SBA Communications Corp (SBAC) 2026 Q1 法說會逐字稿

Welcome, and thank you for joining the SBA first quarter 2026 results. (Operator Instructions)

歡迎各位，感謝您參加 SBA 2026 年第一季業績說明會。（接線員指示）

With that, I'll turn the call over to Louis Friend, Vice President of Finance and Capital Markets. Please go ahead.

接下來我把電話交給財務與資本市場副總裁 Louis Friend。請開始。

Good evening, and thank you for joining us for SBA's first quarter 2026 earnings conference call. Here with me today are Brendan Cavanagh, our President and Chief Executive Officer; and Marc Montagner, our Chief Financial Officer.

各位晚安，感謝您參加 SBA 2026 年第一季財報電話會議。今天與我一同出席的有：我們的總裁兼執行長 Brendan Cavanagh，以及我們的財務長 Marc Montagner。

Some of the information we will discuss on this call is forward-looking, including, but not limited to, any guidance for 2026 and beyond. In today's press release and in SEC filings, we detail material risks that may cause our future results to differ from our expectations. Our statements are as of today, April 29, and we have no obligation to update any forward-looking statements we may make.

本次電話會議中我們將討論的部分資訊屬於前瞻性陳述，包括但不限於 2026 年及其後的任何指引。在今日新聞稿及向 SEC 提交的文件中，我們詳述了可能導致未來結果與預期不同的重大風險。我們的陳述以今日 4 月 29 日為準，且我們沒有義務更新我們可能提出的任何前瞻性陳述。

In addition, our comments will include non-GAAP financial measures and other key operating metrics. The reconciliation of and other information regarding these items can be found in our supplemental financial data package, which is located on the landing page of our Investor Relations website.

此外，我們的評論將包含非 GAAP 財務衡量指標及其他關鍵營運指標。這些項目的調節表及其他相關資訊可在我們的補充財務資料包中找到，該資料包位於我們投資人關係網站的首頁。

With that, I will now turn it over to Marc to comment on the first quarter results and 2026 outlook.

接下來，我將把電話交給 Marc，請他評論第一季業績與 2026 年展望。

Thank you, Louis. Given the solid start of the year, we are increasing our full year outlook for all key metrics, including site leasing revenue, our cash flow, adjusted EBITDA, AFFO and AFFO per share as compared to our initial 2026 guidance. The primary drivers of these increases include outperformance during our first quarter, highest rate lag revenue and favorable foreign currency rates.

謝謝你，Louis。鑑於今年開局穩健，我們上調全年所有關鍵指標的展望，包括站點租賃收入、現金流、調整後 EBITDA、AFFO 以及每股 AFFO，相較於我們最初的 2026 年指引。這些上調的主要驅動因素包括第一季表現優於預期、最高費率遞延（rate lag）收入，以及有利的外匯匯率。

In the first quarter, we continued to operate efficiently, controlling direct costs and achieving company-wide Tower cash flow margins of approximately 80%. In the US we added approximately $10 million of quarterly new lease and amendment billings year-over-year. The bulk of the activity continues to come from new colocations as carrier both densify and expanded network footprint.

第一季我們持續高效率營運，控制直接成本，並使全公司塔台現金流利潤率約為 80%。在美國，我們的季度新增租約與修約計費較去年同期增加約 1,000 萬美元。大部分活動仍來自新的共站（colocation），因電信商同時進行網路加密（densify）與擴大網路覆蓋範圍。

We would expect churn, our prior outlook for both Sprint and EchoStar related churn for the year remains unchanged. With regard to EchoStar, we continue to litigate the matter in federal court and believe strongly in our contractual rights. Internationally, we continue to see healthy demand for infrastructure and we added approximately $4 million of quarterly new lease and amendment billings year-over-year.

我們預期流失（churn）情況；我們先前對 Sprint 與 EchoStar 相關年度流失的展望維持不變。就 EchoStar 而言，我們仍在聯邦法院就此事訴訟，並堅信我們的合約權利。國際方面，我們持續看到對基礎設施的健康需求，季度新增租約與修約計費較去年同期增加約 400 萬美元。

International churn consistently elevated due to carrier consolidation, bankruptcy, restructurings and wireless operators network -- [organizations]. We believe 2026 will be the peak year for international churn and expect improvement in our churn rate over the next several years.

國際流失率因電信商整併、破產、重整以及無線營運商網路—[organizations]—而持續偏高。我們認為 2026 年將是國際流失的高峰年，並預期未來數年我們的流失率將改善。

Moving to balance sheet. In January, we paid off $750 million of ABS debt with our revolving credit facility and our outlook assumes that we will use our free cash flow to pay down the current outstanding amount on our credit facility over time.

接著談資產負債表。1 月份，我們以循環信用額度償還了 7.5 億美元的 ABS 債務；我們的展望假設將隨時間運用自由現金流償還目前信用額度的未償餘額。

Consistent with our outlook, we continue to assume that a $1.2 billion November ABS maturity conditions. Will be financed in November at 5.25%. We also continue to be committed to becoming an investment great issue and anticipate making our inaugural investment-grade bond issuance at some point in 2026, depending on market .

