Summary of American Tower (AMT) Conference Call - August 12, 2025 Company Overview - **Company**: American Tower (AMT) - **Event**: TD Cowen's eleventh Annual Communications Infrastructure Summit - **Key Speaker**: Rich Rossi, EVP and President of the U.S. Tower Division Key Points and Arguments Leadership and Strategic Focus - American Tower has undergone a complete leadership change with new roles filled by internal candidates, creating opportunities for growth and innovation [8][9] - The focus is on creating durable long-term certainty for the business while maximizing customer value and revenue [11][12] - Emphasis on disciplined underwriting for inorganic growth opportunities and a product management approach to enhance margins across services [12][13] Industry Dynamics and Carrier Upgrades - The major carriers are at different stages of their upgrade processes, with one at 85%, another at 70%, and the last at around 50% completion towards 5G upgrades [14] - The upgrade process is expected to follow a three-phase model: coverage, quality, and capacity, with current activities aligning with earlier projections [15][18] - Carriers are likely to accelerate their upgrades to catch up with peers, indicating a competitive drive to enhance service quality [21][22] Application Volumes and Leasing Activity - The mix of amendments versus new colocations still heavily favors amendments, with a noted 200% increase in colocation activity [24][25] - The timeline for new colocations has improved, with a typical six-month period from application to installation, compared to longer timelines in the past [26][28] - The conversion rate of applications to revenue-generating contracts is complex due to holistic agreements that may not directly correlate with individual applications [30][32] Financial Guidance and Market Outlook - New leasing guidance has been updated to approximately $160 million, with organic growth expectations around 4.3% [37][38] - There remains execution risk in achieving these targets, particularly with variable a la carte business impacting revenue [39][40] - Long-term guidance for U.S. organic growth remains unchanged, with a focus on understanding customer plans and potential churn risks [42][45] Impact of AI and Future Technologies - AI is expected to drive future demand for mobile infrastructure, particularly with low-latency applications becoming more relevant [80][81] - The potential for increased video traffic due to AI applications could necessitate further infrastructure investment [84] Cost Initiatives and Operational Efficiency - American Tower aims to achieve 80 basis points in cost savings through global operational synergies and improved processes [88][90] - The integration of CoreSite is seen as a significant step towards enhancing capabilities in the data center space and supporting edge computing initiatives [97][98] Relationship with Key Customers - The relationship with U.S. Cellular is under review, with upcoming lease renewals in 2026 being a critical factor for future revenue [66][68] - The company maintains a positive relationship with Boost despite external challenges, focusing on contracted minimums in revenue projections [74][75] Additional Important Insights - The company is positioning itself for future edge computing opportunities, with ongoing developments in Tier 2 markets [93][95] - The interplay between tower and data center operations is crucial for maximizing growth potential in the evolving telecommunications landscape [96][98]

Financial Data and Key Metrics Changes - Revenue for Q2 2025 was $433 million, representing an 11% organic growth driven by colocation, lease amendments, new sites, and CPI escalators [8][12] - Adjusted EBITDA was $248.5 million with a margin of over 57%, stable year-on-year, indicating continued financial discipline [8][19] - ALFCF was $54 million, reflecting a 19% decrease year-on-year due to a different interest rate profile following the November 2024 bond refinancing [16][19] - Total CapEx decreased by 14% year-on-year to $46 million, attributed to more disciplined capital allocation [8][19] Business Line Data and Key Metrics Changes - In Nigeria, revenue was $260 million, with strong organic growth of over 10% year-on-year despite a reduction in revenue from vacated tenants [20][21] - The Sub-Saharan African segment saw an 18% increase in revenue, while adjusted EBITDA decreased by 4% year-on-year due to higher costs [25] - The LatAm segment experienced a 6% organic growth year-on-year, with towers and tenants growing by 7.3% and 9.7% respectively [26] Market Data and Key Metrics Changes - The Nigerian naira stabilized, with an average FX rate of 15.81 naira to the dollar in Q2 2025, impacting revenue reporting [14][24] - Macroeconomic indicators in Nigeria showed positive trends, including a drop in inflation and an increase in crude oil production [22][23] Company Strategy and Development Direction - The company is focused on organic growth, efficiency, and cash flow, with a strategy to prioritize debt repayment while exploring growth opportunities [10][11] - Plans to evaluate the introduction of dividends or share buybacks as leverage approaches the low end of the target range [10][29] - The ongoing rollout of 5G and tariff increases in Nigeria are expected to drive sustained growth [11] Management's Comments on Operating Environment and Future Outlook - Management raised the full-year 2025 outlook across all key metrics, citing an improving macroeconomic environment and telecom market performance [6][10] - The company anticipates continued strength in collocations and lease amendments, particularly in Nigeria and Brazil [44] Other Important Information - The company repaid $154 million of high-interest debt, reducing the weighted average cost of debt by 100 basis points [9][27] - The consolidated net leverage ratio improved to 3.4x, down from 3.9x a year ago, with expectations for further reduction by year-end [9][29] Q&A Session Summary Question: What is driving the strong lease amendments and colocations? - Management indicated that the strong activity is primarily from Nigeria and Brazil, with expectations for continued strength through the year [35][36] Question: Can you explain the expected ramp in CapEx for the second half of the year? - Management confirmed that the CapEx guidance is loaded for H2, primarily due to rollout projects in Brazil and Sub-Saharan Africa [37][38] Question: How do you expect organic growth to trend heading into 2026? - Management expects continued strength in collocations and lease amendments, particularly in Nigeria and Brazil, with a moderate impact from CPI and FX resets [42][44] Question: What is the rationale for considering additional asset sales? - Management stated that further asset disposals would be considered if they drive shareholder value, with a focus on maintaining growth [50][52] Question: What is the outlook for interest costs moving forward? - Management is focusing on repaying expensive debt and optimizing the balance sheet, but did not provide specific forecasts for interest rates [78][80]

Financial Data and Key Metrics Changes - Revenue for Q2 2025 was $433 million, representing an 11% organic growth driven by colocation, lease amendments, new sites, and CPI escalators [7][12] - Adjusted EBITDA was $248.5 million with a margin of over 57%, stable year-on-year, indicating continued financial discipline [7][19] - ALFCF was $54 million, reflecting a 19% decrease year-on-year due to a different interest rate profile following the November 2024 bond refinancing [15][19] - Total CapEx was $46 million, down 14% year-on-year, attributed to more disciplined capital allocation [7][19] Business Line Data and Key Metrics Changes - In Nigeria, revenue was $260 million, with strong organic growth of over 10% year-on-year despite a reduction in revenue from vacated tenants [20][21] - The Sub-Saharan African segment saw an 18% increase in revenue, while adjusted EBITDA decreased by 4% year-on-year due to higher costs [24] - The LatAm segment experienced 6% organic growth year-on-year, with towers and tenants growing by 7% and 9.7% respectively [25] Market Data and Key Metrics Changes - The Nigerian naira depreciated year-on-year, impacting reported revenue but remaining stable in 2025 [14][23] - The average FX rate for the naira was $15.81 to the dollar in 2025, compared to $13.92 in 2024 [14][23] - Macroeconomic indicators in Nigeria showed positive trends, including a drop in inflation and an increase in crude oil production [22][23] Company Strategy and Development Direction - The company is focused on organic growth, efficiency, and cash flow, with plans to prioritize debt repayment while exploring growth opportunities [10][11] - There is an ongoing assessment of potential asset disposals to enhance shareholder value, with a focus on maintaining growth [10][52] - The company aims to leverage technology and AI to unlock further efficiencies [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the macroeconomic environment and telecom market performance, particularly in Nigeria [6][11] - The full-year 2025 outlook has been raised across all key metrics due to strong performance and improving conditions [10][29] - The company expects to continue reducing net leverage and is considering introducing dividends or share buybacks as it approaches the low end of its leverage range [10][29] Other Important Information - The company repaid $154 million of high-interest debt, lowering the weighted average cost of debt by 100 basis points [8][27] - The consolidated net leverage ratio was 3.4x, down from 3.9x a year ago, with expectations for further reduction by year-end [8][29] - Liquidity remains strong at over $830 million, even after debt repayments [10][28] Q&A Session Summary Question: What is driving the strong performance in new lease amendments and colocations? - Management indicated that the strong performance is primarily driven by normal activity in Nigeria and Brazil, with expectations for continued strength through the year [36][37] Question: Can you elaborate on the expected ramp in CapEx for the second half of the year? - Management