Financial Data and Key Metrics Changes - The company reported a strong quarter with an industry-leading AFFO per share and a modest increase in the full-year outlook for new leasing activity and escalations [5][10] - Adjusted for the timing of the Millicom acquisition, the third-quarter results were in line with expectations, with domestic organic leasing revenue growth of 5.3% on a gross basis and 1.6% on a net basis [13][21] - Total debt at the end of the quarter was $12.8 billion, with net debt at $12.3 billion, resulting in a leverage ratio of 6.2 times net debt to adjusted EBITDA [21] Business Line Data and Key Metrics Changes - The services business saw a significant revenue increase of 81% in Q3 compared to the prior year, primarily driven by construction-related projects focused on network expansion [5] - The company acquired 447 sites for approximately $143 million during Q3, mainly related to the Millicom acquisition, with an additional 2,000 sites closed post-quarter [15] Market Data and Key Metrics Changes - International organic leasing revenue growth for Q3 was 8.5% on a gross basis, although total international churn remained elevated due to ongoing carrier consolidation [15][21] - The company noted that 80% of consolidated cash site leasing revenue and 85% of adjusted EBITDA was denominated in U.S. dollars [15] Company Strategy and Development Direction - The company is focusing on being a leading tower company in each market and aligning more closely with leading wireless operators [8] - A new long-term agreement with Verizon supports the company's growth strategy and enhances operational efficiencies [9][10] - The company is changing its financial policy to reduce the target leverage range to six to seven turns of net debt to adjusted EBITDA, aiming for investment-grade debt issuance [17][19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the macro environment for mobile broadband growth, driven by the proliferation of 5G use cases and increasing mobile data traffic [10][11] - The company anticipates ongoing network investment to meet the demands of new technologies, including 6G [11] - Management acknowledged the challenges posed by regulatory delays in acquisitions but remains confident in future growth opportunities [81] Other Important Information - The company has a remaining $1.3 billion under its stock repurchase authorization, having repurchased $325 million worth of shares in 2025 [10][21] - A quarterly dividend of $1.11 per share was declared, representing a 13% increase over the previous year [22][23] Q&A Session Summary Question: Impact of Verizon MLA on new leasing revenue - Management indicated that the Verizon agreement includes components for colocations and amendments, with a minimum commitment for growth over the next 10 years [27][28] Question: Current status of DISH payments - Management confirmed that DISH is current on their rents and expects them to honor their agreements [28][29] Question: Structure of Verizon deal compared to AT&T - The Verizon deal is described as more linear compared to the AT&T agreement, with growth tied directly to activity [30][31] Question: T-Mobile agreement status - Management expressed confidence in negotiating a new agreement with T-Mobile, given the strong existing relationship [98] Question: Sustainability of services business growth - Management noted that while this year is expected to be the second-best for services, sustainability will depend on the needs of the three main customers [100][101] Question: Regulatory delays in acquisitions - Management acknowledged that regulatory challenges have impacted the timing of acquisitions, particularly in markets where they hold significant market share [81][84]

Core Insights - The current market environment is characterized by record highs, leading to both excitement and anxiety among investors [1] - Investors are advised to avoid common mistakes and adopt smarter strategies to navigate the market effectively [1] Group 1: Mistakes to Avoid - **Mistake 1: Trying to Time the Market** Perfectly timing the market is unrealistic, even for seasoned investors [2] Example: DBS Group Holdings experienced significant price fluctuations, highlighting the difficulty of timing [3] - **Mistake 2: Ignoring Diversification** Over-reliance on a single stock or sector increases portfolio volatility [5] Example: Concentrating solely on REITs may lead to missed opportunities in other sectors [5] - **Mistake 3: Letting Emotions Drive Decisions** Emotional investing can result in panic selling and chasing high-priced stocks, leading to losses [7] Example: United Overseas Bank Limited's recovery post-COVID-19 illustrates the importance of patience [9] - **Mistake 4: Overlooking Dividends and Cash Flow** Focusing solely on capital gains neglects the benefits of dividends, which provide steady income [10] Example: Companies like DBS Group and Apple Inc. continued paying dividends during market turbulence [11] - **Mistake 5: Not Reviewing Your Portfolio Regularly** Failing to rebalance portfolios can misalign them with current goals and risk tolerance [13] Example: Adjusting investments in