Crown Castle International Corp. (NYSE:CCI) ("Crown Castle") today
reported results for the quarter ended June 30, 2017.
"We had another terrific quarter exceeding our
previously provided Outlook for net income, Adjusted EBITDA and
AFFO," stated Jay Brown, Crown Castle’s Chief Executive
Officer. "We believe we are well-positioned to capitalize on
the long-term positive fundamentals for mobile data demand growth
with our leading portfolio of shared wireless infrastructure across
towers and small cells. As the wireless carriers turn to our
infrastructure to improve and enhance their networks to meet what
is expected to be a four-fold increase in mobile data demand by
2021, we believe there is a sustained runway of organic growth
opportunities on our existing portfolio as well as opportunities
for us to make accretive investments that enhance our long-term
growth profile. Towards this end, we are excited about our
recently announced agreement to acquire Lightower. As a
result of the Lightower acquisition, subject to approval by our
board of directors, we expect to increase our annual common stock
dividend rate between $0.15 and $0.20 per share after the
acquisition closes to reflect the expected contribution from the
acquisition. Longer-term, we believe the Lightower
acquisition will improve our growth profile, allowing us to raise
our 6% to 7% long-term annual dividend growth target to 7% to
8%. We believe our expected growth combined with the
high-quality dividend stream that is underpinned by long-term
contracts represents a compelling total return profile for our
investors."
RESULTS FOR THE
QUARTERThe table below sets forth select
financial results for the three month period ended June 30,
2017. For further information, refer to the financial
statements and non-GAAP, segment and other calculation
reconciliations included in this press release.
(in millions) |
Actual |
MidpointQ2 2017Outlook(b) |
ActualCompared toOutlook |
Q2 2017 |
Q2 2016 |
Change |
% Change |
Site rental
revenues |
$869 |
$805 |
+$64 |
8% |
$869 |
— |
Net income (loss) |
$112 |
$86 |
+$26 |
30% |
$100 |
+$12 |
Adjusted EBITDA(a) |
$589 |
$550 |
+$39 |
7% |
$587 |
+$2 |
AFFO(a) |
$440 |
$392 |
+$48 |
12% |
$436 |
+$4 |
Weighted-average common
sharesoutstanding - diluted |
366 |
339 |
+27 |
8% |
362 |
+4 |
Note: Figures may not tie due to rounding.
- See reconciliation of this non-GAAP financial measure to net
income (loss) included herein.
- As issued on April 24, 2017.
HIGHLIGHTS FROM THE
QUARTER
- Site rental revenues.
Site rental revenues grew approximately 8%, or $64 million, from
second quarter 2016 to second quarter 2017, inclusive of
approximately $42 million in Organic Contribution to Site Rental
Revenues plus $40 million in contributions from acquisitions and
other items, less a $17 million reduction in straight-lined
revenues. The $42 million in Organic Contribution to Site
Rental Revenues represents approximately 5% growth, comprised of
approximately 8% growth from new leasing activity and contracted
tenant escalations, net of approximately 3% from tenant
non-renewals.
- Capital expenditures and
acquisitions. Capital expenditures during
the quarter were approximately $301 million, comprised of
approximately $21 million of land purchases, approximately $19
million of sustaining capital expenditures and approximately $261
million of revenue generating capital expenditures. On June
26, 2017, Crown Castle also closed on its previously announced
acquisition of Wilcon Holdings LLC ("Wilcon") for approximately
$600 million.
- Common stock dividend.
During the quarter, Crown Castle paid common stock dividends of
approximately $348 million in the aggregate, or $0.95 per common
share, an increase of approximately 7% on a per share basis
compared to the same period a year ago. Consistent with past
practice, in its third quarter 2017 earnings release, Crown Castle
expects to provide its Outlook for 2018 and make a related annual
common stock dividend announcement, which will be in addition to
the dividend increase announcement that Crown Castle expects to
make following the closing of the Lightower acquisition.
- Financing activities. In May,
Crown Castle issued 4.75 million shares of common stock, raising
net proceeds of $442 million, and $350 million in aggregate
principal amount of inaugural 30-year senior unsecured notes (“May
Financing Transactions”). Proceeds from the May Financing
Transactions were used to fund the Wilcon acquisition and refinance
existing debt.
"In addition to delivering great results during
the second quarter, we also continued to enhance our portfolio of
assets with the closing of the Wilcon acquisition and strengthened
our balance sheet with our inaugural 30-year unsecured notes
offering," stated Dan Schlanger, Crown Castle's Chief Financial
Officer. "Further, following completion of the Lightower
acquisition, we will have assembled an industry-leading portfolio
of metro fiber that positions us to build on our small cell
leadership position. Given the expected growth in mobile data
demand, we are seeing wireless carriers increasingly turn to small
cells in scale to supplement their macro networks to improve and
enhance network quality and capacity. Based on our experience
to date of generating attractive initial returns and lease-up as
well as our belief that we are still in the early innings of small
cell deployment, we believe our investments in small cells and
fiber will drive meaningful value creation over time."
LIGHTOWER
ACQUISITIONAs announced yesterday, Crown
Castle has entered into a definitive agreement to acquire LTS Group
Holdings LLC (“Lightower”) for approximately $7.1 billion in cash
(subject to certain limited adjustments). Lightower owns or
has rights to approximately 32,000 route miles of fiber located
primarily in top metro markets in the Northeast including Boston,
New York and Philadelphia. Following the completion of the
Lightower acquisition, Crown Castle will own or have rights to
approximately 60,000 route miles of fiber.
Crown Castle anticipates closing the Lightower
acquisition by the end of 2017. In the first full year of
Crown Castle’s ownership, Lightower is expected to contribute $850
million to $870 million in site rental revenues, $163 million to
$213 million in net income, $510 million to $530 million in
Adjusted EBITDA and $465 million to $485 million in AFFO before
financing costs. After the Lightower acquisition closes,
Crown Castle anticipates that it would increase its annual common
stock dividend rate, subject to approval by Crown Castle’s board of
directors, between $0.15 and $0.20 per share to reflect the
expected contribution from the acquisition. Crown Castle
intends to finance the acquisition consistent with maintaining its
current investment grade credit metrics, utilizing cash on hand and
equity and debt financing, including borrowings under its revolving
credit facility.
For more information regarding the Lightower
acquisition please refer to the Investors section of Crown Castle's
website.
OUTLOOKThis
Outlook section contains forward-looking statements, and actual
results may differ materially. Information regarding
potential risks which could cause actual results to differ from the
forward-looking statements herein is set forth below and in Crown
Castle's filings with the SEC.
The following table sets forth Crown Castle's
current Outlook for third quarter 2017 and full year
2017:
(in millions) |
Third Quarter 2017 |
Full Year 2017 |
Site
rental revenues |
$888 |
to |
$893 |
$3,504 |
to |
$3,529 |
Site
rental cost of operations(a) |
$275 |
to |
$280 |
$1,071 |
to |
$1,096 |
Net
income (loss) |
$90 |
to |
$110 |
$426 |
to |
$476 |
Adjusted EBITDA(b) |
$600 |
to |
$605 |
$2,389 |
to |
$2,414 |
Interest expense and
amortization of deferred financing costs(c) |
$142 |
to |
$147 |
$552 |
to |
$582 |
FFO(b) |
$404 |
to |
$409 |
$1,623 |
to |
$1,653 |
AFFO(b) |
$447 |
to |
$452 |
$1,813 |
to |
$1,838 |
Weighted-average common
shares outstanding - diluted(d) |
368 |
366 |
|
|
|
- Exclusive of depreciation, amortization and accretion.
- See reconciliation of this non-GAAP financial measure to net
income (loss) included herein.
- See the reconciliation of "components of interest expense and
amortization of deferred financing costs" herein for a discussion
of non-cash interest expense.
- The assumption for third quarter 2017 and full year 2017
diluted weighted-average common shares outstanding is based on
diluted common shares outstanding as of June 30, 2017.
Full Year 2017 Outlook The table below compares
the results for full year 2016, the midpoint of the current full
year 2017 Outlook and the midpoint of the previously provided full
year 2017 Outlook for select metrics.
|
Midpoint of FY 2017 Outlook toFY 2016 Actual
Comparison |
PreviousFull Year2017Outlook(b) |
CurrentComparedto PreviousOutlook |
($ in
millions) |
CurrentFull Year2017Outlook |
Full Year2016Actual |
Change |
%Change |
Site rental
revenues |
$3,517 |
$3,233 |
+$284 |
+9 |
% |
$3,488 |
+$29 |
Net income (loss) |
$451 |
$357 |
+$94 |
+26 |
% |
$452 |
-$1 |
Adjusted EBITDA(a) |
$2,402 |
$2,228 |
+$174 |
+8 |
% |
$2,387 |
+$15 |
AFFO(a) |
$1,826 |
$1,610 |
+$216 |
+13 |
% |
$1,820 |
+$6 |
Weighted-average common
shares outstanding - diluted(c) |
366 |
341 |
+25 |
+7 |
% |
362 |
+4 |
|
|
|
|
|
|
|
|
- See reconciliation of this non-GAAP financial measure to net
income (loss) included herein.
- As issued on April 24, 2017. Represents midpoint of
Outlook.
- The assumption for full year 2017 diluted weighted-average
common shares outstanding is based on diluted common shares
outstanding as of June 30, 2017.
