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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 | 4,118,870 | 23:00:02 |
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"Given the expected substantial increase in mobile data demand over the coming years, we are excited about the opportunities for growth we see as a result of our position as a leading provider of wireless infrastructure in the US," stated Jay Brown, Crown Castle’s Chief Executive Officer. "Our tower business continues to see steady levels of activity in the short term. Over the longer term, we believe there is an extended runway of growth driven by positive industry developments, including the deployment of FirstNet and spectrum from the recently completed incentive auction. In our small cells business, our contracted pipeline has reached record levels, with nearly 25,000 nodes expected to be installed over the next 18 to 24 months, reflecting the confidence our customers have in our ability to assist in deploying their wireless networks. Once completed, this pipeline will double the number of small cell nodes we have installed to date. To prepare for this anticipated level of activity, we continue to invest in assets supporting our small cell deployments, such as our recently announced agreement to acquire Wilcon, as well as our node installation capabilities, including the hiring of additional employees. As we scale our organization to increase production toward our goal of 10,000 nodes per year, we will incur additional costs that have been reflected in our full year 2017 Outlook. We believe these investments will allow us to extend our position as a leading provider of wireless infrastructure while generating attractive returns on our investments and delivering sustained growth in dividends per share."
RESULTS FOR THE QUARTERThe table below sets forth select financial results for the three month period ended March 31, 2017. For further information, refer to the financial statements and non-GAAP and other calculation reconciliations included in this press release.
(in millions) | Actual | Midpoint Q1 2017Outlook(b) | ActualCompared to Outlook | |||||||||
Q1 2017 | Q1 2016 | Change | % Change | |||||||||
Site rental revenues | $857 | $799 | +$58 | 7% | $854 | +$3 | ||||||
Site rental gross margin | $592 | $547 | +$45 | 8% | $589 | +$3 | ||||||
Net income (loss) | $119 | $48 | +$71 | 148% | $98 | +$21 | ||||||
Adjusted EBITDA(a) | $581 | $539 | +$42 | 8% | $578 | +$3 | ||||||
AFFO(a) | $450 | $395 | +$55 | 14% | $443 | +$7 | ||||||
Weighted-average common shares outstanding - diluted | 362 | 335 | +27 | 8% | 361 | +1 | ||||||
Note: Figures may not tie due to rounding. | ||||||||||||
(a) See reconciliation of this non-GAAP financial measure to net income (loss) included herein. | ||||||||||||
(b) As issued on January 25, 2017. |
HIGHLIGHTS FROM THE QUARTER
"The first quarter marked another strong quarter of execution as we exceeded the high end of our guidance for site rental revenues, site rental gross margin, Adjusted EBITDA and AFFO," stated Dan Schlanger, Crown Castle's Chief Financial Officer. "Driven by the strong results from the first quarter and expected continued healthy leasing activity across both towers and small cells, we are increasing our full year 2017 Outlook. We believe the strength of our business, our flexible capital structure and our low cost of capital position us to continue to deliver consistent growth while allowing us to pursue attractive growth opportunities that we believe will drive long-term growth in dividends per share."
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 second quarter 2017 and full year 2017:
(in millions) | Second Quarter 2017 | Full Year 2017 | ||||||||||
Site rental revenues | $866 | to | $871 | $3,473 | to | $3,503 | ||||||
Site rental cost of operations | $275 | to | $280 | $1,071 | to | $1,101 | ||||||
Site rental gross margin | $589 | to | $594 | $2,387 | to | $2,417 | ||||||
Net income (loss) | $90 | to | $110 | $427 | to | $477 | ||||||
Adjusted EBITDA(a) | $584 | to | $589 | $2,372 | to | $2,402 | ||||||
Interest expense and amortization of deferred financing costs(b) | $137 | to | $142 | $542 | to | $572 | ||||||
FFO(a) | $394 | to | $399 | $1,623 | to | $1,653 | ||||||
AFFO(a) | $433 | to | $438 | $1,805 | to | $1,835 | ||||||
Weighted-average common shares outstanding - diluted(c) | 362 | 362 | ||||||||||
(a) See reconciliation of this non-GAAP financial measure to net income (loss) included herein. | ||||||||||||
(b) See the reconciliation of "components of interest expense and amortization of deferred financing costs" herein for a discussion of non-cash interest expense. | ||||||||||||
(c) The assumption for second quarter 2017 and full year 2017 diluted weighted-average common shares outstanding is based on diluted common shares outstanding as of March 31, 2017. |
Full Year 2017 and Second Quarter 2017 Outlook
The table below compares the results for full year 2016, the midpoint of the current full year 2017 Outlook and the midpoint of the previously provided full year 2017 Outlook for select metrics.