與我們的展望一致，我們仍假設 11 月到期的 12 億美元 ABS 到期款將於 11 月以 5.25% 的利率再融資。我們也持續致力於成為投資級發行人，並預期將在 2026 年某個時間點進行首次投資級債券發行，視市場情況而定。

We ended the quarter with approximately $3 billion of total debt. Our current level of 6.6 times net debt to adjusted EBITDA remains near historical lows and within our target range of 6 times to 7 times. During the first quarter, we declared and paid cash dividend of $135.2 million or $1.20 per share.

本季末我們的總負債約為 30 億美元。目前淨負債對調整後 EBITDA 倍數為 6.6 倍，仍接近歷史低點，且落在我們 6 倍至 7 倍的目標區間內。第一季我們宣告並支付現金股利 1.352 億美元，或每股 1.20 美元。

And today, we announced that our Board of Directors declared our first quarter dividend of $1.25 per share, payable on June 17, 2026, to shareholders of record as of the close of business on May 22, 2026. This dividend represents an increase of approximately 13% over the dividend paid in the first quarter of 2025 and an annualized rate of approximately 41% of the midpoint of our full year AFFO guidance.

此外，今天我們宣布董事會宣告第一季股利每股 1.25 美元，將於 2026 年 6 月 17 日支付給截至 2026 年 5 月 22 日營業日結束時的登記股東。此股利較 2025 年第一季支付的股利增加約 13%，其年化水準約為我們全年 AFFO 指引中點的 41%。

I will now turn the call over to Brendan.

接下來我把電話交給 Brendan。

Thanks, Marc. The first quarter was another quarter of solid financial and operational results, leading both in industry AFFO per share and year-over-year growth in our dividend. Our customers around the globe remained busy deploying cutting-edge technology, expanding the footprint and deepening existing capacity to meet strong customer demand. In the US, our customers continue to invest in their networks, expanding 5G coverage with new spectrum, including C-band, technology operate such as massive MIMO antennas and growth in

謝謝，Marc。第一季在財務與營運上再次交出穩健成果，我們在同業中每股 AFFO 表現領先，且股利年增亦表現突出。我們全球客戶持續忙於部署尖端技術、擴大覆蓋範圍並深化既有容量，以滿足強勁的客戶需求。在美國，我們的客戶持續投資其網路，透過新頻譜（包括 C-band）、大規模 MIMO 天線等技術運作，以及固定無線接入（fixed wireless access）的成長來擴大 5G 覆蓋，這也持續對電信商網路造成更大負荷。

fixed wireless access, which continues to add strain to carrier networks. The majority of leasing activity in the quarter came from new leases as carriers focus on coverage gaps and capacity needs. Our backlogs also continued to steadily increase during the quarter, and we expect to see steady activity levels throughout the remainder of 2026.

本季大多數租賃活動來自新租約，因電信商聚焦於覆蓋缺口與容量需求。我們的積壓訂單（backlog）在本季也持續穩步增加，並預期 2026 年剩餘期間活動水準將保持穩定。

Looking further out, we expect the driver's organic growth to include the upper C-band auction expected in mid-2027. 6G network architecture moving towards a more balanced uplink downlink mix and new spectrum bands currently being studied for future auction. All of these items will require new hardware at the tower sites.

展望更長期，我們預期推動有機成長的因素包括：預計於 2027 年年中進行的上 C-band 頻譜拍賣、6G 網路架構朝向更均衡的上行/下行配置，以及目前正在研究、供未來拍賣的新頻段。上述各項都將需要在塔台站點部署新的硬體。

Today, you're starting to see the early signs of 6G with higher capacity radios and denser and more intelligent antenna configurations to send and receive growing volumes of data. Beyond towers, we continue to make progress and are very excited about the opportunities to leverage our existing portfolio to play a more meaningful role in mobile edge computing as edge workloads move closer to the end user.

目前您已開始看到 6G 的早期跡象，例如更高容量的無線電設備，以及更密集且更智慧的天線配置，以收發日益增加的資料量。除塔台之外，我們也持續取得進展，並對於運用既有資產組合、在行動邊緣運算（mobile edge computing）中扮演更重要角色的機會感到非常振奮，因為邊緣工作負載正更接近終端使用者。

Macro tower compounds offer a cost-effective solution for edge compute needs, benefiting from strategically located sites with existing power, backhaul infrastructure and zoning protections. We are excited about the potential of this incremental revenue driver.

宏站塔台場址（macro tower compounds）為邊緣運算需求提供具成本效益的解決方案，受益於策略性位置的站點、既有電力、回傳（backhaul）基礎設施與分區（zoning）保護。我們對這項增量營收驅動因素的潛力感到興奮。

Internationally, we had a solid quarter as well. We've made tremendous progress integrating the Millicom assets and are seeing healthy colocation demand for these sites, exceeding our initial lease-up projections. We are also just starting to ramp up the number of new tower builds, building just over 60 towers in Central America in the first quarter, expectations to do much more over the coming quarters and years.

