Summary of SBA Communications FY Conference Call Company Overview - **Company**: SBA Communications (NasdaqGS:SBAC) - **Date of Conference**: March 10, 2026 Key Highlights Financial Performance and Growth - **2025 Performance**: SBA Communications reported a solid performance in 2025, with significant organic leasing activity both domestically and internationally [3][4] - **Master Lease Agreement**: A long-term master lease agreement was signed with Verizon, expected to drive meaningful contributions to organic growth over the next decade [3][8] - **Acquisition of Towers**: Over 7,000 towers were acquired from Millicom in Central America, enhancing market positioning [3][4] Customer Activity and Demand Environment - **Carrier Activity**: Different U.S. carriers are at various stages of their 5G build-outs, with T-Mobile being notably active due to regulatory obligations and fixed wireless access [5][6] - **Verizon's Network Expansion**: Anticipated significant activity from Verizon as they ramp up their network, particularly with mid-band C-band build-out and upcoming spectrum auctions [6][8] - **T-Mobile's Subscriber Growth**: Fixed wireless access is a major driver for T-Mobile and Verizon, with fixed wireless subscribers consuming 15-20 times more network resources than average mobile users [10][11] Churn and Market Dynamics - **Churn Factors**: Elevated churn has been observed due to consolidation, particularly from Sprint and DISH, with projected churn from Sprint at approximately $56 million for 2026 [12][13] - **DISH Operations**: DISH is shutting down operations and has not paid remaining rents, leading to accelerated churn [13][14] - **UScellular Impact**: UScellular's acquisition by T-Mobile is expected to contribute to future churn, but the impact will be spread over the next five years [14][15] Future Growth Outlook - **Organic Growth Projections**: Expected organic growth in the U.S. leasing market is projected at 4%-5% over the next decade, driven by fixed escalators and new leasing activity [24][25] - **International Market Performance**: Brazil is expected to perform well due to strong carrier relationships and upcoming spectrum auctions, despite past currency challenges [26][28] Strategic Acquisitions and Market Positioning - **Central America Acquisition**: The acquisition of Millicom's towers positions SBA as the largest tower operator in Central America, enhancing scale and relationships with leading carriers [31][32] - **Portfolio Review**: A review of international markets has led to exits in subscale markets, focusing on strengthening positions in more promising regions [35][36] Financial Strategy and Leverage - **Leverage Target Update**: The leverage target was updated from 7-7.5 to 6-7, reflecting a transition in the company's maturity and opening access to new financing markets [39][40] - **Shareholder Returns**: The company has been active in share buybacks, with $500 million repurchased last year, and plans to continue returning capital to shareholders [40][41] M&A Environment - **U.S. Market Dynamics**: The U.S. market has high demand for tower assets but limited supply, leading to high valuations that may not be favorable for acquisitions [42][43] - **International Opportunities**: There is a softening in values internationally, with many assets available for purchase, allowing for selective acquisitions [44][45] Future Technology and Spectrum - **6G and Spectrum Auctions**: The upcoming spectrum auctions are expected to drive future leasing activity, with a focus on higher frequency bands that require greater network densification [17][18][50][52] - **AI-Infused Applications**: The shift towards AI applications is anticipated to change traffic patterns on networks, necessitating equipment upgrades at tower sites [52][54] Conclusion - **Overall Outlook**: Despite current challenges with churn and financing headwinds, SBA Communications is positioned for future growth through strategic partnerships, acquisitions, and a focus on emerging technologies [47][49][58]

American Tower (NYSE:AMT) FY Conference Summary Company Overview - **Company**: American Tower Corporation - **Date of Conference**: March 09, 2026 - **Key Speaker**: Rod Smith, CFO Key Highlights from 2025 - **AFFO Growth**: Grew by approximately 8% on an as-adjusted basis [3] - **Capital Investment**: Invested around $1.8 billion, focusing on developed markets including the US and Europe [3][4] - **Data Center Performance**: Data center platform showed double-digit growth [4] - **Tower Business Growth**: Organic Tenant Billings Growth in the mid-single digits globally, with a focus on maximizing organic growth [4] U.S. Market Insights - **5G Deployment**: Carriers are nearing their 5G coverage targets, with mobile