Crown Castle (CCI) 18 Oct 182018 Q3 Earnings call transcript

Good day and welcome to the Crown Castle Q3 2018 Earnings Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Mr. Ben Lowe. Sir, you may begin.

good and Jonathan, you, morning everyone. Thank joining quarter XXXX for us today third our review we results. as Thanks

On the crowncastle.com, results this Financial call uncertainties forward-looking Executive morning of the supplemental are Jay Brown, which call contain Investors the subject which vary and expected. assumptions, those will statements, SEC Dan discussion, actual results could have section is Crown factors risks, will refer materials call available the press to Information throughout in and Factors Risk Officer; website filings. Crown conference in the are the Schlanger, section Castle's may we our Today potential Company's morning. Chief at from This Officer. our materially the certain we posted about which and and Castle's of Chief release affect to

October made and update forward-looking statements. today, Our obligations statements assume of to XX, are no any XXXX, as we

Tables addition, at today's non-GAAP section includes certain are discussions the financial the of In financial call in website Supplemental Company's in Information reconciling of measures Investors Package these crowncastle.com. available the measures. non-GAAP

with turn it over to So that, Jay. I'll

Thanks, us on morning. for Ben, Thanks joining good this call and the morning everyone.

we than decades, in route growth. two an last of U.S. established markets more top the the Over of high portfolio the see XX,XXX long-term greatest unmatched XX,XXX and fiber towers have miles capacity where we

to in infrastructure, important On believe represents solutions a U.S. call, we towers, the things. the differentiation to market communication fiber cells, of in shared two best wanted a this and customers believe to the to continue We market. provides I ability and small to combination valuable highlight world earn our our offer the

we to activity and future to positioned continue growth. invest new to and opportunities accelerating invest we tremendous secondly, dividend in in will assets which leasing First, capture cells to believe growth. has small And that generate driving our see strategy towers fiber is us

growth. dividend to our point, strategy executing consistent the is on first On leading

contract AFFO increased dividend in growth by X% $X.XX to we be per per growth with XXXX driving we in in which annualized in is new on in The As new with leasing our will the and each pipeline based to common increased our accelerating this quarter stock share our line see in share, believe year growth part has expect is we XXXX. what of business XXXX.

to growth positive As we the continue the up expect we from XXXX. we our $XXX we million new to XXXX. which which in XX% is leasing approximately expect generate higher expect than trends contribute approximately million activity leasing in expect $XX cells shown than small as see in we in outlook, nearly towers is million to to XXXX, to $XX of expect the million XXXX, Likewise, $XXX new more XX% in

the be in now in subscriptions North compared since and fold metro as will current XX% XG. remain the estimates in are assets their among to for XG and network. that option believe customers to their resulting needs. increased leasing small and networks to result is the high rollout for up located America inclusive for growth. by the and dense four the trends of stands year environment America compounded the of just working yesterday, and XX% lead increased XG will networks national great the growth the of services demand way first world our densification with we to services continues XX industry XXXX by expected currently traffic the to effective between in growth and megatrends have pipeline a data attractive increase well we at these of to to North for XXXX, nodes underlying and networks. nearly by communications an resulting XXXX, in the will per Underscoring approximately customers globally. of Crown all-time portfolio infrastructure be large of for to our require constructed over estimates, of most wireless XX% by the is In XG fiber and ownership, cell cells carriers from cost new months pace at mobile XX,XXX, keep our According in mobile acceleration to position announced time our all and increased Carriers contracted And addition substantial a XG activity through in expected of with how Ericsson This In market we all these fueled which writing data This account last Castle year. to of revenue of center a grown approximately data eight across in is dividend dividend towers a deploy the mobile the volume commercial the U.S. high is position of near-term X%, the both our deployment activity, next and capacity investing this XX towers industries small U.S. operators annual XX% grow, currently. rate staggering

early wired critical will second metro Turning fiber, we cash flows per of huge build drive networks. opportunity dividend wireless share. long-term we are that with new we’re high significant about believe assets to for making very become and we the the a capacity thing, investments innings excited and growth in which has are the to We expect in dense

where initial our for demand the initial very the X% of Over unmatched customers. more and see we the top high we on yields XX,XXX continue of to we years, returns the our to than of fiber built have portfolio fiber route mile greatest last acquired with multiple attractive tenants. X% Consistent with several see market an investments capacity expectations, in long-term first from

future which growth. to the similar increase fiber expect drive dividend more towers, on our Over investments returns will to add as the we to these long-term and we customers assets,

multiple attractive returns with generate We sharing asset same and are using we across out playing to it’s expected. playbook than we used the the better tenants towers by

time, $XX,XXX Looking this per year. increase ago, significant a nodes seen we goal At years adding to was so as deploy five and to nodes be an we year, the about capability. X,XXX back were per aspirational had able

ahead nodes to goal. expect exceeding our we Looking between and deploy XX,XXX aspirational XXXX, XX,XXX to

fiber fiber had time. both cash we access our while the our and fiber small Our our assets, tenant similar to we with on in X% we the team from of on saw utilization has fiber building the expect a cells is are yield tenants tenant. dense expertise portfolio by current to double capacity into of seeing a terrific flows able grow significant job nodes demand small capabilities the margins to existing for customers done we capability same deliver in yield over more meaningful single Further investment on at and to collocating that cell out By have customers are high same portion XXXX of multiple to towers ability our the asset when fiber only tower With fiber than mid need one from incremental will what fiber solutions, high-teens the that the on growing leading that networks a can solutions increase proving the that our we the metro current existing tenants scale. we expect in yield collocating additional to deploy is high networks. our model, generate

All long-term this believe fiber our investing increases our continue of conviction we new assets will in to that expand opportunity.

to is positioned opportunities activity tremendous So I to in while to leasing capture annually. to to And invest call and over portfolio is And with which see Crown high grow X% in our towers, fiber X% that, returning turn will driving capture to us quality shareholders believe this dividend turn operating to this has over through opportunities the accelerating in unmatched strategy consistently to positioned these new dividend long-term growth. continue to best of that we further our closing, With I'll invest Castle assets and that a Dan. small cells the capital in assets capability, immense strategy long-term. expect we

Thanks, Jay. everyone. Good morning,

in XXXX. third provides quarter had great to quarter. we note sets for another strong solid a on That As and Jay XXXX up us results mentioned a foundation finish the

