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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 | |
---|---|---|---|---|---|---|---|---|
-0.03 | -0.03% | 93.75 | 303 | 12:34:53 |
Full Year 2022 | Full Year 2021 | |||||||||
(dollars in millions, except per share amounts) | CurrentOutlookMidpoint(a) | Change toMidpoint fromPreviousOutlook(b) | MidpointGrowth RateCompared toPrevious YearActual | Actual | Actual Growth Rate Comparedto Previous Year Actual(c) | |||||
As Reported | As Adjusted(d) | |||||||||
Site rental revenues | $6,225 | +$250 | 9% | $5,719 | 8% | 8% | ||||
Income (loss) from continuing operations(e) | $1,674 | +$250 | 45% | $1,158(f) | 10% | 39% | ||||
Income (loss) from continuing operations per share—diluted(e)(g) | $3.85 | +$0.57 | 44% | $2.67(f) | 14% | 46% | ||||
Adjusted EBITDA(e) | $4,272 | +$250 | 12% | $3,816 | 3% | 12% | ||||
AFFO(e)(g) | $3,201 | $— | 6% | $3,013 | 5% | 16% | ||||
AFFO per share(e)(g) | $7.36 | $— | 6% | $6.95 | 3% | 14% |
“We generated significant growth in 2021, including 14% AFFO per share growth and an 11% increase in our common stock dividend per share, as our customers began upgrading their existing cell sites as part of the first phase of the 5G build out in the U.S.,” stated Jay Brown, Crown Castle’s Chief Executive Officer. “We expect elevated levels of tower leasing to continue this year and believe we will once again lead the industry with the highest U.S. tower revenue growth in 2022. In addition, we secured commitments for more than 50,000 new small cell nodes during the last twelve months, which equates to approximately 70% of the total small cells we booked in our history prior to 2021. As a result, we now have approximately 55,000 small cell nodes on air and more than 60,000 committed or under construction in our backlog. Our customers are already planning for the next phase of the 5G build out that will require small cells at scale, and this inflection in our small cells business reflects how well positioned we are to support their wireless network needs for years to come with our more than 80,000 route miles of fiber concentrated in the top U.S. markets. I believe 2022 will be an important transition year for our small cells and fiber business, as we prepare to accelerate our deployment of small cells from approximately 5,000 this year to what we expect will be more than 10,000 per year starting in 2023.
“We believe our ability to offer towers, small cells and fiber solutions, which are all integral components of communications networks and are shared among multiple tenants, provides us the best opportunity to generate significant growth while delivering high returns for our shareholders. We believe the U.S. represents the highest growth and lowest risk market in the world for communications infrastructure ownership, and we believe our comprehensive offering positions us to benefit from what we expect will be a decade-long investment cycle as our customers develop next-generation wireless networks. As a result, we expect the deployment of 5G in the U.S. to extend our opportunity to create long-term value for our shareholders while delivering dividend per share growth of 7% to 8% per year.”
RESULTS FOR THE YEARThe table below sets forth select preliminary unaudited financial results for the year ended December 31, 2021.
Full Year 2021 | Full Year 2020 | Full Year 2021 Growth | |||||||||||||||||
(dollars in millions, except per share amounts) | Actual | PreviousOutlookMidpoint(a) | ActualComparedto PreviousOutlookMidpoint(a) | AsReported | AsAdjusted(b) | AsReported | AsAdjusted(b) | ||||||||||||
Site rental revenues | $5,719 | $5,700 | +$19 | $5,320 | $5,320 | $399 | 8% | $399 | 8% | ||||||||||
Income (loss) from continuing operations(c) | $1,158(d) | $1,114(d) | +$44 | $1,056 | $833 | $102 | 10% | $325 | 39% | ||||||||||
Income (loss) from continuing operations per share—diluted(c)(e) | $2.67(d) | $2.57(d) | +$0.10 | $2.35 | $1.83 | $0.32 | 14% | $0.84 | 46% | ||||||||||
Adjusted EBITDA(c) | $3,816 | $3,787 | +$29 | $3,706 | $3,420 | $110 | 3% | $396 | 12% | ||||||||||
AFFO(c)(e) | $3,013 | $2,966 | +$47 | $2,878 | $2,592 | $135 | 5% | $421 | 16% | ||||||||||
AFFO per share(c)(e) | $6.95 | $6.83 | +$0.12 | $6.78 | $6.10 | $0.17 | 3% | $0.85 | 14% |
HIGHLIGHTS FROM THE YEARReferences to full year 2021 growth herein are adjusted for the impact of Nontypical Items that occurred in fourth quarter 2020.
“We delivered another year of significant growth with 14% AFFO per share growth in 2021, augmented by a high-quality dividend that we believe provides shareholders with a compelling total return opportunity,” stated Dan Schlanger, Crown Castle’s Chief Financial Officer. “Our customers are busy with the initial deployment of their 5G networks while also planning for the next phase that will require tens of thousands of new cell sites to increase the capacity of their networks. This activity is resulting in an elevated level of growth in our Towers business with core leasing activity for full year 2022 expected to be approximately 50% higher than the trailing five-year average. Looking beyond this year, our record backlog of more than 60,000 committed small cell nodes gives us confidence that growth for our Fiber business will accelerate beginning in 2023. As we expect to increase the pace of small cell deployments in 2023, we anticipate the level of our discretionary capital investment to also trend higher. Importantly, with a record level of collocation small cell nodes in our backlog we expect to be able to fund this higher level of investment with free cash flow and incremental debt capacity while maintaining our investment grade credit profile.”
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.
Crown Castle's current full year 2022 Outlook, set forth in the following table, is updated to reflect approximately $250 million of additional straight-lined site rental revenues for full year 2022 for its Towers segment resulting from the previously announced long-term tower and small cell agreement with T-Mobile. Except for changes resulting from this increase in straight-lined site rental revenues, full year 2022 Outlook is unchanged. The lower growth reflected in the charts below results from the higher-than-expected 2021 results and not from a reduction to the full year 2022 Outlook. The majority of the items that contributed to the higher-than-expected 2021 results are not expected to recur in 2022.
