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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Crown Castle Inc | NYSE:CCI | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.95 | 0.99% | 97.39 | 98.36 | 96.78 | 98.00 | 4,118,949 | 00:53:24 |
HIGHLIGHTS
|
"As a shared wireless infrastructure provider, Crown Castle is uniquely positioned with our portfolio of towers and small cells to help our customers deploy their wireless networks efficiently and cost-effectively as they seek to meet the increasing demand for wireless connectivity," stated Ben Moreland, Crown Castle's President and Chief Executive Officer. "Our track record of consistently delivering results that meet or exceed our guidance, including the strong results we generated in the first quarter, further demonstrates the long-term demand for our wireless infrastructure. The innovation and adoption of wireless connectivity is expected to drive new applications, such as machine-to-machine connections, mobile video and fixed wireless broadband, all of which give us confidence in our ability to deliver on our stated goal of generating compound annual growth in AFFO and dividends per share of 6% to 7% organically over the next several years. We believe this growth, combined with our current dividend yield of approximately 4%, represents an attractive long-term total return profile for shareholders."
RESULTS FOR THE QUARTER
The table below sets forth select financial results for the three month period ended March 31, 2016. For further information, refer to the financial statements and non-GAAP and other calculation reconciliations included in this press release.
($ in millions,except per share amounts) | Actual | Midpoint Q1 2016 Outlook(b) | Actual Compared to Outlook | |||||||||||||||
Q1 2016 | Q1 2015 | $ Change | % Change | |||||||||||||||
Site rental revenues | $ | 799 | $ | 731 | +$ | 68 | 9 | % | $ | 791 | +$ | 8 | ||||||
Site rental gross margin | $ | 547 | $ | 499 | +$ | 48 | 10 | % | $ | 543 | +$ | 4 | ||||||
Adjusted EBITDA(a) | $ | 539 | $ | 529 | +$ | 10 | 2 | % | $ | 536 | +$ | 3 | ||||||
AFFO(a) | $ | 395 | $ | 366 | +$ | 29 | 8 | % | $ | 381 | +$ | 14 | ||||||
AFFO per Share(a) | $ | 1.18 | $ | 1.10 | +$ | 0.08 | 7 | % | $ | 1.14 | +$ | 0.04 | ||||||
Net income (loss) | $ | 48 | $ | 125 | -$ | 77 | -62 | % | $ | 75 | -$ | 27 | ||||||
Net income (loss) per share - diluted(c) | $ | 0.11 | $ | 0.30 | -$ | 0.19 | -63 | % | $ | 0.19 | -$ | 0.08 | ||||||
(a) See reconciliation of this non-GAAP financial measure to net income (loss) included herein. | ||||||||||||||||||
(b) As issued on January 27, 2016. | ||||||||||||||||||
(c) Calculated using net income (loss) attributable to CCIC common stockholders on a continuing operations basis. | ||||||||||||||||||
INVESTING AND FINANCING ACTIVITIES DURING THE QUARTER
During first quarter 2016, Crown Castle invested approximately $193 million in capital expenditures, comprised of $21 million of land purchases, $10 million of sustaining capital expenditures and $162 million of revenue generating capital expenditures. Revenue generating capital expenditures consisted of $83 million invested in Towers and $79 million invested in Small Cells.
On March 31, 2016, Crown Castle paid a quarterly common stock dividend of $0.885 per common share, or approximately $298 million in the aggregate, consistent with the dividend paid in fourth quarter 2015.
During the quarter, Crown Castle issued $1.5 billion in aggregate principal amount of senior unsecured notes, the proceeds of which were used to repay borrowings under Crown Castle’s credit facilities. The notes are due 2021 and 2026 and have an interest rate of 3.4% per annum and 4.45% per annum, respectively. As of March 31, 2016, Crown Castle had approximately $176 million in cash and cash equivalents (excluding restricted cash) and approximately $2.3 billion of availability under its revolving credit facility.
Subsequent to first quarter 2016, on April 8, 2016, Crown Castle acquired Tower Development Corporation ("TDC") for approximately $461 million in cash. TDC owns and operates 336 towers in the U.S. and Puerto Rico. Based on TDC's run-rate contribution, the transaction is immediately accretive to AFFO per share. Crown Castle funded the acquisition with available cash, including cash on hand, cash from borrowings under its revolving credit facility and cash from the sale of approximately 3.5 million net shares of common stock during first quarter 2016.
"The first quarter continues our track record of execution, as demonstrated by our results during the quarter and increased Outlook for the full year," stated Jay Brown, Crown Castle’s Chief Financial Officer. "At the same time, we also continued our strategy of deploying capital in a manner that we believe will enhance long-term growth in dividends per share by investing in small cells and acquiring TDC, which further reinforce our leadership position in U.S. wireless infrastructure. Our approach to creating long-term shareholder value through delivering a high-quality, growing dividend stream ultimately drives our decision to invest in the U.S., which we believe is the most attractive market for wireless investment. Finally, we were able to generate these results while continuing to invest in the future of our business and maintaining a strong balance sheet."
OUTLOOK
This 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 Securities and Exchange Commission ("SEC").