XXXX by to AFFO to led share see we grow our per by which in As initial the us same expect outlook dividend amount. can you provided, increase we X% the

business benefit and midpoint internally These quarterly each approximately The acquisition. continued of from are it were straight presentation high quarter impact cells, adjusted $X of associated small third quarter guidance AFFO rental our with some take and for our we of million reflect Adjusting revenues expenses. position EBITDA expenditures outlook. the website, expected the our to result by benefits our million of to the our of intention third midpoint offset with the sustaining a site EBITDA on quarter, rental guidance quarter. model X now approximately our of align revenues the public consistent ability revenues rental for end towers, adjusted partially longer will Further, benefited generate we not were and which adjusted did the in EBITDA exceeded results managing site the in activity these lower leverage occur Lightower Slide no and our line leadership straight in prior our solutions the revenues, in well lines items, of communications strength our XXXX AFFO in to growth. Beginning $X revenues, Starting from we the from the additional compared benefit million across exceeded third line higher approach XXXX long-term did outlook of When U.S. range. expenses and quarter to which third the contribution fourth additional approximately the as while exceeded term with during while site outlook, results. prior for straight of business, leasing primarily AFFO provide with from as capital the $X fiber to and

business excited that quarter were our leverage week rating attractiveness committed our believe stability balance term and that terms earlier remain we flat, a the Turning the reflection we of investment the at intend credit to ratio credit and the we times model. to upgraded as finance which of this BBB business of finished five point, grade is our X.X profile. senior we unsecured to Fitch To sheet, longer a maintaining with debt-to-EBITDA

are our we our over six have rates than past, only debt a seen weighted of the XX% average increasing duration With of balance debt. sheet we the with with interest years recent rate and pleased the greater floating structure of

line full demonstrates revenue and our higher our X% unchanged. outlook future on highlights to AFFO. reflects will the EBITDA, share Staying outlook expected the while does $X.XX midpoints, for This to straight AFFO to outperformance year new while third the XXXX to site straight additional acceleration from site XXXX XXXX to by better for that expected $X.XX I some as revenues Meanwhile, leaving not revenues moving in drive investing of deliver growth is the increase and to from activity targets than the adjusted the X, increased to unchanged revenues our offset XXXX reflects AFFO Now outlook the the revenue increase while on growth in Lightower remains rental in share our expected our per AFFO growth. full resulted combination and annualized acquisition outlook our the dividends line per $X.XX from EBITDA of year from in to than a quarter additional Slide X% Slide contribute site leasing expected higher at XXXX a we supported X. The and midpoint increase from At dividend increase mentioned include expenses, adjusted $X.XX. performance earlier. rental that assets in and by the ability rental

small expect fiber would long-term, which future lease the Over customers, add share. will on increase our the we as the cell assets a returns significantly investments will dividend to per expect additional we and we

levels. million of consisting Moving contribution distributed million. now up revenues million approximately organic midpoint, in $XXX the $XX offset to we of activity revenues approximately XXXX point of Slide million XXXX change by at in rental from of an in points, acceleration Organic revenues of to mid site $XXX representing in by growth to line X. the growth at rental straight new the expect activity At $XXX XXXX, leasing XXXX in $XXX midpoint million from site

XXXX, midpoints the at new be is from activity for for million earlier, small up XXXX $XX fiber $XXX in million $XX expected to million from up mentioned outlook, a $XXX XXXX. Jay million towers, in a million million of in solutions As XXXX $XXX up and $XX in from leasing for cells,

offset our $XXX approximately the $XX in $XXX we Growth is non-renewals single fiber which related consolidations million includes on at midpoint. is consists growth and X% cells, growth tenant activity rental our contribution escalations business historical in towers, activity, to The contracted approximately solutions. to wireless from leasing approximately digit decade, non-renewals growth solutions revenues business business. midpoint in and cell XXXX of than organic $XXX to non-renewals, X% growth X% on new of less earlier of contribute expected half high from growth growth in the this consist carrier XX% XXXX. fiber over our X% end Expected from occurred new million that million the approximately approximately site of escalations expect to in X% to also addition range, approximately tenant and represents small In by year-over-year approximately annual small resulting from non-renewals our of leasing of X% organic million tower on non-renewals at high at

an X, XXXX million at Slide expected in leasing and $XX midpoint outlook. of to increase increase associated with to from in approximately revenue of site at approximately the on typical is rental million cost a in combination contribution $XXX offset of new to walk growth escalations through Starting accelerating This is left partially expenses. of I'd business expenses expenses the growth the midpoint organic to the $XXX XXXX our direct Turning the AFFO like million activity. the by cash

goal shareholders capital in financing leasing driven negatively from XXXX or call $X.X offset In our million our that, dividend as shared believe us accelerating by around net meet in $XX of the Jonathan, Summarizing from to higher activity approximately in from to our leasing unmatched questions. be levels high extend long-term our in to quality towers expect billion average per XXXX, uniquely million communications the to infrastructure network approximately return to to to costs expected XXXX to expect I a $X allowing business. of our our X% like rates in expect dividend around our customers. inclusive X% be in the with form to case, growth investments compared to from assets in in contributions to assets of discretionary deliver approximately to activity higher expected interest XXXX make we results, right, by $XX our expenditures. by billion growth by closing, AFFO to The capital will in floating of capital AFFO increase to mentioned. the XXXX new $XX $XX well we I'd we of portfolio interest items, expenditures to share expect average financing the contributions higher XXXX, affected growing we us just while to Moving when that million the we of of million is funding X% and open With $XX opportunity. million related annually, related financing capital positions finally, to in rates costs Similar the services as increase costs. consistent overall the And by this XXXX XXXX other increased approximately

Thank you. take from with [Operator question first We'll Morgan Simon our Instructions] Flannery Stanley.

then, second on Is you quarterly there versus through guidance. the you'll the FCC moving you to the us about next C-band? the about those more of a portfolio? year? the in of or years? any that's half cell you drivers, of the And out been that's talking Just spectrum you first think color give little Or on leasing you anything pacing or term Do unusual CBRS Can get XXXX? do long Can the the portfolio color lot half the any has give few bit the both small see macro for over a and tower the for just on marketplace. us think were

would XXXX nothing is loaded, services. quarterly Hey, morning. XX,XXX that Jay of first really some Simon, we're would pacing, talking side XX,XXX site back one. that and take of the we're one in the out it see to either nodes tower expect say we cell I'll small The when about good hand other on the or than but second point to over there's I pacing a to general nothing the pacing there's typically any and on end revenue small turn terms business to than different little through what we that to be the a cell seeing for

have look question to deployment the winter, and days back the of over increased last around couple that the owners coming for and hold Thanks market of if now leasing spectrum decades operators spectrum, you cells. commitment tell there's Anytime that the I would you and see of infrastructure new you for been a from have the the or you fiber towers Simon. small the best activity. business the

at, globally XG, it’s the a additional deployment the how to as FCC spectrum. So, of do combination is densification compete we looking with regards of I and network think