- The update to full year 2017 Outlook primarily reflects the
contribution from the Wilcon acquisition, partially offset by
higher interest expense. The current full year 2017 Outlook does
not include the expected contribution from the acquisition of
Lightower, which is expected to close by the end of 2017, and the
associated impact from financing the acquisition.
- The chart below reconciles the components of expected growth
from 2016 to 2017 in site rental revenues of $271 million to $296
million, including expected Organic Contribution to Site Rental
Revenues of approximately $140 million to $170 million. A photo
accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/4ed2190e-9c17-4028-b27a-61aeec32db9a
- The chart below reconciles the components of expected growth in
AFFO from 2016 to 2017 of approximately $216 million at the
midpoint. A photo accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/fb7cc7ff-c31c-42a4-8da9-ab764b56c24b
- The current midpoint of full year 2017 Outlook includes
contribution from Wilcon to site rental revenues of approximately
$26 million, site rental cost of operations of approximately $7
million and general and administrative expenses of $5
million. The financing of the Wilcon acquisition from the
proceeds raised in the May Financing Transactions impacted full
year 2017 Outlook for interest expense and weighted average common
shares outstanding by approximately $5 million and 3.2 million
shares, respectively.
- Additional information is available in Crown Castle's quarterly
Supplemental Information Package posted in the Investors section of
its website.
CONFERENCE CALL
DETAILSCrown Castle has scheduled a conference
call for Wednesday, July 19, 2017, at 7:30 a.m. Eastern time to
discuss its second quarter 2017 results and the Lightower
acquisition. The conference call may be accessed by dialing
800-967-7185 and asking for the Crown Castle call (access code
7235918) at least 30 minutes prior to the start time. The
conference call may also be accessed live over the Internet at
http://investor.crowncastle.com. Supplemental materials for
the call have been posted on the Crown Castle website at
http://investor.crowncastle.com.
A telephonic replay of the conference call will
be available from 10:30 a.m. Eastern time on Wednesday, July 19,
2017, through 10:30 a.m. Eastern time on Tuesday, October 17, 2017,
and may be accessed by dialing 888-203-1112 and using access code
7235918. An audio archive will also be available on the
company's website at http://investor.crowncastle.com shortly
after the call and will be accessible for approximately 90
days.
ABOUT CROWN
CASTLECrown Castle provides wireless carriers
with the infrastructure they need to keep people connected and
businesses running. With approximately 40,000 towers and 60,000
route miles of fiber supporting small cells following the
completion of the Lightower acquisition, Crown Castle is the
nation's largest provider of shared wireless infrastructure with a
significant presence in the top 100 U.S. markets. For more
information on Crown Castle, please visit www.crowncastle.com.
Non-GAAP Financial Measures, Segment Measures and Other
Calculations
This press release includes presentations of
Adjusted EBITDA, Adjusted Funds from Operations ("AFFO"), Funds
from Operations ("FFO") and Organic Contribution to Site Rental
Revenues, which are non-GAAP financial measures. These
non-GAAP financial measures are not intended as alternative
measures of operating results or cash flow from operations (as
determined in accordance with Generally Accepted Accounting
Principles ("GAAP")).
Our measures of Adjusted EBITDA, AFFO, FFO and
Organic Contribution to Site Rental Revenues may not be comparable
to similarly titled measures of other companies, including other
companies in the wireless infrastructure sector or other
REITs. Our definition of FFO is consistent with guidelines
from the National Association of Real Estate Investment Trusts with
the exception of the impact of income taxes in periods prior to our
REIT conversion.
In addition to the non-GAAP financial measures
used herein, we also provide Segment Site Rental Gross Margin,
Segment Network Services and Other Gross Margin and Segment
Operating Profit, which are key measures used by management to
evaluate our operating segments for purposes of making decisions
about allocating capital and assessing performance. These
segment measures are provided pursuant to GAAP requirements related
to segment reporting. In addition, we provide the components
of certain GAAP measures, such as capital expenditures.
Adjusted EBITDA, AFFO, FFO and Organic
Contribution to Site Rental Revenues are presented as additional
information because management believes these measures are useful
indicators of the financial performance of our business.
Among other things, management believes that:
- Adjusted EBITDA is useful to investors or other interested
parties in evaluating our financial performance. Adjusted
EBITDA is the primary measure used by management (1) to evaluate
the economic productivity of our operations and (2) for purposes of
making decisions about allocating resources to, and assessing the
performance of, our operations. Management believes that
Adjusted EBITDA helps investors or other interested parties
meaningfully evaluate and compare the results of our operations (1)
from period to period and (2) to our competitors, by removing the
impact of our capital structure (primarily interest charges from
our outstanding debt) and asset base (primarily depreciation,
amortization and accretion) from our financial results.
Management also believes Adjusted EBITDA is frequently used by
investors or other interested parties in the evaluation of the
wireless infrastructure sector and other REITs to measure financial
performance without regard to items such as depreciation,
amortization and accretion which can vary depending upon accounting
methods and the book value of assets. In addition, Adjusted
EBITDA is similar to the measure of current financial performance
generally used in our debt covenant calculations. Adjusted
EBITDA should be considered only as a supplement to net income
computed in accordance with GAAP as a measure of our
performance.
- AFFO is useful to investors or other interested parties in
evaluating our financial performance. Management believes
that AFFO helps investors or other interested parties meaningfully
evaluate our financial performance as it includes (1) the impact of
our capital structure (primarily interest expense on our
outstanding debt and dividends on our preferred stock) and (2)
sustaining capital expenditures, and exclude the impact of our (a)
asset base (primarily depreciation, amortization and accretion) and
(b) certain non-cash items, including straight-lined revenues and
expenses related to fixed escalations and rent free periods.
GAAP requires rental revenues and expenses related to leases that
contain specified rental increases over the life of the lease to be
recognized evenly over the life of the lease. In accordance
with GAAP, if payment terms call for fixed escalations, or rent
free periods, the revenue or expense is recognized on a
straight-lined basis over the fixed, non-cancelable term of the
contract. Management notes that the Company uses AFFO only as
a performance measure. AFFO should be considered only as a
supplement to net income computed in accordance with GAAP as a
measure of our performance and should not be considered as an
alternative to cash flows from operations or as residual cash flow
available for discretionary investment.
- FFO is useful to investors or other interested parties in
evaluating our financial performance. Management believes
that FFO may be used by investors or other interested parties as a
basis to compare our financial performance with that of other
REITs. FFO helps investors or other interested parties
meaningfully evaluate financial performance by excluding the impact
of our asset base (primarily depreciation, amortization and
accretion). FFO is not a key performance indicator used by the
Company. FFO should be considered only as a supplement to net
income computed in accordance with GAAP as a measure of our
performance and should not be considered as an alternative to cash
flow from operations.
- Organic Contribution to Site Rental Revenues is useful to
investors or other interested parties in understanding the
components of the year-over-year changes in our site rental
revenues computed in accordance with GAAP. Management uses
the Organic Contribution to Site Rental Revenues to assess
year-over-year growth rates for our rental activities, to evaluate
current performance, to capture trends in rental rates, new leasing
activities and customer non-renewals in our core business, as well
to forecast future results. Organic Contribution to Site Rental
Revenues is not meant as an alternative measure of revenue and
should be considered only as a supplement in understanding and
assessing the performance of our site rental revenues computed in
accordance with GAAP.
We define our non-GAAP financial measures,
segment measures and other calculations as follows:
Non-GAAP Financial Measures
Adjusted EBITDA. We define Adjusted EBITDA as
net income (loss) plus restructuring charges (credits), asset
write-down charges, acquisition and integration costs,
depreciation, amortization and accretion, amortization of prepaid
lease purchase price adjustments, interest expense and amortization
of deferred financing costs, gains (losses) on retirement of
long-term obligations, net gain (loss) on interest rate swaps,
gains (losses) on foreign currency swaps, impairment of
available-for-sale securities, interest income, other income
(expense), benefit (provision) for income taxes, cumulative effect
of a change in accounting principle, income (loss) from
discontinued operations and stock-based compensation expense.
Adjusted Funds from Operations. We define
Adjusted Funds from Operations as FFO before straight-lined
revenue, straight-lined expense, stock-based compensation expense,
non-cash portion of tax provision, non-real estate related
depreciation, amortization and accretion, amortization of non-cash
interest expense, other (income) expense, gain (loss) on retirement
of long-term obligations, net gain (loss) on interest rate swaps,
gains (losses) on foreign currency swaps, acquisition and
integration costs, and adjustments for noncontrolling interests,
and less capital improvement capital expenditures and corporate
capital expenditures.
Funds from Operations. We define Funds from
Operations as net income plus real estate related depreciation,
amortization and accretion and asset write-down charges, less
noncontrolling interest and cash paid for preferred stock
dividends, and is a measure of funds from operations attributable
to CCIC common stockholders.
Organic Contribution to Site Rental Revenues. We
define the Organic Contribution to Site Rental Revenues as the sum
of the change in GAAP site rental revenues related to (1) new
leasing activity including revenues from the construction of small
cells and the impact of prepaid rent, (2) escalators and less (3)
non-renewals of customer contracts.
Segment Measures
Segment Site Rental Gross Margin. We
define Segment Site Rental Gross Margin as segment site rental
revenues less segment site rental cost of operations, excluding
stock-based compensation expense and prepaid lease purchase price
adjustments recorded in cost of operations.
