(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
(Former name or former address, if changed since last report.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Exhibit No. | Description | |||||||
99.1 | ||||||||
99.2 | ||||||||
104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document |
CROWN CASTLE INTERNATIONAL CORP. | ||||||||||||||
By: | /s/ Kenneth J. Simon | |||||||||||||
Name: | Kenneth J. Simon | |||||||||||||
Title: | Executive Vice President and General Counsel |
![]() | NEWS RELEASE January 26, 2022 |
Contacts: Dan Schlanger, CFO | |||||
Ben Lowe, SVP & Treasurer | |||||
FOR IMMEDIATE RELEASE | Crown Castle International Corp. | ||||
713-570-3050 |
Full Year 2022 | Full Year 2021 | ||||||||||||||||||||||
(dollars in millions, except per share amounts) | Current Outlook Midpoint(a) | Change to Midpoint from Previous Outlook(b) | Midpoint Growth Rate Compared to Previous Year Actual | Actual | Actual Growth Rate Compared to 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% | |||||||||||||||||
News Release continued: | Page 2 |
Full Year 2021 | Full Year 2020 | Full Year 2021 Growth | ||||||||||||||||||||||||||||||||||||
(dollars in millions, except per share amounts) | Actual | Previous Outlook Midpoint(a) | Actual Compared to Previous Outlook Midpoint(a) | As Reported | As Adjusted(b) | As Reported | As Adjusted(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% |
News Release continued: | Page 3 |
News Release continued: | Page 4 |
(in millions, except per share amounts) | Full Year 2022 | Change to Midpoint from Previous Outlook | |||||||||||||||
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 | — |
News Release continued: | Page 5 |
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News Release continued: | Page 9 |
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 |
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 |
News Release continued: | Page 10 |
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 |
News Release continued: | Page 11 |
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 |
News Release continued: | Page 12 |
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 |
News Release continued: | Page 13 |
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 |
News Release continued: | Page 14 |
Full Year 2021 | Full Year 2020 | Full Year 2021 Growth Rates | ||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in millions, except per share amounts) | As Reported | As Reported | Less: Impact from Nontypical Items | Exclusive of Impact from Nontypical Items | As Reported | Less: Impact from Nontypical Items | Exclusive of Impact from Nontypical Items | |||||||||||||||||||||||||||||||||||||||||||
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 | % |
News Release continued: | Page 15 |
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 | % |
(dollars in millions) | Full Year 2021 | Current Full Year 2022 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) |
News Release continued: | Page 16 |
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 |
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 |
News Release continued: | Page 17 |
(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 | |||||||||
News Release continued: | Page 18 |
(dollars in millions) | For the Three Months Ended 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 |
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 |
News Release continued: | Page 19 |
News Release continued: | Page 20 |
News Release continued: | Page 21 |
![]() | 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 |
News Release continued: | Page 22 |
![]() | 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 |
News Release continued: | Page 23 |
![]() | 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 |
News Release continued: | Page 24 |
![]() | 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 | Consolidated Total | Towers | Fiber | Other | Consolidated Total | ||||||||||||||||||||||||||||||||||||||||
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 |
News Release continued: | Page 25 |
SEGMENT OPERATING RESULTS | |||||||||||||||||||||||||||||||||||||||||||||||
Twelve Months Ended December 31, 2021 | Twelve Months Ended December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Towers | Fiber | Other | Consolidated Total | Towers | Fiber | Other | Consolidated Total | ||||||||||||||||||||||||||||||||||||||||
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 |
TABLE OF CONTENTS | |||||
Page | |||||
Company Overview | |||||
Company Profile | |||||
Strategy | |||||
AFFO per Share | |||||
Asset Portfolio Footprint | |||||
General Company Information | |||||
Research Coverage | |||||
Historical Common Stock Data | |||||
Portfolio and Financial Highlights | |||||
