分组1 - Crown Castle reported quarterly funds from operations (FFO) of $1.80 per share, missing the Zacks Consensus Estimate of $1.82 per share, and showing a decrease from $1.82 per share a year ago, resulting in an FFO surprise of -1.10% [1] - The company posted revenues of $1.65 billion for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 0.98%, although this is a decline from year-ago revenues of $1.67 billion [2] - Crown Castle has outperformed the S&P 500, with shares adding about 5% since the beginning of the year, while the S&P 500 has declined by -4.8% [3] 分组2 - The future performance of Crown Castle's stock will largely depend on management's commentary during the earnings call and the outlook for FFO [3][4] - The current consensus FFO estimate for the coming quarter is $1.71 on revenues of $1.59 billion, and for the current fiscal year, it is $6.91 on revenues of $6.45 billion [7] - The Zacks Industry Rank indicates that the REIT and Equity Trust - Other sector is currently in the bottom 48% of over 250 Zacks industries, which may impact stock performance [8]

March 13, 2025 Fourth Quarter 2024 Earnings Conference Call 1 The pathway to possible. PAGE Fourth Quarter 2024 Earnings Conference Call Cautionary Language This presentation contains forward-looking statements and information ("Forward-Looking Statements") that are based on our management's current expectations. Statements that are not historical facts are hereby identified as Forward-Looking Statements. In addition, words such as "estimate," "see," "anticipate," "project," "plan," "intend," "believe," "ex ...

[Company Overview](index=3&type=section&id=Company%20Overview) This section provides an overview of Crown Castle Inc., detailing its profile, strategic focus, general information, asset footprint, historical stock data, and leadership [Company Profile](index=3&type=section&id=Company%20Profile) Crown Castle Inc. is a leading U.S. communications infrastructure provider, owning and operating over 40,000 towers, 105,000 small cells, and 90,000 route miles of fiber, operating as a REIT and recently announcing the pending sale of its Fiber segment for $8.5 billion - Crown Castle owns, operates, and leases shared communications infrastructure across the U.S., including over **40,000 towers**, approximately **105,000 small cells**, and about **90,000 route miles of fiber**[13](index=13&type=chunk) - The company operates as a Real Estate Investment Trust (REIT) for U.S. federal income tax purposes[15](index=15&type=chunk) - A definitive agreement was signed on March 13, 2025, to sell the Fiber segment for **$8.5 billion in cash**, with the transaction expected to close in the second half of 2026, subject to regulatory approvals[16](index=16&type=chunk) [Strategy](index=3&type=section&id=Strategy) Crown Castle's strategy focuses on creating long-term stockholder value by growing cash flows from its existing communications infrastructure, returning a significant portion of operating cash to stockholders as dividends, and efficiently investing capital to further grow cash flows and dividends per share - The strategy is built on three pillars: growing cash flows from existing infrastructure, returning cash to stockholders via dividends, and efficiently investing capital to grow cash flows and long-term dividends per share[19](index=19&type=chunk) - Key elements include maximizing recurring site rental cash flows, distributing a meaningful portion of operating cash as dividends, and investing in new construction, acquisitions (towers, fiber, small cells, land interests), improvements, stock repurchases, and debt management[20](index=20&type=chunk) [General Company Information](index=4&type=section&id=General%20Company%20Information) This section provides essential corporate details including Crown Castle's headquarters, stock symbol, exchange listing, fiscal year, and current credit ratings from Fitch, Moody's, and Standard & Poor's General Company Information | Metric | Detail | | :--- | :--- | | 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 | [Asset Portfolio Footprint](index=4&type=section&id=Asset%20Portfolio%20Footprint) This section highlights the company's extensive asset footprint across the U.S., with a significant presence of towers in top basic trading areas and small cells/fiber assets concentrated in major metropolitan areas - Towers have a significant presence in each of the **top 100 basic trading areas**, and the majority of small cells and fiber assets are located in major U.S. metropolitan areas[13](index=13&type=chunk) [Historical Common Stock Data](index=5&type=section&id=Historical%20Common%20Stock%20Data) Presents quarterly historical data for common stock, including high/low prices, closing price, dividends paid per share, volume-weighted average price, shares outstanding, and market capitalization for 2023 and 2024 Historical Common Stock Data (in millions, except per share amounts) | Metric | 12/31/23 | 3/31/24 | 6/30/24 | 9/30/24 | 12/31/24 | | :--- | :--- | :--- | :--- | :--- | :--- | | High price ($) | 111.22 | 110.31 | 101.10 | 119.01 | 117.73 | | Low price ($) | 78.64 | 97.34 | 88.33 | 92.28 | 88.92 | | Period end closing price ($) | 108.56 | 101.17 | 94.89 | 116.75 | 90.76 | | Dividends paid per common share ($) | 1.57 | 1.57 | 1.57 | 1.57 | 1.57 | | Volume weighted average price for the period ($) | 96.09 | 102.63 | 94.03 | 107.62 | 101.70 | | Common shares outstanding, at period end | 434 | 435 | 435 | 435 | 435 | | Market value of outstanding common shares, at period end ($) | 47,081 | 43,962 | 41,235 | 50,739 | 39,446 | [Annualized Fourth Quarter Dividends Per Share](index=5&type=section&id=Annualized%20Fourth%20Quarter%20Dividends%20Per%20Share) This section notes that annualized dividends are based on fourth-quarter declarations and are subject to board approval, with the dividend amount remaining consistent across quarters in 2023 and 2024 - Dividends paid per common share remained constant at **$1.57** across all quarters in 2023 and 2024[29](index=29&type=chunk) - All future dividends are subject to declaration by the company's board of directors[34](index=34&type=chunk) [Executive Management Team](index=5&type=section&id=Executive%20Management%20Team) Lists the key executive officers of Crown Castle Inc., including their age, years with the company, and current positions Executive Management Team | Name | Age | Years with Company | Position | | :--- | :--- | :--- | :--- | | Steven J. Moskowitz | 61 | <1 | President and Chief Executive Officer | | Daniel K. Schlanger | 51 | 8 | Executive Vice President and Chief Financial Officer | | Catherine Piche | 54 | 12 | Executive Vice President and Chief Operating Officer - Towers | | Christopher D. Levendos | 57 | 6 | Executive Vice President and Chief Operating Officer - Fiber | | Edward B. Adams, Jr. | 56 | 8 | Executive Vice President and General Counsel | | Edmond Chan | 54 | 1 | Executive Vice President and Chief Information Officer | [Board of Directors](index=6&type=section&id=Board%20of%20Directors) Provides a list of