Segment Network Services and Other Gross
Margin. We define Segment Network Services and Other Gross
Margin as segment network services and other revenues less segment
network services and other cost of operations, excluding
stock-based compensation expense recorded in cost of
operations.
Segment Operating Profit. We define
Segment Operating Profit as segment revenues less segment cost of
operations and segment general and administrative expenses,
excluding stock-based compensation expense and prepaid lease
purchase price adjustments recorded in cost of operations.
Other Calculations
Discretionary capital expenditures. We
define discretionary capital expenditures as those capital
expenditures made with respect to activities which we believe
exhibit sufficient potential to enhance long-term stockholder
value. They consist of (1) improvements to existing wireless
infrastructure and construction of new wireless infrastructure
(collectively referred to as "revenue generating") and (2)
purchases of land assets under towers as we seek to manage our
interests in the land beneath our towers.
Sustaining capital expenditures. We define
sustaining capital expenditures as either (1) corporate related
capital improvements, such as buildings, information technology
equipment and office equipment or (2) capital improvements to tower
sites that enable our customers' ongoing quiet enjoyment of the
tower.
The tables set forth below reconcile the
non-GAAP financial measures used herein to comparable GAAP
financial measures. The components in these tables may not
sum to the total due to rounding.
Reconciliations of Non-GAAP Financial Measures, Segment
Measures and Other Calculations to Comparable GAAP Financial
Measures:
Reconciliation of Historical Adjusted
EBITDA:
|
For the Three Months Ended |
|
For the Twelve Months Ended |
|
June 30, 2017 |
|
June 30, 2016 |
|
December 31, 2016 |
(in millions) |
|
|
|
|
|
Net income (loss) |
$ |
112.1 |
|
|
$ |
86.1 |
|
|
$ |
357.0 |
|
Adjustments to increase
(decrease) net income (loss): |
|
|
|
|
|
Asset
write-down charges |
4.3 |
|
|
12.0 |
|
|
34.5 |
|
Acquisition and integration costs |
8.3 |
|
|
3.1 |
|
|
17.5 |
|
Depreciation, amortization and accretion |
295.6 |
|
|
276.0 |
|
|
1,108.6 |
|
Amortization of prepaid lease purchase price adjustments |
5.0 |
|
|
5.4 |
|
|
21.3 |
|
Interest
expense and amortization of deferred financing costs(a) |
141.8 |
|
|
129.4 |
|
|
515.0 |
|
Gains
(losses) on retirement of long-term obligations |
— |
|
|
11.5 |
|
|
52.3 |
|
Interest
income |
(1.0 |
) |
|
(0.1 |
) |
|
(0.8 |
) |
Other
income (expense) |
1.1 |
|
|
0.5 |
|
|
8.8 |
|
Benefit
(provision) for income taxes |
4.5 |
|
|
3.9 |
|
|
16.9 |
|
Stock-based compensation expense |
16.8 |
|
|
22.0 |
|
|
96.5 |
|
Adjusted EBITDA(b)(c) |
$ |
588.5 |
|
|
$ |
549.7 |
|
|
$ |
2,227.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) See the reconciliation of "components of
interest expense and amortization of deferred financing costs"
herein for a discussion of non-cash interest expense.(b) See
"Non-GAAP Financial Measures, Segment Measures and Other
Calculations" herein for a discussion of our definition of Adjusted
EBITDA.(c) The above reconciliation excludes line items included in
our definition which are not applicable for the periods shown.
Reconciliation of Current Outlook for Adjusted
EBITDA:
|
Q3 2017 |
|
Full Year 2017 |
(in
millions) |
Outlook |
|
Outlook |
Net income (loss) |
$90 |
|
to |
$110 |
|
$426 |
|
to |
$476 |
Adjustments to increase
(decrease) net income (loss): |
|
|
|
|
|
|
|
Asset
write-down charges |
$9 |
|
to |
$11 |
|
$20 |
|
to |
$30 |
Acquisition and integration costs |
$8 |
|
to |
$12 |
|
$28 |
|
to |
$38 |
Depreciation, amortization and accretion |
$296 |
|
to |
$310 |
|
$1,178 |
|
to |
$1,208 |
Amortization of prepaid lease purchase price adjustments |
$4 |
|
to |
$6 |
|
$19 |
|
to |
$21 |
Interest
expense and amortization of deferred financing costs(a) |
$142 |
|
to |
$147 |
|
$552 |
|
to |
$582 |
Gains
(losses) on retirement of long-term obligations |
$0 |
|
to |
$0 |
|
$4 |
|
to |
$4 |
Interest
income |
$(1) |
|
to |
$1 |
|
$(3) |
|
to |
$1 |
Other
income (expense) |
$(1) |
|
to |
$3 |
|
$(2) |
|
to |
$0 |
Benefit
(provision) for income taxes |
$3 |
|
to |
$7 |
|
$14 |
|
to |
$22 |
Stock-based compensation expense |
$24 |
|
to |
$26 |
|
$89 |
|
to |
$94 |
Adjusted EBITDA(b)(c) |
$600 |
|
to |
$605 |
|
$2,389 |
|
to |
$2,414 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) See the reconciliation of "components of
interest expense and amortization of deferred financing costs"
herein for a discussion of non-cash interest expense.(b) See
"Non-GAAP Financial Measures, Segment Measures and Other
Calculations" herein for a discussion of our definition of Adjusted
EBITDA.(c) The above reconciliation excludes line items included in
our definition which are not applicable for the periods shown.
Reconciliation of Historical FFO and
AFFO:
|
For the Three Months Ended |
|
For the Six Months Ended |
|
For the Twelve Months Ended |
(in millions) |
June 30, 2017 |
|
June 30, 2016 |
|
June 30, 2017 |
|
June 30, 2016 |
|
December 31, 2016 |
Net income (loss) |
$ |
112.1 |
|
|
$ |
86.1 |
|
|
$ |
231.3 |
|
|
$ |
133.9 |
|
|
$ |
357.0 |
|
Real estate related
depreciation, amortization and accretion |
288.2 |
|
|
269.4 |
|
|
569.3 |
|
|
540.9 |
|
|
1,082.1 |
|
Asset write-down
charges |
4.3 |
|
|
12.0 |
|
|
5.0 |
|
|
19.9 |
|
|
34.5 |
|
Dividends on preferred
stock |
— |
|
|
(11.0 |
) |
|
— |
|
|
(22.0 |
) |
|
(44.0 |
) |
FFO(a)(b)(c)(d) |
$ |
404.6 |
|
|
$ |
356.4 |
|
|
$ |
805.6 |
|
|
$ |
672.7 |
|
|
$ |
1,429.5 |
|
|
|
|
|
|
|
|
|
|
|
FFO (from above) |
$ |
404.6 |
|
|
$ |
356.4 |
|
|
$ |
805.6 |
|
|
$ |
672.7 |
|
|
$ |
1,429.5 |
|
Adjustments to increase
(decrease) FFO: |
|
|
|
|
|
|
|
|
|
Straight-lined revenue |
0.8 |
|
|
(16.2 |
) |
|
(0.5 |
) |
|
(33.5 |
) |
|
(47.4 |
) |
Straight-lined expense |
22.7 |
|
|
23.9 |
|
|
45.9 |
|
|
47.6 |
|
|
94.2 |
|
Stock-based compensation expense |
16.8 |
|
|
22.0 |
|
|
41.8 |
|
|
52.7 |
|
|
96.5 |
|
Non-cash
portion of tax provision |
(4.8 |
) |
|
— |
|
|
(1.2 |
) |
|
1.7 |
|
|
7.3 |
|
Non-real
estate related depreciation, amortization and accretion |
7.4 |
|
|
6.6 |
|
|
14.8 |
|
|
13.0 |
|
|
26.5 |
|
Amortization of non-cash interest expense |
2.4 |
|
|
3.8 |
|
|
5.3 |
|
|
8.0 |
|
|
14.3 |
|
Other
(income) expense |
1.1 |
|
|
0.5 |
|
|
(3.5 |
) |
|
3.8 |
|
|
8.8 |
|
Gains
(losses) on retirement of long-term obligations |
— |
|
|
11.5 |
|
|
3.5 |
|
|
42.0 |
|
|
52.3 |
|
Acquisition and integration costs |
8.3 |
|
|
3.1 |
|
|
13.9 |
|
|
8.8 |
|
|
17.5 |
|
Capital
improvement capital expenditures |
(9.6 |
) |
|
(8.9 |
) |
|
(16.5 |
) |
|
(15.3 |
) |
|
(42.8 |
) |
Corporate
capital expenditures |
(9.9 |
) |
|
(10.2 |
) |
|
(19.0 |
) |
|
(13.9 |
) |
|
(46.9 |
) |
AFFO(a)(b)(c)(d) |
$ |
439.9 |
|
|
$ |
392.5 |
|
|
$ |
890.1 |
|
|
$ |
787.6 |
|
|
$ |
1,609.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) See "Non-GAAP Financial Measures, Segment Measures and Other
Calculations" herein for a discussion of our definitions of FFO and
AFFO. (b) FFO and AFFO are reduced by cash paid for preferred
stock dividends. (c) Diluted weighted-average common
shares outstanding were 365.8 million, 338.6 million, 363.9
million, 336.7 million and 340.9 million for the three months ended
June 30, 2017 and 2016, the six months ended June 30, 2017 and 2016
and the twelve months ended December 31, 2016, respectively.