國際方面，我們同樣有一個穩健的季度。我們在整合 Millicom 資產方面取得巨大進展，並看到這些站點的共站需求健康，且超出我們最初的出租（lease-up）預測。我們也才剛開始提升新塔建置數量，第一季在中美洲建置了略高於 60 座塔台，並預期在接下來的季度與年度將做得更多。

Between building towers and buying the land underneath, we intend to put capital to work in Central America at risk-adjusted returns that are expected to be well above our cost of capital. We expect that our leading position in Central America will enhance our overall international portfolio, reducing relative FX exposure, diversifying our customer base and extending lease terms, all with the overarching goal of improving the durability of cash flow over the long term.

在建塔與購買塔下土地之間，我們計畫在中美洲投入資本，以取得風險調整後報酬，且預期將顯著高於我們的資本成本。我們預期在中美洲的領先地位將強化整體國際資產組合，降低相對外匯曝險、分散客戶基礎並延長租期；其總體目標是提升長期現金流的耐久性。

Turning to capital allocation. Our dividend as a percentage of AFFO remains relatively low. This means the continuation of our shareholder-friendly remuneration policy while also preserving the flexibility to opportunistically invest in new assets in our existing markets. While we did not repurchase meaningful shares in the first quarter as we prioritize paying down our revolving credit facility with excess free cash flow, we expect share buybacks to remain an important part of our capital allocation strategy in 2026.

接著談資本配置。我們的股利占 AFFO 的比例仍相對偏低。這意味著我們在延續對股東友善的報酬政策之餘，也保留彈性，以便在既有市場中把握機會投資新資產。雖然第一季我們未進行具規模的庫藏股回購，因我們優先以超額自由現金流償還循環信用額度，但我們預期在 2026 年，股票回購仍將是資本配置策略的重要一環。

In the first quarter, leverage remained within our recently revised target levels even with the removal of all EchoStar revenue as of January 1, and we are well positioned to be an investmentgrade issuer during this year. We expect that this shift to IG will reduce our relative overall cost of debt over time while providing access to the deepest and most liquid market in the world, improving our already solid balance sheet.

第一季即使自 1 月 1 日起完全移除所有 EchoStar 收入，槓桿仍維持在我們近期調整後的目標水準內；我們也已具備在今年成為投資級發行人的良好條件。我們預期轉為投資級（IG）將隨時間降低我們相對的整體負債成本，同時讓我們得以進入全球最深且最具流動性的市場，進一步強化我們本已穩健的資產負債表。

SBA is a truly remarkable company. We have solid financials, high-quality assets an established track record, the best people in the industry and perhaps most importantly, a drive and culture that continually pushes us forward to maximize outcomes for all of our stakeholders. The future potential for this company remains very exciting.

SBA 是一家真正卓越的公司。我們擁有穩健的財務、高品質資產、既有的良好績效紀錄、業界最優秀的人才；或許更重要的是，我們具備持續推動我們向前、為所有利害關係人最大化成果的動力與文化。這家公司未來的潛力仍令人非常振奮。

Before opening it up for questions, I'd like to thank our team members and customers for their trust in SBA.

在開放提問之前，我想感謝我們的團隊成員與客戶對 SBA 的信任。

The company's ability to achieve our vision to be our customers first choice provider and the industry leader in quality infrastructure solutions is only possible because of the incredible team members we have with SBA.

公司能夠實現我們的願景——成為客戶的第一選擇供應商，以及高品質基礎設施解決方案的產業領導者——唯有仰賴 SBA 這支令人驚嘆的團隊成員才有可能。

With that, operator, we are now ready for questions.

接下來，接線員，我們準備開始回答問題。

Thank you. (Operator Instructions) Let's go to our first caller

謝謝。（接線員指示）我們來接第一位來電者。

Yeah, hey, It's Rick Prentiss, Raymond James. Can you hear me?

是的，嗨，我是 Raymond James 的 Rick Prentiss。你們聽得到嗎？

Yeah, we can.

是的，我們聽得到。

Okay. Hey, Rick. Good afternoon, everybody. I want to ask a couple of philosophical questions. When you -- can you help us understand what are the advantages and disadvantages of being a public company versus a private company as

好的。嗨，Rick。各位下午好。我想問幾個偏哲學性的問題。當你們——你們能否協助我們理解，作為上市公司相較於私人公司，在

you look at competing for assets and tenants and capital? Just kind of help us lay it out long-term view, short-term view leverage levels. Help us understand kind of how you think about public versus private.

你們競爭資產、承租戶與資本時，各自有哪些優勢與劣勢？請協助我們從長期觀點、短期觀點以及槓桿水準等面向把它梳理清楚。也請幫助我們理解你們如何看待上市與非上市之間的差異。

Well, I mean, Rick, I think for us, it's not really about public versus private. We focus on quality of assets that we have and providing the best service possible to our customers and the best meet their needs where they have them.

嗯，我的意思是，Rick，我認為對我們來說，這其實不太是公開市場與私募市場的問題。我們專注於我們所擁有資產的品質，並盡可能為客戶提供最佳服務，並在客戶有需求的地方以最佳方式滿足他們的需求。

And I think whether we're a public company or a private company, that will continue to be the case. There's, of course, differences in public and private companies in the way that they're capitalized and things that they have to talk about publicly, but otherwise, the business is the same.