data growth expected to continue at 30-35% [6][12] - **Demand Environment**: Healthy demand environment with carriers focusing on network quality, coverage, and density [6][7] - **Co-locations and New Installations**: Increase in co-locations and new installations on existing towers [7][8] - **Spectrum Needs**: Anticipation of more spectrum being released, which is critical for network capacity [16][17] International Business Performance - **European Growth**: Strong growth driven by new business activity, particularly from carriers like 1&1 Drillisch [23][24] - **CPI Escalation**: Contracts in Europe have escalators tied to local CPI, providing a stable revenue growth mechanism [24] - **Churn Rates**: Churn in Europe remains controllable, running slightly above 1% [25] Regional Outlook - **Africa**: Solid growth in new business activity, but facing FX challenges; overall performance is strong in local currency [29][30][31] - **Latin America**: Experiencing headwinds due to carrier consolidation, leading to increased churn and slowed new business activity [32][33][34] Data Center Business - **CoreSite Performance**: Consistent double-digit growth, driven by demand for cloud on-ramps and interconnection [35][36] - **AI Contributions**: Anticipated growth in AI-related demand, particularly for AI inferencing [39] - **Capacity Imbalance**: Demand for data center capacity is high, with challenges in accessing power impacting pricing power [40][41] Cost Management and Efficiency Initiatives - **Margin Expansion Goal**: Aiming for 200-300 basis points of margin expansion over the next five years through cost-saving initiatives [44][46] - **AI Utilization**: Exploring AI applications to enhance operational efficiency [47][48] Capital Allocation Strategy - **Leverage Position**: Currently below 5 times leverage, with a focus on maintaining a strong balance sheet [50][51] - **Dividend Commitment**: Committed to maintaining and growing dividends, with over $3 billion allocated for 2026 [51][52] - **Investment Focus**: 80% of growth capital directed towards developed markets [52][53] Future Considerations - **Satellite Broadband**: Viewed as a complementary technology to terrestrial networks, particularly for rural coverage [55][57] - **6G Development**: Anticipation of new spectrum for 6G, which will require additional infrastructure [58][59] Conclusion - American Tower is positioned for continued growth through strategic investments in developed markets, a strong focus on operational efficiency, and adapting to emerging technologies like AI and 6G. The company remains committed to delivering value to shareholders through dividends and disciplined capital allocation.

Summary of Array Digital Infrastructure (NYSE:AD) FY Conference Call Company Overview - **Company Name**: Array Digital Infrastructure (formerly UScellular) - **Industry**: Telecommunications, specifically focusing on fiber and tower operations Key Points Transformation and Strategic Changes - The company has undergone significant transformation over the past two years, focusing on unlocking shareholder value and positioning for long-term growth [8][10] - The sale of UScellular to T-Mobile was completed on August 1, 2025, resulting in a special dividend of $23 per share for shareholders [15][10] - The company has sold approximately 30% of its spectrum holdings to T-Mobile, with additional sales to AT&T and Verizon [17][10] Spectrum Holdings and Future Plans - The company is currently focused on closing a $1 billion spectrum deal with Verizon, with an anticipated acceleration in the timeline for closure [17][21] - The C-band spectrum is viewed as a valuable asset, with plans to monetize it strategically, especially with upcoming auctions in 2027 [41][42] Tower Operations - Array Digital operates a portfolio of 4,400 towers, with 30% located in rural areas, which are considered attractive for future growth [44] - The company reported an 8% same-store growth in the fourth quarter, indicating strong performance in colocation and escalators [45][49] - Guidance for 2026 suggests continued growth, with a focus on improving SG&A costs and understanding T-Mobile's tower needs [50][56] Financial Metrics and Leverage - The company targets a leverage ratio of 3 times net debt to EBITDA, providing flexibility for future growth opportunities [76][77] - The financial structure includes preferred equities amounting to $1.1 billion, which are considered debt-like but not counted as traditional debt [136][138] TDS Telecom Fiber Expansion - TDS Telecom has surpassed 50% fiber coverage and aims to double its fiber footprint to 2.1 million homes over the next 4-5 years [96][97] - The E-ACAM program is expected to yield high penetration rates of 65%-75% in rural areas, supported