Outlook | |||||
New Leasing Activity by Segment | |||||
Financials & Metrics | |||||
Condensed Consolidated Balance Sheet | |||||
Condensed Consolidated Statement of Operations | |||||
Segment Operating Results | |||||
Fiber Segment Site Rental Revenues Summary | |||||
FFO and AFFO Reconciliations | |||||
Condensed Consolidated Statement of Cash Flows | |||||
Components of Changes in Site Rental Revenues | |||||
Summary of Straight-Lined Revenues and Expenses and Prepaid Rent Activity | |||||
Summary of Capital Expenditures | |||||
Projected Revenues from Tenant Contracts | |||||
Projected Expenses from Existing Ground Leases and Fiber Access Agreements | |||||
Lease Renewal and Lease Distribution | |||||
Consolidated Tenant Overview | |||||
Fiber Solutions Revenue Mix | |||||
Segment Cash Yields on Invested Capital | |||||
Consolidated Return on Invested Capital | |||||
Asset Portfolio Overview | |||||
Summary of Tower Portfolio by Vintage | |||||
Tower Portfolio Overview | |||||
Ground Interest Overview | |||||
Ground Interest Activity | |||||
Capitalization Overview | |||||
Capitalization Overview | |||||
Debt Maturity Overview | |||||
Liquidity Overview | |||||
Maintenance and Financial Covenants | |||||
Interest Rate Sensitivity | |||||
Appendix |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
COMPANY PROFILE |
STRATEGY |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
AFFO PER SHARE(a)(b) |
ASSET PORTFOLIO FOOTPRINT | ||||||||
![]() |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
GENERAL COMPANY INFORMATION | |||||
Principal executive offices | 8020 Katy Freeway, Houston, TX 77024 | ||||
Common shares trading symbol | CCI | ||||
Stock exchange listing | New York Stock Exchange | ||||
Fiscal year ending date | December 31 | ||||
Fitch - Long Term Issuer Default Rating | BBB+ | ||||
Moody’s - Long Term Corporate Family Rating | Baa3 | ||||
Standard & Poor’s - Long Term Local Issuer Credit Rating | BBB- |
EXECUTIVE MANAGEMENT TEAM | |||||||||||
Name | Age | Years with Company | Position | ||||||||
Jay A. Brown | 49 | 22 | President and Chief Executive Officer | ||||||||
Daniel K. Schlanger | 48 | 5 | Executive Vice President and Chief Financial Officer | ||||||||
Catherine Piche | 51 | 10 | Executive Vice President and Chief Operating Officer - Towers | ||||||||
Christopher D. Levendos | 54 | 3 | Executive Vice President and Chief Operating Officer - Fiber | ||||||||
Kenneth J. Simon | 61 | 6 | Executive Vice President and General Counsel | ||||||||
Michael J. Kavanagh | 53 | 11 | Executive Vice President and Chief Commercial Officer | ||||||||
Philip M. Kelley | 49 | 24 | Executive Vice President - Corporate Development and Strategy | ||||||||
Laura B. Nichol | 61 | 7 | Executive Vice President - Business Support |
BOARD OF DIRECTORS | ||||||||||||||
Name | Position | Committees | Age | Years as Director | ||||||||||
J. Landis Martin | Chair | NESG(a) | 76 | 25 | ||||||||||
P. Robert Bartolo | Director | Audit, Compensation | 50 | 7 | ||||||||||
Cindy Christy | Director | Compensation, NESG(a), Strategy | 55 | 14 | ||||||||||
Ari Q. Fitzgerald | Director | Compensation, NESG(a), Strategy | 59 | 19 | ||||||||||
Anthony J. Melone | Director | Audit, NESG(a), Strategy | 61 | 6 | ||||||||||
Jay A. Brown | Director | 49 | 5 | |||||||||||
Andrea J. Goldsmith | Director | NESG(a), Strategy | 57 | 3 | ||||||||||
Lee W. Hogan | Director | Audit, Compensation, Strategy | 77 | 20 | ||||||||||
Tammy K. Jones | Director | Audit, NESG(a) | 56 | 1 | ||||||||||
W. Benjamin Moreland | Director | Strategy | 58 | 15 | ||||||||||
Kevin A. Stephens | Director | Audit, Strategy | 60 | 1 | ||||||||||
Matthew Thornton III | Director | Compensation, Strategy | 63 | 1 |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
RESEARCH COVERAGE | ||||||||
Equity Research | ||||||||
Bank of America David Barden (646) 855-1320 | Barclays Tim Long (212) 526-4043 | Citigroup Michael Rollins (212) 816-1116 | ||||||
Cowen and Company Colby Synesael (646) 562-1355 | Credit Suisse Sami Badri (212) 538-1727 | Deutsche Bank Matthew Niknam (212) 250-4711 | ||||||
Goldman Sachs Brett Feldman (212) 902-8156 | Green Street David Guarino (949) 640-8780 | Jefferies Jonathan Petersen (212) 284-1705 | ||||||
JPMorgan Philip Cusick (212) 622-1444 | KeyBanc Brandon Nispel (503) 821-3871 | LightShed Partners Walter Piecyk (646) 450-9258 | ||||||
MoffettNathanson Nick Del Deo (212) 519-0025 | Morgan Stanley Simon Flannery (212) 761-6432 | New Street Research Jonathan Chaplin (212) 921-9876 | ||||||
Oppenheimer & Co. Timothy Horan (212) 667-8137 | Raymond James Ric Prentiss (727) 567-2567 | RBC Capital Markets Jonathan Atkin (415) 633-8589 | ||||||
Truist Securities Greg Miller (212) 303-4169 | UBS Batya Levi (212) 713-8824 | Wells Fargo Securities, LLC Eric Luebchow (312) 630-2386 | ||||||
