the rating has somewhat come to us. But it has come to us in part because our leverage has been at a much lower level here. We changed officially, obviously, our target leverage range in announcing that today.

是的。好的。首先，關於第一個問題，你的說法在某種程度上是正確的，因為這個評分確實在某種程度上是自然而然形成的。但這部分原因在於，我們在這裡擁有的影響力一直很低。顯然，我們在今天宣布的公告中正式更改了我們的目標槓桿範圍。

But we've operated within that range for three years now. So we've essentially been operating in a manner that is consistent with being an investment-grade company and it's just, frankly, part of the maturation process. And we think it's the prudent thing to do at this stage in our life cycle.

但我們已經在這個範圍內運作了三年。所以，我們基本上一直以符合投資等級公司標準的方式運營，坦白說，這只是成熟過程的一部分。我們認為，在我們人生的這個階段，這樣做是明智之舉。

So the only thing it really requires of us in terms of an action is to move towards less of a share of secured debt. And otherwise, we don't really have to change much in the way that we operate. So we think it's a good idea to do it. We think it's a good idea to do it for a variety of reasons. One, which you refer to as a cost.

因此，它真正要求我們採取的唯一行動就是減少有擔保債務的比例。除此之外，我們的營運方式其實不需要做太多改變。所以我們認為這樣做是個好主意。我們認為這樣做是個好主意，原因很多。第一點，你稱之為成本。

There although it is, I'd say, fairly small in terms of its impact around cost, which is why we're always hesitant to do it in the past because we felt keeping the additional leverage capacity allowed us to invest that increased capital and create greater returns for the equity. The truth is there haven't been as many opportunities to invest that capital. And we've been investing in any way because we're now down to a leverage point where we have a lot of additional capacity.

雖然就成本影響而言，我認為它相當小，這也是為什麼我們過去總是猶豫不決的原因，因為我們認為保持額外的槓桿能力可以讓我們投資增加的資本，並為股權創造更大的回報。事實上，並沒有那麼多投資這筆資金的機會。我們一直在進行各種投資，因為我們現在已經到了槓桿點，擁有大量的額外產能。

So we will take advantage of the small differences in the cost. In the case of IG bonds versus high yield, you're probably talking about 50 to maybe 75 basis points of savings. So it's not inconsequential given the amount of debt that we carry. But it is a small saving. And against the ABS market to the extent that we replace that, it would be a much narrower difference but probably still slightly better.

所以我們將利用成本上的細微差別。就投資等級債券與高收益債券相比，你可能要省下 50 到 75 個基點。考慮到我們背負的債務規模，這並非無關緊要。但這只是一筆小小的節省。如果用ABS產品來取代它，與ABS市場的差距會小得多，但可能仍然會略好一些。

So we still think around -- even if it's small around the edges, it's definitely a positive in terms of the cost of capital and just the depth of the market, and the tenors that we can lock in and some of the things that we'll be able to do over time in that market will be a benefit to us and to our shareholders.

所以我們仍然認為——即使在某些方面影響不大，但就資本成本和市場深度而言，這絕對是一個積極的因素，我們可以鎖定期限，而且隨著時間的推移，我們能夠在該市場中做的一些事情將對我們和我們的股東有利。

So your other question on the the rural sites and the direct to sell. We -- and I'm just going to give you kind of my thoughts around it based on what we've seen. We have seen the carriers, at least some of them anyway, pushing more into rural markets and targeting some of those areas. I think fixed wireless access is a big part of that, but there's also been regulatory requirements and some other things that have driven some of that. And there definitely seems to be a desire to cover areas that they haven't been able to get to before.

所以你關於農村地區和直接銷售的另一個問題。我──我只想根據我們所看到的，跟你們說說我的想法。我們已經看到一些營運商，至少其中一些，正在加強進軍農村市場，並瞄準其中一些地區。我認為固定無線存取是其中的一個重要因素，但監管要求和其他一些因素也推動了這一趨勢。而且他們顯然渴望探索以前從未涉足的領域。

Now rural is a very broad term. There are rural areas that are smaller towns and there are rural areas that are -- have three people in them. And there are certainly going to be financial prudence brought to the decision-making by the carriers. And in places where it's just not economically efficient to do it, they're not going to go there. And I think those are the areas that direct-to-sell opportunities are certainly going to replace that, and you're already seeing it.

現在，「農村」是一個非常廣泛的概念。有些農村地區是較小的城鎮，而有些農村地區只有三個人。航空公司在決策過程中肯定會秉持財務審慎的原則。而在一些經濟效益不高的地方，他們就不會去那裡。我認為這些領域肯定會被直接銷售機會所取代，而你已經看到了這種趨勢。

I mean the carriers are using their partnerships with certain satellite providers in order to fill in those needs today.