(d) The above reconciliation excludes line items included in
our definition which are not applicable for the periods shown.
Reconciliation of Current Outlook for
FFO and AFFO:
|
Q3 2017 |
|
Full Year 2017 |
(in millions) |
Outlook |
|
Outlook |
Net income (loss) |
$90 |
|
to |
$110 |
|
|
$426 |
|
to |
$476 |
|
Real estate related
depreciation, amortization and accretion |
$291 |
|
to |
$301 |
|
|
$1,154 |
|
to |
$1,174 |
|
Asset write-down
charges |
$9 |
|
to |
$11 |
|
|
$20 |
|
to |
$30 |
|
FFO(a)(b)(c) |
$404 |
|
to |
$409 |
|
|
$1,623 |
|
to |
$1,653 |
|
|
|
|
|
|
|
|
|
FFO (from above) |
$404 |
|
to |
$409 |
|
|
$1,623 |
|
to |
$1,653 |
|
Adjustments to increase
(decrease) FFO: |
|
|
|
|
|
|
|
Straight-lined revenue |
$0 |
|
to |
$5 |
|
|
$4 |
|
to |
$19 |
|
Straight-lined expense |
$20 |
|
to |
$25 |
|
|
$81 |
|
to |
$96 |
|
Stock-based compensation expense |
$24 |
|
to |
$26 |
|
|
$89 |
|
to |
$94 |
|
Non-cash
portion of tax provision |
$(2) |
|
to |
$3 |
|
|
$(6) |
|
to |
$4 |
|
Non-real
estate related depreciation, amortization and accretion |
$5 |
|
to |
$9 |
|
|
$24 |
|
to |
$34 |
|
Amortization of non-cash interest expense |
$2 |
|
to |
$5 |
|
|
$9 |
|
to |
$15 |
|
Other
(income) expense |
$(1) |
|
to |
$3 |
|
|
$(2) |
|
to |
$0 |
|
Gains
(losses) on retirement of long-term obligations |
$0 |
|
to |
$0 |
|
|
$4 |
|
to |
$4 |
|
Acquisition and integration costs |
$8 |
|
to |
$12 |
|
|
$28 |
|
to |
$38 |
|
Capital
improvement capital expenditures |
$(15) |
|
to |
$(10) |
|
|
$(41) |
|
to |
$(31) |
|
Corporate
capital expenditures |
$(19) |
|
to |
$(14) |
|
|
$(53) |
|
to |
$(43) |
|
AFFO(a)(b)(c) |
$447 |
|
to |
$452 |
|
|
$1,813 |
|
to |
$1,838 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) The assumption for third quarter 2017 and
full year 2017 diluted weighted-average common shares outstanding
is 367.5 million and 365.7 million, respectively, based on diluted
common shares outstanding as of June 30, 2017. (b) See
"Non-GAAP Financial Measures, Segment Measures and Other
Calculations" herein for a discussion for our definitions of FFO
and AFFO.(c) The above reconciliation excludes line items included
in our definition which are not applicable for the periods
shown.
Reconciliation of Expected Contribution
from Lightower Acquisition to Full Year 2018 for Adjusted
EBITDA:
|
Full Year 2018 |
(in
millions) |
ExpectedContribution |
Net income (loss) |
$163 |
to |
$213 |
Adjustments to increase
(decrease) net income (loss): |
|
|
|
Asset
write-down charges |
$0 |
to |
$0 |
Acquisition and integration costs |
$20 |
to |
$40 |
Depreciation, amortization and accretion |
$250 |
to |
$300 |
Amortization of prepaid lease purchase price adjustments |
$0 |
to |
$0 |
Interest
expense and amortization of deferred financing costs(a)(b) |
$0 |
to |
$0 |
Gains
(losses) on retirement of long-term obligations |
$0 |
to |
$0 |
Interest
income |
$0 |
to |
$0 |
Other
income (expense) |
$0 |
to |
$0 |
Benefit
(provision) for income taxes |
$15 |
to |
$20 |
Stock-based compensation expense |
$5 |
to |
$15 |
Adjusted EBITDA(c) |
$510 |
to |
$530 |
|
|
|
|
(a) See the reconciliation of "components of
interest expense and amortization of deferred financing costs"
herein for a discussion of non-cash interest expense.(b) Excludes
the impact of expected financing relating to the Lightower
acquisition. Assumes the Lightower acquisition closes on
December 31, 2017.(c) See "Non-GAAP Financial Measures, Segment
Measures and Other Calculations" herein for a discussion of our
definition of Adjusted EBITDA.
Reconciliation of Expected Contribution
from Lightower Acquisition to Full Year 2018 for FFO and
AFFO:
|
Full Year 2018 |
(in millions) |
ExpectedContribution |
Net income (loss) |
$163 |
|
to |
$213 |
|
Real estate related
depreciation, amortization and accretion |
$209 |
|
to |
$259 |
|
Asset write-down
charges |
$0 |
|
to |
$0 |
|
FFO(a) |
$396 |
|
to |
$446 |
|
|
|
|
|
FFO (from above) |
$396 |
|
to |
$446 |
|
Adjustments to increase
(decrease) FFO: |
|
|
|
Straight-lined revenue |
$(2) |
|
to |
$0 |
|
Straight-lined expense |
$0 |
|
to |
$0 |
|
Stock-based compensation expense |
$5 |
|
to |
$15 |
|
Non-cash
portion of tax provision |
$0 |
|
to |
$0 |
|
Non-real
estate related depreciation, amortization and accretion |
$16 |
|
to |
$66 |
|
Amortization of non-cash interest expense(b) |
$0 |
|
to |
$0 |
|
Other
(income) expense |
$0 |
|
to |
$0 |
|
Gains
(losses) on retirement of long-term obligations |
$0 |
|
to |
$0 |
|
Acquisition and integration costs |
$20 |
|
to |
$40 |
|
Capital
improvement capital expenditures |
$(29) |
|
to |
$(24) |
|
Corporate
capital expenditures |
$0 |
|
to |
$0 |
|
AFFO(a) |
$465 |
|
to |
$485 |
|
|
|
|
|
|
|
|
|
(a) See "Non-GAAP Financial Measures, Segment
Measures and Other Calculations" herein for a discussion for our
definitions of FFO and AFFO.(b) Excludes the impact of expected
financing relating to the Lightower acquisition. Assumes the
Lightower acquisition closes on December 31, 2017.
For Comparative Purposes - Reconciliation of Previous
Outlook for Adjusted EBITDA:
|
Previously Issued |
|
Previously Issued |
|
Q2 2017 |
|
Full Year 2017 |
(in
millions) |
Outlook |
|
Outlook |
Net income (loss) |
$90 |
|
to |
$110 |
|
$427 |
|
to |
$477 |
|
Adjustments to increase
(decrease) net income (loss): |
|
|
|
|
|
|
|
Asset
write-down charges |
$9 |
|
to |
$11 |
|
$26 |
|
to |
$36 |
|
Acquisition and integration costs |
$4 |
|
to |
$8 |
|
$15 |
|
to |
$25 |
|
Depreciation, amortization and accretion |
$288 |
|
to |
$302 |
|
$1,170 |
|
to |
$1,200 |
|
Amortization of prepaid lease purchase price adjustments |
$4 |
|
to |
$6 |
|
$19 |
|
to |
$21 |
|
Interest
expense and amortization of deferred financing costs |
$137 |
|
to |
$142 |
|
$542 |
|
to |
$572 |
|
Gains
(losses) on retirement of long-term obligations |
$0 |
|
to |
$0 |
|
$4 |
|
to |
$4 |
|
Interest
income |
$(1) |
|
to |
$1 |
|
$(2) |
|
to |
$2 |
|
Other
income (expense) |
$(1) |
|
to |
$3 |
|
$(3) |
|
to |
$(1) |
|
Benefit
(provision) for income taxes |
$3 |
|
to |
$7 |
|
$15 |
|
to |
$23 |
|
Stock-based compensation expense |
$25 |
|
to |
$27 |
|
$97 |
|
to |
$102 |
|
Adjusted EBITDA(a)(b) |
$584 |
|
to |
$589 |
|
$2,372 |
|
to |
$2,402 |
|
|
|
|
|
|
|
|
|
|
|
|
(a) See "Non-GAAP Financial Measures, Segment
Measures and Other Calculations" herein for a discussion of our
definition of Adjusted EBITDA.(b) The above reconciliation excludes
line items included in our definition which are not applicable for
the periods shown.