the company's Board of Directors, detailing their positions, committee memberships, age, and years served as a director - The Board of Directors consists of **13 members**, with P. Robert Bartolo serving as Chair[39](index=39&type=chunk) - Board committees include Nominating, Environmental, Social and Governance (NESG), Fiber Review, Finance, Audit, and Compensation and Human Capital[39](index=39&type=chunk)[41](index=41&type=chunk) [Research Coverage](index=6&type=section&id=Research%20Coverage) Lists the equity research firms and rating agencies that provide coverage on Crown Castle Inc., along with contact information for their analysts - Equity research coverage is provided by **23 firms**, including Bank of America, Barclays, Citigroup, Goldman Sachs, JPMorgan, and Morgan Stanley[41](index=41&type=chunk) - Rating agencies covering Crown Castle include Fitch, Moody's, and Standard & Poor's[41](index=41&type=chunk) [Outlook](index=7&type=section&id=Outlook) This section presents the full year 2025 financial outlook, including projections for key financial metrics and detailed components of revenue and interest expense [Outlook](index=7&type=section&id=Outlook) Presents the full year 2025 financial outlook, reflecting the pending sale of the Fiber Business, with projections for site rental revenues, net income, Adjusted EBITDA, FFO, and AFFO Full Year 2025 Outlook (in millions, except per share amounts) | Metric | Full Year 2025 Outlook | | :--- | :--- | | Site rental billings | $3,885 to $3,915 | | Site rental revenues | $3,987 to $4,032 | | Net income (loss) | $65 to $345 | | Net income (loss) per share—diluted | $0.15 to $0.79 | | Adjusted EBITDA | $2,755 to $2,805 | | FFO | $1,610 to $1,640 | | AFFO | $1,770 to $1,820 | | AFFO per share | $4.06 to $4.17 | - The 2025 Outlook excludes income contributions from the Fiber segment, except for net income (loss) and net income (loss) per share, and does not assume any receipt or use of proceeds from the Strategic Fiber Transaction[45](index=45&type=chunk) - Net income (loss) from discontinued operations is projected at **($830) to ($590) million**, including an estimated loss on sale of **$700 million to $900 million** for the Fiber business[47](index=47&type=chunk) [Outlook for Components of Changes in Site Rental Revenues](index=8&type=section&id=Outlook%20for%20Components%20of%20Changes%20in%20Site%20Rental%20Revenues) Details the expected components contributing to changes in site rental revenues for the full year 2025, including core leasing activity, escalators, non-renewals, and the significant impact of Sprint Cancellations Full Year 2025 Outlook for Components of Changes in Site Rental Revenues (dollars in millions) | Component | Full Year 2025 Outlook | | :--- | :--- | | Prior year Tower segment site rental billings | $3,931 | | Core leasing activity | $105 to $115 | | Escalators | $90 to $100 | | Non-renewals | $(35) to $(25) | | Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations | $160 to $190 | | Non-renewals associated with Sprint Cancellations | $(205) to $(205) | | Organic Contribution to Site Rental Billings | $(45) to $(15) | - Year-over-year changes in site rental revenues are projected at **(5.1)%**[51](index=51&type=chunk) - Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations is projected to be **4.5%** of prior year site rental billings[51](index=51&type=chunk) [Outlook for Components of Interest Expense](index=8&type=section&id=Outlook%20for%20Components%20of%20Interest%20Expense) Provides the full year 2025 outlook for interest expense, breaking it down into interest on debt obligations, amortization of deferred financing costs, and capitalized interest Full Year 2025 Outlook for Components of Interest Expense (in millions) | Component | Full Year 2025 Outlook | | :--- | :--- | | Interest expense on debt obligations | $970 to $1,010 | | Amortization of deferred financing costs and adjustments on long-term debt | $20 to $30 | | Capitalized interest | $(15) to $(5) | | Interest expense and amortization of deferred financing costs, net | $982 to $1,027 | [Consolidated Financials](index=9&type=section&id=Consolidated%20Financials) This section summarizes consolidated financial performance for 2023 and 2024, covering key metrics, capital expenditures, return on invested capital, and tenant details [Consolidated Summary Financial Highlights](index=9&type=section&id=Consolidated%20Summary%20Financial%20Highlights) Presents a summary of consolidated financial performance for Q1-Q4 2023 and 2024, and full years 2023 and 2024, highlighting key revenue, expense, and profitability metrics Consolidated Summary Financial Highlights (in millions, except per share amounts) | Metric | 2023 (Full Year) | 2024 (Full Year) | YoY Change | | :--- | :--- | :--- | :--- | | Net revenues | $6,981 | $6,568 | -5.9% | | Site rental billings | $5,385 | $5,622 | +4.4% | | Net income (loss) | $1,502 | $(3,903) | -359.9% | | Adjusted EBITDA | $4,415 | $4,161 | -5.7% | | FFO | $3,227 | $2,885 | -10.6% | | AFFO | $3,277 | $3,040 | -7.3% | | Net income (loss) per share—diluted | $3.46 | $(8.98) | -359.9% | | AFFO per share | $7.55 | $6.98 | -7.5% | - The significant net loss in 2024 is primarily due to **goodwill impairment charges of $4,958 million** recorded in Q4 2024[62](index=62&type=chunk)[205](index=205&type=chunk) [Consolidated Components of Changes in Site Rental Revenues](index=10&type=section&id=Consolidated%20Components%20of%20Changes%20in%20Site%20Rental%20Revenues) Provides a detailed breakdown of the factors influencing consolidated site rental revenue changes for each quarter of 2023 and 2024, including core leasing activity, escalators, and non-renewals, as well as the impact of Sprint Cancellations Consolidated Components of Changes in Site Rental Revenues (dollars in millions) | Component | 2023 (Full Year) | 2024 (Full Year) | YoY Change | | :--- | :--- | :--- | :--- | | Prior year site rental billings | $5,193 | $5,386 | +3.7% | | Core leasing activity | $285 | $303 | +6.3% | | Escalators | $96 | $99 | +3.1% | | Non-renewals | $(158) | $(150) | -5.1% | | Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations | $210 | $245 | +16.7% | | Non-renewals associated with Sprint Cancellations | $(21) | $(9) | -57.1% | | Organic Contribution to Site Rental Billings | $189 | $235 | +24.3% | - Consolidated site rental revenues decreased by **2.7%** year-over-year in 2024[68](index=68&type=chunk) [Consolidated Summary of Capital Expenditures](index=11&type=section&id=Consolidated%20Summary%20of%20Capital%20Expenditures) Outlines the company's capital expenditures for 2023 and 2024, distinguishing between discretionary and sustaining capital, and showing the impact of prepaid rent additions Consolidated Summary of Capital Expenditures (dollars in millions) | Capital Expenditure | 2023 (Full Year) | 2024 (Full Year) | YoY Change | | :--- | :--- | :--- | :--- | | Discretionary capital expenditures | $1,341 | $1,135 | -15.4% | | Sustaining capital expenditures | $83 | $87 | +4.8% | | Total capital expenditures | $1,424 | $1,222 | -14.2% | | Less: Prepaid rent additions | $348 | $399 | +14.7% | | Capital expenditures less prepaid rent additions | $1,076 | $823 | -23.5% | [Consolidated Return on Invested Capital](index=11&type=section&id=Consolidated%20Return%20on%20Invested%20Capital) Provides the consolidated return on invested capital as of December 31, 2024, and December 31, 2023, along with the components used in its calculation, noting the impact of goodwill impairment Consolidated Return on Invested Capital (as of December 31, 2024; dollars in millions) | Metric | Q4 2024 LQA | Q4 2023 LQA | | :--- | :--- | :--- | | Adjusted EBITDA | $4,176 | $4,304 | | Cash taxes (paid) refunded | $(15) | $(23) | | Adjusted EBITDA less cash taxes paid | $4,161 | $4,281 | | Consolidated Invested Capital | $42,962 | $46,776 | | Consolidated Return on Invested Capital | 9.7% | 9.2% | - Historical gross investment in goodwill decreased from **$10,085 million** in Q4 2023 LQA to **$5,127 million** in Q4 2024 LQA, reflecting approximately **$5.0 billion** in impairment charges recorded in Q4 2024[77](index=77&type=chunk)[80](index=80&type=chunk) [Consolidated Tenant Overview](index=11&type=section&id=Consolidated%20Tenant%20Overview) Presents a breakdown of site rental revenues by major tenants (T-Mobile, AT&T, Verizon) and all others combined, along with their weighted average current term remaining and long-term credit ratings as of December 31, 2024 Consolidated Tenant Overview (as of December 31, 2024) | Tenant | Percentage of Q4 2024 LQA Site Rental Revenues | Weighted Average Current Term Remaining (Years) | Long-Term Credit Rating (S&P / Moody's) | | :--- | :--- | :--- | :--- | | T-Mobile | 35% | 7 | BBB / Baa2 | | AT&T | 19% | 4 | BBB / Baa2 | | Verizon | 19% | 6 | BBB+ / Baa1 | | All Others Combined | 27% | 4 | N/A | | Total / Weighted Average | 100% | 6 | | [Capitalization Overview](index=12&type=section&id=Capitalization%20Overview) This section provides an overview of the company's debt structure, liquidity position, maintenance and financial covenants, and interest rate exposure as of December 31, 2024 [Capitalization Overview](index=12&type=section&id=Capitalization%20Overview) Provides a snapshot of the company's debt structure as of December 31, 2024, detailing secured and unsecured debt, interest rates, maturities, and leverage ratios Capitalization Overview (as of December 31, 2024; dollars in millions) | Metric | Value | | :--- | :--- | | Cash and cash equivalents and restricted cash and cash equivalents | $295 | | Total secured debt | $1,782 | | Total unsecured debt | $22,458 | | Net Debt | $23,945 | | Market Capitalization | $39,446 | | Firm Value | $63,391 | - The weighted-average interest rate for total secured debt is **4.1%**, and for total unsecured debt is **3.9%**[86](index=86&type=chunk) - The Net Debt to Last Quarter Annualized Adjusted EBITDA ratio is **5.7x**[86](index=86&type=chunk)[87](index=87&type=chunk) [Debt Maturity Overview](index=13&type=section&id=Debt%20Maturity%20Overview) This section provides an overview of the company's debt maturity profile, noting that maturities reflect anticipated repayment dates for Tower Revenue Notes and excluding commercial paper notes - Debt maturities reflect the respective anticipated repayment dates of the Tower Revenue Notes[96](index=96&type=chunk) - The **$1.3 billion** outstanding in Commercial Paper Notes are excluded from this overview, with the company intending to maintain available commitments under its 2016 Revolver to cover outstanding CP Notes[97](index=97&type=chunk) [Liquidity Overview](index=14&type=section&id=Liquidity%20Overview) Details the company's liquidity position as of December 31, 2024, including cash, undrawn credit facility availability, and total debt, along with potential additional liquidity sources Liquidity Overview (in millions) | Metric | December 31, 2024 | | :--- | :--- | | Cash and cash equivalents, and restricted cash and cash equivalents | $295 | | Undrawn 2016 Revolver availability | $6,961 | | Total debt and other obligations (current and non-current) | $24,081 | | Total equity | $(133) | - Additional liquidity sources include an at-the-market stock offering program (ATM Program) for up to **$750 million** (no shares sold yet) and a **$2.0 billion** unsecured commercial paper program (**$1.3 billion** outstanding)[104](index=104&type=chunk)[105](index=105&type=chunk) [Summary of Maintenance and Financial Covenants](index=14&type=section&id=Summary%20of%20Maintenance%20and%20Financial%20Covenants) Outlines the key maintenance and financial covenants related to the company's debt agreements, including leverage ratios and debt service coverage ratios, and the company's compliance as of December 31, 2024 Summary of Maintenance and Financial Covenants (as of December 31, 2024) | Covenant | Requirement | As of December 31, 2024 | | :--- | :--- | :--- | | 2016 Credit Facility - Total Net Leverage Ratio | ≤ 6.50x | 5.7x | | 2016 Credit Facility - Total Senior Secured Leverage Ratio | ≤ 3.50x | 0.4x | | 2015 Tower Revenue Notes - Debt Service Coverage Ratio | > 1.75x | 17.8x | | 2018 Tower Revenue Notes - Debt Service Coverage Ratio | > 1.75x | 17.8x | | 2009 Securitized Notes - Debt Service Coverage Ratio | ≥ 2.34x | 33.1x | - Failure to comply with the financial maintenance covenants would, absent a waiver, result in an event of default under the credit agreement governing the 2016 Credit Facility[108](index=108&type=chunk) [Interest Rate Exposure](index=15&type=section&id=Interest%20Rate%20Exposure) Details the company's interest rate exposure as of December 31, 2024, showing the proportion of fixed versus floating rate debt and the potential impact of a 25 basis point increase in interest rates Interest Rate Exposure (as of December 31, 2024; dollars in millions) | Metric | Fixed Rate Debt | Floating Rate Debt | | :--- | :--- | :--- | | Face value of principal outstanding | $21,483 | $2,458 | | % of total debt | 90% | 10% | | Weighted average interest rate | 3.7% | 5.3% | - A hypothetical **25 bps increase** in interest rates would result in an estimated full-year incremental interest expense of **$6.1 million**[114](index=114&type=chunk)[119](index=119&type=chunk) [Components of Interest Expense](index=15&type=section&id=Components%20of%20Interest%20Expense) Provides a quarterly and annual breakdown of interest expense components for 2023 and 2024, including interest on debt obligations, amortization of deferred financing costs, and capitalized interest Components of Interest Expense (in millions) | Component | 2023 (Full Year) | 2024 (Full Year) | YoY Change | | :--- | :--- | :--- | :--- | | Interest expense on debt obligations | $836 | $920 | +10.0% | | Amortization of deferred financing costs and adjustments on long-term debt | $29 | $32 | +10.3% | | Capitalized interest | $(15) | $(20) | +33.3% | | Interest expense and amortization of deferred financing costs, net | $850 | $932 | +9.6% | [Towers Segment](index=16&type=section&id=Towers%20Segment) This section details the financial performance, capital