我的意思是，營運商正在利用與某些衛星供應商的合作關係來滿足目前的這些需求。

And here's an interesting thing. I think I may have mentioned this on a prior call, but it is an interesting thing I heard from one of our customers a few months back was, Hey, you know what's great about the satellite offerings in the direct to-sell service is that we're getting to see where there are a lot of pings against the satellite and where it gets very concentrated in a particular area. What that tells us is that we need a macro -- a traditional macro tower or terrestrial solution in that location. It's actually providing them information about where there's a concentration of usage and it would be better served and more efficiently served by them in a traditional manner. What they're intending to see from the satellites is more of that isolated pinging of the satellite. So I'm actually pretty confident that there's still further expansion to take place into some of these areas, but there will clearly be other areas that just never -- that just never makes any sense and that's okay.

還有一件很有趣的事。我想我可能在之前的電話會議中提到過這件事，但幾個月前我從一位客戶那裡聽到一件很有趣的事情，他說：「嘿，你知道直接銷售服務中的衛星產品最棒的地方在於，我們可以看到哪些地方有很多衛星訊號，以及訊號在特定區域非常集中。這告訴我們，我們需要一個宏基地台——在該位置安裝一個傳統的宏基地台或地面解決方案。實際上，它是在向他們提供關於用戶集中區域的信息，而以傳統方式提供服務會更好、更有效率。他們希望從衛星上看到的是更多衛星的孤立訊號。所以我其實相當有信心，在某些領域還會有進一步擴張的空間，但顯然也會有一些領域永遠沒有任何意義，這也沒關係。

Jonathan Atkin.

喬納森·阿特金。

Once again, congratulations to Mark and congratulations, Louis. Wanted to drill down a little bit on LatAm. Vivo talked about on their earnings call, the opportunity to optimize leasing costs. And at America Movil talked about potential carrier M&A in Chile. I'm just wondering if you could talk about kind of potential implications for SBA from kind of developments in LatAm, such as those and maybe others?

再次恭喜馬克，也恭喜路易斯。想稍微深入了解一下拉丁美洲的情況。vivo在財報電話會議上談到了優化租賃成本的機會。美洲移動公司也談到了智利潛在的營運商併購事宜。我只是想問您能否談談拉丁美洲的一些事態發展，例如這些以及其他一些事態發展，對美國小型企業管理局 (SBA) 可能產生的影響？

Yes. The challenge in some of these markets is that the ARPUs are materially less than they are here in the U.S. And so the carriers are not to suggest that the carriers here aren't cost conscious, but they are, but they are seeing a return on the investment they're making in the costs. And I think in some of these other markets, it's much, much tighter in terms of the returns. So of course, there's sensitivity to operating costs and tower costs are part of that is perhaps heightened.

是的。在某些市場，ARPU（每位使用者平均收入）遠低於美國。因此，營運商並非暗示這裡的營運商不注重成本，他們確實注重成本，但他們也看到了在成本方面的投資回報。我認為在其他一些市場，回報要緊張得多。所以，營運成本當然很重要，而鐵塔成本也是其中一部分，這種敏感度可能更為突出。

I think in the case of Vivo, their comments on their call, they were really talking about there being a need for greater sharing of infrastructure, which is interesting because we would agree with that. We're fully aligned with them on that. The reason that, that affects their thinking around cost is in Brazil, they share the ground rents. The ground rents are pass-through. And so if you have more customers on a particular site, you're able to share that cost together, and I think that's why they want to see that.

我認為，就 Vivo 而言，他們在電話會議上的評論實際上是在談論需要更多共享基礎設施，這很有意思，因為我們同意這一點。我們在這點上完全與他們意見一致。影響他們對成本看法的原因是，在巴西，他們共同承擔地租。地租是轉嫁給消費者的。因此，如果某個網站上的客戶更多，你們就可以共同分攤成本，我認為這就是他們希望看到這種情況的原因。

And we are totally aligned with that and trying to push for that. And I think the idea of moving sites to accomplish that is a little bit backwards.

我們完全同意這一點，並且正在努力推動實現這一目標。我認為透過遷移網站來實現這一目標的想法有點本末倒置。

But we're totally supportive of trying to have as efficient and operating environment in terms of shared infrastructure in these markets as possible because I think all parties will benefit in that particular case. And we're working right alongside our customers in each of these markets to try and optimize and make as efficient as possible the use of infrastructure. So everybody benefits.