For Comparative Purposes -
Reconciliation of Previous Outlook for FFO and AFFO:
|
Previously Issued |
|
Previously Issued |
|
Q2 2017 |
|
Full Year 2017 |
(in millions) |
Outlook |
|
Outlook |
Net income (loss) |
$90 |
|
to |
$110 |
|
|
$427 |
|
to |
$477 |
|
Real estate related
depreciation, amortization and accretion |
$283 |
|
to |
$293 |
|
|
$1,146 |
|
to |
$1,166 |
|
Asset write-down
charges |
$9 |
|
to |
$11 |
|
|
$26 |
|
to |
$36 |
|
FFO(a)(b)(c) |
$394 |
|
to |
$399 |
|
|
$1,623 |
|
to |
$1,653 |
|
|
|
|
|
|
|
|
|
FFO (from above) |
$394 |
|
to |
$399 |
|
|
$1,623 |
|
to |
$1,653 |
|
Adjustments to increase
(decrease) FFO: |
|
|
|
|
|
|
|
Straight-lined revenue |
$(2) |
|
to |
$3 |
|
|
$6 |
|
to |
$21 |
|
Straight-lined expense |
$21 |
|
to |
$26 |
|
|
$81 |
|
to |
$96 |
|
Stock-based compensation expense |
$25 |
|
to |
$27 |
|
|
$97 |
|
to |
$102 |
|
Non-cash
portion of tax provision |
$(7) |
|
to |
$(2) |
|
|
$(4) |
|
to |
$6 |
|
Non-real
estate related depreciation, amortization and accretion |
$5 |
|
to |
$9 |
|
|
$24 |
|
to |
$34 |
|
Amortization of non-cash interest expense |
$2 |
|
to |
$5 |
|
|
$8 |
|
to |
$14 |
|
Other
(income) expense |
$(1) |
|
to |
$2 |
|
|
$(3) |
|
to |
$(1) |
|
Gains
(losses) on retirement of long-term obligations |
$0 |
|
to |
$0 |
|
|
$4 |
|
to |
$4 |
|
Acquisition and integration costs |
$4 |
|
to |
$8 |
|
|
$15 |
|
to |
$25 |
|
Capital
improvement capital expenditures |
$(14) |
|
to |
$(9) |
|
|
$(41) |
|
to |
$(31) |
|
Corporate
capital expenditures |
$(15) |
|
to |
$(10) |
|
|
$(54) |
|
to |
$(44) |
|
AFFO(a)(b)(c) |
$433 |
|
to |
$438 |
|
|
$1,805 |
|
to |
$1,835 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Previously issued second quarter 2017 and
full year 2017 outlook assumes diluted common shares outstanding as
of March 31, 2017 of approximately 362 million shares.(b) See
"Non-GAAP Financial Measures, Segment Measures and Other
Calculations" herein for a discussion for our definitions of FFO
and AFFO.(c) The above reconciliation excludes line items included
in our definition which are not applicable for the periods
shown.
The components of changes in site rental revenues for
the quarters ended June 30, 2017 and 2016 are as
follows:
|
Three Months Ended June 30, |
(in millions) |
2017 |
|
2016 |
Components of changes
in site rental revenues(f): |
|
|
|
|
|
|
|
Prior
year site rental revenues exclusive of straight-line associated
with fixed escalators(a)(c) |
$ |
788 |
|
|
$ |
706 |
|
|
|
|
|
New
leasing activity(a)(c) |
45 |
|
|
44 |
|
Escalators |
21 |
|
|
23 |
|
Non-renewals |
(24 |
) |
|
(18 |
) |
Organic
Contribution to Site Rental Revenues(d) |
42 |
|
|
49 |
|
Straight-lined revenues associated with fixed escalators |
(1 |
) |
|
16 |
|
Acquisitions and builds(b) |
40 |
|
|
34 |
|
Other |
— |
|
|
— |
|
Total GAAP site rental
revenues |
$ |
869 |
|
|
$ |
805 |
|
|
|
|
|
Year-over-year
changes in revenue: |
|
|
|
Reported GAAP site
rental revenues |
8.0 |
% |
|
|
Organic Contribution to
Site Rental Revenues(d)(e) |
5.3 |
% |
|
|
(a) Includes revenues from amortization of prepaid rent in
accordance with GAAP. (b) The financial impact of
acquisitions, as measured by the initial contribution, and tower
builds is excluded from Organic Contribution to Site Rental
Revenues until the one-year anniversary of the acquisition or
build. (c) Includes revenues from the construction of new
small cell nodes, exclusive of straight-lined revenues related to
fixed escalators. (d) See "Non-GAAP Financial Measures,
Segment Measures and Other Calculations" herein.
(e) Calculated as the percentage change from prior year site
rental revenues exclusive of straight-lined revenues associated
with fixed escalations compared to Organic Contribution to Site
Rental Revenues for the current period. (f) Additional
information regarding Crown Castle's site rental revenues including
projected revenue from customer licenses, tenant non-renewals,
straight-lined revenues and prepaid rent is available in Crown
Castle's quarterly Supplemental Information Package posted in the
Investors section of its website.
The components of the changes in site rental revenues
for the year ending December 31, 2017 are forecasted as
follows:
(in millions) |
Full Year 2017 Outlook |
|
Full Year 2016 |
Components of changes
in site rental revenues(g): |
|
|
|
Prior
year site rental revenues exclusive of straight-line associated
with fixed escalators(a)(c) |
$3,186 |
|
$2,907 |
|
|
|
|
New
leasing activity(a)(c) |
155 - 175 |
|
|
174 |
|
Escalators |
80 - 85 |
|
|
89 |
|
Non-renewals |
(95) - (90) |
|
|
(74) |
|
Organic
Contribution to Site Rental Revenues(d) |
140 - 170 |
|
|
189 |
|
Straight-lined revenues associated with fixed escalators |
(20) - (10) |
|
|
47 |
|
Acquisitions and builds(b) |
|
185 |
|
|
|
90 |
|
Other |
|
— |
|
|
|
— |
|
Total GAAP site rental
revenues |
$3,504 - $3,529 |
|
$3,233 |
|
|
|
|
Year-over-year
changes in revenue:(f) |
|
|
|
Reported GAAP site
rental revenues |
|
8.7% |
|
|
|
Organic Contribution to
Site Rental Revenues(d)(e) |
|
4.9% |
|
|
|
(a) Includes revenues from amortization of prepaid rent in
accordance with GAAP. (b) The financial impact of
acquisitions, as measured by the initial contribution, and tower
builds is excluded from Organic Contribution to Site Rental
Revenues until the one-year anniversary of the acquisition or
build. (c) Includes revenues from the construction of new
small cell nodes, exclusive of straight-lined revenues related to
fixed escalators. (d) See "Non-GAAP Financial Measures,
Segment Measures and Other Calculations" herein.
(e) Calculated as the percentage change from prior year site
rental revenues exclusive of straight-lined revenues associated
with fixed escalations compared to Organic Contribution to Site
Rental Revenues for the current period. (f) Calculated based
on midpoint of Full Year 2017 Outlook. (g) Additional
information regarding Crown Castle's site rental revenues including
projected revenue from customer licenses, tenant non-renewals,
straight-lined revenues and prepaid rent is available in Crown
Castle's quarterly Supplemental Information Package posted in the
Investors section of its website.
Components of Historical Interest
Expense and Amortization of Deferred Financing Costs:
|
For the Three Months Ended |
(in millions) |
June 30, 2017 |
|
|
June 30, 2016 |
|
Interest expense on
debt obligations |
$ |
139.3 |
|
|
$ |
125.6 |
|
Amortization of
deferred financing costs and adjustments on long-term debt,
net |
4.5 |
|
|
4.8 |
|
Other, net |
(2.1 |
) |
|
(1.0 |
) |
Interest
expense and amortization of deferred financing costs |
$ |
141.8 |
|
|
$ |
129.4 |
|
|
|
|
|
|
|
|
|
Components of Current Outlook for
Interest Expense and Amortization of Deferred Financing
Costs:
|
Q3 2017 |
|
Full Year 2017 |
(in millions) |
Outlook |
|
Outlook |
Interest expense on
debt obligations |
$140 |
|
to |
$142 |
|
|
$546 |
|
to |
$561 |
|
Amortization of
deferred financing costs and adjustments on long-term debt,
net |
$4 |
|
to |
$7 |
|
|
$17 |
|
to |
$21 |
|
Other, net |
$(2) |
|
to |
$(2) |
|
|
$(8) |
|
to |
$(6) |
|
Interest
expense and amortization of deferred financing costs |
$142 |
|
to |
$147 |
|
|
$552 |
|
to |
$582 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt balances and maturity dates as of
June 30, 2017 are as follows:
(in
millions) |
Face Value |
|
Final Maturity |
Bank debt - variable
rate: |
|
|
|
2016
Revolver |
$ |
350.0 |
|
Jan.
2022 |
2016 Term
Loan A |
2,431.7 |
|
Jan.
2022 |
Total bank debt |
2,781.7 |
|
|
Securitized debt -
fixed rate: |
|
|
|
Secured
Notes, Series 2009-1, Class A-1(a) |
42.7 |
|
Aug.
2019 |
Secured
Notes, Series 2009-1, Class A-2(a) |
70.0 |
|
Aug.
2029 |
Tower
Revenue Notes, Series 2010-3(b) |
1,250.0 |
|
Jan.
2040 |
Tower
Revenue Notes, Series 2010-6(b) |
1,000.0 |
|
Aug.
2040 |
Tower
Revenue Notes, Series 2015-1(b) |
300.0 |
|
May
2042 |
Tower
Revenue Notes, Series 2015-2(b) |
700.0 |
|
May
2045 |
Total
securitized debt |
3,362.7 |
|
|
Bonds - fixed
rate: |
|
|
|
5.250% Senior Notes |
1,650.0 |
|
Jan.
2023 |
3.849%
Secured Notes |
1,000.0 |
|
Apr.