Some of of it. spectrum haven’t is operators deployed that fallow in currently hands that lying

the out of into trying it that of is figure and way looking hands deployed FCC the the spectrum operators. get some to And at, to a

of think point kind of longer I and those of both expectation growth. to supportive growth our are of long-term a runway of

impact think both think we macro probably I around sites, Specifically on small both to on long-term would than assets. macro believe, cell. but to small cells tend CBRS activity contribute will C But will sites will band, on and see see it and I we I a we’ll at bigger activity

Niknam Deutsche take from We’ll our Bank. Instructions] Matthew [Operator from question next

you the fiber? about more rates. discretionary in organically. one about investing How does on rising investments talked you’ve Just particularly think change environment I think the way

in then business evolves can grow X% environment. longer view So range broadly, I’m you rising X% to to -- And just given sort this in of continue guess more the term of move you the sort rates? I a wondering, how think the how rate

really benefit acceleration long-term our discussion, time. The we impact small because increase for not impact Jay the business. it’s in business, all over cell think of going returns to investments on rates amount investments the we performance any discretionary doesn’t that just see, we capital, on those about our pointed we’ve think we see in about increasing those investments generate shareholders the those our And That seen we’re the as all way his out will rates. have in in and so trends of us continued fiber recently the excited cost exceed the the even at with far

So think continue to in from and investments would a substantial increase any really would us. those here would we rate change environment take that look it that even good of be thought this pretty -- that from

So far would period business the the think to did mean us. like is excited And investment impact XXXX and it’s that as really in single any wouldn't not But really as I long-term about. That anticipate can accelerate? answer we it for about profile doesn’t anything we happen. that it continue to good yes. feel the

pointed we The expect we in now. mid what what that We that’s -- out, year-over-year, with around line for grow to we business XXXX. small business growth is growth fiber As single grew think about we’ve that’s solutions while a in talked is XX% cell continue. growth. think will around digit -- We X%

for the multiple same think it the us the markets that to attack we think and generate dense in of will our capacity we put assets, together So, with really the long-term. gives great continue growth high way assets to we a us position metro assets,

you going of given collocating. terms If in a the just XXXX little past? give maybe bit that meaningful that are set XX-XX coming a us you’ve nodes in of estimate the in online compares up, the how portion follow ballpark could also a are Can you of be to us I to mentioned

different. not amount a such that really It’s larger just lot pipeline. a is higher, a the have It’s lot because we total

early new the to small encouraging it We’re total cells, Because as just build collocation in still then up, around we're of has gone we has us. assets new XX-XX for investment those place But we just collocation been means very lot back a will it’s put amount are that, which anticipate cycle. to coming in now out do a which assets. we and still while building on this in markets we're getting how given investing

go doing years number one of if or we you years three two the think three were to we're exceed collocations at deploying that of the four to were now, it I Matthew, it the and of nodes is, total to would ago. back way look number frame

is, XG we've So, growth their continuing seen we that to deployment model more the assets carriers significant in the only We've the Dan which follow across which also of both have comment. collocation as invest and grow seen not markets. prove in us around opportunity and out seen has but we've given and I wireless returns, conviction the terrific

question Thank take our next Barden you. We'll America. Bank from with David of

the inputs guide. a the just guess I of couple to on kind AFFO

I to the wanted raised question related of billion second think what I sounds implies of Dan of $XX just billion costs point the XX% discretionary raised -- funding the the that the related color being a to rate kind cost expectation XX $XX is in to that about basis the for with consensus one a XXXX. I sorry, then was Some expectations of would being of variable It the X.X a on to at funding, pretty understand hike million beginning year? the X of, guess, shape or Is that. consistent the kind rising the middle us million is year? the related into rates. And help here that kind verify is CapEx. that.

Sure. Thanks question for David.

very first is the question, we is On as it which when our put of XXXX baked out recently. into guidance what curve we together, forward

which XXXX ballpark interest our of about in think you're of to it's So, curve $XX interest talking forward a million rates expense year-on-year. what future but add we will it's about, the through just

our in into AFFO. to when there mentioned to billion spend dividend but going know. when have We're we that then And have would based anything which $X.X we're generate we prepared you capacity, extent air to added over higher. the generate funding going nodes additional of keep mix debt and in, all about to that that that to use On times capital EBITDA how range. around in the to will more million assumptions we and those on remarks, funding, externally funding is XXXX. is the on And we when and five of really and are that, to come fund out. the net I going how all would to $XX else put have our out issue of have baked course debt the are it that as that we then assumptions equity those the we're lot when going on EBITDA of The and that are and because additional we assumptions ranges it do we as plays see is to how There capital for

guide stable count. implies a the So, share

it base case the that the primarily over $XX year? is of the then So, financing to assume is, safe million expectation to is that course related debt is

looking looking all may on with all keeps I want do our were our lot that And will just capacity equity to that where we’re point XXXX. how that investment have we’re equity capital in how going additional X financing would you as do if discretionary times fund how extent grade what in that very be way is, And we’ll into EBITDA, we we’re something some it happen. at a we're at make the at that ratings. to comes fund to around we and that assumptions think again, of it to to some some and fund EBITDA. go expenditures capital our all I keep we philosophy let we debt that our of can to point We about maintain a say some And -- us the of David, Yes. going know, and we’ll going. to have have together funding the to that overtime into actually of a is diligent timing debt

maybe driving of the other where you’re and think maybe kind this David add way is toward. I to

rating, in that we those as XX. the grade said, factor maintain how around various into finance business we to our the factor credit As Dan scenarios investment to need we

per growth. can So, on dividend our which deliver to intention be share, and the you would the AFFO calculate

be on funding us funding net in of to deliver expect of about able XXXX on We we a in billion. that given a front $X.X basis, to that, expect the about

guide. So in that various financing scenarios the we’re factoring and giving

We’ll Markets. take from Jonathan from Atkin next our question RBC

on it? or or has couple surprised or in versus e-rates One the bit what’s little the escalator we’re of it’s it’s NOAs? questions. business And driving appreciate a quarters in. on or maybe can that What Is extensions guide wonder you term next you now whether in interested the product if and for from what upside anything cell backhaul I’m secondly I year, a just fiber off or levels drill would XXXX So mix, down of of kind around the segment, that. the that then two downside mix terms not site enterprise little a that into

one for Jon. I’ll one. Thanks, the first second over hand take the again, Jay it I’ll to