Midpoint of FY 2017 Outlook to FY 2016 Actual Comparison | Previous Full Year 2017 Outlook(b) | Current Compared to Previous Outlook | ||||||||||
($ in millions) | Current Full Year2017 Outlook | Full Year 2016 Actual | Change | % Change | ||||||||
Site rental revenues | $3,488 | $3,233 | +$255 | +8% | $3,483 | +$5 | ||||||
Site rental gross margin | $2,402 | $2,210 | +$192 | +9% | $2,406 | -$4 | ||||||
Net income (loss) | $452 | $357 | +$95 | +27% | $385 | +$67 | ||||||
Adjusted EBITDA(a) | $2,387 | $2,228 | +$159 | +7% | $2,373 | +$14 | ||||||
AFFO(a) | $1,820 | $1,610 | +$210 | +13% | $1,816 | +$4 | ||||||
Weighted-average common shares outstanding - diluted(c) | 362 | 341 | +21 | +6% | 361 | +1 | ||||||
(a) See reconciliation of this non-GAAP financial measure to net income (loss) included herein. | ||||||||||||
(b) As issued on January 25, 2017. Represents midpoint of Outlook. | ||||||||||||
(c) The assumption for full year 2017 diluted weighted-average common shares outstanding is based on diluted common shares outstanding as of March 31, 2017. |
CONFERENCE CALL DETAILSCrown Castle has scheduled a conference call for Tuesday, April 25, 2017, at 10:30 a.m. Eastern time. The conference call may be accessed by dialing 877-852-6561 and asking for the Crown Castle call (access code 3891737) 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 Tuesday, April 25, 2017, through 1:30 p.m. Eastern time on Monday, July 24, 2017, and may be accessed by dialing 888-203-1112 and using access code 3891737. 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 27,500 route 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, 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, Organic Contribution to Site Rental Revenues, Segment Site Rental Gross Margin, Segment Network Services and Other Gross Margin and Segment Operating Profit may not be comparable to similarly titled measures of other companies, including other companies in the tower 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.
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:
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.
We define our non-GAAP financial measures and other measures as follows:
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-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.
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.
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.
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.
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 to Comparable GAAP Financial Measures and Other Calculations:
Reconciliation of Historical Adjusted EBITDA:
For the Three Months Ended | For the Twelve Months Ended | ||||||||||||||||||||
March 31, 2017 | March 31, 2016 | December 31, 2016 | |||||||||||||||||||
(in millions) | |||||||||||||||||||||
Net income (loss) | $ | 119.1 | $ | 47.8 | $ | 357.0 | |||||||||||||||
Adjustments to increase (decrease) net income (loss): | |||||||||||||||||||||
Asset write-down charges | 0.6 | 8.0 | 34.5 | ||||||||||||||||||
Acquisition and integration costs | 5.7 | 5.6 | 17.5 | ||||||||||||||||||
Depreciation, amortization and accretion | 288.5 | 277.9 | 1,108.6 | ||||||||||||||||||
Amortization of prepaid lease purchase price adjustments | 5.1 | 5.2 | 21.3 | ||||||||||||||||||
Interest expense and amortization of deferred financing costs(a) | 134.5 | 126.4 | 515.0 | ||||||||||||||||||
Gains (losses) on retirement of long-term obligations | 3.5 | 30.6 | 52.3 | ||||||||||||||||||
Interest income | (0.4 | ) | (0.2 | ) | (0.8 | ) | |||||||||||||||
Other income (expense) | (4.6 | ) | 3.3 | 8.8 | |||||||||||||||||
Benefit (provision) for income taxes | 4.4 | 3.9 | 16.9 | ||||||||||||||||||
Stock-based compensation expense | 24.9 | 30.7 | 96.5 | ||||||||||||||||||
Adjusted EBITDA(b)(c) | $ | 581.4 | $ | 539.1 | $ | 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 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:
