Summary of Crown Castle Inc. Conference Call Company Overview - **Company**: Crown Castle Inc. (NYSE: CCI) - **Industry**: Telecommunications Infrastructure Key Points and Arguments Business Performance and Growth - The core tower business is expected to grow at a rate of **5% to 6%** annually, with a projected growth of around **5%** for 2023, which is on the lower end of the historical range [3] - Despite a lower activity level in 2023 compared to 2022, the current activity is approximately **50% higher** than the average of the previous five years [3][4] - The company has seen a **6.5%** growth in 2022, indicating a strong performance prior to the current year [3] 5G Deployment and Infrastructure - About **50%** of Crown Castle's towers have been upgraded with **5G** technology, indicating progress in the deployment cycle [6][9] - The company is currently in the **amendment cycle** of 5G deployment, transitioning into the **densification cycle** [8][12] - The demand for wireless data in the U.S. is growing at a rate of **20% to 30%** per year, necessitating more antennas on towers [11] Revenue and Customer Contributions - Core leasing activity revenue is projected to be between **$135 million and $145 million** for the year, with a more balanced split between the first and second halves of the year [19][21] - **DISH Network** contributes approximately **3%** to the tower business revenue, with a structured contract designed to incentivize DISH's use of Crown Castle's towers [22][25] - The company has not seen significant churn from DISH, and the minimum use fee structure ensures stable revenue [27] Churn and Contractual Structure - Churn in the tower business is typically between **1% to 2%** annually, with current rates on the low end of that range [34][38] - The company has a **3%** escalator built into its contracts, allowing for growth despite churn [38] Services Revenue - Services revenue is tied to activity levels, with pre-construction services having higher margins compared to construction services [42][43] - The company anticipates steady services revenue as activity levels remain consistent [45] Small Cell Growth - Crown Castle has about **60,000 small cell nodes** on-air and in the pipeline, with plans to double the number of nodes deployed from **5,000** in 2022 to **10,000** in 2023 [58][59] - The growth in small cells is driven by contracts with **Verizon** and **T-Mobile**, with a mix of anchor builds and co-location expected [62][64] Financial Outlook - The company has guided for **AFFO** (Adjusted Funds from Operations) per share growth of **7% to 8%** over time, but anticipates minimal dividend growth in **2024 and 2025** due to interest rate headwinds and Sprint churn [69][71] - The expected headwinds amount to approximately **$350 million to $370 million**, impacting dividend growth for the next couple of years [71] Strategic Insights - Crown Castle's strategy includes offering bundled services of towers, small cells, and fiber to meet customer needs more effectively [50][52] - The company emphasizes the importance of fiber in supporting small cell operations, as it is a critical component for network connectivity [53][54] Additional Important Information - The company has not built many new sites recently due to unattractive economics, focusing instead on existing infrastructure [17][18] - The relationship between activity levels and churn suggests that lower activity may lead to lower churn rates [40]

Additional Information on Revenues (a) Predominately consists of outstanding indebtedness under the CP Program as discussed in footnote (g) of the preceding table and $750 million aggregate principal amount of 3.150% senior unsecured notes ("3.150% Senior Notes"). | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------|-------|--------------|-------|------------| | Net income (loss) | $ | 2023 \n418 | $ | 2022 \n421 | | | | | ...

Crown Castle Inc. (NYSE:CCI) Q1 2023 Earnings Conference Call April 20, 2023 10:30 AM ET Company Participants Ben Lowe – Senior Vice President-Corporate Finance Jay Brown – Chief Executive Officer Dan Schlanger – Chief Financial Officer Conference Call Participants Simon Flannery – Morgan Stanley Brett Feldman – Goldman Sachs Michael Rollins – Citi Brendan Lynch – Barclays Greg Williams – TD Cowen Matthew Niknam – Deutsche Bank Ric Prentiss – Raymond James Nick Del Deo – SVB MoffettNathanson Jonathan Atkin ...