by regulatory revenue extensions [97][98] - The competitive landscape is favorable, with the company focusing on being the first to fiber in selected markets [105][112] Shareholder Returns and Stock Buyback - TDS has authorized a $500 million increase in its stock buyback program, with over $100 million spent on buybacks in the fourth quarter [143][144] Competitive Landscape and Market Dynamics - The company does not view satellite technology as a significant threat to its fiber and tower operations, emphasizing the superiority of fiber technology [88][90] - The competitive dynamics in the fiber market are favorable, with a focus on areas with low existing fiber infrastructure [105][106] Future Outlook - The company expresses confidence in its growth prospects as a fiber and tower operator, with a commitment to long-term value creation [144][145] Additional Important Points - The transition to fiber is seen as critical for the company's future, with ongoing efforts to reduce copper exposure to less than 5% [95][126] - The company is actively working on improving internal reporting systems to better communicate its fiber-focused strategy to investors [115][116]

Summary of Telephone and Data Systems (TDS) FY Conference Call Company Overview - **Company Name**: Telephone and Data Systems (TDS) - **Ticker Symbol**: TDS - **Industry**: Telecommunications, specifically focusing on fiber and tower services Key Developments - **Transformation**: TDS has undergone significant changes over the past two years, including the sale of UScellular to T-Mobile and the rebranding to Array Digital, focusing on unlocking shareholder value and long-term growth [8][10][11] - **UScellular Sale**: The sale of UScellular, the fourth largest wireless carrier in the U.S., was completed on August 1, 2025, resulting in a special dividend of $23 per share for shareholders [10][15] - **Spectrum Sales**: TDS sold approximately 30% of its total spectrum holdings to T-Mobile, with additional sales to AT&T and Verizon, including a pending $1 billion deal with Verizon [17][18] Financial Performance - **Dividends**: A special dividend of $10.25 per share was paid following the sale of spectrum to AT&T [15][17] - **Tower Business Growth**: The tower business reported an 8% same-store growth in the fourth quarter, indicating strong performance and under-penetration in rural areas [42][46] - **Guidance for 2026**: TDS provided guidance for a net cash organic growth rate for towers, excluding Dish, which is expected to be around 6% [50][51] Strategic Focus - **Fiber Expansion**: TDS Telecom aims to double its fiber footprint from 1.06 million to 2.1 million homes over the next four to five years, with a focus on rural and suburban areas [93][94] - **E-ACAM Program**: This program targets rural areas, expecting high penetration rates of 65%-75% and generating approximately $85 million per year in regulatory revenues [94][100] - **Competitive Landscape**: TDS is strategically selecting markets with low competition to establish itself as a first-to-fiber provider, enhancing its competitive position against cable companies [103][110] Market Dynamics - **Satellite Competition**: TDS does not view satellite technology as a significant threat to its fiber and tower operations, citing fiber's superior technology and cost-effectiveness [85][86] - **Convergence Strategy**: TDS has rolled out fixed-mobile converged bundles across its footprint, which is expected to enhance customer acquisition and retention [111] Financial Management - **Leverage Strategy**: TDS targets a leverage ratio of 3 times net debt to EBITDA, which provides flexibility for future growth opportunities [75][135] - **Shareholder Returns**: The board authorized a $500 million increase in the stock buyback program, with over $100 million spent on buybacks in the last quarter [140] Conclusion - **Long-term Vision**: TDS emphasizes its commitment to being a fiber and tower company, focusing on growth prospects and long-term value creation for shareholders [141][142]

Summary of SBA Communications Conference Call Company Overview - **Company**: SBA Communications (NasdaqGS:SBAC) - **Industry**: Telecommunications Infrastructure Key Points Valuation and Investment Appeal - SBA Communications is currently undervalued compared to private market valuations, indicating a disconnect in market perception [2][3] - The company is focusing on share buybacks as a strategy to capitalize on its undervaluation while maintaining steady cash flow and shareholder remuneration [3] Strategic Priorities - The company’s priorities include strengthening relationships with wireless carriers, capital allocation, and investing in new assets [4][5] - Capital allocation focuses on new tower builds, acquisitions, share