expenditures, portfolio highlights, and projected revenues and expenses for the Towers segment [Towers Segment Summary Financial Highlights](index=16&type=section&id=Towers%20Segment%20Summary%20Financial%20Highlights) Presents the financial highlights for the Towers segment for Q1-Q4 2023 and 2024, and full years 2023 and 2024, covering net revenues, costs of operations, and segment operating profit Towers Segment Summary Financial Highlights (in millions) | Metric | 2023 (Full Year) | 2024 (Full Year) | YoY Change | | :--- | :--- | :--- | :--- | | Net revenues | $4,734 | $4,458 | -5.9% | | Site rental billings | $3,763 | $3,931 | +4.5% | | Total costs of operations | $1,237 | $1,060 | -14.3% | | Segment operating profit (loss) | $3,393 | $3,322 | -2.1% | [Towers Segment Components of Changes in Site Rental Revenues](index=17&type=section&id=Towers%20Segment%20Components%20of%20Changes%20in%20Site%20Rental%20Revenues) Details the quarterly and annual changes in site rental revenues for the Towers segment in 2023 and 2024, driven by core leasing activity, escalators, and non-renewals Towers Segment Components of Changes in Site Rental Revenues (dollars in millions) | Component | 2023 (Full Year) | 2024 (Full Year) | YoY Change | | :--- | :--- | :--- | :--- | | Prior year site rental billings | $3,579 | $3,763 | +5.1% | | Core leasing activity | $132 | $110 | -16.7% | | Escalators | $88 | $92 | +4.5% | | Non-renewals | $(30) | $(31) | +3.3% | | Organic Contribution to Site Rental Billings | $181 | $168 | -7.1% | - Site rental revenues for the Towers segment decreased by **1.1%** year-over-year in 2024[130](index=130&type=chunk) [Towers Segment Summary of Capital Expenditures](index=17&type=section&id=Towers%20Segment%20Summary%20of%20Capital%20Expenditures) Provides a summary of capital expenditures for the Towers segment for 2023 and 2024, differentiating between discretionary and sustaining capital, and accounting for prepaid rent additions Towers Segment Summary of Capital Expenditures (in millions) | Capital Expenditure | 2023 (Full Year) | 2024 (Full Year) | YoY Change | | :--- | :--- | :--- | :--- | | Discretionary capital expenditures | $186 | $123 | -33.9% | | Sustaining capital expenditures | $8 | $10 | +25.0% | | Total capital expenditures | $194 | $133 | -31.4% | | Less: Prepaid rent additions | $92 | $45 | -51.1% | | Capital expenditures less prepaid rent additions | $102 | $88 | -13.7% | [Towers Segment Portfolio Highlights](index=18&type=section&id=Towers%20Segment%20Portfolio%20Highlights) Highlights key characteristics of the Towers segment portfolio as of December 31, 2024, including the number of towers, average tenants per tower, remaining contracted receivables, and ground lease details Towers Segment Portfolio Highlights (as of December 31, 2024) | Metric | Value | | :--- | :--- | | Number of towers (in thousands) | 40 | | Average number of tenants per tower | 2.4 | | Remaining contracted tenant receivables (in billions) | $30 | | Weighted average remaining tenant contract term (years) | 6 | | Percent of towers in the Top 50 / 100 Basic Trading Areas | 56% / 71% | | Percent of ground leased / owned | 58% / 42% | | Weighted average maturity of ground leases (years) | 35 | [Towers Segment Cash Yield on Invested Capital](index=18&type=section&id=Towers%20Segment%20Cash%20Yield%20on%20Invested%20Capital) Presents the Towers segment's cash yield on invested capital for Q4 2024 LQA and Q4 2023 LQA, along with the components of the calculation Towers Segment Cash Yield on Invested Capital (as of December 31, 2024; dollars in millions) | Metric | Q4 2024 LQA | Q4 2023 LQA | | :--- | :--- | :--- | | Segment Adjusted Site Rental Gross Margin | $3,336 | $3,392 | | Numerator (Adjusted) | $3,140 | $3,008 | | Segment Net Invested Capital | $23,487 | $23,348 | | Segment Cash Yield on Invested Capital | 13.4% | 12.9% | [Towers Annualized Rental Cash Payments at Time of Renewal](index=18&type=section&id=Towers%20Annualized%20Rental%20Cash%20Payments%20at%20Time%20of%20Renewal) Provides a projection of annualized rental cash payments expected at the time of renewal for major tenants and others in the Towers segment from 2025 to 2029 Towers Segment Annualized Rental Cash Payments at Time of Renewal (as of December 31, 2024; in millions) | Tenant | 2025 | 2026 | 2027 | 2028 | 2029 | | :--- | :--- | :--- | :--- | :--- | :--- | | T-Mobile | $209 | $27 | $32 | $25 | $23 | | AT&T | $12 | $23 | $13 | $773 | $240 | | Verizon | $6 | $5 | $7 | $31 | $48 | | All Others Combined | $48 | $37 | $36 | $27 | $44 | | Total | $275 | $92 | $88 | $856 | $355 | - A significant portion of AT&T's projected renewals are concentrated in **2028 and 2029**[140](index=140&type=chunk) [Towers Segment Projected Revenues from Tenant Contracts](index=19&type=section&id=Towers%20Segment%20Projected%20Revenues%20from%20Tenant%20Contracts) Presents projected site rental revenues for the Towers segment from 2025 to 2029, based on existing tenant licenses and assumed renewals Towers Segment Projected Revenues from Tenant Contracts (as of December 31, 2024; in millions) | Component | 2025 | 2026 | 2027 | 2028 | 2029 | | :--- | :--- | :--- | :--- | :--- | :--- | | Site rental billings | $3,885 | $3,988 | $4,097 | $4,216 | $4,340 | | Amortization of prepaid rent | $90 | $75 | $62 | $41 | $26 | | Straight-lined revenues | $45 | $(60) | $(173) | $(236) | $(205) | | Site rental revenues | $4,020 | $4,003 | $3,986 | $4,021 | $4,161 | - Projections assume all tenant licenses renew for a new term no later than the respective current term end date, and CPI-linked tenant contracts escalate at **3% per annum**[152](index=152&type=chunk) [Towers Segment Projected Expenses from Existing Ground Leases Agreements](index=19&type=section&id=Towers%20Segment%20Projected%20Expenses%20from%20Existing%20Ground%20Leases%20Agreements) Outlines the projected expenses from existing ground leases and fiber access agreements for the Towers segment from 2025 to 2029 Towers Segment Projected Expenses from Existing Ground Leases Agreements (as of December 31, 2024; in millions) | Component | 2025 | 2026 | 2027 | 2028 | 2029 | | :--- | :--- | :--- | :--- | :--- | :--- | | Ground lease agreement expenses exclusive of straight-lined expenses | $698 | $719 | $740 | $759 | $780 | | Straight-lined expenses | $54 | $40 | $28 | $18 | $7 | | Ground lease agreement expenses | $752 | $759 | $768 | $777 | $787 | - CPI-linked contracts are assumed to escalate at **3% per annum**[153](index=153&type=chunk) [Summary of Tower Portfolio by Vintage](index=19&type=section&id=Summary%20of%20Tower%20Portfolio%20by%20Vintage) Compares the performance metrics of towers acquired and built in 2006 and prior versus those from 2007 to present, highlighting differences in cash yield, tenants per tower, and revenue/margin per tower Summary of Tower Portfolio by Vintage (as of December 31, 2024; dollars in thousands) | Metric | Acquired and Built 2006 and Prior | Acquired and Built 2007 to Present | | :--- | :--- | :--- | | Cash yield | 21% | 11% | | Number of tenants