2023 |
4.875%
Senior Notes |
850.0 |
|
Apr.
2022 |
3.400%
Senior Notes |
850.0 |
|
Feb.
2021 |
4.450%
Senior Notes |
900.0 |
|
Feb.
2026 |
3.700%
Senior Notes |
750.0 |
|
June
2026 |
2.250%
Senior Notes |
700.0 |
|
Sept.
2021 |
4.000%
Senior Notes |
500.0 |
|
Mar.
2027 |
4.750%
Senior Notes |
350.0 |
|
May
2047 |
Total
bonds |
7,550.0 |
|
|
Capital leases and
other obligations |
240.7 |
|
Various |
Total Debt |
$ |
13,935.1 |
|
|
Less:
Cash and Cash Equivalents(c) |
$ |
199.7 |
|
|
Net Debt |
$ |
13,735.4 |
|
|
|
|
|
|
|
|
(a) The Senior Secured Notes, Series 2009-1, Class A-1 principal
amortizes during the period beginning January 2010 and ending in
2019 and the Senior Secured Notes, 2009-1, Class A-2 principal
amortizes during the period beginning in 2019 and ending in 2029.
(b) The Senior Secured Tower Revenue Notes, Series 2010-3 and
2010-6 have anticipated repayment dates in 2020. The Senior
Secured Tower Revenue Notes, Series 2015-1 and 2015-2 have
anticipated repayment dates in 2022 and 2025, respectively.
(c) Excludes restricted cash.
Net Debt to Last Quarter Annualized Adjusted EBITDA is
computed as follows:
(in millions) |
For the Three Months Ended June 30, 2017 |
Total face value of
debt |
$ |
13,935.1 |
|
|
Ending cash and cash
equivalents(a) |
199.7 |
|
|
Total Net Debt |
$ |
13,735.5 |
|
|
|
|
|
Adjusted EBITDA for the
three months ended June 30, 2017 |
$ |
588.5 |
|
|
Last quarter annualized
adjusted EBITDA |
2,354.1 |
|
|
Net Debt to
Last Quarter Annualized Adjusted EBITDA |
5.8 |
x |
(b) |
(a) Excludes restricted cash. (b) The Net Debt to Last Quarter
Annualized Adjusted EBITDA calculation does not give effect to a
full quarter of ownership of Wilcon, as this acquisition closed on
June 26, 2017.
Components of Capital
Expenditures:
|
For the Three Months Ended |
(in millions) |
June 30, 2017 |
|
June 30, 2016 |
|
Towers |
Small Cells |
Other |
Total |
|
Towers |
Small Cells |
Other |
Total |
Discretionary: |
|
|
|
|
|
|
|
|
|
Purchases
of land interests |
$ |
21.2 |
|
$ |
— |
|
$ |
— |
|
$ |
21.2 |
|
|
$ |
19.1 |
|
$ |
— |
|
$ |
— |
|
$ |
19.1 |
|
Wireless
infrastructure construction and improvements |
76.3 |
|
184.0 |
|
— |
|
260.3 |
|
|
75.9 |
|
85.4 |
|
— |
|
161.3 |
|
Sustaining: |
|
|
|
|
|
|
|
|
|
Capital
improvement and corporate |
9.5 |
|
4.1 |
|
5.9 |
|
19.4 |
|
|
9.1 |
|
2.1 |
|
7.9 |
|
19.1 |
|
Total |
$ |
107.0 |
|
$ |
188.1 |
|
$ |
5.9 |
|
$ |
300.9 |
|
|
$ |
104.2 |
|
$ |
87.5 |
|
$ |
7.9 |
|
$ |
199.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cautionary Language Regarding
Forward-Looking Statements
This press release contains forward-looking
statements and information that are based on our management's
current expectations. Such statements include our Outlook and
plans, projections, and estimates regarding (1) potential benefits,
returns, opportunities and shareholder value which may be derived
from our business, assets, investments, acquisitions (including the
pending acquisition of Lightower) and dividends, including on a
long-term basis, (2) our strategy and strategic position and
strength of our business, (3) carrier network investments and
upgrades, and the benefits which may be derived therefrom, (4)
growth in demand for mobile data and wireless connectivity and the
benefits which may be derived therefrom, (5) our growth and
long-term prospects, (6) the pending acquisition of Lightower,
including financing and timing thereof, quality of Lightower's
assets, services and customer mix, and the potential benefits and
contributions which may be derived from such acquisition, including
(a) improvements to or enhancements of Crown Castle's asset
portfolio, growth and industry position and (b) contribution to or
impact on Crown Castle's financial or operating results, including
site rental revenues, growth profile, net income and AFFO, (7)
leasing activity (8) our investments, including in towers,
small cells, fiber and other assets, and the potential growth,
returns and benefits therefrom, (9) our dividends, including our
dividend plans and the amount of and any increase to our dividends
and dividend growth targets, (10) demand for our wireless
infrastructure (including fiber and small cells) and services, (11)
our credit metrics, (12) tenant non-renewals, including the impact
and timing thereof, (13) capital expenditures, including sustaining
capital expenditures, (14) straight-line adjustments, (15) site
rental revenues, (16) site rental cost of operations, (17) net
income (loss), (18) Adjusted EBITDA, (19) expenses,
including interest expense and amortization of deferred
financing costs, (20) FFO, (21) AFFO and estimated growth thereof,
(22) Organic Contribution to Site Rental Revenues, (23) our common
shares outstanding, including on a diluted basis and (24) network
services contribution, (25) the utility of certain financial
measures, including non-GAAP financial measures. Such
forward-looking statements are subject to certain risks,
uncertainties and assumptions prevailing market conditions and the
following:
- Our business depends on the demand for our wireless
infrastructure, driven primarily by demand for wireless
connectivity, and we may be adversely affected by any slowdown in
such demand. Additionally, a reduction in the amount or
change in the mix of carrier network investment may materially and
adversely affect our business (including reducing demand for tenant
additions and network services).
- A substantial portion of our revenues is derived from a small
number of customers, and the loss, consolidation or financial
instability of any of our limited number of customers may
materially decrease revenues or reduce demand for our wireless
infrastructure and network services.
- The business model for small cells contains certain differences
from our traditional site rental business, resulting in different
operational risks. If we do not successfully operate that
business model or identify or manage those operational risks, such
operations may produce results that are less than anticipated.
- Our substantial level of indebtedness could adversely affect
our ability to react to changes in our business, and the terms of
our debt instruments limit our ability to take a number of actions
that our management might otherwise believe to be in our best
interests. In addition, if we fail to comply with our
covenants, our debt could be accelerated.
- We have a substantial amount of indebtedness. In the
event we do not repay or refinance such indebtedness, we could face
substantial liquidity issues and might be required to issue equity
securities or securities convertible into equity securities, or
sell some of our assets to meet our debt payment obligations.
- Sales or issuances of a substantial number of shares of our
common stock may adversely affect the market price of our common
stock.
- As a result of competition in our industry, we may find it more
difficult to achieve favorable rental rates on our new or renewing
tenant leases.
- New technologies may reduce demand for our wireless
infrastructure or negatively impact our revenues.
- The expansion or development of our business, including through
acquisitions, increased product offerings or other strategic growth
opportunities, may cause disruptions in our business, which may
have an adverse effect on our business, operations or financial
results.
- If we fail to retain rights to our wireless infrastructure,
including the land interests under our towers, our business may be
adversely affected.
- Our network services business has historically experienced
significant volatility in demand, which reduces the predictability
of our results.
- New wireless technologies may not deploy or be adopted by
customers as rapidly or in the manner projected.
- If we fail to comply with laws or regulations which regulate
our business and which may change at any time, we may be fined or
even lose our right to conduct some of our business.
- If radio frequency emissions from wireless handsets or
equipment on our wireless infrastructure are demonstrated to cause
negative health effects, potential future claims could adversely
affect our operations, costs or revenues.
- Certain provisions of our restated certificate of
incorporation, amended and restated by-laws and operative
agreements, and domestic and international competition laws may
make it more difficult for a third party to acquire control of us
or for us to acquire control of a third party, even if such a
change in control would be beneficial to our stockholders.
- We may be vulnerable to security breaches that could adversely
affect our business, operations, and reputation.
- Future dividend payments to our stockholders will reduce the
availability of our cash on hand available to fund future
discretionary investments, and may result in a need to incur
indebtedness or issue equity securities to fund growth
opportunities. In such event, the then current economic,
credit market or equity market conditions will impact the
availability or cost of such financing, which may hinder our
ability to grow our per share results of operations.
- Remaining qualified to be taxed as a REIT involves highly
technical and complex provisions of the US Internal Revenue
Code. Failure to remain qualified as a REIT would result in
our inability to deduct dividends to stockholders when computing
our taxable income, which would reduce our available cash.
- Complying with REIT requirements, including the 90%
distribution requirement, may limit our flexibility or cause us to
forgo otherwise attractive opportunities, including certain
discretionary investments and potential financing
alternatives.
- REIT related ownership limitations and transfer restrictions
may prevent or restrict certain transfers of our capital
stock.
Should one or more of these or other risks or
uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those expected.
