SBA Communications Corp (SBAC) 2026 Q2 法說會逐字稿

Welcome, and thank you all for joining today's SBA second quarter 2026 results. Please note that today's call is being recorded. (Operator Instructions) With that, I'd now like to formally begin today's call and turn it over to Louis Friend, Vice President of Finance and Capital Markets. Please go ahead.

歡迎各位，感謝大家參加今天 SBA 2026 年第二季業績說明。請注意，今天的電話會議將被錄音。(接線員指示) 接下來，我將正式開始今天的會議，並把時間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 second 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. Some of the information we will discuss on this call is forward-looking, including, but not limited to, any guidance for 2026 and beyond.

各位晚安，感謝各位參加 SBA 2026 年第二季財報電話會議。今天與我一同出席的有：總裁兼執行長 Brendan Cavanagh，以及財務長 Marc Montagner。我們在本次電話會議中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。

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, August 3, and we have no obligation to update any forward-looking statements we may make.

在今天的新聞稿以及我們向 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。我們的陳述以今天（8 月 3 日）為準，且我們沒有義務更新我們可能作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 second quarter results and 2026 outlook.

接下來，我把時間交給 Marc，請他評論第二季業績以及 2026 年展望。

Thank you, Louis. We had another good quarter, and our results were in line with our expectation. Given the solid performance in the second quarter, we are modestly increasing our full year outlook for site leasing revenue, AFFO and AFFO per share as compared to our prior 2026 guidance. The primary drivers of these increases include higher straight-line revenues and improved net cash interest expenses.

謝謝你，Louis。我們又度過了一個不錯的季度，業績符合我們的預期。鑑於第二季表現穩健，相較於先前的 2026 年指引，我們小幅上調全年站點租賃收入、AFFO 以及每股 AFFO 的展望。這些上調的主要驅動因素包括較高的直線法收入，以及淨現金利息費用的改善。

In the second quarter, AFFO per share was $3.05, and with a cash dividend of $1.25 per share. We continue to operate efficiently, controlling direct costs and achieving company-wide tower cash flow margins of just under 80%. In the US, we added approximately $9 million of domestic new lease and amendment billings in the second quarter. The bulk of the activity continues to come from new colocations as carrier both densify and expand their network footprints.

第二季每股 AFFO 為 3.05 美元，現金股利為每股 1.25 美元。我們持續高效率營運，控管直接成本，並達成全公司塔台現金流量利潤率略低於 80%。在美國，我們於第二季新增約 900 萬美元的國內新租約與修約計費。大部分活動仍來自新的共站（colocation），因為電信業者同時進行網路加密（densify）並擴大其網路覆蓋範圍。

With respect to 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.

就流失（churn）而言，我們先前對今年 Sprint 與 EchoStar 相關流失的展望維持不變。至於 EchoStar，我們仍在聯邦法院就此事進行訴訟，並堅信我們的合約權利。

Internationally, we continue to see healthy demand for our infrastructure, and we added approximately $4 million of new lease and amendment billings in the second quarter. International churn continues to be elevated due to carrier consolidations, carrier bankruptcy, restructuring and wireless operators network rationalizations.

在國際市場方面，我們持續看到對我們基礎設施的健康需求，第二季新增約 400 萬美元的新租約與修約計費。國際流失仍偏高，原因包括電信業者整併、電信業者破產、重整，以及無線營運商的網路精簡（rationalization）。

Moving to our balance sheet. I'm very pleased to discuss our recent debt offering where in July, we issued our first unsecured investment-grade bonds. The total amount raised was $3.5 billion and net proceeds were used to pay in full both our Term Loan B and amounts outstanding on our revolving credit facility.

接著談資產負債表。我很高興分享我們近期的發債交易：我們於 7 月發行了首批無擔保投資級公司債。本次共募得 35 億美元，淨募集資金用於全額償還我們的 Term Loan B，以及償清循環信用額度項下的未償餘額。

As of today, the revolver is fully paid down, and we currently have a $570 million of cash on our balance sheet. Pro forma for this transaction, the amount of secured versus unsecured debt is now below 50%. The transaction generated very strong demand for each of the three tranches we issued.

截至今日，循環額度已全數償清，我們目前資產負債表上有 5.70 億美元現金。以本交易的備考（pro forma）基礎計算，擔保債務相對於無擔保債務的比例現已低於 50%。本次交易中我們發行的三個券種（tranche）均獲得非常強勁的需求。

The three tranches include $1.350 billion due 2030 with a cash coupon of [4.78%], $1.350 billion, 2031 with a cash coupon of 5.15% and $800 million due 2033 with a cash coupon of 5.45%. In aggregate, the $3.5 billion has a blended cash coupon of 5.11% and a weighted average maturity of five years.

這三個券種包括：13.50 億美元、2030 年到期，現金票息為 [4.78%]；13.50 億美元、2031 年到期，現金票息為 5.15%；以及 8.00 億美元、2033 年到期，現金票息為 5.45%。合計而言，這 35 億美元的加權平均現金票息為 5.11%，加權平均到期年限為 5 年。

In addition to the new bond offering, we put in place a new larger revolving credit facility with $2.5 billion of capacity, which is unsecured. We now have a solid base of investor for investment-grade debt, and we plan to continue to issue investment-grade notes in the future to refinance our upcoming maturing ABS and high-yield security.

除新的債券發行外，我們也建立了一項新的、更大規模的循環信用額度，額度為 25 億美元，且為無擔保。我們現在已擁有穩固的投資級債務投資人基礎，並計畫未來持續發行投資級票據，以再融資我們即將到期的 ABS 與高收益證券。

I would also like to point out that in June, SBA was upgraded from BBB- to BBB by S&P, another positive step in our new investment-grade journey. Consistent with our prior outlook, we continue to assume that, that $1.2 billion November ABS maturity will be refinanced in November of this year at 5.25%. We ended the quarter with approximately $13 billion of total debt.

我也想指出，S&P 於 6 月將 SBA 的評等由 BBB- 上調至 BBB，這是我們投資級旅程中的另一項正面進展。與我們先前的展望一致，我們仍假設 11 月到期的 12 億美元 ABS 將於今年 11 月以 5.25% 的利率再融資。本季末我們的總負債約為 130 億美元。

Our current leverage of 6.4 times net debt to adjusted EBITDA remains near historical lows and within our target range of 6 times to 7 times. During the second quarter, we declared and paid a cash dividend of $132.7 million or $1.25 per share.

我們目前的槓桿倍數（淨負債／調整後 EBITDA）為 6.4 倍，仍接近歷史低點，並落在我們 6 倍至 7 倍的目標區間內。第二季期間，我們宣告並支付現金股利 1.327 億美元，或每股 1.25 美元。

And today, we announced that our Board of Directors declared a quarterly dividend of $1.25 per share payable on September 17, 2026, to shareholders of record as of the close of business on August 20, 2026. This dividend represents an increase of approximately 13% over the dividend paid in the prior-year period and an annualized rate of approximately 41% of the midpoint of our full year AFFO outlook.

此外，我們今天宣布董事會已宣告每股 1.25 美元的季度股利，將於 2026 年 9 月 17 日支付給截至 2026 年 8 月 20 日營業結束時的登記股東。此股利較去年同期支付的股利增加約 13%，其年化水準約為我們全年 AFFO 展望中點的 41%。

I will now turn the call over to Brendan.

接下來我把電話交給 Brendan。

Thanks, Marc. The second quarter represented another solid period of both financial and operating results. We continue to lead the industry in AFFO per share and dividend growth. Throughout the quarter, the level of customer activity remained steady and in line with the first quarter.

謝謝，Marc。第二季在財務與營運成果方面都是另一個穩健的期間。我們持續在每股 AFFO 與股利成長方面領先同業。整個季度中，客戶活動水準保持穩定，並與第一季一致。

In the US, our customers continue to invest in their networks, expanding 5G coverage with new spectrum, including C-band, technology upgrades such as massive MIMO antennas and growth in fixed wireless access subscribers.

在美國，我們的客戶持續投資其網路，透過新頻譜（包括 C 頻段）擴大 5G 覆蓋，進行如 massive MIMO 天線等技術升級，並推動固定無線接入（FWA）用戶成長。

Internationally, we continued the solid progress we made last quarter, integrating the Millicom assets and expanding our new tower build capabilities. We built 99 new towers, up from 75 in the last quarter. We expect this number will increase steadily over time.