per tower | 3.0 | 2.2 | | Last quarter annualized average cash site rental revenue per tower | $136 | $86 | | Last quarter annualized average site rental gross cash margin per tower | $117 | $62 | | Net invested capital per tower | $563 | $588 | | Number of towers | 11,193 | 28,839 | - Towers acquired and built in 2006 and prior demonstrate a **higher cash yield (21% vs. 11%)** and **more tenants per tower (3.0 vs. 2.2)** compared to those from 2007 to present[152](index=152&type=chunk) [Ground Interest Overview](index=20&type=section&id=Ground%20Interest%20Overview) Provides an overview of ground interest for the Towers segment, categorized by remaining term, and details the associated cash site rental revenues, gross cash margin, and number of towers Ground Interest Overview (as of December 31, 2024; dollars in millions) | Term Remaining | LQA Cash Site Rental Revenues | Percentage of LQA Cash Site Rental Revenues | LQA Towers Segment Site Rental Gross Cash Margin | Percentage of LQA Towers Segment Site Rental Gross Cash Margin | Number of Towers | Percentage of Towers | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Less than 10 years | $437 | 11% | $243 | 8% | 5,417 | 14% | | 10 to 20 years | $594 | 15% | $387 | 12% | 6,150 | 15% | | Greater than 20 years | $1,607 | 40% | $1,180 | 38% | 16,570 | 41% | | Total leased | $2,637 | 66% | $1,810 | 58% | 28,137 | 70% | | Owned | $1,358 | 34% | $1,286 | 42% | 11,895 | 30% | | Total / Average | $3,995 | 100% | $3,096 | 100% | 40,032 | 100% | - The weighted average term remaining for total leased ground interest is **35 years**[157](index=157&type=chunk) [Fiber Segment](index=21&type=section&id=Fiber%20Segment) This section details the financial performance, capital expenditures, revenue breakdown, portfolio highlights, and cash yield for the Fiber segment [Fiber Segment Summary Financial Highlights](index=21&type=section&id=Fiber%20Segment%20Summary%20Financial%20Highlights) Presents the financial highlights for the Fiber segment for Q1-Q4 2023 and 2024, and full years 2023 and 2024, covering net revenues, costs of operations, and segment operating profit Fiber Segment Summary Financial Highlights (in millions) | Metric | 2023 (Full Year) | 2024 (Full Year) | YoY Change | | :--- | :--- | :--- | :--- | | Net revenues | $2,247 | $2,110 | -6.1% | | Site rental billings | $1,624 | $1,690 | +4.1% | | Total costs of operations | $698 | $746 | +6.9% | | Segment operating profit (loss) | $1,355 | $1,188 | -12.3% | [Fiber Segment Components of Changes in Site Rental Revenues](index=22&type=section&id=Fiber%20Segment%20Components%20of%20Changes%20in%20Site%20Rental%20Revenues) Details the quarterly and annual changes in site rental revenues for the Fiber segment in 2023 and 2024, including core leasing activity, escalators, non-renewals, and the impact of Sprint Cancellations Fiber Segment Components of Changes in Site Rental Revenues (dollars in millions) | Component | 2023 (Full Year) | 2024 (Full Year) | YoY Change | | :--- | :--- | :--- | :--- | | Prior year site rental billings | $1,614 | $1,623 | +0.6% | | Core leasing activity | $153 | $193 | +26.1% | | Escalators | $7 | $7 | 0.0% | | Non-renewals | $(128) | $(120) | -6.3% | | Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations | $30 | $77 | +156.7% | | Non-renewals associated with Sprint Cancellations | $(21) | $(9) | -57.1% | | Organic Contribution to Site Rental Billings | $9 | $67 | +644.4% | - Site rental revenues for the Fiber segment decreased by **5.7%** year-over-year in 2024[167](index=167&type=chunk) [Fiber Segment Summary of Capital Expenditures](index=22&type=section&id=Fiber%20Segment%20Summary%20of%20Capital%20Expenditures) Provides a summary of capital expenditures for the Fiber segment for 2023 and 2024, distinguishing between discretionary and sustaining capital, and accounting for prepaid rent additions Fiber Segment Summary of Capital Expenditures (in millions) | Capital Expenditure | 2023 (Full Year) | 2024 (Full Year) | YoY Change | | :--- | :--- | :--- | :--- | | Discretionary capital expenditures | $1,131 | $992 | -12.3% | | Sustaining capital expenditures | $44 | $53 | +20.5% | | Total capital expenditures | $1,175 | $1,045 | -11.1% | | Less: Prepaid rent additions | $256 | $354 | +38.3% | | Capital expenditures less prepaid rent additions | $919 | $691 | -24.8% | [Fiber Segment Revenue Detail by Line of Business](index=23&type=section&id=Fiber%20Segment%20Revenue%20Detail%20by%20Line%20of%20Business) This section provides a detailed breakdown of revenue components for the Fiber segment, separating Small Cells and Fiber Solutions, for 2023 and 2024 [Small Cells](index=23&type=section&id=Small%20Cells) Small Cells Revenue Detail (in millions) | Metric | 2023 (Full Year) | 2024 (Full Year) | YoY Change | | :--- | :--- | :--- | :--- | | Site rental billings | $452 | $501 | +10.8% | | Total site rental revenues | $795 | $707 | -11.1% | | Net revenues | $822 | $725 | -11.8% | | Organic Contribution to Site Rental Billings | $14 | $48 | +242.9% | - Non-renewals associated with Sprint Cancellations for Small Cells decreased from **$14 million** in 2023 to **$7 million** in 2024[175](index=175&type=chunk) [Fiber Solutions](index=25&type=section&id=Fiber%20Solutions) Fiber Solutions Revenue Detail (in millions) | Metric | 2023 (Full Year) | 2024 (Full Year) | YoY Change | | :--- | :--- | :--- | :--- | | Site rental billings | $1,171 | $1,190 | +1.6% | | Total site rental revenues | $1,424 | $1,385 | -2.7% | | Net revenues | $1,425 | $1,385 | -2.8% | | Organic Contribution to Site Rental Billings | $(6) | $19 | N/A (positive swing) | - Non-renewals associated with Sprint Cancellations for Fiber Solutions decreased from **$7 million** in 2023 to **$2 million** in 2024[181](index=181&type=chunk) [Fiber Segment Portfolio Highlights](index=25&type=section&id=Fiber%20Segment%20Portfolio%20Highlights) Highlights key characteristics of the Fiber segment portfolio as of December 31, 2024, including route miles of fiber, number of small cells, remaining contracted receivables, and weighted average contract term Fiber Segment Portfolio Highlights (as of December 31, 2024) | Metric | Value | | :--- | :--- | | Number of route miles of fiber (in thousands) | 90 | | Number of small cells on air or under contract (in thousands) | 105 | | Remaining contracted tenant receivables (in billions) | $6 | | Weighted average remaining tenant contract term (years) | 4 | [Fiber Segment Cash Yield on Invested Capital](index=25&type=section&id=Fiber%20Segment%20Cash%20Yield%20on%20Invested%20Capital) Presents the Fiber segment's cash yield on invested capital for Q4 2024 LQA and Q4 2023 LQA, along with the components of the calculation, noting the impact of goodwill impairment Fiber Segment Cash Yield on Invested Capital (as of December 31, 2024; dollars in millions) | Metric | Q4 2024 LQA | Q4 2023 LQA | | :--- | :--- | :--- | | Segment Adjusted Site Rental Gross Margin | $1,340 | $1,424 | | Numerator (Adjusted) | $1,168 | $1,226 | | Segment Net Invested Capital | $13,383 | $16,909 | | Segment Cash Yield on Invested Capital | 8.7% | 7.3% | - Segment investment in goodwill decreased from **$4,080 million** in Q4 2023 LQA to **$0** in Q4 2024 LQA, reflecting approximately **$5.0 billion** in impairment charges related to the Fiber reporting unit[189](index=189&type=chunk)[195](index=195&type=chunk) [Fiber Solutions Revenue Mix](index=25&type=section&id=Fiber%20Solutions%20Revenue%20Mix) Provides a breakdown of Fiber Solutions revenue by customer type as of December 31, 2024, indicating the percentage contribution from various sectors Fiber Solutions Revenue Mix (as of December 31, 2024) | Customer Type | Percentage of Q4 2024 LQA Site Rental Revenues | | :--- | :--- | | Carrier | 33% | | Education | 15% | | Healthcare | 12% | | Financial Services | 7% | | Other | 33% | | Total | 100% | [Appendix of Condensed Consolidated Financial Statements and Non-GAAP Reconciliations](index=26&type=section&id=Appendix%20of%20Condensed%20Consolidated%20Financial%20Statements%20and%20Non-GAAP%20Reconciliations) This appendix provides unaudited condensed consolidated financial statements, including balance sheets, statements of operations, and cash flows, along with reconciliations of non-GAAP financial measures [Condensed Consolidated Balance Sheet (Unaudited)](index=27&type=section&id=Condensed%20Consolidated%20Balance%20Sheet%20(Unaudited)) Presents the unaudited condensed consolidated balance sheet as of December 31, 2024, and December 31, 2023, detailing assets, liabilities, and equity Condensed Consolidated Balance Sheet (Unaudited) (in millions) | Metric | Dec 31, 2024 | Dec 31, 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Total assets | $32,736 | $38,527 | -15.0% | | Goodwill | $5,127 | $10,085 | -49.2% | | Total liabilities | $32,869 | $32,146 | +2.2% | | Total equity (deficit) | $(133) | $6,381 | N/A (swing to deficit) | - The significant decrease in total assets and the swing to an equity deficit are primarily due to **goodwill impairment charges** recorded in Q4 2024[199](index=199&type=chunk)[201](index=201&type=chunk)[205](index=205&type=chunk) [Condensed Consolidated Statement of Operations (Unaudited)](index=28&type=section&id=Condensed%20Consolidated%20Statement%20of%20Operations%20(Unaudited)) Provides the unaudited condensed consolidated statement of operations for the three and twelve months ended December 31, 2024, and 2023, showing revenues, expenses, and net income (loss) Condensed Consolidated Statement of Operations (Unaudited) (in millions, except per share amounts) | Metric | 2023 (Full Year) | 2024 (Full Year) | YoY Change | | :--- | :--- | :--- | :--- | | Net revenues | $6,981 | $6,568 | -5.9% | | Total operating expenses | $4,612 | $9,506 | +106.1% | | Operating income (loss) | $2,369 | $(2,938) | N/A (swing to loss) | | Net income (loss) | $1,502 | $(3,903) | N/A (swing to loss) | | Net income (loss) per share—diluted | $3.46 | $(8.98) | N/A (swing to loss) | - Goodwill impairment charges of **$4,958 million** were recorded in 2024, significantly impacting operating income and net income[205](index=205&type=chunk) [Condensed Consolidated Statement of Cash Flows (Unaudited)](index=29&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows%20(Unaudited)) Presents the unaudited condensed consolidated statement of cash flows for the twelve months ended December 31, 2024, and 2023, detailing cash flows from operating, investing, and financing activities Condensed Consolidated Statement of Cash Flows (Unaudited) (in millions) | Metric | 2023 (Full Year) | 2024 (Full Year) | YoY Change | | :--- | :--- | :--- | :--- | | Net cash provided by (used for) operating activities | $3,126 | $2,943 | -5.9% | | Net cash provided by (used for) investing activities | $(1,519) | $(1,220) | -19.7% | | Net cash provided by (used for) financing activities | $(1,654) | $(1,708) | +3.3% | | Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents | $(47) | $15 | N/A (positive swing) | | Cash and cash equivalents and restricted cash and cash equivalents at end of period | $281 | $295 | +5.0% | - Goodwill impairment charges of **$4,958 million** were a significant non-cash adjustment in operating activities for 2024[209](index=209&type=chunk) [Segment Operating Results](index=30&type=section&id=Segment%20Operating%20Results) Provides a breakdown of operating results for the Towers and Fiber segments for the three and twelve months ended December 31, 2024, and 2023, including revenues, costs, and operating profit Segment Operating Results (Twelve Months Ended December 31, in millions) | Metric | Towers (2024 FY) | Fiber (2024 FY) | Total (2024 FY) | Towers (2023 FY) | Fiber (2023 FY) | Total (2023 FY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Segment revenues | $4,458 | $2,110 | $6,568 | $4,734 | $2,247 | $6,981 | | Segment costs of operations | $1,060 | $746 | $1,806 | $1,237 | $698 | $1,935 | | Segment operating profit (loss) | $3,322 | $1,188 | $4,510 | $3,393 | $1,355 | $4,748 | - Goodwill impairment charges of **$4,958 million** related to the Fiber reporting unit were recorded in the fourth quarter of 2024, impacting overall operating results[215](index=215&type=chunk)[222](index=222&type=chunk) [Non-GAAP Measures and Other Information](index=32&type=section&id=Non-GAAP%20Measures%20and%20Other%20Information) Defines and explains various non-GAAP financial measures used by Crown Castle, such as Adjusted EBITDA, AFFO, FFO, Organic Contribution to Site Rental Billings, Net Debt, and Return on Invested Capital, and clarifies their utility for investors and management - Non-GAAP measures like Adjusted EBITDA, AFFO, FFO, Organic Contribution to Site Rental Billings, Net Debt, and Return on Invested Capital are presented as additional information to evaluate financial performance and are not intended as alternatives to GAAP measures[226](index=226&type=chunk)[229](index=229&type=chunk)[238](index=238&type=chunk) - Adjusted EBITDA is the primary measure used by management to evaluate economic productivity and allocate resources, removing the impact of capital structure and asset base[229](index=229&type=chunk) - Organic Contribution to Site Rental Billings (organic growth) is used to assess year-over-year growth rates for rental activities, with a separate disclosure for the impact of Sprint Cancellations to provide further insight[229](index=229&type=chunk) [Reconciliation of Historical Adjusted EBITDA](index=35&type=section&id=Reconciliation%20of%20Historical%20Adjusted%20EBITDA) Provides a reconciliation of historical net income (loss) to Adjusted EBITDA for quarterly and annual periods in 2023 and 2024, detailing all adjustments Reconciliation of Historical Adjusted EBITDA (in millions) | Metric | 2023 (Full Year) | 2024 (Full Year) | | :--- | :--- | :--- | | Net income (loss) | $1,502 | $(3,903) | | Adjustments to increase (decrease) net income (loss): | | | | Asset write-down charges | $33 | $148 | | Goodwill impairment charges | — | $4,958 | | Depreciation, amortization and accretion | $1,754 | $1,738 | | Restructuring charges | $85 | $109 | | Interest