The following table sets forth Crown Castle's current Outlook for second quarter 2016 and full year 2016:
(in millions, except per share amounts) | Second Quarter 2016 | Full Year 2016 | ||||||||||||
Site rental revenues | $ | 801 | to | $ | 806 | $ | 3,207 | to | $ | 3,232 | ||||
Site rental cost of operations | $ | 251 | to | $ | 256 | $ | 1,006 | to | $ | 1,031 | ||||
Site rental gross margin | $ | 547 | to | $ | 552 | $ | 2,191 | to | $ | 2,216 | ||||
Adjusted EBITDA(a) | $ | 543 | to | $ | 548 | $ | 2,193 | to | $ | 2,218 | ||||
Interest expense and amortization of deferred financing costs(b) | $ | 128 | to | $ | 133 | $ | 513 | to | $ | 533 | ||||
FFO(a) | $ | 363 | to | $ | 368 | $ | 1,428 | to | $ | 1,453 | ||||
AFFO(a) | $ | 389 | to | $ | 394 | $ | 1,585 | to | $ | 1,610 | ||||
AFFO per share(a)(c) | $ | 1.15 | to | $ | 1.16 | $ | 4.66 | to | $ | 4.73 | ||||
Net income (loss) | $ | 82 | to | $ | 115 | $ | 325 | to | $ | 424 | ||||
Net income (loss) per share - diluted(c)(d) | $ | 0.21 | to | $ | 0.31 | $ | 0.83 | to | $ | 1.12 | ||||
(a) See reconciliation of this non-GAAP financial measure to net income (loss) included herein. | ||||||||||||||
(b) See the reconciliation of "components of interest expense and amortization of deferred financing costs" herein for a discussion of non-cash interest expense. | ||||||||||||||
(c) Based on diluted shares outstanding as of March 31, 2016 of approximately 338 million shares for second quarter 2016. Full year 2016 assumes diluted shares outstanding of approximately 340 million shares, inclusive of the assumed conversion of the mandatory convertible preferred stock in November 2016. | ||||||||||||||
(d) Calculated using net income (loss) attributable to CCIC common stockholders. | ||||||||||||||
Full Year 2016 Outlook
The table below compares the results for full year 2015, the midpoint of the current full year 2016 Outlook and the midpoint of the previously provided full year 2016 Outlook for select metrics:
FY 2015 to Midpoint of FY 2016 Outlook Comparison | Previous Full Year 2016 Outlook(b) | Current Compared to Previous Outlook | ||||||||||||||||
($ in millions, except per share amounts) | Full Year 2015 Actual | Current Full Year2016 Outlook | $ Change | % Change | ||||||||||||||
Site rental revenues | $ | 3,018 | $ | 3,220 | +$ | 202 | +7 | % | $ | 3,175 | +$ | 45 | ||||||
Site rental gross margin | $ | 2,055 | $ | 2,204 | +$ | 149 | +7 | % | $ | 2,173 | +$ | 31 | ||||||
Adjusted EBITDA(a) | $ | 2,119 | $ | 2,206 | +$ | 87 | +4 | % | $ | 2,181 | +$ | 25 | ||||||
AFFO(a) | $ | 1,437 | $ | 1,598 | +$ | 161 | +11 | % | $ | 1,574 | +$ | 24 | ||||||
AFFO per Share(a) | $ | 4.30 | $ | 4.70 | +$ | 0.40 | +9 | % | $ | 4.68 | +$ | 0.02 | ||||||
(a) See reconciliation of this non-GAAP financial measure to net income (loss) included herein. | ||||||||||||||||||
(b) As issued on January 27, 2016. | ||||||||||||||||||
CONFERENCE CALL DETAILS
Crown Castle has scheduled a conference call for Friday, April 22, 2016, at 10:30 a.m. Eastern Time. The conference call may be accessed by dialing 800-262-8795 and asking for the Crown Castle call (access code 463030) 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 1:30 p.m. Eastern Time on Friday, April 22, 2016, through 1:30 p.m. Eastern Time on Thursday, July 21, 2016 and may be accessed at https://jsp.premiereglobal.com/webrsvp and using access code 463030. 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 CASTLE
Crown Castle provides wireless carriers with the infrastructure they need to keep people connected and businesses running. With approximately 40,000 towers and 16,500 miles of fiber supporting small cells, Crown Castle is the nation's largest provider of shared wireless infrastructure with a significant presence in the top 100 US markets. For more information on Crown Castle, please visit www.crowncastle.com.
Non-GAAP Financial Measures and Other Calculations
This press release includes presentations of Adjusted EBITDA, Segment Gross Margin, Segment Operating Profit, Funds from Operations, Adjusted Funds from Operations, Organic Site Rental Revenues, and Site Rental Revenues, as Adjusted, 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")). Each of the amounts included in the calculation of Adjusted EBITDA, Segment Gross Margin, Segment Operating Profit, FFO, AFFO, Organic Site Rental Revenues, and Site Rental Revenues, as Adjusted, are computed in accordance with GAAP, with the exception of: (1) sustaining capital expenditures, which is not defined under GAAP and (2) our adjustment to the income tax provision in calculations of AFFO for periods prior to our REIT conversion.
Our measures of Adjusted EBITDA, Segment Gross Margin, Segment Operating Profit, FFO, AFFO, Organic Site Rental Revenues and Site Rental Revenues, as Adjusted, may not be comparable to similarly titled measures of other companies, including other companies in the tower sector or those reported by other REITs. Our FFO and AFFO may not be comparable to those reported in accordance with National Association of Real Estate Investment Trusts, including with respect to the impact of income taxes for periods prior to our REIT conversion.
Adjusted EBITDA, Segment Gross Margin, Segment Operating Profit, FFO, AFFO, Organic Site Rental Revenues and Site Rental Revenues, as Adjusted, are presented as additional information because management believes these measures are useful indicators of the financial performance of our core businesses. In addition, Adjusted EBITDA is a measure of current financial performance used in our debt covenant calculations.
Adjusted EBITDA. Crown Castle defines 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.
Segment Gross Margin. Crown Castle defines segment gross margin as segment revenue less segment operating expenses, excluding stock-based compensation expense and prepaid lease purchase price adjustments recorded in cost of operations.
Segment Operating Profit. Crown Castle defines segment operating profit as Segment Gross Margin less general and administrative expenses attributable to the respective segment.
Funds from Operations ("FFO"). Crown Castle defines 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.
FFO per share. Crown Castle defines FFO per share as FFO divided by the diluted weighted average common shares outstanding.
Adjusted Funds from Operations ("AFFO"). Crown Castle defines Adjusted Funds from Operations as FFO before straight-line revenue, straight-line 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.
AFFO per share. Crown Castle defines AFFO per share as AFFO divided by diluted weighted average common shares outstanding.
Site Rental Revenues, as Adjusted. Crown Castle defines Site Rental Revenues, as Adjusted, as site rental revenues, as reported, less straight-line revenues.