但我們完全支持在這些市場中盡可能建立高效且便利的共享基礎設施營運環境，因為我認為在這種情況下，各方都會受益。我們正與這些市場中的客戶緊密合作，並努力優化基礎設施的使用，使其盡可能有效率。這樣大家都能受益。

And then on the US, just wondering, given the multiples that one continues to hear about in the private market. Any some of topical thoughts about, I guess, the talk-the opposite of tuck-in acquisitions, tuck-in divestiture, so to speak? And would that be something that you're philosophically opposed to? Or just what are your thoughts on that?

然後是關於美國，我只是好奇，考慮到人們不斷聽到的私人市場估值倍數。關於「與收購相反的剝離」這種說法，大家有什麼想法嗎？那是否是你在哲學上反對的事？或者，你對此有什麼看法？

Yes. I'm not -- I wouldn't say I'm philosophically opposed to it. It's not really what we do. We're not looking to divest the assets that we have but we would be open to it, of course, if we could achieve a valuation arbitrage that was so significant that it clearly made sense. But there are a lot of practical issues with that, too.

是的。我不是——我不會說我在哲學上反對它。這並不是我們真正要做的事。我們目前並不打算出售現有資產，但如果能夠獲得非常可觀的估值套利，使其變得明顯合理，我們當然也會對此持開放態度。但這樣做也存在著許多實際問題。

I mean our current financing structure has limitations, the master lease agreements that we signed that are more broad-based have implications. And so we would have to really work through that.

我的意思是，我們目前的融資結構有其局限性，我們簽署的覆蓋範圍更廣的主租賃協議也會產生影響。所以我們必須認真解決這個問題。

And I'm a little bit skeptical as to how people out there might look at it if SBA was the seller as opposed to what we've always been, which is a serial acquirer. So we'll have to see. I mean that's something we definitely talk about because there's definitely a disparity in terms of the valuations that, in my view, is totally illogical. And I would say, while -- some would say that those prices are too high and maybe they are in some cases, I would say that our valuation is way too low is really the issue. So hopefully, we'll see that narrow over time, and this won't be as big of an issue as it's been in recent times.

如果賣方是 SBA 而不是我們一直以來所扮演的連續收購者的角色，我有點懷疑外界會如何看待這件事。所以我們拭目以待。我的意思是，這絕對是我們討論過的問題，因為估值方面確實存在差異，在我看來，這完全不合邏輯。而且，雖然有些人會說這些價格太高，也許在某些情況下確實如此，但我認為真正的問題是我們的估值太低了。所以希望隨著時間的推移，這種情況會逐漸縮小，這個問題不會像最近一段時間那麼嚴重。

We can do one more. .

我們還可以再做一次。。

Brendan Lynch. .

布倫丹·林奇。。

Great. Mark, congrats. Louis, congrats, as well. Maybe just one question for me.

偉大的。馬克，恭喜你。路易斯，也恭喜你。我可能就問一個問題。

The FCC is considering auctioning 180 megahertz in. I think it's 3.9 to 4.2 gigahertz band. Are there any carriers that would be able to acquire the spectrum and deploy it via software upgrade based on the spectrum that they currently have deployed?

美國聯邦通訊委員會正在考慮拍賣 180 兆赫茲的頻譜資源。我認為是 3.9 到 4.2 吉赫茲頻段。是否有營運商能夠取得頻譜，並基於其目前已部署的頻譜，透過軟體升級的方式進行部署？

I don't believe the answer to that would be yes. There would be -- this is an adjacent spectrum band and the upper C-band, I believe we would need to see from most of our customers incremental deployments, probably of massive MIMO in order to do that.

我不認為答案是肯定的。這將是——這是一個相鄰的頻譜頻段和上 C 頻段，我相信我們需要看到我們的大多數客戶逐步部署，可能需要大規模 MIMO 才能實現這一點。

But at this stage, there's a lot of work that still needs to be done around what that means. But our internal view at this point is that it would require incremental antennas and radios.

但就目前而言，圍繞著這究竟意味著什麼，還有很多工作要做。但我們目前的內部觀點是，這將需要逐步增加天線和無線電設備。

Well, thank you, all, for joining the call. We look forward to reporting our year-end results to you next time.

謝謝各位參加電話會議。我們期待下次向您報告我們的年終業績。

Thank you to all of the speakers. Thank you all in the audience for joining us today.

感謝所有發言者。感謝各位觀眾今天蒞臨現場。

With that, our call is concluded. You may now disconnect.

通話到此結束。您現在可以斷開連線了。