Management signed a definitive agreement to sell the small cells and fiber solutions businesses for $8.5 billion in aggregate cash proceeds. This represents a material strategic shift, with the Fiber Business' results now presented as discontinued operations.

The company is updating its capital allocation framework to focus more on free cash flow generation and financial flexibility. This is expected to result in a reduction to the dividend, beginning with the expected second quarter 2025 dividend.

The company expects a year-over-year reduction in site rental revenues related to higher towers non-renewals in 2025, which are expected to reduce site rental revenues by approximately $200 million, as a result of the T-Mobile US, Inc. and Sprint network consolidation.

The company initiated the 2023 and 2024 Restructuring Plans to reduce costs and drive operational efficiencies. These plans include reducing employee headcount, discontinuing installation services, and consolidating office space.

Selling, general and administrative expenses decreased by $21 million, or 18%, YoY, primarily related to a decrease in employee- and facility-related costs as a result of restructuring activities, as well as the absence of certain advisory fees related to the strategic review of the Fiber Business.

The reduction in discretionary capital expenditures for discontinued operations was primarily related to the higher return thresholds on new growth opportunities as a result of the review of the Fiber Business completed in the second quarter of 2024.

The company expects a year-over-year reduction in site rental revenues related to higher towers non-renewals in 2025, which are expected to reduce site rental revenues by approximately $200 million, as a result of the T-Mobile US, Inc. and Sprint network consolidation.

A hypothetical unfavorable fluctuation in market interest rates on the company's existing debt of 1/4 of a percent point over a 12-month period would increase interest expense by approximately $7 million.

The company is currently in compliance with its financial maintenance covenants and, based upon current expectations, believes it will continue to comply with its financial maintenance covenants.

Approximately 89% of site rental revenues were derived from T-Mobile, AT&T and Verizon Wireless, indicating a concentrated customer base.

Approximately 90% of towers site rental gross margin and approximately 80% of towers site rental gross margin was derived from towers located on land that the company owns or controls for greater than 10 and 20 years, respectively.

The company's strategy is to create long-term stockholder value via a combination of growing cash flows generated from its existing portfolio of towers, returning a meaningful portion of cash generated by operating activities to common stockholders in the form of dividends and share repurchases and investing capital efficiently to grow cash flows.

Sustaining capital expenditures represented approximately 1% of net revenues, indicating efficient asset management.

Depreciation, amortization and accretion decreased by $14 million, or 7%, from the same period in the prior year. This decrease predominately resulted from certain site rental contracts and tenant relationships intangible assets becoming fully amortized.

The company is focused on maximizing the recurring site rental cash flows generated from providing its tenants with long-term access to its towers, which it believes is the core driver of value for its stockholders.

The company expects existing and potential new tenant demand for its towers will result from new technologies, increased usage of mobile entertainment, mobile internet, and machine-to-machine applications, adoption of other emerging and embedded wireless devices, increasing smartphone penetration, wireless carrier focus on expanding both network quality and capacity, adoption of other bandwidth-intensive applications, the availability of additional spectrum and increased government initiatives to support connectivity throughout the U.S.

Discretionary capital expenditures include technology-related investments necessary to support and scale future customer demand for communications infrastructure.

The company expects U.S. wireless carriers will continue to focus on improving network quality and expanding capacity (including through 5G initiatives). It believes its towers provide an efficient and cost-effective solution to its wireless tenants' growing infrastructure needs.

The company is updating its capital allocation framework to focus more on free cash flow generation and financial flexibility, which is expected to result in a reduction to the dividend, beginning with the expected second quarter 2025 dividend.

During the three months ended March 31, 2025, the company paid a common stock dividend of $1.565 per share, totaling approximately $690 million.

For the three months ended March 31, 2025, the company purchased 0.2 million shares of its common stock utilizing $21 million in cash. The shares of common stock purchased relate to shares withheld in connection with the payment of withholding taxes upon vesting of RSUs.

See note 7 to our consolidated financial statements in the 2024 Form 10-K for information regarding potential upward or downward adjustments to the interest rate spread and unused commitment fee percentage on our 2016 Credit Facility if we achieve specified annual sustainability targets or fail to meet annual sustainability metrics.

The company is currently in compliance with its financial maintenance covenants and, based upon current expectations, believes it will continue to comply with its financial maintenance covenants.

At any point in time, the company intends to maintain available commitments under its 2016 Revolver in an amount at least equal to the amount of outstanding Commercial Paper Notes.

The company expects existing and potential new tenant demand for its towers will result from increased usage of mobile entertainment, mobile internet, and machine-to-machine applications, adoption of other emerging and embedded wireless devices, increasing smartphone penetration, wireless carrier focus on expanding both network quality and capacity, adoption of other bandwidth-intensive applications, the availability of additional spectrum and increased government initiatives to support connectivity throughout the U.S.

The company expects U.S. wireless carriers will continue to focus on improving network quality and expanding capacity (including through 5G initiatives). It believes its towers provide an efficient and cost-effective solution to its wireless tenants' growing infrastructure needs.

The company expects a year-over-year reduction in site rental revenues related to higher towers non-renewals in 2025, which are expected to reduce site rental revenues by approximately $200 million, as a result of the T-Mobile US, Inc. and Sprint network consolidation.