在國際市場方面，我們延續上季取得的穩健進展，整合 Millicom 資產並擴大我們的新塔建置能力。我們新建了 99 座塔台，高於上一季的 75 座。我們預期這個數字將隨時間穩步增加。

New tower builds continue to be a good use of capital, and we expect the risk-adjusted returns to exceed our cost of capital often on day one. We continue to see positive organic growth in our international portfolio due in part to local CPI-linked rent escalators.

新塔建置仍是良好的資本運用方式，我們預期風險調整後報酬往往在第一天就能超過我們的資本成本。由於部分受惠於與當地 CPI 連動的租金調升機制，我們持續看到國際投資組合的正向內生成長。

While international churn remains elevated, we continue to focus on locking in stable, predictable operating cash-flow through long-term contracts and high-quality customer partnerships. Looking ahead, I am excited about a number of prospects that I think will contribute to organic growth for years to come.

儘管國際流失仍偏高，我們仍專注於透過長期合約與高品質的客戶合作夥伴關係，鎖定穩定、可預測的營運現金流。展望未來，我對多項我認為將在未來多年貢獻內生成長的機會感到振奮。

On July 22, the FCC formally adopted a plan to auction 160 megahertz of upper C-band spectrum starting in April of next year. When combined with the existing lower C-band spectrum previously auctioned, this auction will create a harmonized super band of 440 megahertz of contiguous mid-band spectrum to be used for wireless.

7 月 22 日，FCC 正式採納一項計畫，將自明年 4 月起拍賣 160 兆赫的上 C 頻段頻譜。若與先前已拍賣的既有下 C 頻段頻譜合併，本次拍賣將形成一個協調一致的超級頻段（super band），提供 440 兆赫連續的中頻段頻譜供無線通訊使用。

In addition to the large amount of spectrum being made available and the accelerated pace of the auctions, we were very pleased with the stricter build-out requirements established by the FCC, requiring holders to deploy the spectrum or risk forfeiture with no review or waiver process.

除了釋出大量可用頻譜並加快拍賣進度之外，我們也對 FCC 所制定的更嚴格建置要求感到非常滿意；該要求規定持照者必須部署頻譜，否則將面臨沒收，且不提供審查或豁免程序。

The upper C-band's build-out requires 45% population coverage two years after the transition deadline and 80% coverage six years after, paired with automatic license termination for not fulfilling the second performance benchmark.

上部 C 頻段的建置要求為：在轉換期限後兩年達到 45% 人口覆蓋率，並在六年後達到 80% 覆蓋率；同時，若未達成第二項績效基準，將自動終止執照。

In addition, the FCC made clear that alternative uses such as IoT, fixed point-to-point and private networks do not count towards coverage milestones. And these tougher build-out requirements are now expected to also extend to private investment firms and others that hold spectrum into the future. This structure will be helpful in ensuring that license winners are serious about deploying spectrum for the benefit of the American wireless consumer. And this will, of course, be good for SBA.

此外，FCC 明確表示，物聯網（IoT）、固定點對點以及私人網路等替代用途，不計入覆蓋里程碑。而這些更嚴格的建置要求，預期未來也將延伸適用於持有頻譜的私募投資公司及其他機構。此一架構將有助於確保得標者確實認真部署頻譜，以造福美國無線消費者。當然，這也將對 SBA 有利。

As we invest in supporting our customers in meeting their network build-out goals, we expect to see incremental equipment deployed at our sites, driving organic growth for years to come. And these opportunities do not only apply to the upper C-band. The NTIA recently announced that 2.7 gigahertz spectrum can be repurposed for full power commercial licensed use.

隨著我們投資以支援客戶達成其網路建置目標，我們預期將看到在我們站點部署更多增量設備，進而在未來多年帶動有機成長。而這些機會不僅適用於上部 C 頻段。NTIA 近期宣布，2.7 GHz 頻譜可重新規劃為全功率商用授權用途。

Once approved by Congress and coordinated with NOAA and the FAA, the FCC could auction 2.7 gigahertz spectrum as early as 2028. We expect the deployment of this spectrum will also require new equipment at the tower site and support long-term sustained site leasing organic growth.

一旦獲得國會批准並與 NOAA 與 FAA 協調後，FCC 最早可於 2028 年拍賣 2.7 GHz 頻譜。我們預期該頻譜的部署同樣需要在塔台站點新增設備，並支撐長期、持續的站點租賃有機成長。

And on Friday, the NTIA announced that it has cleared plans to study the 4.4 gigahertz band for full power commercial license use as well. We now have the largest set of federal spectrum bands ever under consideration for repurposing, including 1.6 gigahertz, 2.7 gigahertz, 4.4 gigahertz and the 7 gigahertz band.

此外，上週五 NTIA 宣布已核准研究 4.4 GHz 頻段作為全功率商用授權用途的計畫。目前，我們有史以來最大一組正在考慮重新規劃的聯邦頻譜頻段，包括 1.6 GHz、2.7 GHz、4.4 GHz 以及 7 GHz 頻段。

While it will be several years before these airwaves are made available for commercial use, real progress is being made that will be supportive of network investment on our infrastructure for the next decade. In addition to new spectrum deployments, I'm excited for the prospect of other new organic growth drivers, including low latency edge compute demand and terrestrial complements to potential future satellite direct-to-device offerings.

雖然這些電波距離可供商用仍需數年時間，但已取得實質進展，將在未來十年支持在我們基礎設施上的網路投資。除了新頻譜部署之外，我也對其他新的有機成長驅動因素的前景感到振奮，包括低延遲邊緣運算需求，以及對未來可能出現的衛星直連終端（direct-to-device）服務之地面補充方案。

With regard to edge compute, we see a clear migration towards a distributed architecture with a significant increase in the required number of power and fiber-fed locations to improve speed and latency, enhance redundancy and reduce the concentration of resources needed to support the growth in AI-oriented applications.

就邊緣運算而言，我們清楚看到正朝向分散式架構遷移，為了提升速度與延遲表現、強化備援並降低支援 AI 導向應用成長所需資源的集中度，所需的供電與光纖回傳據點數量將大幅增加。

Our existing portfolio of assets are well suited to support this growing architecture, and I believe we have the opportunity to realize meaningful incremental organic growth over the coming years as a result of this type of activity.

我們現有的資產組合非常適合支援這種持續成長的架構；我相信，隨著此類活動推進，我們在未來幾年有機會實現可觀的增量有機成長。

With regard to satellite solutions, there's been a lot of discussion around direct-to-device satellite technology, but our view remains unchanged. Satellites are a complement to terrestrial wireless networks, not a substitute for them.

就衛星解決方案而言，市場對直連終端衛星技術已有許多討論，但我們的看法仍未改變。衛星是地面無線網路的補充，而非替代。

However, depending on how the industry develops, the advancement of this technology is expected to provide growth opportunities for our business. Potential new entrants offering direct-to-device satellite-based coverage will require [a terrestrial] component to their networks in order to provide ubiquitous high-quality coverage at a level competitive with traditional networks.

然而，視產業發展而定，這項技術的進步預期將為我們的業務帶來成長機會。潛在的新進者若提供以衛星為基礎的直連終端覆蓋，將需要其網路中的[地面]組成部分，才能提供無所不在的高品質覆蓋，並在水準上與傳統網路競爭。

As new providers arise, new opportunities to benefit from our extensive high-quality infrastructure portfolio and our experienced network deployment teams will grow as well. I look forward to the potential of this incremental growth opportunity.

隨著新供應商出現，利用我們廣泛且高品質的基礎設施組合，以及我們經驗豐富的網路部署團隊所帶來的機會也將增加。我期待這項增量成長機會的潛力。

Finally, turning to capital allocation. Our dividend remains the fastest growing in the industry and among the fastest growing of all REITs. Nonetheless, as a percentage of AFFO, it remains relatively low, providing capacity to continue allocating significant capital for the benefit of our shareholders.

最後，談到資本配置。我們的股利仍是業界成長最快之一，也是在所有 REIT 中成長最快的行列。儘管如此，以 AFFO 的百分比來看仍相對偏低，這使我們仍有能力持續配置大量資本，以造福股東。

Our leverage at quarter end was 6.4 times net debt to adjusted EBITDA, below the midpoint of our target range. As a result, we have ample liquidity to put to work. We will continue to build new towers and look for attractive acquisition opportunities. However, today, we believe share buybacks are the best use of capital at current valuation levels.

