American Tower Corporation (AMT) Presents at TD Cowen 12th Annual Communications Infrastructure Summit Transcript

Before we start about talking with the U.S. carrier activity, et cetera, the elephant in the room from earlier last week was about SpaceX and they said more specifically we can sort of figure out a network topology using femtocells, putting them around homes and their dishes or putting them even in Tesla cars. I just wanted to maybe vet that a little bit with your opinion on what that would mean. Would that disenfranchise any towers and just your general thoughts on that? I know there's a lot of more questions than there are answers to that, but your thoughts would be interesting.

Sure. I mean I think that when you look at build-outs in the U.S. macro sites have always been the backbone and we think that they're going to remain the backbone. So while there may be other types of infrastructure that are used help get networks into targeted locations, urban areas or really fixed sites. Macro sites will always be that backbone, so there may be ambitions or plans to do something that pivots in a different