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(a) | $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(b)(c) | $584 | to | $589 | $2,372 | to | $2,402 | ||||||||||||
(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 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 Twelve Months Ended | ||||||||||||||||||||
(in millions) | March 31,2017 | March 31,2016 | December 31, 2016 | ||||||||||||||||||
Net income (loss) | $ | 119.1 | $ | 47.8 | $ | 357.0 | |||||||||||||||
Real estate related depreciation, amortization and accretion | 281.2 | 271.5 | 1,082.1 | ||||||||||||||||||
Asset write-down charges | 0.6 | 8.0 | 34.5 | ||||||||||||||||||
Dividends on preferred stock | — | (11.0 | ) | (44.0 | ) | ||||||||||||||||
FFO(a)(b)(c)(d) | $ | 400.9 | $ | 316.3 | $ | 1,429.5 | |||||||||||||||
FFO (from above) | $ | 400.9 | $ | 316.3 | $ | 1,429.5 | |||||||||||||||
Adjustments to increase (decrease) FFO: | |||||||||||||||||||||
Straight-lined revenue | (1.3 | ) | (17.3 | ) | (47.4 | ) | |||||||||||||||
Straight-lined expense | 23.2 | 23.8 | 94.2 | ||||||||||||||||||
Stock-based compensation expense | 24.9 | 30.7 | 96.5 | ||||||||||||||||||
Non-cash portion of tax provision | 3.6 | 1.8 | 7.3 | ||||||||||||||||||
Non-real estate related depreciation, amortization and accretion | 7.4 | 6.4 | 26.5 | ||||||||||||||||||
Amortization of non-cash interest expense | 2.8 | 4.2 | 14.3 | ||||||||||||||||||
Other (income) expense | (4.6 | ) | 3.3 | 8.8 | |||||||||||||||||
Gains (losses) on retirement of long-term obligations | 3.5 | 30.6 | 52.3 | ||||||||||||||||||
Acquisition and integration costs | 5.7 | 5.6 | 17.5 | ||||||||||||||||||
Capital improvement capital expenditures | (6.9 | ) | (6.4 | ) | (42.8 | ) | |||||||||||||||
Corporate capital expenditures | (9.2 | ) | (3.7 | ) | (46.9 | ) | |||||||||||||||
AFFO(a)(b)(c)(d) | $ | 450.2 | $ | 395.2 | $ | 1,609.9 | |||||||||||||||
(a) See "Non-GAAP Financial 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 361.7 million, 334.9 million and 340.9 million for the three months ended March 31, 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:
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) The assumption for second quarter 2017 and full year 2017 diluted weighted-average common shares outstanding is 362 million based on diluted common shares outstanding as of March 31, 2017. | |||||||||||||||||||
(b) See "Non-GAAP Financial 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. |
For Comparative Purposes - Reconciliation of Previous Outlook for Adjusted EBITDA:
Previously Issued | Previously Issued | ||||||||||||||||
Q1 2017 | Full Year 2017 | ||||||||||||||||
(in millions) | Outlook | Outlook | |||||||||||||||
Net income (loss) | $88 | to | $108 | $360 | to | $410 | |||||||||||
Adjustments to increase (decrease) net income (loss): | |||||||||||||||||
Asset write-down charges | $9 | to | $11 | $35 | to | $45 | |||||||||||
Acquisition and integration costs | $5 | to | $8 | $19 | to | $24 | |||||||||||
Depreciation, amortization and accretion | $288 | to | $303 | $1,217 | to | $1,243 | |||||||||||
Amortization of prepaid lease purchase price adjustments | $4 | to | $6 | $20 | to | $22 | |||||||||||
Interest expense and amortization of deferred financing costs | $132 | to | $137 | $540 | to | $570 | |||||||||||
Interest income | $(1) | to | $0 | $(1) | to | $1 | |||||||||||
Other income (expense) | $(1) | to | $2 | $2 | to | $4 | |||||||||||
Benefit (provision) for income taxes | $2 | to | $6 | $14 | to | $22 | |||||||||||
Stock-based compensation expense | $23 | to | $25 | $96 | to | $101 | |||||||||||
Adjusted EBITDA(a)(b) | $575 | to | $580 | $2,358 | to | $2,388 | |||||||||||
(a) See "Non-GAAP Financial 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 | ||||||||||||||||||
Q1 2017 | Full Year 2017 | ||||||||||||||||||