(in millions, except per share amounts) | Full Year 2022 | Change toMidpoint fromPreviousOutlook | |||||
Site rental revenues | $6,202 | to | $6,247 | +$250 | |||
Site rental cost of operations(a) | $1,548 | to | $1,593 | — | |||
Income (loss) from continuing operations | $1,634 | to | $1,714 | +$250 | |||
Adjusted EBITDA(b) | $4,249 | to | $4,294 | +$250 | |||
Interest expense and amortization of deferred financing costs(c) | $615 | to | $660 | — | |||
FFO(b)(d) | $3,318 | to | $3,363 | +$250 | |||
AFFO(b)(d) | $3,178 | to | $3,223 | — | |||
AFFO per share(b)(d) | $7.31 | to | $7.41 | — |
The chart below reconciles the components of expected growth in site rental revenues from 2021 to 2022 of $495 million to $540 million, inclusive of Organic Contribution to Site Rental Revenues during 2022 of $235 million to $275 million, or approximately 5%.
Chart 1: https://www.globenewswire.com/NewsRoom/AttachmentNg/9cb4efea-4114-4fab-9823-ddc459858593
The chart below reconciles the components of expected growth in AFFO from 2021 to 2022 of $165 million to $210 million.
Chart 2: https://www.globenewswire.com/NewsRoom/AttachmentNg/45f0a7fa-892f-4f4f-a9a8-ec37940bfce7
Additional information is available in Crown Castle's quarterly Supplemental Information Package posted in the Investors section of our website.
CONFERENCE CALL DETAILS Crown Castle has scheduled a conference call for Thursday, January 27, 2022, at 10:30 a.m. Eastern time to discuss its fourth quarter and full year 2021 results. The conference call may be accessed by dialing 800-458-4121 and asking for the Crown Castle call (access code 6181398) at least 30 minutes prior to the start time. The conference call may also be accessed live over the Internet at investor.crowncastle.com. Supplemental materials for the call have been posted on the Crown Castle website at investor.crowncastle.com.
A telephonic replay of the conference call will be available from 1:30 p.m. Eastern time on Thursday, January 27, 2022, through 1:30 p.m. Eastern time on Wednesday, April 27, 2022, and may be accessed by dialing 888-203-1112 and using access code 6181398. An audio archive will also be available on Crown Castle's website at investor.crowncastle.com shortly after the call and will be accessible for approximately 90 days.
ABOUT CROWN CASTLECrown Castle owns, operates and leases more than 40,000 cell towers and more than 80,000 route miles of fiber supporting small cells and fiber solutions across every major U.S. market. This nationwide portfolio of communications infrastructure connects cities and communities to essential data, technology and wireless service - bringing information, ideas and innovations to the people and businesses that need them. For more information on Crown Castle, please visit www.crowncastle.com.
Non-GAAP Financial Measures, Segment Measures and Other Calculations
This press release includes presentations of Income (loss) from continuing operations (as adjusted), including per share—diluted amounts, Adjusted EBITDA, Adjusted Funds from Operations ("AFFO"), including per share amounts, Funds from Operations ("FFO"), including per share amounts, 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 non-GAAP financial measures may not be comparable to similarly titled measures of other companies, including other companies in the communications infrastructure sector or other real estate investment trusts ("REITs").
In addition to the non-GAAP financial measures used herein, we also provide Segment Site Rental Gross Margin, Segment Services and Other Gross Margin and Segment Operating Profit, which are key measures used by management to evaluate our operating segments. 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.
Our non-GAAP financial measures 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:
We define our non-GAAP financial measures, segment measures and other calculations as follows:
Non-GAAP Financial Measures
Income (loss) from continuing operations (as adjusted). We define Income (loss) from continuing operations (as adjusted) as Income (loss) from continuing operations less other operating income resulting from the Nontypical Items, plus incremental operating expenses and asset write-downs as a result of the Nontypical Items.
Income (loss) from continuing operations (as adjusted) per share—diluted. We define Income (loss) from continuing operations (as adjusted) per share—diluted as Income (loss) from continuing operations (as adjusted), divided by diluted weighted-average common shares outstanding.
Adjusted EBITDA. We define Adjusted EBITDA as Income (loss) from continuing operations 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 and stock-based compensation expense. Separately, Adjusted EBITDA, as adjusted to exclude the impact of Nontypical Items, reflects Adjusted EBITDA, less other operating income resulting from the Nontypical Items, plus incremental operating expenses as a result of the Nontypical Items.
Adjusted Funds from Operations. We define Adjusted Funds from Operations as FFO before straight-lined revenue, straight-lined expense, stock-based compensation expense, non-cash portion of tax provision, non-real estate related depreciation, amortization and accretion, amortization of non-cash interest expense, other (income) expense, (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, acquisition and integration costs, restructuring charges (credits), cumulative effect of a change in accounting principle and adjustments for noncontrolling interests, less sustaining capital expenditures. Separately, Adjusted Funds from Operations, as adjusted to exclude the impact of Nontypical Items, reflects Adjusted Funds from Operations, less other operating income resulting from the Nontypical Items, plus incremental operating expenses as a result of the Nontypical Items.
AFFO per share. We define AFFO per share as AFFO, including as adjusted to exclude the impact of Nontypical Items, divided by diluted weighted-average common shares outstanding.
Funds from Operations. We define Funds from Operations as Income (loss) from continuing operations plus real estate related depreciation, amortization and accretion and asset write-down charges, less noncontrolling interest and cash paid for preferred stock dividends (in periods where applicable), and is a measure of funds from operations attributable to CCIC common stockholders.
FFO per share. We define FFO per share as FFO divided by the diluted weighted-average common shares outstanding.
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 tenant contracts.
Segment Measures
Segment Site Rental Gross Margin. We define Segment Site Rental Gross Margin as segment site rental revenues less segment site rental costs of operations, excluding stock-based compensation expense and prepaid lease purchase price adjustments recorded in consolidated site rental costs of operations.
Segment Services and Other Gross Margin. We define Segment Services and Other Gross Margin as segment services and other revenues less segment services and other costs of operations, excluding stock-based compensation expense recorded in consolidated services and other costs of operations.
Segment Operating Profit. We define Segment Operating Profit as segment site rental gross margin plus segment services and other gross margin, and segment other operating (income) expense, less selling, general and administrative expenses attributable to the respective segment.
All of these measurements of profit or loss are exclusive of depreciation, amortization and accretion, which are shown separately. Additionally, certain costs are shared across segments and are reflected in our segment measures through allocations that management believes to be reasonable.
Other Calculations
New leasing activity. We define new leasing activity as site rental revenues growth exclusive of the impact from straight-line accounting from (1) tenant additions across our entire portfolio, (2) renewals or extensions of tenant contracts and (3) year-over-year changes in prepaid rent amortization.
Core leasing activity. We define core leasing activity as site rental revenues growth from tenant additions across our entire portfolio and renewals or extensions of tenant contracts, exclusive of the impacts from both straight-line accounting and prepaid rent amortization.