repurchases, and dividends, with a commitment to growing the fastest-growing dividend in the industry [6] Financial Flexibility - SBA has a leverage target of 6-7 turns of net debt to adjusted EBITDA, finishing the year at 6.4 turns, which provides increased capacity for investment [9][10] - The company generates $1.3 billion of Annual Funds From Operations (AFFO) available for reinvestment [10] Churn and Growth Opportunities - Recent churn has been driven by customer consolidations, particularly with Sprint and EchoStar, but is expected to normalize after this year [12][14] - The company anticipates returning to organic growth rates post-churn, with a long-term growth algorithm of approximately 4%-5% [26] Domestic Leasing Activity - SBA is experiencing leasing activity from all major carriers, with a master agreement signed with Verizon expected to enhance growth through new siting activity [20][21] - AT&T and T-Mobile are also active, with expectations for future leasing growth as they shift focus back to network densification [22][23] International Market Potential - The international portfolio, particularly in Latin America, is expected to grow significantly due to underdeveloped networks compared to the U.S. [37][38] - The company anticipates a return to higher growth rates as market consolidations stabilize [40] AI and Technology Integration - SBA is adopting AI-based solutions to improve operational efficiencies and customer offerings, focusing on both internal and external applications [41][42] - The company is cautious in selecting AI tools, aiming for impactful synergies over time [43] Satellite Technology Considerations - SBA sees potential opportunities in satellite technology as a complementary solution rather than a threat, particularly in sparsely populated areas [45][46] - The company believes that satellite solutions will not replace the need for terrestrial infrastructure in densely populated areas due to performance limitations [47][48] Financial Outlook - The company expects headwinds in AFFO per share growth due to rising interest costs from upcoming debt maturities, but anticipates a return to mid to high single-digit growth in the following years [55][56] Market Dynamics - The competitive landscape is challenging for public companies compared to private firms, which can pursue more aggressive growth strategies [32][33] - SBA is focused on maintaining strong relationships with developers to facilitate acquisitions and new builds despite market competition [34] Conclusion - SBA Communications is positioned for future growth through strategic capital allocation, strong carrier relationships, and a focus on operational efficiencies, while navigating challenges related to market valuation and interest costs. The company remains optimistic about both domestic and international growth opportunities in the telecommunications infrastructure sector.

Financial Data and Key Metrics Changes - In Q4 2025, the FFO per share was $3.19, with a cash dividend of $1.11 per share, representing a 13% increase compared to Q4 2024 [5] - The company spent $213 million to repurchase 1.1 million shares at an average price of $191.07 during the quarter, totaling $500 million for the year to repurchase 2.5 million shares [6][7] - The company declared a cash dividend of $118.2 million or $1.11 per share for Q4 2025, with an increase to $1.25 per share for Q1 2026, marking a 13% increase over Q1 2025 [9][10] Business Line Data and Key Metrics Changes - The service business revenue increased by 13% in Q4 2025 compared to Q4 2024, primarily due to construction-related projects focused on network expansion [5] - Domestic new leases and abandoned buildings added approximately $10 million in Q4 2025, with international segments adding about $6 million [6] Market Data and Key Metrics Changes - Domestic churn is expected to be around $55 million-$56 million related to Sprint, slightly higher than previous estimates due to timing [7] - International churn remains elevated, with approximately $8 million lost in Q4 2025 due to carrier consolidation and network optimizations [6] Company Strategy and Development Direction - The company aims to maintain a high-quality end-user experience in a stabilized three-carrier market, requiring significant ongoing investment [11] - Future growth is anticipated from network densification, spectrum upgrades, and the transition to 6G technology, with a focus on AI-driven interactions [12][15] - The company is positioned to capitalize on opportunities in Brazil and Central America, with expectations for increased collocations and network density [16][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term prospects for Brazil, citing opportunities from network rationalization and