confirmed that the CapEx guidance is loaded for H2, primarily due to rollout projects in Brazil and other parts of Sub-Saharan Africa [38][39] Question: How do you expect organic growth to trend heading into 2026? - Management anticipates continued strength in collocations and lease amendments, particularly in Nigeria and Brazil, with expectations for higher numbers than last year [42][44] Question: What is the rationale for considering additional asset sales? - Management stated that further disposals would be considered if they drive shareholder value, with a focus on maintaining growth while returning capital to shareholders [48][52] Question: What is the outlook for interest costs moving forward? - Management is focusing on repaying expensive debt and optimizing the balance sheet, but did not provide specific forecasts for interest rates [74][79]

Financial Data and Key Metrics Changes - The company completed the sale of U.S. Cellular wireless business and certain spectrum assets to T-Mobile for $4.3 billion, which is expected to unlock significant shareholder value and strengthen the balance sheets of both Array and TDS [6][12][14] - Following the transaction, TDS's debt was reduced to approximately $364 million, with a plan to redeem about $1.1 billion in debt, resulting in annual interest savings of approximately $80 million and reducing the average cost of debt to just over 6% [12][14][15] - S&P raised TDS's credit rating to BBB- from BB, reflecting a strong balance sheet and growth outlook [19] Business Line Data and Key Metrics Changes - Array Digital Infrastructure now operates independently with approximately 4,400 towers and a new master license agreement with T-Mobile, which is expected to enhance revenue and profitability [7][26] - Third-party tower revenues increased by 12%, and the number of third-party colocations grew by 6% year-over-year [26][29] - TDS Telecom reported 27,000 new fiber service addresses added in the quarter, with a total of 10,300 fiber net additions, leading to a 19% growth in total fiber connections since last year [33][34] Market Data and Key Metrics Changes - The company anticipates receiving $2 billion from previously announced spectrum sales, with a portion expected later this year, subject to regulatory approvals [15][22] - The company is focused on monetizing approximately 70% of Array's total spectrum holdings, including transactions with AT&T and Verizon, which are expected to close in 2025 and 2026 [22][23] Company Strategy and Development Direction - The company aims to focus on its tower and fiber businesses, with plans to implement a regular dividend once spectrum transactions are completed [15][16] - Key strategic priorities include closing pending spectrum transactions, optimizing ground leases, and driving revenue growth through new colocations [24][25] - The company is evaluating M&A opportunities, particularly in fiber assets that synergize with existing properties [86] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of the tower business and the fiber program, emphasizing the importance of the new T-Mobile master license agreement [7][26] - The company expects to incur additional wind-down costs as it transitions from a wireless service provider to an independent tower company, which may impact profitability in the near term [30] - Management highlighted the competitive landscape in expansion markets as favorable, with a focus on increasing penetration rates in newly launched fiber areas [74] Other Important Information - The company plans to maintain its preferred stock as foundational capital for its fiber program and has no immediate plans to redeem them [12][14] - The company is committed to a disciplined financial policy while maintaining a conservative balance sheet [14] Q&A Session Summary Question: Update on TDS Telecom's fiber expansion plans - Management indicated that there is significant opportunity to expand the fiber footprint and will provide updates in upcoming quarters [51][52] Question: Long-term leverage stabilization for TDS Telecom - Management expects to maintain leverage below 1.5 times while evaluating opportunities for growth and capital allocation [55] Question: Access to construction resources for fiber expansion - Management remains confident in achieving the target of 150,000 new fiber service addresses for the year, with ramping construction efforts [56][58] Question: Cohort analysis for fiber market penetration - Management is working on providing cohort analysis to investors, expecting around 25-30% penetration by month 12 and 40% by year five in expansion markets [60][62] Question: Update on mobile launch and pricing strategy - The company launched TDS Mobile in select markets and is testing aggressive pricing strategies, with potential price increases after two years [82][84] Question: M&A opportunities and asset profiles - The company is focused on fiber opportunities that are synergistic with existing properties and is in the early stages of considering M&A options [86]