Crown Castle Inc. (NYSE:CCI) Morgan Stanley 2023 Technology, Media & Telecom Conference Transcript March 9, 2023 11:00 AM ET Executives Dan Schlanger - Chief Financial Officer Analysts Simon Flannery - Morgan Stanley Simon Flannery All right. Good morning, everybody. Welcome to day four of the TMT Conference and welcome to Dan from CCI. Thanks so much for joining us today, Dan. Dan Schlanger Thanks very much for having me. Question-and-Answer Session Q - Simon Flannery For coming back here. And we thank you ...

Crown Castle Inc. (NYSE:CCI) Raymond James 44th Annual Institutional Investors Conference Transcript March 7, 2023 11:00 AM ET Executives Dan Schlanger - Chief Financial Officer Analysts Ric Prentiss - Raymond James Ric Prentiss No problem. All right. I think it’s still morning, right? It feels like a long day already. But excited. Day two, Raymond James 44th Annual Institutional Investors Conference. My 27th Raymond James Institutional Investor Conference. I’ve seen a lot of people in the room over a lot o ...

Debt Covenants (a) Failure to comply with the financial maintenance covenants would, absent a waiver, result in an event of default under the 2016 Credit Agreement. (b) As defined in the 2016 Credit Agreement. (c) Applicable solely to the extent that the senior unsecured debt rating by any two of S&P, Moody's and Fitch is lower than BBB-, Baa3 or BBB-, respectively. If applicable, the consolidated interest coverage ratio must be greater than or equal to 2.50. 37 Critical Accounting Policies and Estimates Fo ...

Crown Castle Inc. (NYSE:CCI) Q4 2022 Earnings Conference Call January 26, 2023 10:30 AM ET Company Participants Ben Lowe - Senior Vice President Jay Brown - Chief Executive Officer Dan Schlanger - Chief Financial Officer Conference Call Participants Michael Rollins - Citi David Barden - Bank of America Simon Flannery - Morgan Stanley Philip Cusick - JPMorgan Ric Prentiss - Raymond James Brandon Nispel - KeyBanc Capital Markets Greg Williams - Cowen Nick Del Deo - SVB MoffettNathanson Jonathan Atkin - RBC Ca ...

Fourth Quarter 2022 Earnings Conference Call PAGE Fourth Quarter 2022 Earnings Conference Call PAGE Full Year 2022 Results ($ in millions) Site Rental Revenues Adjusted EBITDA AFFO $3,013 $3,201 $3,200 2021 Actuals Previous 2022 Outlook 2022 Actuals $3,816 $4,352 $4,340 2021 Actuals Previous 2022 Outlook 2022 Actuals $5,719 $6,265 $6,289 2021 Actuals Previous 2022 Outlook 2022 Actuals (1) (1) (1) ↑ 10% YoY Growth ↑ 14% YoY Growth ↑ 6% YoY Growth 1. Midpoint of Outlook range as issued on October 19, 2022. 4 ...

Crown Castle Inc. (NYSE:CCI) Citi’s 2023 Communications, Media & Entertainment Conference January 4, 2023 4:30 PM ET Company Participants Dan Schlanger - CFO Conference Call Participants Michael Rollins - Citigroup Michael Rollins Well, good afternoon. And for those joining via the audio stream welcome back to Citi’s 2023 Communications, Media -- Communication, Media and Entertainment Conference. For those of you who I haven't met, I'm Mike Rollins, I cover Communication Services and Infrastructure for Citi ...

Crown Castle Inc. (NYSE:CCI) Morgan Stanley European Technology, Media & Telecom Conference 2022 Call November 17, 2022 2:55 AM ET Company Participants Ben Lowe - Senior Vice President, Corporate Finance Unidentified Analyst Great. Good morning, everybody. Welcome to Day 2 of the conference. Hope you are having a good conference. It’s my great pleasure to welcome Ben Lowe from Crown Castle. Welcome to Barcelona, Ben. Ben Lowe It’s great to be back. Question-and-Answer Session Q - Unidentified Analyst So bef ...