Organic Site Rental Revenues. Crown Castle defines Organic Site Rental Revenues as site rental revenues, as reported, less straight-line revenues, the impact of tower acquisitions and construction, foreign currency adjustments and certain non recurring items.
Sustaining capital expenditures. Crown Castle defines 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 these non-GAAP financial measures 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 to Comparable GAAP Financial Measures and Other Calculations:
Adjusted EBITDA for the three months ended March 31, 2016 and 2015 is computed as follows:
For the Three Months Ended | |||||||
March 31, 2016 | March 31, 2015 | ||||||
(in millions) | |||||||
Net income (loss) | $ | 47.8 | $ | 125.1 | |||
Adjustments to increase (decrease) net income (loss): | |||||||
Income (loss) from discontinued operations | — | (13.4 | ) | ||||
Asset write-down charges | 8.0 | 8.6 | |||||
Acquisition and integration costs | 5.6 | 2.0 | |||||
Depreciation, amortization and accretion | 277.9 | 251.8 | |||||
Amortization of prepaid lease purchase price adjustments | 5.2 | 5.2 | |||||
Interest expense and amortization of deferred financing costs(a) | 126.4 | 134.4 | |||||
Gains (losses) on retirement of long-term obligations | 30.6 | — | |||||
Interest income | (0.2 | ) | (0.1 | ) | |||
Other income (expense) | 3.3 | 0.2 | |||||
Benefit (provision) for income taxes | 3.9 | (1.4 | ) | ||||
Stock-based compensation expense | 30.7 | 16.8 | |||||
Adjusted EBITDA(b) | $ | 539.1 | $ | 529.3 | |||
(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) The above reconciliation excludes line items included in our definition which are not applicable for the periods shown. | |||||||
Adjusted EBITDA for the quarter ending June 30, 2016 and the year ending December 31, 2016 are forecasted as follows:
Q2 2016 | Full Year 2016 | ||||||||||||||
(in millions) | Outlook | Outlook | |||||||||||||
Net income (loss) | $ | 82 | to | $ | 115 | $ | 325 | to | $ | 424 | |||||
Adjustments to increase (decrease) net income (loss): | |||||||||||||||
Asset write-down charges | $ | 9 | to | $ | 11 | $ | 33 | to | $ | 43 | |||||
Acquisition and integration costs | $ | 3 | to | $ | 6 | $ | 15 | to | $ | 20 | |||||
Depreciation, amortization and accretion | $ | 270 | to | $ | 275 | $ | 1,084 | to | $ | 1,104 | |||||
Amortization of prepaid lease purchase price adjustments | $ | 4 | to | $ | 6 | $ | 20 | to | $ | 22 | |||||
Interest expense and amortization of deferred financing costs(a) | $ | 128 | to | $ | 133 | $ | 513 | to | $ | 533 | |||||
Gains (losses) on retirement of long-term obligations | $ | 0 | to | $ | 0 | $ | 31 | to | $ | 31 | |||||
Interest income | $ | (2 | ) | to | $ | 0 | $ | (3 | ) | to | $ | (1 | ) | ||
Other income (expense) | $ | (5 | ) | to | $ | (2 | ) | $ | (8 | ) | to | $ | (6 | ) | |
Benefit (provision) for income taxes | $ | 5 | to | $ | 9 | $ | 16 | to | $ | 24 | |||||
Stock-based compensation expense | $ | 21 | to | $ | 23 | $ | 93 | to | $ | 98 | |||||
Adjusted EBITDA(b) | $ | 543 | to | $ | 548 | $ | 2,193 | to | $ | 2,218 | |||||
(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) The above reconciliation excludes line items included in our definition which are not applicable for the periods shown. | |||||||||||||||
FFO and AFFO for the quarter ending June 30, 2016 and the year ending December 31, 2016 are forecasted as follows:
Q2 2016 | Full Year 2016 | ||||||||||||||||||
(in millions, except share and per share amounts) | Outlook | Outlook | |||||||||||||||||
Net income | $ | 82 | to | $ | 115 | $ | 325 | to | $ | 424 | |||||||||
Real estate related depreciation, amortization and accretion | $ | 265 | to | $ | 268 | $ | 1,060 | to | $ | 1,075 | |||||||||
Asset write-down charges | $ | 9 | to | $ | 11 | $ | 33 | to | $ | 43 | |||||||||
Dividends on preferred stock | $ | (11 | ) | to | $ | (11 | ) | $ | (44 | ) | to | $ | (44 | ) | |||||
FFO(b)(c)(e) | $ | 363 | to | $ | 368 | $ | 1,428 | to | $ | 1,453 | |||||||||
FFO (from above) | $ | 363 | to | $ | 368 | $ | 1,428 | to | $ | 1,453 | |||||||||
Adjustments to increase (decrease) FFO: | |||||||||||||||||||
Straight-line revenue | $ | (20 | ) | to | $ | (15 | ) | $ | (54 | ) | to | $ | (39 | ) | |||||
Straight-line expense | $ | 21 | to | $ | 26 | $ | 84 | to | $ | 99 | |||||||||
Stock-based compensation expense | $ | 21 | to | $ | 23 | $ | 93 | to | $ | 98 | |||||||||
Non-cash portion of tax provision | $ | 0 | to | $ | 5 | $ | 4 | to | $ | 19 | |||||||||
Non-real estate related depreciation, amortization and accretion | $ | 5 | to | $ | 7 | $ | 24 | to | $ | 29 | |||||||||
Amortization of non-cash interest expense | $ | 3 | to | $ | 6 | $ | 14 | to | $ | 20 | |||||||||
Other (income) expense | $ | (5 | ) | to | $ | (2 | ) | $ | (8 | ) | to | $ | (6 | ) | |||||
Gains (losses) on retirement of long-term obligations | $ | 0 | to | $ | 0 | $ | 31 | to | $ | 31 | |||||||||
Acquisition and integration costs | $ | 3 | to | $ | 6 | $ | 15 | to | $ | 20 | |||||||||
Capital improvement capital expenditures | $ | (7 | ) | to | $ | (5 | ) | $ | (46 | ) | to | $ | (41 | ) | |||||
Corporate capital expenditures | $ | (11 | ) | to | $ | (9 | ) | $ | (34 | ) | to | $ | (29 | ) | |||||
AFFO(b)(c)(e) | $ | 389 | to | $ | 394 | $ | 1,585 | to | $ | 1,610 | |||||||||