截至季度末，我們的槓桿為淨負債對調整後 EBITDA 的 6.4 倍，低於目標區間的中點。因此，我們擁有充足的流動性可加以運用。我們將持續興建新塔台並尋找具吸引力的併購機會。然而，以目前估值水準來看，我們認為庫藏股回購是資本的最佳用途。

As Marc mentioned earlier, we have now fully paid off our revolver balance, and we intend to resume share buybacks in the second half of this year. We believe in the strength of our business, the future growth potential and our ability to execute. As a result, we see share repurchases at current valuations as a low-risk, high-return opportunity.

如 Marc 先前提到的，我們目前已全數償還循環信貸（revolver）餘額，並打算在今年下半年恢復股票回購。我們相信自身業務的韌性、未來成長潛力以及我們的執行能力。因此，我們認為以目前估值進行股票回購是一項低風險、高報酬的機會。

Before opening it up for questions, I'd like to thank our team members and customers for their trust in SBA. The company's ability to achieve our vision to be our customers' first choice provider and the industry leader in quality infrastructure solutions is what we work towards every day.

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。公司每天努力的方向，是實現我們的願景：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。

I'm excited about the future with new bands of spectrum becoming available, new edge use cases for our existing tower infrastructure and towers being at the center of all future wireless deployments. I'd also like to thank our shareholders for your ongoing support.

我對未來感到振奮：新的頻譜頻段將可用、我們既有塔台基礎設施將出現新的邊緣應用情境，而塔台也將位於所有未來無線部署的核心。我也要感謝股東持續的支持。

And with that, operator, we are now ready for questions.

那麼，接線員，我們現在準備開始提問。

(Operator Instructions)

(接線員指示)

Batya Levi, UBS.

Batya Levi，瑞銀（UBS）。

Great. Thank you. Could you provide a little bit more color on the application volume that you're seeing in the second half? And if any early indications of the activity that you talked about, higher colocation and the spectrum held by the carriers, if that could show up as an acceleration in the growth rate into next year? Thank you.

好的。謝謝。能否請您多分享一些關於下半年申請量的情況？以及，您提到的活動（更高的共站/共址，以及電信商持有的頻譜）是否有任何早期跡象，可能在明年帶動成長率加速？謝謝。

Sure, Batya. The volumes that we're seeing in terms of applications are relatively consistent with the first half of the year. We haven't necessarily seen an uptick. That's not necessarily the same across all carriers. And I assume this question is specific to the US market. So that's how I'm answering it.

當然，Batya。我們目前看到的申請量大致與上半年相當一致。我們不一定看到明顯上升。但這在所有電信商之間並不完全相同。我假設這個問題是針對美國市場。因此我會以此角度回答。

In the US market, it is -- one of our customers is a little bit busier than the others with us today, but that's not really that dissimilar from where we are at various points in time where there's some cyclicality and rotation among who's the busiest. So overall, if you added up the application volumes, they're relatively consistent with where they've been throughout the year.

在美國市場，我們其中一位客戶目前比其他客戶更忙一些，但這與我們在不同時間點所見的情況並無太大差異；因為誰最忙會有一些週期性與輪動。因此整體而言，若把申請量加總起來，與今年以來的水準大致一致。

And in terms of the drivers of growth opportunities into the future, particularly around the new spectrum bands, most of what we talked about is something that is longer term in its nature. So that's something that's going to happen over the next five years-plus. I don't necessarily expect it to have a significant impact on next year, but we're also not ready to give our outlook for next year's leasing growth yet. So stay tuned for that for next year.

至於未來成長機會的驅動因素，特別是圍繞新的頻譜頻段，我們談到的大多屬於較長期的性質。因此，這會在未來五年以上逐步發生。我不一定預期它會對明年產生顯著影響，但我們也尚未準備好提供明年租賃成長的展望。所以明年的部分請持續關注。

That's great. Thank you.

太好了。謝謝。

Sure.

當然。

Ric Prentiss, Raymond James.

Ric Prentiss，Raymond James。

Hey, good afternoon, guys.

各位下午好。

Hey, Ric.

嗨，Ric。

Hey. A couple of questions. One, I got to admit, a little confused by why change guidance at all when it's like rounding points. Obviously, EBITDA down a little bit, unchanged without FX. But it seems like the ranges were widened up. What's kind of the philosophical thought on guidance? And I have a couple of other quick ones.

嗨。我有幾個問題。第一，我得承認，我有點困惑：既然只是四捨五入的差異，為什麼還要調整指引？顯然，EBITDA 小幅下調，但若不含匯率影響則不變。但看起來區間反而被拉寬了。你們對指引的「哲學」思考是什麼？另外我還有幾個很快的小問題。

Yeah. I mean, we didn't really change much, right? Most of the stuff at the top end has changed slightly because of FX. And because we're changing the specific FX assumption, which is really driven by what's happened specifically with the Brazilian real, while it's small, just the math without making a change is driven in large part because of the FX, which is why we break out what the change is, excluding FX, and you can see most of those did not change.

是的。我的意思是，我們其實沒有改太多，對吧？大多數在上緣的項目只是因為匯率而略有變動。而且因為我們調整了特定的匯率假設，這主要是由巴西雷亞爾的走勢所驅動；雖然影響不大，但若不做調整，純粹從數學上看，變動很大一部分就是由匯率造成的。

As you get a little bit further down the P&L, there's a few minor changes that are mostly to do with things like interest expense, which is changed in part because of the financing that we did. So that causes an impact. And so really, we're just flowing those into the numbers. But basically, there's no change in our outlook from what we gave last time, except for a couple of these specific things that occurred that we felt that we should modify the ranges for. But generally, you're correct. I would expect everything to still end up in the same ranges that we gave before.

當你往損益表更下方看時，會有一些小幅變動，主要與利息費用等項目有關；這部分之所以改變，部分是因為我們做了融資。所以會帶來影響。因此我們只是把這些影響反映到數字裡。但基本上，除了這幾個我們認為應該調整區間的特定事件之外，我們的展望與上次提供的並沒有改變。但整體而言，你的理解是對的。我預期最終結果仍會落在我們先前給出的相同區間內。

Okay. Glad to hear the news on the stock buyback. Earlier today, we had EchoStar say they're going to do a $5 billion buyback, but it didn't seem like there was pacing there. I appreciate you saying that you could resume in second half '26. I think it's $1.1 billion you guys have left. But how should we think about your pacing of the buyback, how it works with leverage and your other capital allocation items?

好的。很高興聽到股票回購的消息。今天稍早我們看到 EchoStar 表示他們要做 50 億美元的回購，但看起來沒有節奏安排。我也很感謝你提到你們可能在 26 年下半年恢復。我想你們剩下大約 11 億美元的額度。那我們該如何看待你們回購的節奏、它如何與槓桿以及其他資本配置項目搭配？

Yeah. I mean, obviously, I don't want to say exactly and specifically what we would do, but we were trying to be pretty clear that we fully expect to be active during the second half of the year in buying back our stock. And if you look at where we were before, we had a fairly large amount outstanding on our revolver. We had some refinancing that we needed to get done. We completed that in July, just a few weeks ago. And so with that now behind us, we feel like we're in a very strong position to lean into what we think is a very good value in our stock today, unfortunately.

是的。我的意思是，顯然我不想把我們會怎麼做講得非常精確、非常具體，但我們想表達得很清楚：我們完全預期在今年下半年會積極回購自家股票。如果你回頭看，我們之前在循環信貸（revolver）上有相當大一筆未償餘額。我們也有一些需要完成的再融資。我們在 7 月、也就是幾週前，已經完成了。因此在這些都處理完之後，我們覺得自己處於非常強的位置，可以更積極投入我們認為目前股價所反映的很好的價值——可惜的是。

Yeah. No, I appreciate that. And last one for me on the competition from satellite, we agree, seems more complementary. But how should we think about what percent of your base is like really rural? What percent of your towers? Because we think that's probably the better venue for satellite, direct-to-cell. We like to differentiate direct-to-cell versus direct-to-device. But how do you think about that -- are they -- are there some sites on the fringe that might be better served by satellite? And what kind of magnitude is that for you guys?