而且我認為，不論我們是上市公司還是私人公司，這一點都會持續如此。當然，上市公司與私人公司在資本結構以及必須對外公開談論的事項上有所不同，但除此之外，業務本質是一樣的。

Okay. The other philosophical question is you guys sold the Canadian tower portfolio. As you reviewed that Canadian sale, how do you stack up the priorities or criteria or the factors of price versus ability to close versus [financing]?

好的。另一個偏哲學性的問題是，你們出售了加拿大鐵塔資產組合。當你們回顧那筆加拿大出售案時，你們如何在價格、成交確定性（完成交易的能力）以及[融資]之間排列優先順序或評估標準／因素？

When we look at Canada, how do you kind of think of going through the potential list of buyers and what's important?

當我們看加拿大時，你們在篩選潛在買家名單時，會如何思考，哪些因素最重要？

Well, rick, I mean, the approach with Canada was specific to Canada. We had come to the conclusion after being there for many, many years that our ability to get to a scale that would position us in the best place possible to continue to grow that business and meet customer needs there was not going to be achievable.

嗯，Rick，我的意思是，加拿大的做法是針對加拿大市場量身訂做的。我們在那裡經營了很多很多年後得出結論：我們要達到足夠規模、使我們能處於最佳位置以持續成長並滿足當地客戶需求，這件事是無法實現的。

And so we decided to explore monetizing those assets as a better potential outcome for our shareholders. And based on that process that we ran, we were able to achieve a price that we felt was attractive and appropriate and so we sold the assets.

因此我們決定探索將這些資產變現，作為對股東而言更好的潛在結果。根據我們所執行的流程，我們得以達成一個我們認為具吸引力且合理的價格，因此我們出售了這些資產。

And that's really no different than the way we've approached all of our markets. We've talked for the last couple of years about portfolio review that we're doing, trying to make sure that we're positioned in the best place possible in each of the markets where we operate in terms of our relative scale as well as our relative positioning to the leading carriers in those markets, and the Canada situation was no different than any other.

而這其實與我們在所有市場的做法沒有不同。過去幾年我們一直在談我們正在進行的投資組合檢視，試圖確保在我們營運的每一個市場中，我們在相對規模以及相對於該市場主要電信業者的定位方面，都處於盡可能最佳的位置；加拿大的情況與其他市場並無不同。

Okay. And then won operational question. Obviously, not meaningful stock buyback this quarter, but you said you want to still plan to do something in '26. How should we think about leverage level of buyback, M&A opportunities and how you're kind of balancing those use of your flexibility?

好的。接著一個營運面的問題。顯然本季沒有進行有意義的庫藏股回購，但你說仍計畫在 2026 年做一些事情。我們應該如何看待回購的槓桿水準、併購（M&A）機會，以及你們如何在這些彈性資金用途之間取得平衡？

Yeah. So our leverage target we revised late last year to 6 to 7 turns of net debt to adjusted EBITDA, and we're obviously operating right in the middle of that range. And so we start with the leverage first. We make sure that we kind of maintain leverage in that target range and then prioritize what we think provides us the best opportunity at a given point in time among buybacks.

是的。我們的槓桿目標在去年年底修訂為淨負債對調整後 EBITDA 的 6 到 7 倍，而我們目前顯然正運作在該區間的中間位置。因此我們先從槓桿開始，確保槓桿維持在目標區間內，然後在回購等選項中，於特定時間點優先選擇我們認為能帶來最佳機會的項目。

Obviously, dividends are paid out and growing on a pretty steady basis and then new asset investments, mostly new tower builds and acquisitions. And that's not really that different than the way we've approached things historically. I think from quarter-to-quarter, different opportunities come up and we spend time on those opportunities.

當然，股利會以相當穩定的步調發放並成長，接著是新資產投資，主要是新建鐵塔以及收購。這與我們過去一貫的做法並沒有太大不同。我認為從每一季到下一季，會出現不同的機會，而我們會花時間評估那些機會。

And depending on what we're looking at, that may cause us to slow down buybacks or possibly increase them because we don't have enough other options to invest that capital, but it's our goal to stay levered at the same level that we've targeted. And as a result, that provides us a lot of excess cash flow to invest every year. And we look at all the options available and compare them to each other at a given time. But ultimately, I expect we're going to spend money on all of those categories over time just as we've done in the past.

而依據我們正在看的項目，可能會讓我們放慢回購，或在我們沒有足夠其他選項可投入資本時提高回購；但我們的目標是維持在我們所設定的相同槓桿水準。因此，我們每年都有大量的超額自由現金流可供投資。我們會檢視所有可用選項，並在特定時間點彼此比較。但最終，我預期隨著時間推移，我們會在所有這些類別上投入資金，就像過去一樣。

Let's move on to our next caller. Please go ahead.

我們來接下一位來電者。請繼續。

State your name, organization, then question.