(in millions) | Outlook | Outlook | |||||||||||||||||
Net income (loss) | $88 | to | $108 | $360 | to | $410 | |||||||||||||
Real estate related depreciation, amortization and accretion | $282 | to | $295 | $1,193 | to | $1,214 | |||||||||||||
Asset write-down charges | $9 | to | $11 | $35 | to | $45 | |||||||||||||
FFO(a)(b)(c) | $395 | to | $400 | $1,616 | to | $1,646 | |||||||||||||
FFO (from above) | $395 | to | $400 | $1,616 | to | $1,646 | |||||||||||||
Adjustments to increase (decrease) FFO: | |||||||||||||||||||
Straight-line revenue | $(4) | to | $1 | $8 | to | $23 | |||||||||||||
Straight-line expense | $21 | to | $26 | $80 | to | $95 | |||||||||||||
Stock-based compensation expense | $23 | to | $25 | $96 | to | $101 | |||||||||||||
Non-cash portion of tax provision | $0 | to | $5 | $(3) | to | $12 | |||||||||||||
Non-real estate related depreciation, amortization and accretion | $6 | to | $8 | $24 | to | $29 | |||||||||||||
Amortization of non-cash interest expense | $3 | to | $6 | $11 | to | $17 | |||||||||||||
Other (income) expense | $(1) | to | $2 | $2 | to | $4 | |||||||||||||
Acquisition and integration costs | $5 | to | $8 | $19 | to | $24 | |||||||||||||
Capital improvement capital expenditures | $(16) | to | $(11) | $(50) | to | $(45) | |||||||||||||
Corporate capital expenditures | $(7) | to | $(2) | $(36) | to | $(31) | |||||||||||||
AFFO(a)(b)(c) | $440 | to | $445 | $1,801 | to | $1,831 | |||||||||||||
(a) Previously issued first quarter 2017 and full year 2017 outlook assumes diluted common shares outstanding as of December 31, 2016 of approximately 361 million shares. | |||||||||||||||||||
(b) See "Non-GAAP Financial 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 March 31, 2017 and 2016 are as follows:
Three Months Ended March 31, | |||||||||||||||
(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) | $ | 782 | $ | 701 | |||||||||||
New leasing activity(a)(c) | 41 | 47 | |||||||||||||
Escalators | 21 | 23 | |||||||||||||
Non-renewals | (28 | ) | (16 | ) | |||||||||||
Organic Contribution to Site Rental Revenues(d) | 34 | 54 | |||||||||||||
Straight-lined revenues associated with fixed escalators | 1 | 17 | |||||||||||||
Acquisitions and builds(b) | 40 | 27 | |||||||||||||
Other | — | — | |||||||||||||
Total GAAP site rental revenues | $ | 857 | $ | 799 | |||||||||||
Year-over-year changes in revenue: | |||||||||||||||
Reported GAAP site rental revenues | 7.3 | % | |||||||||||||
Organic Contribution to Site Rental Revenues(d)(e) | 4.3 | % | |||||||||||||
(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 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) | 160 | 90 | |
Other | — | — | |
Total GAAP site rental revenues | $3,473 - $3,503 | $3,233 | |
Year-over-year changes in revenue:(f) | |||
Reported GAAP site rental revenues | 7.9% | ||
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 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) | March 31,2017 | March 31,2016 | |||||||||||||
Interest expense on debt obligations | $ | 131.7 | $ | 122.2 | |||||||||||
Amortization of deferred financing costs and adjustments on long-term debt, net | 4.6 | 5.1 | |||||||||||||
Other, net | (1.7 | ) | (0.9 | ) | |||||||||||
Interest expense and amortization of deferred financing costs | $ | 134.5 | $ | 126.4 |
Components of Current Outlook for Interest Expense and Amortization of Deferred Financing Costs:
Q2 2017 | Full Year 2017 | |||||||||||||||||
(in millions) | Outlook | Outlook | ||||||||||||||||
Interest expense on debt obligations | $136 | to | $138 | $538 | to | $553 | ||||||||||||
Amortization of deferred financing costs and adjustments on long-term debt, net | $4 | to | $7 | $17 | to | $21 | ||||||||||||
Other, net | $(2) | to | $(2) | $(9) | to | $(7) | ||||||||||||
Interest expense and amortization of deferred financing costs | $137 | to | $142 | $542 | to | $572 |
Debt balances and maturity dates as of March 31, 2017 are as follows:
