Thank you, afternoon. Mark. Good
well executed to We operationally quarter first and financial with expectations. marked line The in XXXX. produced start results a our good
year in investments by few full constant basis.
In our very a a challenges of currency remained line have have saw only fourth with In network activity incremental customers the than largely year. U.S., measured levels have that we quarter. slightly as leasing outlook was to standpoint last higher and our markets, adjustments many our execution we the continued, from result, result, macroeconomic an on activity a As made and
services amendments during increases quarter, new applications and in However, first we the an leases increase well saw in backlog. for as both as our
cost investment customers of Our significant that XG-related sites the including upgrades biggest perhaps network years. data-heavy still on needs. wireless environment continued have our percentage high the several driving I is personally this customers fixed use of am next capital A elongated the continue large the over compel and of our and access, more is by overhang will require cycle. spending cases, spending belief current the to
Nonetheless, great. are demanding the Consumers and are competitive needs will pressures continue.
and Our of positioned for these infrastructure to challenges, are component efforts. support chain to well a customers delivery the our them believe will meet be I we critical their in
cost just investment. persist In all addition, few will may a It believe of of current just months increased it will in I than really anticipated is the timing. a ultimately encourage matter network ago. longer time, down capital which come
line Internationally, expectations. with results also in were
compared we impacts has on Although growth Lower its escalators levels. specific are consolidation-related is a of focus. associated churn inflationary to contributor, primary but reason each and dynamics our period average, market carrier internationally are in on historical its the own slower a
surviving incremental consolidations, that of their most Internationally, causing rationalizing their much during we attention these existing have direct expansion. to found the carriers networks, their of network
growth in will However, organic in we technology and rates generation over and believe new spectrum an result new deployments acceleration important time. remain
we As that and discussed will amendments long-term elevated of have believe our but due strength taken the remains consolidations, mutually steps cash we on stability flows. and our taking call, reach are beneficial to contractual enhance last these to these customers the chart with primarily
prioritize to overall very not our now priorities, sheet again way capital and meaningful than for much remains make Turning and market the capital allocation This higher along guided do have we period. the in dividend year available balance our full XX% dynamics approach, We response year adjustments allocation. quarterly dividend broader stated our but dividend prior our announced previously to than leaving level AFFO, a shifted of opportunities. have XX% less we and
small During be to we but days at as these remain the add result sites towers portfolio, growth's price We a has we almost been many remain on about of just sites of to consolidation, issue. carrier the for decommissioned sake. relatively not return That's as selective that our And really investment, gating on them, our we add added. our portfolio. particular we first quarter, continues the a as which we number to focus of which main okay as about growth added the we quality the
Opportunities will come along.
all along In time. the fact, come they
we environment being cost So returns best appropriately believe patient that drive and opportunities are in, after can new comfortable capital those going considering we on. of operating the we we strong are
The activity sites our are customers. we are among consolidation to decommissioning related
We in evaluating will potentially coming opportunities decommissioning. in be and proactive naked sites more for years the cost-saving
has mentioned on for valuations. I dynamic elevated cost longer. to any capital This broadly and specifically earlier, most of As the debt remains impact expected remain company of and significant had cost is now beyond public high other tower
to this quarter, the when to is of will During some a rates, even our XXX,XXX to shift future value. million that of valuation more we by the at level in and stock. responded decline there shareholder second repurchase beginning accretive $XXX I of be spending ultimately believe quarter downward first shares repurchases this in
Nonetheless, the rates costs remain elevated AFFO. we recognize interest on impact of higher future and today, potential
capital to be to portion reducing will So of our a debt. continue dedicated allocation appropriately
formally is retaining operating leverage but as environment is opportunities not changing right with in are valuable, for our believe prudent. we clearly targets current the the We investment leverage flexibility lower
and fully repurchases, great liquidity our share in would If shape. revolver the have as down not Our sheet been balance remain today. for paid of position
remains cost X.X%. of debt very average at low Our
months, that take. manage paying will The will than rates over needed refinanced. be higher next be However, will what are cost the $X.X we XX higher but time are approach approximately our into the of to be need amount ability locked billion and the in important certainly we today, have the to debt that we of factors debt we
to widely a is cost. It's really of available just matter Capital us.
We and as further a updates are provide during variety the are year of evaluating options steps taken. we'll incremental
Finally, earnings to regard we like from portfolio of our some I call with comments revisit prior undertaken. have would the my review to
high-quality as all analyze an as results, stabilizing potential growing to more shifting goal operations the our mentioned core of On begun mix key through call, we assets more lens and definitional more our that had do around the we decisions of not make. business see I a our deadline I our and and to this having operations finite is a operations. effort and last it
However, taken in each of each business our key some and our each there are at lines looking very our steps being international of operations, specific of markets.
where we we from now up on to are improving as see paths basis in ultimate now, XX years take quo to different we case. baselines profiles X status on goal results relative outcome on think these X setting potential alternative developing based year with based now. even case, operations years are from opportunities We end a base from Then and being we the the each might the
making is good good not are the initiative. an overnight insights this gaining in but progress We effort, through
given or Many in or years effectuate. positioning businesses a of lot our prior the divestitures potential sometimes to possibly time, the will was possibility of steps attention After identified of paid operations take to to call, our enhance markets. of markets
be the priority in path. preferred some cases, it is far While from an or that outcome may
addition position improve the in I and relationships quality find other the assets, of solutions. market enhance would much our creative through rather agreements customer to and ways
thereby was customer In the which seriousness a we team am I longevity number and our experience at those solutions the Brazil, encouraged in of the learned by sites. enhance and with our this recently are initiative. approaching improve creative our our introducing customer are at relationships fact, teams sites visiting to of I
results I we financial as matter, the always can and shareholder though, end top our value as make we will the best In or stated decisions create to protect previously, priority.
where is. as our maximize assets, We our we the management focus is team and have can great and a realize to value business those squarely assets. job the It from is great that
throughout to thanking our we progress members their ready for customers contributions With and Jeffrey, like wrap our the for team are I'd first quarter, forward our to that, up year. continuing look to questions. solid to our we and by share