Non-renewals. We define non-renewals of tenant contracts as the reduction in site rental revenues as a result of tenant churn, terminations and, in limited circumstances, reductions of existing lease rates.
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 primarily consist of expansion or development of communications infrastructure (including capital expenditures related to (1) enhancing communications infrastructure in order to add new tenants for the first time or support subsequent tenant equipment augmentations or (2) modifying the structure of a communications infrastructure asset to accommodate additional tenants) and construction of new communications infrastructure. Discretionary capital expenditures also include purchases of land interests (which primarily relates to land assets under towers as we seek to manage our interests in the land beneath our towers), certain technology-related investments necessary to support and scale future customer demand for our communications infrastructure, and other capital projects.
Sustaining capital expenditures. We define sustaining capital expenditures as those capital expenditures not otherwise categorized as either discretionary or integration capital expenditures, such as (1) maintenance capital expenditures on our communications infrastructure assets that enable our tenants' ongoing quiet enjoyment of the communications infrastructure and (2) ordinary corporate capital expenditures.
The tables set forth on the following pages reconcile the non-GAAP financial measures used herein to comparable GAAP financial measures. The components in these tables may not sum to the total due to rounding.
Reconciliations of Non-GAAP Financial Measures, Segment Measures and Other Calculations to Comparable GAAP Financial Measures:
Reconciliation of Historical Adjusted EBITDA:
For the Three Months Ended | For the Twelve Months Ended | ||||||||||||
(in millions) | December 31,2021 | December 31,2020 | December 31,2021 | December 31,2020 | |||||||||
Income (loss) from continuing operations | $ | 353 | $ | 508 | $ | 1,158 | (a) | $ | 1,056 | ||||
Adjustments to increase (decrease) Income (loss) from continuing operations: | |||||||||||||
Asset write-down charges | 12 | 64 | 21 | 74 | |||||||||
Acquisition and integration costs | — | 1 | 1 | 10 | |||||||||
Depreciation, amortization and accretion | 415 | 401 | 1,644 | 1,608 | |||||||||
Amortization of prepaid lease purchase price adjustments | 4 | 5 | 18 | 18 | |||||||||
Interest expense and amortization of deferred financing costs(b) | 164 | 167 | 657 | 689 | |||||||||
(Gains) losses on retirement of long-term obligations | — | — | 145 | 95 | |||||||||
Interest income | — | — | (1 | ) | (2 | ) | |||||||
Other (income) expense | 4 | — | 21 | 5 | |||||||||
(Benefit) provision for income taxes | 1 | 5 | 21 | 20 | |||||||||
Stock-based compensation expense | 31 | 28 | 131 | 133 | |||||||||
Adjusted EBITDA(c)(d) | $ | 984 | $ | 1,179 | $ | 3,816 | $ | 3,706 |
Reconciliation of Current Outlook for Adjusted EBITDA:
Full Year 2022 | |||||
(in millions) | Outlook(f) | ||||
Income (loss) from continuing operations | $1,634 | to | $1,714 | ||
Adjustments to increase (decrease) Income (loss) from continuing operations: | |||||
Asset write-down charges | $15 | to | $25 | ||
Acquisition and integration costs | $0 | to | $8 | ||
Depreciation, amortization and accretion | $1,650 | to | $1,745 | ||
Amortization of prepaid lease purchase price adjustments | $16 | to | $18 | ||
Interest expense and amortization of deferred financing costs(e) | $615 | to | $660 | ||
(Gains) losses on retirement of long-term obligations | $0 | to | $100 | ||
Interest income | $(1) | to | $0 | ||
Other (income) expense | $0 | to | $5 | ||
(Benefit) provision for income taxes | $25 | to | $33 | ||
Stock-based compensation expense | $135 | to | $139 | ||
Adjusted EBITDA(c)(d) | $4,249 | to | $4,294 |
Reconciliation of Historical FFO and AFFO:
For the Three Months Ended | For the Twelve Months Ended | ||||||||||||||
(in millions, except per share amounts) | December 31,2021 | December 31,2020 | December 31,2021 | December 31,2020 | |||||||||||
Income (loss) from continuing operations | $ | 353 | $ | 508 | $ | 1,158 | (a) | $ | 1,056 | ||||||
Real estate related depreciation, amortization and accretion | 402 | 388 | 1,593 | 1,555 | |||||||||||
Asset write-down charges | 12 | 64 | 21 | 74 | |||||||||||
Dividends/distributions on preferred stock | — | — | — | (85 | ) | ||||||||||
FFO(b)(c)(d)(e) | $ | 767 | $ | 960 | $ | 2,772 | $ | 2,600 | |||||||
Weighted-average common shares outstanding—diluted | 434 | 433 | 434 | 425 | |||||||||||
FFO per share(b)(c)(d)(e) | $ | 1.77 | $ | 2.22 | $ | 6.39 | $ | 6.12 | |||||||
FFO (from above) | $ | 767 | $ | 960 | $ | 2,772 | $ | 2,600 | |||||||
Adjustments to increase (decrease) FFO: | |||||||||||||||
Straight-lined revenue | (38 | ) | 5 | (111 | ) | (22 | ) | ||||||||
Straight-lined expense | 18 | 22 | 76 | 83 | |||||||||||
Stock-based compensation expense | 31 | 28 | 131 | 133 | |||||||||||
Non-cash portion of tax provision | (1 | ) | (1 | ) | 1 | 1 | |||||||||
Non-real estate related depreciation, amortization and accretion | 13 | 13 | 51 | 53 | |||||||||||
Amortization of non-cash interest expense | 4 | 1 | 13 | 6 | |||||||||||
Other (income) expense | 4 | — | 21 | 5 | |||||||||||
(Gains) losses on retirement of long-term obligations | — | — | 145 | 95 | |||||||||||
Acquisition and integration costs | — | 1 | 1 | 10 | |||||||||||