Weighted average common shares outstanding — diluted(a)(d) | 338.3 | 340.3 | |||||||||||||||||
AFFO per share(b)(e) | $ | 1.15 | to | $ | 1.16 | $ | 4.66 | to | $ | 4.73 | |||||||||
(a) Based on diluted shares outstanding as of March 31, 2016 of approximately 338 million shares for second quarter 2016. Full year 2016 assumes diluted shares outstanding of approximately 340 million shares, inclusive of the assumed conversion of the mandatory convertible preferred stock in November 2016. | |||||||||||||||||||
(b) See "Non-GAAP Financial Measures and Other Calculations" herein for a discussion for our definitions of FFO and AFFO. | |||||||||||||||||||
(c) FFO and AFFO are reduced by cash paid for preferred stock dividends. | |||||||||||||||||||
(d) The diluted weighted average common shares outstanding assumes no conversion of preferred stock in the share count other than as discussed in footnote (a). | |||||||||||||||||||
(e) The above reconciliation excludes line items included in our definition which are not applicable for the periods shown. | |||||||||||||||||||
Organic Site Rental Revenue growth for the year ending December 31, 2016 is forecasted as follows:
Midpoint of Full Year | |||||||||||
(in millions of dollars) | 2016 Outlook | Full Year 2015 | |||||||||
GAAP site rental revenues | $ | 3,220 | $ | 3,018 | |||||||
Site rental straight-line revenues | (47 | ) | (111 | ) | |||||||
Other | — | — | |||||||||
Site Rental Revenues, as Adjusted(a)(c) | $ | 3,173 | $ | 2,907 | |||||||
Acquisitions and builds(b) | (86 | ) | |||||||||
Organic Site Rental Revenues(a)(c)(d) | $ | 3,087 | |||||||||
Year-Over-Year Revenue Growth | |||||||||||
GAAP site rental revenues | 6.7 | % | |||||||||
Site Rental Revenues, as Adjusted | 9.1 | % | |||||||||
Organic Site Rental Revenues(e)(f) | 6.2 | % | |||||||||
(a) Includes amortization of prepaid rent. | |||||||||||
(b) The financial impact of acquisitions, as measured by run-rate contribution, and tower builds is excluded from organic site rental revenues until the one-year anniversary of the acquisition or build. | |||||||||||
(c) Includes Site Rental Revenues, as Adjusted, from the construction of new small cell nodes. | |||||||||||
(d) See "Non-GAAP Financial Measures and Other Calculations" herein. | |||||||||||
(e) Year-over-year Organic Site Rental Revenue growth for the year ending December 31, 2016: |
Midpoint of Full Year | |||
2016 Outlook | |||
New leasing activity | 6.0 | % | |
Escalators | 3.0 | % | |
Organic Site Rental Revenue growth, before non-renewals | 9.1 | % | |
Non-renewals | (2.9 | )% | |
Organic Site Rental Revenue growth | 6.2 | % | |
(f) Calculated as the percentage change from Site Rental Revenues, as Adjusted, for the prior period when compared to Organic Site Rental Revenue for the current period. | |||
Organic Site Rental Revenue growth for the quarter ended March 31, 2016 is as follows:
Three Months Ended March 31, | |||||||||||||||
(in millions of dollars) | 2016 | 2015 | |||||||||||||
Reported GAAP site rental revenues | $ | 799 | $ | 731 | |||||||||||
Site rental straight-line revenues | (17 | ) | (31 | ) | |||||||||||
Other | — | — | |||||||||||||
Site Rental Revenues, as Adjusted(a)(c) | $ | 782 | $ | 700 | |||||||||||
Acquisitions and builds(b) | (27 | ) | |||||||||||||
Organic Site Rental Revenues(a)(c)(d) | $ | 755 | |||||||||||||
Year-Over-Year Revenue Growth | |||||||||||||||
Reported GAAP site rental revenues | 9.3 | % | |||||||||||||
Site Rental Revenues, as Adjusted | 11.6 | % | |||||||||||||
Organic Site Rental Revenues(e)(f) | 7.8 | % | |||||||||||||
(a) Includes amortization of prepaid rent. | |||||||||||||||
(b) The financial impact of acquisitions, as measured by run-rate contribution, and tower builds is excluded from organic site rental revenues until the one-year anniversary of the acquisition or build. | |||||||||||||||
(c) Includes Site Rental Revenues, as Adjusted from the construction of new small cell nodes. | |||||||||||||||
(d) See "Non-GAAP Financial Measures and Other Calculations" herein. | |||||||||||||||
(e) Quarter-over-quarter Organic Site Rental Revenue growth for the quarter ending March 31, 2016: |
Three Months Ended | |||
March 31, 2016 | |||
New leasing activity | 6.8 | % | |
Escalators | 3.3 | % | |
Organic Site Rental Revenue growth, before non-renewals | 10.0 | % | |
Non-renewals | (2.3 | )% | |
Organic Site Rental Revenue Growth | 7.8 | % | |
(f) Calculated as the percentage change from Site Rental Revenues, as Adjusted, for the prior period when compared to Organic Site Rental Revenues for the current period. | |||
FFO and AFFO for the three ended March 31, 2016 and 2015 are computed as follows:
For the Three Months Ended | |||||||||||||||
March 31, | March 31, | ||||||||||||||
(in millions, except share and per share amounts) | 2016 | 2015 | |||||||||||||
Net income(a) | $ | 47.8 | $ | 111.7 | |||||||||||
Real estate related depreciation, amortization and accretion | 271.5 | 247.6 | |||||||||||||
Asset write-down charges | 8.0 | 8.6 | |||||||||||||
Dividends on preferred stock | (11.0 | ) | (11.0 | ) | |||||||||||
FFO(b)(c)(e) | $ | 316.3 | $ | 356.9 | |||||||||||
Weighted average common shares outstanding — diluted(d) | 334.9 | 333.5 | |||||||||||||
FFO per share(b)(e) | $ | 0.94 | $ | 1.07 | |||||||||||
FFO (from above) | $ | 316.3 | $ | 356.9 | |||||||||||