Wolfe Research Andrew Rosivach (646) 582-9350 | ||||||||
Rating Agencies | ||||||||
Fitch John Culver (312) 368-3216 | Moody’s Lori Marks (212) 553-1098 | Standard & Poor’s Ryan Gilmore (212) 438-0602 |
HISTORICAL COMMON STOCK DATA | |||||||||||||||||
Three Months Ended | |||||||||||||||||
(in millions, except per share amounts) | 12/31/21 | 9/30/21 | 6/30/21 | 3/31/21 | 12/31/20 | ||||||||||||
High price(a) | $ | 209.87 | $ | 201.70 | $ | 196.39 | $ | 171.68 | $ | 165.74 | |||||||
Low price(a) | $ | 165.05 | $ | 171.86 | $ | 168.03 | $ | 141.76 | $ | 146.73 | |||||||
Period end closing price(b) | $ | 208.74 | $ | 172.04 | $ | 192.30 | $ | 168.53 | $ | 154.53 | |||||||
Dividends paid per common share | $ | 1.47 | $ | 1.33 | $ | 1.33 | $ | 1.33 | $ | 1.33 | |||||||
Volume weighted average price for the period(a) | $ | 182.39 | $ | 190.02 | $ | 183.32 | $ | 155.47 | $ | 155.81 | |||||||
Common shares outstanding, at period end | 432 | 432 | 432 | 432 | 431 | ||||||||||||
Market value of outstanding common shares, at period end(c) | $ | 90,220 | $ | 74,355 | $ | 83,111 | $ | 72,837 | $ | 66,651 |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
SUMMARY PORTFOLIO HIGHLIGHTS | |||||
(as of December 31, 2021) | |||||
Towers | |||||
Number of towers (in thousands)(a) | 40 | ||||
Average number of tenants per tower | 2.3 | ||||
Remaining contracted tenant receivables ($ in billions)(b)(c) | $ | 26 | |||
Weighted average remaining tenant contract term (years)(c)(d) | 6 | ||||
Percent of towers in the Top 50 / 100 Basic Trading Areas | 56% / 71% | ||||
Percent of ground leased / owned(e) | 59% / 41% | ||||
Weighted average maturity of ground leases (years)(e)(f) | 36 | ||||
Fiber | |||||
Number of route miles of fiber (in thousands) | 80 | ||||
Remaining contracted tenant receivables ($ in billions)(b)(c) | $ | 5 | |||
Weighted average remaining tenant contract term (years)(c)(d) | 4 |
SUMMARY FINANCIAL HIGHLIGHTS | ||||||||||||||||||||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||||||||||||
(in millions, except per share amounts) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Operating Data: | ||||||||||||||||||||||||||
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 | ||||||||||||||||||
Costs of operations (exclusive of depreciation, amortization and accretion) | ||||||||||||||||||||||||||
Site rental | $ | 387 | $ | 401 | $ | 1,554 | $ | 1,521 | ||||||||||||||||||
Services and other | 138 | 123 | 439 | 448 | ||||||||||||||||||||||
Total cost of operations | $ | 525 | $ | 524 | $ | 1,993 | $ | 1,969 | ||||||||||||||||||
Net income (loss) attributable to CCIC common stockholders | $ | 353 | $ | 508 | $ | 1,096 | $ | 999 | ||||||||||||||||||
Net income (loss) attributable to CCIC common stockholders per share—diluted(g) | $ | 0.81 | $ | 1.17 | $ | 2.53 | $ | 2.35 | ||||||||||||||||||
Non-GAAP Data:(h) | ||||||||||||||||||||||||||
Adjusted EBITDA | $ | 984 | $ | 1,179 | $ | 3,816 | $ | 3,706 | ||||||||||||||||||
FFO(i) | 767 | 960 | 2,772 | 2,600 | ||||||||||||||||||||||
AFFO(i) | 768 | 1,008 | 3,013 | 2,878 | ||||||||||||||||||||||
AFFO per share(g)(i) | $ | 1.77 | $ | 2.33 | $ | 6.95 | $ | 6.78 |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
SUMMARY FINANCIAL HIGHLIGHTS (CONTINUED) | ||||||||||||||
Twelve Months Ended December 31, | ||||||||||||||
(in millions) | 2021 | 2020 | ||||||||||||
Summary Cash Flow Data:(a) | ||||||||||||||
Net cash provided by (used for) operating activities | $ | 2,789 | $ | 3,055 | ||||||||||
Net cash provided by (used for) investing activities(b) | (1,332) | (1,741) | ||||||||||||
Net cash provided by (used for) financing activities | (1,310) | (1,271) |
(in millions) | December 31, 2021 | December 31, 2020 | ||||||||||||
Balance Sheet Data (at period end): | ||||||||||||||
Cash and cash equivalents | $ | 292 | $ | 232 | ||||||||||
Property and equipment, net | 15,269 | 15,162 | ||||||||||||
Total assets | 39,040 | 38,768 | ||||||||||||
Total debt and other long-term obligations | 20,629 | 19,280 | ||||||||||||
Total CCIC stockholders' equity | 8,258 | 9,461 |
Three Months Ended December 31, 2021 | ||||||||
Other Data: | ||||||||
Net debt to last quarter annualized Adjusted EBITDA(c) | 5.2 | x | ||||||
Dividend per common share | $ | 1.47 | ||||||
OUTLOOK FOR FULL YEAR 2022 | |||||||||||
(in millions, except per share amounts) | Full Year 2022(d) | ||||||||||
Site rental revenues | $6,202 | to | $6,247 | ||||||||
Site rental cost of operations(e) | $1,548 | to | $1,593 | ||||||||
Income (loss) from continuing operations | $1,634 | to | $1,714 | ||||||||
Income (loss) from continuing operations per share—diluted(f)(g) | $3.76 | to | $3.94 | ||||||||
Adjusted EBITDA(h) | $4,249 | to | $4,294 | ||||||||