More information about potential risk factors which could affect
our results is included in our filings with the SEC. As used
in this release, the term "including," and any variation thereof,
means "including without limitation."
|
|
|
|
CROWN CASTLE
INTERNATIONAL CORP. |
|
|
|
CONDENSED
CONSOLIDATED BALANCE SHEET (UNAUDITED) |
|
|
|
(in thousands, except
share amounts) |
|
|
|
|
June 30, 2017 |
|
December 31, 2016 |
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and
cash equivalents |
$ |
199,663 |
|
|
$ |
567,599 |
|
Restricted cash |
117,913 |
|
|
124,547 |
|
Receivables, net |
305,982 |
|
|
373,532 |
|
Prepaid
expenses |
175,976 |
|
|
128,721 |
|
Other
current assets |
151,801 |
|
|
130,362 |
|
Total
current assets |
951,335 |
|
|
1,324,761 |
|
Deferred site rental
receivables |
1,299,440 |
|
|
1,317,658 |
|
Property and equipment,
net |
10,507,736 |
|
|
9,805,315 |
|
Goodwill |
6,919,358 |
|
|
5,757,676 |
|
Other intangible
assets, net |
3,953,812 |
|
|
3,650,072 |
|
Long-term prepaid rent
and other assets, net |
851,943 |
|
|
819,610 |
|
Total
assets |
$ |
24,483,624 |
|
|
$ |
22,675,092 |
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
Current
liabilities: |
|
|
|
Accounts
payable |
$ |
178,927 |
|
|
$ |
188,516 |
|
Accrued
interest |
107,764 |
|
|
97,019 |
|
Deferred
revenues |
387,065 |
|
|
353,005 |
|
Other
accrued liabilities |
209,224 |
|
|
221,066 |
|
Current
maturities of debt and other obligations |
114,932 |
|
|
101,749 |
|
Total
current liabilities |
997,912 |
|
|
961,355 |
|
Debt and other
long-term obligations |
13,726,333 |
|
|
12,069,393 |
|
Other long-term
liabilities |
2,169,070 |
|
|
2,087,229 |
|
Total
liabilities |
16,893,315 |
|
|
15,117,977 |
|
Commitments and
contingencies |
|
|
|
CCIC stockholders'
equity: |
|
|
|
Common
stock, $.01 par value; 600,000,000 shares authorized; shares issued
and outstanding: June 30, 2017—366,115,800 and December 31,
2016—360,536,659 |
3,661 |
|
|
3,605 |
|
Additional paid-in capital |
11,433,018 |
|
|
10,938,236 |
|
Accumulated other comprehensive income (loss) |
(5,183 |
) |
|
(5,888 |
) |
Dividends/distributions in excess of earnings |
(3,841,187 |
) |
|
(3,378,838 |
) |
Total
equity |
7,590,309 |
|
|
7,557,115 |
|
Total
liabilities and equity |
$ |
24,483,624 |
|
|
$ |
22,675,092 |
|
|
|
|
|
|
|
|
|
CROWN CASTLE INTERNATIONAL CORP. |
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(UNAUDITED) |
(in
thousands, except share and per share amounts) |
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2017 |
|
|
2016 |
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Site
rental |
$ |
868,806 |
|
|
$ |
804,600 |
|
|
$ |
1,725,742 |
|
|
$ |
1,603,893 |
|
Network
services and other |
169,529 |
|
|
157,809 |
|
|
328,535 |
|
|
292,899 |
|
Net
revenues |
1,038,335 |
|
|
962,409 |
|
|
2,054,277 |
|
|
1,896,792 |
|
Operating
expenses: |
|
|
|
|
|
|
|
Costs of
operations (exclusive of depreciation, amortization and
accretion): |
|
|
|
|
|
|
|
Site
rental |
269,285 |
|
|
252,852 |
|
|
534,302 |
|
|
505,472 |
|
Network
services and other |
104,622 |
|
|
95,867 |
|
|
203,430 |
|
|
176,838 |
|
General
and administrative |
97,736 |
|
|
91,386 |
|
|
198,460 |
|
|
188,967 |
|
Asset
write-down charges |
4,327 |
|
|
11,952 |
|
|
4,972 |
|
|
19,912 |
|
Acquisition and integration costs |
8,250 |
|
|
3,141 |
|
|
13,900 |
|
|
8,779 |
|
Depreciation, amortization and accretion |
295,615 |
|
|
276,026 |
|
|
584,164 |
|
|
553,901 |
|
Total
operating expenses |
779,835 |
|
|
731,224 |
|
|
1,539,228 |
|
|
1,453,869 |
|
Operating income
(loss) |
258,500 |
|
|
231,185 |
|
|
515,049 |
|
|
442,923 |
|
Interest expense and
amortization of deferred financing costs |
(141,769 |
) |
|
(129,362 |
) |
|
(276,256 |
) |
|
(255,740 |
) |
Gains (losses) on
retirement of long-term obligations |
— |
|
|
(11,468 |
) |
|
(3,525 |
) |
|
(42,017 |
) |
Interest income |
1,027 |
|
|
105 |
|
|
1,397 |
|
|
279 |
|
Other income
(expense) |
(1,106 |
) |
|
(518 |
) |
|
3,494 |
|
|
(3,791 |
) |
Income (loss) before
income taxes |
116,652 |
|
|
89,942 |
|
|
240,159 |
|
|
141,654 |
|
Benefit (provision) for
income taxes |
(4,538 |
) |
|
(3,884 |
) |
|
(8,907 |
) |
|
(7,756 |
) |
Net income (loss) |
112,114 |
|
|
86,058 |
|
|
231,252 |
|
|
133,898 |
|
Dividends on preferred
stock |
— |
|
|
(10,997 |
) |
|
— |
|
|
(21,994 |
) |
Net income (loss)
attributable to CCIC common stockholders |
$ |
112,114 |
|
|
$ |
75,061 |
|
|
$ |
231,252 |
|
|
$ |
111,904 |
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to CCIC common stockholders, per common share: |
|
|
|
|
|
|
|
Net
income (loss) attributable to CCIC common stockholders, basic |
$ |
0.31 |
|
|
$ |
0.22 |
|
|
$ |
0.64 |
|
|
$ |
0.33 |
|
Net
income (loss) attributable to CCIC common stockholders,
diluted |
$ |
0.31 |
|
|
$ |
0.22 |
|
|
$ |
0.64 |
|
|
$ |
0.33 |
|
|
|
|
|
|
|
|
|
Weighted-average common
shares outstanding (in thousands): |
|
|
|
|
|
|
|
Basic |
364,493 |
|
|
337,560 |
|
|
362,662 |
|
|
335,857 |
|
Diluted |
365,832 |
|
|
338,609 |
|
|
363,892 |
|
|
336,658 |
|
CROWN CASTLE INTERNATIONAL CORP. |
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(UNAUDITED) |
(in thousands) |
|
Six Months Ended June 30, |
|
|
2017 |
|
|
|
2016 |
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
Net income
(loss) |
$ |
231,252 |
|
|
$ |
133,898 |
|
Adjustments
to reconcile net income (loss) to net cash provided by (used for)
operating activities: |
|
|
|
Depreciation, amortization and accretion |
584,164 |
|
|
553,901 |
|
Gains (losses) on retirement of long-term obligations |
3,525 |
|
|
42,017 |
|
Amortization of deferred financing costs and other non-cash
interest |
5,256 |
|
|
7,993 |
|
Stock-based compensation expense |
45,232 |
|
|
40,135 |
|
Asset write-down charges |
4,972 |
|
|
19,912 |
|
Deferred income tax benefit (provision) |
261 |
|
|
3,947 |
|
Other non-cash adjustments, net |
(3,486 |
) |
|
1,672 |
|
Changes in assets and liabilities, excluding the effects of
acquisitions: |
|
|
|
Increase (decrease) in liabilities |
16,963 |
|
|
84,145 |
|
Decrease (increase) in assets |
45,970 |
|
|
30,561 |
|
Net cash provided by (used for) operating activities |
934,109 |
|
|
918,181 |
|
Cash flows from investing activities: |
|
|
|
Payments for acquisition of businesses, net of cash
acquired |
(2,103,503 |
) |
|
(493,932 |
) |
Capital expenditures |
(563,361 |
) |
|
(392,997 |
) |
Net (payments) receipts from settled swaps |
(328 |
) |
|
8,141 |
|
Other investing activities, net |
(7,032 |
) |
|
1,854 |
|
Net cash provided by (used for) investing activities |
(2,674,224 |
) |
|
(876,934 |
) |
Cash flows from financing activities: |
|
|
|
Proceeds from issuance of long-term debt |
1,345,115 |
|
|
4,501,206 |
|
Principal payments on debt and other long-term obligations |
(59,947 |
) |
|
(43,838 |
) |
Purchases and redemptions of long-term debt |
— |
|
|
(3,536,362 |
) |
Borrowings under revolving credit facility |
1,755,000 |
|
|
3,030,000 |
|
Payments under revolving credit facility |
(1,405,000 |
) |
|
(3,720,000 |
) |
Payments for financing costs |
(11,446 |
) |
|
(35,604 |
) |
Net proceeds from issuance of capital stock |
464,023 |
|
|
323,798 |
|
Purchases of capital stock |
(22,594 |
) |
|
(24,460 |
) |
Dividends/distributions paid on common stock |