Adjustments to increase (decrease) FFO: | |||||||||||||||
Straight-line revenue | (17.3 | ) | (30.5 | ) | |||||||||||
Straight-line expense | 23.8 | 24.6 | |||||||||||||
Stock-based compensation expense | 30.7 | 16.8 | |||||||||||||
Non-cash portion of tax provision | 1.8 | (3.6 | ) | ||||||||||||
Non-real estate related depreciation, amortization and accretion | 6.4 | 4.2 | |||||||||||||
Amortization of non-cash interest expense | 4.2 | 11.7 | |||||||||||||
Other (income) expense | 3.3 | 0.2 | |||||||||||||
Gains (losses) on retirement of long-term obligations | 30.6 | — | |||||||||||||
Acquisition and integration costs | 5.6 | 2.0 | |||||||||||||
Capital improvement capital expenditures | (6.4 | ) | (7.5 | ) | |||||||||||
Corporate capital expenditures | (3.7 | ) | (9.2 | ) | |||||||||||
AFFO(b)(c)(e) | $ | 395.2 | $ | 365.7 | |||||||||||
Weighted average common shares outstanding — diluted(d) | 334.9 | 333.5 | |||||||||||||
AFFO per share(b)(e) | $ | 1.18 | $ | 1.10 | |||||||||||
(a) Exclusive of income (loss) from discontinued operations and related noncontrolling interest of $13 million for the three months ended March 31, 2015. | |||||||||||||||
(b) See "Non-GAAP Financial Measures and Other Calculations" herein for a discussion of our definitions of FFO and AFFO. | |||||||||||||||
(c) FFO and AFFO are reduced by cash paid for preferred stock dividends. | |||||||||||||||
(d) The diluted weighted average common shares outstanding assumes no conversion of preferred stock in the share count. | |||||||||||||||
(e) The above reconciliation excludes line items included in our definition which are not applicable for the periods shown. | |||||||||||||||
The components of interest expense and amortization of deferred financing costs for the three months ended March 31, 2016 and 2015 are as follows:
For the Three Months Ended | |||||||||||||||
March 31, | March 31, | ||||||||||||||
(in millions) | 2016 | 2015 | |||||||||||||
Interest expense on debt obligations | $ | 122.2 | $ | 122.7 | |||||||||||
Amortization of deferred financing costs and adjustments on long-term debt | 5.1 | 4.7 | |||||||||||||
Amortization of interest rate swaps(a) | — | 7.5 | |||||||||||||
Other, net | (0.9 | ) | (0.5 | ) | |||||||||||
Interest expense and amortization of deferred financing costs | $ | 126.4 | $ | 134.4 | |||||||||||
(a) Relates to the amortization of interest rate swaps; the swaps were cash settled in prior periods. | |||||||||||||||
The components of interest expense and amortization of deferred financing costs for the quarter ending June 30, 2016 and the year ending December 31, 2016 are forecasted as follows:
Q2 2016 | Full Year 2016 | ||||||||||||||||||
(in millions) | Outlook | Outlook | |||||||||||||||||
Interest expense on debt obligations | $ | 125 | to | $ | 127 | $ | 501 | to | $ | 511 | |||||||||
Amortization of deferred financing costs | $ | 4 | to | $ | 6 | $ | 17 | to | $ | 19 | |||||||||
Amortization of adjustments on long-term debt | $ | 0 | to | $ | 1 | $ | 1 | to | $ | 3 | |||||||||
Other, net | $ | (1 | ) | to | $ | (1 | ) | $ | (4 | ) | to | $ | (2 | ) | |||||
Interest expense and amortization of deferred financing costs | $ | 128 | to | $ | 133 | $ | 513 | to | $ | 533 |
Debt balances and maturity dates as of March 31, 2016 are as follows:
(in millions) | Face Value | Final Maturity | |||||
Revolver | 210.0 | Jan. 2021 | |||||
Senior Unsecured Term Loan A | 2,000.0 | Jan. 2021 | |||||
2016 Senior Notes(a) | 1,500.0 | Feb. 2021/Feb. 2026 | |||||
4.875% Senior Notes | 850.0 | Apr. 2022 | |||||
5.25% Senior Notes | 1,650.0 | Jan. 2023 | |||||
2012 Secured Notes(b) | 1,500.0 | Dec. 2017/Apr. 2023 | |||||
Senior Secured Notes, Series 2009-1(c) | 136.8 | Various | |||||
Senior Secured Tower Revenue Notes, Series 2010-2-2010-3(d) | 1,600.0 | Various | |||||
Senior Secured Tower Revenue Notes, Series 2010-4-2010-6(e) | 1,300.0 | Various | |||||
Senior Secured Tower Revenue Notes, Series 2015-1-2015-2(f) | 1,000.0 | Various | |||||
Capital Leases and Other Obligations | 215.8 | Various | |||||
Total Debt | $ | 11,962.6 | |||||
Less: Cash and Cash Equivalents(g) | $ | 175.7 | |||||
Net Debt | $ | 11,786.9 | |||||
(a) The 2016 Senior Notes consist of $600 million aggregate principal amount of 3.4% senior notes due 2021 and $900 million aggregate principal amount of 4.45% senior notes due 2026. | |||||||
(b) The 2012 Secured Notes consist of $500 million aggregate principal amount of 2.381% secured notes due 2017 and $1.0 billion aggregate principal amount of 3.849% secured notes due 2023. | |||||||
(c) The Senior Secured Notes, Series 2009-1 consist of $66.8 million of principal as of March 31, 2016 that amortizes during the period beginning January 2010 and ending in 2019, and $70.0 million of principal that amortizes during the period beginning in 2019 and ending in 2029. | |||||||
(d) The Senior Secured Tower Revenue Notes Series 2010-2 and 2010-3 have principal amounts of $350.0 million and $1.25 billion with anticipated repayment dates of 2017 and 2020, respectively. | |||||||
(e) The Senior Secured Tower Revenue Notes Series 2010-5 and 2010-6 have principal amounts of $300.0 million and $1.0 billion with anticipated repayment dates of 2017 and 2020, respectively. | |||||||