Sustaining capital expenditures | (30 | ) | (21 | ) | (87 | ) | (86 | ) | |||||||
AFFO(b)(c)(d)(e) | $ | 768 | $ | 1,008 | $ | 3,013 | $ | 2,878 | |||||||
Weighted-average common shares outstanding—diluted | 434 | 433 | 434 | 425 | |||||||||||
AFFO per share(b)(c)(d)(e) | $ | 1.77 | $ | 2.33 | $ | 6.95 | $ | 6.78 |
For Comparative Purposes - Reconciliation of Previous Outlook for FFO and AFFO:
Previously Issued | Previously Issued | ||||||||||
Full Year 2021 | Full Year 2022 | ||||||||||
(in millions, except per share amounts) | Outlook(a) | Outlook(a) | |||||||||
Income (loss) from continuing operations | $1,074 | to | $1,154(b) | $1,384 | to | $1,464 | |||||
Real estate related depreciation, amortization and accretion | $1,569 | to | $1,649 | $1,607 | to | $1,687 | |||||
Asset write-down charges | $15 | to | $25 | $15 | to | $25 | |||||
FFO(c)(d)(e) | $2,720 | to | $2,765 | $3,068 | to | $3,113 | |||||
Weighted-average common shares outstanding—diluted(f) | 434 | 435 | |||||||||
FFO per share(c)(d)(e)(f) | $6.27 | to | $6.37 | $7.06 | to | $7.16 | |||||
FFO (from above) | $2,720 | to | $2,765 | $3,068 | to | $3,113 | |||||
Adjustments to increase (decrease) FFO: | |||||||||||
Straight-lined revenue | $(117) | to | $(97) | $(129) | to | $(109) | |||||
Straight-lined expense | $63 | to | $83 | $56 | to | $76 | |||||
Stock-based compensation expense | $133 | to | $143 | $135 | to | $139 | |||||
Non-cash portion of tax provision | $(7) | to | $8 | $0 | to | $15 | |||||
Non-real estate related depreciation, amortization and accretion | $46 | to | $61 | $43 | to | $58 | |||||
Amortization of non-cash interest expense | $4 | to | $14 | $5 | to | $15 | |||||
Other (income) expense | $1 | to | $12 | $0 | to | $5 | |||||
(Gains) losses on retirement of long-term obligations | $145 | to | $145 | $0 | to | $100 | |||||
Acquisition and integration costs | $0 | to | $8 | $0 | to | $8 | |||||
Sustaining capital expenditures | $(104) | to | $(94) | $(113) | to | $(93) | |||||
AFFO(c)(d)(e) | $2,943 | to | $2,988 | $3,178 | to | $3,223 | |||||
Weighted-average common shares outstanding—diluted(f) | 434 | 435 | |||||||||
AFFO per share(c)(d)(e)(f) | $6.78 | to | $6.89 | $7.31 | to | $7.41 |
Reconciliation of Current Outlook for FFO and AFFO:
Full Year 2022 | |||||
(in millions, except per share amounts) | Outlook(e) | ||||
Income (loss) from continuing operations | $1,634 | to | $1,714 | ||
Real estate related depreciation, amortization and accretion | $1,607 | to | $1,687 | ||
Asset write-down charges | $15 | to | $25 | ||
FFO(a)(b)(c) | $3,318 | to | $3,363 | ||
Weighted-average common shares outstanding—diluted(d) | 435 | ||||
FFO per share(a)(b)(c)(d) | $7.63 | to | $7.73 | ||
FFO (from above) | $3,318 | to | $3,363 | ||
Adjustments to increase (decrease) FFO: | |||||
Straight-lined revenue | $(379) | to | $(359) | ||
Straight-lined expense | $56 | to | $76 | ||
Stock-based compensation expense | $135 | to | $139 | ||
Non-cash portion of tax provision | $0 | to | $15 | ||
Non-real estate related depreciation, amortization and accretion | $43 | to | $58 | ||
Amortization of non-cash interest expense | $5 | to | $15 | ||
Other (income) expense | $0 | to | $5 | ||
(Gains) losses on retirement of long-term obligations | $0 | to | $100 | ||
Acquisition and integration costs | $0 | to | $8 | ||
Sustaining capital expenditures | $(113) | to | $(93) | ||
AFFO(a)(b)(c) | $3,178 | to | $3,223 | ||
Weighted-average common shares outstanding—diluted(d) | 435 | ||||
AFFO per share(a)(b)(c)(d) | $7.31 | to | $7.41 |
For Comparative Purposes - Reconciliation of Previous Outlook for Adjusted EBITDA:
Previously Issued | Previously Issued | ||||||||||
Full Year 2021 | Full Year 2022 | ||||||||||
(in millions) | Outlook(a) | Outlook(a) | |||||||||
Income (loss) from continuing operations | $1,074 | to | $1,154(b) | $1,384 | to | $1,464 | |||||
Adjustments to increase (decrease) Income (loss) from continuing operations: | |||||||||||
Asset write-down charges | $15 | to | $25 | $15 | to | $25 | |||||
Acquisition and integration costs | $0 | to | $8 | $0 | to | $8 | |||||
Depreciation, amortization and accretion | $1,615 | to | $1,710 | $1,650 | to | $1,745 | |||||
Amortization of prepaid lease purchase price adjustments | $17 | to | $19 | $16 | to | $18 | |||||
Interest expense and amortization of deferred financing costs | $633 | to | $678 | $615 | to | $660 | |||||
(Gains) losses on retirement of long-term obligations | $145 | to | $145 | $0 | to | $100 | |||||
Interest income | $(3) | to | $0 | $(1) | to | $0 | |||||
Other (income) expense | $1 | to | $12 | $0 | to | $5 | |||||
(Benefit) provision for income taxes | $18 | to | $26 | $25 | to | $33 | |||||
Stock-based compensation expense | $133 | to | $143 | $135 | to | $139 | |||||
Adjusted EBITDA(c)(d) | $3,764 | to | $3,809 | $3,999 | to | $4,044 |
Reconciliation of Results Adjusted for Nontypical Items to As Reported Results:
Full Year 2021 | Full Year 2020 | Full Year 2021 Growth Rates | ||||||||||||||||||||||
(dollars in millions, except per share amounts) | As Reported | As Reported | Less: ImpactfromNontypicalItems | Exclusive ofImpact fromNontypicalItems | As Reported | Less: ImpactfromNontypicalItems | Exclusive ofImpact fromNontypicalItems | |||||||||||||||||
Site rental revenues | $ | 5,719 | $ | 5,320 | $ | — | $ | 5,320 | 8 | % | — | % | 8 | % | ||||||||||
Income (loss) from continuing operations(a) | 1,158 | (c) | 1,056 | (223 | ) | (d) | 833 | 10 | % | 29 | % | (d) | 39 | % | ||||||||||