X.X%, tower the below and no anything would On it’s X% fiber we around businesses than The not escalator small different on an and it’s has escalator, not nominally escalator. have solution cells still expected. basis, just

change on escalator. basis any going a is business the for So percentage into mix, that that’s

Jonathan. question, second your On

has As portion look year at particularly in a we performed What business of business Lighttower would expectations we’re what the almost with the And that is line largest in now our since the that. acquisition. tell I you integration all the of to the seen been with delivered the what where on business the line on over integration front, expected of this track. in And as are, year. perform. we have right you’ve activities We’ve course

bought provided the and financial largely we performance So outlook that that’s asset this when year we integrated we’ll with think of in assets. the out the with come we line originally

the to to able collocation So what achieve us I been of necessarily level We’ve said on multiple made, to plus as big the we’ve side times has anything is point we surprised fiber. wouldn’t that surprises. that

done we from investments, add we believe we’ve and we period collocation be we’ve where about a underwritten XX-year on cells initially faster towers, what year. rate business. a that small that’s the what has in about When X.X to seen an very to certainly taken over these is time than tenant actually fiber when Now that approach assume rate. into we we’ve similar of at one that And collocation But anticipated. what the or occurred higher investments we with particular, that’s case made twice the we’ve per

collocation return of fiber hospitals, the and driven fiber e-rates is which customers, on leasing cells of year fiber of by solutions are mix the ownership. customers, the small first And expectation of referenced deployment et originally deployment assets returns in significant line cells in has and fiber we what schools a and standalone the So, than our part driven total to performed cetera. and of the business you dark that’s as other underwrote. small enterprise and that in rates the that things And customers, with solutions higher at

just demands up and same customer larger carriers? big kind it the by customers And just but leasing small concentration could terms of of the next the principal customers? more of set macro overall same the expected follow the then number four across is and a broadening Is I the briefly year. cell in year Or set the activity activity then if expected site next activity

of have we over but the are from activity which small are part a number that we nodes of the operators function on seeing also as early in XXXX. we the That's increase the cells. we talked seeing new saw of turning The of the all business. in year number are that broadening We both course four the contracted on nodes year-over-year, in

to markets if NFL cities NFL roughly, the Some number expect almost what the the nodes that of of cells the of deploy of we're years the all move I ago we the the some in we is was I base is and couple NFL the to of it activity a top this took XXXX of top small there increased think those And couple the majority that's But then beyond start markets. cities, need deployed. quarter to I the a see out the carriers driving exclusively the XX and and to U.S. that that accelerates seeing ago markets, which But for even broadening see customer from really the into of Historically in out moment, of and related had level expanded the think them activity cells. concentrated in vast and markets where and in to recently, broadening those a vast the the which to of really as beginning more you an places would a quarters cities. was XX top focused has are mentioned expansion majority small continuing been at was what activity. are of XX in of the deepening be activity

Company. our Synesael will and question Colby take from Cowen We next from

off as And obviously just faster you presentation think can And Lightower I further then comparison? do -- fiber that even there there number they have apples-to-apples in to? time end, carrier small going I secondly Is that to announced, than you you in next anticipating, to slowdown X% the even the year. your back also think that they about are X% to are go the me, to comments a you on that you wanted in an any in that it decent I the than are sense to you if terms than And a that does Or at imply say comment And excuse get have if going relates that? that grow guess that required I it as so that today's our was misinterpreting through first that’s the do how XX,XXX business to of just XX,XXX think that guys was so, anticipate heads. flipping why? am was just growth? cells ability in if a growth in out from And to I employees because needed the a are deploying and faster XXXX, we what's than go level. perspective, and that further, expecting

we guidance. also merging going year the first of we in other at companies mentioned The gave Crown guidance this one, own this think has course bunch numbers just by we business, time. are things which integration the Lightower, the before with we really one have been have last has to ability something that before into are and it's Lightower fiber been we our itself. same the business and and an year testament talked that about Lightower that we the of And people merging are owned model Castle as is been time a of Lightower, those the the earlier, hit during integration in Jay working in like that I through and to put we complicated but we out that a On but business something hitting I the of the before the first a actually impressed impressive coming

all growth that expected that we're talked and for see the we in and assets the expectation going with how will And we to we've think can it markets we higher, but as the it, we while. continue when forward, other the make we line historically as and mid-single-digits that and have in a assets those going look And were or bought generally about forward. expectations mind. what think is and incorporate mid-single-digit that we into something the effective we hope we what asset that's growth on fiber So we businesses push fiber at that that right bought the we expand perform

things with to think, that Colby, regards to important on I answer probably question, second are question. two your your there's

talking XX,XXX structure. XXXX First, changed we're specifically capability, the materially in change our about without current really or we around the can significant XX,XXX need cost operating nodes handle to that to our

these that build the year to our on But have work before can cases business they nodes. well the assuming in get turn to of These notes from up. are began a staffing and associated work XXXX, in that normal we're we're in XX to not it XX the escalations due to those you months sort outlook the given capabilities, takes see providing, and costs As those with XXXX in calendar done. place for while capabilities been while

a at it's going cells, to to broadly publicly of a I small what we're standpoint, So capability think to I the XX,XXX think If that think seeing. the have to accomplishing staffed don't we're more if the year talked get around the opportunity level about nodes moment, provider the cells anywhere we, carriers I we're appropriately close from customers, XX,XXX densification have, going develop that's their opportunity required and the we choice XG. to I our both going municipalities our the operating and relationships small to we expertise, about And be needs capability, I assets for as our be for believe and scale. with the how believe of the based on that activity