(in millions) | Face Value | Final Maturity | |||||
Bank debt - variable rate: | |||||||
2016 Revolver | $ | 335.0 | Jan. 2022 | ||||
2016 Term Loan A | 2,447.1 | Jan. 2022 | |||||
Total bank debt | 2,782.1 | ||||||
Securitized debt - fixed rate: | |||||||
Secured Notes, Series 2009-1, Class A-1(a) | 47.6 | 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 | 3,367.6 | ||||||
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 | |||||
Total bonds | 7,200.0 | ||||||
Capital leases and other obligations | 233.9 | Various | |||||
Total Debt | $ | 13,583.6 | |||||
Less: Cash and Cash Equivalents(c) | $ | 205.2 | |||||
Net Debt | $ | 13,378.4 | |||||
(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 March 31, 2017 | ||||||
Total face value of debt | $ | 13,583.6 | |||||
Ending cash and cash equivalents(a) | 205.2 | ||||||
Total Net Debt | $ | 13,378.4 | |||||
Adjusted EBITDA for the three months ended March 31, 2017 | $ | 581.4 | |||||
Last quarter annualized adjusted EBITDA | 2,325.6 | ||||||
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 FiberNet, as this acquisition closed on January 17, 2017. |
Components of Capital Expenditures:
For the Three Months Ended | |||||||||||||||||||||||||||||||||||||||||
March 31, 2017 | March 31, 2016 | ||||||||||||||||||||||||||||||||||||||||
Towers | Small Cells | Other | Total | Towers | Small Cells | Other | Total | ||||||||||||||||||||||||||||||||||
Discretionary: | |||||||||||||||||||||||||||||||||||||||||
Purchases of land interests | $ | 21.1 | $ | — | $ | — | $ | 21.1 | $ | 21.3 | $ | — | $ | — | $ | 21.3 | |||||||||||||||||||||||||
Wireless infrastructure construction and improvements | 73.9 | 151.3 | — | 225.2 | 83.5 | 78.6 | — | 162.1 | |||||||||||||||||||||||||||||||||
Sustaining: | |||||||||||||||||||||||||||||||||||||||||
Capital improvement and corporate | 6.5 | 2.9 | 6.7 | 16.1 | 6.3 | 1.6 | 2.3 | 10.2 | |||||||||||||||||||||||||||||||||
Total | $ | 101.5 | $ | 154.2 | $ | 6.7 | $ | 262.4 | $ | 111.0 | $ | 80.2 | $ | 2.3 | $ | 193.5 |
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 and shareholder value which may be derived from our business, assets, investments, dividends and acquisitions, including on a long-term basis, (2) our strategy, strategic position and strength of our business, (3) carrier network investments and upgrades, and the benefits which may be derived therefrom, (4) demand for mobile data and wireless connectivity and the benefits which may be derived therefrom, (5) our growth and long-term prospects, (6) leasing activity, pipeline of deployment commitments for our wireless infrastructure and our ability to respond to, deploy or produce with respect thereto, (7) our investments, including in towers, small cells, our capabilities and other assets, and the potential growth, returns and benefits therefrom, (8) our annual small cell node production, (9) our dividends, including our dividend plans and the amount and growth of our dividends, (10) demand for our wireless infrastructure and services, (11) our capital structure, (12) tenant non-renewals, including the impact and timing thereof, (13) capital expenditures, including sustaining capital expenditures, (14) seasonal and timing items, including repair and maintenance expense, sustaining capital expenditures and tax payments, (15) straight-line adjustments, (16) expenses and cost structure, (17) site rental revenues, (18) site rental cost of operations, (19) site rental gross margin, (20) network services gross margin, (21) net income (loss), (22) Adjusted EBITDA, (23) interest expense and amortization of deferred financing costs, (24) FFO, (25) AFFO, (26) Organic Contribution to Site Rental Revenues and Organic Contribution to Site Rental Revenue growth, (27) our common shares outstanding, including on a diluted basis and (28) 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."