請說明您的姓名、機構，然後提出問題。

Hi, thanks for taking the question. It's Mike Rollins from Citi. Two topics, if I could, please. The first on the leasing environment. The release referred to, I believe, it was a larger backlog in domestic leasing. Just curious if you could talk about the significance of that change in backlog versus maybe other historical first quarters and put that into perspective in terms of the type of leasing growth that you're expecting to deliver this year or in future years?

嗨，謝謝讓我提問。我是花旗（Citi）的 Mike Rollins。我有兩個主題，如果可以的話。第一個是租賃環境。新聞稿提到，我相信是國內租賃的待處理量（backlog）更大。想請教你能否談談這個待處理量變化的重要性，相較於過去其他第一季的歷史水準如何，並從你們預期今年或未來幾年要交付的租賃成長類型角度，幫我們放到脈絡中理解？

And the second question, maybe just taking a step back. As you talked at some conferences, the subject of your value versus private markets has come up. And curious, as you talk with investors about it, what you learned about how investors are valuing you in the public market, and what are the ways that SBA is trying to respond to questions about whether it's the business or the financial outlook in a way to improve that visibility and transparency for your future financial opportunities?

第二個問題，可能稍微拉遠一點看。你們在一些會議上談到，你們的價值相對於私募市場的議題被提出。想了解當你們與投資人討論時，你們學到投資人如何在公開市場為你們估值？以及 SBA 正在用哪些方式回應外界對於「究竟是業務面還是財務展望」的疑問，以提升你們未來財務機會的可見度與透明度？

Thanks.

謝謝。

Yeah. So first, the leasing environment. Our backlog did increase from December 31, levels to March 31 levels. So that was a good sign. I'm talking about US backlog specifically. I think that's what you're questioning.

好的。先談租賃環境。我們的待處理量確實從 12 月 31 日的水準增加到 3 月 31 日的水準，所以這是個好跡象。我這裡特別指的是美國的待處理量。我想你問的就是這個。

And that increase, I would categorize as moderate. It wasn't extreme necessarily, but it definitely was an increase where we have more applications coming in than new business that we are executing. So it's actually replenishing faster and at a higher rate than it's being used.

而這個增加，我會把它歸類為溫和的增長。並不是特別極端，但確實是增加了：我們收到的申請量多於我們正在執行的新業務量。所以它的補充速度更快、補充率也更高，超過了被消化的速度。

So that's a good sign in terms of the rest of the year and how the year should shape up in terms of leasing activity. I think from a historical standpoint, it's not necessarily an extreme outlier. And I would expect that this year's leasing activity in the US will be relatively steady based on where we sit today. Obviously, things can change throughout the course of the year.

因此，這對今年剩餘時間以及今年租賃活動的走勢而言是個好訊號。從歷史角度看，這不一定是非常極端的異常值。以我們今天所處的位置來看，我預期今年美國的租賃活動會相對穩定。當然，事情在一年當中可能會有所變化。

But at this moment in time, based on our interactions with our customers and the way that the backlogs have grown, I would expect to see fairly steady activity levels. In terms of how we position SBA. It's a little bit of a cryptic question, Mike.

但就目前此刻而言，根據我們與客戶的互動以及待處理量的成長方式，我預期活動水準會相當穩定。至於你問到我們如何定位 SBA，這個問題有點難以捉摸，Mike。

But I think our focus is on trying to be as clear as we can with our public investors about all the tremendous attributes of our business and sharing that information, clearly, in terms of the quality of our assets, the quality of our growth prospects and the quality of the cash flow that we produce on a very steady, consistent basis than we have, frankly, for decades.

但我認為，我們的重點是盡可能清楚地向公開市場投資人說明我們業務的所有卓越特質，並清楚分享相關資訊，包括我們資產的品質、成長前景的品質，以及我們所產生的現金流品質——而且坦白說，這種穩定一致的表現我們已經維持了數十年。

And so the more that I think we can share that message and evangelize it and then ultimately demonstrate our ability to execute, I think we'll be just fine. I can't speak to how every individual party might look at valuing this company if they're outside of the public shareholder base at this point.

因此，我認為我們越能傳遞並宣揚這個訊息，並最終展現我們的執行能力，我們就會很好。我無法代表每一個個別的外部人士（若其不在目前公開股東基礎內）會如何看待這家公司的估值。

Batya Levi, UBS.

Batya Levi，瑞銀（UBS）。

Great, thank you. Great. Just a follow-up on the domestic activity. With the backlog -- the moderate increase in the backlog that you're seeing, is that across the board or specific to a company? I think one of your tents had been slowing down significantly. Do you see some uptick in their activity to maybe offset some of the slowdown you were exiting in the second half?

很好，謝謝。再追問一個關於國內活動的問題。就你們看到的待處理量溫和增加而言，這是全面性的，還是集中在某一家公司的情況？我想你們其中一個承租戶（tenant）之前放緩得相當明顯。你們是否看到他們的活動有些回升，可能可以抵消你們在下半年結束時所面臨的一些放緩？

And a question on the mobile edge compute that you think could provide a new incremental revenue opportunity. What kind of investment do you think it would require to reset your sites? And when do you think that will start to flow into the P&L, both from an expense and a revenue perspective?