increased tenancy [16] - The company expects to see a gradual improvement in organic growth rates, with domestic growth projected at 4%-5% and international growth potentially exceeding that [67] Other Important Information - The company has achieved investment-grade ratings from two major rating agencies and has maintained a leverage ratio between 6 and 7 turns for the past three years [19] - The company is exploring opportunities in edge computing, leveraging its extensive asset base across the country [86] Q&A Session Summary Question: Expectations for domestic collocation revenue growth - Management expects $35 million of incremental revenue from new leases and amendments in the U.S., with steady activity levels anticipated throughout the year [23] Question: Growth drivers in Brazil - Most growth in Brazil is expected to come from organic lease-up, driven by new spectrum auctions and network expansion [24] Question: Visibility for the year ahead - Management has good visibility for the year, with a range provided due to potential variability in new business signings [29] Question: Update on DISH contract and lawsuit - The company filed a lawsuit against DISH for defaulting on payments and has terminated the contract [39] Question: Remaining consolidation churn - Management indicated that most significant churn events have occurred, with minimal remaining impact expected from ongoing consolidations [60] Question: Long-term growth expectations - Management believes a return to 4%-5% growth is achievable by 2027, with international markets expected to grow faster [67]

Financial Data and Key Metrics Changes - In Q4 2025, the FFO per share was $3.19, with a cash dividend of $1.11 per share, representing a 13% increase compared to Q4 2024 [5] - The company spent $213 million to repurchase 1.1 million shares at an average price of $191.07 during the quarter, totaling $500 million for the year to repurchase 2.5 million shares [6][7] - The company declared a cash dividend of $118.2 million or $1.11 per share for Q4 2025, with an increase to $1.25 per share for Q1 2026, marking a 13% increase over the previous year [9][10] Business Line Data and Key Metrics Changes - The service business revenue increased by 13% in Q4 2025 compared to Q4 2024, primarily due to construction-related projects focused on network expansion [5] - Domestic new leases and abandoned buildings added approximately $10 million in Q4 2025, while international segments added about $6 million [6] - The outlook for domestic new revenue growth in 2026 is expected to be similar to 2025, with a churn estimate of $55 million-$56 million related to Sprint [7][8] Market Data and Key Metrics Changes - In the U.S. market, mobile data consumption increased by 35% in 2024, with Americans consuming over 132 trillion MB of mobile data [11] - Brazil remains the second-largest market with over 12,000 sites, facing elevated churn due to industry consolidation but presenting opportunities for growth through network rationalization and increased tenancy [16][17] - The company expects international churn to trend down over the next couple of years, with a full-year contribution from the acquisition of sites from Millicom in Central America [8][18] Company Strategy and Development Direction - The company aims to maintain a high-quality end-user experience in a stabilized three-carrier market, requiring significant ongoing investment in network upgrades and densification [11][12] - The company is excited about future growth opportunities in 6G and anticipates a shift in network architecture, requiring more compute at tower sites [14][15] - The company plans to continue pursuing legal rights to recover revenues from EchoStar and expects to invest in additional assets or share buybacks during the year [7][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term prospects for Brazil, citing opportunities for additional colocations and network density improvements [17] - The company expects to see increased contributions from Verizon due to a recently signed Master Lease Agreement, despite Verizon's focus on controlling costs [31] - Management believes that 2026 may be the bottom for organic leasing, with expectations of a return to growth as consolidation churn diminishes [59] Other Important Information - The company has achieved investment-grade ratings from two major rating agencies and has operated comfortably between six and seven turns of leverage for the last three years [19] - The company is exploring opportunities in edge computing, leveraging its extensive asset portfolio to support AI-driven solutions [85] Q&A Session Summary Question: Expectations for domestic colocation revenue growth - Management expects $35 million of incremental revenue from new