The photos will also be available via AP PhotoExpress and NewsCom.
Contacts:
Dan Schlanger, CFO Son Nguyen, VP & Treasurer Crown Castle International Corp. 713-570-3050
CROWN CASTLE INTERNATIONAL CORP.CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED)(in thousands, except share amounts
March 31, 2017 | December 31, 2016 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 205,192 | $ | 567,599 | |||||||
Restricted cash | 115,128 | 124,547 | |||||||||
Receivables, net | 302,697 | 373,532 | |||||||||
Prepaid expenses | 153,337 | 128,721 | |||||||||
Other current assets | 140,095 | 130,362 | |||||||||
Total current assets | 916,449 | 1,324,761 | |||||||||
Deferred site rental receivables | 1,310,233 | 1,317,658 | |||||||||
Property and equipment, net | 10,293,693 | 9,805,315 | |||||||||
Goodwill | 6,530,001 | 5,757,676 | |||||||||
Other intangible assets, net | 3,894,362 | 3,650,072 | |||||||||
Long-term prepaid rent and other assets, net | 832,104 | 819,610 | |||||||||
Total assets | $ | 23,776,842 | $ | 22,675,092 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 154,753 | $ | 188,516 | |||||||
Accrued interest | 84,218 | 97,019 | |||||||||
Deferred revenues | 366,758 | 353,005 | |||||||||
Other accrued liabilities | 183,584 | 221,066 | |||||||||
Current maturities of debt and other obligations | 112,882 | 101,749 | |||||||||
Total current liabilities | 902,195 | 961,355 | |||||||||
Debt and other long-term obligations | 13,380,091 | 12,069,393 | |||||||||
Other long-term liabilities | 2,131,076 | 2,087,229 | |||||||||
Total liabilities | 16,413,362 | 15,117,977 | |||||||||
Commitments and contingencies | |||||||||||
CCIC stockholders' equity: | |||||||||||
Common stock, $.01 par value; 600,000,000 shares authorized; shares issued and outstanding: March 31, 2017—361,355,043 and December 31, 2016—360,536,659 | 3,614 | 3,605 | |||||||||
Additional paid-in capital | 10,968,564 | 10,938,236 | |||||||||
Accumulated other comprehensive income (loss) | (5,713 | ) | (5,888 | ) | |||||||
Dividends/distributions in excess of earnings | (3,602,985 | ) | (3,378,838 | ) | |||||||
Total equity | 7,363,480 | 7,557,115 | |||||||||
Total liabilities and equity | $ | 23,776,842 | $ | 22,675,092 |
CROWN CASTLE INTERNATIONAL CORP.CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED)(in thousands, except share and per share amounts)
Three Months Ended March 31, | |||||||||||||||
2017 | 2016 | ||||||||||||||
Net revenues: | |||||||||||||||
Site rental | $ | 856,936 | $ | 799,294 | |||||||||||
Network services and other | 159,006 | 135,090 | |||||||||||||
Net revenues | 1,015,942 | 934,384 | |||||||||||||
Operating expenses: | |||||||||||||||
Costs of operations (exclusive of depreciation, amortization and accretion): | |||||||||||||||
Site rental | 265,017 | 252,621 | |||||||||||||
Network services and other | 98,808 | 80,971 | |||||||||||||
General and administrative | 100,724 | 97,581 | |||||||||||||
Asset write-down charges | 645 | 7,959 | |||||||||||||
Acquisition and integration costs | 5,650 | 5,638 | |||||||||||||
Depreciation, amortization and accretion | 288,549 | 277,875 | |||||||||||||
Total operating expenses | 759,393 | 722,645 | |||||||||||||
Operating income (loss) | 256,549 | 211,739 | |||||||||||||
Interest expense and amortization of deferred financing costs | (134,487 | ) | (126,378 | ) | |||||||||||
Gains (losses) on retirement of long-term obligations | (3,525 | ) | (30,550 | ) | |||||||||||
Interest income | 370 | 174 | |||||||||||||
Other income (expense) | 4,600 | (3,273 | ) | ||||||||||||
Income (loss) before income taxes | 123,507 | 51,712 | |||||||||||||