是的。不，我很感謝。我最後一個問題是關於衛星競爭：我們同意，看起來更像是互補。但我們該如何思考你們用戶基礎中真正屬於偏遠鄉村的比例？以及你們基地台中有多少比例？因為我們認為那可能是衛星直連蜂巢（direct-to-cell）更適合的場景。我們喜歡把 direct-to-cell 和 direct-to-device 做區分。但你們怎麼看——是否有一些邊緣站點可能更適合由衛星服務？對你們而言大概是什麼量級？

Yeah. I mean, it's hard to say, obviously, exactly. I think when we look at our portfolio, we've done some of our own analysis about what might be those fringe sites. It's probably no more than 2% to 3%, Ric. But even that, I'm hesitant to really quantify because this remains to be seen, how this all plays out. And I don't -- I'm not so sure that it's going to be all that impactful at all.

是的。我的意思是，顯然很難說得很精確。我想當我們看我們的資產組合時，我們做過一些自己的分析，去判斷哪些可能是那些邊緣站點。Ric，可能不超過 2% 到 3%。但即便如此，我也不太願意把它量化得太死，因為這件事最後會怎麼發展仍有待觀察。而且我也不太確定它會造成多大的影響，甚至可能影響不大。

It's a small number. In fact, you might actually find some sites that need to be built, I guess, as you look at when people start using satellite connectivity that they might want to actually say, oh, we need a cell site here.

這是個很小的數字。事實上，當人們開始使用衛星連線時，你甚至可能會發現有些地方反而需要新建站點，因為他們可能會說：喔，我們需要在這裡建一個基地台。

Yeah, for sure. I think I've shared in the past some stories that I've heard, anecdotal evidence of the need for incremental sites that might come through satellite activity. And I know that our carrier customers today have used the data that they've gathered from some of the satellite service that has been provided through partners to identify places where they had needs to maybe put a tower site to serve a greater amount of usage than they were expecting in a particular location.

是的，沒錯。我想我過去分享過一些我聽到的故事——一些軼事證據——提到衛星活動可能帶來新增站點的需求。而且我也知道，我們的電信營運商客戶如今已經利用他們從合作夥伴提供的部分衛星服務所蒐集到的數據，去辨識某些地點的需求：也許需要設置一個塔台站點，以因應某個特定地點超出他們原先預期的使用量。

So I think there will be some balance. There will probably be some fringe sites that perhaps aren't economical to maintain, and there will be other places where the opposite is true, and there'll be new infrastructure added.

所以我認為會有一些平衡。可能會有一些邊緣站點，或許維持下去在經濟上不划算；也會有其他地方剛好相反，並且會新增新的基礎設施。

Great. Thanks, guys. Have a good afternoon.

很好。謝謝各位。祝下午愉快。

Sure.

當然。

Michael Rollins, Citi.

Michael Rollins，花旗（Citi）。

Thanks, and good afternoon. Two questions, if I could. Just one, in terms of just overall asset strategy, where are you in terms of the process of continuing to optimize your assets, thinking about monetization opportunities, whether it's for a particular market or portions of the market?

謝謝，下午好。如果可以的話我有兩個問題。第一，就整體資產策略而言，你們在持續優化資產的流程上目前進展到哪一步？在思考變現機會時，不論是針對特定市場或市場的某些部分，你們是怎麼看的？

And then secondly, is there anything -- now that we're in August, and you kind of look back and you mentioned your observations on the stock on this call. Is there anything that you're able to share about any processes that you did employ during the first half of the year or through July that might also be informing you of your view of how to value your own company? Thank you.

第二，現在已經 8 月了，你回頭看，並且你在這通電話中也提到你對股價的觀察。你是否能分享：在上半年或到 7 月期間，你們採用了哪些流程（processes），也可能正在影響你們對自家公司估值的看法？謝謝。

So in terms of our efforts around optimizing our assets and really what we talked about two years ago, we've been on a consistent journey around that throughout the last couple of years. You've seen a number of activities where we have expanded our presence in certain markets to improve our positioning. In other places, we have exited certain markets. We continue on that, Mike. It's not the kind of thing that every quarter, there's something specific to announce, but you can be assured that it's an ongoing effort here at the company.

就我們優化資產的努力而言，以及我們兩年前談到的方向，我們在過去幾年一直持續且一致地推進。你也看到我們做了不少動作：在某些市場擴大布局，以改善我們的定位。在其他地方，我們也退出了某些市場。Mike，我們會持續做下去。這不是那種每一季都會有具體事項可以宣布的事情，但你可以放心，這在公司內部是一項持續進行的工作。

And I expect in the future, there will be steps taken to improve our positioning as it relates to a variety of markets and businesses that we're in, where they are either subscale or we see greater opportunity to enhance what we're doing there. So I guess all I'd say on that is stay tuned, and we continue to pursue that effort.

而且我預期未來我們還會採取一些步驟，來改善我們在各種市場與業務上的定位；在那些領域，要嘛規模不足（subscale），要嘛我們看到有更大的機會去強化我們正在做的事情。所以我想我能說的就是請持續關注，我們會繼續推進這項工作。

On the second question, there's really not much I can say. We're always looking at opportunities in the market in all different ways and what we see there as well as conversations with our customers inform our views on the value of our company. And I can just reiterate that I think today, our stock is at a price that would suggest a valuation below where we think our intrinsic value is, and that is usually why you see us lean into buying it at times like that.

關於第二個問題，其實我沒有太多可以補充的。我們一直以各種不同方式在市場上尋找機會；我們在市場上看到的情況以及與客戶的對話，都會影響我們對公司價值的看法。我只能再次重申，我認為以今天的股價來看，市場給出的估值低於我們認為的內在價值，而這通常就是你會看到我們在那樣的時點傾向於回購股票的原因。

Thanks.

謝謝。

Sure.

不客氣。

Jonathan Atkin, RBC Capital Markets.

Jonathan Atkin，RBC Capital Markets。

Thank you. A couple of questions. One, in LatAm, one of the Brazilian carriers talked about expense controls when it comes to things like tower rent. And I wondered if you could give us an update on what you're doing and how your contracts are structured to maybe prevent exposure to that, if there is anything adverse to be aware of?

謝謝。我有幾個問題。第一個，在拉丁美洲，有一家巴西電信業者談到在塔租等費用方面的支出控管。我想請你更新一下你們目前在做什麼，以及你們的合約架構是否能在某種程度上避免暴露於這類風險；如果有任何不利因素需要留意，也請一併說明？

And then secondly, ground lease buybacks and what's going on in that segment of the market in terms of multiples, your activity level and pace. And if I can maybe lob in a third one, the returns that you're seeing on new tower builds. Thanks.

第二個，關於地面租約（ground lease）回購，以及該市場區塊目前的狀況：包含倍數水準、你們的活動量與節奏。如果我可以再加第三個問題：你們在新建鐵塔上的報酬率表現如何？謝謝。

Sure. So on the LatAm question about tower rents, I mean, it's not really that different in Latin America versus our other markets in the sense that all of our customers are always looking at ways to be more efficient and to control costs. And one of those costs is their rents on towers. But it's really a matter of making sure that what we're delivering to them is of greater value than the cost that they're incurring in order to be there.

好的。先談拉美關於塔租的問題。其實拉丁美洲和我們其他市場並沒有太大不同，因為所有客戶都一直在尋找提升效率、控制成本的方法。而其中一項成本就是他們在鐵塔上的租金。但關鍵在於確保我們交付給他們的價值，能夠高於他們為了進駐所付出的成本。

And I think, generally speaking, we're able to do that through having high-quality locations, providing service and support that meets their needs and provides them a better outcome than they might see from somebody else. And so we continue to work with all of our customers in LatAm and otherwise on how we can provide them the most value for what they need out of the sites that we're leasing to them.

我認為一般而言，我們能透過提供高品質的站點位置、提供符合其需求的服務與支援，讓他們獲得比其他供應商更好的結果。因此，我們持續與拉美及其他地區的所有客戶合作，思考如何就他們在我們出租站點上的需求，提供最大的價值。

And I think we've done a pretty good job with that. I mean there's always going to be situations where there's a site that they don't need or they have some other alternative and it's more cost effective. But I'd say that those are more the exception than the rule.