leases and amendments in the U.S., with steady activity levels anticipated throughout the year [23] Question: Growth drivers in Brazil - Most growth in Brazil is expected to come from organic lease-up, driven by new spectrum auctions and network expansion [24][25] Question: Visibility for the year ahead - Management has good visibility for the year, with a range provided due to potential variability in new business activity [30] Question: Update on DISH contract and lawsuit - The company filed a lawsuit against DISH for defaulting on payments and has terminated the contract [39] Question: Remaining consolidation churn - Management indicated that most significant consolidation churn has occurred, with minimal remaining impact expected [60][61] Question: Long-term growth expectations - Management believes the company can return to a growth rate of 4%-5% by 2027, with international markets expected to grow faster [68]

Core Insights - The company reported strong performance in 2025, with attributable AFFO per share growth of approximately 8% for the year and over 13% in Q4, driven by robust leasing demand across towers and data centers [3][6][10] - Management anticipates a doubling in wireless network capacity by 2030 due to ongoing growth in mobile data consumption, 5G adoption, and Fixed Wireless Access (FWA), with AI investments potentially increasing bandwidth needs [1][6] - The 2026 outlook is impacted by DISH's payment default, leading to a revised organic growth forecast of approximately 1%, with expectations of elevated churn in certain international markets [5][11] Financial Performance - Consolidated property revenue grew about 4% year-over-year in 2025, with organic tenant billings growth of approximately 5% and data center revenue growth of approximately 14% [10] - Adjusted EBITDA grew about 5% in 2025, with attributable AFFO per share, as adjusted, rising approximately 8% [10][14] - For 2026, the company expects approximately 1% organic tenant billings growth, with a focus on selective construction of about 2,000 new tower sites and about 13% growth in the U.S. data center business [12][18] Operational Initiatives - Management expects operational initiatives to deliver about 200–300 basis points of tower cash EBITDA margin expansion over five years, with a disciplined approach to capital deployment and M&A [4][9][17] - The company has achieved over 300 basis points of cash EBITDA margin expansion across its global tower portfolio since 2022, with a focus on cost-saving measures [8][9] - The company plans to grow its dividend by approximately 5% in 2026, with about $1.9 billion in capital deployments, primarily directed toward developed markets and CoreSite [18] Market Trends and Challenges - The company highlighted the ongoing demand for hybrid and multi-cloud deployments in data centers, with AI-related leasing becoming a larger share of new demand [7][10] - Management noted that DISH's default has led to a more acute churn expectation in 2026, particularly in Latin America, while also pursuing legal action to recover lease obligations [5][7][11] - The company remains cautious regarding M&A opportunities due to a disconnect between public and private market valuations, focusing on developed markets [19]

Core Insights - The U.S. carriers are transitioning from initial 5G coverage to capacity-oriented activities, with expectations for network densification to meet 5G demands and prepare for 6G [1] - The deployment of 800 megahertz of higher frequency spectrum for 6G is anticipated to drive significant tower activity [1] - The company expects durable, long-term, mid-single-digit organic growth in its U.S. portfolio, despite DISH's default on payment obligations [1][5] Industry Trends - The rapid growth in mobile data consumption, driven by AI applications, is expected to require greater bandwidth and lower latency, further increasing demand for network capacity [2][3] - A doubling of wireless network capacity is anticipated between now and 2030 due to secular demand growth [3] Financial Performance - The company reported an 8% growth in attributable AFFO per share for the full year, with over 13% growth in the fourth quarter, supported by strong leasing demand [4] - Consolidated property revenue grew approximately 4% year over year, with adjusted EBITDA growing approximately 5% [15] International Market Insights - In Europe, 5G progress is slightly behind the U.S., but strong demand for new sites is leading to increased build activity [6] - Emerging markets are still dominated by 4G activity, but there is a notable increase in 5G rollouts in key metropolitan areas [6] Operational Efficiency - The company has focused on improving its cost structure, achieving over 300 basis points of cash EBITDA margin