Benefit (provision) for income taxes | (4,369 | ) | (3,872 | ) | |||||||||||
Net income (loss) | 119,138 | 47,840 | |||||||||||||
Dividends on preferred stock | — | (10,997 | ) | ||||||||||||
Net income (loss) attributable to CCIC common stockholders | $ | 119,138 | $ | 36,843 | |||||||||||
Net income (loss) attributable to CCIC common stockholders, per common share: | |||||||||||||||
Net income (loss) attributable to CCIC common stockholders, basic | $ | 0.33 | $ | 0.11 | |||||||||||
Net income (loss) attributable to CCIC common stockholders, diluted | $ | 0.33 | $ | 0.11 | |||||||||||
Weighted-average common shares outstanding (in thousands): | |||||||||||||||
Basic | 360,832 | 334,155 | |||||||||||||
Diluted | 361,727 | 334,929 |
CROWN CASTLE INTERNATIONAL CORP.CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)(in thousands)
Three Months Ended March 31, | |||||||||||||||||||||
2017 | 2016 | ||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||
Net income (loss) | $ | 119,138 | $ | 47,840 | |||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: | |||||||||||||||||||||
Depreciation, amortization and accretion | 288,549 | 277,875 | |||||||||||||||||||
Gains (losses) on retirement of long-term obligations | 3,525 | 30,550 | |||||||||||||||||||
Amortization of deferred financing costs and other non-cash interest | 2,836 | 4,211 | |||||||||||||||||||
Stock-based compensation expense | 22,226 | 19,895 | |||||||||||||||||||
Asset write-down charges | 645 | 7,959 | |||||||||||||||||||
Deferred income tax benefit (provision) | 149 | 1,860 | |||||||||||||||||||
Other non-cash adjustments, net | (4,440 | ) | 2,166 | ||||||||||||||||||
Changes in assets and liabilities, excluding the effects of acquisitions: | |||||||||||||||||||||
Increase (decrease) in liabilities | (61,096 | ) | 17,426 | ||||||||||||||||||
Decrease (increase) in assets | 74,560 | 27,874 | |||||||||||||||||||
Net cash provided by (used for) operating activities | 446,092 | 437,656 | |||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Payments for acquisition of businesses, net of cash acquired | (1,497,253 | ) | (22,029 | ) | |||||||||||||||||
Capital expenditures | (262,415 | ) | (193,489 | ) | |||||||||||||||||
Net (payments) receipts from settled swaps | (328 | ) | 8,141 | ||||||||||||||||||
Other investing activities, net | (3,145 | ) | (369 | ) | |||||||||||||||||
Net cash provided by (used for) investing activities | (1,763,141 | ) | (207,746 | ) | |||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Proceeds from issuance of long-term debt | 997,890 | 3,496,901 | |||||||||||||||||||
Principal payments on debt and other long-term obligations | (28,738 | ) | (14,152 | ) | |||||||||||||||||
Purchases and redemptions of long-term debt | — | (2,876,390 | ) | ||||||||||||||||||
Borrowings under revolving credit facility | 1,405,000 | 2,065,000 | |||||||||||||||||||
Payments under revolving credit facility | (1,070,000 | ) | (2,980,000 | ) | |||||||||||||||||
Payments for financing costs | (6,761 | ) | (27,421 | ) | |||||||||||||||||
Net proceeds from issuance of capital stock | 21,937 | 323,798 | |||||||||||||||||||
Purchases of capital stock | (22,005 | ) | (24,354 | ) | |||||||||||||||||
Dividends/distributions paid on common stock | (348,146 | ) | (299,090 | ) | |||||||||||||||||
Dividends paid on preferred stock | — | (10,997 | ) | ||||||||||||||||||
Net (increase) decrease in restricted cash | 5,039 | 1,113 | |||||||||||||||||||
Net cash provided by (used for) financing activities | 954,216 | (345,592 | ) | ||||||||||||||||||