Interest expense and amortization of deferred financing costs(i) | $615 | to | $660 | ||||||||
FFO(g)(h) | $3,318 | to | $3,363 | ||||||||
AFFO(g)(h) | $3,178 | to | $3,223 | ||||||||
AFFO per share(f)(g)(h) | $7.31 | to | $7.41 |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
FULL YEAR 2021 AND OUTLOOK FOR FULL YEAR 2022 COMPONENTS OF CHANGES IN SITE RENTAL REVENUES | |||||||||||||||||
(dollars in millions) | Full Year 2021 Actual | Full Year 2022 Outlook(a) | |||||||||||||||
Components of changes in site rental revenues: | |||||||||||||||||
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 revenues: | |||||||||||||||||
Reported GAAP site rental revenues | 7.5% | 8.8%(f) | |||||||||||||||
Organic Contribution to Site Rental Revenues(d)(g) | 5.8% | 4.5%(f) | |||||||||||||||
NEW LEASING ACTIVITY BY SEGMENT | |||||||||||||||||||||||||||||||||||||||||||||||
Full Year 2021 Actual | Full Year 2022 Outlook(a) | ||||||||||||||||||||||||||||||||||||||||||||||
Towers | Fiber | Total | Towers | Fiber | Total | ||||||||||||||||||||||||||||||||||||||||||
(in millions) | Small Cells | Fiber Solutions | Small Cells | Fiber Solutions | |||||||||||||||||||||||||||||||||||||||||||
New leasing activity(h) | $159 | $53 | $172 | $384 | $155-$165 | $20-$30 | $150-$160 | $325-$355 | |||||||||||||||||||||||||||||||||||||||
Less: Year-over-year change in prepaid rent amortization | (20) | (19) | (3) | (42) | (5) | 5 | (5) | (5) | |||||||||||||||||||||||||||||||||||||||
Core leasing activity(h) | $139 | $34 | $169 | $342 | $150-$160 | $25-$35 | $145-$155 | $320-$350 | |||||||||||||||||||||||||||||||||||||||
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited) | |||||||||||
(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 |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited) | |||||||||||||||||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||
(in millions, except per share amounts) | 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 |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
SEGMENT OPERATING RESULTS | |||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended December 31, 2021 | Three Months Ended December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Towers | Fiber | Other | Consolidated Total | Towers | Fiber | Other | Consolidated Total | |||||||||||||||||||||||||||||||||||||||
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) loss | — | — | — | — | (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 | ||||||||||||||||||||||||||||||||||
(in millions) | Fiber Solutions | Small Cells | Total | Fiber Solutions | Small Cells | Total | |||||||||||||||||||||||||||||
Site rental revenues | $ | 331 | $ | 158 | $ | 489 | $ | 325 | $ | 143 | $ | 468 |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
SEGMENT OPERATING RESULTS | |||||||||||||||||||||||||||||||||||||||||||||||
Twelve Months Ended December 31, 2021 | Twelve Months Ended December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Towers | Fiber | Other | Consolidated Total | Towers | Fiber | Other | Consolidated Total | |||||||||||||||||||||||||||||||||||||||
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) loss | — | — | — | — | (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 | ||||||||||||||||||||||||||||||||||
(in millions) | Fiber Solutions | Small Cells | Total | Fiber Solutions | Small Cells | Total | |||||||||||||||||||||||||||||
Site rental revenues | $ | 1,318 | $ | 597 | $ | 1,915 | $ | 1,275 | $ | 548 | $ | 1,823 |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
FFO AND AFFO RECONCILIATIONS | |||||||||||||||||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||
(in millions, except per share amounts) | 2021 | 2020 | 2021 | 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 |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) | ||||||||||||||||||||||||||
Twelve Months Ended December 31, | ||||||||||||||||||||||||||
(in millions) | 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 |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
COMPONENTS OF CHANGES IN SITE RENTAL REVENUES | |||||||||||
Three Months Ended December 31, | |||||||||||
(dollars in millions) | 2021 | 2020 | |||||||||
Components of changes in site rental revenues: | |||||||||||
Prior year site rental revenues exclusive of straight-lined revenues associated with fixed escalators(a)(b) | $ | 1,357 | $ | 1,282 | |||||||
New leasing activity(a)(b) | 98 | 90 | |||||||||
Escalators | 24 | 23 | |||||||||
Non-renewals | (43) | (39) | |||||||||
Organic Contribution to Site Rental Revenues(c) | 79 | 74 | |||||||||
Impact from straight-lined revenues associated with fixed escalators | 38 | (5) | |||||||||
Acquisitions(d) | — | 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(c)(e) | 5.8 | % |