Income (loss) from continuing operations per share—diluted(a)(b) | 2.67 | (c) | 2.35 | (0.52 | ) | (d) | 1.83 | 14 | % | 32 | % | (d) | 46 | % | ||||||||||
Adjusted EBITDA(a) | 3,816 | 3,706 | (286 | ) | (e) | 3,420 | 3 | % | 9 | % | (e) | 12 | % | |||||||||||
AFFO(a)(b) | 3,013 | 2,878 | (286 | ) | (e) | 2,592 | 5 | % | 11 | % | (e) | 16 | % | |||||||||||
AFFO per share(a)(b) | $ | 6.95 | $ | 6.78 | $ | (0.68 | ) | (e) | $ | 6.10 | 3 | % | 11 | % | (e) | 14 | % |
Components of Changes in Site Rental Revenues for the Quarters ended December 31, 2021 and 2020:
Three Months Ended December 31, | |||||||
(dollars in millions) | 2021 | 2020 | |||||
Components of changes in site rental revenues:(a) | |||||||
Prior year site rental revenues exclusive of straight-lined revenues associated with fixed escalators(b)(c) | $ | 1,357 | $ | 1,282 | |||
New leasing activity(b)(c) | 98 | 90 | |||||
Escalators | 24 | 23 | |||||
Non-renewals | (43 | ) | (39 | ) | |||
Organic Contribution to Site Rental Revenues(d) | 79 | 74 | |||||
Impact from straight-lined revenues associated with fixed escalators | 38 | (5 | ) | ||||
Acquisitions(e) | — | 1 | |||||
Other | — | — | |||||
Total GAAP site rental revenues | $ | 1,474 | $ | 1,352 | |||
Year-over-year changes in revenue: | |||||||
Reported GAAP site rental revenues | 9.0 | % | |||||
Organic Contribution to Site Rental Revenues(d)(f) | 5.8 | % |
Components of the Changes in Site Rental Revenues for Full Year 2021 and 2022 Outlook:
(dollars in millions) | Full Year 2021 | Current Full Year2022 Outlook(g) | |||||
Components of changes in site rental revenues:(a) | |||||||
Prior year site rental revenues exclusive of straight-lined revenues associated with fixed escalators(b)(c) | $5,298 | $5,608 | |||||
New leasing activity(b)(c) | 384 | $325 | to | $355 | |||
Escalators | 93 | $95 | to | $105 | |||
Non-renewals | (170) | $(195) | to | $(175) | |||
Organic Contribution to Site Rental Revenues(d) | 307 | $235 | to | $275 | |||
Impact from full year straight-lined revenues associated with fixed escalators | 111 | $359 | to | $379 | |||
Acquisitions(e) | 3 | — | |||||
Other | — | — | |||||
Total GAAP site rental revenues | $5,719 | $6,202 | to | $6,247 | |||
Year-over-year changes in revenue: | |||||||
Reported GAAP site rental revenues | 7.5% | 8.8%(h) | |||||
Organic Contribution to Site Rental Revenues(d)(f) | 5.8% | 4.5%(h) |
Components of Historical Interest Expense and Amortization of Deferred Financing Costs:
For the Three Months Ended | |||||||
(in millions) | December 31, 2021 | December 31, 2020 | |||||
Interest expense on debt obligations | $ | 160 | $ | 166 | |||
Amortization of deferred financing costs and adjustments on long-term debt, net | 6 | 6 | |||||
Capitalized interest | (2 | ) | (5 | ) | |||
Interest expense and amortization of deferred financing costs | $ | 164 | $ | 167 |
Components of Current Outlook for Interest Expense and Amortization of Deferred Financing Costs:
Full Year 2022 | |||||
(in millions) | Outlook(a) | ||||
Interest expense on debt obligations | $617 | to | $637 | ||
Amortization of deferred financing costs and adjustments on long-term debt, net | $25 | to | $30 | ||
Capitalized interest | $(20) | to | $(15) | ||
Interest expense and amortization of deferred financing costs | $615 | to | $660 |
Debt Balances and Maturity Dates as of December 31, 2021:
(in millions) | Face Value | Final Maturity | ||
Cash, cash equivalents and restricted cash | $ | 466 | ||
3.849% Secured Notes | 1,000 | Apr. 2023 | ||
Secured Notes, Series 2009-1, Class A-2(a) | 54 | Aug. 2029 | ||
Tower Revenue Notes, Series 2018-1(b) | 250 | July 2043 | ||
Tower Revenue Notes, Series 2015-2(b) | 700 | May 2045 | ||
Tower Revenue Notes, Series 2018-2(b) | 750 | July 2048 | ||
Finance leases and other obligations | 242 | Various | ||
Total secured debt | $ | 2,996 | ||
2016 Revolver(c) | 665 | June 2026 | ||
2016 Term Loan A | 1,223 | June 2026 | ||
Commercial Paper Notes(d) | 265 | Jan. 2022 | ||
3.150% Senior Notes | 750 | July 2023 | ||
3.200% Senior Notes | 750 | Sept. 2024 | ||
1.350% Senior Notes | 500 | July 2025 | ||
4.450% Senior Notes | 900 | Feb. 2026 | ||
3.700% Senior Notes | 750 | June 2026 | ||
1.050% Senior Notes | 1,000 | July 2026 | ||
4.000% Senior Notes | 500 | Mar. 2027 | ||
3.650% Senior Notes | 1,000 | Sept. 2027 | ||
3.800% Senior Notes | 1,000 | Feb. 2028 | ||
4.300% Senior Notes | 600 | Feb. 2029 | ||
3.100% Senior Notes | 550 | Nov. 2029 | ||
3.300% Senior Notes | 750 | July 2030 | ||
2.250% Senior Notes | 1,100 | Jan. 2031 | ||
2.100% Senior Notes | 1,000 | Apr. 2031 | ||
2.500% Senior Notes | 750 | July 2031 | ||
2.900% Senior Notes | 1,250 | Apr. 2041 | ||
4.750% Senior Notes | 350 | May 2047 | ||
5.200% Senior Notes | 400 | Feb. 2049 | ||
4.000% Senior Notes | 350 | Nov. 2049 | ||
4.150% Senior Notes | 500 | July 2050 | ||
3.250% Senior Notes | 900 | Jan. 2051 | ||
Total unsecured debt | $ | 17,803 | ||
Total net debt | $ | 20,333 |
Net Debt to Last Quarter Annualized Adjusted EBITDA Calculation:
(dollars in millions) | For the Three MonthsEnded December 31, 2021 | ||
Total face value of debt | $ | 20,799 | |
Less: Ending cash, cash equivalents and restricted cash | 466 | ||
Total Net Debt | $ | 20,333 | |
Adjusted EBITDA for the three months ended December 31, 2021 | $ | 984 | |
Last quarter annualized Adjusted EBITDA | 3,936 | ||
Net Debt to Last Quarter Annualized Adjusted EBITDA | 5.2 | x |
Components of Capital Expenditures:(a)
For the Three Months Ended | |||||||||||||||||