Financial Data and Key Metrics Changes - The company completed the sale of its U.S. Cellular wireless business and certain spectrum assets to T-Mobile for $4.3 billion, which strengthens the balance sheets of both Array and TDS [5][12] - Following the transaction, approximately $364 million remains on Array's balance sheet, with $1.7 billion in debt assumed by T-Mobile [12] - A special dividend of $23 per share was declared, with TDS receiving approximately $1.63 billion [13] - The company expects to achieve annual interest savings of about $80 million, reducing the average cost of debt to just over 6% [13][15] - S&P raised TDS' credit rating to BBB- from BB, reflecting a strong balance sheet and growth outlook [18] Business Line Data and Key Metrics Changes - Array's tower business consists of approximately 4,400 towers, with a new master license agreement (MLA) with T-Mobile expected to significantly increase revenue and profitability [6][26] - Third-party tower revenues increased by 12%, and the number of third-party colocations rose by 6% year-over-year [26] - Distributions from noncontrolling investment interests increased from $58 million to $77 million [29] Market Data and Key Metrics Changes - The company anticipates receiving $2 billion from previously announced spectrum sales, with a portion expected later this year [15] - The AT&T and Verizon transactions are expected to close in 2025 and 2026, respectively, subject to regulatory approval [21][22] Company Strategy and Development Direction - The company aims to focus on its tower and fiber businesses, believing it is well-positioned for growth in these areas [6][10] - Key strategic priorities include closing pending spectrum transactions and optimizing ground lease agreements [24] - The company plans to develop a capital allocation strategy focusing on fiber investments, M&A opportunities, and shareholder returns [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth of colocations and margins due to increasing demand for data and communication services [6] - The company is optimistic about its future as an independent tower company, with a strong management team in place [19][24] - Management acknowledged the challenges of transitioning from a wireless service provider to an independent tower company, expecting wind-down costs to impact profitability in the near term [30] Other Important Information - The company is developing a regular dividend policy once spectrum transactions are completed [16] - The transition to an independent tower company is expected to enhance focus and operational efficiency [19][24] Q&A Session Summary Question: Update on TDS Telecom's fiber expansion - Management indicated that there is significant opportunity to expand the fiber footprint and will provide updates in upcoming quarters [54][55] Question: Long-term leverage stabilization for TDS Telecom - Management expects to maintain leverage under 1.5 times while evaluating opportunities for growth [56] Question: Access to construction resources for fiber expansion - Management remains confident in achieving the target of 150,000 new fiber service addresses for the year, with ramping construction efforts [59] Question: Cohort analysis for fiber penetration - Management is working on providing cohort penetration reporting and expects high presales penetration in new markets [63][66] Question: Update on mobile launch and pricing strategy - The company launched TDS Mobile in select markets and is testing various pricing strategies to optimize customer acquisition [85][86] Question: M&A opportunities - Management is beginning to consider M&A opportunities focused on fiber assets that synergize with existing properties [88]

Financial Data and Key Metrics Changes - The company exceeded internal projections for Q2 2025, leading to an increase in full-year guidance across all key metrics, both in total and on a constant currency basis [5][6] - Domestic organic leasing revenue growth for Q2 was 5% on a gross basis and 1% on a net basis, with $11 million of churn related to Sprint consolidation [16][17] - International organic leasing revenue growth for Q2 was 0.8% net, including 7.5% churn [18] Business Line Data and Key Metrics Changes - The services business outperformed expectations, with full-year services revenue guidance increased by almost 20%, primarily driven by construction services [6][7] - The company added approximately 4,300 sites through the Millicom transaction, enhancing its strategic positioning in Central America [12] - The backlog remains healthy, indicating positive momentum for the remainder of the year and into 2026 [6][10] Market Data and Key Metrics Changes - The U.S. market showed improved activity levels, marking the sixth consecutive quarter of increased bookings [5][6] - International markets continue to perform well, with a growing number of new leases signed, although some markets face elevated churn levels [10][11] - The company anticipates increased international churn of $5 million primarily related to Oi in Brazil [11] Company Strategy and Development Direction - The company is focused on expanding its presence