SUMMARY OF SITE RENTAL STRAIGHT-LINED REVENUES AND EXPENSES ASSOCIATED WITH FIXED ESCALATORS(f) | |||||||||||||||||||||||||||||||||||
Three Months Ended December 31, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
(in millions) | Towers | Fiber | Total | Towers | Fiber | Total | |||||||||||||||||||||||||||||
Site rental straight-lined revenues | $ | 39 | $ | (1) | $ | 38 | $ | (6) | $ | 1 | $ | (5) | |||||||||||||||||||||||
Site rental straight-lined expenses | 18 | — | 18 | 22 | — | 22 | |||||||||||||||||||||||||||||
Twelve Months Ended December 31, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
(in millions) | Towers | Fiber | Total | Towers | Fiber | Total | |||||||||||||||||||||||||||||
Site rental straight-lined revenues | $ | 110 | $ | 1 | $ | 111 | $ | 16 | $ | 6 | $ | 22 | |||||||||||||||||||||||
Site rental straight-lined expenses | 75 | 1 | 76 | 82 | 1 | 83 |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
SUMMARY OF PREPAID RENT ACTIVITY(a) | |||||||||||||||||||||||||||||||||||
Three Months Ended December 31, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
(in millions) | Towers | Fiber | Total | Towers | Fiber | Total | |||||||||||||||||||||||||||||
Prepaid rent additions | $ | 26 | $ | 107 | $ | 133 | $ | 26 | $ | 57 | $ | 83 | |||||||||||||||||||||||
Amortization of prepaid rent | 80 | 66 | 146 | 76 | 57 | 133 | |||||||||||||||||||||||||||||
Twelve Months Ended December 31, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
(in millions) | Towers | Fiber | Total | Towers | Fiber | Total | |||||||||||||||||||||||||||||
Prepaid rent additions | $ | 105 | $ | 290 | $ | 395 | $ | 193 | $ | 242 | $ | 435 | |||||||||||||||||||||||
Amortization of prepaid rent | 318 | 242 | 560 | 298 | 221 | 519 |
SUMMARY OF CAPITAL EXPENDITURES | |||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | 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 | |||||||||||||||||||||||||||||||
Twelve Months Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | 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 |
PROJECTED REVENUES FROM TENANT CONTRACTS(b)(c) | |||||||||||||||||
Years Ending December 31, | |||||||||||||||||
(as of December 31, 2021; in millions) | 2022 | 2023 | 2024 | 2025 | 2026 | ||||||||||||
Components of site rental revenues: | |||||||||||||||||
Site rental revenues exclusive of straight-line associated with fixed escalators | $ | 5,765 | $ | 5,839 | $ | 5,850 | $ | 5,920 | $ | 6,000 | |||||||
Straight-lined site rental revenues associated with fixed escalators | 67 | (18) | (71) | (169) | (242) | ||||||||||||
GAAP site rental revenues | $ | 5,832 | $ | 5,821 | $ | 5,779 | $ | 5,751 | $ | 5,758 |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
PROJECTED EXPENSES FROM EXISTING GROUND LEASES AND FIBER ACCESS AGREEMENTS(a) | |||||||||||||||||
Years Ending December 31, | |||||||||||||||||
(as of December 31, 2021; in millions) | 2022 | 2023 | 2024 | 2025 | 2026 | ||||||||||||
Components of ground lease and fiber access agreement expenses: | |||||||||||||||||
Ground lease and fiber access agreement expenses exclusive of straight-line associated with fixed escalators | $ | 944 | $ | 963 | $ | 982 | $ | 1,001 | $ | 1,022 | |||||||
Straight-lined site rental lease expenses associated with fixed escalators | 65 | 52 | 41 | 30 | 18 | ||||||||||||
GAAP ground lease and fiber access agreement expenses | $ | 1,009 | $ | 1,015 | $ | 1,023 | $ | 1,031 | $ | 1,040 |
ANNUALIZED RENTAL CASH PAYMENTS AT TIME OF RENEWAL(b) | |||||||||||||||||
Years Ending December 31, | |||||||||||||||||
(as of December 31, 2021; in millions) | 2022 | 2023 | 2024 | 2025 | 2026 | ||||||||||||
T-Mobile(c) | $ | 324 | $ | 260 | $ | 71 | $ | 83 | $ | 78 | |||||||
AT&T | 27 | 330 | 18 | 20 | 32 | ||||||||||||
Verizon | 17 | 16 | 20 | 30 | 36 | ||||||||||||
All Others Combined | 214 | 211 | 166 | 90 | 98 | ||||||||||||
Total | $ | 582 | $ | 817 | $ | 275 | $ | 223 | $ | 244 |
CONSOLIDATED TENANT OVERVIEW | |||||||||||
(as of December 31, 2021) | Percentage of Q4 2021 LQA Site Rental Revenues | Weighted Average Current Term Remaining(d) | Long-Term Credit Rating (S&P / Moody’s) | ||||||||
T-Mobile | 33% | 5(c) | BB+ / Ba1 | ||||||||
AT&T | 20% | 5 | BBB / Baa2 | ||||||||
Verizon | 21% | 9 | BBB+ / Baa1 | ||||||||
All Others Combined | 26% | 3 | N/A | ||||||||
Total / Weighted Average | 100% | 5 |
FIBER SOLUTIONS REVENUE MIX | |||||
(as of December 31, 2021) | Percentage of Q4 2021 LQA Site Rental Revenues | ||||
Carrier(e) | 38% | ||||
Education | 13% | ||||
Healthcare | 11% | ||||
Financial Services | 9% | ||||
Other | 29% | ||||
Total | 100% |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
SEGMENT CASH YIELDS ON INVESTED CAPITAL(a) | |||||||||||
Q4 2021 LQA | |||||||||||
(as of December 31, 2021; dollars in millions) | Towers | Fiber | |||||||||