另外一個問題是關於你們認為可能帶來新增增量營收機會的行動邊緣運算（mobile edge compute）。你們認為要讓站點具備這些能力，需要投入多少資本來重新配置你們的站點？以及你們認為這會在何時開始反映到損益表（P&L）上，無論是費用端或營收端？

Okay. So on the domestic activity, and I don't like to necessarily share specifically what each customer of ours is doing. I will say that it was not necessarily completely even among our biggest customers in terms of backlog increases. We obviously have one customer where we've signed a recent agreement. And so we're starting to see an increase in activity associated with that.

好的。關於國內活動，我不太喜歡具體分享我們每一位客戶各自正在做什麼。我可以說的是，就待處理量的增加而言，在我們最大的幾個客戶之間並不完全平均。我們顯然有一位客戶，我們最近與其簽署了一項協議，因此我們開始看到與該協議相關的活動增加。

So that definitely has influenced it. But overall, that ebbs and flows generally over time anyway. That's what we've always seen historically. So in a given quarter, one quarter does not necessarily tell the story. So I would expect that we'll see all three of the primary customers we have in the US be active at various points during the year.

所以這確實有影響。不過整體而言，這種情況本來就會隨時間推移而起伏變動，這也是我們歷來一直看到的。因此，單一季度不一定能說明全貌。我預期我們在美國的三大主要客戶，會在一年中的不同時間點保持活躍。

On the edge compute side, we are kind of excited about the potential opportunity there. It's definitely emerged as something that I think there's going to be a lot of interest in specifically for AI inference and low latency environments that are going to be critical as AI just continues to infiltrate all of the applications that end users will eventually be using over these wireless networks.

至於邊緣運算方面，我們對那裡的潛在機會感到相當興奮。它確實已經浮現為一個我認為會引起高度興趣的領域，特別是用於 AI 推論以及低延遲環境；隨著 AI 持續滲透到終端使用者最終會透過這些無線網路使用的各種應用中，這些能力將會變得至關重要。

We are ourselves engaged actively with multiple companies exploring how we deploy some of these edge data centers at our tower sites. And we're in the early stages of that, Batya. I would say we have some that we've already done, a very small number. And so some of that is almost trial in nature. We expect some of those to come online shortly. So we've incurred some dollars as it relates to that.

我們自己也正積極與多家公司合作，探索如何在我們的鐵塔站點部署部分這類邊緣資料中心。我們仍處於早期階段，Batya。我會說我們已經做了一些，但數量非常少，因此其中一些幾乎帶有試點性質。我們預期其中一些會在近期上線。因此，我們也已經為此投入了一些資金。

I think I need to just punt a little bit on the timing for impact to the financials in any material way, but that's something that I'm sure we will be coming back to you with in future quarters because it's definitely starting to gain traction, and I think it will be a contributor down the road.

我想，就對財務報表在任何重大程度上的影響時點而言，我可能需要先稍微保留一下，但我確信我們會在未來幾個季度再回來向各位更新，因為它確實開始獲得動能，而且我認為長期來看會成為一項貢獻。

Thank you.

謝謝。

(Operator Instructions) Brendan Lynch, Barclays.

（接線員指示）Barclays 的 Brendan Lynch。

Hello, thanks for taking the question. Just to follow up on the edge sites. Brendan, can you give any concrete examples of how AI being deployed at a tower site is advantageous relative to in a traditional data center.

你好，謝謝讓我提問。想追問一下邊緣站點。Brendan，你能否舉一些具體例子，說明在塔台站點部署 AI 相較於在傳統資料中心有哪些優勢？

Just I ask this because it's largely been theoretical over the past several years. So maybe that sounds like there's some momentum and things are changing there. So any additional color you can give would be helpful.

我之所以問，是因為過去幾年這多半都還停留在理論層面。所以也許聽起來現在有些動能、情況正在改變。若你能提供更多補充說明會很有幫助。

Yeah. I mean it's hard to give you exact. I mean, really, what we're talking about and what we're seeing is some of these applications that have a much greater amount of uplink versus downlink, which affects, by the way, the general architecture of the wireless network to itself is requiring in order to be active an even lower level of latency to make those solutions as effective as possible.

是的。我的意思是，很難給你非常精確的例子。其實我們在談、也在看到的是，有些應用的上行流量遠大於下行流量；順帶一提，這也會影響無線網路本身的一般架構，並且為了讓這些解決方案盡可能有效，需要更低的延遲才能運作。

And as a result, the closer that you can move the compute power to the edge of the network and closer, frankly, to the user, we're finding that folks think that that's going to make a real difference to the success of some of these applications. And as a result, there's a push to move that out.

因此，你越能把運算能力移到網路邊緣、坦白說也更靠近使用者，我們就越發現大家認為這會對某些應用的成功帶來實質差異。也因此，市場上有推動把運算往外移的趨勢。

I also think there's a practical issue in that, in some ways, it may be easier to have this more distributed compute sort of network through these micro data centers versus just having the bigger facilities that are more centralized in terms of just power usage and other resources that are necessary to make these things effective that.