我認為我們在這方面做得相當不錯。當然，總會有一些情況是他們不再需要某個站點，或是有其他替代方案且更具成本效益。但我會說，這些情況屬於例外而非常態。

In terms of ground land buyouts, that's something we continue to do. That's something we've been doing for 15 to 20 years now here. We have a well-established function inside of the company that focuses on buying out land, both for strategic purposes as well as financial purposes. And I think we've done a very good job.

至於地面土地買斷（ground land buyouts），這是我們持續在做的事情。我們在這裡已經做了15到20年。公司內部有一個相當成熟的職能團隊，專注於土地買斷，目的既有策略性也有財務性。我認為我們做得非常好。

One of the downsides to having done it so well for so long is that the opportunity set is a little bit smaller than perhaps it's been in the past, particularly in places like the US where we've been at it for a long time. Most of the new opportunities that we see are with the new assets that we've added in some of the other markets, including Central America, and we continue to lean into it there.

長期做得很好的其中一個缺點是，可供把握的機會集合（opportunity set）相較過去可能小了一些，特別是在美國這類我們耕耘已久的市場。我們目前看到的大多數新機會，來自於我們在其他市場新增的資產，包括中美洲；我們也持續在那裡加大投入。

In terms of the values, though, we continue to find opportunities to do immediately financially accretive deals as well as secure our assets for the long term. And then in places like Brazil and others where you have pass-throughs of land costs, we're able to share a little bit of that with our customers, and that goes to your first question in that it helps reduce some of that cost for them and make it a better value proposition.

就估值而言，我們仍持續找到機會，去做能立即帶來財務增益（accretive）的交易，同時也能在長期上確保我們的資產。另外，在巴西等市場，土地成本可以轉嫁（pass-through），我們能與客戶分享其中一部分；這也呼應你第一個問題，因為這有助於降低他們的部分成本，讓整體價值主張更具吸引力。

And then your last question, I think, was on new tower builds, if I remember correctly, the returns on new tower builds. And we have -- it's been tough in the US to see very strong returns because we've had competition from folks who've been willing to accept, frankly, returns that we just really weren't willing to accept.

最後一個問題，如果我沒記錯的話，是關於新建鐵塔的回報，也就是新建鐵塔的報酬率。在美國，要看到非常強勁的回報一直很困難，因為我們面臨一些競爭者，他們坦白說願意接受我們並不願意接受的報酬水準。

But our ability to deliver timely for our customers and to do a quality job, I think, is going to allow us some incremental opportunities here over the next couple of years, and I would expect to see us do a little bit more. But having said that, I don't expect it to be overly material.

不過，我們為客戶提供即時交付、並把品質做好，我認為這將在未來幾年為我們帶來一些增量機會；我預期我們會做得稍微多一些。但即便如此，我不預期它會對整體造成非常重大的影響。

Internationally, though, we're building a lot of sites. We have some great opportunities in both Africa and in Central America, in particular, and you're seeing us build more and more sites. And as I mentioned in my prepared comments, as we move through the balance of the year, I would expect that you'll see us build a greater amount of sites each of the successive quarters throughout the rest of the year.

但在國際市場，我們正在建置大量站點。我們在非洲與中美洲尤其有一些很好的機會，你會看到我們建置越來越多站點。如同我在事先準備的發言中提到的，隨著今年剩餘時間推進，我預期你會看到我們在今年接下來每一季的建置量都會逐季增加。

Thank you.

謝謝。

You're welcome.

不客氣。

Brendan Lynch, Barclays.

Brendan Lynch，Barclays。

Great. Thanks for taking my questions. Brendan, maybe just a follow-up on the D2D opportunity. There was some discussion about potential additional towers, but maybe you could just kind of scope the order of magnitude of what this opportunity might be and how it relates to either just deployments on your tower specifically or maybe just using your sites for ground stations or something else just to help us understand what might be the outcome over the next couple of years. Thank you.

很好。謝謝回答我的問題。Brendan，我想就D2D（direct-to-device，直連裝置）機會再追問一下。先前有一些關於可能需要額外鐵塔的討論，但你是否可以大致界定一下這個機會的量級，以及它與（1）僅在你們鐵塔上的部署，或（2）使用你們站點作為地面站等其他用途之間的關聯，幫助我們理解未來幾年可能的結果？謝謝。

Yeah. Brendan, that's honestly a little bit of a hard question to answer because of where we are in the current status of the development of those opportunities. The companies that are obviously looking at direct-to-device service are still in the very early stages of working out how that might work as they acquire spectrum bands and they start to do network planning.

是的。Brendan，老實說這個問題有點難回答，因為就這些機會目前的發展階段而言，我們還在相對早期。那些明顯在評估直連裝置服務的公司，仍處於非常早期的階段，正在釐清當他們取得頻譜頻段並開始進行網路規劃時，這項服務要如何運作。

The comments that I made were really meant to highlight what I believe will be a long-term driver of additional opportunity for our towers. And that is that anybody that is going to provide direct-to-device satellite service, if they plan to compete with the existing MNOs and the existing networks, in order to do that effectively and to deliver the kind of quality that will be required, there will be a need for a terrestrial component of those networks.

我剛才的評論主要是想強調：我相信這會是我們鐵塔長期額外機會的一個驅動因素。也就是說，任何要提供直連裝置衛星服務的業者，如果計畫與既有的行動網路業者（MNOs）及既有網路競爭，為了有效競爭並提供所需的服務品質，這些網路將需要一個地面（terrestrial）組成部分。

And if that is the case, obviously, that will be good for us because we will be able to provide a solution that gets them to market and on air as quickly as possible. And I think we're very early in those conversations. So it's premature to talk about anything specifically. But I'm hopeful that over the coming year or two, we will have more specifics that we can discuss as that starts to develop. But the bottom line is really the physics and what's necessary to provide that kind of service and compete. And I think we're well positioned to benefit from that.

如果確實如此，這對我們當然是好事，因為我們能提供解決方案，讓他們以最快速度進入市場並完成開台（on air）。而我認為我們在這些對話上仍非常早期。所以現在談任何具體內容都還太早。但我希望在接下來一到兩年，隨著事情開始發展，我們會有更多具體細節可以討論。不過歸根結底，這取決於物理條件以及提供那種服務並進行競爭所必需的要素。我認為我們具備良好條件可從中受益。

Okay. Great. Thanks. That's helpful. And then maybe just on the headcount reductions that we've seen at some of the US carriers recently. Has this altered their plans or the pace of deployments that you're seeing for this year or kind of even going into 2027?

了解。很好。謝謝。這很有幫助。另外想請教，近期我們看到一些美國電信業者進行人力縮減。這是否改變了他們今年的計畫或你們所看到的部署節奏，或甚至影響到往2027年的規劃？

Yeah. I don't know whether the headcount reductions specifically, but I do think that there's been a change in leadership at a couple of our larger customers and certainly a renewed focus on cost control and maybe just a refreshed review of how things are done.

是的。我不確定是否特別是人力縮減這件事，但我確實認為我們幾個較大型客戶的領導層出現了變動，而且顯然重新聚焦在成本控管上，或許也重新檢視他們做事的方式。

And I think while taking a pause to refresh how they view these things and where they spend their resources, that has had some impact on spending levels here in the US. But I don't think that it means anything that significant for the long term because ultimately, network quality is going to continue to be critical for their future competitive positioning, and I think we're in a good position for that.

我認為在他們暫停一下、重新整理對這些事情的看法以及資源投入方向的同時，這確實對美國這邊的支出水準造成了一些影響。但我不認為這對長期而言代表什麼特別重大的意義，因為最終網路品質仍將對他們未來的競爭定位至關重要，而我認為我們在這方面處於有利位置。

Very good, Thank you.

非常好，謝謝。

Thanks.

謝謝。

Richard Choe, JPMorgan.

Richard Choe，摩根大通。

Hi. I just wanted to follow up on the edge opportunity. Just what kind of conversations are you having? And what kind of timing should we expect? Could something happen this year? Or is it more for next year and the year after?

嗨。我想追問一下邊緣（edge）機會。你們目前在進行哪些類型的對話？我們應該預期什麼樣的時程？今年有可能發生一些進展嗎？還是比較可能在明年或後年？

Well, I can't give you the specific details at this point, but we are talking to a number of parties who have an interest in this more disaggregated approach to compute and specifically to spread out the usage of power, those types of things that I think present challenges in the existing more centralized or hyperscale data center structure.