in key markets while exiting subscale markets, as evidenced by the sale of its Canadian tower business [14][52] - The reinstatement of the FCC's Spectrum Auction Authority is viewed as a positive development, expected to boost network capacity and support next-generation wireless technologies [8] - The company plans to continue deploying capital towards share repurchases and debt reduction, maintaining a balanced approach to capital allocation [15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about domestic organic growth opportunities due to initiatives from major customers and the growth of fixed wireless access subscribers [7][8] - The company is closely monitoring the situation with Oi in Brazil, which has filed for judicial reorganization, impacting revenue expectations [11] - Management believes that the demand drivers for fixed wireless access and densification will remain strong through 2025 and 2026 [29][30] Other Important Information - The company ended the quarter with $12.6 billion of total debt and a leverage ratio of 6.3 times net debt to adjusted EBITDA [22] - A quarterly dividend of $1.11 per share was declared, representing a 13% increase over the previous year [23] - The company received an upgrade to BBB investment grade from S&P, reflecting stable cash flows and anticipated revenue growth [20][21] Q&A Session Summary Question: Durability of demand drivers for FWA and densification - Management feels confident about the durability of demand drivers, including fixed wireless access and new spectrum bands being auctioned [29][30] Question: Activity levels and revenue timing - Management noted an increase in activity but acknowledged that new colocations may delay revenue recognition compared to amendments [34][36] Question: Domestic activity and bookings growth - The slight slowdown in Q2 was attributed to rounding, with expectations for increased activity and revenue in the second half of the year [42][44] Question: AI application growth as a driver - Management sees AI applications as a potential driver of increased activity, although specifics are hard to quantify [49][50] Question: Canadian asset sale and scaling challenges - The company decided to exit Canada due to challenges in growing its portfolio and realized a favorable valuation on the assets [52][54] Question: Fixed wireless activity among multiple customers - Management confirmed that activity has broadened among multiple customers, not just one [60][61] Question: Planned churn and revenue profile changes - No planned churn is expected, with total revenue from U.S. Cellular and DISH being manageable [64][66] Question: Feedback on Millicom Towers and lease-up assumptions - Initial feedback from carriers regarding Millicom Towers has been positive, suggesting better opportunities than anticipated [70][71] Question: Use of proceeds from Canadian sale - Proceeds from the Canadian sale will be used flexibly for various purposes, including debt reduction and share buybacks [74][75] Question: Sprint churn expectations - Management clarified that the total expected churn from Sprint is $50 million in 2026 and $20 million thereafter, not annual [82][83] Question: Domestic leasing outlook for 2026 - While it's premature to discuss 2026, management expects a higher run rate at the end of the year based on current trends [108][110]

Core Insights - Crown Castle Inc. has appointed Christian Hillabrant as the new President and CEO, effective September 15, 2025, marking a significant leadership transition for the company [1][2] - Hillabrant brings over three decades of experience in the telecommunications industry, having held senior positions at T-Mobile, Ericsson, Samsung, and Vantage Towers AG, where he managed over 86,000 communication sites [2][3] - The company is focused on becoming a pure-play U.S. tower company, with a strategy aimed at enhancing shareholder value and operational excellence [2][3] Leadership Transition - Dan Schlanger will continue as Interim President and CEO until Hillabrant's start date and will transition to the role of Executive Vice President and Chief Transformation Officer [3][4] - The Board expressed gratitude to Schlanger for his leadership during the transition period, highlighting strong financial results and progress in the sale of small cells and fiber solutions businesses [4] Company Overview - Crown Castle owns and operates approximately 40,000 cell towers and 90,000 route miles of fiber, providing essential communications infrastructure across major U.S. markets [7] - The company aims to connect communities and businesses to vital data and technology, enhancing wireless service and innovation [7]

