Financial Data and Key Metrics Changes - The company reported a full year 2025 organic growth of 4.9%, exceeding guidance due to strong operational execution [14] - For 2026, the company projects site rental revenues, adjusted EBITDA, and AFFO of $3.9 billion, $2.7 billion, and $1.9 billion, respectively, with a significant impact from the termination of the DISH contract [15][18] - The guidance for AFFO in the 12 months following the close of the small cell and fiber business sale has been reduced by $240 million to $2.1 billion at the midpoint [18] Business Line Data and Key Metrics Changes - The company is transitioning to a simpler U.S.-only tower business, with approximately 60% of the consolidated workforce moving with the sale of small cell and fiber businesses [6] - The restructuring plan aims to reduce the tower and corporate workforce by approximately 20%, resulting in a $65 million reduction in annualized operating costs [8][10] Market Data and Key Metrics Changes - The company anticipates a $220 million churn in full year 2026 due to the termination of the DISH contract [15] - Organic growth for 2026 is expected to be 3.5% at the midpoint, marking a low point compared to 3.8% for full year 2025 [16] Company Strategy and Development Direction - The company is focused on maximizing shareholder value through operational execution and strategic priorities, including improving asset information accessibility and enhancing customer experience [11][12] - The capital allocation framework includes maintaining a dividend of $4.25 per share, investing $150 million-$250 million in capital expenditures, and allocating approximately $1 billion to share repurchases [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the U.S. tower model, citing long-term revenues from investment-grade customers and high incremental margins [11] - The company is optimistic about mobile data demand growth and the availability of spectrum for mobile network operators, which is expected to drive future growth [11][40] Other Important Information - The Department of Justice has closed its review of the small cell and fiber business sale, with only a few approvals remaining [7] - The company is actively pursuing recovery of over $3.5 billion from DISH due to default on payment obligations [7][8] Q&A Session Summary Question: Update on DISH and fiber small cell sale - The company terminated the agreement with DISH due to their failure to perform under the contract, aiming to protect shareholder value [26][28] Question: Change to the purchase price of the fiber small cell transaction - There is no change to the $8.5 billion purchase price for the fiber small cell transaction, with normal transaction costs and closing adjustments expected [30] Question: Timing of the buyback post-transaction - The timing of the $1 billion buyback will be determined closer to the transaction closing, with no specifics available at this time [32] Question: Characterization of the leasing environment - The leasing environment is influenced by both headwinds and tailwinds, with ongoing mobile data demand and spectrum availability expected to drive future growth [39][40] Question: Contribution of DISH to organic growth - DISH contributed approximately $50 million to organic growth in 2025, with expectations of significant churn in 2026 due to contract termination [45] Question: Legal strategy regarding DISH - The company is pursuing multiple avenues to enforce its rights against DISH, including legal action and lobbying efforts [50][51] Question: Future leasing outlook and churn - The company expects organic growth to improve beyond 2026, supported by ongoing mobile data demand and leasing activity visibility [56][58] Question: Impact of software upgrades on leasing - Software upgrades can enhance deployment efficiency, but there are limits to data rates, necessitating ongoing investments in new equipment [90]