I that based as our were longer the to comments of continue is Dan and And and larger that continue our and around think the periods and So getting to be we're opportunity kind participate which wireless in I term we to to in want and invest, operators. be and intend desire interest guidance commentary of the would the outside scaling getting on that. and choice that the we is of win belief expect and provider to -- to making

some opportunity materialize. but at come view, order that if follow with needed, them resources does add the if term will need about the to returns increase appointment extent point I'm to an that's and continue to may cash continuing this and handle flows longer additional to we right then in that, that we'll the So that in to appropriate

the So we'll have it good to have capabilities certainly even and competing make short-term, if opportunity to we to organized longer the does, larger. in And staffed then think and we're deliver we're ensure adjust way shape we're for I pretty in customers. to that terms try term, of

accelerate. And we capabilities mentioned one our Colby, the other customers was to thing, of

of to of infrastructure customers. and being that faster I all is, faster, our benefits figure think model benefits they our we'll way to go the go shared one of provider business if of want out a

pay they because way it's somehow get small XXXX then nodes, XX,XXX to share costs, then our them on them in to upfront multiple those deploy share they for shared. cells economics to the we'll the or really have to best scale amongst or out because And and they gets cost that is that's the small don't more figure to business. because we've XXXX are the helps cells happen, make shown that customers XXXX, needed to and So XX,XXX ability that us

think that we’re as we option that Jay business we was about, trying happen. line our So, the is in become making accelerate for to talking and best model that,

Ric Prentiss with next James. Raymond our question take We’ll from

items. I discretionary had the a CapEx couple on of questions

as you as You billion mentioned far up? where end billion I think you’re was going What the, X.X X gross, think XXXX net. in that to

the same Ric, in the it's same about It’s ballpark.

us as be versus much we as you XXXX, And how that X billion about help Okay. can cell fiber? towers might think as small back you for think that far peel versus

$XXX about rest or and million the It’s tower is Yes. fiber. in so

you of total asset, fiber fiber As the cells. the know, It’s it. small really down so between a we in it shared is remainder fiber don’t and is break the segment

does this that capital, And discretionary? is not include right, all the maintenance just

describe relatively here, to cap begin so But giving the maintenance is ranges small to Yes. that, with. we’re

are So, ballpark figures. all these

So this the range. is all in

back that of contributed much small And fiber? range cell coming versus back we by million think is being how you tower about then about, carrier. when XXX the think from How should

capital much total It’s similar how a probably the breakdown is. between

all still the in the given you mid And then up contributions? in together, the prepaid ’XX? looking ’XX amortization in think and rent. of we all like of then change something goes to the it's And in million Are should additional XX kind questions that XX related number capital

rent. that same amount ’XX. the in it’s same about It’s and is contributed to same years years, both $XX growth And the in and the prepaid in the range. both because about capitals of to talking the about capital growth. in we’re $XX million same $XX ’XX in going million million because be in It’s range

me. for on it’s Sprint and a questions hot one T-Mobile a get obviously last there. lot We topic of And out

Can revenues out left. more of because macro much lease I or to total your break might think of mentioned where lot a be? rental was people your in be you seven Sprint thinking towers that you are with potential churn the on years your exposure might revenues is XX% how supplement, Sprint

it’s Yes, no difference real that ballpark in There's Ric. that. between

macro the that Yes. So for XX% Sprint contribution it’s around, it’s to business. in range our

Barclays. from Rozwadowski next with question our take We’ll Amir

operators we’ve of putting over sort the I step of the a see do then folks see of of the fiber of opportunity. going folks we up reduce couple the last a years of as terms sort up the FCC and small sort that Could rate? investments in in the by capitalize of and in quicker this a here? forward pace and building to How have deployment. you deploy cell made questions try clearly of on by the lot of mean, you some assets some seen to come And One question. impacting necessary timing of for I further at place follow-up terms out the deployments, regulations new mean on opportunity to you

of you technology? I forward, with differentiated As share mean to at a we network say that I opportunity faster to completive a capitalizing evolve sustainable the that of and going folks this clearly very think as or should about anticipated. greater opportunity deployment very differentiation had than provides small type a embrace Do going cell believe start rate this collocation is you you

localized your very and I On deployment be first going is small cell Sure. to question, forever a believe business. both the fiber of

timeline, wireless is the some and by expected to to are the and helpful what which underlying respond clear to deploying and to to ourselves fees in industry order the associated forth making of the the carriers request that. right to then do what FCC So public municipalities with month did are setting last way

it of way sensitive the it to in that and work a gives aesthetic the of the local of needs community. continuing manage sight as ways of it both negates So, terms line in are necessity with importance as and the no cost the and we clear does But the infrastructure us to deploy what timing. municipalities those and in

change assume deployment month material and in cycle. wouldn't that our a XX to look see to I we're that at XX So going

helpful where absolute basically the been way. they've we right of cells fact, problematic public the of In some we believe small the to of the will it and in result. in is deployment municipalities and blockers believe technology don't that But that fiber do deployment

our see may deployment but order moves able we've customers is a district saw think actually university, who's thereby means well XX cycle the scale small in with on cost invested looking asset and in to term alternative cost shared customers it was a as past of we of And have towers, for to expect be earlier is the will that deploy the the will be little cell. what I day. greater helpful U.S., the win So fiber wireless view benefit, school that fiber deployment top second over the that lowering they That FCC whether whole the what those in to we we're it going that and and like fiber where shared should look as et the very wins as ultimately which as low provider, portion to cost will low mentioning is the of provision I and And that your carrier are and timing local just across and of the very of some lowest the the the the range, the markets them places, cost customers us long of the the fiber. deployment, XX bit network. visibility an we their can multiple do you months cost believe the attract or in low continue asset deliver this in customers the look larger additional of our own similar cetera the moves On at to gives XX level. markets to and across on approvals deployment economics what of question, we to is a

model the that we top the that an at we're portfolio have of invest collocation that for to more And we assets continue such own to just in, capital to the markets see outside transition assets we or that we may that far. model. the of As we expand choose returns thus us the done we've opportunities in look we the opportunity towards are it the be may build and that markets see

the this mentioned fundamentally we've returns in that it's towers. returns and the my the we depends a the customers expand out positioned we believe excited asset financial to it continue and early to many way we're around what is we clear it benefits it drives tenants shared in that comments, was into are and as on increases how provision is seeing assets whether that having deployment the develops we So to the assets what cost as the at business as is low like business and when asset business model put relative where And the days of got that's to ongoing play in just our acquired and I possibly pretty just has benefits that the are, date. we're shared this where can, been goal market place schedules footprint XG. utilize the that But the as about us on or

And come bit try talked that the a as a and to to to a pretty Jay compete especially market. hard advantages, sustainable to price try that that, expanse within of to of out, have little fiber try you on broad fiber and the quality about. pointed compete we It's add network capabilities to and overbuild and all do in on compete on markets Amir, have we have in just believe where we built and

to and it. advantage So maintain we this if on would press and as it market expands think we it hope that believe expand, will, I competitive

we're the are already a Jay we As we especially markets we that talked markets in, invest in that really spot. in in about but good think future