(in millions) | December 31, 2021 | December 31, 2020 | |||||||||||||||
Towers | Fiber | Other | Total | Towers | Fiber | Other | Total | ||||||||||
Discretionary: | |||||||||||||||||
Purchases of land interests | $ | 19 | $ | 2 | $ | — | $ | 21 | $ | 23 | $ | — | $ | — | $ | 23 | |
Communications infrastructure improvements and other capital projects | 34 | 239 | 13 | 286 | 38 | 292 | 12 | 342 | |||||||||
Sustaining | 8 | 14 | 8 | 30 | 3 | 14 | 4 | 21 | |||||||||
Total | $ | 61 | $ | 255 | $ | 21 | $ | 337 | $ | 64 | $ | 306 | $ | 16 | $ | 386 |
For the Twelve Months Ended | |||||||||||||||||
(in millions) | December 31, 2021 | December 31, 2020 | |||||||||||||||
Towers | Fiber | Other | Total | Towers | Fiber | Other | Total | ||||||||||
Discretionary: | |||||||||||||||||
Purchases of land interests | $ | 64 | $ | 2 | $ | — | $ | 66 | $ | 64 | $ | — | $ | — | $ | 64 | |
Communications infrastructure improvements and other capital projects | 138 | 905 | 33 | 1,076 | 257 | 1,179 | 38 | 1,474 | |||||||||
Sustaining | 19 | 49 | 19 | 87 | 14 | 53 | 19 | 86 | |||||||||
Total | $ | 221 | $ | 956 | $ | 52 | $ | 1,229 | $ | 335 | $ | 1,232 | $ | 57 | $ | 1,624 |
Cautionary Language Regarding Forward-Looking Statements
This news release contains forward-looking statements and information that are based on our management's current expectations as of the date of this news release. Statements that are not historical facts are hereby identified as forward-looking statements. In addition, words such as "estimate," "see," "anticipate," "project," "plan," "intend," "believe," "expect," "likely," "predicted," "gives confidence," "positioned," "continue," "target," "focus," and any variations of these words and similar expressions are intended to identify forward-looking statements. Such statements include our full year 2022 Outlook and plans, projections, and estimates regarding (1) potential benefits, growth, returns, capabilities, opportunities and shareholder value which may be derived from our business, strategy, risk profile, assets and customer solutions, investments, acquisitions and dividends, (2) our business, strategy, strategic position, business model and capabilities and the strength thereof, (3) 5G deployment in the United States and our customers' strategy and plans with respect thereto and demand for our assets and solutions created by such deployment and our customers' strategy and plans, (4) our long- and short-term prospects and the trends, events and industry activities impacting our business, (5) opportunities we see to deliver value to our shareholders, (6) our dividends (including timing of payment thereof), dividend targets, dividend payout ratio, and our long- and short-term dividend (including on a per share basis) growth rate, and its driving factors, (7) debt maturities, (8) cash flows, including growth thereof, (9) leasing environment (including with respect to tower application volumes) and the leasing activity we see in our business, and benefits and opportunities created thereby, (10) tenant non-renewals, including the impact and timing thereof, (11) capital expenditures, including sustaining and discretionary capital expenditures, the timing and funding thereof and any benefits that may result therefrom, (12) revenues and growth thereof (including with respect to our Towers business) and benefits derived therefrom, (13) the recurrence and impact of Nontypical Items and other nontypical items, (14) Income (loss) from continuing operations (including on a per share basis and as adjusted for Nontypical Items), (15) Adjusted EBITDA (including as adjusted for Nontypical Items), including components thereof and growth thereof, (16) costs and expenses, including interest expense and amortization of deferred financing costs, (17) FFO (including on a per share basis) and growth thereof, (18) AFFO (including on a per share basis and as adjusted for Nontypical Items) and its components and growth thereof and corresponding driving factors, (19) Organic Contribution to Site Rental Revenues and its components, including growth thereof and contributions therefrom, (20) our weighted-average common shares outstanding (including on a diluted basis) and growth thereof, (21) site rental revenues, and the growth thereof, (22) annual small cell deployment and the impacts therefrom, including any increase in run-rate, and its driving factors, (23) Fiber business growth, (24) prepaid rent, including the additions and the amortization and growth thereof, (25) the strength of the U.S. market for communications infrastructure ownership, (26) impact from T-Mobile and Sprint network consolidation, (27) strength of our balance sheet and our investment grade status and (28) the utility of certain financial measures, including non-GAAP financial measures. All future dividends are subject to declaration by our board of directors.
Such forward-looking statements are subject to certain risks, uncertainties and assumptions, including 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. Our filings with the SEC are available through the SEC website at www.sec.gov or through our investor relations website at investor.crowncastle.com. We use our investor relations website to disclose information about us that may be deemed to be material. We encourage investors, the media and others interested in us to visit our investor relations website from time to time to review up-to-date information or to sign up for e-mail alerts to be notified when new or updated information is posted on the site.
