“We just think we have a really compelling set of assets. We think buying back shares in this environment makes a lot of sense for us given our ability and confidence in this business generating upper single-digit AFFO per share growth over time before you account for the impacts of FX and interest rates.”

In context

“ep down in EBITDA for Q4. That will put a little pressure on our leverage number certainly. And depending on how the euro and the U.S. dollar react, that could move around our U.S.-denominated total value of our European debt. With that said, it is possible that we could go back up to 5x later in the year. But we are around 5x or below 5x in what we believe is a sustainable way. So that gives us more flexibility. And share buybacks are certainly an option. You saw us buy back about 28 million shares. We put that up against M&A opportunities around the globe. We're still seeing in developed markets specifically, private multiples on the M&A side for towers are still elevated relative to the multiples of public tower companies. But there's more than that, that goes into our decision-making. We just think we have a really compelling set of assets. We think buying back shares in this environment makes a lot of sense for us given our ability and confidence in this business generating upper single-digit AFFO per share growth over time before you account for the impacts of FX and interest rates. So we've got a really solid portfolio. We're improving the quality of earnings, so it's getting better along the way. So that's how we think about it. The share buybacks are completely opportunistic. As we continue to delever, we will have even more and more financial flexibility to allocate capital in that -- in a way towards either M&A or share buybacks, and you kind of know what we favor at the moment. Operator: The next question comes from the line of Eric Luebchow from Wells Fargo. Eric Luebchow: Just curious, there's been some chatter around some of the new spectrum sales and your ability to monetize them, for instance, the 3.45 that AT&T is getting, which they already have in the network just requires software upgrade. Any just kind of high-level commentary on how you think some of”