Segment site rental gross margin(b) | $ | 3,016 | $ | 1,364 | |||||||
Less: Amortization of prepaid rent | (320) | (264) | |||||||||
Less: Site rental straight-lined revenues | (156) | 4 | |||||||||
Add: Site rental straight-lined expenses | 72 | — | |||||||||
Add: Indirect labor costs(c) | — | 109 | |||||||||
Numerator | $ | 2,612 | $ | 1,213 | |||||||
Segment net investment in property and equipment(d) | $ | 13,127 | $ | 8,020 | |||||||
Segment investment in site rental contracts and tenant relationships | 4,567 | 3,287 | |||||||||
Segment investment in goodwill(e) | 5,351 | 4,073 | |||||||||
Segment net invested capital(a) | $ | 23,045 | $ | 15,380 | |||||||
Segment Cash Yield on Invested Capital(a) | 11.3 | % | 7.9 | % |
CONSOLIDATED RETURN ON INVESTED CAPITAL(a) | |||||
(as of December 31, 2021; dollars in millions) | Q4 2021 LQA | ||||
Adjusted EBITDA(f) | $ | 3,936 | |||
Cash taxes refunded (paid) | (10) | ||||
Numerator | $ | 3,926 | |||
Historical gross investment in property and equipment(g) | $ | 26,267 | |||
Historical gross investment in site rental contracts and tenant relationships | 7,854 | ||||
Historical gross investment in goodwill | 10,078 | ||||
Consolidated invested capital(a) | $ | 44,199 | |||
Consolidated Return on Invested Capital(a) | 8.9 | % |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
SUMMARY OF TOWER PORTFOLIO BY VINTAGE(a) | |||||
(as of December 31, 2021; dollars in thousands) | |||||
CASH YIELD(b) | NUMBER OF TENANTS PER TOWER |
LQA CASH SITE RENTAL REVENUE PER TOWER(c) | LQA TOWERS SEGMENT SITE RENTAL GROSS CASH MARGIN PER TOWER(d) |
NET INVESTED CAPITAL PER TOWER(e) | NUMBER OF TOWERS |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
TOWER PORTFOLIO OVERVIEW(a) | ||||||||
(as of December 31, 2021; dollars in thousands) | ||||||||
NUMBER OF TOWERS | TENANTS PER TOWER | LQA CASH SITE RENTAL REVENUE PER TOWER(b) |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
DISTRIBUTION OF TOWER TENANCY (as of December 31, 2021)(a) | |||||||||||||||||
PERCENTAGE OF TOWERS BY TENANTS PER TOWER | |||||||||||||||||
SITES ACQUIRED AND BUILT 2006 AND PRIOR | SITES ACQUIRED AND BUILT 2007 TO PRESENT |
Average: 2.8 | Average: 2.1 | ||||
GEOGRAPHIC TOWER DISTRIBUTION (as of December 31, 2021)(a) | |||||
PERCENTAGE OF TOWERS BY GEOGRAPHIC LOCATION | PERCENTAGE OF LQA CASH SITE RENTAL REVENUE BY GEOGRAPHIC LOCATION(b) |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
GROUND INTEREST OVERVIEW | |||||||||||||||||||||||
(as of December 31, 2021; dollars in millions) | LQA Cash Site Rental Revenues(a) | Percentage of LQA Cash Site Rental Revenues(a) | LQA Towers Segment Site Rental Gross Cash Margin(b) | Percentage of LQA Towers Segment Site Rental Gross Cash Margin(b) | Number of Towers(c) | Percentage of Towers | Weighted Average Term Remaining (by years)(d) | ||||||||||||||||
Less than 10 years | $ | 369 | 11 | % | $ | 195 | 7 | % | 5,347 | 13 | % | ||||||||||||
10 to 20 years | 461 | 13 | % | 276 | 11 | % | 5,951 | 15 | % | ||||||||||||||
Greater than 20 years | 1,483 | 43 | % | 1,067 | 41 | % | 17,647 | 44 | % | ||||||||||||||
Total leased | $ | 2,313 | 67 | % | $ | 1,538 | 59 | % | 28,945 | 72 | % | 36 | |||||||||||
Owned | $ | 1,146 | 33 | % | $ | 1,063 | 41 | % | 11,214 | 28 | % | ||||||||||||
Total / Average | $ | 3,459 | 100 | % | $ | 2,601 | 100 | % | 40,159 | 100 | % |
GROUND INTEREST ACTIVITY | |||||||||||
(dollars in millions) | Three Months Ended December 31, 2021 | Twelve Months Ended December 31, 2021 | |||||||||
Ground Extensions Under Crown Castle Towers: | |||||||||||
Number of ground leases extended | 161 | 654 | |||||||||
Average number of years extended | 28 | 30 | |||||||||
Percentage increase in consolidated cash ground lease expense due to extension activities(e) | 0.1 | % | 0.1 | % | |||||||
Ground Purchases Under Crown Castle Towers: | |||||||||||
Number of ground leases purchased | 49 | 200 | |||||||||
Ground lease purchases (including capital expenditures, acquisitions and installment purchases) | $ | 43 | $ | 106 | |||||||
Percentage of Towers segment site rental gross margin from towers on purchased land | <1% | <1% |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
CAPITALIZATION OVERVIEW | |||||||||||||||||
(as of December 31, 2021; dollars in millions) | Face Value | Fixed vs. Variable | Interest Rate(a) | Net Debt to LQA Adjusted EBITDA(b) | Maturity | ||||||||||||
Cash, cash equivalents and restricted cash | $ | 466 | |||||||||||||||
3.849% Secured Notes | 1,000 | Fixed | 3.9% | 2023 | |||||||||||||
Senior Secured Notes, Series 2009-1, Class A-2(c) | 54 | Fixed | 9.0% | 2029 | |||||||||||||
Senior Secured Tower Revenue Notes, Series 2018-1(d) | 250 | Fixed | 3.7% | 2043 | |||||||||||||
Senior Secured Tower Revenue Notes, Series 2015-2(d) | 700 | Fixed | 3.7% | 2045 | |||||||||||||