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)(Amounts in millions, except par values) |
December 31,2021 | December 31,2020 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 292 | $ | 232 | |||
Restricted cash | 169 | 144 | |||||
Receivables, net | 543 | 431 | |||||
Prepaid expenses | 105 | 95 | |||||
Other current assets | 145 | 202 | |||||
Total current assets | 1,254 | 1,104 | |||||
Deferred site rental receivables | 1,588 | 1,408 | |||||
Property and equipment, net | 15,269 | 15,162 | |||||
Operating lease right-of-use assets | 6,682 | 6,464 | |||||
Goodwill | 10,078 | 10,078 | |||||
Other intangible assets, net | 4,046 | 4,433 | |||||
Other assets, net | 123 | 119 | |||||
Total assets | $ | 39,040 | $ | 38,768 | |||
LIABILITIES AND EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 246 | $ | 230 | |||
Accrued interest | 182 | 199 | |||||
Deferred revenues | 776 | 704 | |||||
Other accrued liabilities | 401 | 378 | |||||
Current maturities of debt and other obligations | 72 | 129 | |||||
Current portion of operating lease liabilities | 349 | 329 | |||||
Total current liabilities | 2,026 | 1,969 | |||||
Debt and other long-term obligations | 20,557 | 19,151 | |||||
Operating lease liabilities | 6,031 | 5,808 | |||||
Other long-term liabilities | 2,168 | 2,379 | |||||
Total liabilities | 30,782 | 29,307 | |||||
Commitments and contingencies | |||||||
CCIC stockholders' equity: | |||||||
Common stock, $0.01 par value; 600 shares authorized; shares issued and outstanding: December 31, 2021—432 and December 31, 2020—431 | 4 | 4 | |||||
Additional paid-in capital | 18,011 | 17,933 | |||||
Accumulated other comprehensive income (loss) | (4 | ) | (4 | ) | |||
Dividends/distributions in excess of earnings | (9,753 | ) | (8,472 | ) | |||
Total equity | 8,258 | 9,461 | |||||
Total liabilities and equity | $ | 39,040 | $ | 38,768 |
CROWN CASTLE INTERNATIONAL CORP.CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED)(Amounts in millions, except per share amounts) |
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||
Net revenues: | |||||||||||||||
Site rental | $ | 1,474 | $ | 1,352 | $ | 5,719 | $ | 5,320 | |||||||
Services and other | 180 | 141 | 621 | 520 | |||||||||||
Net revenues | 1,654 | 1,493 | 6,340 | 5,840 | |||||||||||
Operating expenses: | |||||||||||||||
Costs of operations:(a) | |||||||||||||||
Site rental | 387 | 401 | 1,554 | 1,521 | |||||||||||
Services and other | 138 | 123 | 439 | 448 | |||||||||||
Selling, general and administrative | 180 | 185 | 680 | 678 | |||||||||||
Asset write-down charges | 12 | 64 | 21 | 74 | |||||||||||
Acquisition and integration costs | — | 1 | 1 | 10 | |||||||||||
Depreciation, amortization and accretion | 415 | 401 | 1,644 | 1,608 | |||||||||||
Total operating expenses | 1,132 | 1,175 | 4,339 | 4,339 | |||||||||||
Other operating (income) expense | — | (362 | ) | — | (362 | ) | |||||||||
Operating income (loss) | 522 | 680 | 2,001 | 1,863 | |||||||||||
Interest expense and amortization of deferred financing costs | (164 | ) | (167 | ) | (657 | ) | (689 | ) | |||||||
Gains (losses) on retirement of long-term obligations | — | — | (145 | ) | (95 | ) | |||||||||
Interest income | — | — | 1 | 2 | |||||||||||
Other income (expense) | (4 | ) | — | (21 | ) | (5 | ) | ||||||||
Income (loss) before income taxes | 354 | 513 | 1,179 | 1,076 | |||||||||||
Benefit (provision) for income taxes | (1 | ) | (5 | ) | (21 | ) | (20 | ) | |||||||
Income (loss) from continuing operations | 353 | 508 | 1,158 | 1,056 | |||||||||||
Discontinued operations: | |||||||||||||||
Net gain (loss) from disposal of discontinued operations, net of tax | — | — | (62 | ) | — | ||||||||||
Income (loss) from discontinued operations, net of tax | — | — | (62 | ) | — | ||||||||||
Net income (loss) | 353 | 508 | 1,096 | 1,056 | |||||||||||
Dividends/distributions on preferred stock | — | — | — | (57 | ) | ||||||||||
Net income (loss) attributable to CCIC common stockholders | $ | 353 | $ | 508 | $ | 1,096 | $ | 999 | |||||||
Net income (loss) attributable to CCIC common stockholders, per common share: | |||||||||||||||
Income (loss) from continuing operations, basic | $ | 0.82 | $ | 1.17 | $ | 2.68 | $ | 2.36 | |||||||
Income (loss) from discontinued operations, basic | — | — | (0.14 | ) | — | ||||||||||
Net income (loss) attributable to CCIC common stockholders, basic | $ | 0.82 | $ | 1.17 | $ | 2.54 | $ | 2.36 | |||||||
Income (loss) from continuing operations, diluted | $ | 0.81 | $ | 1.17 | $ | 2.67 | $ | 2.35 | |||||||
Income (loss) from discontinued operations, diluted | — | — | (0.14 | ) | — | ||||||||||
Net income (loss) attributable to CCIC common stockholders, diluted | $ | 0.81 | $ | 1.17 | $ | 2.53 | $ | 2.35 | |||||||
Weighted-average common shares outstanding: | |||||||||||||||
Basic | 432 | 431 | 432 | 423 | |||||||||||
Diluted | 434 | 433 | 434 | 425 |
CROWN CASTLE INTERNATIONAL CORP.CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)(In millions of dollars) |
Twelve Months Ended December 31, | |||||||
2021 | 2020 | ||||||
Cash flows from operating activities: | |||||||
Income (loss) from continuing operations | $ | 1,158 | $ | 1,056 | |||
Adjustments to reconcile Income (loss) from continuing operations to net cash provided by (used for) operating activities: | |||||||
Depreciation, amortization and accretion | 1,644 | 1,608 | |||||
(Gains) losses on retirement of long-term obligations | 145 | 95 | |||||
Amortization of deferred financing costs and other non-cash interest, net | 13 | 6 | |||||
Stock-based compensation expense | 129 | 138 | |||||
Asset write-down charges | 21 | 74 | |||||
Deferred income tax (benefit) provision | 4 | 3 | |||||
Other non-cash adjustments, net | 21 | 5 | |||||
Changes in assets and liabilities, excluding the effects of acquisitions: | |||||||
Increase (decrease) in liabilities | (120 | ) | (111 | ) | |||
Decrease (increase) in assets | (226 | ) | 181 | ||||
Net cash provided by (used for) operating activities | 2,789 | 3,055 | |||||
Cash flows from investing activities: | |||||||
Capital expenditures | (1,229 | ) | (1,624 | ) | |||
Payments for acquisitions, net of cash acquired | (111 | ) | (107 | ) | |||
Other investing activities, net | 8 | (10 | ) | ||||
Net cash provided by (used for) investing activities | (1,332 | ) | (1,741 | ) | |||