Summary of SBA Communications (SBAC) FY Conference Call - May 13, 2025 Company Overview - **Company**: SBA Communications (SBAC) - **Industry**: Communications Infrastructure, specifically focused on tower business Key Points and Arguments Capital Allocation - **Priorities**: Capital allocation is the primary focus, with a strong emphasis on creating long-term value [2][3] - **Financial Metrics**: - EBITDA guidance for 2025 is approximately $1 billion [3] - Maintenance CapEx is projected at $50 million, growth CapEx at $250 million, and cash interest expense at $430 million [4] - Dividend payout is expected to be around $500 million, with total capital available for allocation in 2025 estimated at $650 million [4] - **Debt Management**: The company paid down $600 million of debt in 2023 and has executed share buybacks totaling $425 million in 2023 and $200 million in 2024 [5] Market Dynamics - **U.S. Tower Business**: The U.S. tower business is stable but cyclical, typically experiencing a ten-year cycle with new technology rollouts [10][12] - **Current Cycle**: The current cycle is characterized by a low level of new lease revenue, with a trough in Q4 2024, but signs of recovery are evident in Q1 2025 [14][15] - **Colocation Growth**: 75% of new lease revenue in Q1 2025 was tied to colocation, indicating a positive trend for the industry [16] Carrier Relationships - **MLA with AT&T**: The company has a Master Lease Agreement (MLA) with AT&T, allowing flexibility for 5G rollout [17] - **Carrier Deployment**: SBA's network is approximately 85% deployed on the 2.5 spectrum, with AT&T lagging behind at less than 50% deployment [19][20] International Operations - **Brazil Market**: Brazil accounts for 15% of revenues, with a significant presence (12,000 sites). The market is expected to face churn due to consolidation but has long-term growth potential [27][28] - **Millicom Acquisition**: The acquisition of 7,000 sites from Millicom is expected to close by September 1, 2025, with favorable contract terms [30][31] - **Central America and Africa**: The company is expanding in Central America and has a growing presence in Africa, particularly in South Africa and Tanzania [32][34] Financial Outlook - **EBITDA Margin**: The company aims to return to a 70% EBITDA margin post-Millicom acquisition, currently affected by churn and increased G&A costs [36][38] - **Dividend Growth**: The company has increased dividends by 15% and 13% in the past two years, with expectations for continued double-digit growth [45][46] - **Churn Management**: Non-Sprint churn is decreasing, approaching 1% of revenue, which is a positive indicator for future stability [23][24] M&A Environment - **M&A Challenges**: The U.S. market presents limited M&A opportunities due to high valuations driven by private equity [24][41] - **Public vs. Private Market Discrepancy**: There is a notable disconnect between public and private market valuations, with private equity able to leverage significantly more debt [63][65] Future Growth Potential - **Organic Growth**: The company anticipates mid-single-digit growth in the U.S. market, driven by escalators in contracts and new lease activities [68] Additional Important Insights - **Operational Efficiency**: The company is focused on maintaining operational efficiency while upgrading systems to enhance functionality [56][57] - **Densification Trends**: Densification is expected to continue as carriers seek to enhance network capacity in response to demand [60][61] - **Regulatory Environment**: The company is monitoring developments related to DISH Network, which currently contributes minimal revenue [48][49] This summary encapsulates the key insights and financial metrics discussed during the SBA Communications FY Conference Call, highlighting the company's strategic focus on capital allocation, market dynamics, and growth potential in both domestic and international markets.

Q1 2025 Results - Site Rental Revenues decreased to $1,011 million, a decrease of $57 million or 5% compared to Q1 2024's $1,068 million[12] - Adjusted EBITDA decreased to $722 million, a decrease of $32 million or 4% compared to Q1 2024's $754 million[12] - AFFO decreased to $479 million, a decrease of $5 million or 1% compared to Q1 2024's $484 million[12] - Organic Contribution to Site Rental Billings, excluding the impact of Sprint Cancellations, was 51%[12] Full Year 2025 Outlook - The company affirmed its full year 2025 Outlook, which includes 45% tower organic growth, excluding the impact of Sprint Cancellations[7] - Site Rental Revenues are projected to be $3,987 million to $4,032 million, representing a decrease of 6% compared to 2024 actuals of $4,268 million[15] - Adjusted EBITDA is projected to be $2,755 million to $2,805 million, representing a decrease of 9% compared to 2024 actuals of $3,035 million[15] - AFFO is projected to be $1,770 million to $1,820 million, representing a decrease of 8% compared to 2024 actuals of $1,980 million[15] Fiber Business Sale and Future Outlook - The company is on track to successfully close the Fiber business sale in the first half of 2026[7] - Estimated Annual AFFO at the anticipated close of the Fiber Business sale is projected to be $2,265 million to $2,415 million[22] - This estimate includes a reduction to interest expense of $210 million to $260 million from debt repayment and an AFFO impact from revenue growth, interest expense from ongoing operations, and standalone SG&A adjustment of $250 million to $370 million[22]