expansion since 2022 [8][11] - Initiatives include managing land expenses, implementing unified sourcing, and accelerating technology adoption to optimize customer service [9][10] Capital Allocation Strategy - The company plans to grow its dividend by approximately 5% and deploy $1.9 billion in capital, primarily in developed markets [30][31] - Share repurchases are also a key focus, with approximately $365 million repurchased in 2025 and an additional $53 million in 2026 [17][32] 2026 Outlook - For 2026, the company expects consolidated organic tenant billings growth of approximately 1%, with a healthier customer base supporting growth in the U.S. [19] - Internationally, organic tenant billings growth is projected at approximately 8.5% in Africa and APAC, while Europe is expected to see around 4% growth [20][21] Challenges and Risks - The default by DISH is expected to negatively impact the 2026 outlook, but the company anticipates long-term benefits from a healthier customer base [5][18] - The company is also facing challenges in Latin America, with expected declines in organic tenant billings due to elevated churn [21]

Financial Data and Key Metrics Changes - For the full year 2025, attributable AFFO per share as adjusted grew by 8%, with over 13% growth in the fourth quarter [4] - Consolidated property revenue increased approximately 4% year-over-year, and approximately 5% when excluding non-cash straight line and FX impacts [15] - Adjusted EBITDA grew approximately 5% year-over-year, with a 20 basis points margin expansion [15][16] Business Line Data and Key Metrics Changes - Data center revenue grew approximately 14%, contributing to overall revenue growth [15] - Organic Tenant Billings Growth for 2026 is expected to be approximately 1%, with a 4% growth excluding DISH churn [17] - In the U.S. and Canada, Organic Tenant Billings Growth is expected to be approximately 0.5%, or approximately 4.5% when excluding DISH churn [17] Market Data and Key Metrics Changes - In Europe, organic tenant billings growth is expected to be approximately 4%, driven by colocation and amendment growth [19] - In LATAM, Organic Tenant Billings is expected to decline by approximately 3% due to elevated consolidation-related churn in Brazil [19] - In Africa and APAC, organic tenant billings growth is expected to be approximately 8.5% [18] Company Strategy and Development Direction - The company aims to drive durable revenue growth through mobile data consumption, which is expected to double by 2030 [5] - Focus on operational efficiency with initiatives to reduce costs and improve margins, targeting 200-300 basis points of tower cash EBITDA margin expansion over the next five years [10][11] - Capital allocation strategy emphasizes disciplined stewardship, with significant investments directed towards developed markets and CoreSite [12][27] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the long-term growth potential driven by mobile data consumption and AI applications [4][5] - The company is confident in its ability to recover value from DISH's remaining lease obligations despite the short-term negative impact on the 2026 outlook [8] - Management expects a healthier, well-capitalized customer base to drive future growth [8] Other Important Information - The company repurchased approximately $365 million of common stock in 2025, the largest buyback since 2017, and continued repurchases in 2026 [16][27] - The company has a strong balance sheet, with leverage back down to the target range of 3-5x [16][27] Q&A Session Summary Question: Can you provide more color on the pacing of activity from carriers as we enter a lower contracted revenue cycle? - Management noted steady activity levels with a higher incidence of new colocations and a healthy amendment pipeline, expecting the majority of new leasing to come from amendments [32][34] Question: Can you provide the amount owed by DISH? - Management indicated that DISH represents about 4% of U.S. revenue, approximately $200 million a year, and they plan to pursue litigation to recover the amount owed [44][45] Question: How should we think about M&A in the current landscape? - Management is evaluating opportunities but noted a disconnect between private and public multiples, which has kept them on the sidelines for M&A in recent years [47][48] Question: Can you elaborate on the cost reduction program? - Management highlighted ongoing cost management efforts and the addition of a COO to drive efficiency, expecting to achieve margin expansion through these initiatives [77][78] Question: What are the expectations for property growth in Europe? - Management expects a record number of new builds in Europe, particularly in Germany and Spain, driven by strong customer demand [80][81]