Deo with our Thank MoffettNathanson. Nick you. from We'll question next take Del

go that nodes QX of your months. to said you air approximately at cell if after the First, on XX time, on small know backlog back had number that your XX XXXX would XX,XXX guys you air to you earnings about we call, and nodes double

the So, what for been have know 'XX, to. revenue guided to it base, installations, with the we drive small you to in in those excess those don't still cell pricing compared an how like in seems exact but installed it nodes would cadence increase the or of sufficient

cell So that also wrong on roughly revenue small node the speaking notion can alternatively, what you count should talk with there's doubles double? you're about bridge air if might Or a your bit that something if gap?

over things has it our growth then if double in you revenue at years at couple that think happened to. expecting terms and cells, from that revenue in from that look in you look last basically the time. the a at would you period over of look small So we're about growth, of I XXXX, Broadly, is and what couple revenue point growth revenue of a growth over XXXX if

come So that's of that, that thinking it. one about way

a in to we would I put as both talked in you those of of is period figure to when things little on where And if you'd timing way numbers both really affect in out can to the XXXX. pacing XX and air, of way look about one where were pacing at impact the falls an couple on those and could trying to that point And deployment thing, two Second have, of the then point also the those months, have a bit of the that. could dollars the The you that falls, average that XX a out came depending have fine or pacing other. that XXXX fall out. of million on cycles to that

all haven't call we this time. a I've the period As return about, of standpoint, change talked several from morning, on that this seen at returns over year

haven't a we pricing seen as of any in real So that. change result

think indication we're this then is, fall the second I you're thing, that nodes. best and of on this front how when differences in at the year. I a mention portion some the year, I this year-over-year bit doing performing you as probably probably XXXX on about year how pipelines the last falls, in our I looking not statement is relatively obviously towards point nodes of additional is And Last small. a we're XX% this of think from customers would up winning about impact made my financial and we're the to comments, if the time timing difference, I mean So just calendar pricing the XXXX and talking it's when activity in half of of

that believe because on best that's provider the market us and delivering customer they in goal. able the us increasing be we're activity in levels the customers and of giving resulting those we've So, to the to made we're deliver on commitments

what activity additional if we’re look as you you the which business So look growth, then at revenue if I look think stayed have same and customers. from seeing at the returns of you at and kind

expected fact the those this of all pretty deployment we what it’s that up looks the think in in additional like signs a performing to at with the point business good of ’XX I to is terms in of line year be nodes. shaping point

that going fiber we be segment fiber and maybe this small revenue Because on rate they quarter. like should swing we of? that and like out revenue teens credits grew was know the cognizant something rent. that growing that anything there cells And we be less that, be backed looks that settlements and solutions the about segment assume is or sequentially. a there But one would and is things in quarter at can a pay than It business down more percent should that are imply can fiber a stuff on I there flattered around. If about they’re sequentially X%

want the call actually nothing your be range that range. third or are happened trajectory going go in be has but nothing huge or stair we really in in borne that step, move, would quarter it consistent to, I We quarter-to-quarter moves. clear. not guidance. you’re would like there’s any on this would out differentials speaking, going in Yes, in the to if pull And pretty exactly is quarter-over-quarter rise generally else growth about that we that go think there to a out talking there, that that and think And that that’s it mid-single-digit been X% your, at that attention do to Nick, of to would look in may the there’s level. we it’s really would, we there’s pretty make business up nothing But XXXX of our way there, year-over-year. But there shouldn’t put think

our take with JP We’ll Cusick next question from Phil Morgan.

for Richard is This Hi. Phil.

to we cells XX from about it the your Given seems meeting to we XX be that and the come might commentary of Should the to online, like, small something backlog these and the might amount ramping higher. OpEx and are we the think term to and longer as on it. very should about impact So good? how are CapEx that it’s worth expect come returns up opportunity CapEx OpEx? be But

for question, Thanks Richard. the

the roughly. air, about of are XX%, as neighborhood put these nodes On we the the in OpEx margins side, on

see the going we So be with expense nodes. track to there’s deployment those, that with of operating

XX% Specifically, about as we’re on collocations. our Dan what mentioned putting systems earlier about of and are XX% new

there a OpEx. probably in somewhere CapEx on of air impact think I turning the 'XX guidance standpoint, be spending is about and neighborhood a that blended the of the in in on So From will in capital of about terms basis, OpEx what direct we XX% we we’re XXXX. talked think right or

level much business seeing And further leave If want you’re beyond that you you to how I’ll trying I to start currently. us to than the of that, in we’re decision. go scale out to think terms have to that the you scale make

capital scale round delivering to to you the that, think specific I And can would I of if adjust decrease maybe answer. it's relative year. I last For assume a deployment and to I And would scale per a you without that’ll a a you that want I then on cost a or level of the guess OpEx for amount a give that like place for you. talk out moment appropriately to see there, that. guidance And the have the down to it the would think then increase up number around having good that believe at those we’re activity, like cells. component from be be give in from pretty the staffing the capital but we appropriately, of to we’ll to there, We scale difficult small XX,XXX levels we on then structure XX,XXX if or sized the side,

ability are be attractive say if those they and I as and we returns I investment happy we and then are our additional think the to will think what nodes, around to put would returns stay is, if deploy to the they now on pass the as the hopeful continue we we pass business. is or are then certainly are if going everything opportunity are to But would see not opportunity. on it investment we holds and

around if the has We scale market continue to will investments the happy opportunity the be to to. deployment capabilities make to

my bigger you're a implying guess I was more backlog. I opportunity seems that question --it a bigger the like Am that there's and way? wrong you're seeing taking

no, a are opportunity. seeing we Oh, bigger definitely

calendar my just to rather I limit XXXX. year -- comments think than out go trying beyond I'm to XXXX

grow. seeds fact there's think giving continue XXXX So, for year business structure the to And we pointing of get then like. that what will cost going looks into the update on guidance happy you as would and calendar we are the to start and about to certainly to scale to early suggest that is we be that lots XXXX

And helpful? in you I with small fiber, then through go if a and seeing would What I finally, just color towers, churn going that -- There of more on think little know. we cells can be you terms about us on lot there that give talk churn? are is a

Sure, Richard.