我也認為有一個實務面的問題：在某些方面，透過這些微型資料中心形成更分散式的運算網路，可能比只依賴更集中式的大型設施更容易，尤其是在用電以及讓這些方案有效所需的其他資源方面。

To some degree, when you distribute it out on further basis, that's actually easier to achieve in some cases. So we'll see, Brendan, but I think as long as latency is a real issue, then edge compute is going to become more and more important.

某種程度上，當你把它更分散地部署到更廣的範圍，在某些情況下反而更容易達成。所以我們再看看吧，Brendan，但我認為只要延遲仍然是個真實的問題，那麼邊緣運算就會變得越來越重要。

Okay. Great. That's helpful. And then maybe just another question on the land purchase in Guatemala. Can you just kind of walk through some of those details and what the cap rate was that you paid?

好的。很好，這很有幫助。那再問一個關於瓜地馬拉的土地購買案。你能否大致說明一些細節，以及你們支付的資本化率（cap rate）是多少？

Yeah. So that -- we actually talked about that, I think, on the last call because we closed on that early in the year. We were able to buy out land under most of the towers in Guatemala that we acquired as part of the Millicom acquisition. I believe the multiple we paid was in 7-ish range. I'm looking for confirmation, I think it was about 7 turns was about what we paid for that.

好的。那個——我想我們在上一次電話會議其實有談到，因為我們在年初就完成交割了。我們得以買下我們在 Millicom 併購案中取得的瓜地馬拉多數鐵塔下方的土地。我記得我們支付的倍數大約在 7 倍左右。我在等確認，但我想大概是 7 倍左右。

So pretty attractive and accretive in terms of valuation, but also helpful to us in terms of our relative positioning from a risk standpoint on all those properties and that we can control that land a lot better than, obviously, we could have before.

所以就估值而言相當有吸引力、也具增益性（accretive）；同時從風險角度來看，也有助於我們在那些資產上的相對定位，因為我們能更好地控制那片土地，顯然比以前更能掌握。

Nick Del Deo, MoffettNathanson.

MoffettNathanson 的 Nick Del Deo。

Good evening. Hey, thanks for taking my questions. So Brendan, you noted in your prepared remarks that the demand you're seeing for the Millicom towers has exceeded your expectations. I guess based on your conversation with those customers, is it your sense that this is like an initial burst that's happening as the sites have become available that may subside or does it strike you something that's more sustainable?

晚安。謝謝讓我提問。Brendan，你在事先準備的發言中提到，你們看到對 Millicom 鐵塔的需求超出預期。我想根據你和那些客戶的對話，你的感覺是這比較像站點一開放後的初期爆發、之後可能會趨緩，還是看起來更具可持續性？

Yeah. I think there's definitely an initial interest because these sites were obviously in carrier controlled hands before. And so now that they're kind of opened up more directly for colocation business than they probably were before. That's caused some inbound interest that I think is what you would normally expect when assets like this become available. But I do think that there is an opportunity to sustain the growth for an extended period of time.

是的。我認為確實有初期的興趣，因為這些站點之前顯然是在電信業者控制之下。現在它們更直接地對共站（colocation）業務開放，可能比以前更開放。這引發了一些主動詢問的興趣，我認為這是資產一旦可供使用時通常會出現的情況。但我也確實認為，有機會在更長一段時間內維持成長。

Because for one thing, there's a lot of sites. Two, we're just at the very beginning stages of having conversations with those other customers, and it's primarily one customer, many of these markets about the site. So based on the pent-up demand that we see and what they've expressed to us, I think we're going to see very attractive lease up for an extended period of time.

因為第一，站點數量很多。第二，我們才剛開始與其他客戶展開對話，而在許多市場裡，過去主要是單一客戶在使用這些站點。所以根據我們看到的累積需求（pent-up demand）以及他們對我們表達的內容，我認為我們會在相當長一段時間內看到非常有吸引力的出租／進駐（lease-up）。

Okay. Great. And then maybe won about the US market. One of your peers has commented that the big carriers might be more interested in working with the larger public tower companies to undertake more new construction opportunities. I was wondering if you've observed anything similar.

好的，很好。那再問一個關於美國市場的問題。你們的一位同業曾評論，大型電信業者可能更有興趣與規模較大的上市鐵塔公司合作，以推動更多新建案的機會。我想知道你是否也觀察到類似情況。

Yeah. I think there is some of that. I mean, definitely, the dialogue that we've had with the MNOs as of late has been much more constructive towards new build opportunities here in the US than it has been in the past. I mean really, if you kind of go back in history, and this isn't just SBA, but the other big tower companies as well, we're primary suppliers of new builds for many, many years.

是的，我認為確實有一些這樣的情況。最近我們與行動網路營運商（MNO）的對話，對於在美國進行新建案的機會而言，比過去更具建設性。其實如果回顧歷史，不只是 SBA，其他大型鐵塔公司在很多很多年裡也一直是新建案的主要供應商。

And then that obviously changed dramatically. You had a lot of smaller new companies coming up and the financial terms that were being offered were not really something we found attractive, and I imagine most of our peers -- our bigger peers did not as well. And so that's why you saw the level of what we're doing dry up.