expense and amortization of deferred financing costs, net | $850 | $932 | | Stock-based compensation expense, net | $157 | $131 | | Adjusted EBITDA | $4,415 | $4,161 | - Goodwill impairment charges of **$4,958 million** in 2024 significantly impacted net income but are added back in the Adjusted EBITDA calculation[253](index=253&type=chunk)[254](index=254&type=chunk) [Reconciliation of Outlook for Adjusted EBITDA](index=35&type=section&id=Reconciliation%20of%20Outlook%20for%20Adjusted%20EBITDA) Presents the reconciliation of the full year 2025 net income (loss) outlook to the Adjusted EBITDA outlook, including expected adjustments Reconciliation of Outlook for Adjusted EBITDA (in millions) | Metric | Full Year 2025 Outlook | | :--- | :--- | | Net income (loss) | $65 to $345 | | Adjustments to increase (decrease) net income (loss): | | | Asset write-down charges | $5 to $15 | | Depreciation, amortization and accretion | $678 to $773 | | Interest expense and amortization of deferred financing costs, net | $982 to $1,027 | | Net (income) loss from discontinued operations | $590 to $830 | | Adjusted EBITDA | $2,755 to $2,805 | - The outlook for net (income) loss from discontinued operations includes an estimated loss on sale of **$700 million to $900 million** for the Fiber business[257](index=257&type=chunk) [Reconciliation of Historical FFO and AFFO](index=36&type=section&id=Reconciliation%20of%20Historical%20FFO%20and%20AFFO) Provides a reconciliation of historical net income (loss) to FFO and AFFO for quarterly and annual periods in 2023 and 2024, detailing real estate-related adjustments and other non-cash items Reconciliation of Historical FFO and AFFO (in millions) | Metric | 2023 (Full Year) | 2024 (Full Year) | | :--- | :--- | :--- | | Net income (loss) | $1,502 | $(3,903) | | Real estate related depreciation, amortization and accretion | $1,692 | $1,682 | | Asset write-down charges | $33 | $148 | | Goodwill impairment charges | — | $4,958 | | FFO | $3,227 | $2,885 | | Adjustments to increase (decrease) FFO: | | | | Straight-lined revenues | $(274) | $(165) | | Straight-lined expenses | $73 | $64 | | Stock-based compensation expense, net | $157 | $131 | | Sustaining capital expenditures | $(83) | $(87) | | AFFO | $3,277 | $3,040 | - Goodwill impairment charges of **$4,958 million** in 2024 are added back in the FFO calculation[260](index=260&type=chunk)[261](index=261&type=chunk) [Reconciliation of Historical FFO and AFFO per share](index=37&type=section&id=Reconciliation%20of%20Historical%20FFO%20and%20AFFO%20per%20share) Presents the reconciliation of historical net income (loss) per share to FFO per share and AFFO per share for quarterly and annual periods in 2023 and 2024 Reconciliation of Historical FFO and AFFO per share (in millions, except per share amounts) | Metric | 2023 (Full Year) | 2024 (Full Year) | | :--- | :--- | :--- | | Net income (loss) per share | $3.46 | $(8.98) | | Real estate related depreciation, amortization and accretion | $3.90 | $3.87 | | Asset write-down charges | $0.08 | $0.34 | | Goodwill impairment charges | — | $11.41 | | FFO | $7.43 | $6.64 | | AFFO | $7.55 | $6.98 | - Goodwill impairment charges of **$11.41 per share** were recorded in 2024, significantly impacting net income per share[265](index=265&type=chunk) [Reconciliation of Outlook for FFO and AFFO](index=38&type=section&id=Reconciliation%20of%20Outlook%20for%20FFO%20and%20AFFO) Provides the reconciliation of the full year 2025 net income (loss) outlook to the FFO and AFFO outlook, including per share amounts and expected adjustments Reconciliation of Outlook for FFO and AFFO (in millions, except per share amounts) | Metric | Full Year 2025 Outlook (millions) | Full Year 2025 Outlook Per Share | | :--- | :--- | :--- | | Net income (loss) | $65 to $345 | $0.15 to $0.79 | | Real estate related depreciation, amortization and accretion | $660 to $740 | $1.51 to $1.70 | | Asset write-down charges | $5 to $15 | $0.01 to $0.03 | | Net (income) loss from discontinued operations | $830 to $590 | $1.90 to $1.35 | | FFO | $1,610 to $1,640 | $3.69 to $3.76 | | AFFO | $1,770 to $1,820 | $4.06 to $4.17 | - The outlook for net (income) loss from discontinued operations is **$830 to $590 million**, which is a significant adjustment in the FFO calculation[272](index=272&type=chunk) [Reconciliation of Net Debt and Calculation of Net Debt to Last Quarter Annualized Adjusted EBITDA](index=38&type=section&id=Reconciliation%20of%20Net%20Debt%20and%20Calculation%20of%20Net%20Debt%20to%20Last%20Quarter%20Annualized%20Adjusted%20EBITDA) Details the calculation of Net Debt and the Net Debt to Last Quarter Annualized Adjusted EBITDA ratio as of December 31, 2024 Reconciliation of Net Debt and Calculation of Net Debt to Last Quarter Annualized Adjusted EBITDA (as of December 31, 2024; dollars in millions) | Metric | Value | | :--- | :--- | | Total debt and other obligations (current and non-current) | $24,081 | | Unamortized adjustments, net | $159 | | Total face value of debt | $24,240 | | Less: Ending cash and cash equivalents and restricted cash and cash equivalents | $295 | | Net Debt | $23,945 | | Adjusted EBITDA for the three months ended December 31, 2024 | $1,044 | | Last quarter annualized Adjusted EBITDA | $4,176 | | Net Debt to Last Quarter Annualized Adjusted EBITDA | 5.7x | [Reconciliation of Segment Adjusted Site Rental Gross Margin and Segment Adjusted Services and Other Gross Margin](index=39&type=section&id=Reconciliation%20of%20Segment%20Adjusted%20Site%20Rental%20Gross%20Margin%20and%20Segment%20Adjusted%20Services%20and%20Other%20Gross%20Margin) Provides reconciliations of segment operating profit (loss) to Segment Adjusted Site Rental Gross Margin and Segment Adjusted Services and Other Gross Margin for both the Towers and Fiber segments for the three and twelve months ended December 31, 2024, and 2023 Segment Adjusted Site Rental Gross Margin and Segment Adjusted Services and Other Gross Margin (Twelve Months Ended December 31, 2024; in millions) | Metric | Towers | Fiber | | :--- | :--- | :--- | | Segment operating profit (loss) | $3,322 | $1,188 | | Segment Adjusted Site Rental Gross Margin | $3,307 | $1,358 | | Segment Adjusted Services and Other Gross Margin | $91 | $6 | - These reconciliations adjust segment operating profit (loss) by adding back segment services and other revenues, subtracting segment services and other costs of operations, and adjusting for segment selling, general and administrative expenses to derive the respective gross margins[276](index=276&type=chunk)

Successfully Concludes Strategic Review with Agreement to Sell Small Cells and Fiber Solutions for $8.5 Billion Results in Crown Castle as the Only Pure-Play, Publicly-Traded US Tower Company Increases Capital Efficiency with Updated Capital Allocation Framework, Including Anticipated New Dividend Policy and Proposed Approximately $3.0 Billion Share Repurchase Program HOUSTON, March 13, 2025 (GLOBE NEWSWIRE) -- Crown Castle Inc. (NYSE: CCI) ("Crown Castle" or "Company") today reported results for the full y ...