(696,025 |
) |
|
(597,846 |
) |
Dividends paid on preferred stock |
— |
|
|
(21,994 |
) |
Net (increase) decrease in restricted cash |
2,351 |
|
|
(6,089 |
) |
Net cash provided by (used for) financing activities |
1,371,477 |
|
|
(131,189 |
) |
Net
increase (decrease) in cash and cash equivalents - continuing
operations |
(368,638 |
) |
|
(89,942 |
) |
Discontinued operations: |
|
|
|
Net cash provided by (used for) investing
activities |
— |
|
|
113,150 |
|
Net
increase (decrease) in cash and cash equivalents - discontinued
operations |
— |
|
|
113,150 |
|
Effect of exchange rate changes |
702 |
|
|
320 |
|
Cash and cash equivalents at beginning of
period |
567,599 |
|
|
178,810 |
|
Cash and cash equivalents at end of period |
$ |
199,663 |
|
|
$ |
202,338 |
|
Supplemental disclosure of cash flow
information: |
|
|
|
Interest paid |
260,255 |
|
|
217,783 |
|
Income taxes paid |
10,372 |
|
|
10,186 |
|
CROWN CASTLE INTERNATIONAL CORP. |
SEGMENT OPERATING RESULTS (UNAUDITED) |
(in
thousands) |
|
SEGMENT OPERATING RESULTS |
|
Three Months Ended June 30, 2017 |
|
Three Months Ended June 30, 2016 |
|
Towers |
|
Small Cells |
|
Other |
|
Consolidated Total |
|
Towers |
|
Small Cells |
|
Other |
|
Consolidated Total |
Segment site rental
revenues |
$ |
717,645 |
|
|
$ |
151,161 |
|
|
|
|
$ |
868,806 |
|
|
$ |
705,716 |
|
|
$ |
98,884 |
|
|
|
|
|
|
$ |
804,600 |
|
Segment network
services and other revenue |
157,977 |
|
|
11,552 |
|
|
|
|
169,529 |
|
|
142,053 |
|
|
15,756 |
|
|
|
|
157,809 |
|
Segment revenues |
875,622 |
|
|
162,713 |
|
|
|
|
1,038,335 |
|
|
847,769 |
|
|
114,640 |
|
|
|
|
962,409 |
|
Segment site rental
cost of operations |
211,204 |
|
|
51,861 |
|
|
|
|
263,065 |
|
|
210,444 |
|
|
34,165 |
|
|
|
|
244,609 |
|
Segment network
services and other cost of operations |
95,837 |
|
|
8,604 |
|
|
|
|
104,441 |
|
|
81,922 |
|
|
12,423 |
|
|
|
|
94,345 |
|
Segment cost of
operations(a) |
307,041 |
|
|
60,465 |
|
|
|
|
367,506 |
|
|
292,366 |
|
|
46,588 |
|
|
|
|
338,954 |
|
Segment site rental
gross margin(b) |
506,441 |
|
|
99,300 |
|
|
|
|
605,741 |
|
|
495,272 |
|
|
64,719 |
|
|
|
|
559,991 |
|
Segment network
services and other gross margin(b) |
62,140 |
|
|
2,948 |
|
|
|
|
65,088 |
|
|
60,131 |
|
|
3,333 |
|
|
|
|
63,464 |
|
Segment general and
administrative expenses(a) |
22,875 |
|
|
18,666 |
|
|
40,754 |
|
|
82,295 |
|
|
22,505 |
|
|
15,718 |
|
|
35,563 |
|
|
73,786 |
|
Segment operating
profit(b) |
545,706 |
|
|
83,582 |
|
|
(40,754 |
) |
|
588,534 |
|
|
532,898 |
|
|
52,334 |
|
|
(35,563 |
) |
|
549,669 |
|
Stock-based
compensation expense |
|
|
|
|
16,835 |
|
|
16,835 |
|
|
|
|
|
|
21,998 |
|
|
21,998 |
|
Depreciation,
amortization and accretion |
|
|
|
|
295,615 |
|
|
295,615 |
|
|
|
|
|
|
276,026 |
|
|
276,026 |
|
Interest expense and
amortization of deferred financing costs |
|
|
|
|
141,769 |
|
|
141,769 |
|
|
|
|
|
|
129,362 |
|
|
129,362 |
|
Other (income) expenses
to reconcile to income (loss) before income taxes(c) |
|
|
|
|
17,663 |
|
|
17,663 |
|
|
|
|
|
|
32,341 |
|
|
32,341 |
|
Income (loss) before
income taxes |
|
|
|
|
|
|
$ |
116,652 |
|
|
|
|
|
|
|
|
$ |
89,942 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Segment cost of operations exclude (1)
stock-based compensation expense of $1.4 million and $4.4 million
for the three months ended June 30, 2017 and 2016, respectively and
(2) prepaid lease purchase price adjustments of $5.0 million and
$5.4 million for the three months ended June 30, 2017 and 2016,
respectively. Segment general and administrative expenses
exclude stock-based compensation expense of $15.4 million and $17.6
million for the three months ended June 30, 2017 and 2016,
respectively. (b) See "Non-GAAP Financial Measures,
Segment Measures and Other Calculations" herein for a discussion of
our definitions of segment site rental gross margin, segment
network service and other gross margin and segment operating
profit.(c) See condensed consolidated statement of operations
for further information.
SEGMENT OPERATING RESULTS |
|
Six Months Ended June 30, 2017 |
|
Six Months Ended June 30, 2016 |
|
Towers |
|
Small Cells |
|
Other |
|
Consolidated Total |
|
Towers |
|
Small Cells |
|
Other |
|
Consolidated Total |
Segment site rental
revenues |
$ |
1,434,181 |
|
|
$ |
291,561 |
|
|
|
|
|
|
$ |
1,725,742 |
|
|
$ |
1,408,555 |
|
|
$ |
195,338 |
|
|
|
|
|
|
$ |
1,603,893 |
|
Segment network
services and other revenue |
307,592 |
|
|
20,943 |
|
|
|
|
328,535 |
|
|
267,063 |
|
|
25,836 |
|
|
|
|
292,899 |
|
Segment revenues |
1,741,773 |
|
|
312,504 |
|
|
|
|
2,054,277 |
|
|
1,675,618 |
|
|
221,174 |
|
|
|
|
1,896,792 |
|
Segment site rental
cost of operations |
420,668 |
|
|
99,107 |
|
|
|
|
519,775 |
|
|
415,009 |
|
|
71,648 |
|
|
|
|
486,657 |
|
Segment network
services and other cost of operations |
184,773 |
|
|
16,833 |
|
|
|
|
201,606 |
|
|
151,911 |
|
|
20,458 |
|
|
|
|
172,369 |
|
Segment cost of
operations(a) |
605,441 |
|
|
115,940 |
|
|
|
|
721,381 |
|
|
566,920 |
|
|
92,106 |
|
|
|
|
659,026 |
|
Segment site rental
gross margin(b) |
1,013,513 |
|
|
192,454 |
|
|
|
|
1,205,967 |
|
|
993,546 |
|
|
123,690 |
|
|
|
|
1,117,236 |
|
Segment network
services and other gross margin(b) |
122,819 |
|
|
4,110 |
|
|
|
|
126,929 |
|
|
115,152 |
|
|
5,378 |
|
|
|
|
120,530 |
|
Segment general and
administrative expenses(a) |
46,635 |
|
|
36,355 |
|
|
79,960 |
|
|
162,950 |
|
|
46,104 |
|
|
31,240 |
|
|
71,635 |
|
|
148,979 |
|
Segment operating
profit(b) |
1,089,697 |
|
|
160,209 |
|
|
(79,960 |
) |
|
1,169,946 |
|
|
1,062,594 |
|
|
97,828 |
|
|
(71,635 |
) |
|
1,088,787 |
|
Stock-based
compensation expense |
|
|
|
|
41,777 |
|
|
41,777 |
|
|
|
|
|
|
52,703 |
|
|
52,703 |
|
Depreciation,
amortization and accretion |
|
|
|
|
584,164 |
|
|
584,164 |
|
|
|
|
|
|
553,901 |
|
|
553,901 |
|
Interest expense and
amortization of deferred financing costs |
|
|
|
|
276,256 |
|
|
276,256 |
|
|
|
|
|
|
255,740 |
|
|
255,740 |
|
Other income (expenses)
to reconcile to income (loss) from continuing operations before
income taxes(c) |
|
|
|
|
27,590 |
|
|
27,590 |
|
|
|
|
|
|
84,789 |
|
|
84,789 |
|
Income (loss) from
continuing operations before income taxes |
|
|
|
|
|
|
$ |
240,159 |
|
|
|
|
|
|
|
|
$ |
141,654 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Segment cost of operations exclude (1)
stock-based compensation expense of $6.3 million and $12.7 million
for the six months ended June 30, 2017 and 2016, respectively and
(2) prepaid lease purchase price adjustments of $10.1 million and
$10.6 million for the six months ended June 30, 2017 and 2016,
respectively. Segment general and administrative expenses
exclude stock-based compensation expense of $35.5 million and $40.0
million for the six months ended June 30, 2017 and 2016,
respectively. (b) See "Non-GAAP Financial
Measures, Segment Measures and Other Calculations" herein for a
discussion of our definitions of segment site rental gross margin,
segment network service and other gross margin and segment
operating profit.(c) See condensed consolidated statement of
operations for further information.
Contacts:
Dan Schlanger, CFO
Son Nguyen, VP & Treasurer
Crown Castle International Corp.
713-570-3050
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