X% so As More the remaining remarks, call to in is the half prepared of the from high than on I around towers. churn. that tower end network is of the acquired it on our range, X% X% mentioned churn

supplement the that that give X% provided because I network was you time to had was that that know -- historically above thought tower historical some overall we of some churn churn going acquired to Just in you we the our churn range. to acquired remember network X% our that, over background on push

like, the disclosure going to the the are seeing from future those XX or we X% think and at what XXXX look and is So higher on networks that still we range color what our we year X% had of this we But so beyond range to churn are we within historical taken last disclosure indicative that’s that the million acquired we are that. are get because we somewhere over But us X%. to pushed look expected between million up XXXX. the back X% this out but wanted to additional including for end of XX that we if now we've is in that you

we small not speak all less whole On bunch it’s what a cell small we of the number. side, said so than pretty X% at but really seeing are churn of to a

the that indicative it's small off to that overall once are the think small I both get the to very cells in we're been have of also speaking because difficult we those customers. providing installed are cells service but for early stage of business

in On the in churn million $XXX add things we up you the our get you into those around high we range overall outlook. number are the all when that's side that so that fiber and single-digits put of

you. Thank

Brett our Sachs. take will next We Goldman question from with Feldman

actually I for was the plan to appropriate follow Thanks, when Dave's and think it the back year, this earlier I Dan's way answer, share but if financing about issue being question is and be But it's in course I your debt up it -- cause as assumptions wanted on in up guys talking fair that of also now. obviously year, go count to those comments? then the may a interest maybe It lower as expense a is wouldn't funding equity the determined call I you possible you the let was heard necessarily me than your the Is I ask expense interpreted end interest higher much guidance? is I'm over will your issue wrong. I sounds to like know interpretation of he have think your embedded that you in

is It Brett.

It is Brett. Yes.

I'll leasing or be assumption There's year. there have been are a other seems on carriers question because this of projects things business year the then. activity what's net in the been that of part to in of been it's ask a has lot sort And embedded an driving sort Okay. doing. Good, been ramping U.S. whether ramping, power first focus now,

that, rate there have is that starting and you're then you activity started And what leasing terms XXXX? of saw or more in your your think then was how this XXXX? to is which sensitive were for is we you think exit rate to the is the second that whether to tower half new of you know to you you extension you as there? more an outlook you're And Or sort appropriate businesses an higher that sustainable? in Sprint as business something year. saying Are else than of about, XXXX, at, got And exit just trying of the of that for how so outlook nuanced comfortable year a not combine going T-Mobile actually

don't know, I item cells this next perfect we XX about at this over for Brett, happen what's visibility small we outlook, -- have to would say think when look that months. or towers the going and solutions. You I or the fiber give we obviously we leasing When

base So we're financial seeing to that expectations we and activity with ongoing both terms our conversations the lead currently outlook what on year. customers the then having our conversations for we're for that in results those the the and of

for of, both a tower that So things. those combination of I your XXXX, it's combination is of to leasing a it's think question answer around the

an course number diversification the XG, network of seen are to the leasing are have accelerating you a upgrades that and first we the So want and efforts about over of of at general deployment Then ongoing. XXXX. net, talk environment there whether events

factoring are of the course of expectation of continue is things And All we would an XXXX. expect elevated level throughout that activity to into it all our for those the XXXX. of

is those, that will based with leasing about, as to and usual specifically significant around that comments assumptions about very to have on those intention our that that T-Mobile as XG For combined both those their continue I to assumptions. with made, designed basis. on in a done make would And we publicly at T-Mobile deployment and you of we that Sprint the think T-Mobile business exceed of and levels of have regard Sprint assumed regards the what thought clearly acquisition asked they the activity, investments has independently it's Sprint,

second that to out. model of level XXXX. we at would part itself degree, companies what the negative, happens. is But say, the that as reflects the we're to and even positive your operate continues Obviously combination that impact so, depends such. combination seeing activity play of and moment, for look at the that and of there, the on our to assume some to timing the we the independent And And when question on or they're them it depending

for base based we them. our that we're so activity on And outlook the seeing currently

later kind if, put into the started of probably to Is that the you're locked anyway, till they that the they and year. of even what you're to imagine decided remainder longer. place in wouldn't that execute if year say, would year, I which they're And leases, the or middle on even and XXXX fair? At the modify doing point, in of

to. than that calendar months, that And the year carriers vast committed at of months small will what that's on small cell the everything the into six think the have you be cells nature ago. six the air if then about or years on was majority that of Yes, of turned businesses, lower a side, committed point, happens couple XXXX activity to

have some around will we So turn when on. that visibility

the financial certainly little have no to half that the we towards happen to results that get towards second middle as calendar of we very year. the the events as of in get impact So the year

our Citi. from Rollins We’ll take from question next Michael

a Just if few follow could. ups, I

fiber guidance? follow-up early? I if And activity about for an bridge? could the churn? that through? in some a is are that bit year normal that the if the lease churn, exit treat that And on just getting leasing is you increases, like and So on a in. a should create talk fiber within of helps is so, for How And that XXXX. price pulled description what of some then churn towers of also churn Is also thinking more or First, to hurts service Does amount upgrades Can goes the accelerated then downgrades. you that be the for payment revenue you’re that customers that business. in there the or we new or example decreases, price expecting little

thing say trying with that been. have being in was for that line to first wasn’t the question. our I is the what in. Mike. take one churn expectations pulled The network is churn our I’ll Thanks acquired there’s

we that And churn accelerated It’s coming in payments to expected that we and they’re would that. not as just in so, our it’s have expected. guidance have we

the On side… fiber

Yes.