(f) The Senior Secured Tower Revenue Notes Series 2015-1 and 2015-2 have principal amounts of $300.0 million and $700.0 million with anticipated repayment dates of 2022 and 2025, respectively. | |||||||
(g) Excludes restricted cash. | |||||||
Net Debt to Last Quarter Annualized Adjusted EBITDA is computed as follows:
For the Three Months Ended | |||||
(in millions) | March 31, 2016 | ||||
Total face value of debt | $ | 11,962.6 | |||
Ending cash and cash equivalents | 175.7 | ||||
Total Net Debt | $ | 11,786.9 | |||
Adjusted EBITDA for the three months ended March 31, 2016 | $ | 539.1 | |||
Last quarter annualized adjusted EBITDA | 2,156.5 | ||||
Net Debt to Last Quarter Annualized Adjusted EBITDA | 5.5 | x |
Sustaining capital expenditures for the three months ended March 31, 2016 and 2015 is computed as follows:
For the Three Months Ended | |||||||||||||||||||||||||||||||||
(in millions) | March 31, 2016 | March 31, 2015 | |||||||||||||||||||||||||||||||
Towers | Small Cells | Other | Total | Towers | Small Cells | Other | Total | ||||||||||||||||||||||||||
Capital Expenditures | $ | 111.0 | $ | 80.2 | $ | 2.3 | $ | 193.5 | $ | 133.1 | $ | 62.9 | $ | 5.6 | $ | 201.6 | |||||||||||||||||
Less: Land purchases | 21.3 | — | — | 21.3 | 23.5 | — | — | 23.5 | |||||||||||||||||||||||||
Less: Wireless infrastructure construction and improvements | 83.5 | 78.6 | — | 162.1 | 101.3 | 60.2 | — | 161.5 | |||||||||||||||||||||||||
Sustaining capital expenditures | $ | 6.3 | $ | 1.6 | $ | 2.3 | $ | 10.2 | $ | 8.3 | $ | 2.7 | $ | 5.6 | $ | 16.6 | |||||||||||||||||
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 and shareholder value which may be derived from our business, assets, investments, dividends and acquisitions, including on a long-term basis, (2) our strategy and strategic position and strength of our business, (3) demand for wireless connectivity, (4) demand for our wireless infrastructure and services, (5) carrier network investments and upgrades, and the benefits which may be derived therefrom, (6) innovation and adoption of new technologies and applications for wireless connectivity, (7) our growth and long-term prospects, (8) our dividends, including our dividend plans, the amount and growth of our dividends, the potential benefits therefrom and the tax characterization thereof, (9) the U.S. wireless market, (10) leasing activity, including the impact of such leasing activity on our results and Outlook, (11) the TDC acquisition, including potential benefits and impact therefrom and growth related thereto, (12) our investments, including in small cells, and the potential growth and benefits therefrom, (13) tenant non-renewal, including timing and the impact thereof, (14) capital expenditures, including sustaining capital expenditures, (15) timing items, (16) straight-line adjustments, (17) tower acquisitions and builds, (18) expenses, (19) site rental revenues and Site Rental Revenues, as Adjusted, (20) site rental cost of operations, (21) site rental gross margin and network services gross margin, (22) Adjusted EBITDA, (23) interest expense and amortization of deferred financing costs, (24) FFO, including on a per share basis, (25) AFFO, including on a per share basis, (26) Organic Site Rental Revenues and Organic Site Rental Revenue growth, (27) net income (loss), including on a per share basis, (28) our common shares outstanding, including on a diluted basis, and (29) 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:
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) | |||||||||||
March 31, | December 31, | ||||||||||
2016 | 2015 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 175,702 | $ | 178,810 | |||||||
Restricted cash | 129,419 | 130,731 | |||||||||
Receivables, net | 254,669 | 313,296 | |||||||||
Prepaid expenses | 141,529 | 133,194 | |||||||||
Other current assets | 119,563 | 225,214 | |||||||||
Total current assets | 820,882 | 981,245 | |||||||||
Deferred site rental receivables | 1,317,898 | 1,306,408 | |||||||||
Property and equipment, net | 9,559,397 | 9,580,057 | |||||||||
Goodwill | 5,531,064 | 5,513,551 | |||||||||
Other intangible assets, net | 3,707,129 | 3,779,915 | |||||||||
Long-term prepaid rent and other assets, net | 781,881 | 775,790 | |||||||||
Total assets | $ | 21,718,251 | $ | 21,936,966 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 141,574 | $ | 159,629 | |||||||
Accrued interest | 77,673 | 66,975 | |||||||||
Deferred revenues | 332,711 | 322,623 | |||||||||
Other accrued liabilities | 172,165 | 199,923 | |||||||||
Current maturities of debt and other obligations | 87,823 | 106,219 | |||||||||
Total current liabilities | 811,946 | 855,369 | |||||||||
Debt and other long-term obligations | 11,778,176 | 12,043,740 | |||||||||
Other long-term liabilities | 1,975,135 | 1,948,636 | |||||||||
Total liabilities | 14,565,257 | 14,847,745 | |||||||||
Commitments and contingencies | |||||||||||
CCIC stockholders' equity: | |||||||||||
Common stock, $.01 par value; 600,000,000 shares authorized; shares issued and outstanding: March 31, 2016—337,559,718 and December 31, 2015—333,771,660 | 3,375 | 3,338 | |||||||||
4.50% Mandatory Convertible Preferred Stock, Series A, $.01 par value; 20,000,000 shares authorized; shares issued and outstanding: March 31, 2016 and December 31, 2015—9,775,000; aggregate liquidation value: March 31, 2016 and December 31, 2015—$977,500 | 98 | 98 | |||||||||