嗯，我目前無法提供具體細節，但我們正在與多方洽談，這些對象對更去集中化（disaggregated）的運算方式有興趣，尤其是把電力使用分散開來等做法；我認為這些在現有較集中式或超大規模（hyperscale）資料中心架構下會帶來挑戰。

So based on how the conversation is going, I would expect that things will develop over the course of the next 12 months. But it's just a hair premature to get into that specifically, but I do feel more confident today than I have at any point in the past about the development of this particular opportunity for us.

因此依照目前對話的進展，我預期未來12個月內事情會逐步發展。但現在談得太具體還稍嫌過早；不過就我們而言，我今天對這項特定機會的發展，比過去任何時候都更有信心。

And from what you're saying, it seems like maybe there's been a pickup in how many conversations you're having in terms of -- instead of just with one company, it could be multiple ones.

照你這麼說，感覺你們在對話的數量上可能有所增加——不再只是跟一家公司，而可能是多家。

Yeah, that's true.

是的，沒錯。

Thank you.

謝謝。

Cameron McVeigh, Morgan Stanley.

Cameron McVeigh，摩根士丹利。

Hi. Thank you. So just a couple. With the increase in the discretionary CapEx guide, just curious how many [total builds might now be expected in this year] in '26? And how much of that increase relates to Central America and Millicom? And then secondly, from a high level, could you characterize just the stage of the 4G to 5G investment cycle across your international markets? And curious where you might see the greatest remaining runway for carrier activity? Thanks.

嗨。謝謝。我有幾個問題。關於可裁量性資本支出（discretionary CapEx）指引上調，想請教今年在'26年預計的[總建置量可能是多少]？其中有多少增幅與中美洲及Millicom相關？第二個問題，從較高層次來看，你能否描述一下你們各個國際市場從4G到5G的投資循環目前處於什麼階段？也想了解你們認為哪裡還有最大的電信商活動（carrier activity）成長空間？謝謝。

Yeah. So on the discretionary CapEx, I would say that we're expecting in the ballpark of around 600 or so sites to be built, new tower builds this year. Most of those in Central America and a reasonable amount in Tanzania as well. So that's maybe slightly up from what we had previously assumed, which contributes to the discretionary CapEx increase. And then your second question, and I apologize if I got this a little bit mixed up. I think you're asking the status across our international markets of a 4G to 5G transition. Is that correct?

好的。就可裁量性資本支出而言，我會說我們預期今年大約會建置約600座左右的站點，也就是新塔建置。其中大多數在中美洲，坦尚尼亞也有相當一部分。所以這可能比我們先前的假設略高一些，這也促成了可裁量性資本支出上調。至於你的第二個問題，如果我有點搞混先跟你致歉。我想你是在問我們各個國際市場從4G到5G轉換的進度狀況。是這樣嗎？

That's right.

沒錯。

Yeah. So many of our markets do not actually have 5G service outside of the core central urban areas. And that allows a great opportunity for us to see incremental spending and amendment activity to upgrade those networks over the coming years. I don't have a percentage for you offline. We can probably get you something to give you a ballpark on that.

好的。我們許多市場其實在核心的主要都會區以外並沒有5G服務。這讓我們在未來幾年有很好的機會看到額外支出與修約（amendment）活動，以升級這些網路。我手邊沒有可提供的百分比數據。我們之後大概可以提供一個大致的區間給你。

But it's fairly low. It's certainly well behind the US I would say, if you're looking at it in terms of years, it's at least five years, maybe more behind the US in terms of development for our average LatAm and African market.

但比例相當低。如果以年數來看，我會說它肯定遠落後於美國；就我們平均的拉美與非洲市場而言，發展至少落後美國五年，甚至更多。

Got it. Thank you.

了解。謝謝。

David Barden, New Street Research.

David Barden，New Street Research。

Hi, guys. This is Ryan Smyth on for Dave. Just a couple of quick ones here. Going back to the DISH lawsuit, like EchoStar believes that the bankruptcy code entitles them to haircut the claims by 85%. And where do you guys land on that? And then separately, just with the escrow fund being finalized there, is there anything that's come across with that, that changes your view on fighting it out in court versus settling? Thanks.

嗨，各位。我是Ryan Smyth，代Dave提問。這裡有幾個簡短問題。回到DISH的訴訟，像EchoStar認為破產法讓他們可以把債權打85折。你們對此立場如何？另外，關於託管基金（escrow fund）那邊已經定案，是否有任何新情況會改變你們對於在法院打到底 versus 和解的看法？謝謝。

Yeah. I mean, we obviously vehemently disagree with their claims of the cap, and we will fight that as we currently are. I think we're pretty well aligned with the rest of the industry and the counterparties that are involved in this. I don't want to say too much about something that's ongoing litigation.

是的。我們當然強烈不同意他們所主張的上限（cap），而且我們會像目前一樣持續抗辯。我認為我們與產業其他公司以及參與其中的交易對手立場相當一致。對於仍在進行中的訴訟，我不想說太多。

I am pleased that the FCC did make it clear that some of the games, frankly, that were being played by DISH, EchoStar around the fund, the escrow fund that was set up in terms of their rights to claim -- to make claims there that the -- that was shut down pretty quickly by the FCC, which we appreciate. But we expect that we will be successful in our legal pursuits and that there will be plenty of funds available within that account to meet many of those obligations that we expect DISH will have to SBA.

我很高興FCC確實明確表示，坦白說，DISH、EchoStar在基金——也就是設立的託管基金——上所玩的一些把戲，關於他們在那裡主張權利、提出索賠的部分，FCC很快就把它擋下來了，我們對此表示感謝。但我們預期我們的法律行動會成功，而且該帳戶內會有充足資金可用，以履行我們預期DISH必須對SBA承擔的多項義務。

Great. And then one more, if I can. Just with the recent DE auction, Verizon came out, a winner there. As they deploy that spectrum, is that within your agreements, is that something that you'll be able to monetize?

很好。如果可以的話我再問一個。關於最近的DE頻譜拍賣，Verizon是得標者之一。當他們部署該頻譜時，依照你們的協議，這是否是你們能夠變現（monetize）的項目？

Yes. Short answer, yes.

是的。簡短回答：是。

Okay. Great. Thanks very much. Appreciate the time.

好的。太好了。非常感謝。感謝你撥冗。

Sure.

當然。

Matt Niknam, Truist.

Matt Niknam，Truist。

Hey, Thanks so much for taking my question. Two quick ones, if I could. I guess, first on M&A. So you only acquired about six sites in the quarter. I think it's the lowest we've seen in some time. Maybe if you could talk about the opportunities you're seeing on the M&A front. And I understand that you maybe are a little bit more constructive on share buybacks. Just wondering whether the enhanced balance sheet flexibility accommodates more opportunity for M&A?

嗨，謝謝你回答我的問題。如果可以的話兩個簡短問題。第一個是關於併購（M&A）。你們本季只收購了大約6個站點。我想這是我們一段時間以來看到的最低水準。也許你可以談談你們在併購面向看到的機會。我也理解你們對庫藏股回購可能更偏正向一些。想請教資產負債表彈性提升後，是否也能帶來更多併購機會？

And then just secondly, how should we think about the cadence of new leasing in the US in the second half of the year, just given the relative consistency in application volumes and activity you've seen year-to-date? Thanks.

第二個問題是，考量到今年以來你們看到的申請量與活動相對一致，我們應該如何看待美國市場在下半年新租賃（new leasing）的節奏？謝謝。

Sure. On the M&A front, you should expect that we are looking at everything as we have always and continue to do that. I mean what really is being reflected here with the low number of sites that we've closed on and the commentary on the buybacks, which you correctly put together is just simply that. And this is mostly specific to the US, but the relative valuations for the limited number of assets that are available in the US are on average at a much higher valuation than our own company is valued at by a fairly significant margin.