outperformers like NVIDIA Corporation may be necessary as market conditions change [14] Group 2: Smart Approaches - **Smart Approach for Timing** Focus on time in the market rather than trying to time it; Dollar-Cost Averaging (DCA) can mitigate volatility [4] - **Smart Approach for Diversification** A well-diversified portfolio should include a mix of blue-chip stocks, growth stocks, REITs, foreign stocks, and ETFs to manage risk [6] - **Smart Approach for Emotional Investing** Adhere to a long-term investment plan based on business fundamentals rather than market fluctuations [8] - **Smart Approach for Dividends** Incorporate dividend-paying stocks into the portfolio for reliable returns during uncertain times [11] - **Smart Approach for Portfolio Review** Regularly review and rebalance the portfolio to ensure alignment with investment objectives and risk tolerance [15] Group 3: General Advice - Investors should remain disciplined and avoid reacting impulsively to market headlines [16] - Adhering to sound investment principles can help maintain portfolio performance through market cycles [17]

Financial Data and Key Metrics Changes - Revenue less ancillary services grew by 17.4% year over year to $112.8 million in Q4 2024, but was lower than guidance by approximately $8 million due to macro factors, particularly in Canada and foreign exchange impacts [33][34] - Adjusted EBITDA increased to $16.7 million for the quarter, compared to $7.7 million in Q4 2023, with an adjusted EBITDA margin up nearly 700 basis points year over year [36][37] - GAAP net income reflected a loss of $15.9 million, primarily due to a one-time non-cash foreign exchange loss of $14 million on intercompany loans [38] Business Line Data and Key Metrics Changes - The travel vertical grew organically by more than 50% in 2024, becoming the second largest vertical, contributing 13% of total revenue, up from 7% two years ago [23][24] - The education vertical in EMEA and the UK saw over 50% year-over-year revenue growth, despite headwinds from visa policy changes [16][20] - The healthcare vertical secured a landmark eight-figure relationship with a major hospital system, indicating strong market receptiveness [27] Market Data and Key Metrics Changes - Canadian higher education revenue was down over 50% year over year, resulting in a significant headwind to overall growth [34][60] - The U.S. market experienced slower growth due to shifting visa trends, with F-1 visa issuance down approximately 10% [92] - The company anticipates revenue in Canada and Australia to be down over 30% year over year due to recent policy changes [44][68] Company Strategy and Development Direction - The company announced the acquisition of Certify, which is expected to enhance its presence in the travel vertical and provide access to new subsegments of the global travel industry [10][26] - A comprehensive operational and portfolio review is underway to optimize investments across geographies, products, and verticals [12][65] - The company is focusing on product innovation, particularly in vertical-specific software for complex payments, and aims to enhance its go-to-market strategy [29][30] Management's Comments on Operating Environment and Future Outlook - Management acknowledged significant macro headwinds, particularly in the education sector due to visa policy changes, but expressed confidence in the long-term demand for international education [9][20] - The company is strategically investing in new products and payment network capabilities to offset macro challenges and diversify revenue [9][41] - Management expects continued growth in EMEA education, travel, and B2B segments, while projecting a cautious outlook for the U.S. market [46][75] Other Important Information - The restructuring plan announced will affect approximately 10% of the workforce, with expected charges between $7 million to $9 million [37][47] - The company has repurchased 2.3 million shares for approximately $44 million as part of its buyback program [39] - The acquisition of Certify is expected to contribute approximately $35 million to $40 million in revenue in 2025 [43] Q&A Session Summary Question: Can you talk about the NRR? - Management indicated that NRR was 114% in 2024, with expectations for a further decline in 2025 due to visa dynamics in Canada and Australia [50][51] Question: Why is the portfolio review happening now? - Management stated that ongoing policy restrictions prompted a review to control internal factors and optimize investments [54][56] Question: What is the impact of the SDS policy in Canada? - Management explained that the SDS policy change has led to significant demand destruction, affecting overall student enrollments and payments [60][61] Question: How is the education market performing outside Canada and Australia? - Management noted strong growth in the UK and EMEA markets, while the APAC region is also showing good opportunities [75] Question: What are the expectations for gross profit margins in 2025? - Management anticipates a decline in gross profit margins due to a mix of faster-growing verticals, estimating a drop of 100 to 200 basis points [80]