HOUSTON, March 12, 2025 (GLOBE NEWSWIRE) -- Crown Castle Inc. (NYSE: CCI) ("Crown Castle") plans to reschedule the release of its fourth quarter 2024 results to Thursday, March 13, 2025, after the market closes. As previously disclosed, Crown Castle is pursuing a review of strategic alternatives that may be available with respect to its Fiber segment. Due to the significant demands related to the strategic review, Crown Castle has rescheduled its conference call for Thursday, March 13, 2025 at 5:00 p.m. eas ...

Company Overview - Crown Castle Inc. owns, operates, and leases over 40,000 cell towers and approximately 90,000 route miles of fiber, supporting small cells and fiber solutions across every major U.S. market [3] Upcoming Financial Results - Crown Castle plans to release its fourth quarter 2024 results on March 12, 2025, after market close [1] - A conference call is scheduled for the same day at 5:00 p.m. eastern time [1] Conference Call Details - The conference call will be accessible via a live audio webcast on the Crown Castle website [2] - Participants can join the call by dialing 833-816-1115 (Toll Free) or 412-317-0694 (International) at least 30 minutes prior to the start time [2] - A replay of the webcast will be available on the Investor page of Crown Castle's website until the end of the day on March 12, 2026 [2]

Core Insights - OneMeta Inc. partners with CCI Network Services to launch VerbumCall, a platform aimed at enhancing multilingual communication for businesses globally [1][4] - VerbumCall is designed to provide seamless integration with leading CCaaS providers, ensuring accessibility for organizations of all sizes [5][6] - The platform emphasizes security and compliance, meeting HIPAA and SOC2 standards to protect sensitive information [3][11] Company Overview - OneMeta Inc. specializes in AI-driven multilingual communication solutions, supporting over 140 languages and dialects with near-real-time processing capabilities [11] - CCI Network Services offers diversified telecom services, focusing on customized voice, data, and cloud solutions for enterprise and SMB customers [12] Product Features - VerbumCall includes advanced features such as real-time transcription downloads, audio recordings, sentiment analysis, and comprehensive reporting, enhancing customer experience and operational efficiency [9][10] - The platform allows for real-time interpretation and translation, ensuring high-quality communication across linguistic barriers [6][9] Strategic Importance - The partnership aims to set new standards in multilingual communication, fostering deeper connections and improving customer satisfaction [4][10] - The collaboration is expected to open new business opportunities and enhance global business operations through innovative technology [7][8]

Group 1 - The leader of the investing group High Yield Landlord shares a real-money REIT portfolio and transactions in real-time, featuring three portfolios: core, retirement, and international [1] - Jussi Askola, President of Leonberg Capital, is a value-oriented investment expert who consults hedge funds, family offices, and private equity firms on REIT investing [1] - Askola has authored award-winning academic papers on REIT investing and has passed all three CFA exams, establishing relationships with top REIT executives [1]

Core Viewpoint - Crown Castle Inc. has announced year-end tax reporting information for its 2024 distributions, providing detailed breakdowns of the nature of distributions paid to shareholders [1][2]. Distribution Summary - For the calendar year ended December 31, 2024, Crown Castle paid a total cash distribution of $1.565000 per share on four occasions, with the same amount distributed on March 15, June 14, September 13, and December 13 [2]. - The breakdown of the cash distribution per share includes: - Ordinary Taxable Dividend: $0.884582 - Qualified Taxable Dividend: $0.018596 - Section 199A Dividend: $0.865986 - Non-Taxable Distribution: $0.680418 [2][3]. Company Overview - Crown Castle operates a vast portfolio of over 40,000 cell towers and approximately 90,000 route miles of fiber, supporting small cells and fiber solutions across major U.S. markets [4]. - The company's infrastructure connects cities and communities to essential data, technology, and wireless services, facilitating the flow of information and innovations [4].

Core Viewpoint - Crown Castle (CCI) has received an upgrade to a Zacks Rank 2 (Buy), indicating a positive outlook based on rising earnings estimates, which significantly influence stock prices [1][3]. Earnings Estimates and Stock Price Impact - The Zacks rating system emphasizes the importance of earnings estimate revisions as a key driver of near-term stock price movements [4][6]. - An increase in earnings estimates typically leads to higher fair value calculations by institutional investors, resulting in buying or selling activity that affects stock prices [4]. Company-Specific Insights - For Crown Castle, the recent upgrade reflects an improvement in its underlying business, which is expected to drive stock appreciation [5]. - The Zacks Consensus Estimate for Crown Castle's earnings for the fiscal year ending December 2024 is projected at $6.99 per share, representing a decrease of 7.4% from the previous year, although estimates have increased by 0.2% over the past three months [8]. Zacks Rating System Overview - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with a strong historical performance, particularly for Zacks Rank 1 stocks, which have averaged a +25% annual return since 1988 [7]. - The upgrade to Zacks Rank 2 places Crown Castle in the top 20% of Zacks-covered stocks, indicating a strong potential for market-beating returns in the near term [10][11].