當然。在併購（M&A）方面，你應該預期我們會一如既往地檢視所有機會，而且我們一直如此並將持續如此。我的意思是，這裡所反映的其實就是：我們完成收購交割的站點數量偏低，以及對回購的評論——你把兩者正確地連結在一起——就是這麼回事。而這主要是美國市場的情況：在美國可供交易的資產數量有限，其相對估值平均而言明顯高於市場對我們公司估值，差距相當可觀。

And so as a result, comparatively in terms of using our resources for investment, we see our stock as a much better use of capital than paying up for dilutive deals, frankly. However, there are opportunities that still come along and where we think maybe we can add value, and I would expect that we will still be active in the M&A market when those opportunities arise.

因此，相較之下，就我們將資源用於投資而言，我們認為買回自家股票是更好的資本運用方式，坦白說，比起為了稀釋性交易而付出溢價要好得多。不過，仍然會有一些機會出現，當我們認為也許能夠創造價值時，我預期我們在這些機會出現時仍會在併購市場保持活躍。

On the new leasing cadence in the second half, if you look at our outlook that we provided in the revenue bridge that's in our press release and you look at the range that we provided, at the midpoint of the range for new leasing contributions in the US, you'll note that based on the actual results of the first half of the year, it implies a lesser contribution in the second half of the year. That's kind of been the expectation throughout the year.

至於下半年新的租賃節奏，如果你看我們在新聞稿中「營收橋」所提供的展望，以及我們給出的區間，在美國新租賃貢獻的區間中點，你會注意到，基於上半年實際結果，它意味著下半年的貢獻會較少。這其實是我們全年以來的預期。

So nothing is really different than what we expected. We didn't change that outlook at all. But based on a little bit of a slowdown coming out of last year and into this year, and although it's been steady this year, that flows through with it being a little bit higher in the first half of the year and a little bit lower in the second half of the year. So that's still our expectation. Nothing has happened to change that for this year.

所以並沒有任何事情與我們原先預期不同。我們也完全沒有調整那個展望。但由於去年底到今年初出現了一點放緩，雖然今年以來表現穩定，但這會反映為上半年略高、下半年略低。因此這仍是我們的預期。今年沒有發生任何事情會改變這一點。

Great. Thank you.

很好。謝謝。

You're welcome.

不客氣。

Eric Luebchow, Wells Fargo.

Eric Luebchow，富國銀行（Wells Fargo）。

Alright. Thanks for taking the questions. Brendan, I think you alluded to the fact that the majority of your activity levels today are coming from colos versus amendments. And when do you think we'll start to see an uptick in amendment volumes? Is it next year with 600 megahertz for AT&T or lower C-band for T-Mobile? Or are we largely waiting for some of the larger upcoming auctions like upper C-band next year to drive the next amendment cycle?

好的。謝謝讓我提問。Brendan，我想你提到目前你們的大部分活動量來自共站（colocation），而不是合約修訂（amendments）。你認為我們何時會開始看到修訂量回升？會是在明年，因為 AT&T 的 600 兆赫（MHz）或 T-Mobile 的較低 C 頻段（lower C-band）嗎？還是我們基本上要等到一些更大型、即將到來的拍賣（例如明年的較高 C 頻段 upper C-band）來推動下一輪修訂週期？

Yeah. I think each of the things that you just mentioned would certainly drive more activity towards amendments because they would each require either a replacement of the existing antennas with one that has a new radio embedded or there would be incremental antennas added in some cases. Those would all be in the form of amendments.

是的。我認為你剛提到的每一項因素，確實都會推動更多活動轉向合約修訂，因為它們各自都需要：要嘛把既有天線更換為內建新無線電設備（radio）的天線，要嘛在某些情況下新增額外天線。這些都會以修訂的形式呈現。

So I would expect that would be the nearer-term drivers, the two items that you just mentioned. But definitely longer term with some of these new spectrum bands that will come online over the coming years that we discussed in our prepared comments, I would think a lot of that initial activity would be in the form of amendments.

所以我預期較近端的驅動因素會是你剛提到的那兩項。但更長期來看，隨著我們在事先準備的發言中討論到、未來幾年將上線的一些新頻段，我認為其中很多初期活動都會以修訂的形式出現。

And there is usually a cycle where you have amendments where you upgrade the existing network and then there's kind of an effort where there's more colocations as there's some infill or densification of the network done for that newer spectrum band over time. And in this point in time, we're sort of in that phase for prior deployments, including C-band, lower C-band.

而且通常會有一個循環：先透過修訂來升級既有網路，接著隨著時間推進，為了該新頻段進行補點（infill）或網路加密（densification），共站就會相對增加。而在目前這個時間點，我們正處於先前部署（包括 C 頻段、較低 C 頻段）的那個階段。

Great. Appreciate that. And just one follow-up for me. Could you maybe update us on international churn? I think you've talked about this being a peak year, but I believe there's still a chunk of Claro churn that could come. So just trying to gauge the timing of when the international churn comes down back to a more normalized level. Thanks.

很好。感謝說明。我還有一個追問。你能否更新一下國際市場的流失（churn）情況？我記得你們提過今年會是高峰年，但我相信仍可能還有一部分 Claro 的流失會發生。所以我想掌握一下時間點：國際流失何時會回落到較正常的水準。謝謝。

Yeah. It's been elevated recently and probably remains elevated for at least a little while. We're in regular conversations with our customers, but the reality is there's been a decent amount of both consolidation and even bankruptcies in some of our international markets, particularly our largest international market. And so that's had an impact on the international churn.

是的。最近確實偏高，而且可能至少還會維持偏高一段時間。我們與客戶保持定期溝通，但現實是，在我們的一些國際市場（特別是我們最大的國際市場）出現了相當程度的整併，甚至有破產事件。因此這對國際流失造成了影響。

In any case, our focus is on working out agreements with each of our largest customers where we stabilize that through long-term arrangements. Where they get something out of it, that might be some rental relief that results in churn, but that we get something out of it, too, which is a much more stabilized and consistent and reliable cash flow stream, and it allows us to work together towards new growth opportunities as they deploy new spectrum bands.

無論如何，我們的重點是與各個最大客戶談妥協議，透過長期安排來穩定這個狀況。他們能從中獲得一些好處，可能是某種租金減免，而這會導致流失；但我們也能得到好處，也就是更穩定、更一致、更可靠的現金流，並且讓我們能在他們部署新頻段時，一起合作開拓新的成長機會。

So we're kind of in the midst of that. I don't want to commit as it relates to next year because, frankly, we're having a lot of those conversations today, and I don't know for sure what the timing will be. But I expect that we're nearing the end of this heightened international churn, mostly because we've gone through it with most of the customers, and there's only a couple left.

所以我們正處於這個過程中。我不想就明年做出承諾，坦白說，我們今天仍在進行許多這類對話，我也無法確定時間點會如何。但我預期這波偏高的國際流失已接近尾聲，主要是因為我們已經與大多數客戶走過這個過程，只剩下少數幾家。

Great. Thank you.

很好。謝謝。

Sure.

當然。

Michael Ng, Goldman Sachs.

Michael Ng，高盛（Goldman Sachs）。

Hey, good afternoon. Thank you for the question. I just have two as well. First, just with the IG senior notes that you issued to pay down the 2024s and the revolver. I was just wondering if you could give us a sense of what the net interest savings are going to be and how we should think about interest going forward?

嗨，下午好。謝謝讓我提問。我也有兩個問題。第一，關於你們發行的投資級（IG）優先票據，用來償還 2024 年到期債務以及循環信貸（revolver）。我想請教你們淨利息節省大概會是多少，以及我們應該如何看待未來的利息費用走勢？

And then second, just in the US, I was just wondering if you could talk about some of the factors that would push you more towards a holistic agreement or an a la carte agreement as you go through those MLAs that come up over the next couple of years? Thank you.

第二，在美國市場，未來幾年你們將面臨一些主租賃協議（MLA）到期／續約時，你們能否談談有哪些因素會讓你們更傾向採用整體性協議（holistic agreement）或是按項目／單點（a la carte）協議？謝謝。

Sure. On the bond, I think we gave all the details that you can look at for each of the specific tranche of notes and what the interest rates are. And so you can basically do the math on what that will be going forward. When you talk about in terms of savings, unfortunately, we're refinancing debt that is, generally speaking, less expensive or will be in the future. So it's really a matter of savings against what the alternative might be.