然後情況顯然出現了劇烈變化。你看到很多較小的新公司崛起，而他們提出的財務條件並不是我們覺得有吸引力的，我想我們的大型同業——更大的同業——也同樣不覺得有吸引力。所以你才會看到我們所做的新建量逐漸乾涸。

But in this current environment, as we sign some of these master agreements, and we have broader reaching relationships that get established as well as the cost of capital increasing and the stability of the end provider that the carriers are dealing with.

但在目前這個環境下，隨著我們簽署一些主協議（master agreements），並建立更廣泛的合作關係，再加上資本成本上升，以及電信業者所面對的終端供應商的穩定性。

It's becoming more and more important to them that there was somebody that they know that they can run on to be there for the long term. And I think as a result, you're going to see more opportunity for companies like us to do more new tower builds here in the US.

對他們而言，越來越重要的是要有一個他們熟悉、可以依靠、能長期存在的合作方。我認為因此，你會看到像我們這樣的公司在美國有更多機會進行新的鐵塔建設。

David Barden, New Street Research.

New Street Research 的 David Barden。

So I guess, Brendan, I just have to ask, like, do you -- the story that -- there were a couple of questions already about this, which is that there are multiple key firms circling, wanting to buy SBA, take it private. TMT Finance reported that they would do with a $250 a share.

所以我想，Brendan，我得問一下：你——這個故事——前面已經有幾個問題提到，就是有多家關鍵公司在周旋，想要收購 SBA、將其私有化。TMT Finance 報導他們可能會以每股 250 美元來做。

And I'd question whether you and Jeff, who is still determined would really want to sell. So could you kind of walk us through what would it take for this to actually happen? That would be kind of question number one.

我也想質疑你和 Jeff——他仍然很堅定——是否真的會想賣。所以你能否帶我們走一遍，要達成這件事實際上需要什麼條件？這算是第一個問題。

And then -- that's my question.

然後——這就是我的問題。

I was like, what's the next one, David?

我還想說，下一個是什麼，David？

Yeah, sorry, Sorry, Brendan.

是的，抱歉，抱歉，Brendan。

All right. Yeah. I mean, listen, of course, I've seen, of course, these articles that have been out there for the last few weeks and, you won't be surprised to hear me say that as a matter of policy, which is our policy, we don't comment on speculation or rumors that get put out there in the press. I mean what I can say just more generally is that I've been with SBA for over 28 years.

好。是的。我的意思是，聽著，當然，我也看到了過去幾週媒體上那些文章；你不會意外我會說，基於我們一貫的政策——也就是公司的政策——我們不會對媒體上出現的臆測或謠言發表評論。我能更一般性地說的是，我在 SBA 已經超過 28 年。

And during that entire time, we have always focused on evaluating all options and all possible routes we can take around various different things in order to act in the best interest of our shareholders. And we do that still today, and I expect we will do that in the future. And so of course, we will always evaluate any opportunity that presents itself to us. But beyond that, I mean, I can't really comment on what somebody decides to put in an article without any real basis.

在這整段期間，我們一直都專注於評估所有選項與所有可能的路徑，針對各種不同事項採取行動，以符合股東的最佳利益。我們今天仍然如此，我也預期未來會繼續如此。所以當然，我們永遠會評估任何出現在我們面前的機會。但除此之外，對於有人在沒有任何實質依據的情況下寫在文章裡的內容，我實在無法多做評論。

Would it be fair to say that if there was ever a moment in the last, say, 3-, 4-, 5-years on this constant evaluation has been happening, where you've bought back stock that you would never sell the company for a number that's less than the number that you bought that stock at?

是否可以這麼說：如果在過去例如 3、4、5 年裡，這種持續評估一直在進行，而你們也曾回購股票，那你們絕不會以低於你們回購該股票時的價格來出售公司？

Well, I mean I can't -- David, I can't really tell you what we would do or what we would not do in some hypothetical case. What we would do is always make a decision that we thought was best for the shareholders, whatever that was at that moment in time, and that's the decision we would make.

嗯，我的意思是——David，我無法告訴你在某個假設情境下我們會做什麼或不會做什麼。我們會做的，是在當下做出我們認為對股東最有利的決定，不論那是什麼；而那就是我們會做出的決定。

(Operator Instructions) All right. And that looks like that's all the questions we have for today.

（接線員指示）好的。看起來今天的提問就到這裡。

Okay. All right. Well, thank you, Marilyn, and thank you, everybody, for dialing in, and we look forward to reporting our second quarter results to you next quarter. Thanks.

好的。好。那麼謝謝 Marilyn，也謝謝各位撥冗參與。我們期待在下個季度向各位報告第二季的業績。謝謝。

Thank you to our speakers and everyone in the audience for joining us today. The call has concluded. You may now disconnect.

感謝各位講者以及所有與會者今天的參與。本次電話會議到此結束。您現在可以掛線。