Senior Secured Tower Revenue Notes, Series 2018-2(d) | 750 | Fixed | 4.2% | 2048 | |||||||||||||
Finance leases and other obligations | 242 | Various | Various | Various | |||||||||||||
Total secured debt | $ | 2,996 | 4.0% | 0.8x | |||||||||||||
2016 Revolver(e) | 665 | Variable | 1.2% | 2026 | |||||||||||||
2016 Term Loan A | 1,223 | Variable | 1.2% | 2026 | |||||||||||||
Commercial Paper Notes(f) | 265 | Variable | 0.5% | 2022 | |||||||||||||
3.150% Senior Notes | 750 | Fixed | 3.2% | 2023 | |||||||||||||
3.200% Senior Notes | 750 | Fixed | 3.2% | 2024 | |||||||||||||
1.350% Senior Notes | 500 | Fixed | 1.4% | 2025 | |||||||||||||
4.450% Senior Notes | 900 | Fixed | 4.5% | 2026 | |||||||||||||
3.700% Senior Notes | 750 | Fixed | 3.7% | 2026 | |||||||||||||
1.050% Senior Notes | 1,000 | Fixed | 1.1% | 2026 | |||||||||||||
4.000% Senior Notes | 500 | Fixed | 4.0% | 2027 | |||||||||||||
3.650% Senior Notes | 1,000 | Fixed | 3.7% | 2027 | |||||||||||||
3.800% Senior Notes | 1,000 | Fixed | 3.8% | 2028 | |||||||||||||
4.300% Senior Notes | 600 | Fixed | 4.3% | 2029 | |||||||||||||
3.100% Senior Notes | 550 | Fixed | 3.1% | 2029 | |||||||||||||
3.300% Senior Notes | 750 | Fixed | 3.3% | 2030 | |||||||||||||
2.250% Senior Notes | 1,100 | Fixed | 2.3% | 2031 | |||||||||||||
2.100% Senior Notes | 1,000 | Fixed | 2.1% | 2031 | |||||||||||||
2.500% Senior Notes | 750 | Fixed | 2.5% | 2031 | |||||||||||||
2.900% Senior Notes | 1,250 | Fixed | 2.9% | 2041 | |||||||||||||
4.750% Senior Notes | 350 | Fixed | 4.8% | 2047 | |||||||||||||
5.200% Senior Notes | 400 | Fixed | 5.2% | 2049 | |||||||||||||
4.000% Senior Notes | 350 | Fixed | 4.0% | 2049 | |||||||||||||
4.150% Senior Notes | 500 | Fixed | 4.2% | 2050 | |||||||||||||
3.250% Senior Notes | 900 | Fixed | 3.3% | 2051 | |||||||||||||
Total unsecured debt | $ | 17,803 | 2.9% | 4.5x | |||||||||||||
Total net debt | $ | 20,333 | 3.1% | 5.2x | |||||||||||||
Market Capitalization(g) | 90,220 | ||||||||||||||||
Firm Value(h) | $ | 110,553 |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
DEBT MATURITY OVERVIEW(a)(b) |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
LIQUIDITY OVERVIEW(a) | |||||
(in millions) | December 31, 2021 | ||||
Cash, cash equivalents, and restricted cash(b) | $ | 466 | |||
Undrawn 2016 Revolver availability(c) | 4,301 | ||||
Total debt and other long-term obligations | 20,629 | ||||
Total equity | 8,258 |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
SUMMARY OF MAINTENANCE AND FINANCIAL COVENANTS | ||||||||||||||||||||
Debt | Borrower / Issuer | Covenant(a) | Covenant Level Requirement | As of December 31, 2021 | ||||||||||||||||
Maintenance Financial Covenants(b) | ||||||||||||||||||||
2016 Credit Facility | CCIC | Total Net Leverage Ratio | ≤ 6.50x | 5.4x | ||||||||||||||||
2016 Credit Facility | CCIC | Total Senior Secured Leverage Ratio | ≤ 3.50x | 0.7x | ||||||||||||||||
2016 Credit Facility | CCIC | Consolidated Interest Coverage Ratio(c) | N/A | N/A | ||||||||||||||||
Restrictive Negative Financial Covenants | ||||||||||||||||||||
Financial covenants restricting ability to incur additional debt | ||||||||||||||||||||
2012 Secured Notes | CC Holdings GS V LLC and Crown Castle GS III Corp. | Debt to Adjusted Consolidated Cash Flow Ratio | ≤ 3.50x | 1.8x | ||||||||||||||||
Financial covenants requiring excess cash flows to be deposited in a cash trap reserve account and not released | ||||||||||||||||||||
2015 Tower Revenue Notes | Crown Castle Towers LLC and its Subsidiaries | Debt Service Coverage Ratio | > 1.75x | (d) | 14.5x | |||||||||||||||
2018 Tower Revenue Notes | Crown Castle Towers LLC and its Subsidiaries | Debt Service Coverage Ratio | > 1.75x | (d) | 14.5x | |||||||||||||||
2009 Securitized Notes | Pinnacle Towers Acquisition Holdings LLC and its Subsidiaries | Debt Service Coverage Ratio | > 1.30x | (d) | 16.8x | |||||||||||||||
Financial covenants restricting ability of relevant issuer to issue additional notes under the applicable indenture | ||||||||||||||||||||
2015 Tower Revenue Notes | Crown Castle Towers LLC and its Subsidiaries | Debt Service Coverage Ratio | ≥ 2.00x | (e) | 14.5x | |||||||||||||||
2018 Tower Revenue Notes | Crown Castle Towers LLC and its Subsidiaries | Debt Service Coverage Ratio | ≥ 2.00x | (e) | 14.5x | |||||||||||||||
2009 Securitized Notes | Pinnacle Towers Acquisition Holdings LLC and its Subsidiaries | Debt Service Coverage Ratio | ≥ 2.34x | (e) | 16.8x |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
INTEREST RATE SENSITIVITY(a)(b) | ||||||||
Years Ending December 31, | ||||||||
(as of December 31, 2021; in millions) | 2022 | 2023 | ||||||
Fixed Rate Debt: | ||||||||
Face Value of Principal Outstanding(c) | $ | 18,397 | $ | 18,390 | ||||
