Strategic Review Timing
Q: When will the strategic review conclude?
A: We can't provide a specific time frame, but we're aiming to accelerate the process and hope to share an outcome as the year progresses.

Small Cell Return Thresholds
Q: What's the new return threshold for small cells?
A: We're targeting higher returns on anchor builds than the historical 6-7%, though we aren't quantifying the exact figure yet. This will de-risk the business and provide higher returns upon lease-up.

CapEx Reduction Impact on 2025
Q: How does CapEx reduction affect 2025 outlook?
A: The reduction will impact the number of nodes we build and the revenue we generate. We'll provide detailed guidance for 2025 in January.

Fiber Solutions Sales Strategy
Q: What changes are you making to fiber sales?
A: We're shifting focus from retail clients to larger customers in telecom, financials, government, education, and medical sectors to improve contract length and reduce churn.

Guidance Timing Change
Q: Why move guidance to the fourth-quarter call?
A: Aligning with peers gives us more time to incorporate additional information, making it easier to maintain a consistent market message.

Tower Growth Outlook
Q: Can tower growth exceed 5% longer term?
A: While over 5% growth may not be readily available, increased carrier capital spending could incrementally boost growth.

Dividend Strategy
Q: Will you consider changing the dividend policy?
A: We're evaluating all capital allocation options, including dividend policy, as part of the strategic review.

Private vs Public Valuations
Q: Why are private multiples higher than public ones?
A: Private investors are excited about the business and future growth, investing at high multiples. There's a dislocation between private and public valuations that we hope will adjust over time.

Small Cell Backlog
Q: How is strategy shift impacting the 50,000-node backlog?
A: Currently, there's no change to the 50,000 nodes in backlog. We're in discussions with customers and will update if changes occur.

CapEx Reduction Split
Q: What's the CapEx reduction split between small cells and fiber?
A: The majority of the $300 million CapEx reduction is in small cells.

Master Lease Agreements Philosophy
Q: What's your philosophy on MLAs?
A: We aim for win-win agreements that provide carriers with certainty and us with more guaranteed growth over multiyear periods. Key elements include pricing, volume, annual escalations, and entitlements.

Market Share Gains
Q: Where can you achieve market share gains?
A: We're focusing on upcoming renegotiations with major customers and increasing efforts with mid and smaller regional customers to capture a higher share of business.

Tower Activity and Densification
Q: Are you seeing new colocations to densify tower grids?
A: Most activity is amendments; we have few colocations, mainly from smaller regional players. We expect this pattern to continue in the coming quarters.

Customer Demand for Small Cells
Q: Does reduced small cell delivery reflect lower carrier demand?
A: The shift is due to returns on invested capital not materializing as hoped. Carriers remain focused on deploying mid-band spectrum. We're optimistic that data growth will drive small cell demand over time.

SG&A Reductions
Q: What are your plans for SG&A reductions?
A: The majority of G&A expenses are back-office functions. We've targeted reductions and expect to see savings roll through over the last half of this year.

Confidence in 5% Tower Growth
Q: How confident are you in achieving 5% tower growth?
A: Application volumes are in line with expectations, and we're maintaining our 4.5% guidance for 2024. We believe we're on track for longer-term growth projections.

Small Cell Node Mix
Q: How is the mix of colocations vs anchor nodes changing?
A: With our shift away from anchor builds, a higher percentage of our nodes will be colocations. The majority of our 50,000-node backlog consists of colocations.

SG&A Expenses and Proxy Fees
Q: Why hasn't SG&A decreased, and when will reductions show?
A: The second quarter SG&A included $20 million in proxy fees. The impact of our cost savings will be seen in the third quarter and beyond.

Impact of Deferred Small Cell Nodes
Q: Will deferred small cell builds be added to 2025 targets?
A: Some of the 3,000 to 5,000 deferred nodes will be built in 2025. We believe the small cell business will continue to grow at double digits over the next several years.

Sales Process Amid Operational Changes
Q: Why make operational changes during the sales process?
A: We're committed to continuously improving our business to enhance shareholder value, independent of the strategic review outcome.