The company completed the sale of ATC TIPL for $2.2 billion, resulting in a loss of $1.2 billion. This move represents a strategic shift in the company's international operations and a decision to exit the India market.

The company completed the sales of ATC Australia and ATC New Zealand for $77.6 million, recording a gain of $8.5 million. These divestitures represent a continued effort to optimize the company's portfolio.

The company continues to invest in data center assets, with the Data Centers segment revenue growing 11% year-over-year to $924.8 million. This highlights the company's strategy to diversify its revenue streams.

The company finalized a review of the estimated useful lives of its tower assets, increasing it from 20 years to 30 years, resulting in a $730 million decrease in depreciation expense. This indicates a reassessment of the long-term value and durability of their assets.

Selling, general, administrative and development expenses decreased slightly, indicating improved cost control. However, operating expenses increased overall due to depreciation and amortization, and other operating expenses.

The company continues to seek opportunities to improve operational performance through investments in systems and people, as well as customer service initiatives. This suggests an ongoing commitment to efficiency and customer satisfaction.

A substantial portion of the company's revenue is derived from a small number of customers, making it sensitive to their financial health and willingness to invest in network infrastructure. This concentration poses a risk to future revenues and financial stability.

The company's international operations are subject to various risks, including changing laws, economic instability, and potential government actions. These risks could materially affect revenues or financial position.

The company relies on technology and computing resources, making it vulnerable to cybersecurity incidents and other technology failures. These events could disrupt operations, expose the company to liability, and harm its reputation.

Our industries are highly competitive and our customers have numerous alternatives in leasing communications infrastructure assets. Competition due to pricing or alternative contractual arrangements from peers could materially and adversely affect our lease rates.

We may experience increased competition for contracts to build or acquire communications infrastructure assets, which could cause us to lose such contracts or make them significantly more costly. Some of our competitors are larger and may have greater financial resources than we do, while other competitors may apply less stringent investment criteria or less stringent contractual terms than we have.

The development and implementation of new technologies designed to enhance the efficiency of wireless networks or changes in a customer's business model could reduce the need for tower-based wireless services, decrease demand for tower space or reduce previously obtainable lease rates.

Direct operating expenses increased, primarily due to an increase in costs associated with pass-through revenue, including energy costs, an increase in land rent costs and an increase in repair and maintenance spending.

Selling, general, administrative and development expense decreased slightly, indicating improved cost control. However, operating expenses increased overall due to depreciation and amortization, and other operating expenses.

The company continues to seek opportunities to improve operational performance through investments in systems and people, as well as customer service initiatives. This suggests an ongoing commitment to efficiency and customer satisfaction.

Our data center site infrastructure may become antiquated due to the development of new systems that deliver power to, or eliminate heat from, the servers and other customer equipment that we house or due to the development of new technology, such as artificial intelligence, which is potentially more power-intensive, that requires levels of power and cooling density that our facilities may not be designed to provide.

Conversely, we may invest significant capital in technologies, platform expansion initiatives or new additions to our core business that may not provide expected returns or profitability, which could divert management attention and have a material adverse effect on our operating results.

Additionally, our customers may overestimate or overvalue the benefits and use of 5G networks and other new technology that are deployed onto our communications sites that, in turn, could adversely affect our customers' growth, thereby adversely affecting our growth.

We expect to continue to invest in and expand our existing communications real estate portfolio through our capital expenditure program. This includes capital expenditures associated with site maintenance, increasing the capacity of our existing sites and projects such as new site and data center facility construction, land interest acquisitions and power solutions.

We intend to continue to pursue acquisitions of communications sites and other telecommunications infrastructure in our existing or new markets where we can meet or exceed our risk-adjusted return on investment criteria. The risk-adjusted hurdle rates used to evaluate acquisition opportunities consider additional factors such as the country and counterparties involved, investment and economic climate, legal and regulatory conditions and industry risk, among others.

If we have excess capital available after funding (i) our required distributions, (ii) capital expenditures, (iii) the repayment of debt consistent with our financial policies and (iv) anticipated future investments, including acquisition and select platform expansion opportunities, we will seek to return such excess capital to stockholders, including through our stock repurchase programs.

Efforts to regulate greenhouse gas emissions, the use of fossil fuels or requirements to use alternative fuel to power energy resources that serve our data centers or the generators we use in our emerging markets to deliver primary power to our customers may have direct or indirect effects on our business by increasing the cost of compliance.

In addition, consumers' perceptions of our efforts to achieve these goals often differ widely and present risks to our reputation and brand. Failing to meet these goals could result in customer dissatisfaction and damage to our reputation with our key stakeholders, which could in turn adversely impact our results of operations, reputation, financial condition and stock price.

Our Compensation Committee also approved a shared human capital management goal for the entire executive team for 2024, which focuses on developing talent.

The United States and other large global economies experienced historically high inflation in recent years. Current and future inflationary effects may be driven by, among other things, supply chain disruptions, changes in trade policies, governmental stimulus or fiscal policies, as well as ongoing global military conflicts.

Our international business operations and our potential expansion into additional new markets in the future expose us to potential adverse financial and operational problems not typically experienced in the United States. Our business is subject to risks associated with doing business internationally

Our business, and that of our customers, is subject to federal, state, local and foreign laws, treaties and regulations and administrative and judicial decisions. In certain jurisdictions, these regulations, laws and treaties could be applied or be enforced retroactively.