好的。關於債券，我想我們已提供了所有細節，你可以查看每一個具體分期（tranche）的票據以及其利率。因此你基本上可以自行計算未來會是什麼樣子。至於你提到的節省，不巧的是，我們正在再融資的債務，一般而言過去更便宜，或未來到期的也會相對便宜。所以這其實是相對於其他替代方案可能會是什麼成本，來衡量所謂的節省。

And I think as an IG issuer, we're getting a better interest rate today than we could get if we weren't. So there is savings, but we're in an overall higher interest rate environment than we were when we put in place some of the debt instruments that will be coming due now and in the next several years. But it should all be very clear, and our guys can walk through that with you, Michael, if you need any help on calculating the interest impacts going forward.

我認為，作為投資級（IG）發行人，我們今天能取得的利率會比非投資級時更好。所以確實有節省，但整體利率環境比我們當初設置部分債務工具（這些工具現在及未來幾年將到期）時要高。不過這些都應該非常清楚；如果你需要任何協助來計算未來利息影響，我們的同仁也可以帶你逐步看過，Michael。

On the wholesale MLAs versus a la carte approach, the reality is we're sort of indifferent to the structure in and of itself. It really comes down to the specific terms. I think with the wholesale MLAs. We've done more of that recently than we had in the early days of our history, in part because we've had an evolution here where things are getting a little bit more mature.

關於批量（wholesale）MLA 與按項（a la carte）方式，現實是我們對於結構本身其實有點無所謂。真正關鍵在於具體條款。我認為就批量 MLA 而言，我們最近做得比公司早期更多，部分原因是我們這裡也在演進，整體變得更成熟一些。

There's less customers. And there's a value that they see, and frankly, we see in having some level of certainty, not only in price points, but also in how business flows, how we process things, how we can be helping them be more efficient in their deployments, which ultimately benefits us. And the easier we make business for them, I think that, that benefits us.

客戶數量更少了。他們看得到價值，坦白說，我們也看得到：在價格點以及業務如何流轉、我們如何處理事項、以及我們如何協助他們在部署上更有效率等方面，擁有一定程度的確定性，最終都會讓我們受益。而我們讓他們更容易與我們做生意，我認為這也會讓我們受益。

But having said all that, at the end of the day, if the terms are not something that we feel is in the best interest of our company or our shareholders, then we're fine doing it a la carte as well, and that's what we've done many times in the past. So I would expect there will probably be a situation at some point where we have some carriers on MLAs and others that we are dealing with on an a la carte basis.

但話說回來，歸根結底，如果條款不是我們認為符合公司或股東最佳利益的，那我們也完全可以採按項（a la carte）方式來做，而這也是我們過去多次採取的做法。所以我預期，未來某個時點可能會出現這樣的情況：部分電信商採 MLA，其他則以按項方式與我們往來。

Great. Thank you very much.

很好。非常感謝。

Sure.

當然。

Nick Del Deo, MoffettNathanson.

Nick Del Deo，MoffettNathanson。

Hey, thanks for taking my questions. First, Brendan, in your comments a few moments ago discussing satellite providers potentially deploying terrestrially, you said that we're very early in those conversations. Just to be clear, should we take that to mean that you've had exploratory discussions with satellite providers on that front?

嗨，謝謝讓我提問。首先，Brendan，你剛才在談到衛星業者可能進行地面部署時提到，我們在那些對話上還非常早期。為了確認清楚，這是否表示你們已就此與衛星業者進行過探索性的討論？

We have talked to many satellite providers, yes.

是的，我們已經和許多衛星業者談過。

Okay. Second, I was hoping to return to the edge compute idea. There are various concepts of how that might be deployed, whether it's kind of small fraction of [1-megawatt] deployments at a host of different sites or, call it, single-digit megawatt mini data centers at certain sites. Are the conversations you're having skewing towards -- more towards one architecture than another?

好的。第二個問題，我想回到邊緣運算（edge compute）的概念。它可能有各種部署方式，例如在許多不同站點部署少量的[1 兆瓦]規模，或是在某些站點部署個位數兆瓦的迷你資料中心。你們目前的對話是否更偏向某一種架構，而不是另一種？

Well, it depends on who we're talking to. Obviously, there are different thoughts depending on the potential customers that we're currently engaged with and some have very specific plans and expectations. And they're not all exactly the same. But on average, these would be smaller type of facilities, not -- these would not be 1 megawatt facilities typically.

嗯，這取決於我們在跟誰談。顯然，不同的潛在客戶會有不同想法；我們目前接觸的一些客戶有非常具體的計畫與期待。而且彼此並不完全相同。但平均而言，會是較小型的設施——通常不會是 1 兆瓦的設施。

That's something that is possible down the road. But really, our tower sites are not set up today for that in terms of power availability specifically. But we continue to work through what the needs are, and we're able to make adjustments and accommodations to help meet the needs of the customer based on what works for them. So it will continue to evolve, I'm sure, and we'll find the right balance between [what we] provide and what they need.

未來這是有可能的。但就目前而言，我們的塔台站點在電力可用性方面，特別是供電能力，並沒有為此做好配置。不過我們會持續釐清需求是什麼，並且能夠在符合客戶運作方式的前提下，做出調整與配合，以協助滿足客戶需求。所以我相信它會持續演進，而我們也會在[我們]能提供的內容與他們所需要的之間，找到適當的平衡。

Okay. Great. Thank you.

好的。很好。謝謝。

Sure.

當然。

Aryeh Klein, BMO Capital Markets.

Aryeh Klein，BMO Capital Markets。

Thanks. You have some flexibility on the balance sheet, noting you can take leverage to 7 times. But curious if you'd push up to the top end of that range with share repurchases? Are you more likely to stay kind of in the mid-six range?

謝謝。你們的資產負債表有一些彈性，注意到你們可以把槓桿拉到 7 倍。但我想了解的是，你們會為了股票回購把槓桿推到區間上緣嗎？還是更可能維持在 6 倍中段左右？

Yeah. We have flexibility, as you said. And the good news is that we're producing a lot of free cash flow as well. So we actually have flexibility that doesn't even have a major impact on our leverage. I would expect us to try to be more towards the middle of our target range over time. But if we saw an opportunity where we could be opportunistic around some dislocation that we thought didn't make any sense, then perhaps you would see us temporarily bring leverage up a little bit closer to the high end.

是的。如你所說，我們有彈性。而好消息是，我們也在產生大量自由現金流。所以我們其實也有一種彈性，即使不會對槓桿造成重大影響。我預期隨著時間推進，我們會努力更靠近目標區間的中間位置。但如果我們看到某個機會，能在我們認為毫無道理的錯價或失衡情況下採取更具機會主義的作法，那麼你可能會看到我們暫時把槓桿提高一些，接近區間上緣。

Thanks. And then maybe just following up on the edge questions. Any color that you can provide on the types of customers that are looking at it? And then just curious what percentage of your portfolio or US portfolio you think could ultimately accommodate edge data centers or just benefit from it?

謝謝。接著可能再追問一下邊緣的問題。你能否補充一些資訊：有哪些類型的客戶在看這件事？另外也想請教，你認為你們的整體資產組合或美國資產組合中，最終大概有多少比例能夠容納邊緣資料中心，或至少能從中受益？

Yeah. I don't really want to say too much about the -- for competitive reasons, I don't want to say too much about the specific customers today, but that is something that we will certainly talk more about if it develops as I expect that it will.

是的。出於競爭因素，我不太想就目前的特定客戶說太多；但如果它如我預期般有所發展，我們當然會再更深入談這件事。

In terms of our portfolio, the types of things that we're looking at today, I would say roughly half, just about half of our portfolio in the US would be well suited for the type of uses that we're discussing with some of these parties today.

就我們的資產組合而言，以我們今天在看的這些事項來說，我會說大約一半——差不多一半的美國資產組合——很適合用於我們目前與其中一些對象所討論的那類用途。

Thank you.

謝謝。

That concludes all of the questions in our queue. With that, I'll turn it back over for closing comments.

我們提問序列中的問題已全部結束。接下來我把時間交回去做結語。

Great. Well, thank you all for taking the time tonight, and we appreciate it. We look forward to reporting our third quarter results next quarter. So thank you again.

很好。那麼，感謝各位今晚撥冗參與，我們非常感激。我們期待在下個季度公布第三季業績。再次謝謝大家。

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

感謝所有講者，也感謝各位聽眾今天的參與。至此，我們的電話會議結束，您現在可以掛線。