we’ve way happens On is sort difference some the a chosen what And probably the and between industry of the to side, on fiber of happens in talked the what fiber about conform the the norm. typically business. just business historically tower a this bit of we churn, is to this in

the an an an taking an existing add give I’ll tower a In that business, an dollar that amount count fiber and they lease business, amendment. put comes rate. and additional and So on out antennas revenue of customer post to then wants churn legacy in In as the you form the actually amendment the the in industry Historically, lease called and then put legacy array. if example. new a tower as that’s amendment the new we’ve additional the amended and

location. In capacity have the customer described an no the what the as of In that in services take paying I some churn the of as as And well may look for away the the on in elevated very means the up was would there business, what tower if little a will network. capital there And about a Again causes and that and where a tenant virtually you the have moves additional an asset entire no went new that a you and release that’s enterprise cost And the fiber stream go and churn more move large occasions fiber to have additional customer as of buildings to revenue investments. new fiber ways the they we business end potentially over the some so business, you you beyond building in churn at in tenant tower and to churn. is same office just network amendment, where counted a taking component by into location. think replaced replacement that cases revenue. even

what public the have with way that business. But at we’ve the as experienced the maybe about they say, net the I a for end course could then helpful you number assumption, of meetings number the talked Others respects it’s X% think the obviously given of to talk to let’s around line business in can digits of the think in consistent net a in the some happened the for the to we about fiber. than on thought of is taken report We that continue fiber believe and think and growth. in kind what's good and look we net the growth the all the own just of actually business business fiber a thought At way right about I way. of is day, about the the churn. is the thinking and number business why higher way specific consistent business in But we that’s would functionally Lightower revenue impact which the business the of business. explain So your continue about well, Dan sort percentage And a total mid-single debt had growth in say the revenue that X% at there. returns that's operate our is we about bolsters the growth

very you That's helpful. would describe. And

sure questions. make answered to I want your of just I Mike, Sorry all

a at I also year. point year abnormal churn, we is we think least nothing expect you that's point there that We XXXX the would think this at that in be anything around to. normal mention to

that churn our nothing point I or business, digit to of So is pluses to abnormally in high-single in would that expectation minuses. there as there

from our Guggenheim take next from Securities. We'll question you. Gutman Thank Robert

is be then, of total year, on say rent you versus CapEx prepaid has XX,XXX you quarter this fewer side And small target? cell XX,XXX more in third broadly, year we been And there the the infer that what So longer that the reimbursements? versus small to quarter? deployments second deployments should expect this over can the this fiber term cell volatile reflecting course could then little the were

So thanks Robert.

amortization then in your and On cells. for with get air is, the that yes. that is It question being related as notes put of prepaid directly that on It capital same the small that the spent not Most contributions capital of being to rent, increase the answer line happens prepaid in in is deployment is additional period. we number reimbursed. to of

draw a quarter? cannot better in conclusion do in that, things around make even activity the you paid a has with a view assumption capital skewed get gotten that little when them. amortization it But of is at when not starts quarter to getting and air quarter-over-quarter of aligned. what are and but the level rent always prepaid on and on So look because speaking, with depending for come spend we very difficult try generally to they going those again that or it in We an those same much about 'XX you a that it in to speaking capital the similar be aligned growth 'XX, are payments ways is are milestones they nodes has, prepaid contributions equate that those how more generally make 'XX the to than and are because in rent on year-on-year XXXX. think many go can I as and in to directly in it's air is

in on to in year put roughly question nodes, X,XXX On XX,XXX air XX,XXX your of we'll somewhere next X,XXX probably be year, range. we'll around to neighborhood the that second this

question next Thank Kurn We'll you. Spencer from Research. take New Street from our

leverage these city's at carriers way So, of for types municipalities the made types overall opportunity these these way carrier deals we're And cell the agreements the the markets strike you compete just of you the to number in infrastructure small of deployments. you impact do I'm seeing for haven't for that markets look to or curious, relative deals?

Spencer. strike have the able municipality deploy work not have the local Thanks with a only We with but where done to that carriers cell. order that, in small to and in done we deal municipalities be instances we're

somewhere timelines required So, FCC. the line what's the the required deals They sight in that the give are. are economics and of what to terms order the helpful are of because and from

don't comments and has FCC And that. then timing. of done my made done has believe will think I what I we not as the dealing FCC sight model the line it would it's unusual that around really changing normal timing point business earlier, given is what so it's to anything find I to And the to the just that don't or the, that course of I in anything the as And the is economics change better market. not, really

that local out outcome the to so extent with should look what be. solution municipalities figure as right like and what and guardrails to gives work what And we it that and the certainly the guidelines some ultimately conversation will is,

per likely So, and our or surprised has completely I less that things see ourselves given guardrails paper deals FCC think things continue wouldn't in hit in guidelines if strike specific. put you're to to se, see that with of probably place. the the But that markets kind be the you the I do don't municipalities order carriers to with

any but are a my so was cities different Verizon about cities to returns normal much sort struck so compete where to the it's look was wasn't market and are versus if or haven't, where has and can with I strike ability just sort a about different question the municipality actually, the if you their it in business municipalities, another Yes, just use of or how of returns in with course way deal matter? they really deals curious of doesn't your like at generate if, it infrastructure you carrier a you

infrastructure of For public way. the right deployed the is most part in the

have law their among inside pricing. that discriminatory if would question So of your of permissible I tell by to pricing is discriminatory going that one you to public not it's providers right way,

by struck anyone for deals the of of the of benefit are inside would for public similar deployment either ourselves of that infrastructure. carriers use or So these the operate the a who by right way

I again, relatively it think comments, any activity funding with So business. who infrastructure play see going providers our to through positive think, that are don't normal I you're go negative municipalities, to it's and back local think to has really implications the the I that my or an process to

last turn it the you. Thank Yong question. over This We is to from Macquarie. Amy

small share Thanks you're their all if deal you also comment they've share confidentiality, wondering deal for squeezing if chosen in recent cell customer components Wondering, any this and if you contemplated obviously the of of partner any been could on to components willing but was me respectful at Sprint? and T-Mobile of deal as of deployment. kind I standard they've clearing T-Mobile preferred with in. could And XXX, you obviously your their it

lot enough we've we're significant your of to in needs individual to they're we Castle hate lot Crown do. XG on a so day, they're to of this a multiple it T-Mobile delivering need board the like across would relationships. what around we've us deliver for and you the and Obviously, release they’re don't need of, both referenced XG And that but they going commitments. those amount customers specifically role as asset goes credit to focused business on order to significant a network, in you, just need do tell what of need nodes And to they in playing We're and customer of have significant across on and deployment kind in I we're amount on a the give carriers. based for the to to comment to the their the last question were for their going densify their a small their to on of of, spot for spend important done role sits and in far I doing with networks XG of a that. sweet that they’re our really are their them, to to has a done going cell lot played for and capital amount press going going Amy,

it’s that the long-term. in over to with we to all deliver have need be. year we And that shareholders, the X% will works X% is And carriers our the order deliver working cost what how per delivers aim increasing also be the we provision. low to able will then certainly solution we’re their around an then needs to returns of to them, of So, the to and for world develop conversations drive think a and dividend

thanks, Thanks Well, call. you morning next talk us so to we’ll And on much. quarter. everyone for the joining this

teleconference. and ladies you, Thank This today’s gentlemen. concludes

now may You disconnect.