Additional paid-in capital | 9,874,862 | 9,548,580 | |||||||||
Accumulated other comprehensive income (loss) | (4,977 | ) | (4,398 | ) | |||||||
Dividends/distributions in excess of earnings | (2,720,364 | ) | (2,458,397 | ) | |||||||
Total equity | 7,152,994 | 7,089,221 | |||||||||
Total liabilities and equity | $ | 21,718,251 | $ | 21,936,966 | |||||||
CROWN CASTLE INTERNATIONAL CORP. | |||||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED) | |||||||||||||||
(in thousands, except share and per share amounts) | |||||||||||||||
Three Months Ended | |||||||||||||||
March 31, | |||||||||||||||
2016 | 2015 | ||||||||||||||
Net revenues: | |||||||||||||||
Site rental | $ | 799,294 | $ | 731,380 | |||||||||||
Network services and other | 135,090 | 169,091 | |||||||||||||
Net revenues | 934,384 | 900,471 | |||||||||||||
Operating expenses: | |||||||||||||||
Costs of operations (exclusive of depreciation, amortization and accretion): | |||||||||||||||
Site rental | 252,621 | 232,213 | |||||||||||||
Network services and other | 80,971 | 86,918 | |||||||||||||
General and administrative | 97,581 | 74,056 | |||||||||||||
Asset write-down charges | 7,959 | 8,555 | |||||||||||||
Acquisition and integration costs | 5,638 | 2,016 | |||||||||||||
Depreciation, amortization and accretion | 277,875 | 251,806 | |||||||||||||
Total operating expenses | 722,645 | 655,564 | |||||||||||||
Operating income (loss) | 211,739 | 244,907 | |||||||||||||
Interest expense and amortization of deferred financing costs | (126,378 | ) | (134,439 | ) | |||||||||||
Gains (losses) on retirement of long-term obligations | (30,550 | ) | — | ||||||||||||
Interest income | 174 | 56 | |||||||||||||
Other income (expense) | (3,273 | ) | (225 | ) | |||||||||||
Income (loss) from continuing operations before income taxes | 51,712 | 110,299 | |||||||||||||
Benefit (provision) for income taxes | (3,872 | ) | 1,435 | ||||||||||||
Income (loss) from continuing operations | 47,840 | 111,734 | |||||||||||||
Discontinued operations: | |||||||||||||||
Income (loss) from discontinued operations, net of tax | — | 13,378 | |||||||||||||
Net income (loss) | 47,840 | 125,112 | |||||||||||||
Less: Net income (loss) attributable to the noncontrolling interest | — | 2,325 | |||||||||||||
Net income (loss) attributable to CCIC stockholders | 47,840 | 122,787 | |||||||||||||
Dividends on preferred stock | (10,997 | ) | (10,997 | ) | |||||||||||
Net income (loss) attributable to CCIC common stockholders | $ | 36,843 | $ | 111,790 | |||||||||||
Net income (loss) attributable to CCIC common stockholders, per common share: | |||||||||||||||
Income (loss) from continuing operations, basic | $ | 0.11 | $ | 0.30 | |||||||||||
Income (loss) from discontinued operations, basic | $ | — | $ | 0.04 | |||||||||||
Net income (loss) attributable to CCIC common stockholders, basic | $ | 0.11 | $ | 0.34 | |||||||||||
Income (loss) from continuing operations, diluted | $ | 0.11 | $ | 0.30 | |||||||||||
Income (loss) from discontinued operations, diluted | $ | — | $ | 0.04 | |||||||||||
Net income (loss) attributable to CCIC common stockholders, diluted | $ | 0.11 | $ | 0.34 | |||||||||||
Weighted-average common shares outstanding (in thousands): | |||||||||||||||
Basic | 334,155 | 332,712 | |||||||||||||
Diluted | 334,929 | 333,485 | |||||||||||||
CROWN CASTLE INTERNATIONAL CORP. | |||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||
2016 | 2015 | ||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||
Net income (loss) from continuing operations | $ | 47,840 | $ | 111,734 | |||||||||||||||||
Adjustments to reconcile net income (loss) from continuing operations to net cash provided by (used for) operating activities: | |||||||||||||||||||||
Depreciation, amortization and accretion | 277,875 | 251,806 | |||||||||||||||||||
Gains (losses) on retirement of long-term obligations | 30,550 | — | |||||||||||||||||||
Amortization of deferred financing costs and other non-cash interest | 4,211 | 11,736 | |||||||||||||||||||
Stock-based compensation expense | 19,895 | 15,244 | |||||||||||||||||||
Asset write-down charges | 7,959 | 8,555 | |||||||||||||||||||
Deferred income tax benefit (provision) | 1,860 | (3,706 | ) | ||||||||||||||||||
Other non-cash adjustments, net | 2,166 | (558 | ) | ||||||||||||||||||
Changes in assets and liabilities, excluding the effects of acquisitions: | |||||||||||||||||||||
Increase (decrease) in liabilities | 17,426 | 30,032 | |||||||||||||||||||
Decrease (increase) in assets | 27,874 | 28,215 | |||||||||||||||||||
Net cash provided by (used for) operating activities | 437,656 | 453,058 | |||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Payments for acquisition of businesses, net of cash acquired | (22,029 | ) | (17,493 | ) | |||||||||||||||||
Capital expenditures | (193,489 | ) | (201,653 | ) | |||||||||||||||||
Other investing activities, net | 7,772 | (514 | ) | ||||||||||||||||||
Net cash provided by (used for) investing activities | (207,746 | ) | (219,660 | ) | |||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Proceeds from issuance of long-term debt | 3,487,451 | — | |||||||||||||||||||
Principal payments on debt and other long-term obligations | (14,152 | ) | (31,497 | ) | |||||||||||||||||
Purchases and redemptions of long-term debt | (2,876,390 | ) | — | ||||||||||||||||||