Net increase (decrease) in cash and cash equivalents - continuing operations | (362,833 | ) | (115,682 | ) | |||||||||||||||||
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 | 426 | (576 | ) | ||||||||||||||||||
Cash and cash equivalents at beginning of period | 567,599 | 178,810 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | 205,192 | $ | 175,702 | |||||||||||||||||
Supplemental disclosure of cash flow information: | |||||||||||||||||||||
Interest paid | 144,452 | 111,469 | |||||||||||||||||||
Income taxes paid | 796 | 6,773 |
CROWN CASTLE INTERNATIONAL CORP.SEGMENT OPERATING RESULTS (UNAUDITED)(in thousands)
SEGMENT OPERATING RESULTS | |||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2017 | Three Months Ended March 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||
Towers | Small Cells | Other | Consolidated Total | Towers | Small Cells | Other | Consolidated Total | ||||||||||||||||||||||||||||||||||||
Segment site rental revenues | $ | 716,536 | $ | 140,400 | $ | 856,936 | $ | 702,840 | $ | 96,454 | $ | 799,294 | |||||||||||||||||||||||||||||||
Segment network services and other revenue | 149,615 | 9,391 | 159,006 | 125,010 | 10,080 | 135,090 | |||||||||||||||||||||||||||||||||||||
Segment revenues | 866,151 | 149,791 | 1,015,942 | 827,850 | 106,534 | 934,384 | |||||||||||||||||||||||||||||||||||||
Segment site rental cost of operations | 209,464 | 47,246 | 256,710 | 204,565 | 37,483 | 242,048 | |||||||||||||||||||||||||||||||||||||
Segment network services and other cost of operations | 88,936 | 8,229 | 97,165 | 69,989 | 8,035 | 78,024 | |||||||||||||||||||||||||||||||||||||
Segment cost of operations(a) | 298,400 | 55,475 | 353,875 | 274,554 | 45,518 | 320,072 | |||||||||||||||||||||||||||||||||||||
Segment site rental gross margin(b) | 507,072 | 93,154 | 600,226 | 498,275 | 58,971 | 557,246 | |||||||||||||||||||||||||||||||||||||
Segment network services and other gross margin(b) | 60,679 | 1,162 | 61,841 | 55,021 | 2,045 | 57,066 | |||||||||||||||||||||||||||||||||||||
Segment general and administrative expenses(a) | 23,760 | 17,689 | 39,206 | 80,655 | 23,599 | 15,522 | 36,071 | 75,192 | |||||||||||||||||||||||||||||||||||
Segment operating profit(b) | 543,991 | 76,627 | (39,206 | ) | 581,412 | 529,697 | 45,494 | (36,071 | ) | 539,120 | |||||||||||||||||||||||||||||||||
Stock-based compensation expense | 24,942 | 24,942 | 30,705 | 30,705 | |||||||||||||||||||||||||||||||||||||||
Depreciation, amortization and accretion | 288,549 | 288,549 | 277,875 | 277,875 | |||||||||||||||||||||||||||||||||||||||
Interest expense and amortization of deferred financing costs | 134,487 | 134,487 | 126,378 | 126,378 | |||||||||||||||||||||||||||||||||||||||
Other (income) expenses to reconcile to income (loss) before income taxes(c) | 9,927 | 9,927 | 52,450 | 52,450 | |||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | $ | 123,507 | $ | 51,712 | |||||||||||||||||||||||||||||||||||||||
(a) Segment cost of operations exclude (1) stock-based compensation expense of $4.9 million and $8.3 million for the three months ended March 31, 2017 and 2016, respectively and (2) prepaid lease purchase price adjustments of $5.1 million and $5.2 million for the three months ended March 31, 2017 and 2016, respectively. Segment general and administrative expenses exclude stock-based compensation expense of $20.1 million and $22.4 million for the three months ended March 31, 2017 and 2016, respectively. (b) See "Non-GAAP Financial 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. |
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