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] - The adjusted timing of the Millicom acquisition negatively impacted the current site leasing revenue outlook by $4 million and tower cash flow by $3 million [13][16] - The total debt at the end of the quarter was $12.8 billion, with a net debt of $12.3 billion, resulting in a leverage ratio of 6.2 times net debt to adjusted EBITDA [21][22] Business Line Data and Key Metrics Changes - The services business saw an 81% increase in revenue in Q3 compared to the prior year, primarily driven by construction-related projects focused on network expansion [5][10] - Domestic organic leasing revenue growth was 5.3% on a gross basis and 1.6% on a net basis, with churn at 3.7% [13][16] - International organic leasing revenue growth was 8.5% on a gross basis, calculated on a constant currency basis [15] Market Data and Key Metrics Changes - The company has a total of over 46,000 tower sites worldwide, representing a 40% increase since 2020 [8] - The backlog of leasing activity remains healthy and steady compared to the previous quarter [5] - The company acquired 447 sites for approximately $143 million during Q3, primarily related to the Millicom acquisition [15] Company Strategy and Development Direction - The company is focusing on being a leading tower company in each market and aligning more directly with leading wireless operators [8] - A new long-term agreement with Verizon supports the company's strategy for network modernization and operational efficiencies [9] - 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 [17][20] Management's Comments on Operating Environment and Future Outlook - The macro environment for mobile broadband growth is supportive, with increasing 5G use cases and mobile data traffic driving network investment [11][12] - Management expressed confidence in the future growth potential, particularly with the new agreement with Verizon and ongoing demand for services [5][10] - The company anticipates a significant reduction in international churn over the next couple of years as market consolidations stabilize [71] Other Important Information - The company has $1.3 billion remaining on its share repurchase authorization and has spent $325 million to repurchase 1.6 million shares so far in 2025 [10][21] - A quarterly dividend of $1.11 per share was declared, representing a 13% increase over the previous year's dividend [22][23] - Marc DeRussy, Vice President of Finance, announced his retirement at the end of the year, with Louis Friend set to take over [12][23] Q&A Session Summary Question: Impact of Verizon MLA on new leasing revenue - 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 - DISH is current on their rents, and the company expects them to honor their agreements [28][29] Question: Structure of the Verizon deal compared to AT&T - The Verizon deal is more linear and tied directly to activity, unlike the AT&T deal [30][31] Question: T-Mobile agreement status - The company has a good relationship with T-Mobile and expects to negotiate a new agreement as the current one expires [98] Question: Sustainability of the services business trend - The services business is expected to continue growing, with potential for broader relationships, particularly with Verizon [100][102] Question: Regulatory delays in acquisitions - Regulatory delays were primarily related to the Millicom acquisition, with challenges in markets where the company has significant market share [81][84]

Financial Data and Key Metrics Changes - The company reported a strong quarter with an increase in Adjusted Funds From Operations (AFFO) per share, leading the industry [4] - Revenue from the services business increased by 81% year-over-year in Q3, primarily driven by construction-related projects [4] - The company ended the quarter with total debt of $12.8 billion and net debt of $12.3 billion, maintaining a leverage ratio of 6.2 times net debt to adjusted EBITDA [19] Business Line Data and Key Metrics Changes - Domestic organic leasing revenue growth was 5.3% on a gross basis and 1.6% on a net basis, with churn at 3.7% [11] - International organic leasing revenue growth was 8.5% on a constant currency basis [12] - The company acquired 447 sites for approximately $143 million during Q3, primarily related to the Millicom acquisition [12] Market Data and Key Metrics Changes - The company noted that 80% of consolidated cash site leasing revenue and 85% of adjusted EBITDA were denominated in U.S. dollars [11] - Total international churn remained elevated due to ongoing carrier consolidation, particularly in Brazil [51] Company Strategy and Development Direction - The company is focusing on being a leading tower company in each market and aligning with leading wireless operators [6] - A new long-term agreement with Verizon was established to support network modernization, enhancing operational efficiencies for both companies [7] - The company is changing its financial policy to reduce the target leverage range to six to seven times net debt to adjusted EBITDA, aiming for investment-grade debt [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the macro environment for mobile broadband growth, driven by increasing 5G use cases and federal support for network capacity [9] - The company anticipates continued strong leasing demand and is increasing its full-year outlook for new leasing activity and escalations [4] - Management acknowledged challenges from regulatory delays but remains confident in future growth opportunities [64] Other Important Information - The company completed the acquisition of Central American assets from Millicom and sold its Canadian tower business earlier than expected [5] - A cash dividend of $1.11 per share was declared, representing a 13% increase over the previous year [20] 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, locking in growth for the next 10 years [24] Question: Current status of DISH payments - Management confirmed that DISH is current on their rents and expects them to honor their agreements [25] Question: Structure of the Verizon deal compared to AT&T - The Verizon deal is more linear and tied directly to activity, differing from the AT&T agreement [34] Question: International churn outlook - Management expects a significant reduction in international churn over the next couple of years as consolidation stabilizes [51] Question: Future leasing opportunities and regulatory challenges - Management is optimistic about mid-single-digit growth in leasing opportunities, despite regulatory challenges in some markets [62]