Borrowings under revolving credit facility | 2,065,000 | 230,000 | |||||||||||||||||||
Payments under revolving credit facility | (2,980,000 | ) | (65,000 | ) | |||||||||||||||||
Payments for financing costs | (17,971 | ) | (1,904 | ) | |||||||||||||||||
Net proceeds from issuance of capital stock | 323,798 | — | |||||||||||||||||||
Purchases of capital stock | (24,354 | ) | (29,372 | ) | |||||||||||||||||
Dividends/distributions paid on common stock | (299,090 | ) | (273,685 | ) | |||||||||||||||||
Dividends paid on preferred stock | (10,997 | ) | (10,997 | ) | |||||||||||||||||
Net (increase) decrease in restricted cash | 1,113 | 10,214 | |||||||||||||||||||
Net cash provided by (used for) financing activities | (345,592 | ) | (172,241 | ) | |||||||||||||||||
Net increase (decrease) in cash and cash equivalents - continuing operations | (115,682 | ) | 61,157 | ||||||||||||||||||
Discontinued operations: | |||||||||||||||||||||
Net cash provided by (used for) operating activities | — | 7,736 | |||||||||||||||||||
Net cash provided by (used for) investing activities | 113,150 | (3,100 | ) | ||||||||||||||||||
Net increase (decrease) in cash and cash equivalents - discontinued operations | 113,150 | 4,636 | |||||||||||||||||||
Effect of exchange rate changes | (576 | ) | (1,260 | ) | |||||||||||||||||
Cash and cash equivalents at beginning of period | 178,810 | 175,620 | (a) | ||||||||||||||||||
Cash and cash equivalents at end of period | $ | 175,702 | $ | 240,153 | (a) | ||||||||||||||||
Supplemental disclosure of cash flow information: | |||||||||||||||||||||
Interest paid | 111,469 | 120,949 | |||||||||||||||||||
Income taxes paid | 6,773 | 2,498 | |||||||||||||||||||
___________________ | |||||||||||||||||||||
(a) Inclusive of cash and cash equivalents included in discontinued operations. |
CROWN CASTLE INTERNATIONAL CORP. | |||||||||||||||||||||||||||||||||||||||||||
SEGMENT OPERATING RESULTS (UNAUDITED) | |||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||
SEGMENT OPERATING RESULTS | |||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2016 | Three Months Ended March 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||
Consolidated | Consolidated | ||||||||||||||||||||||||||||||||||||||||||
Towers | Small Cells | Other | Total | Towers | Small Cells | Other | Total | ||||||||||||||||||||||||||||||||||||
Segment site rental revenues | $ | 702,840 | $ | 96,454 | $ | 799,294 | $ | 674,907 | $ | 56,473 | $ | 731,380 | |||||||||||||||||||||||||||||||
Segment network service and other revenue | 125,010 | 10,080 | 135,090 | 156,385 | 12,706 | 169,091 | |||||||||||||||||||||||||||||||||||||
Segment revenues | 827,850 | 106,534 | 934,384 | 831,292 | 69,179 | 900,471 | |||||||||||||||||||||||||||||||||||||
Segment site rental cost of operations(a) | 204,565 | 37,483 | 242,048 | 204,633 | 20,513 | 225,146 | |||||||||||||||||||||||||||||||||||||
Segment network service and other cost of operations(a) | 69,989 | 8,035 | 78,024 | 76,191 | 9,454 | 85,645 | |||||||||||||||||||||||||||||||||||||
Segment cost of operations(a) | 274,554 | 45,518 | 320,072 | 280,824 | 29,967 | 310,791 | |||||||||||||||||||||||||||||||||||||
Segment gross margin(b) | 553,296 | 61,016 | 614,312 | 550,468 | 39,212 | 589,680 | |||||||||||||||||||||||||||||||||||||
Segment general and administrative expenses(a) | 23,599 | 15,522 | 36,071 | 75,192 | 22,722 | 7,560 | 30,098 | 60,380 | |||||||||||||||||||||||||||||||||||
Segment operating profit(b) | 529,697 | 45,494 | (36,071 | ) | 539,120 | 527,746 | 31,652 | (30,098 | ) | 529,300 | |||||||||||||||||||||||||||||||||
Stock-based compensation expense | 30,705 | 30,705 | 16,841 | 16,841 | |||||||||||||||||||||||||||||||||||||||
Depreciation, amortization and accretion | 277,875 | 277,875 | 251,806 | 251,806 | |||||||||||||||||||||||||||||||||||||||
Interest expense and amortization of deferred financing costs | 126,378 | 126,378 | 134,439 | 134,439 | |||||||||||||||||||||||||||||||||||||||
Other expenses to reconcile to income (loss) from continuing operations before income taxes(c) | 52,450 | 52,450 | 15,915 | 15,915 | |||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 51,712 | $ | 110,299 | |||||||||||||||||||||||||||||||||||||||
(a) Segment cost of operations exclude (1) stockbased compensation expense of $8.3 million and $3.2 million for the three months ended March 31, 2016 and 2015, respectively and (2) prepaid lease purchase price adjustments of $5.2 million for each of the three months ended March 31, 2016 and 2015. Segment general and administrative expenses exclude stock-based compensation expense of $22.4 million and $13.7 million for the three months ended March 31, 2016 and 2015, respectively. | |||||||||||||||||||||||||||||||||||||||||||
(b) See "Non-GAAP Financial Measures and Other Calculations" herein for a discussion of our definitions of segment gross margin and segment operating profit. | |||||||||||||||||||||||||||||||||||||||||||
(c) Other expenses to reconcile to income (loss) from continuing operations before income taxes includes a loss on retirement of long-term obligations of approximately $30.6 million for the three months ended March 31, 2016. |
Contacts: Jay Brown, CFO Son Nguyen, VP - Corporate Finance Crown Castle International Corp. 713-570-3050
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