Strategic Review and Divestiture Options
Q: Will you consider divesting Fiber Solutions or Small Cells?
A: All options are on the table during our strategic review. We are not dismissing any possibilities, including divesting Fiber Solutions while retaining Small Cells. However, it's too early to speculate which options are more likely at this point. ,

Tower Growth Outlook
Q: What is the outlook for tower leasing growth?
A: We expect tower growth to average 5% through 2027, with 75% of this contracted to date. While there may be some quarter-to-quarter volatility, overall growth remains stable and strong over the next several years.

Fiber Performance Improvements
Q: How can you improve returns in the Fiber segment?
A: Improving performance in the Fiber segment is part of our 2024 strategy. We believe we can make enhancements by increasing accountability through our management structure, optimizing capital allocation, and adjusting our cost structure, all without impacting future growth prospects. ,

Capital Allocation and Leverage
Q: How will you approach capital allocation and leverage?
A: Our target leverage is around 5x debt-to-EBITDA. While leverage may tick up slightly due to 2024 capital spending, we expect growth in our business will naturally deleverage us back to our target. All capital allocation options are being considered in our strategic review. ,

Small Cell Backlog and Build Plans
Q: What about the Small Cell backlog and builds?
A: We have about 50,000 nodes in our backlog, with 60% being colocation nodes. We plan to deliver 16,000 nodes in 2024, which will reduce the backlog as they move into revenue generation—a positive development. We continue to add to our backlog incrementally. ,

Churn Expectations
Q: Will churn remain low going forward?
A: We expect churn to stay at the lower end of our 1% to 2% annual range, excluding Sprint. Industry churn is very low, and we believe this trend will continue, supporting long-term growth without significant capital expenditure.

Interest Rates Impact on Outlook
Q: How do interest rates affect your 2024 outlook?
A: There isn't enough clarity on interest rates to change our 2024 guidance at this point. Market perceptions fluctuate, and we account for such variability within our guidance ranges. We'll update guidance only if impacts exceed our expected ranges.

CapEx Flexibility
Q: Can you adjust CapEx based on strategic decisions?
A: Most of our Small Cell CapEx is committed due to customer obligations to build 16,000 nodes in 2024. However, through the strategic review, we are considering all options to drive value, including potential adjustments to our CapEx plans if necessary.

Land Portfolio Monetization
Q: Any plans to monetize your land portfolio?
A: We aim to maximize the value of all our assets. While we would consider selling assets like land under our towers if external value exceeds internal value, there are currently no specific plans or decisions to announce.

Employee Morale and Operations
Q: How is employee morale amid the changes?
A: Employee morale is good despite recent changes. Our team is focused on serving customers and driving the business forward. We haven't seen any impact that would concern us regarding executing our 2024 plans.

Purchase Options on Carrier Transactions
Q: What's the timing of the $9B purchase options?
A: The $9 billion in purchase options from carrier transactions are not ratable and start to kick in around the mid-2030s. This isn't an immediate concern, but we'll provide more details as we get closer. Less than $10 million would come in before 2025.