Current Interest Payment Obligations(d) | 607 | 606 | ||||||
Effect of 0.125% Change in Interest Rates(e) | — | — | ||||||
Floating Rate Debt:(f) | ||||||||
Face Value of Principal Outstanding(c) | $ | 2,122 | $ | 2,068 | ||||
Current Interest Payment Obligations(g) | 30 | 30 | ||||||
Effect of 0.125% Change in Interest Rates(h) | 3 | 3 |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
DEFINITIONS |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 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 |
(in millions) | Full Year 2022 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 |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
Three Months Ended December 31, | |||||||||||
(in millions) | 2021 | 2020 | |||||||||
Interest expense on debt obligations | $ | 160 | $ | 166 | |||||||
Amortization of deferred financing costs and adjustments on long-term debt, net | 6 | 6 | |||||||||
Other, net | (2) | (5) | |||||||||
Interest expense and amortization of deferred financing costs | $ | 164 | $ | 167 |
(in millions) | Full Year 2022 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 | ||||||||
Other, net | $(20) | to | $(15) | ||||||||
Interest expense and amortization of deferred financing costs | $615 | to | $660 |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||||||||
(in millions, except per share amounts) | 2021 | 2020 | 2021 | 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 |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
Year Ended December 31, | |||||||||||||||||
(in millions, except per share amounts) | 2019 | 2018 | 2017 | ||||||||||||||
Income (loss) from continuing operations | $ | 860 | $ | 622 | $ | 366 | |||||||||||
Real estate related depreciation, amortization and accretion | 1,517 | 1,471 | 1,210 | ||||||||||||||
Asset write-down charges | 19 | 26 | 17 | ||||||||||||||
Dividends/distributions on preferred stock | (113) | (113) | (30) | ||||||||||||||
FFO(a)(b)(c)(d) | $ | 2,284 | $ | 2,005 | $ | 1,563 | |||||||||||
Weighted-average common shares outstanding—diluted(e) | 418 | 415 | 383 | ||||||||||||||
FFO per share(a)(b)(c)(d)(e) | $ | 5.47 | $ | 4.83 | $ | 4.08 | |||||||||||
FFO (from above) | $ | 2,284 | $ | 2,005 | $ | 1,563 | |||||||||||
Adjustments to increase (decrease) FFO: | |||||||||||||||||
Straight-lined revenue | (80) | (72) | — | ||||||||||||||
Straight-lined expense | 93 | 90 | 93 | ||||||||||||||
Stock-based compensation expense | 116 | 108 | 96 | ||||||||||||||
Non-cash portion of tax provision | 5 | 2 | 9 | ||||||||||||||
Non-real estate related depreciation, amortization and accretion | 55 | 56 | 31 | ||||||||||||||
Amortization of non-cash interest expense | 1 | 7 | 9 | ||||||||||||||
Other (income) expense | (1) | (1) | (1) | ||||||||||||||
(Gains) losses on retirement of long-term obligations | 2 | 106 | 4 | ||||||||||||||
Acquisition and integration costs | 13 | 27 | 61 | ||||||||||||||
Sustaining capital expenditures | (117) | (105) | (85) | ||||||||||||||
AFFO(a)(b)(c)(d) | $ | 2,371 | $ | 2,223 | $ | 1,781 | |||||||||||
Weighted-average common shares outstanding—diluted(e) | 418 | 415 | 383 | ||||||||||||||
AFFO per share(a)(b)(c)(d)(e) | $ | 5.68 | $ | 5.36 | $ | 4.65 |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
(in millions, except per share amounts) | Full Year 2022 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 |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
Full Year 2021 | Full Year 2020 | Full Year 2021 Growth Rates | ||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in millions, except per share amounts) | As Reported | As Reported | Less: Impact from Nontypical Items | Exclusive of Impact from Nontypical Items | As Reported | Less: Impact from Nontypical Items | Exclusive of Impact from Nontypical Items | |||||||||||||||||||||||||||||||||||||||||||
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 | % |
COMPANY OVERVIEW | FINANCIALS & METRICS | ASSET PORTFOLIO OVERVIEW | CAPITALIZATION OVERVIEW | APPENDIX |
Three Months Ended December 31, | ||||||||||||||
(dollars in millions) | 2021 | 2020 | ||||||||||||
Total face value of debt | $ | 20,799 | $ | 19,423 | ||||||||||
Less: Ending cash, cash equivalents and restricted cash | 466 | 381 | ||||||||||||
Total net debt | $ | 20,333 | $ | 19,042 | ||||||||||
Adjusted EBITDA | $ | 984 | $ | 1,179 | (a) | |||||||||
Last quarter annualized Adjusted EBITDA | 3,936 | 4,716 | ||||||||||||
Net debt to Last Quarter Annualized Adjusted EBITDA | 5.2 | x | 4.0 | x | (a) |
Three Months Ended December 31, | ||||||||||||||
(dollars in millions) | 2021 | 2020 | ||||||||||||
Adjusted EBITDA | $ | 984 | $ | 1,179 | (a) | |||||||||
Interest expense on debt obligations | 160 | 166 | ||||||||||||
6.2 | x | 7.1 | x | (a) |
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