Cash flows from financing activities: | |||||||
Proceeds from issuance of long-term debt | 3,985 | 3,733 | |||||
Principal payments on debt and other long-term obligations | (1,076 | ) | (105 | ) | |||
Purchases and redemptions of long-term debt | (2,089 | ) | (2,490 | ) | |||
Borrowings under revolving credit facility | 1,245 | 2,430 | |||||
Payments under revolving credit facility | (870 | ) | (2,665 | ) | |||
Net borrowings (repayments) under commercial paper program | (20 | ) | 130 | ||||
Payments for financing costs | (42 | ) | (38 | ) | |||
Purchases of common stock | (70 | ) | (76 | ) | |||
Dividends/distributions paid on common stock | (2,373 | ) | (2,105 | ) | |||
Dividends/distributions paid on preferred stock | — | (85 | ) | ||||
Net cash provided by (used for) financing activities | (1,310 | ) | (1,271 | ) | |||
Net increase (decrease) in cash, cash equivalents, and restricted cash - continuing operations | 147 | 43 | |||||
Discontinued operations: | |||||||
Net cash provided by (used for) operating activities | (62 | ) | — | ||||
Net increase (decrease) in cash, cash equivalents and restricted cash - discontinued operations | (62 | ) | — | ||||
Effect of exchange rate changes on cash | — | — | |||||
Cash, cash equivalents, and restricted cash at beginning of period | 381 | 338 | |||||
Cash, cash equivalents, and restricted cash at end of period | $ | 466 | $ | 381 | |||
Supplemental disclosure of cash flow information: | |||||||
Interest paid | 661 | 653 | |||||
Income taxes paid | 20 | 19 |
CROWN CASTLE INTERNATIONAL CORP.SEGMENT OPERATING RESULTS (UNAUDITED)(In millions of dollars) |
SEGMENT OPERATING RESULTS | |||||||||||||||||||||||||
Three Months Ended December 31, 2021 | Three Months Ended December 31, 2020 | ||||||||||||||||||||||||
Towers | Fiber | Other | ConsolidatedTotal | Towers | Fiber | Other | ConsolidatedTotal | ||||||||||||||||||
Segment site rental revenues | $ | 985 | $ | 489 | $ | 1,474 | $ | 884 | $ | 468 | $ | 1,352 | |||||||||||||
Segment services and other revenues | 174 | 6 | 180 | 133 | 8 | 141 | |||||||||||||||||||
Segment revenues | 1,159 | 495 | 1,654 | 1,017 | 476 | 1,493 | |||||||||||||||||||
Segment site rental costs of operations | 231 | 148 | 379 | 218 | 173 | 391 | |||||||||||||||||||
Segment services and other costs of operations | 130 | 6 | 136 | 117 | 5 | 122 | |||||||||||||||||||
Segment costs of operations(a)(b) | 361 | 154 | 515 | 335 | 178 | 513 | |||||||||||||||||||
Segment site rental gross margin(c) | 754 | 341 | 1,095 | 666 | 295 | 961 | |||||||||||||||||||
Segment services and other gross margin(c) | 44 | — | 44 | 16 | 3 | 19 | |||||||||||||||||||
Segment selling, general and administrative expenses(b) | 29 | 41 | 70 | 30 | 49 | 79 | |||||||||||||||||||
Segment other operating (income) expense | — | — | — | — | (362 | ) | (362 | ) | |||||||||||||||||
Segment operating profit(c) | 769 | 300 | 1,069 | 652 | 611 | 1,263 | |||||||||||||||||||
Other selling, general and administrative expenses(b) | $ | 85 | 85 | $ | 84 | 84 | |||||||||||||||||||
Stock-based compensation expense | 31 | 31 | 28 | 28 | |||||||||||||||||||||
Depreciation, amortization and accretion | 415 | 415 | 401 | 401 | |||||||||||||||||||||
Interest expense and amortization of deferred financing costs | 164 | 164 | 167 | 167 | |||||||||||||||||||||
Other (income) expenses to reconcile to income (loss) before income taxes(d) | 20 | 20 | 70 | 70 | |||||||||||||||||||||
Income (loss) before income taxes | $ | 354 | $ | 513 |
FIBER SEGMENT SITE RENTAL REVENUES SUMMARY | |||||||||||||||||
Three Months Ended December 31, | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
Fiber Solutions | Small Cells | Total | Fiber Solutions | Small Cells | Total | ||||||||||||
Site rental revenues | $ | 331 | $ | 158 | $ | 489 | $ | 325 | $ | 143 | $ | 468 |
SEGMENT OPERATING RESULTS | |||||||||||||||||||||||||
Twelve Months Ended December 31, 2021 | Twelve Months Ended December 31, 2020 | ||||||||||||||||||||||||
Towers | Fiber | Other | ConsolidatedTotal | Towers | Fiber | Other | ConsolidatedTotal | ||||||||||||||||||
Segment site rental revenues | $ | 3,804 | $ | 1,915 | $ | 5,719 | $ | 3,497 | $ | 1,823 | $ | 5,320 | |||||||||||||
Segment services and other revenues | 601 | 20 | 621 | 500 | 20 | 520 | |||||||||||||||||||
Segment revenues | 4,405 | 1,935 | 6,340 | 3,997 | 1,843 | 5,840 | |||||||||||||||||||
Segment site rental costs of operations | 889 | 633 | 1,522 | 866 | 620 | 1,486 | |||||||||||||||||||
Segment services and other costs of operations | 414 | 17 | 431 | 429 | 12 | 441 | |||||||||||||||||||
Segment costs of operations(a)(b) | 1,303 | 650 | 1,953 | 1,295 | 632 | 1,927 | |||||||||||||||||||
Segment site rental gross margin(c) | 2,915 | 1,282 | 4,197 | 2,631 | 1,203 | 3,834 | |||||||||||||||||||
Segment services and other gross margin(c) | 187 | 3 | 190 | 71 | 8 | 79 | |||||||||||||||||||
Segment selling, general and administrative expenses(b) | 107 | 174 | 281 | 100 | 186 | 286 | |||||||||||||||||||
Segment other operating (income) expense | — | — | — | — | (362 | ) | (362 | ) | |||||||||||||||||
Segment operating profit(c) | 2,995 | 1,111 | 4,106 | 2,602 | 1,387 | 3,989 | |||||||||||||||||||
Other selling, general and administrative expenses(b) | $ | 290 | 290 | $ | 283 | 283 | |||||||||||||||||||
Stock-based compensation expense | 131 | 131 | 133 | 133 | |||||||||||||||||||||
Depreciation, amortization and accretion | 1,644 | 1,644 | 1,608 | 1,608 | |||||||||||||||||||||
Interest expense and amortization of deferred financing costs | 657 | 657 | 689 | 689 | |||||||||||||||||||||
Other (income) expenses to reconcile to income (loss) before income taxes(d) | 205 | 205 | 200 | 200 | |||||||||||||||||||||
Income (loss) before income taxes | $ | 1,179 | $ | 1,076 |
FIBER SEGMENT SITE RENTAL REVENUES SUMMARY | |||||||||||||||||
Twelve Months Ended December 31, | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
Fiber Solutions | Small Cells | Total | Fiber Solutions | Small Cells | Total | ||||||||||||
Site rental revenues | $ | 1,318 | $ | 597 | $ | 1,915 | $ | 1,275 | $ | 548 | $ | 1,823 |
Contacts: | Dan Schlanger, CFO |
Ben Lowe, SVP & Treasurer | |
Crown Castle International Corp. | |
713-570-3050 |
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